SC 13D/A 1 tm211544d1_sc13da.htm SC 13D/A
Barnwell Industries, Inc.
SC 13D/A on 01/04/2021   Download
SEC Document
SEC Filing

 

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

 

SCHEDULE 13D

(Rule 13d-101)

 

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13
d-2(a)

 

Under the Securities Exchange Act of 1934

(Amendment No. 10)*

 

BARNWELL INDUSTRIES, INC.

(Name of Issuer)

 

Common Stock, par value $0.50 per share

(Title of Class of Securities)

 

068221100

(CUSIP Number)

 

Ned L. Sherwood

151 Terrapin Point

Vero Beach, Florida 32963

(772) 257-6658

 

With a copy to:

 

Derek D. Bork

Thompson Hine LLP

3900 Key Center

127 Public Square

Cleveland, Ohio 44114

(216) 566-5500

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

December 31, 2020

(Date of Event Which Requires Filing of this Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

 

CUSIP No. 068221100 13D Page 2 of 8 Pages

 

1

NAME OF REPORTING PERSON

Ned L. Sherwood

 
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x
(b) ¨
3 SEC USE ONLY  
4

SOURCE OF FUNDS

OO

 
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

United States of America

 

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON WITH

7

SOLE VOTING POWER

0

8

SHARED VOTING POWER

1,241,311.138*

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

1,241,311.138*

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON

1,241,311.138*

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

15.0%

 
14

TYPE OF REPORTING PERSON

IN

 
                    

*Includes (i) 1,003,273.138 shares of Common Stock held by MRMP-Managers LLC, of which Ned L. Sherwood is the Chief Investment Officer, and (ii) 238,038 shares of Common Stock held by the Ned L. Sherwood Revocable Trust, of which Ned L. Sherwood is the sole trustee and beneficiary. Ned L. Sherwood disclaims beneficial ownership of such Common Stock except to the extent of his pecuniary interest therein.

 

 

 

 

CUSIP No. 068221100 13D Page 3 of 8 Pages

 

1

NAME OF REPORTING PERSON

MRMP-Managers LLC

 
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x
(b) ¨
3 SEC USE ONLY  
4

SOURCE OF FUNDS

OO

 
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

 

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON WITH

7

SOLE VOTING POWER

0

8

SHARED VOTING POWER

1,003,273.138

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

1,003,273.138

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON

1,003,273.138

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

12.1%

 
14

TYPE OF REPORTING PERSON

OO

 
                    

 

 

 

CUSIP No. 068221100 13D Page 4 of 8 Pages

 

1

NAME OF REPORTING PERSON

Ned L. Sherwood Revocable Trust

 
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x
(b) ¨
3 SEC USE ONLY  
4

SOURCE OF FUNDS

OO

 
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

New York

 

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON WITH

7

SOLE VOTING POWER

0

8

SHARED VOTING POWER

238,038

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

238,038

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON

238,038

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

2.9%

 
14

TYPE OF REPORTING PERSON

OO

 
                    

 

 

 

 

CUSIP No. 068221100 13D Page 5 of 8 Pages

 

1

NAME OF REPORTING PERSON

Bradley M. Tirpak

 
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x
(b) ¨
3 SEC USE ONLY  
4

SOURCE OF FUNDS

PF

 
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

United States of America and Republic of Ireland

 

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON WITH

7

SOLE VOTING POWER

34,127

8

SHARED VOTING POWER

0

9

SOLE DISPOSITIVE POWER

34,127

10

SHARED DISPOSITIVE POWER

0

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON

34,127

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

0.4%

 
14

TYPE OF REPORTING PERSON

IN

 
                 

 

 

 

 

CUSIP No. 068221100 13D Page 6 of 8 Pages

 

This Amendment No. 10 to Statement of Beneficial Ownership on Schedule 13D (this “Amendment No. 10”) amends the Statement of Beneficial Ownership on Schedule 13D filed by Ned L. Sherwood on June 11, 2013 (as amended by the Reporting Persons, the “Schedule 13D” or this “Statement”). Except as amended and supplemented by this Amendment No. 10, the Schedule 13D remains unchanged.

 

Item 3. Source and Amount of Funds or Other Consideration.

 

The total cost for purchasing the Common Stock reported as beneficially owned by Sherwood was approximately $5,075,518, which includes $4,308,298 used to purchase the MRMP Shares and $767,220 used to purchase the Revocable Trust Shares. The source of these funds was investment capital.

 

The total cost for purchasing the Common Stock reported as owned by Tirpak, including brokerage commissions, was approximately $30,317. The source of these funds was personal funds.

 

The total cost for purchasing the Common Stock reported as owned by Scott D. Kepner, one of the Reporting Persons’ nominees to the Company’s board of directors (the “Board”), including brokerage commissions, was approximately $55,000. The source of these funds was personal funds.

 

The Reporting Persons may effect purchases of shares of Common Stock through margin accounts maintained for them with brokers, which extend margin credit as and when required to open or carry positions in their margin accounts, subject to applicable federal margin regulations, stock exchange rules, such firms’ credit policies and other applicable policies. Subject to applicable law and policies, positions in the shares of Common Stock may be held in margin accounts and may be pledged as collateral security for the repayment of debit balances in such accounts. Such margin accounts may from time to time have debit balances. In addition, since other securities may be held in such margin accounts, it may not be possible to determine the amounts, if any, of margin used to purchase shares of Common Stock.

 

Item 4. Purpose of Transaction.

 

Messrs. Bradley M. Tirpak, Philip (Phil) J. McPherson and Douglas N. Woodrum (three of the Reporting Persons’ nominees to the Board at the Company’s 2020 annual meeting of shareholders) currently serve on the Board.

 

On December 31, 2020, the Reporting Persons submitted a nomination notice to the Company for a slate of five directors, including Messrs. Tirpak, McPherson and Woodrum and Messrs. Ned L. Sherwood and Scott D. Kepner, to be nominated to the Board at the Company’s 2021 annual meeting of shareholders.

 

The Reporting Persons acquired the shares of Common Stock reported in this Statement for investment purposes. The Reporting Persons may in the future acquire additional shares of Common Stock or dispose of some or all of the shares of Common Stock held by the Reporting Persons in open-market transactions or privately negotiated transactions, on such terms and at such times as the Reporting Persons may deem advisable. The Reporting Persons may engage in short selling or hedging or similar transactions with respect to the shares of Common Stock, on such terms and at such times as the Reporting Persons may deem advisable, subject to applicable law.

 

None of the Reporting Persons has any present plan or proposal that would result in any of the actions described in paragraphs (a) through (j) of Item 4 of Schedule 13D, except as may be proposed by Messrs. McPherson, Tirpak and/or Woodrum in their capacity as directors of the Company or by the Board with their participation. The Reporting Persons reserve the right in the future to formulate any such plans or proposals, and to take any actions with respect to their investments in the Company, including any or all of the actions described in paragraphs (a) through (j) of Item 4 of Schedule 13D.

 

 

 

 

CUSIP No. 068221100 13D Page 7 of 8 Pages

 

Item 5. Interest in Securities of the Issuer.

 

(a) The Reporting Persons beneficially own in the aggregate 1,275,438.138 shares of Common Stock, which represents approximately 15.4% of the Company’s outstanding shares of Common Stock.

 

In addition, Scott D. Kepner directly holds 99,631 shares of Common Stock and has sole voting and dispositive power over such shares. Mr. Kepner is a U.S. citizen. His principal business is serving as a managing partner of real estate and development partnerships under Village Properties Operating Company, LLC and affiliates, and his principal business address is 940 Emmett Avenue, Suite 200, Belmont, California 94002.

 

Each percentage ownership of Common Stock set forth in this Statement is based on the 8,277,160 shares of Common Stock reported by the Company as outstanding as of December 9, 2020 in the Company’s Annual Report on Form 10-K filed on December 16, 2020.

 

(c) No transactions in the Common Stock have been effected by the Reporting Persons during the past 60 days.

 

 

 

 

CUSIP No. 068221100 13D Page 8 of 8 Pages

 

SIGNATURE

 

After reasonable inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certifies that the information set forth in this Statement is true, complete and correct.

 

In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of this Statement on Schedule 13D with respect to the Common Stock of the Company.

 

Dated: January 4, 2021

 

   
/s/ Ned L. Sherwood  
NED L. SHERWOOD  
   
   
MRMP-MANAGERS LLC  
   
   
By: /s/ Ned L. Sherwood  
Name:  Ned L. Sherwood  
Title:  Chief Investment Officer  
   
   
NED L. SHERWOOD REVOCABLE TRUST  
   
   
By: /s/ Ned L. Sherwood  
Name:  Ned L. Sherwood  
Title:  Trustee  
   
   
/s/ Bradley M. Tirpak  
BRADLEY M. TIRPAK