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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13D-1(B), (C) AND (D) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13(D)-2(B)
Universal Stainless & Alloy Products, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
913837100
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(CUSIP Number)
December 31, 2004
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 the
disclosures provided in a prior cover page.
The information required in 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).
PERSONS WHO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED IN THIS FORM ARE
NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY VALID OMB CONTROL
NUMBER.
SEC 1745 (12-02)
CUSIP NO. 913837100 13G Page 2 of 14 Pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
The Pabrai Investment Fund 2, L.P.
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
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(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization
Illinois
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Number of 5. Sole Voting Power
Shares 0
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Beneficially 6. Shared Voting Power
Owned by 191,720
-----------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 0
-----------------------------------------------------
Person With: 8. Shared Dispositive Power
191,720
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
191,720
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
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11. Percent of Class Represented by Amount in Row (9)
3.0%
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12. Type of Reporting Person (See Instructions)
PN
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CUSIP NO. 913837100 13G Page 3 of 14 Pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
The Pabrai Investment Fund 3, Ltd.
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
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(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization
British Virgin Islands
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Number of 5. Sole Voting Power
Shares 0
-----------------------------------------------------
Beneficially 6. Shared Voting Power
Owned by 95,094
-----------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 0
-----------------------------------------------------
Person With: 8. Shared Dispositive Power
95,094
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
95,094
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
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11. Percent of Class Represented by Amount in Row (9)
1.5%
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12. Type of Reporting Person (See Instructions)
CO
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CUSIP NO. 913837100 13G Page 4 of 14 Pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
The Pabrai Investment Fund IV, L.P.
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
-----------------------------------------------------------------
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization
Delaware
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Number of 5. Sole Voting Power
Shares 0
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Beneficially 6. Shared Voting Power
Owned by 215,250
-----------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 0
-----------------------------------------------------
Person With: 8. Shared Dispositive Power
215,250
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
215,250
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
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11. Percent of Class Represented by Amount in Row (9)
3.4%
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12. Type of Reporting Person (See Instructions)
PN
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CUSIP NO. 913837100 13G Page 5 of 14 Pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Dalal Street, Inc.
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
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(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization
Illinois
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Number of 5. Sole Voting Power
Shares 0
-----------------------------------------------------
Beneficially 6. Shared Voting Power
Owned by 502,064
-----------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 0
-----------------------------------------------------
Person With: 8. Shared Dispositive Power
502,064
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
502,064
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
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11. Percent of Class Represented by Amount in Row (9)
7.9%
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12. Type of Reporting Person (See Instructions)
CO
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CUSIP NO. 913837100 13G Page 6 of 14 Pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Rainbee, Inc.
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
-----------------------------------------------------------------
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization
California
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Number of 5. Sole Voting Power
Shares 0
-----------------------------------------------------
Beneficially 6. Shared Voting Power
Owned by 487
-----------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 0
-----------------------------------------------------
Person With: 8. Shared Dispositive Power
487
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
487
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
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11. Percent of Class Represented by Amount in Row (9)
*
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12. Type of Reporting Person (See Instructions)
CO
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* Less than one-tenth of one percent.
CUSIP NO. 913837100 13G Page 7 of 14 Pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Harina Kapoor
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
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(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization
United States
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Number of 5. Sole Voting Power
Shares 0
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Beneficially 6. Shared Voting Power
Owned by 37,834
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Each 7. Sole Dispositive Power
Reporting 0
-----------------------------------------------------
Person With: 8. Shared Dispositive Power
37,834
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
37,834*
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
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11. Percent of Class Represented by Amount in Row (9)
**
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12. Type of Reporting Person (See Instructions)
IN
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* Includes (a) 37,347 shares of common stock held by Ms. Kapoor and Mr. Pabrai
as joint tenants with rights of survivorship and (b) 487 shares of common
stock held by Rainbee, Inc. (a corporation wholly-owned by Ms. Kapoor).
** Less than one-tenth of one percent.
CUSIP NO. 913837100 13G Page 8 of 14 Pages
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Mohnish Pabrai
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
-----------------------------------------------------------------
(b) [X]
-----------------------------------------------------------------
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3. SEC Use Only
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4. Citizenship or Place of Organization
United States
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Number of 5. Sole Voting Power
Shares 1,138
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Beneficially 6. Shared Voting Power
Owned by 539,898
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Each 7. Sole Dispositive Power
Reporting 1,138
-----------------------------------------------------
Person With: 8. Shared Dispositive Power
539,898
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
541,036*
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
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11. Percent of Class Represented by Amount in Row (9)
8.6%
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12. Type of Reporting Person (See Instructions)
IN
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* Includes (a) 37,347 shares of common stock held by Mr. Pabrai and his wife
as joint tenants with rights of survivorship and (b) 487 shares of common
stock held by rainbee, Inc. (a corporation wholly-owned by Mr. Pabrai's
wife).
CUSIP NO. 913837100 Page 9 of 14 pages
ITEM 1. (a) NAME OF ISSUER. Universal Stainless & Alloy Products, Inc.
ITEM 1. (b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES. 600 Mayer Street
Bridgeville, PA 15017
ITEM 2. (a) AME OF PERSON FILING.
This Schedule 13G is filed on behalf of The Pabrai Investment Fund II, L.P., an
Illinois limited partnership ("PIF2"), Pabrai Investment Fund 3, Ltd., a British
Virgin Islands corporation ("PIF3"), The Pabrai Investment Fund IV, L.P., a
Delaware limited partnership ("PIF4"), Rainbee, Inc., a California corporation
("Rainbee"), Dalal Street, Inc., an Illinois corporation ("Dalal"), which is
general partner of PIF2 and PIF4 and sole investment manager of PIF3, Harina
Kapoor, sole shareholder of Rainbee, and Mohnish Pabrai, sole shareholder and
chief executive officer of Dalal and a shareholder and president of PIF3
(collectively, the "Reporting Persons"), pursuant to a Joint Reporting Agreement
dated February 14, 2004, filed by the Reporting Persons as Exhibit A to this
Schedule 13G.
ITEM 2. (b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE.
17 Spectrum Point Drive
Suite 503
Lake Forest, CA 92630
ITEM 2. (c) CITIZENSHIP.
PIF2 is an Illinois limited partnership. PIF3 is a British Virgin Islands
corporation. PIF4 is a Delaware limited partnership. Rainbee is a California
corporation. Mohnish Pabrai is a United States citizen and his wife, Harina
Kapoor, is also a United States citizen.
ITEM 2. (d) TITLE OF CLASS OF SECURITIES. Common Stock, par value $.001
per share.
ITEM 2. (e) CUSIP NUMBER. 913837100
ITEM 3. IF THIS STATEMENT IS FLED PURSUANT TO RULE 13D-1(b), 13d-2(b OR (c),
CHECK WHETHER THE PERSON FILING IS A:
Not applicable.
ITEM 4. OWNERSHIP.
(a) and (b).
This Schedule 13G shall not be construed as an admission that any Reporting
Person is, either for purposes of Section 13(d) or 13(g) of the Exchange Act of
1934, as amended (the "Act") or for other purposes, is the beneficial owner of
any securities covered by this statement. By virtue of the relationships between
and among (i) Dalal Street, Inc. in its
CUSIP NO. 913837100 Page 10 of 14 pages
capacity as the General Partner and Investment Manager of PIF2, PIF4 and Pabrai
Investment Fund 3, Ltd., respectively, (ii) Mohnish Pabrai, in his capacity as
sole shareholder and Chief Executive Officer of Dalal Street, Inc. and (iii) the
other Reporting Persons, as further described in Item 2(a), each of the
Reporting Persons may be deemed to be the beneficial owner of all or a portion
of the shares of Common Stock held by the other Reporting Persons. Because of
the relationships described in Item 2(a), the Reporting Persons may be deemed to
constitute a "group" within the meaning of Rule 13d-5 under the Act, and as
such, each member of the group would be deemed to beneficially own, in the
aggregate, all the shares of Common Stock held by members of the group. The
Reporting Persons disclaim membership in a group and disclaim beneficial
ownership of any of the shares of Common Stock except as follows.
Common Stock
Reporting Person Beneficially Owned % of Class (++)
---------------- ------------------ ---------------
The Pabrai Investment Fund II, L.P. 191,720 3.0%
Pabrai Investment Fund 3, Ltd. 95,094 1.5%
Pabrai Investment Fund IV, L.P. 215,250 3.4%
Rainbee, Inc. 487 *
Dalal Street, Inc 0 0.0%
Harina Kapoor 37,834** *
Mohnish Pabrai 38,972** *
++ All percentages in this table are based on the 6,322,890 shares of Common
Stock of Universal Stainless & Alloy Products, Inc. issued and outstanding as of
November 5, 2004, as reported in the Form 10-Q for the quarterly period ended
September 30, 2004 filed by Universal Stainless & Alloy Products, Inc. with the
Securities and Exchange Commission on November 10, 2004.
* Less than one-tenth of one percent.
** Includes (a) 37,347 shares of common stock held by Ms. Kapoor and Mr. Pabrai
as joint tenants with rights of survivorship and (b) 487 shares of common stock
held by Rainbee, Inc. (a corporation wholly-owned by Ms. Kapoor).
(c) Dalal Street, Inc. and Mohnish Pabrai, in his capacity as chief executive
officer of Dalal Street, Inc., have the shared power to vote or to direct the
vote and the shared power to dispose or to direct the disposition of the shares
of Common Stock set forth opposite the name of each of PIF2, PIF4 and PIF3 in
the table above. Dalal Street, Inc. and Mohnish Pabrai disclaim beneficial
ownership of any such shares of Common Stock except to the extent of their
pecuniary interest therein, if any. Mohnish Pabrai has the sole power to vote or
direct the vote and the power to dispose or to direct the
CUSIP NO. 913837100 Page 11 of 14 pages
disposition of 1,138 of the shares of Common Stock set forth opposite his name
in the table above. Mohnish Pabrai and Harina Kapoor share the power to vote or
to direct the vote and the power to dispose or to direct the disposition of
37,834 shares of Common Stock set forth opposite Mr. Pabrai's name in the table
above. Harina Kapoor, in her capacity as President of Rainbee, Inc., has the
shared power to vote or to direct the vote and the shared power to dispose or to
direct the disposition of the shares of Common Stock set forth opposite the name
of Rainbee, Inc. Harina Kapoor disclaims beneficial ownership of any such shares
of Common Stock except to the extent of her pecuniary interest therein, if any.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
If this statement is being filed to report the fact that as of the date
hereof, the reporting person has ceased to be the beneficial owner of
more than five percent of the class of securities, check the following:
[ ]
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL
PERSON.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
This Schedule 13G is being filed jointly pursuant to Rule 13d-1(k). As a
result of the relationships among the Reporting Persons described
herein, some or all of the Reporting Persons may be deemed to comprise a
"group" within the meaning of Section 13 of the Act and the Rules
promulgated thereunder. However, the Reporting Persons deny such group
status.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATIONS.
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
CUSIP NO. 913837100 Page 12 of 14 pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 14, 2004
THE PABRAI INVESTMENT FUND II, L.P.
By: Dalal Street, Inc., Its General Partner
By: /s/ Mohnish Pabrai
---------------------------------------------------------
Mohnish Pabrai, Chief Executive Officer
PABRAI INVESTMENT FUND 3, LTD.
By: /s/ Mohnish Pabrai
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Mohnish Pabrai, President
THE PABRAI INVESTMENT FUND IV, L.P.
By: Dalal Street, Inc., Its General Partner
By: /s/ Mohnish Pabrai
---------------------------------------------------------
Mohnish Pabrai, Chief Executive Officer
DALAL STREET, INC.
By: /s/ Mohnish Pabrai
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Mohnish Pabrai, Chief Executive Officer
RAINBEE, INC.
By: /s/ Harina Kapoor
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Harina Kapoor, President
/s/ Harina Kapoor
-----------------------------------
Harina Kapoor
/s/ Mohnish Pabrai
-----------------------------------
Mohnish Pabrai
CUSIP No. 913837100 Page 13 of 14 pages
EXHIBIT INDEX
EXHIBIT DESCRIPTION
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EXHIBIT A JOINT REPORTING AGREEMENT
CUSIP No. 913837100 Page 14 of 14 pages
EXHIBIT A
JOINT REPORTING AGREEMENT
This will confirm the agreement by and among the undersigned that the Schedule
13G filed on or about this date with respect to the beneficial ownership of the
undersigned of shares of Common Stock of Universal Stainless & Alloy Products,
Inc. is being filed on behalf of each of the parties named below.
Dated: February 14, 2004
THE PABRAI INVESTMENT FUND II, L.P.
By: Dalal Street, Inc., Its General Partner
By: /s/ Mohnish Pabra
---------------------------------------------------------
Mohnish Pabrai, Chief Executive Officer
PABRAI INVESTMENT FUND 3, LTD.
By: /s/ Mohnish Pabra
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Mohnish Pabrai, President
THE PABRAI INVESTMENT FUND IV, L.P.
By: Dalal Street, Inc., Its General Partner
By: /s/ Mohnish Pabra
---------------------------------------------------------
Mohnish Pabrai, Chief Executive Officer
DALAL STREET, INC.
By: /s/ Mohnish Pabrai
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Mohnish Pabrai, Chief Executive Officer
RAINBEE, INC.
By: /s/ Harina Kapoor
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Harina Kapoor, President
/s/ Harina Kapoor
---------------------------------
Harina Kapoor
/s/ Mohnish Pabra
---------------------------------
Mohnish Pabrai