SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

SCHEDULE 13D/A

(Rule 13d-101)

 

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

 

(Amendment No. 6)1

 

 

 

 

Emerson Radio Corp.

(Name of Issuer)
 
Common Stock
(Title of Class of Securities)
 
  291087203  
  (CUSIP Number)  

 

Lloyd I. Miller, III, 222 Lakeview Avenue, Suite 160-365, West Palm Beach, Florida, 33401 (Tel.) (561) 287-5399

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
 
  June 4, 2013  
  (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 Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [X].

 

Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

 

(Continued on following pages)

 

Page 1 of 8 pages

 

 

 

1 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 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.

 

291087203

 

13D/A6

 

 

Page 2 of 8

 

 

 

1

 

NAME OF REPORTING PERSON

 

Lloyd I. Miller, III  

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

 

(a)

[  ]

 

 

 

 

 

 

 

(b)

 

[  ]

 

3

 

SEC USE ONLY

 

 

 

4

_______________

SOURCE OF FUNDS*

PF-AF-OO

 

5

 

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

 

[ ]

 

 

                                                                                                                                         

 

6

 

CITIZENSHIP OR PLACE OF ORGANIZATION

United States

 

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

7

 

SOLE VOTING POWER

2,517,612

 

8

 

SHARED VOTING POWER

44,500

 

9

 

SOLE DISPOSITIVE POWER

2,517,612

 

10

 

SHARED DISPOSITIVE POWER

44,500

 

11

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

2,562,112

 

12

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*

[  ]

 

 

 

 

13

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

9.4%

 

14

 

TYPE OF REPORTING PERSON*

IN-OO

 

 

 

*SEE INSTRUCTIONS BEFORE FILLING OUT!

 

 
 

SCHEDULE 13D/A6

 

This constitutes Amendment No. 6 to the statement on Schedule 13D (the “Amendment No. 6”) filed on behalf of Lloyd I. Miller III (“Mr. Miller” or the “Reporting Person”), dated and filed May 22, 2012 (the “Statement”), relating to the common stock, $0.01 par value per share (the “Common Stock”), of Emerson Radio Corp. (the “Company”). The Company’s principal executive offices are located at 3 University Plaza, Suite 405, Hackensack, New Jersey 07601. Unless specifically amended or modified hereby, the disclosure set forth in the Statement shall remain unchanged.

 

Item 3. Source and Amount of Funds or Other Consideration

 

Item 3 of the Statement is hereby amended and restated in its entirety as follows:

 

Mr. Miller is the managing member of Milfam LLC (“Milfam LLC”), an Ohio limited liability company established pursuant to the Operating Agreement of Milfam LLC dated as of December 10, 1996, and Milfam LLC is the advisor to Trust A-3 (“Trust A-3”) and Trust A-4 (“Trust A-4” and, collectively with Trust A-3, the “Trusts”). The Trusts and Trust D were created pursuant to an Amended and Restated Trust Agreement, dated September 20, 1983 (the “Trust Agreement”). Mr. Miller is the investment advisor to the trustee of Trust D. Pursuant to a Declaratory Judgment Order, entered on November 20, 1992 in the Court of Common Pleas, Probate Division, Hamilton County, Ohio, Trust A was split into four separate trusts, two of which are Trust A-3 and Trust A-4. The Trusts were further reformed by Order of the Delaware Chancery Court dated December 29, 2010 pursuant to which Milfam LLC was appointed advisor to the Trusts. All of the shares of Common Stock purchased by Trust A-3 were purchased with funds generated and held by Trust A-3. The aggregate purchase price for the shares of Common Stock purchased by Trust A-3 was approximately $498,760.00. All of the shares of Common Stock purchased by Trust A-4 were purchased with funds generated and held by Trust A-4. The aggregate purchase price for the shares of Common Stock purchased by Trust A-4 was approximately $1,108,624.00. All of the shares of Common Stock purchased by Trust D were purchased with funds generated and held by Trust D. The aggregate purchase price for the shares of Common Stock purchased by Trust D was approximately $43,255.00.

 

Milfam LLC is the general partner of Milfam II L.P. (“Milfam II”), a Georgia limited partnership established pursuant to the Partnership Agreement for Milfam II L.P., dated December 11, 1996. All of the shares of Common Stock Mr. Miller is deemed to beneficially own as the managing member of the general partner of Milfam II were purchased with money contributed to Milfam II by its partners or money generated and held by Milfam II. The aggregate purchase price for the shares of Common Stock purchased by Milfam II was approximately $1,177,710.00.

 

All of the shares of Common Stock purchased by Mr. Miller on his own behalf were purchased with personal funds generated and held by Mr. Miller. The purchase price for the shares of Common Stock purchased by Mr. Miller on his own behalf was approximately $3,748.00.

 

Pursuant to an Irrevocable Trust Agreement MILGRAT (S8) (“MILGRAT (S8)”), dated as of October 24, 2011, Mr. Miller was named as the trustee to MILGRAT (S8). All of the shares of Common Stock Mr. Miller is deemed to beneficially own as trustee of MILGRAT (S8) were contributed to MILGRAT (S8) by its grantor, Catherine C. Miller.

 

 

 
 

 

Pursuant to an Irrevocable Trust Agreement MILGRAT (C9) (“MILGRAT (C9)”), dated as of January 18, 2013, Mr. Miller was named as the trustee to MILGRAT (C9). All of the shares of Common Stock Mr. Miller is deemed to beneficially own as trustee of MILGRAT (C9) were contributed to MILGRAT (C9) by its grantor, Catherine C. Miller.

 

Pursuant to an Irrevocable Trust Agreement MILGRAT (J9) (“MILGRAT (J9)”), dated as of May 6, 2013, Mr. Miller was named as the trustee to MILGRAT (J9). All of the shares of Common Stock Mr. Miller is deemed to beneficially own as trustee of MILGRAT (J9) were contributed to MILGRAT (J9) by its grantor, Catherine C. Miller.

 

Mr. Miller is the manager of LIMFAM LLC (f/k/a Milfam NG LLC) (“LIMFAM LLC”), a Delaware limited liability company. All of the shares of Common Stock Mr. Miller is deemed to beneficially own as the manager for LIMFAM LLC were purchased with funds generated and held by LIMFAM LLC. The aggregate purchase price for the shares of Common Stock Mr. Miller is deemed to beneficially own as manager of LIMFAM LLC was approximately $431,972.00.

 

Mr. Miller is the settlor of an individual retirement trust account (the “IRA”). All of the shares of Common Stock held by the IRA were purchased with personal funds generated and contributed to the IRA by Mr. Miller. The purchase price for the shares of Common Stock held by the IRA was approximately $1,029.00.

 

The aggregate purchase prices set forth in this Item 3 include brokerage commissions and reflect certain cost basis adjustments.

 

Item 4. Purpose of the Transaction


Item 4 of the Statement is hereby amended and restated in its entirety as follows:

 

This Amendment No. 6 is being filed to report that, since the filing of Amendment No. 5 to the Statement, dated April 8, 2013, on June 12, 2013, Mr. Miller submitted a proposal for inclusion in the proxy statement to be circulated in connection with the Company’s next annual meeting of stockholders. The proposal is for the adoption of cumulative voting in the election of Directors. A copy of the letter, the proposal and proof of ownership are attached hereto as Exhibit 99.3.

 

In addition, on June 4, 2013, a material change occurred in the percentage of shares of Common Stock beneficially owned by Mr. Miller.

 

The Shares covered by this Schedule 13D were acquired by Mr. Miller for investment purposes in the ordinary course of his business as an investor.

 

Mr. Miller previously disclosed the following information in the Statement:

 

As set forth in the Statement originally filed on May 22, 2012, on November 3, 2011, Mr. Miller sent a letter to the Company urging the Company to declare a special cash dividend as an indication that the Board of Directors of the Company (the “Board”) was considering the interests of public shareholders and suggesting that strategic alternatives be reviewed. Mr. Miller stated that he continued to believe that such actions by the Company would enhance shareholder value, and that he believed that a sale of the company may have been in the best interest of public shareholders. He stated that he shared the concerns regarding the independence of Emerson’s directors expressed by other shareholders in the Schedule 13D filed on January 23, 2012. A copy of Mr. Miller’s November 3, 2011 letter to the Company is attached as Exhibit 99.1 to the Statement.

 

 
 

 

As set forth in Amendment No. 1 to the Statement filed on August 6, 2012, on July 26, 2012, a material change occurred in the percentage of Shares beneficially owned by Mr. Miller resulting from a 1.2% increase in his ownership of Emerson Common Stock. In addition, on August 6, 2012, Mr. Miller sent a letter to the Board suggesting that the Board consider a merger or sale of the Company to resolve uncertainties over the bankruptcy of The Grande Holdings Limited (Provisional Liquidators Appointed) and control and strategic direction of the Company. Mr. Miller continued to believe that such actions by the Company would enhance shareholder value and that a merger or a sale of the Company would be in the best interests of the Company’s shareholders.

 

As set forth in Amendment No. 5 to the Statement filed on April 8, 2013, Mr. Miller stated that he believed that the Company’s capital structure was highly problematic, with its controlling shareholder in bankruptcy - The Grande Holdings Limited (Provisional Liquidators Appointed). In light of this Mr. Miller stated that he would welcome and strongly support the Board’s declaration and payment of a special dividend of $1.25 per share, and stated that a sale of the Company would be in the best interest of all shareholders.

 

Except as described above in this Item 4 and herein, Mr. Miller does not currently have any specific plans or proposals that relate to or would result in any of the actions or events specified in clauses (a) through (j) of Item 4 of Schedule 13D. Mr. Miller reserves the right to change plans and take any and all actions that the Mr. Miller may deem appropriate to maximize the value of his investments, including, among other things, purchasing or otherwise acquiring additional securities of the Company, selling or otherwise disposing of any securities of the Company beneficially owned by him, in each case in the open market or in privately negotiated transactions or formulating other plans or proposals regarding the Company or its securities to the extent deemed advisable by Mr. Miller in light of his general investment policies, market conditions, subsequent developments affecting the Company and the general business and future prospects of the Company. Mr. Miller may take any other action with respect to the Company or any of the Company’s debt or equity securities in any manner permitted by applicable law.

 

Item 5. Interest in Securities of the Issuer

 

Item 5 of the Statement is hereby amended and restated in its entirety as follows:

 

(a)   Mr. Miller may be deemed to beneficially own 2,562,112 shares of Common Stock, which is equal to approximately 9.4% of the outstanding shares, based on 27,129,832 shares of Common Stock outstanding, as reported in the Issuer’s Form 10-Q filed on February 14, 2013. As of the date hereof, 309,789 of the shares of Common Stock beneficially owned by Mr. Miller are owned of record by Trust A-3, 643,983 of the shares of Common Stock beneficially owned by Mr. Miller are owned of record by Trust A-4, 44,500 of the shares of Common Stock beneficially owned by Mr. Miller are owned of record by Trust D, 102,892 of the shares of Common Stock beneficially owned by Mr. Miller are owned of record by MILGRAT (S8), 232,642 of the shares of Common Stock beneficially owned by Mr. Miller are owned of record by MILGRAT (C9), 381,899 of the shares of Common Stock beneficially owned by Mr. Miller are owned of record by MILGRAT (J9), 599,302 of the shares of Common Stock beneficially owned by Mr. Miller are owned of record by Milfam II, 237,271 of the shares of Common Stock beneficially owned by Mr. Miller are owned of record by LIMFAM LLC, 1,194 of the shares of Common Stock beneficially owned by Mr. Miller are owned by the IRA, and 8,640 of the shares of Common Stock beneficially owned by Mr. Miller are owned by Mr. Miller directly.

 

 

 
 

 

(b)   Mr. Miller may be deemed to have sole voting and dispositive power for all such shares held of record by Trust A-3, Trust A-4, MILGRAT (S8), MILGRAT (C9), MILGRAT (J9), the IRA, Milfam II, LIMFAM LLC and Mr. Miller directly. Mr. Miller may be deemed to have shared voting and dispositive power for all such shares held of record by Trust D.

 

(c)   The following table details the transactions effected by Mr. Miller since the filing of Amendment No. 5. 

 

  Trust C*  
Date of Transaction Number of Shares Purchased Price Per Share
April 17, 2013 45,000 $1.6133
April 18, 2013 100 $1.56
April 25, 2013 25,000 $1.61
April 29, 2013 1,034 $1.60
April 30, 2013 100,000 $1.60

 

 

*These shares were transferred to MILGRAT (J9) on May 6, 2013. Such transactions only effected a change in the form of beneficial ownership without changing Mr. Miller’s dispositive or voting control. 

 

  Trust A-4  
Date of Transaction Number of Shares Purchased Price Per Share
May 13, 2013 4,100 $1.55
May 31, 2013 500 $1.55
June 4, 2013 95,400 $1.55

  

(d)  Persons other than Mr. Miller have the right to receive and the power to direct the receipt of dividends from, or the proceeds from the sale of, the reported securities.

 

(e)   Not Applicable.

 

 

 
 

Item 7. Material to be Filed as Exhibits

 

Exhibit 99.1 Letter, dated November 3, 2011, by Lloyd I. Miller, III to the Board of Directors of the Company (incorporated by reference from the Schedule 13D filed May 22, 2012)

 

Exhibit 99.2 Letter, dated August 6, 2012, by Lloyd I. Miller to the Board of Directors of the Company (incorporated by reference from Amendment No. 2 to Schedule 13D filed August 7, 2012)

 

Exhibit 99.3 Letter, dated June 11, 2013, by Lloyd I. Miller to the Company, including the shareholder proposal and proof of ownership

 

 
 

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: June 14, 2013  
   
   
  By:  /s/ Lloyd I. Miller, III  
    Lloyd I. Miller, III

 

 

 


 

Exhibit 99.3

 

 

 

Lloyd I. Miller, III

222 Lakeview Avenue, Suite 160-365

West Palm Beach, Florida 33401

 

June 11, 2013

 

 

Via Federal Express

 

Andrew L. Davis

Corporate Secretary

Emerson Radio Corp.

3 University Plaza, Suite 405

Hackensack, New Jersey 07601

 

Re: Notice of Proposal of Business

 

Dear Mr. Davis:

I hereby submit the shareholder proposal attached as Annex A for inclusion in the Emerson Radio Corp. (the “Company”) proxy statement to be circulated in connection with the Company’s next annual meeting of stockholders. The proposal is being sent to you on or before June 20, 2013 pursuant to the deadline outlined in the Company’s Definitive Proxy Statement filed with the Securities and Exchange Commission on October 18, 2012.

I am the holder of at least $2,000 in market value of the Company’s common stock and have held such securities for at least one year as of the date of this letter, and intend to continue to own such securities through the date on which Emerson Radio’s 2013 annual meeting of stockholders is held. As proof of such ownership, Schedule 13D filed May 22, 2012, as amended to date, is attached as Annex B. Either I or my properly qualified representative will attend the stockholders meeting to present the proposal.

If you should have any questions, please contact me at (561) 832-3490.

 

Sincerely,

 


/s/ Lloyd I. Miller, III

 

 

 

Enclosures

 

1
 

 

 

 

Annex A

 

 

 

RESOLVED: Cumulative Voting. Stockholders recommend that our Board take the steps necessary to adopt cumulative voting. Cumulative voting means that each stockholder may cast as many votes as equal to number of shares held, multiplied by the number of directors to be elected. A stockholder may cast all such cumulated votes for a single director candidate or focus votes on a few candidates. Under cumulative voting, stockholders can withhold votes from directors who are performing poorly, if there are any, in order to cast multiple votes for other director candidates. This is an important protection for stockholders.

 

 

Supporting Statement

 

The Company’s controlling stockholder, Grande Holdings Limited (Provisional Liquidators Appointed) (“Grande”), is represented on the Company’s Board by the following directors: Mr. Fok Hei Yu, as provisional liquidator of Grande with control over the shares owned by Grande, and Mr. Christopher Ho, the Chairman of the Board of both Grande and the Company.   Cumulative voting would allow significant stockholders to elect a director of their choice, thereby safeguarding minority stockholder interests and bringing independent views to Board decisions.

 

Institutional Shareholder Services guidelines for 2013 recommend a vote FOR proposals for cumulative voting at companies where insiders have greater than 50% voting power.

 

By voting FOR this Cumulative Voting Proposal, you will be sending a clear message to the Board that minority stockholders, meaning public stockholders other than Grande and its affiliates, deserve the opportunity to have a meaningful vote in the election of Directors.

 

Please vote to protect stockholder value and FOR: Shareholder Proposal - Cumulative Voting.

 

 

2