UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
(Amendment No. 21)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-
1(A) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
L Q Corporation, Inc.
(Name of Issuer)
Common Stock, $.001 par value
(Title of Class of Securities)
53631T102000
(CUSIP Number)
Mr. James Mitarotonda
c/o Barington Capital Group, L.P.
888 Seventh Avenue, 17th Floor
New York, N.Y. 10019
(212) 974-5700
(Name, Address and Telephone Number of
Person Authorized to Receive Notices
and Communications)
May 19, 2004
(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 which 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: |_|.
SCHEDULE 13D
CUSIP No. 53631T102000
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MM Companies, Inc.
54-1811721
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
none
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY none
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON none
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
none
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
none
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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SCHEDULE 13D
CUSIP No. 53631T102000
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Barington Companies Equity Partners, L.P.
13-4088890
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
481,700
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,057,400
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 481,700
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,057,400
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,057,400
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 53631T102000
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ramius Securities, LLC
58-2253019
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
246,512
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY none
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 246,512
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
none
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
246,512
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
BD
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 53631T102000
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Barington Capital Group, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
575,700
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,057,400
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 575,700
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,057,400
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,057,400
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 53631T102000
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Starboard Value & Opportunity Fund, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
741,188
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY none
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 741,188
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
none
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
741,188
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
Introduction. This Amendment No. 21 amends and supplements the
Schedule 13D, dated October 9, 2001, as amended to date (the "Schedule 13D")(1),
originally filed with the Securities and Exchange Commission by MM Companies,
Inc., formerly known as musicmaker.com, Inc., Jewelcor Management, Inc.,
Barington Companies Equity Partners, L.P., Ramius Securities, LLC and Domrose
Sons Partnership with respect to the common stock, $.001 par value (the "Common
Stock"), of Liquid Audio, Inc., a Delaware corporation (the "Company"). The
principal executive offices of the Company are located at 800 Chesapeake Drive,
Redwood City, California 94063.
Item 2(a) - (c) of Schedule 13D, "Identity and Background" is
deleted in its entirety and replaced with the following:
(a) - (c) This statement is being filed by MM Companies, Inc., Barington
Companies Equity Partners, L.P., Ramius Securities, LLC, Barington Capital
Group, L.P., and Starboard Value & Opportunity Fund, LLC (collectively, the
"Reporting Entities").
MM Companies, Inc. is a Delaware corporation that was formerly engaged in
the business of marketing customized compact discs over the internet and is
presently exploring alternative business opportunities. The address of the
principal business and principal offices of musicmaker.com, Inc. is c/o
Barington Capital Group, L.P., 888 Seventh Avenue, 17th Floor, New York, New
York 10019. The officers and directors of MM Companies, Inc. and their principal
occupations and business addresses are set forth on Schedule I of Amendment No.
17 to the Schedule 13D.
Barington Companies Equity Partners, L.P. is a Delaware limited
partnership formed to engage in the business of acquiring, holding and disposing
of investments in various companies. The address of the principal business and
principal offices of Barington Companies Equity Partners, L.P. is 888 Seventh
Avenue, 17th Floor, New York, New York 10019.
The general partner of Barington Companies Equity Partners, L.P. is
Barington Companies Investors, LLC. Barington Companies Investors, LLC is a
Delaware limited liability company formed to be the general partner of Barington
Companies Equity Partners, L.P. The address of the principal business and
principal offices of Barington Companies Investors, LLC is 888 Seventh Avenue,
17th Floor, New York, New York 10019. James Mitarotonda is the managing member
of Barington Companies Investors, LLC. The business address of Mr. Mitarotonda
is c/o Barington Capital Group, L.P., 888 Seventh Avenue, 17th Floor, New York,
New York 10019.
Ramius Securities, LLC is a Delaware limited liability company and a
registered broker-dealer. The address of the principal business and principal
offices of Ramius Securities, LLC is 666 Third Avenue, 26th Floor, New York, New
York 10017.
The Managing Member of Ramius Securities, LLC is Ramius Capital Group,
LLC. Ramius Capital Group, LLC is a Delaware limited liability company that is
engaged in money
----------
(1) This Amendment No. 21 follows filings described as Amendments No. 18, 19
and 20 to Schedule 13D filed separately by Jewelcor Management, Inc.
management and investment advisory services for third parties and proprietary
accounts. The address of the principal business and principal offices of Ramius
Capital Group, LLC is 666 Third Avenue, 26th Floor, New York, New York 10017.
The Managing Member of Ramius Capital Group, LLC is C4S, LLC, a Delaware
limited liability company formed to be the managing member of Ramius Capital
Group, LLC. The address of the principal business and principal offices of C4S,
LLC is 666 Third Avenue, 26th Floor, New York, New York 10017. Each of Peter A.
Cohen, Morgan B. Stark, Jeffrey M. Solomon and Thomas W. Strauss is a managing
member of C4S, LLC. The business address of each of Messrs. Cohen, Stark and
Strauss is 666 Third Avenue, 26th Floor, New York, New York 10017.
Barington Capital Group, L.P. is a Delaware limited partnership formed to
engage in the business of acquiring, holding and disposing of investments in
various companies. The address of the principal business and principal offices
of Barington Capital Group, L.P. is 888 Seventh Avenue, 17th Floor, New York,
New York 10019.
The general partner of Barington Capital Group, L.P. is LNA Capital Corp.
LNA Capital Corp. is a Delaware corporation formed to be the general partner of
Barington Capital Group, L.P. The address of the principal business and
principal offices of LNA Capital Corp. is: c/o Barington Capital Group, L.P.,
888 Seventh Avenue, 17th Floor, New York, New York 10019. James Mitarotonda is
the Chairman, President and Chief Executive Officer of LNA Capital Corp.
Starboard Value & Opportunity Fund, LLC is a Delaware limited liability
company formed for the purpose of making equity investments and, on occasion,
taking an active role in the management of portfolio companies in order to
enhance shareholder value. The address of the principal offices of Starboard
Value & Opportunity Fund, LLC is 666 Third Avenue, 26th Floor, New York, New
York 10017.
The managing member of Starboard Value & Opportunity Fund, LLC is Admiral
Advisors, LLC. The sole member of Admiral Advisors, LLC is Ramius Capital Group,
LLC. Ramius Capital Group, LLC is a Delaware limited liability company that is
engaged in money management and investment advisory services for third parties
and proprietary accounts. The address of the principal offices of Ramius Capital
Group, LLC is 666 Third Avenue, 26th Floor, New York, New York 10017. The
Managing Member of Ramius Capital Group, LLC is C4S & Co., LLC, a Delaware
limited liability company formed to be the managing member of Ramius Capital
Group, LLC. The address of the principal offices of C4S & Co., LLC is 666 Third
Avenue, 26th Floor, New York, New York 10017. Each of Peter A. Cohen, Morgan B.
Stark, Jeffrey M. Solomon and Thomas W. Strauss is a managing member of C4S &
Co., LLC. The business address of each of Messrs. Cohen, Stark, Solomon and
Strauss is 666 Third Avenue, 26th Floor, New York, New York 10017.
Item 3 of the Schedule 13D, "Source and Amount of Funds or Other
Consideration," is amended and supplemented by adding the following:
On May 19, 2004, Barington Capital Group, L.P., Starboard Value &
Opportunity Fund, LLC and Ramius Securities, LLC purchased 565,700 shares,
475,188 shares and 128,512 shares of Common Stock, respectively, for purchase
prices of $243,251.00, $204,330.84 and
$55,260.16. These purchases were funded by working capital, which may, at any
given time, include margin loans made by brokerage firms in the ordinary course
of business.
Item 4 of the Schedule 13D, "Purpose of Transaction," is amended and
supplemented by adding the following:
On May 19, 2004, pursuant to the terms of a securities purchase agreement,
dated May 13, 2004, Jewelcor Management, Inc. sold 237,750 shares of Common
Stock of the Company to Barington Capital Group, L.P. and 237,750 shares of
Common Stock of the Company to Starboard Value & Opportunity Fund, LLC. On the
same date, MM Companies, Inc. sold 327,950 shares to Barington Capital Group,
L.P., 237,438 shares to Starboard Value & Opportunity Fund, LLC and 90,512
shares to Ramius Securities, LLC. Each entity purchased shares of Common Stock
at a price per share of $0.43.
MM Companies, Inc. no longer beneficially own any shares of Common Stock.
This entity disclaims membership in any "group" with Barington Companies Equity
Partners, L.P., Ramius Securities, LLC, Barington Capital Group, L.P., and
Starboard Value & Opportunity Fund, LLC for purposes of Section 13 of the
Securities Exchange Act of 1934, as amended, and will not be included in future
amendments to this Schedule 13D.
Item 5(a) of the Schedule 13D, "Interest in Securities of the
Issuer," is deleted in its entirety and replaced with the following:
(a) As of the date hereof, the Reporting Entities own an aggregate of
2,045,100 shares of Common Stock, representing approximately 8.8% of the
outstanding shares of Common Stock based upon the 23,176,858 shares of Common
Stock reported by the Company to be issued and outstanding as of May 11, 2004 in
its Quarterly Report on Form 10-Q for the quarter ended March 31, 2004.
As of the date hereof, Barington Company Equities Partners, L.P.
beneficially owns an aggregate of 481,700 shares of Common Stock, representing
approximately 2.1% of the outstanding shares of Common Stock.
As of the date hereof, Ramius Securities, LLC beneficially owns an
aggregate of 246,512 shares of Common Stock, representing 1.0% of the
outstanding shares of Common Stock.
As of the date hereof, Barington Capital Group, L.P. beneficially owns an
aggregate of 575,700 shares of Common Stock, representing 2.5% of the
outstanding shares of Common Stock.
As of the date hereof, Starboard Value & Opportunity Fund, LLC
beneficially owns an aggregate of 741,188 shares of Common Stock, representing
3.2% of the outstanding shares of Common Stock.
Item 7 of the Schedule 13D, "Material to be Filed as Exhibits," is
amended by adding the following:
99.1 Securities Purchase Agreement among Jewelcor Management, Inc.,
Seymour Holtzman, Barington Capital Group, L.P., James A.
Mitarotonda and Ramius Securities, LLC dated as of May 13, 2004.
99.2 Agreement of Joint Filing among MM Companies, Inc., Barington
Companies Equity Partners, L.P., Ramius Securities, LLC, Barington
Capital Group, L.P., and Starboard Value & Opportunity Fund, LLC
dated May 25, 2004.
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certify that the information set forth in this
Statement is true, complete and correct.
Dated: May 25, 2004
MM COMPANIES, INC.
By /s/ Seymour Holtzman
-------------------------------------
Name: Seymour Holtzman
Title: Chairmain of the Board
BARINGTON COMPANIES EQUITY PARTNERS,
L.P.
By: Barington Companies Investors, LLC,
its general partner
By /s/ James Mitarotonda
-------------------------------------
Name: James Mitarotonda
Title: Manager
RAMIUS SECURITIES, LLC
By: Ramius Capital Group, LLC, its
managing member
By /s/ Peter A. Cohen
-------------------------------------
Name: Peter A. Cohen
Title: Manager
BARINGTON CAPITAL GROUP, L.P.
By: LNA Capital Corp., its General
Partner
By /s/ James Mitarotonda
-------------------------------------
Name: James Mitarotonda
Title: President and Chief Executive
Officer
STARBOARD VALUE & OPPORTUNITY FUND, LLC
By: Admiral Advisors, LLC, its Managing
Member
By /s/ Jeffrey M. Solomon
-------------------------------------
Name: Jeffrey M. Solomon
Title: Authorized Signatory