SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G*
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b) (Amendment No. )*
AG Services of America, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
001250109
(CUSIP Number)
SEPTEMBER 23, 1999
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule 13G is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
(Page 1 of 16 Pages)
----------------
*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 purposes 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. 001250109 13G Page 2 of 16 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Granite Capital, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
205,900
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
205,900
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
205,900
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
3.8%
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(12) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 001250109 13G Page 3 of 16 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Granite Capital II, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
12,800
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
12,800
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
12,800
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.2%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No.001250109 13G Page 4 of 16 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
GRANITE CAPITAL OVERSEAS LIMITED
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
8,000
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
8,000
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
8,000
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.1%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
00
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 001250109 13G Page 5 of 16 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
GRANUM VALUE FUND
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
80,000
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
80,000
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
80,000
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
1.5%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IV
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 001250109 13G Page 6 of 16 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
GRANITE CAPITAL L.L.C.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
226,700
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
226,700
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
226,700
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
4.1%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IA,OO
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 001250109 13G Page 7 of 16 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
GRANUM CAPITAL MANAGEMENT, L.L.C.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
80,000
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
80,000
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
80,000
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
1.5%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IA,OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 001250109 13G Page 8 of 16 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Lewis M. Eisenberg
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
306,700
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
306,700
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
306,700
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.6%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 001250109 13G Page 9 of 16 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Walter F. Harrison, III
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
306,700
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
306,700
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
306,700
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.6%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 001250109 13G Page 10 of 16 Pages
Item 1(a). Name of Issuer:
The name of the issuer is AG Services of America, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
The Company's principal executive offices are located at 1309 Technology
Parkway, Cedar Falls, Iowa 50613
Item 2(a). Name of Person Filing:
This statement is filed by:
(i) Granite Capital, L.P., a Delaware limited partnership
("Granite"), with respect to the shares of Common Stock
(defined in Item 2(d) below) directly owned by it;
(ii) Granite Capital II, L.P., a Delaware limited partnership
("Granite II"), with respect to the shares of Common Stock
directly owned by it;
(iii) Granite Capital Overseas Limited, a Cayman Islands exempted
company ("Granite Overseas") with respect to the shares of Common
Stock directly owned by it;
(iv) Granum Value Fund, a publicly registered mutual fund organized as
a trust under the laws of the state of Delaware ("Granum Value"),
with respect to the shares of Common Stock directly owned by it;
(v) Granite Capital, L.L.C., a Delaware limited liability company
("Granite L.L.C."), which serves as the general partner of
Granite and Granite II, and as investment manager to Granite
Overseas, with respect to the shares of Common Stock directly
owned by each of Granite, Granite II and Granite Overseas;
(vi) Granum Capital Management, L.L.C., a Delaware limited
liability company ("Granum Management") which serves as
investment adviser to Granum Value, with respect to the shares
of Common Stock directly owned by Granum Value;
CUSIP No. 001250109 13G Page 11 of 16 Pages
(vii) Lewis M. Eisenberg ("Mr. Eisenberg"), serves as a managing member
of Granite L.L.C. and as a managing member of Granum Management
with respect to the shares of Common Stock directly owned by each of
Granite, Granite II, Granite Overseas and Granum Value; and
(viii) Walter F. Harrison, III ("Mr. Harrison"), serves as a managing member
of Granite L.L.C. and as a managing member of Granum Management
with respect to the shares of Common Stock directly owned by each of
Granite, Granite II, Granite Overseas and Granum Value.
The foregoing persons are hereinafter collectively referred to as the
"Reporting Persons." Any disclosures herein with respect to persons other than
the Reporting Persons are made on information and belief after making inquiry to
the appropriate party.
Item 2(b). Address of Principal Business Office or, if None, Residence:
The address of the business office of Granite Overseas is Zephyr House,
Mary Street, Georgetown, Grand Cayman, Cayman Islands, British West Indies. The
address of the business office of each of the Reporting Persons other than
Granite Overseas is 126 East 56th Street, 25th Floor, New York, New York 10022.
Item 2(c). Citizenship:
Mr. Eisenberg and Mr. Harrison are citizens of the United States. Each of
Granite, Granite II and Granum Value is organized under the laws of the state of
Delaware. Granite Overseas is organized under the laws of the Cayman Islands.
Item 2(d). Title of Class of Securities:
Common Stock, $0.01 par value (the "Common Stock").
Item 2(e). CUSIP Number: 001250109
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the
Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of
the Act,
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940,
CUSIP No. 001250109 13G Page 12 of 16 Pages
(e) [ ] Investment Adviser in accordance with Rule
13d-1 (b)(1)(ii)(E),
(f) [ ] Employee Benefit Plan or Endowment Fund in accordance with
13d-1 (b)(1)(ii)(F),
(g) [ ] Parent Holding Company or control person in accordance
with Rule 13d-1 (b)(1)(ii)(G),
(h) [ ] Savings Association as defined in Section 3(b) of the
Federal Deposit Insurance Act,
(i) [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act of 1940,
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Not applicable.
Item 4. Ownership.
The percentages used in this Item 4 are calculated based upon 5,476,854
shares of Common Stock issued and outstanding as of May 31, 2002 as reported in
the Company's Form 10-Q for the period ending May 31, 2002.
A. Granite Capital, L.P.
(a) Amount beneficially owned: 205,900
(b) Percent of class: 3.8%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 205,900
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 205,900
B. Granite Capital II, L.P.
(a) Amount beneficially owned: 12,800
(b) Percent of class: 0.2%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 12,800
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 12,800
CUSIP No. 001250109 13G Page 13 of 16 Pages
C. Granite Capital Overseas Limited
(a) Amount beneficially owned: 8,000
(b) Percent of class: 0.1%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 8,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 8,000
D. Granum Value Fund
(a) Amount beneficially owned: 80,000
(b) Percent of class: 1.5%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 80,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 80,000
E. Granite Capital, L.L.C.
(a) Amount beneficially owned: 226,700
(b) Percent of class: 4.1%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 226,700
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 226,700
F. Granum Capital Management, L.L.C.
(a) Amount beneficially owned: 80,000
(b) Percent of class: 1.5%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 80,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 80,000
G. Lewis M. Eisenberg
(a) Amount beneficially owned: 306,700
(b) Percent of class: 5.6%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 306,700
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 306,700
H. Walter F. Harrison, III
(a) Amount beneficially owned: 306,700
(b) Percent of class: 5.6%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 306,700
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 306,700
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
CUSIP No. 001250109 13G Page 14 of 16 Pages
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Granite L.L.C., the general partner of Granite, Granite II, and the
investment manager to Granite Overseas, has the power to direct the investment
activities of Granite, Granite II, and Granite Overseas, including decisions
with respect to the receipt of dividends and the disposition of the proceeds
from the sale of shares of Common Stock. Messrs. Eisenberg and Harrison are the
managing members of Granite L.L.C., and in that capacity direct its operations.
Granum Management, the investment adviser to Granum Value, has the power to
direct the investment activities of Granum Value, including decisions with
respect to the receipt of dividends and the disposition of the proceeds from the
sale of shares of Common Stock. Messrs. Eisenberg and Harrison are the managing
members of Granum Management, and in that capacity direct its operations.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Please see Item 2.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
Each of the Reporting Persons hereby makes the following certification:
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. 001250109 13G Page 15 of 16 Pages
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
DATED: August 29,2002
GRANITE CAPITAL, L.P.
By: Granite Capital, L.L.C.
General Partner
By: /s/ Lewis M. Eisenberg
----------------------
Lewis M. Eisenberg
Member
GRANITE CAPITAL II, L.P.
By: Granite Capital, L.L.C.
General Partner
By: /s/ Lewis M. Eisenberg
----------------------
Lewis M. Eisenberg
Member
GRANITE CAPITAL overseas limited
By: Granite Capital, L.L.C.
Investment Manager
By: /s/ Lewis M. Eisenberg
----------------------
Lewis M. Eisenberg
Member
GRANUM VALUE FUND
by: Granum Capital Management, L.L.C.,
Investment Adviser
By: /s/ Lewis M. Eisenberg
----------------------
Lewis M. Eisenberg
Member
GRANITE CAPITAL, L.L.C.
By: /s/ Lewis M. Eisenberg
----------------------
Lewis M. Eisenberg
Member
CUSIP No. 001250109 13G Page 16 of 16 Pages
GRANUM CAPITAL Management, L.L.C.
By: /s/ Lewis M. Eisenberg
----------------------
Lewis M. Eisenberg
Member
Lewis M. eisenberg
/s/ Lewis M. Eisenberg
---------------------------
Walter f. Harrison, III
/s/ Walter F. Harrison, III
---------------------------