SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
OPTICARE HEALTH SYSTEMS, INC.
(Name of Issuer)
Common Stock, $.001 par value
(Title of Class of Securities)
68 38 6P105
(CUSIP Number)
Ms. Stephney Costello
Palisade Capital
One Bridge Plaza
Fort Lee, New Jersey 07024
(201) 585-7733
(Name, Address and Telephone Number of Persons Authorized to Receive Notices
and Communications)
December 26, 2002
(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 Sections 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 Section 240.13d-7(b) 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)
(Continued on the following pages)
(Page 1 of 7)
CUSIP No. 68386P105 Page 2 of 7
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
Palisade Capital Management, L.L.C.
22-3330049
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
Not Applicable
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New Jersey
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
48,580,995*
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 48,580,995*
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
48,580,995*
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |X|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
83.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
* Palisade Capital Management, L.L.C. ("Palisade"), a New Jersey limited
liability company, is a registered investment advisor that has discretionary
authority over the accounts of its clients. Palisade is the beneficial owner, on
behalf of its clients, of (i) 19,375,000 shares of OptiCare Health Systems, Inc.
(the "Company") common stock, par value $.001 per share (the "Common Stock"),
(ii) an immediately exercisable Warrant ("Warrant") to purchase up to 400,000
additional shares of Common Stock, and (iii) 2,920,599.50 shares of the
Company's Series B 12.5% Voting Cumulative Convertible Participating Preferred
Stock, par value $0.001 (the "Series B Preferred Stock"), immediately
convertible into 29,205,995 shares of Common Stock. The Warrant, the shares of
Series B Preferred Stock and all shares of Common Stock are held in the account
of Palisade Concentrated Equity Partnership, L.P., a
private investment limited partnership formed by affiliates of Palisade under
the laws of the State of Delaware (the "Partnership").
** Based on 58,105,995 shares of Common Stock outstanding (including (i)
28,900,000 shares of Common Stock outstanding as of December 26, 2002, (ii)
400,000 shares of Common Stock issuable upon exercise of the Warrant held by the
Partnership, and (iii) 28,805,995 shares of Common Stock issuable upon
conversion of the Series B Preferred Stock held by the Partnership).
CUSIP No. 68386P105 Page 4 of 7
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
Palisade Concentrated Equity Partnership, L.P.
22-3699993
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
Not Applicable
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
48,580,995*
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 48,580,995*
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
48,580,995*
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |X|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
83.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
*(i) 19,375,000 shares of Common Stock, (ii) immediately exercisable warrants to
purchase up to 400,000 additional shares of Common Stock, and (iii) 2,880,599.5
shares of Series B Preferred Stock, immediately convertible into 28,805,995
shares of Common Stock, are held in the account of the Partnership and
beneficially owned by Palisade.
** Based on 58,105,995 shares of Common Stock outstanding (including (i)
28,900,000 shares of Common Stock outstanding as of December 26, 2002, (ii)
400,000 shares of Common Stock issuable upon exercise of the Warrant held by the
Partnership, and (iii) 28,805,995 shares of Common Stock issuable upon
conversion of the Series B Preferred Stock held by the Partnership).
CUSIP No. 68386P105 Page 5 of 7
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
Palisade Concentrated Holdings, L.L.C.
22-3699991
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
Not Applicable
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
48,580,995*
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 48,580,995*
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
48,580,995*
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |X|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
83.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
*(i) 19,375,000 shares of Common Stock, (ii) immediately exercisable warrants to
purchase up to 400,000 additional shares of Common Stock, and (iii) 2,880,599.5
shares of Series B Preferred Stock, immediately convertible into 28,805,995
shares of Common Stock, are held in the account of the Partnership and
beneficially owned by Palisade. Palisade Concentrated Holdings, L.L.C. is the
general partner of the Partnership.
** Based on 58,105,995 shares of Common Stock outstanding (including (i)
28,900,000 shares of Common Stock outstanding as of December 26, 2002, (ii)
400,000 shares of Common Stock issuable upon exercise of the Warrant held by the
Partnership, and (iii) 28,805,995 shares of Common Stock issuable upon
conversion of the Series B Preferred Stock held by the Partnership).
CUSIP No. 68386P105 Page 6 of 7
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
Eric J. Bertrand
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) |_|
Not Applicable
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
54,300*
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 54,300*
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
54,300*
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |X|
Not Applicable
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0019%**
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
*Mr. Bertrand individually beneficially owns 54,300 shares. Mr. Bertrand has
sole voting and dispositive power over such 54,300 shares. Mr. Bertrand is a
member of Palisade Concentrated Holdings, LLC, but is not a member of Palisade
Capital Management, LLC, and thus has no shared or dispositive power over the
48,580,995 shares beneficially owned by Palisade. See item 2.
**Based on 28,900,000 shares of Common Stock outstanding as of December 26,
2002.
Palisade Capital Management, L.L.C. ("Palisade") hereby amends its
Schedule 13D/A, filed with the Securities and Exchange Commission on January 7,
2003, relating to the shares of Opticare Health Systems, Inc. (the "Company")
common stock, $.001 par value (the "Common Stock"), as follows:
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is hereby amended in its entirety as follows:
On December 26, 2002, the Partnership exercised in full a warrant (the
"Warrant") to acquire 17,375,000 shares of Common Stock at a price of $0.14 per
share. The aggregate exercise price of $2,432,500 was paid in cash to the
Company from the Partnership's working capital.
On September 13, 2002, Mr. Bertrand purchased 10,000 shares of Common
Stock at a price of $0.28 per share and 9,300 shares of Common Stock at a price
of $0.29 per share on the open market. Additionally, on November 19, 2002, Mr.
Bertrand purchased 5,000 shares of Common Stock at a price of $0.26 per share
and 20,000 shares of Common Stock at a price of $0.27 per share on the open
market. Additionally, on November 20, 2002, Mr. Bertrand purchased 10,000 shares
of Common Stock at a price of $0.27 per share on the open market. Mr. Bertrand
used personal funds to purchase all of such shares.
Signature
After reasonable inquiry and to the best of the undersigned's knowledge
and belief, the undersigned hereby certifies that the information set forth in
this statement is true, complete and correct.
February 12, 2003
/s/ Steven E. Berman, in his capacity as
---------------------
a member of each of Palisade Capital
Management, L.L.C. and Palisade
Concentrated Holdings, L.L.C., the
general partner of Palisade Concentrated
Equity Partnership, L.P.
/s/ Eric J. Bertrand, individually
---------------------
Attention: Intentional misstatements or omissions of fact constitute Federal
criminal violations
(See 18 U.S.C. 1001)