View:
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(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. 11)*
TELOS CORPORATION
______________________________________________________________________________
(Name of Issuer)
12% Cumulative Exchangeable Redeemable Preferred Stock
______________________________________________________________________________
(Title of Class of Securities)
87969B 20 0
______________________________________________________________________________
(CUSIP Number)
Timothy G. Ewing
Ewing & Partners
4514 Cole Avenue, Suite 808
Dallas, Texas 75205
(214) 522-2100
______________________________________________________________________________
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
June 2, 2005
______________________________________________________________________________
(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 [ ].
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 (the "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 to Schedule 13D).
Page 1 of 6 Pages
CUSIP NO. 87969B 20 0 13D/A Page 2 of 6 Pages
______________________________________________________________________________
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Value Partners, Ltd.
______________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP (a) [ ]
(b) [ ]
______________________________________________________________________________
3. SEC USE ONLY
______________________________________________________________________________
4. SOURCE OF FUNDS
Not applicable
______________________________________________________________________________
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) OR 2(e)
Not applicable
______________________________________________________________________________
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
______________________________________________________________________________
7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
VOTING POWER
501,317
______________________________________________________________________________
8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
VOTING POWER
0
______________________________________________________________________________
9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
DISPOSITIVE POWER
501,317
______________________________________________________________________________
10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
DISPOSITIVE POWER
0
______________________________________________________________________________
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
501,317
______________________________________________________________________________
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
______________________________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.7%
______________________________________________________________________________
14. TYPE OF REPORTING PERSON
PN
______________________________________________________________________________
CUSIP NO. 87969B 20 0 13D/A Page 3 of 6 Pages
______________________________________________________________________________
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Ewing & Partners
______________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP (a) [ ]
(b) [ ]
______________________________________________________________________________
3. SEC USE ONLY
______________________________________________________________________________
4. SOURCE OF FUNDS
Not applicable
______________________________________________________________________________
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) OR 2(e)
Not applicable
______________________________________________________________________________
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
______________________________________________________________________________
7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
VOTING POWER
0
______________________________________________________________________________
8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
VOTING POWER
501,317
______________________________________________________________________________
9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
DISPOSITIVE POWER
0
______________________________________________________________________________
10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
DISPOSITIVE POWER
501,317
______________________________________________________________________________
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
501,317
______________________________________________________________________________
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
______________________________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.7%
______________________________________________________________________________
14. TYPE OF REPORTING PERSON
PN
______________________________________________________________________________
CUSIP NO. 87969B 20 0 13D/A Page 4 of 6 Pages
______________________________________________________________________________
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Timothy G. Ewing
______________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF GROUP (a) [ ]
(b) [ ]
______________________________________________________________________________
3. SEC USE ONLY
______________________________________________________________________________
4. SOURCE OF FUNDS
Not applicable
______________________________________________________________________________
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) OR 2(e)
Not applicable
______________________________________________________________________________
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
______________________________________________________________________________
7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
VOTING POWER
0
______________________________________________________________________________
8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
VOTING POWER
501,317
______________________________________________________________________________
9. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SOLE
DISPOSITIVE POWER
0
______________________________________________________________________________
10. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH SHARED
DISPOSITIVE POWER
501,317
______________________________________________________________________________
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
501,317
______________________________________________________________________________
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
______________________________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.7%
______________________________________________________________________________
14. TYPE OF REPORTING PERSON
IN
______________________________________________________________________________
CUSIP NO. 87969B 20 0 13D/A Page 5 of 6 Pages
AMENDMENT NO. 11 to SCHEDULE 13D
This amendment ("Amendment No. 11") amends the Schedule 13D as previously
filed and amended (the "Schedule") by Value Partners, Ltd. ("VP"), Ewing &
Partners ("E&P") (or its predecessor, Fisher Ewing Partners) and Timothy G.
Ewing with the Securities and Exchange Commission with respect to the 12%
Cumulative Exchangeable Redeemable Preferred Stock, $.01 par value per share
(the "Exchangeable Preferred Stock"), of Telos Corporation, a Maryland
corporation (the "Issuer"). All defined terms refer to terms defined herein
or in the Schedule as previously amended. This Amendment No. 11 speaks only
as of its date. Mr. Ewing, E&P, and VP are collectively referred to herein
as the "Reporting Persons." The Schedule is amended only to the extent set
forth below:
Item 5. Interest in Securities of the Issuer.
(a) According to the Issuer's Report on Form 10-Q for the quarter ended
March 31, 2005, a total of 3,185,586 shares of Exchangeable Preferred Stock
were issued and outstanding as of March 31, 2005. As of June 2, 2005, VP
beneficially owns 501,317 shares of Exchangeable Preferred Stock, representing
15.7% of the issued and outstanding Exchangeable Preferred Stock.
(b) VP has the sole power to vote and dispose of the Exchangeable
Preferred Stock beneficially owned by it. VP does not share the power to vote
or to direct the vote of, or the power to dispose or to direct the disposition
of, the Exchangeable Preferred Stock owned by it. E&P, EAM and Mr. Ewing do
not directly own any shares of Exchangeable Preferred Stock of the Issuer.
However, E&P, as a general partner of VP, may be deemed, for purposes of
determining beneficial ownership pursuant to Rule 13d-3, to have the shared
power with VP to vote or direct the vote of, and the shared owner with VP to
dispose of or to direct the disposition of, the Exchangeable Preferred Stock
owned by VP. Mr. Ewing, as a general partner and the Managing Partner of E&P,
may be deemed, for purposes of determining beneficial ownership pursuant to
Rule 13d-3, to have shared power with VP to vote or to direct the vote of, and
the shared power to dispose or to direct the disposition of, the Exchangeable
Preferred Stock owned by VP. Although EAM holds a 1% general partner interest
in E&P, EAM does not have any shared voting or dispositive power over the
Exchangeable Preferred Stock owned by VP, as the general partnership agreement
for E&P gives such power solely to Mr. Ewing as the Managing Partner of E&P.
(c) On June 2, 2005, VP sold 60,000 shares of Exchangeable Preferred
Stock through a broker at a price of $7.75 per share, net of a broker's
commission.
(d) E&P and Mr. Ewing may be deemed to have the power to direct the
receipt of dividends from, or the proceeds from the sale of, the Exchangeable
Preferred Stock owned by VP.
(e) Not applicable.
CUSIP NO. 87969B 20 0 13D/A Page 6 of 6 Pages
SIGNATURES
After reasonable inquiry and to the best of the knowledge and belief of
the undersigned, the undersigned certifies that the information set forth in
this Amendment No. 11 to the Schedule 13D is true, complete and correct.
VALUE PARTNERS, LTD.
By: Ewing & Partners as General Partner
Date: June 6, 2005 By: /s/ Timothy G. Ewing
-----------------------------------
Timothy G. Ewing, Managing Partner
EWING & PARTNERS
Date: June 6, 2005 By: /s/ Timothy G. Ewing
-----------------------------------
Timothy G. Ewing, Managing Partner
Date: June 6, 2005 /s/ Timothy G. Ewing
---------------------------------------
Timothy G. Ewing