SEC Info - Turkey Vulture Fund XIII Ltd - ‘SC 13D/A’ on 1/7/02 re: Dairy Mart Convenience Stores Inc

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Turkey Vulture Fund XIII Ltd – ‘SC 13D/A’ on 1/7/02 re: Dairy Mart Convenience Stores Inc

On: Monday, 1/7/02 · Accession #: 1021408-2-107 · File #: 5-36859

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 1/07/02  Turkey Vulture Fund XIII Ltd      SC 13D/A               2:35K  Dairy Mart Convenience Stores Inc Donnelley R… Fin’l/NY/FA

Amendment to General Statement of Beneficial Ownership — Schedule 13D
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13D/A    Schedule 13D Amendment #3                             14     68K 
 2: EX-7.2      Agreement of Joint Filing                              1      7K

SC 13D/A — Schedule 13D Amendment #3
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Contracts, Arrangement, Understandings or Relationships with Respect to Securities of the Issuer Identity and Background Interest in Securities of the Issuer Materials to be Filed as Exhibits Purpose of Transaction
1	1st Page - Filing Submission
10	Item 2. Identity and Background
11	Item 4. Purpose of Transaction
13	Item 5. Interest in Securities of the Issuer
"	Item 6. Contracts, Arrangement, Understandings or Relationships with Respect to Securities of the Issuer
"	Item 7. Materials to be Filed as Exhibits

SC 13D/A 1st Page of 14 TOC ↑Top Previous Next ↓Bottom Just 1st
 
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 RULE 13d-2(a) (Amendment No. 3)  

Dairy Mart Convenience Stores, Inc. 
--------------------------------------------------------------------------------
(Name of Issuer)  

Common Stock  
--------------------------------------------------------------------------------
(Title of Class of Securities)  

233860303 
--------------------------------------------------------------------------------
(CUSIP Number)  

Marc C. Krantz, Kohrman Jackson & Krantz P.L.L., 1375 East 9th Street,  
Cleveland, Ohio 44114, 216-736-7204 
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices   
and Communications) 

December 21, 2001 
--------------------------------------------------------------------------------
(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 [_].                                                              

Note: Schedules filed in paper format shall include a signed original and five  
copies of the schedule including all exhibits. See Rule 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 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).   

SC 13D/A 2nd Page of 14 TOC 1st Previous Next ↓Bottom Just 2nd
SCHEDULE 13D  

CUSIP NO. 233860303                                         Page 2 of 15 Pages  

------------------------------------------------------------------------------  
NAME OF REPORTING PERSON                                            
1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON                        

Turkey Vulture Fund XIII, Ltd.                                      
------------------------------------------------------------------------------  
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                   
2                                                              (a) [X]        
                                                       (b) [_]
------------------------------------------------------------------------------  
SEC USE ONLY                                                        
3                                                                             

------------------------------------------------------------------------------  
SOURCE OF FUNDS*                                                    
4                                                                             

------------------------------------------------------------------------------  
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT   
TO ITEMS 2(d) OR 2(e)                                         [_]   
5                                                                             
------------------------------------------------------------------------------  
CITIZENSHIP OR PLACE OF ORGANIZATION                                
6                                                                             
Ohio                                                                
------------------------------------------------------------------------------  
SOLE VOTING POWER           
7                                   
NUMBER OF                                                             
730,200                     
    SHARES       -----------------------------------------------------------
SHARED VOTING POWER         
BENEFICIALLY      8                                                       

OWNED BY             0                                                
                 -----------------------------------------------------------
EACH               SOLE DISPOSITIVE POWER                         
9                                     
REPORTING                                                               
730,200                     
    PERSON       -----------------------------------------------------------
SHARED DISPOSITIVE POWER    
WITH          10                                                  
0                           
------------------------------------------------------------------------------  
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON        
11                                                                              

730,200                                                             
------------------------------------------------------------------------------  
  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                                                                              
                                                           [_]
------------------------------------------------------------------------------  
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                  
13                                                                              
14.6%                                                               
------------------------------------------------------------------------------  
TYPE OF REPORTING PERSON*                                           
14                                                                              
OO                                                                  
------------------------------------------------------------------------------  

SC 13D/A 3rd Page of 14 TOC 1st Previous Next ↓Bottom Just 3rd
SCHEDULE 13D  

CUSIP NO. 233860303                                         Page 3 of 15 Pages  

------------------------------------------------------------------------------  
NAME OF REPORTING PERSON                                            
1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON                        

Richard M. Osborne                                                  
------------------------------------------------------------------------------  
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                   
2                                                              (a) [X]        
                                                       (b) [_]
------------------------------------------------------------------------------  
SEC USE ONLY                                                        
3                                                                             

------------------------------------------------------------------------------  
SOURCE OF FUNDS*                                                    
4                                                                             

------------------------------------------------------------------------------  
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT   
TO ITEMS 2(d) OR 2(e)                                         [_]   
5                                                                             
------------------------------------------------------------------------------  
CITIZENSHIP OR PLACE OF ORGANIZATION                                
6                                                                             
United States of America                                            
------------------------------------------------------------------------------  
SOLE VOTING POWER           
7                                     
 NUMBER OF            730,200 (held by Turkey Vulture Fund XIII, Ltd. of
          which Mr. Osborne is the sole manager)
    SHARES       -----------------------------------------------------------
SHARED VOTING POWER         
BENEFICIALLY      8                                                       

OWNED BY             0                                                
                 -----------------------------------------------------------
EACH               SOLE DISPOSITIVE POWER                         
9                                     
REPORTING                                                               
                      730,200 (held by Turkey Vulture Fund XIII, Ltd. of
          which Mr. Osborne is the sole manager)
    PERSON       -----------------------------------------------------------
SHARED DISPOSITIVE POWER    
WITH          10                                                  
0                           
------------------------------------------------------------------------------  
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON        
11                                                                              
730,200 (held by Turkey Vulture Fund XIII, Ltd. of which Mr. Osborne
is the sole manager)                                                
------------------------------------------------------------------------------  
  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                                                                              
                                                           [_]
------------------------------------------------------------------------------  
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                  
13                                                                              
14.6%                                                               
------------------------------------------------------------------------------  
TYPE OF REPORTING PERSON*                                           
14                                                                              
IN                                                                  
------------------------------------------------------------------------------  

SC 13D/A 4th Page of 14 TOC 1st Previous Next ↓Bottom Just 4th
SCHEDULE 13D  

CUSIP NO. 233860303                                        Page 4 of 15 Pages   

------------------------------------------------------------------------------  
NAME OF REPORTING PERSON                                            
1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON                        

Frank Colaccino                                                     
------------------------------------------------------------------------------  
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                   
2                                                              (a) [X]        
                                                       (b) [_]
------------------------------------------------------------------------------  
SEC USE ONLY                                                        
3                                                                             

------------------------------------------------------------------------------  
SOURCE OF FUNDS*                                                    
4                                                                             

------------------------------------------------------------------------------  
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT   
TO ITEMS 2(d) OR 2(e)                                         [_]   
5                                                                             
------------------------------------------------------------------------------  
CITIZENSHIP OR PLACE OF ORGANIZATION                                
6                                                                             
United States of America                                            
------------------------------------------------------------------------------  
SOLE VOTING POWER           
7                                     
NUMBER OF                                                             
130,745                     
    SHARES       -----------------------------------------------------------
SHARED VOTING POWER         
BENEFICIALLY      8                                                       

OWNED BY             0                                                
                 -----------------------------------------------------------
EACH               SOLE DISPOSITIVE POWER                         
9                                     
REPORTING                                                               
130,745                     
    PERSON       -----------------------------------------------------------
SHARED DISPOSITIVE POWER    
WITH          10                                                  
0                           
------------------------------------------------------------------------------  
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON        
11                                                                              

130,745                                                             
------------------------------------------------------------------------------  
  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                                                                              
                                                           [_]
------------------------------------------------------------------------------  
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                  
13                                                                              
2.6%                                                                
------------------------------------------------------------------------------  
TYPE OF REPORTING PERSON*                                           
14                                                                              
IN                                                                  
------------------------------------------------------------------------------  

SC 13D/A 5th Page of 14 TOC 1st Previous Next ↓Bottom Just 5th
SCHEDULE 13D  

CUSIP NO. 233860303                                         Page 5 of 15 Pages  

------------------------------------------------------------------------------  
NAME OF REPORTING PERSON                                            
1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON                        

Steven A. Calabrese                                                 
------------------------------------------------------------------------------  
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                   
2                                                              (a) [X]        
                                                       (b) [_]
------------------------------------------------------------------------------  
SEC USE ONLY                                                        
3                                                                             

------------------------------------------------------------------------------  
SOURCE OF FUNDS*                                                    
4                                                                             

------------------------------------------------------------------------------  
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT   
TO ITEMS 2(d) OR 2(e)                                         [_]   
5                                                                             
------------------------------------------------------------------------------  
CITIZENSHIP OR PLACE OF ORGANIZATION                                
6                                                                             
United States of America                                            
------------------------------------------------------------------------------  
SOLE VOTING POWER           
7                                     
NUMBER OF                                                             
0                           
    SHARES       -----------------------------------------------------------
SHARED VOTING POWER         
BENEFICIALLY      8                                                       

OWNED BY             0                                                
                 -----------------------------------------------------------
EACH               SOLE DISPOSITIVE POWER                         
9                                     
REPORTING                                                               
0                           
    PERSON       -----------------------------------------------------------
SHARED DISPOSITIVE POWER    
WITH          10                                                  
0                           
------------------------------------------------------------------------------  
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON        
11                                                                              

0                                                                   
------------------------------------------------------------------------------  
  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                                                                              
                                                           [_]
------------------------------------------------------------------------------  
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                  
13                                                                              
0%                                                                  
------------------------------------------------------------------------------  
TYPE OF REPORTING PERSON*                                           
14                                                                              
IN                                                                  
------------------------------------------------------------------------------  

SC 13D/A 6th Page of 14 TOC 1st Previous Next ↓Bottom Just 6th
SCHEDULE 13D  

CUSIP NO. 233860303                                         Page 6 of 15 Pages  

------------------------------------------------------------------------------  
NAME OF REPORTING PERSON                                            
1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON                        

Mark D. Grossi                                                      
------------------------------------------------------------------------------  
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                   
2                                                              (a) [X]        
                                                       (b) [_]
------------------------------------------------------------------------------  
SEC USE ONLY                                                        
3                                                                             

------------------------------------------------------------------------------  
SOURCE OF FUNDS*                                                    
4                                                                             

------------------------------------------------------------------------------  
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT   
TO ITEMS 2(d) OR 2(e)                                         [_]   
5                                                                             
------------------------------------------------------------------------------  
CITIZENSHIP OR PLACE OF ORGANIZATION                                
6                                                                             
United States of America                                            
------------------------------------------------------------------------------  
SOLE VOTING POWER           
7                                     
NUMBER OF                                                             
0                           
    SHARES       -----------------------------------------------------------
SHARED VOTING POWER         
BENEFICIALLY      8                                                       

OWNED BY             0                                                
                 -----------------------------------------------------------
EACH               SOLE DISPOSITIVE POWER                         
9                                     
REPORTING                                                               
0                           
    PERSON       -----------------------------------------------------------
SHARED DISPOSITIVE POWER    
WITH          10                                                  
0                           
------------------------------------------------------------------------------  
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON        
11                                                                              

0                                                                   
------------------------------------------------------------------------------  
  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                                                                              
                                                           [_]
------------------------------------------------------------------------------  
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                  
13                                                                              
0%                                                                  
------------------------------------------------------------------------------  
TYPE OF REPORTING PERSON*                                           
14                                                                              
IN                                                                  
------------------------------------------------------------------------------  

SC 13D/A 7th Page of 14 TOC 1st Previous Next ↓Bottom Just 7th
SCHEDULE 13D  

CUSIP NO. 233860303                                         Page 7 of 15 Pages  

------------------------------------------------------------------------------  
NAME OF REPORTING PERSON                                            
1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON                        

John R. Macso                                                       
------------------------------------------------------------------------------  
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                   
2                                                              (a) [X]        
                                                       (b) [_]
------------------------------------------------------------------------------  
SEC USE ONLY                                                        
3                                                                             

------------------------------------------------------------------------------  
SOURCE OF FUNDS*                                                    
4                                                                             

------------------------------------------------------------------------------  
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT   
TO ITEMS 2(d) OR 2(e)                                         [_]   
5                                                                             
------------------------------------------------------------------------------  
CITIZENSHIP OR PLACE OF ORGANIZATION                                
6                                                                             
United States of America                                            
------------------------------------------------------------------------------  
SOLE VOTING POWER           
7                                     
NUMBER OF                                                             
0                           
    SHARES       -----------------------------------------------------------
SHARED VOTING POWER         
BENEFICIALLY      8                                                       

OWNED BY             0                                                
                 -----------------------------------------------------------
EACH               SOLE DISPOSITIVE POWER                         
9                                     
REPORTING                                                               
0                           
    PERSON       -----------------------------------------------------------
SHARED DISPOSITIVE POWER    
WITH          10                                                  
0                           
------------------------------------------------------------------------------  
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON        
11                                                                              

0                                                                   
------------------------------------------------------------------------------  
  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                                                                              
                                                           [_]
------------------------------------------------------------------------------  
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                  
13                                                                              
0%                                                                  
------------------------------------------------------------------------------  
TYPE OF REPORTING PERSON*                                           
14                                                                              
IN                                                                  
------------------------------------------------------------------------------  

SC 13D/A 8th Page of 14 TOC 1st Previous Next ↓Bottom Just 8th
SCHEDULE 13D  

CUSIP NO. 233860303                                         Page 8 of 15 Pages  

------------------------------------------------------------------------------  
NAME OF REPORTING PERSON                                            
1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON                        

Thomas J. Smith                                                     
------------------------------------------------------------------------------  
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                   
2                                                              (a) [X]        
                                                       (b) [_]
------------------------------------------------------------------------------  
SEC USE ONLY                                                        
3                                                                             

------------------------------------------------------------------------------  
SOURCE OF FUNDS*                                                    
4                                                                             

------------------------------------------------------------------------------  
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT   
TO ITEMS 2(d) OR 2(e)                                         [_]   
5                                                                             
------------------------------------------------------------------------------  
CITIZENSHIP OR PLACE OF ORGANIZATION                                
6                                                                             
United States of America                                            
------------------------------------------------------------------------------  
SOLE VOTING POWER           
7                                     
NUMBER OF                                                             
0                           
    SHARES       -----------------------------------------------------------
SHARED VOTING POWER         
BENEFICIALLY      8                                                       

OWNED BY             0                                                
                 -----------------------------------------------------------
EACH               SOLE DISPOSITIVE POWER                         
9                                     
REPORTING                                                               
0                           
    PERSON       -----------------------------------------------------------
SHARED DISPOSITIVE POWER    
WITH          10                                                  
0                           
------------------------------------------------------------------------------  
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON        
11                                                                              

0                                                                   
------------------------------------------------------------------------------  
  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                                                                              
                                                           [_]
------------------------------------------------------------------------------  
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                  
13                                                                              
0%                                                                  
------------------------------------------------------------------------------  
TYPE OF REPORTING PERSON*                                           
14                                                                              
IN                                                                  
------------------------------------------------------------------------------  

SC 13D/A 9th Page of 14 TOC 1st Previous Next ↓Bottom Just 9th
SCHEDULE 13D  

CUSIP NO. 233860303                                           Page 9 of 15 Pages

------------------------------------------------------------------------------  
NAME OF REPORTING PERSON                                            
1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON                        

Charles F. Valentine                                                
------------------------------------------------------------------------------  
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                   
2                                                              (a) [X]        
                                                       (b) [_]
------------------------------------------------------------------------------  
SEC USE ONLY                                                        
3                                                                             

------------------------------------------------------------------------------  
SOURCE OF FUNDS*                                                    
4                                                                             

------------------------------------------------------------------------------  
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT   
TO ITEMS 2(d) OR 2(e)                                         [_]   
5                                                                             
------------------------------------------------------------------------------  
CITIZENSHIP OR PLACE OF ORGANIZATION                                
6                                                                             
United States of America                                            
------------------------------------------------------------------------------  
SOLE VOTING POWER           
7                                     
NUMBER OF                                                             
0                           
    SHARES       -----------------------------------------------------------
SHARED VOTING POWER         
BENEFICIALLY      8                                                       

OWNED BY             0                                                
                 -----------------------------------------------------------
EACH               SOLE DISPOSITIVE POWER                         
9                                     
REPORTING                                                               
0                           
    PERSON       -----------------------------------------------------------
SHARED DISPOSITIVE POWER    
WITH          10                                                  
0                           
------------------------------------------------------------------------------  
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON        
11                                                                              

0                                                                   
------------------------------------------------------------------------------  
  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                                                                              
                                                           [_]
------------------------------------------------------------------------------  
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                  
13                                                                              
0%                                                                  
------------------------------------------------------------------------------  
TYPE OF REPORTING PERSON*                                           
14                                                                              
IN                                                                  
------------------------------------------------------------------------------  

SC 13D/A 10th Page of 14 TOC 1st Previous Next ↓Bottom Just 10th
SCHEDULE 13D  
CUSIP No. 233860303                                          Page 10 of 15 Pages

This Amendment No. 3 to Schedule 13D is filed for the purpose of reporting the  
formation of the Committee of Dissatisfied Dairy Mart Stockholders and the      
Committee's proposal of nominees for election to the Board of Directors of Dairy
Mart Convenience Stores, Inc., a Delaware corporation ("Dairy Mart").           

This Amendment No. 3 amends the original Schedule 13D filed on behalf of Turkey 
Vulture Fund XIII, Ltd., dated August 9, 2001, Amendment No. 1 to Schedule 13D, 
dated September 4, 2001, and Amendment No. 2 to Schedule 13D, dated September 5,
2001. Items 2, 4, 5, 6 and 7 of the original Schedule 13D are amended and       
supplemented in this Amendment No. 3.                                           

Item 2.   Identity and Background                                               

(a)  This report is filed by: (i) Richard M. Osborne and Frank Colaccino, who   
have formed the Committee of Dissatisfied Dairy Mart Stockholders (the
  "Committee"); (ii) the Committee's proposed nominees for election to the
     Board of Directors of Dairy Mart, who, in addition to Messrs. Colaccino and
    Osborne, are Steven A. Calabrese, Mark D. Grossi, John R. Macso, Thomas J.
Smith and Charles F. Valentine (sometimes referred to herein as the   
 "Director Nominees"); and (iii) Turkey Vulture Fund XIII, Ltd., an Ohio
  limited liability company, of which Mr. Osborne is the sole manager (the
"Fund," and collectively with the Committee and the Director Nominees,
     sometimes referred to herein as the "Reporting Persons"). Messrs. Colaccino
    and Osborne formed the Committee and plan to propose the Director Nominees
for election to the Board of Directors of Dairy Mart because of their 
    overwhelming dissatisfaction with the current Board of Directors and Dairy
   Mart's dismal financial performance culminating in the company's recently
 filed bankruptcy. See Item 4 below for additional information about the
Committee and the Director Nominees.                                  

(b)  Mr. Osborne's business address, and the address of the Fund, is 8500       
 Station Street, Suite 113, Mentor, Ohio 44060. Mr. Colaccino's business
 address is 360 Bloomfield Avenue, #208, Windsor, Connecticut 06095. Mr.
   Calabrese's business address is 1110 Euclid Avenue, Suite 300, Cleveland,
Ohio 44115. Mr. Grossi's business address is 1215 Superior Avenue,    
     Cleveland, Ohio 44114. Mr. Macso's residence address is 970 Robinwood Hills
Drive, Akron, Ohio 44333. Mr. Smith's business address is 8500 Station
    Street, Suite 100, Mentor, Ohio 44060. Mr. Valentine's business address is
1413 Golden Gate Boulevard, Mayfield Heights, Ohio 44124.             

(c)  Mr. Osborne is President and Chairman of the Board of OsAir, Inc., a       
property developer and manufacturer of industrial gases for pipeline  
     delivery located at 8500 Station Street, Suite 113, Mentor, Ohio 44060. The
principal business of the Fund is to acquire, hold, sell and otherwise
     invest in all types of securities and other instruments. Mr. Osborne is the
    sole manager of the Fund. Mr. Colaccino is President of the Colvest Group,
   Ltd., which is engaged in the business of purchasing and managing its own
  portfolio of commercial real estate as well as venture capital investing
 and investing in public companies. Mr. Calabrese is managing partner of
Calabrese, Racek and Markos, Inc., CRM Construction, Inc. and CRM     
Environmental Services, Inc., firms                                   

SC 13D/A 11th Page of 14 TOC 1st Previous Next ↓Bottom Just 11th
SCHEDULE 13D  
CUSIP No. 233860303                                          Page 11 of 15 Pages

    which specialize in evaluation, management, construction and environmental
   assessment services for commercial and industrial real estate. Calabrese,
Racek, and Markos, Inc. is located at 1110 Euclid Avenue, Suite 300,  
Cleveland, Ohio 44115. Mr. Grossi is Executive Vice President and a   
     director of Charter One Financial, Inc., a publicly-traded savings and loan
holding company, and Executive Vice President and Chief Retail Banking
Officer of its subsidiary, Charter One Bank, located at 1215 Superior 
     Avenue, Cleveland, Ohio 44114. Mr. Macso is Chairman of the Board of Mobile
   Consultants, Inc., a subsidiary of FirstMerit Corporation, which provides
    consulting services in the financing and servicing of manufactured housing
  loans. Mr. Smith is President, Chief Operating Officer and a director of
   Liberty Self-Stor, Inc., an owner and operator of self-storage facilities
located at 8500 Station Street, Suite 100, Mentor, Ohio 44060. Mr.    
Valentine is Executive Vice President and a director of FirstMerit    
Corporation, a regional bank holding company which provides banking,  
fiduciary, financial, insurance and investment services to corporate, 
     institutional and individual customers, and Executive Vice President of its
    subsidiary, First Merit Bank, N.A., located at 1413 Golden Gate Boulevard,
Mayfield Heights, Ohio 44124.                                         

(d)  Negative with respect to the Reporting Persons.                            

(e)  Negative with respect to the Reporting Persons.                            

(f)  Each of the Reporting Persons is a citizen of the United States of America,
other than the Fund, which is an Ohio limited liability company.      

Item 4.   Purpose of Transaction                                                

Messrs. Osborne and Colaccino formed the Committee of Dissatisfied Dairy Mart   
Stockholders because of our overwhelming dissatisfaction with Dairy Mart's      
board. In only the first three quarters of this fiscal year, Dairy Mart had a   
net loss of $39.5 million, and has lost a staggering $91.9 million since fiscal 
1995. After years of unmitigated losses, Dairy Mart missed a required $4.5      
million interest payment due on September 17, 2001, culminating in the company's
Chapter 11 bankruptcy filing on September 24, 2001. In addition, Dairy Mart's   
stock was delisted from the American Stock Exchange on October 22, 2001 and now 
trades on the pink sheets -- when it trades at all -- for pennies.              

Mr. Osborne has met with Dairy Mart's CEO and Chairman to offer his assistance. 
He requested that the trustee monitoring the bankruptcy allow him to form an    
equity committee to represent stockholders' interests through the course of the 
bankruptcy. His efforts to affect positive change were rebuffed. We hold the    
incumbent Board of Directors responsible for Dairy Mart's dismal financial      
performance and do not believe that the board members that led Dairy Mart into  
bankruptcy should remain at the helm.                                           

We are proposing a slate of nominees for election to the board at the next      
meeting of stockholders. However, Dairy Mart has not held a stockholders'       
meeting for over a year. Therefore, on December 20, 2001, Mr. Colaccino, Mr.    
Osborne and William Lannon, a Dairy Mart stockholder, filed an                  

SC 13D/A 12th Page of 14 TOC 1st Previous Next ↓Bottom Just 12th
SCHEDULE 13D  
CUSIP No. 233860303                                          Page 12 of 15 Pages

action against Dairy Mart in the Delaware Court of Chancery in Newcastle County 
to compel the board to schedule the legally required meeting to elect directors.
The action is titled Frank Colaccino, Richard M. Osborne and William Lannon v.  
Dairy Mart Convenience Stores, Inc., case no. 19322 NC.                         

On December 21, 2001, we sent a letter to the stockholders of Dairy Mart to     
notify them of our plans. We also filed the letter with the SEC and it is       
available for free at the SEC's website (www.sec.gov). We will prepare and mail 
our proxy materials to all Dairy Mart stockholders once the court sets a meeting
date. The Fund requested an updated stockholder list from Dairy Mart on December
27, 2001 to allow us to continue to communicate effectively with stockholders   
and provide them with our proxy materials.                                      

Dairy Mart has a shareholder rights plan, also known as a poison pill, that     
would be triggered if any "person" acquired beneficial ownership of 15% or more 
of the company's outstanding common stock. "Person" is defined broadly in the   
plan to include a group of individuals acting with a common purpose. However,   
under its own terms, the poison pill is not triggered by the formation of a     
committee to solicit Dairy Mart's stockholders for the election of director     
nominees if the group members retain the right at any time to withdraw as a     
nominee or member of the committee, and to withhold or revoke any vote or proxy 
for or against any nominee for director. Each Committee member and Director     
Nominee retains the right to withdraw as a nominee or member of the Committee,  
and to withhold or revoke any vote or proxy for or against any nominee.         
Therefore, the poison pill should not be triggered by the formation of the      
Committee.                                                                      

Mr. Colaccino served as a member of Dairy Mart's board and as President and CEO 
from 1988 to 1994. In 1994 a dispute concerning the direction of the company    
arose between Mr. Colaccino and several of Dairy Mart's other directors, who    
also served with Mr. Colaccino as the indirect co-general partners of DM        
Associates Limited Partnership, a partnership which at that time held a         
controlling voting interest in Dairy Mart. As a result of the dispute, Mr.      
Colaccino was ousted as President and CEO of Dairy Mart on August 25, 1994. Both
Mr. Colaccino and Dairy Mart commenced legal proceedings in connection with     
these disputes. These proceedings were resolved pursuant to a settlement        
agreement dated January 27, 1995, at which time Mr. Colaccino resigned as a     
member of Dairy Mart's board. In April of 2000, Mr. Colaccino, along with seven 
other Dairy Mart stockholders, formed the Committee of Concerned Dairy Mart     
Shareholders and initiated a proxy solicitation to elect the committee's        
nominees to Dairy Mart's board. Prior to the election, then Dairy Mart CEO      
Robert B. Stein, Jr. assured Mr. Colaccino that the company would be sold, and  
based on this the committee entered into a settlement agreement with Dairy Mart 
on May 21, 2001. Pursuant to the settlement, the committee withdrew its nominees
and the company reimbursed the committee for $150,000 of its solicitation       
expenses. The failure of the proposed sale and Dairy Mart's continued dismal    
performance convinced Mr. Colaccino that a change in the company's board is     
necessary and he joined Mr. Osborne to form the Committee of Dissatisfied Dairy 
Mart Stockholders.                                                              

We have summarized above our present intentions relating to Dairy Mart. However,
we may modify our proposals and intentions based upon developments in the       
bankruptcy, discussions with management, actions of management or other         
conditions.                                                                     

None of us have any present intention to sell our Dairy Mart stock or to acquire
additional shares. However, each of us may sell or purchase additional shares of
Dairy Mart's stock in the open market or in privately negotiated transactions   
from time to time.                                                              

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SCHEDULE 13D  
CUSIP No. 233860303                                          Page 13 of 15 Pages

Except as described in this Schedule 13D, we have no present plans or intentions
that relate or that would result in any of the transactions described in clauses
(a) through (j) of Item 4 of Schedule 13D.                                      

Item 5.   Interest in Securities of the Issuer.                                 

(a)  By forming the Committee of Dissatisfied Dairy Mart Stockholders and       
   proposing the Director Nominees for election to the Board of Directors of
 Dairy Mart, the Reporting Persons may be considered to be a "group," as
  described in Rule 13d-5(b)(1) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). Because the Reporting Persons may be    
     considered a "group," the group could be deemed to have acquired beneficial
     ownership, for purposes of Section 13(d) of the Exchange Act, of all of the
     shares of Dairy Mart stock held by the Reporting Persons. In addition, each
of the Reporting Persons could be deemed to share indirect beneficial 
  ownership of the shares of Dairy Mart's stock owned by each of the other
 Reporting Persons. However, each of the Reporting Persons disclaims any
     beneficial ownership of the shares of Dairy Mart's stock owned by the other
Reporting Persons.                                                    

  Based on Dairy Mart's most recently available filing with the Securities
   and Exchange Commission, there are 5,006,039 shares of Dairy Mart's stock
   outstanding. The Fund owns 730,200 shares of Dairy Mart's stock, or 14.6%
     of the outstanding shares. As the sole manager of the Fund, Mr. Osborne may
    be deemed to beneficially own all the shares of Dairy Mart's stock held by
    the Fund. Mr. Colaccino owns 130,745 shares of Dairy Mart's stock, or 2.6%
of the outstanding shares. None of the other Reporting Persons own any
shares of Dairy Mart's stock.                                         

(b)  Mr. Osborne, as sole manager of the Fund, has sole power to vote, or to    
direct the voting of, and the sole power to dispose or to direct the  
 disposition of, the shares of Dairy Mart's stock owned by the Fund. Mr.
Colaccino has the sole power to vote and to dispose, or to direct the 
disposition of, his shares of Dairy Mart's stock.                     

(c)  Not Applicable.                                                            

(d)  Not Applicable.                                                            

Item 6.   Contracts, Arrangement, Understandings or Relationships with Respect  
to Securities of the Issuer                                 

Messrs. Osborne and Colaccino have formed the Committee and proposed the        
Director Nominees for election to Dairy Mart's Board of Directors as more fully 
described in Item 4 above.                                                      

Item 7.   Materials to be Filed as Exhibits                                     

Exhibit 7.2  Agreement of Joint Filing                                          

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SCHEDULE 13D  
CUSIP No. 233860303                                          Page 14 of 15 Pages

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: January 7, 2002                       TURKEY VULTURE FUND XIII, LTD.     

                                /s/ Richard M. Osborne
                                             -----------------------------------
                                        By Richard M. Osborne, Manager

Dated: January 7, 2002                       /s/ Richard M. Osborne             
                                             -----------------------------------
                            Richard M. Osborne

Dated: January 7, 2002                       /s/ Frank Colaccino                
                                             -----------------------------------
                         Frank Colaccino

Dated: January 7, 2002                       /s/ Steven A. Calabrese            
                                             -----------------------------------
                             Steven A. Calabrese

Dated: January 7, 2002                       /s/ Mark D. Grossi                 
                                             -----------------------------------
                        Mark D. Grossi

Dated: January 7, 2002                       /s/ John R. Macso                  
                                             -----------------------------------
                       John R. Macso

Dated: January 7, 2002                       /s/ Thomas J. Smith                
                                             -----------------------------------
                         Thomas J. Smith

Dated: January 7, 2002                       /s/ Chuck Valentine                
                                             -----------------------------------
                         Chuck Valentine

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘SC 13D/A’ Filing	Date	First	Last	Other Filings

Filed on:	1/7/02	14
	12/27/01	12
	12/21/01	1	12	DFAN14A
	12/20/01	11
	10/22/01	11
	9/24/01	11		8-K
	9/17/01	11
	9/5/01	10
	9/4/01	10		SC 13D
	8/9/01	10
	5/21/01	12
	1/27/95	12		8-K
	8/25/94	12
				List all Filings

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Filing Submission 0001021408-02-000107 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Turkey Vulture Fund XIII Ltd – ‘SC 13D/A’ on 1/7/02 re: Dairy Mart Convenience Stores Inc

On: Monday, 1/7/02 · Accession #: 1021408-2-107 · File #: 5-36859

Previous ‘SC 13D’: ‘SC 13D/A’ on 10/16/01 · Next: ‘SC 13D/A’ on 1/14/02 · Latest: ‘SC 13D/A’ on 5/12/06

Amendment to General Statement of Beneficial Ownership — Schedule 13DFiling Table of Contents

SC 13D/A — Schedule 13D Amendment #3Document Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Amendment to General Statement of Beneficial Ownership — Schedule 13D
Filing Table of Contents

SC 13D/A — Schedule 13D Amendment #3
Document Table of Contents