SECURITIES AND EXCHANGE COMMISSION
----------------------------------
Washington, D.C. 20549
SCHEDULE 13D
------------
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d-1(a)
AND AMENDMENTS THERTO FILED PURSUANT TO 13d-2(a)
POINT WEST CAPITAL CORPORATION
(formerly Dignity Partners, Inc.)
------------------------------
(Name of Issuer)
Common Stock, $0.01 par value
------------------------------
(Title of Class of Securities)
730715 10 9
---------------------
(CUSIP Number)
Alan B. Perper, President
Point West Capital Corporation
1700 Montgomery Street, Suite 250
San Francisco, California 94111
(415) 394-9469
----------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 20, 1997
------------------
(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 Amended and Restated
Schedule 13D, and is filing this schedule because of Rule
13d-1(b)(3)or(4), check the following Box [ ]
Note: Six copies of this statement, including all exhibits, should be
----
filed with the Commission. See Rule 13d-1(a) 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 the
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 (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).
(Continued on following pages)
(Page 1 of 14 Pages)
<PAGE>
- - ------------------------ -----------------------
CUSIP No. 730715 10 9 13D Page 2 of 14 Pages
- - ------------------------ -----------------------
- - ------------- ------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Echelon Group of Companies,LLC
- - ------------- ------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- - ------------- ------------------------------------------------------------------
3 SEC USE ONLY
- - ------------- ------------------------------------------------------------------
4 SOURCE OF FUNDS*
(WC)
- - ------------- ------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- - ------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- - ------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 1,589,324
SHARES ---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 205,600
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
1,589,324
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- - ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,794,924
- - ------------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES*
[ ]
- - ------------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
55.2%
- - ------------- ------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- - ------------- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
------------------------------------
<PAGE>
- - ------------------------ -----------------------
CUSIP No. 730715 10 9 13D Page 3 of 14 Pages
- - ------------------------ -----------------------
- - ------------- ------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Bradley N. Rotter
- - ------------- ------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A 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 ITEMS 2(d) OR 2(e) [ ]
- - ------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- - ------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 1,794,924
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,589,324
- - ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,794,924
- - ------------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES*
[ ]
- - ------------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
55.2%
- - ------------- ------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- - ------------- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
------------------------------------
<PAGE>
- - ------------------------ -----------------------
CUSIP No. 730715 10 9 13D Page 4 of 14 Pages
- - ------------------------ -----------------------
- - ------------- ------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Alan B. Perper
- - ------------- ------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A 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 ITEMS 2(d) OR 2(e) [ ]
- - ------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- - ------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 1,794,924
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,589,324
- - ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,794,924
- - ------------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES*
[ ]
- - ------------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
55.2%
- - ------------- ------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- - ------------- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
------------------------------------
<PAGE>
- - ------------------------ -----------------------
CUSIP No. 730715 10 9 13D Page 5 of 14 Pages
- - ------------------------ -----------------------
- - ------------- ------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
John Ward Rotter
- - ------------- ------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A 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 ITEMS 2(d) OR 2(e) [ ]
- - ------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- - ------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 1,798,924
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,593,324
- - ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,798,924
- - ------------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES*
[ ]
- - ------------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
55.3%
- - ------------- ------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- - ------------- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
------------------------------------
<PAGE>
- - ------------------------ -----------------------
CUSIP No. 730715 10 9 13D Page 6 of 14 Pages
- - ------------------------ -----------------------
- - ------------- ------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lodestone Capital Fund, LLC
- - ------------- ------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- - ------------- ------------------------------------------------------------------
3 SEC USE ONLY
- - ------------- ------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- - ------------- ------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- - ------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- - ------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 205,600
SHARES ---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH -0-
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
205,600
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- - ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
205,600
- - ------------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES*
[ ]
- - ------------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
6.3%
- - ------------- ------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- - ------------- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
------------------------------------
<PAGE>
- - ------------------------ -----------------------
CUSIP No. 730715 10 9 13D Page 7 of 14 Pages
- - ------------------------ -----------------------
- - ------------- ------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lodestone Partners, LLC
- - ------------- ------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A 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 ITEMS 2(d) OR 2(e) [ ]
- - ------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- - ------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 205,600
SHARES ---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH -0-
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
205,600
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- - ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
205,600
- - ------------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES*
[ ]
- - ------------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
6.3%
- - ------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- - ------------- -----------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
------------------------------------
<PAGE>
- - ------------------------- ------------------------
CUSIP No. 730715 10 9 13D Page 8 of 14 Pages
- - ------------------------- ------------------------
AMENDED AND RESTATED
--------------------
SCHEDULE 13D
------------
Item 1. Security and Issuer.
- - ------ ===================
This statement relates to the common stock, $0.01 par value (the
"Common Stock"), of Point West Capital Corporation (the "Issuer"). The
principal executive office of the Issuer is located at 1700 Montgomery Street,
Suite 250, San Francisco, California 94111.
Item 2. Identity and Background.
- - ------ ========================
(a) Names of Persons Filing This Statement.
--------------------------------------
The Echelon Group of Companies, LLC ("Echelon")
Bradley N. Rotter
Alan B. Perper
John Ward Rotter
Lodestone Capital Fund, LLC ("Lodestone Capital")
Lodestone Partners, LLC ("Lodestone Partners")
(b) Residence or Business Addresses of Persons Filing This Statement.
----------------------------------------------------------------
The address of the principal place of business of Echelon is:
1700 Montgomery Street, Suite 250
San Francisco, California 94111
The business address of Bradley N.Rotter, Alan B. Perper and John
Ward Rotter is:
1700 Montgomery Street, Suite 250
San Francisco, California 94111
The address of the principal place of business of Lodestone
Capital is:
31 Davies Street, 5th Floor
London W1Y 1FN
England
The address of the principal place of business of Lodestone
Partners is:
917 Tahoe Boulevard, Suite 204A
Incline Village, Nevada 89452
(c) Principal Businessess or Occupations of Persons Filing This
-----------------------------------------------------------
Statement.
----------
Echelon is principally engaged in the business of providing
investment and financial services.
<PAGE>
- - ------------------------- ------------------------
CUSIP No. 730715 10 9 13D Page 9 of 14 Pages
- - ------------------------- ------------------------
Lodestone Capital is an investment fund engaged in the business
of investing in securities for its own account.
Lodestone Partners is engaged in the business of managing the
investment activities of Lodestone Capital.
Bradley N. Rotter is the Chairman of the Board of Directors of
the Issuer and the managing member of Echelon.
Alan B. Perper is the President and a director of the Issuer and
a member of Echelon.
John Ward Rotter is the Executive Vice President and Chief
Financial Officer and a director of the Issuer and a member of
Echelon.
(d) None of the persons filing this statement has been convicted in a
criminal proceeding (excluding traffic violations or similar
misdemeanors) during the last five years.
(e) None of the persons filing this report has been a party
during the last five years to a civil proceeding of a judicial or
administrative body, as a result of which he or it is subject to
a judgement, decree or final order enjoining future violations
of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to
such laws.
(f) Citizenship or Place of Organization of Persons Filing This
-----------------------------------------------------------
Report.
------
Echelon, Lodestone Capital and Lodestone Partners are organized
under the laws of the State of Delaware.
Bradley N. Rotter, Alan B.Perper and John Ward Rotter are
citizens of the United States.
Item 3. Source and Amount of Funds or Other Consideration.
- - ------ ==================================================
The purchases of shares of the Common Stock that require the filing
of this statement were made for cash consideration in the aggregate amount of
approximately $527,000. The purchases were made by Lodestone Capital with funds
contributed to it by two of its three members, Echelon and the Bradley N.
Rotter Self-Employed Pension Plan and Trust. The source of the funds
contributed by Echelon was working capital.
<PAGE>
- - ------------------------- ------------------------
CUSIP No. 730715 10 9 13D Page 10 of 14 Pages
- - ------------------------- ------------------------
Item 4. Purpose of the Transaction.
- - ------ ===========================
Lodestone Capital purchased the 205,600 shares of Common Stock on
November 20, 1997, in the ordinary course of its business for investment
purposes only.
Item 5. Interest in Securities of the Issuer.
- - ------ =====================================
(a) Number of Shares Beneficially Owned by Persons Filing This
------------------------------------------------------------
Statement.
---------
Echelon is the record holder of 1,589,324 shares of Common Stock
and is a member of Lodestone Capital, which is the record holder
of 205,600 shares of Common Stock. Echelon is also a member of
Lodestone Partners, which is in turn the manager of Lodestone
Capital. Lodestone Partners is managed by a Board of Managers
composed of John Ward Rotter and Michael Fitzsimmons
("Fitzsimmons"), who is the other member of Lodestone Partners.
Pursuant to the Lodestone Partners Operating Agreement between
Echelon and Fitzsimmons, Fitzsimmons has sole investment power
with respect to the investments of Lodestone Capital. The
Operating Agreement is, however, silent on the subject of voting
power with respect to securities held by Lodestone Capital.
Therefore, through John Ward Rotter, Echelon may be deemed to
share voting power with respect to securities held by Lodestone
Capital and, thus, to be the beneficial owner of the shares of
Common Stock held of record by Lodestone Capital. Echelon
disclaims beneficial ownership of the shares of Common stock held
of record by Lodestone Capital, except to the extent of its
equity interest in Lodestone Capital.
Bradley N. Rotter, Alan B. Perper and John Ward Rotter constitute
all of the members of Echelon and, as such, may be deemed to be
the beneficial owners of the shares of Common Stock held of
record by Echelon and Lodestone Capital. Bradley N. Rotter, Alan
B. Perper and John Ward Rotter disclaim beneficial ownership of
the shares of Common Stock held of record by Echelon, except to
the extent of their respective equity interests in Echelon. Alan
B. Perper and John Ward Rotter also disclaim beneficial ownership
of the shares of Common Stock held of record by Lodestone
Capital, except to the extent of their respective equity
interests in Echelon and Echelon's respective equity interest in
Lodestone Capital. Bradley N. Rotter acknowledges beneficial
ownership of approximately 137,066 shares of the Common Stock
held of record by Lodestone Capital, which are attributable to
the equity interest in Lodestone Capital of the Bradley N. Rotter
Self-Employed Pension Plan and Trust, but otherwise disclaims
beneficial ownership of the shares of Common Stock
<PAGE>
- - -------------------------- --------------------------
CUSIP No. 730715 10 9 13D Page 11 of 14 Pages
- - -------------------------- --------------------------
held of record by Lodestone Capital, except to the extent of his
respective equity interest in Echelon and Echelon's respective
equity interest in Lodestone Capital. John Ward Rotter may also be
deemed to be the beneficial owner of shares of Common Stock subject
to a stock option that was granted to his spouse and vested with
respect to 4,000 shares (the "Option Shares") on February 14, 1997,
but disclaims beneficial ownership of such shares.
Lodestone Partners is the manager of Lodestone Capital and, as such,
may be deemed to be the beneficial owner of the shares of Common
Stock held of record by Lodestone Capital. Lodestone Partners,
however, currently has only a nonparticipating (or "carried")
interest in Lodestone Capital and, therefore, disclaims beneficial
ownership of the shares of Common Stock held of record by Lodestone
Capital.
(b) Percent of Outstanding Common Stock Beneficially Owned by Each Person
---------------------------------------------------------------------
Filing This Statement.
----------------------
Based on the number of shares of Common Stock outstanding as of
October 31, 1997, Echelon, Bradley N Rotter and Alan B. Perper may
be deemed to beneficially own 55.2% of the outstanding Common Stock,
and Lodestone Capital and Lodestone Partners may be deemed to
beneficially own 6.3% of the outstanding Common Stock. Based on the
number of shares of Common Stock outstanding as of October 31, 1997,
plus the Option Shares, John Ward Rotter may be deemed to
beneficially own 55.3% of the outstanding Common Stock.
(c) Number of Shares of Common Stock as to Which Each of the Persons
----------------------------------------------------------------------
Filing This Statement Has:
-------------------------
(i) Sole Voting Power.
Echelon has sole power to vote or direct the vote of
the 1,589,324 shares of Common Stock that it holds of
record.
Lodestone Capital has sole power to vote or direct the
vote of the 205,600 shares of Common Stock that it
holds of record.
As the manager of Lodestone Capital, Lodestone
Partners may be deemed to have sole power to vote or
direct the vote of the 205,600 shares of Common Stock
held of record by Lodestone Capital.
<PAGE>
- - -------------------------- --------------------------
CUSIP No. 730715 10 9 13D Page 12 of 14 Pages
- - -------------------------- --------------------------
(ii) Shared Voting Power.
Through John Ward Rotter, who is a member of Echelon and a
member of the Board of Managers of Lodestone Partners,
which is the manager of Lodestone Capital, Echelon may be
deemed to share with Fitzsimmons, the other member of
Lodestone Partners and the other member of the Board of
Managers of Lodestone Partners, the power to vote or direct
the vote of the 205,600 shares of Common Stock held of
record by Lodestone Capital.
As the members of Echelon, Bradley N. Rotter, Alan B.
Perper and John Ward Rotter may be deemed to share the
power to vote or direct the vote of the 1,589,324 shares of
Common Stock held of record by Echelon and the 205,600
shares of Common Stock held of record by Lodestone Capital.
John Ward Rotter may also be deemed to share the power to
vote or direct the vote of the 4,000 Option Shares.
(iii) Sole Dispositive Power.
Echelon has sole power to dispose of or direct the
disposition of the 1,589,324 shares of Common Stock that it
holds of record.
Lodestone Capital has sole power to dispose of or direct
the disposition of the 205,600 shares of Common Stock that
it holds of record.
As the manager of Lodestone Capital, Lodestone Partners may
be deemed to have sole power to dispose of or direct the
disposition of the 205,600 shares of Common Stock held of
record by Lodestone Capital.
(iv) Shared Dispositive Power.
As the members of Echelon, Bradley N. Rotter, Alan B.
Perper and John Ward Rotter may be deemed to share the
power to dispose of or direct the disposition of the
1,589,324 shares of Common Stock held of record by Echelon.
John Ward Rotter may also be deemed to share the power to
dispose of or direct the disposition of the 4,000 Option
Shares.
<PAGE>
- - -------------------------- --------------------------
CUSIP No. 730715 10 9 13D Page 13 of 14 Pages
- - -------------------------- --------------------------
(d) Transactions in Common Stock During Past 60 Days by Persons Filing
----------------------------------------------------------------------
This Statement.
--------------
On November 20, 1997, Lodestone Capital purchased 205,600 shares of
Common Stock in the open market through a broker at an average price
per share of $2.5625.
Item 6. Contracts, Arrangements, Understandings or Relationships With
==================================================================
Respect to Securities of the Issuer.
===================================
None.
Item 7. Material to be Filed as Exhibits.
=================================
None.
<PAGE>
- - ------------------------- -------------------------
CUSIP No. 730715 10 9 13D Page 14 of 14 Pages
- - ------------------------- -------------------------
SIGNATURE
After reasonable inquiry and to the best of their knowledge
and belief, the undersigned certify that the information set forth in this
statement is true, complete and correct.
Date: December 1, 1997
THE ECHELON GROUP OF COMPANIES, LLC
December 1, 1997 By: /s/Bradley N. Rotter
-------------------------------
Bradley N. Rotter,
Managing Member
December 1, 1997 /s/Bradley N. Rotter
-----------------------------------
Bradley N. Rotter
December 1, 1997 /s/Alan B. Perper
------------------------------------
Alan B. Perper
December 1, 1997 /s/John Ward Rotter
------------------------------------
John Ward Rotter
LODESTONE CAPITAL FUND, LLC
By: LODESTONE PARTNERS, LLC
Manager
By: /s/Michael Fitzsimmons
-------------------------------
Michael Fitzsimmons
Manager
December 1, 1997 By: /s/John Ward Rotter
-------------------------------
John Ward Rotter
Manager
LODESTONE PARTNERS, LLC
By: /s/Michael Fitzsimmons
-------------------------------
Michael Fitzsimmons
Manager
December 1, 1997 By: /s/John Ward Rotter
-------------------------------
John Ward Rotter
Manager
