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 THERETO FILED PURSUANT TO 13d-2(a)
(Amendment No 1)
================
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, CA 94111
(415) 394-9467
----------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 24, 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
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 18 Pages)
<PAGE>
- ------------------------ ----------------------
CUSIP No. 730715 10 9 13D Page 2 of 18 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*
NOT APPLICABLE
- ------------- ------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) [ ]
- ------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 206,600
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
206,600
- ------------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES*
[ ]
- ------------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
6.4%
- ------------- ------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- ------------- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
------------------------------------
<PAGE>
- ------------------------ ----------------------
CUSIP No. 730715 10 9 13D Page 3 of 18 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 ITEM 2(d) OR 2(e) [ ]
- ------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 873,578
SHARES ---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 206,600
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
873,578
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,080,178
- ------------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES*
[ ]
- ------------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
33.2%
- ------------- ------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ------------- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
------------------------------------
<PAGE>
- ------------------------ ----------------------
CUSIP No. 730715 10 9 13D Page 4 of 18 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 ITEM 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 524,625
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
317,665
- ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
524,265
- ------------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES*
[ ]
- ------------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
16.1%
- ------------- ------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ------------- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
------------------------------------
<PAGE>
- ------------------------ ----------------------
CUSIP No. 730715 10 9 13D Page 5 of 18 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 ITEM 2(d) OR 2(e) [ ]
- ------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 397,081
SHARES ---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 214,600
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
397,081
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,000
- ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
611,681
- ------------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES*
[ ]
- ------------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
18.8%
- ------------- ------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ------------- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
------------------------------------
<PAGE>
- ------------------------ ----------------------
CUSIP No. 730715 10 9 13D Page 6 of 18 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*
NOT APPLICABLE
- ------------- ------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) [ ]
- ------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 206,600
SHARES ---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH -0-
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
206,600
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
206,600
- ------------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES*
[ ]
- ------------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
6.4%
- ------------- ------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- ------------- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
------------------------------------
<PAGE>
- ------------------------ ----------------------
CUSIP No. 730715 10 9 13D Page 7 of 18 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 ITEM 2(d) OR 2(e) [ ]
- ------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 206,600
SHARES ---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH -0-
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
206,600
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
206,600
- ------------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES*
[ ]
- ------------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
6.4%
- ------------- ------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- ------------- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
------------------------------------
<PAGE>
- ------------------------ ----------------------
CUSIP No. 730715 10 9 13D Page 8 of 18 Pages
- ------------------------ -----------------------
- ------------- ------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Perper/Raiche Revocable Trust
- ------------- ------------------------------------------------------------------
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 ITEM 2(d) OR 2(e) [ ]
- ------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 317,665
SHARES ---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH -0-
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
317,665
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
317,665
- ------------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES*
[ ]
- ------------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
9.8%
- ------------- ------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- ------------- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
------------------------------------
<PAGE>
- ------------------------ ----------------------
CUSIP No. 730715 10 9 13D Page 9 of 18 Pages
- ------------------------ -----------------------
- ------------- ------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Janet G. Raiche
- ------------- ------------------------------------------------------------------
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 ITEM 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 317,665
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
317,665
- ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
317,665
- ------------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES*
[ ]
- ------------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
9.8%
- ------------- ------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ------------- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
------------------------------------
<PAGE>
- ------------------------- ------------------------
CUSIP No. 730715 10 9 SCHEDULE 13D Page 10 of 18 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")
Perper/Raiche Revocable Trust ("Perper/Raiche Trust")
Janet G. Raiche
(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
<PAGE>
- ------------------------- ------------------------
CUSIP No. 730715 10 9 SCHEDULE 13D Page 11 of 18 Pages
- ------------------------- ------------------------
The address of the Perper/Raiche Trust is:
17 Reed Ranch Road
Tiburon, California 94920
Attention: Alan B. Perper and Janet G. Raiche
The residence address of Janet G. Raiche is:
17 Reed Ranch Road
Tiburon, California 94920
(c) Principal Businesses or Occupations of Persons Filing This
----------------------------------------------------------
Statement.
---------
Echelon is principally engaged in the business of providing
investment and financial services.
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.
The Perper/Raiche Trust is a trust created under the laws of the
State of California by Alan B. Perper and Janet G. Raiche,
husband and wife, for estate planning purposes.
Janet G. Raiche is a homemaker.
(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
<PAGE>
- ------------------------- ------------------------
CUSIP No. 730715 10 9 SCHEDULE 13D Page 12 of 18 Pages
- ------------------------- ------------------------
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, John Ward Rotter and Janet G.
Raiche are citizens of the United States.
The Perper/Raiche Trust is a trust created under the laws of the
State of California.
Item 3. Source and Amount of Funds or Other Consideration.
====== ==================================================
This Item 3 is not applicable to this filing, because the transaction
that required this filing did not involve the purchase or sale of shares for
consideration. This filing is required (a) to reflect the changes in beneficial
ownership of Common Stock by Echelon, Bradley N. Rotter, Alan B. Perper and
John Ward Rotter resulting from the distribution by Echelon to its members,
Bradley N. Rotter, Alan B. Perper and John Ward Rotter, of the 1,588,324 shares
of Common Stock previously held of record by Echelon and (b) to include Janet
G. Raiche and the Perper/Raiche Trust as reporting persons, as a result of the
immediate transfer by Alan B. Perper to the Perper/Raiche Trust of his
respective share of the shares of Common Stock so distributed by Echelon.
Item 4. Purpose of the Transaction.
====== ==========================
On December 24, 1997, the members of Echelon, Bradley N. Rotter, Alan
B. Perper and John Ward Rotter, caused Echelon to distribute to each of them,
individually, their respective shares of the 1,588,324 shares of Common Stock
previously held of record by Echelon. Mr. Perper then immediately transferred
his respective share of those shares to the Perper/Raiche Trust, of which he,
Janet G. Raiche, his wife, are the trustees under agreement dated December 23,
1997.
Item 5. Interest in Securities of the Issuer.
====== ====================================
(a) Number of Shares Beneficially Owned by Persons Filing This
----------------------------------------------------------
Statement.
----------
Echelon is a member of Lodestone Capital, which is the record
holder of 206,600 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
<PAGE>
- -------------------------- --------------------------
CUSIP No. 730715 10 9 Schedule 13D Page 13 of 18 Pages
- -------------------------- --------------------------
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 Lodestone Capital. Alan B. Perper and John
Ward Rotter 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 137,733 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 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. Bradley N. Rotter is the
record holder of 873,578 shares of Common Stock, and John Ward
Rotter is the record holder of 397,081 shares of Common Stock.
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 on
February 14, 1997, and will vest with respect to another 4,000
shares (collectively, the "Options Shares") on February 14,
1998, 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.
The Perper/Raiche Trust is the record holder of 317,665 shares
of Common Stock. Alan B. Perper and Janet G. Raiche, as trustees
of the Perper/Raiche Trust, may be deemed to be the beneficial
owners of the shares of Common Stock held of record by the
Perper/Raiche Trust, but each of them disclaims beneficial
ownership of such shares, except to the extent of their
respective beneficial interests under the Perper/Raiche Trust.
(b) Percent of Outstanding Common Stock Beneficially Owned by Each
--------------------------------------------------------------
Person Filing This Statement.
----------------------------
<PAGE>
- -------------------------- --------------------------
CUSIP No. 730715 10 9 Schedule 13D Page 14 of 18 Pages
- -------------------------- --------------------------
Based on the number of shares of Common Stock outstanding as of
October 31, 1997, Echelon, Lodestone Capital and Lodestone
Partners may each be deemed to beneficially own 6.4%, Bradley N.
Rotter may be deemed to beneficially own 33.2%, Alan B. Perper
may be deemed to beneficially own 16.1%, and the Perper/Raiche
Trust and Janet G. Raiche may each be deemed to beneficially own
9.8%, 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 18.8% 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.
Bradley N.Rotter has sole power to vote or direct
the vote of the 873,578 shares of Common Stock
that he holds of record.
John Ward Rotter has sole power to vote or direct
the vote of the 397,081 shares of Common Stock
that he holds of record.
Lodestone Capital has sole power to vote or
direct the vote of the 206,600 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 206,600 shares of
Common Stock held of record by Lodestone Capital.
The Perper/Raiche Trust has sole power to vote or
direct the vote of the 317,665 shares of Common
Stock that it holds of record.
(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, who is 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 206,600
shares of Common Stock held of record by
Lodestone Capital.
As the members of Echelon, Bradle N. Rotter,
Alan B. Perper and John Ward Rotter may be deemed
to share the
<PAGE>
- -------------------------- --------------------------
CUSIP No. 730715 10 9 Schedule 13D Page 15 of 18 Pages
- -------------------------- --------------------------
power to vote or direct the vote of the 206,600
shares of Common Stock held of record by
Lodestone Capital. John Ward Rotter may also be
deemed to share with his spouse the power to vote
or direct the vote of the 8,000 Option Shares.
Alan B. Perper and Janet G. Raiche, as trustees
of the Perper/Raiche Trust, share the power to
vote or direct the vote of the 317,665 shares of
Common Stock held of record by the Perper/Raiche
Trust.
(iii) Sole Dispositive Power.
Bradley N. Rotter has sole power to dispose of or
direct the disposition of the 873,578 shares of
Common Stock that he holds of record.
John Ward Rotter has sole power to dispose of or
direct the disposition of the 397,081 shares of
Common Stock that he holds of record.
Lodestone Capital has sole power to dispose of or
direct the disposition of the 206,600 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
206,600 shares of Common Stock held of record by
Lodestone Capital.
The Perper/Raiche Trust has sole power to dispose
of or direct the disposition of the 317,665
shares of Common Stock that it holds of record.
(iv) Shared Dispositive Power.
John Ward Rotter may be deemed to share with his
spouse the power to dispose of or direct the
disposition of the 8,000 Option Shares.
Alan B. Perper and Janet G. Raiche, as trustees
of the Perper/Raiche Trust, share the power to
dispose of or direct the disposition of the
317,665 shares of Common Stock held of record by
the Perper/Raiche Trust.
(d) Transactions in Common Stock During Past 60 Days by Persons
------------------------------------------------------------
Filing This Statement.
----------------------
<PAGE>
- -------------------------- --------------------------
CUSIP No. 730715 10 9 Schedule 13D Page 16 of 18 Pages
- -------------------------- --------------------------
On November 7, 1997, Echelon gifted 1,000 shares of Common Stock
to various persons for no consideration.
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.
On December 1, 1997, Lodestone Capital purchased 1,000 shares of
Common Stock in the open market through a broker at an average
price per share of $4.00.
On December 24, 1997,Echelon distributed to its members, Bradley
N. Rotter, Alan B. Perper and John Ward Rotter, the 1,588,324
shares of Common Stock previously held of record by Echelon, and
Mr. Perper then immediately transferred his respective share of
those shares to the Perper/Raiche Trust.
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 Schedule 13D Page 17 of 18 Pages
- ------------------------- -------------------------
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.
THE ECHELON GROUP OF COMPANIES, LLC
January 6, 1998 By: /s/Bradley N. Rotter
-------------------------------
Bradley N. Rotter,
Managing Member
January 6, 1998 /s/Bradley N. Rotter
-----------------------------------
Bradley N. Rotter
January 6, 1998 /s/Alan B. Perper
------------------------------------
Alan B. Perper
January 6, 1998 /s/John Ward Rotter
------------------------------------
John Ward Rotter
January 6, 1998 By: /s/ Janet G. Raiche
---------------------------------
Janet G. Raiche
Trustee
LODESTONE CAPITAL FUND, LLC
By: LODESTONE PARTNERS, LLC
Manager
January 6, 1998 By: /s/Michael Fitzsimmons
-------------------------------
Michael Fitzsimmons
Manager
January 6, 1998 By: /s/John Ward Rotter
-------------------------------
John Ward Rotter
Manager
LODESTONE PARTNERS, LLC
January 6, 1998 By: /s/Michael Fitzsimmons
-------------------------------
Michael Fitzsimmons
Manager
January 6, 1998 By: /s/John Ward Rotter
-------------------------------
John Ward Rotter
Manager
<PAGE>
- ------------------------- -------------------------
CUSIP No. 730715 10 9 Schedule 13D Page 18 of 18 Pages
- ------------------------- -------------------------
PERPER/RAICHE REVOCABLE TRUST
January 6, 1998 By: /s/ Alan B. Perper
---------------------------------
Alan B. Perper
Trustee
January 6, 1998 By: /s/ Janet G. Raiche
---------------------------------
Janet G. Raiche
Trustee
