<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
______________
THE NORTH FACE, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $0.0025 par value
- --------------------------------------------------------------------------------
(Title of Class of Securities)
659317101
- --------------------------------------------------------------------------------
(CUSIP Number)
Lawrence B. Goldstein, Gardere & Wynne, L.L.P.
1601 Elm Street, Suite 3000, Dallas, Texas 75201 (214) 999-4564
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
February 1, 2000
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of (S)(S)240.13d-1(c), 240.13d-1(f) or 240.13d-1(g), check the
following box [_].
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See (S)(S)240.13d-7(b) for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 659317101 PAGE 2 OF 18 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
Edward W. Rose III
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
PF; 00
- ------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 200,065
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
110,745
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
636,250
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
636,250
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
(See Instructions) [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
4.99%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
IN
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 659317101 PAGE 3 OF 18 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
Marshall B. Payne
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
PF; 00
- ------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 18,750
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
18,750
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
18,750
- ------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
(See Instructions) [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.15%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
IN
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 659317101 PAGE 4 OF 18 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
Leigh J. Abrams
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
PF; 00
- ------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0
OWNED BY
-----------------------------------------------------------
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
(See Instructions) [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
IN
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 659317101 PAGE 5 OF 18 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
Cardinal Investment Company, Inc.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Texas
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
87,045
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
612,550
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
612,550
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
(See Instructions) [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
4.81%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
CO
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 659317101 PAGE 6 OF 18 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
Cardinal Investors, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
WC
- ------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Texas
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0
OWNED BY
-----------------------------------------------------------
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 IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
(See Instructions) [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
PN
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 659317101 PAGE 7 OF 18 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
Cardinal Partners, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (See Instructions)
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
WC
- ------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Texas
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
87,045
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
87,045
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
87,045
- ------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
(See Instructions) [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.68%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
PN
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 659317101 PAGE 8 OF 18 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
Cardinal Investment Company, Inc. Pooled Investment Trust
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
WC
- ------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Texas
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
23,700
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
23,700
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
23,700
- ------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
(See Instructions) [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.19%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
OO
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 659317101 PAGE 9 OF 18 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
Atlas Capital, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
WC
- ------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Texas
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 61,440
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
61,440
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
61,440
- ------------------------------------------------------------------------------
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
(See Instructions) [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.48%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
PN
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 659317101 PAGE 10 OF 18 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
Prime Acquisition Corporation
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS (See Instructions)
4
WC
- ------------------------------------------------------------------------------
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0
OWNED BY
-----------------------------------------------------------
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 IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
(See Instructions) [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions)
14
CO
- ------------------------------------------------------------------------------
<PAGE>
Edward W. Rose III, Marshall B. Payne, Leigh J. Abrams, Cardinal Investment
Company, Inc., Cardinal Investors, L.P., Cardinal Partners, L.P., Cardinal
Investment Company, Inc. Pooled Investment Trust, Atlas Capital, L.P. and Prime
Acquisition Corporation filed a Statement on Schedule 13D relating to the Common
Stock of The North Face, Inc. on March 25, 1999, Amendment No. 1 to such
Statement on April 14, 1999 and Amendment No. 2 to such Statement on July 14,
1999. The undersigned are further amending such Statement.
Item 1. Security and Issuer.
-------------------
This Statement on Schedule 13D (the "Statement") relates to the shares of
Common Stock, $0.0025 par value (the "North Face Common Stock"), of The North
Face, Inc., a Delaware corporation (the "Issuer"), which has its principal
executive offices at 2013 Farallon Drive, San Leandro, California 94577.
Item 2. Identity and Background.
-----------------------
(a) - (c): The following sets forth the information required by Items (a),
(b) and (c):
This statement is being filed collectively by Edward W. Rose III, Marshall
B. Payne, Leigh J. Abrams, Cardinal Investment Company, Inc., a Texas
corporation ("CICI"), Cardinal Investors, L.P., a Texas limited partnership
("CILP"), Cardinal Partners, L.P., a Texas limited partnership ("CPLP"),
Cardinal Investment Company, Inc. Pooled Investment Trust (the "Trust"), Atlas
Capital, L.P., a Texas limited partnership ("Atlas"), and Prime Acquisition
Corporation, a Delaware corporation ("Prime Acquistion") (collectively, the
"Reporting Persons") pursuant to their agreement to the collective filing of
their statement.
CICI is a company engaged in the investment business. The address of its
principal business and office is 500 Crescent Court, Suite 250, Dallas, Texas
75201 (the "Cardinal Address"). Mr. Rose is the sole director of CICI and his
principal occupation is acting as the President of CICI. Mr. Rose's business
address is the Cardinal Address. Mr. Payne's principal occupation is acting as
the Vice President of CICI and his business address is the Cardinal Address.
Debbie Crady is the Chief Financial Officer and Corporate Secretary of CICI. Her
business address is the Cardinal Address.
Leigh J. Abrams is the Chief Executive Officer and President of Drew
Industries Incorporated ("Drew"), a company that supplies a broad array of
components for manufactured homes and recreational vehicles, and LBP, Inc., a
holding company. The business address for Mr. Abrams, Drew Industries
Incorporated and LBP, Inc. is 200 Mamaroneck Avenue, White Plains, New York
10601 (the "Drew/LBP Address").
CILP is a Texas limited partnership engaged in the investment business. The
address of its principal business and office is the Cardinal Address. The
General Partner of CILP is CICI.
CPLP is a Texas limited partnership engaged in the investment business. The
address of its principal business and office is the Cardinal Address. The
General Partner of CPLP is CICI.
Trust is a trust that, pursuant to the Declaration of Trust, invests funds
from the CICI Purchase Pension Plan and the CICI Profit Sharing Plan. The
address of its principal business and office is the Cardinal Address. The
trustee of the Trust is Edward W. Rose III.
Atlas is a partnership engaged in the investment business. The address of
its principal business and office is the Cardinal Address. The General Partner
of Atlas is Atlas Capital Management, L.P., a Texas limited partnership ("ACM").
The General Partner of ACM is RHA, Inc., a Texas corporation wholly-owned by
Robert Alpert. Robert Alpert is an employee of CICI.
Prime Acquisition is a corporation whose principal business was the
manufacture of building products until the sale of substantially all of its net
assets. Prime Acquisition's present principal business is to use
Page 11 of 18 pages
<PAGE>
the proceeds from the sale of the assets of Prime Acquisition to acquire other
businesses. The address of its principal business and office is 200 Mamaroneck
Avenue, White Plains, New York 10601. The sole director of Prime Acquisition is
Leigh J. Abrams. The executive officers of Prime Acquisition are Leigh J. Abrams
(President and Chief Executive Officer), Fredric M. Zinn (Chief Financial
Officer) and Harvey J. Kaplan (Secretary and Treasurer). Prime Acquisition is
the wholly-owned subsidiary of LBP, Inc., a holding company ("LBP"). The
directors of LBP are Leigh J. Abrams, Edward W. Rose III, James F. Gero and
Marshall B. Payne. The executive officers of LBP are Leigh J. Abrams (President
and Chief Executive Officer), Fredric M. Zinn (Chief Financial Officer), Harvey
J. Kaplan (Secretary and Treasurer) and Edward W. Rose III (Chairman of the
Board). Mr. Gero is the Chairman and Chief Executive Officer of Sierra
Technologies, Inc., a manufacturer of defense system technologies. Mr. Gero's
business address and the address of Sierra Technologies, Inc. is 247 Cayuga
Road, Buffalo, New York 14225. Mr. Zinn is the Chief Financial Officer of Drew
and LBP, Inc. Mr. Zinn's business address is the Drew/LBP Address. Mr. Kaplan is
the Secretary and Treasurer of Drew and LBP, Inc. Mr. Kaplan's business address
is the Drew/LBP Address.
(d) and (e): The following sets forth the information required by Items (d)
and (e):
During the last five years, none of the Reporting Persons, the executive
officers or directors of Prime Acquisition or LBP, Inc., Ms. Crady or Mr. Alpert
(i) has been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors) or (ii) was a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction, and as a result of such
proceeding, was or is subject to a judgment, 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) Mr. Rose, Mr. Payne, Mr. Abrams, Ms. Crady, Mr. Alpert and the
executive officers and directors of Prime Acquisition and LBP, Inc. are all
citizens of the United States.
Item 3. Source and Amount of Funds or Other Consideration.
-------------------------------------------------
The following table sets forth the aggregate consideration paid for the
North Face Common Stock currently owned by each of the persons or entities
listed below. CICI and/or Edward W. Rose III have sole or shared dispositive or
voting power with respect to all of the shares listed below. The table lists the
actual owners of the shares. The Managed Account reflects an account over which
CICI has sole dispositive power.
<TABLE>
<CAPTION>
Name Number of Shares Aggregate Consideration
- ---- ---------------- -----------------------
<S> <C> <C>
Leigh J. Abrams -0- $ -0-
Atlas Capital, L.P. 61,440 $ 762,234.32
Cardinal Investors, L.P. -0- $ -0-
Cardinal Partners, L.P. 87,045 $1,107,101.16
Cardinal Investment Company, Inc.
Pooled Investment Trust 23,700 $ 303,998.77
Kaiser-Francis Oil Company 96,480 $1,128,041.52
Ruth Kaiser Nelson 24,040 $ 280,863.87
Marshall B. Payne 18,750 $ 244,821.87
Prime Acquisition Corporation -0- $ -0-
Managed Account 124,730 $1,465,029.03
Edward W. Rose III 200,065 $2,522,106.49
------- -------------
636,250 $7,814,196.53
</TABLE>
Page 12 of 18 Pages
<PAGE>
The funds used to acquire the North Face Common Stock came from available
working capital and/or available cash on hand of each of the persons or entities
listed above.
Item 4. Purpose of Transaction.
----------------------
The Reporting Persons acquired the North Face Common Stock to hold
primarily for investment. Depending on market conditions and other factors that
the Reporting Persons may deem material to their investment decision, Reporting
Persons may sell all or a portion of the shares of the North Face Common Stock
that they now own or hereafter may acquire on the open market or in private
transactions. Depending on these same factors, the Reporting Persons may
purchase additional shares of the North Face Common Stock in the open market or
in private transactions.
Except as set forth in this Item 4, while the Reporting Persons have no
present plans or proposals that relate to or that would result in any of the
actions specified in clauses (a) through (j) of Item 4 of Schedule 13D of the
Act, the Reporting Persons reserve the right to pursue such plans or proposals.
Item 5. Interest in Securities of the Issuer.
------------------------------------
(a) and (b): The following table sets forth the information required by Item
5(a) and (b):
<TABLE>
<CAPTION>
Name Number of Shares Voting Dispositive Power % Ownership
- ---- ---------------- ------ ---------------- -----------
Power
-----
<S> <C> <C> <C> <C>
Edward W. Rose III 110,745/(1)(2)/ shared shared 0.87%
200,065 sole shared 1.57%
325,440/(2)/ no shared 2.55%
Marshall B. Payne 18,750 sole shared 0.15%
Leigh J. Abrams -0- --- --- 0.0%
CICI 87,045/(3)/ shared shared 0.68%
525,505/(4)/ no shared 4.12%
CILP -0- --- --- 0.0%
CPLP 87,045 shared shared 0.68%
Trust 23,700 shared shared 0.19%
Atlas 61,440 sole shared 0.48%
Prime Acquisition -0- --- --- 0.0%
</TABLE>
_____________________________
(1) Includes the shares owned by the Trust.
(2) Includes shares over which CICI has voting and/or dispositive power (and
over which Mr. Rose may be considered to have voting and/or dispositive power by
virtue of being the sole director and the President of CICI).
(3) Includes the shares owned by CPLP, of which CICI is the general partner.
(4) Includes the following shares over which CICI has shared dispositive
power with the owner of such shares: 61,440 shares owned by Atlas; 96,480 shares
owned by Kaiser-Francis Oil Company; 24,040 shares owned by Ruth Kaiser Nelson;
18,750 shares owned by Marshall B. Payne; 200,065 shares owned by Edward W. Rose
III; and 124,730 shares owned by a managed account over which CICI has
dispositive power that may be considered to be shared with Mr. Rose.
The total number of shares beneficially owned by the Reporting Persons is
636,250. Each of Mr. Rose, Mr. Payne, Mr. Abrams, CILP, CPLP, Trust, Atlas and
Prime Acquisition disclaims beneficial ownership of all of the shares of the
North Face Common Stock covered by this Statement, other than the
Page 13 of 18 Pages
<PAGE>
shares individually owned by him or it. CICI disclaims beneficial ownership of
all of the shares of the North Face Common Stock covered by this Statement,
other than the shares owned by CILP, CPLP, Kaiser-Francis Oil Company and Ruth
Kaiser Nelson.
The following is the applicable information required by Item 2 with
respect to each person with whom the power to vote or to direct the vote or to
dispose or direct the disposition may be shared:
1. Kaiser-Francis Oil Company, a Delaware corporation ("Kaiser-Francis"),
is principally engaged in the oil and gas business. The address of its
principal business and its principal office is P.O. Box 21468, Tulsa,
Oklahoma 74121. The sole director of Kaiser-Francis is George B.
Kaiser. The executive officers of Kaiser-Francis are George B. Kaiser
(President), James A. Willis (Executive Vice President) and D. Joseph
Graham (Vice President and Chief Financial Officer). The business
address for each of such directors and executive officers is P.O. Box
21468, Tulsa, Oklahoma 74121.
2. Ruth Kaiser Nelson is a private investor and her business address is
P.O. Box 21468, Tulsa, Oklahoma 74121.
To the Reporting Persons' knowledge, none of the above listed persons or
entities (i) has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or (ii) was a party to a civil proceeding of
a judicial or administrative body of competent jurisdiction, and as a result of
such proceeding, was or is subject to a judgment, 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.
(c) The following table sets forth the information required by Item 5(c):
<TABLE>
<CAPTION>
Date of
-------
Name Transaction Amount of Securities Price Per Share
---- ----------- -------------------- ---------------
<S> <C> <C> <C>
Leigh J. Abrams
02/02/00 5,000 6.72
Atlas Capital
02/01/00 5,590 6.47
02/02/00 14,230 6.72
02/03/00 9,100 6.71
02/04/00 5,290 6.76
02/07/00 4,240 5.80
Capital Investors, L.P.
12/08/99 15,500 4.83
12/09/99 11,000 4.79
12/10/99 15,000 4.88
12/13/99 10,000 4.98
</TABLE>
Page 14 of 18 Pages
<PAGE>
Date of
-------
Name Transaction Amount of Securities Price Per Share
---- ----------- ------------------- ---------------
12/14/99 3,000 4.96
12/15/99 3,700 4.58
12/16/99 3,000 4.57
12/17/99 3,450 4.67
Cardinal Partners L.P.
02/01/00 7,950 6.47
02/02/00 20,605 6.72
02/03/00 12,890 6.71
02/04/00 7,500 6.76
02/07/00 6,010 5.80
Cardinal Investment
Company, Inc. Pooled
Investment Trust
02/01/00 2,160 6.47
02/02/00 5,500 6.72
02/03/00 3,520 6.71
02/04/00 2,050 6.76
02/07/00 1,640 5.80
Kaiser-Francis Oil
Company
02/01/00 8,780 6.47
02/02/00 22,350 6.72
02/03/00 14,290 6.71
02/04/00 8,310 6.76
02/07/00 6,660 5.80
Ruth Kaiser Nelson
02/01/00 2,190 6.47
02/02/00 5,570 6.72
02/03/00 3,560 6.71
02/04/00 2,070 6.76
02/07/00 1,660 5.80
Page 15 of 18 Pages
<PAGE>
Date of
-------
Name Transaction Amount of Securities Price Per Share
---- ----------- ------------------- ---------------
Marshall B. Payne
02/01/00 1,710 6.47
02/02/00 4,340 6.72
02/03/00 2,780 6.71
02/04/00 1,610 6.76
02/07/00 1,290 5.80
Prime Acquisition
Corporation
02/01/00 52,550 6.47
02/02/00 5,730 6.72
02/03/00 32,250 6.71
Managed Account
02/01/00 11,350 6.47
02/02/00 28,890 6.72
02/03/00 18,480 6.71
02/04/00 10,740 6.76
02/07/00 8,600 5.80
Edward W. Rose III
02/01/00 18,220 6.47
02/02/00 46,785 6.72
02/03/00 29,630 6.71
02/04/00 17,230 6.76
02/07/00 13,800 5.80
Each of the above described transactions were open market sales.
(d) Not applicable.
(e) On February 7, 2000, the Reporting Persons ceased to beneficially
own, in the aggregate, more than five percent of the North Face
Common Stock.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
---------------------------------------------------------------------
to Securities of the Issuer.
---------------------------
Pursuant to the Partnership Agreements of CILP and CPLP, CICI as
general partner of CILP and CPLP has the right to acquire, transfer and vote any
securities owned by such partnerships including the North Face Common Stock.
Pursuant to the Declaration of Trust, Mr. Rose as trustee of the Trust has the
Page 16 of 18 Pages
<PAGE>
right to transfer and vote any securities owned by such Trust including the
North Face Common Stock. CICI has agreements with Atlas, Kaiser-Francis Oil
Company, Ruth Kaiser Nelson, the Managed Account, Mr. Payne and Mr. Rose,
pursuant to which CICI has the authority to buy or sell securities on behalf of
each of them without consulting with them. CICI purchased and sold the North
Face Common Stock on behalf of each of them pursuant to such authority. Each of
Atlas, CILP, CPLP, Mr. Payne and Mr. Rose has agreed to pay CICI (which is owned
by Mr. Rose) 20% of the profits it or he realizes from the purchase and sale of
securities over which CICI purchases on their behalf or recommends. Each of
Kaiser-Francis Oil Company and Ruth Kaiser Nelson has agreed to pay CICI 15% of
the profits it or she realizes from the sale of securities over which CICI
purchases on their behalf or recommends. The Managed Account has agreed to pay
CICI 10% of the profits it realizes from the sale of securities over which CICI
purchases on its behalf. Mr. Abrams, Trust and Prime Acquisition do not pay any
fee to CICI or Mr. Rose.
Item 7. Material to be Filed as Exhibits.
--------------------------------
* Exhibit A - Agreement Regarding Filing of Schedule 13D, as amended
* Exhibit B - Cardinal Investors, L.P. Limited Partnership Agreement
* Exhibit C - Cardinal Partners, L.P. Limited Partnership Agreement
* Exhibit D - Cardinal Investment Company, Inc. Pooled Investment
Trust [As Amended and Restated as of January 1, 1989]
___________________
* Previously Filed
Signatures
After reasonable inquiry and to the best of the undersigned's
knowledge and belief, each of the undersigned certifies that the information set
forth in this statement is true, complete and correct.
Dated: February 8, 2000
*
-----------------------------------------------
Edward W. Rose III
*
-----------------------------------------------
Marshall B. Payne
*
-----------------------------------------------
Leigh J. Abrams
CARDINAL INVESTMENT COMPANY, INC.
By: *
-------------------------------------------
Page 17 of 18 Pages
<PAGE>
CARDINAL PARTNERS, L.P.
By: *
-------------------------------------------
CARDINAL INVESTORS, L.P.
By: *
-------------------------------------------
CARDINAL INVESTMENT COMPANY, INC.
POOLED INVESTMENT TRUST [As Amended and
Restated as of January 1, 1989]
By: *
-------------------------------------------
ATLAS CAPITAL, L.P.
By: *
-------------------------------------------
PRIME ACQUISITION CORPORATION
By: *
------------------------------------------
* By: /s/ Debbie Crady
--------------------
Debbie Crady
Attorney-in-Fact
Page 18 of 18 Pages
