<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
Craig Corporation
------------------------
(Name of Issuer)
Common Stock
------------------------
(Title of Class of Securities)
224174102
------------------------
(CUSIP Number)
Ms. Beverly Dube
Pine Capital Management Incorporated
353 Sacramento Street, 10th Floor
San Francisco, California 94111
(415) 362-7111
------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 31, 1998
------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rules 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box. [ ]
NOTE: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Section 240.13d-7(b)
for other parties to whom copies are to be sent.
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* 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).
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CUSIP NO. 224174102 SCHEDULE 13D Page 2 of 9 Pages
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NUMBER OF REPORTING PERSON
Pine Capital Management Incorporated 94-3146402
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2. CHECK THE APPROPRIATE BOX IF MEMBER OF A GROUP
(a) [ ] (b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
OO
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5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
California
- -------------------------------------- -----------------------------------------
NUMBER OF SHARES 7. SOLE VOTING POWER 0 shares
-----------------------------------------------------------
BENEFICIALLY OWNED 8. SHARED VOTING POWER 0 shares
-----------------------------------------------------------
BY EACH REPORTING 9. SOLE DISPOSITIVE POWER 128,700 shares
-----------------------------------------------------------
PERSON WITH 10. SHARED DISPOSITIVE POWER 0 shares
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
128,700 shares
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12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.42%
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14. TYPE OF REPORTING PERSON
IA
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CUSIP NO. 224174102 SCHEDULE 13D Page 3 of 9 Pages
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1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NUMBER OF REPORTING PERSON
Hoefer & Arnett Incorporated 94-2831518
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2. CHECK THE APPROPRIATE BOX IF MEMBER OF A GROUP
(a) [ ] (b) [X]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS
OO
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5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
California
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NUMBER OF SHARES 7. SOLE VOTING POWER 0 shares
------------------------------------------------------
BENEFICIALLY OWNED 8. SHARED VOTING POWER 0 shares
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BY EACH REPORTING 9. SOLE DISPOSITIVE POWER 24,500 shares
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PERSON WITH 10. SHARED DISPOSITIVE POWER 0 shares
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
24,500 shares
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12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.65%
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14. TYPE OF REPORTING PERSON
BD
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CUSIP NO. 224174102 SCHEDULE 13D Page 4 of 9 Pages
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1. NAME OF REPORTING PERSON
Bobby Lee Arnett
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2. CHECK THE APPROPRIATE BOX IF MEMBER OF A GROUP
(a) [ ] (b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
PF
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5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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NUMBER OF SHARES 7. SOLE VOTING POWER 108,600 shares
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BENEFICIALLY OWNED 8. SHARED VOTING POWER 0 shares
------------------------------------------------------
BY EACH REPORTING 9. SOLE DISPOSITIVE POWER 108,600 shares
------------------------------------------------------
PERSON WITH 10. SHARED DISPOSITIVE POWER 0 shares
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
108,600 shares
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12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.89%
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14. TYPE OF REPORTING PERSON
IN
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<PAGE> 5
CUSIP NO. 224174102 SCHEDULE 13D Page 5 of 9 Pages
ITEM 1. SECURITY AND ISSUER
This statement relates to the shares of Common Stock of Craig Corporation,
a California corporation ("Company"), and is being filed pursuant to Rule 13d-1
under the Act. The principal executive offices of the Company are located at 550
South Hope Street, Suite 1825, Los Angeles, CA 90071.
ITEM 2. IDENTITY AND BACKGROUND:
(a) (i) Pine Capital Management Incorporated
(ii) Hoefer & Arnett Incorporated
(iii) Bobby Lee Arnett
(b) The business address of Pine Capital Management Incorporated,
Hoefer & Arnett Incorporated and Mr. Arnett is 353 Sacramento
Street, 10th Floor, San Francisco, California 94111.
(c) Pine Capital Management Incorporated is an investment advisor
in accordance with Section 240.13d-1(b)(1)(ii)(E) and Hoefer &
Arnett Incorporated is a broker registered under Section 15 of
the Act. Mr. Arnett is a principal shareholder of Pine Capital
Management Incorporated and Hoefer & Arnett Incorporated.
(d) During the last five years, none of Pine Capital Management
Incorporated, Hoefer & Arnett Incorporated or Mr. Arnett has
been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
(e) During the last five years, none of Pine Capital Management
Incorporated, Hoefer & Arnett Incorporated or Mr. Arnett 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) Pine Capital Management Incorporated and Hoefer & Arnett
Incorporated are California corporations. Mr. Arnett is a
citizen of the United States of America.
<PAGE> 6
CUSIP NO. 224174102 SCHEDULE 13D Page 6 of 9 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The source and amount of funds used in purchasing the Common Stock are as
follows:
<TABLE>
<CAPTION>
Purchaser Source of Funds Amount
--------- --------------- ------
<S> <C> <C>
Pine Capital Management Incorporated Funds under management $1,451,660.35
Hoefer & Arnett Incorporated Discretionary Funds $216,017.23
Bobby Lee Arnett Personal Funds $945,278.40
</TABLE>
ITEM 4. PURPOSE OF TRANSACTION
The sole purpose of the acquisitions of Common Stock reported herein was
and is for investment. See Item 6.
None of the reporting persons has present plans or intentions which will
result in or relate to any of the transactions described in subparagraphs (a)
through (j) of Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) Pine Capital Management Incorporated is the beneficial owner
of an aggregate of 128,700 shares of the Company's Common
Stock, representing approximately 3.42% of the Common Stock of
the Company outstanding. Hoefer & Arnett Incorporated is the
beneficial owner of an aggregate of 24,500 shares of the
Company's Common Stock, representing approximately 0.65% of
the Common Stock of the Company outstanding. Mr. Arnett is the
beneficial owner of an aggregate of 108,600 shares of the
Company's Common Stock, representing approximately 2.89% of
the Common Stock of the Company outstanding.
Mr. Arnett owns in excess of 10% of the outstanding shares of
Common Stock of Pine Capital Management Incorporated and
Hoefer & Arnett Incorporated. Pine Capital Management
Incorporated and Hoefer & Arnett Incorporated disclaim any
beneficial ownership in any of the securities covered by this
statement. Mr. Arnett disclaims any beneficial ownership in
any of the securities covered by this statement which are
attributable to Pine Capital Management Incorporated or Hoefer
& Arnett Incorporated.
Furthermore, Pine Capital Management Incorporated, Hoefer &
Arnett Incorporated and Mr. Arnett are of the view that they
are not acting as a "group" for purposes of Section 13(d)
under the Act and that none of them are otherwise required to
attribute to each other the "beneficial ownership" of
securities held by any of them.
<PAGE> 7
CUSIP NO. 224174102 SCHEDULE 13D Page 7 of 9 Pages
(b) Pine Capital Management Incorporated has no power to vote but
has sole power to dispose of 128,700 shares of Common Stock.
Hoefer & Arnett Incorporated has no power to vote but has sole
power to dispose of 24,500 shares of Common Stock.
Mr. Arnett has sole power to vote and to dispose of 108,600
shares of Common Stock.
(c) The persons filing this statement have not effected any
transactions in the Common Stock during the past sixty days.
(d) Other than as described in Item 6, no person is known to any
of the reporting persons to have the right to receive or the
power to direct the receipt of dividends from, or the proceeds
from the sale of, those shares of Common Stock of the Company
held by Pine Capital Management Incorporated, Hoefer & Arnett
Incorporated or Mr. Arnett.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
The securities as to which this Schedule 13D is filed by Pine
Capital Management Incorporated, in its capacity as investment advisor,
and Hoefer & Arnett Incorporated, in its capacity as broker, are held
for discretionary accounts of clients of Pine Capital Management
Incorporated and Hoefer & Arnett Incorporated, respectively. Pine
Capital Management Incorporated and Hoefer & Arnett Incorporated hold
the shares attributed to each of them, respectively, in a fiduciary
capacity. Clients of Pine Capital Management Incorporated and Hoefer &
Arnett Incorporated have the right to receive, or the power to direct
the receipt of, dividends from, or the proceeds from the sale of, such
securities. No such client is known to have such right or power with
respect to more than five percent of this class of securities. Pine
Capital Management Incorporated and Hoefer & Arnett Incorporated do not
have the power to vote, or to direct the voting of, such securities
held by either of them in their respective capacity as an adviser or
broker. Pine Capital Management Incorporated and Hoefer & Arnett
Incorporated are "affiliates" within the meaning of 17 C.F.R.
Section240.12b-2.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
A. Joint Filing Agreement
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CUSIP NO. 224174102 SCHEDULE 13D Page 8 of 9 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
PINE CAPITAL MANAGEMENT INCORPORATED
February 18, 1999 By: /s/ Kevin Daly
- ------------------------------------- ------------------------------------
(Date) Kevin Daly
President
HOEFER & ARNETT INCORPORATED
February 18, 1999 By: /s/ Philip Economopoulos
- ------------------------------------- ------------------------------------
(Date) Philip Economopoulos
Secretary
BOBBY LEE ARNETT
February 18, 1999 /s/ Bobby Lee Arnett
- ------------------------------------- ------------------------------------
(Date)
<PAGE> 9
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934,
as amended, the undersigned hereby agree to the joint filing with each other of
the attached statement on Schedule 13D and all amendments to such statement and
that such statement and all amendments to such statement is made on behalf of
each of them.
IN WITNESS WHEREOF, the undersigned hereby execute this agreement this 18th
day of February, 1999.
PINE CAPITAL MANAGEMENT INCORPORATED
By: /s/ Kevin Daly
--------------------------------------
Kevin Daly
President
HOEFER & ARNETT INCORPORATED
By: /s/ Philip Economopoulos
--------------------------------------
Philip Economopoulos
Secretary
BOBBY LEE ARNETT
/s/ Bobby Lee Arnett
--------------------------------------
