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OMB APPROVAL
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- -------- OMB Number: 3235-0104
FORM 3 Expires: September 30, 1997
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hours per response .... 0.5
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a)
of the Public Utility Holding Company Act of 1935 or Section 30(f)
of the Investment Company Act of 1940
(Print or Type Responses)
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<S> <C> <C> <C>
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1. Name and Address of Reporting Person* 2. Date of Event Requiring 4. Issuer Name and Ticker or 6. If Amendment, Date
PROFUTURES SPECIAL EQUITIES FUND, L.P. Statement Trading Symbol of Original
- ---------------------------------------- (Month/Day/Year) PCH, Inc. (PIHC) (Month/Day/Year)
(Last) (First) (Middle) 3/16/98 ----------------------------------------------------------
---------------------------- 5. Relationship of Reporting 7. Individual or
- ---------------------------------------- 3. IRS or Social Security Persons to Issuer Joint/Group Filing
(Street) Number of Reporting (Check all applicable) (Check Applicable
Person (Voluntary) Director X 10% Owner Law)
----- ----- [ ] Form filed by One
- -------------------------------------- ---------------------------- Officer Other Reporting Person
(City) (State) (Zip) ----- ----- (specify [X] Form filed by More
(give title below) below) than One
Reporting Person
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TABLE 1 -- NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
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1. Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect
(Instr. 4) Beneficially Owned Direct (D) or Beneficial
(Instr. 4) Indirect (I) Ownership (Instr. 5)
(Instr. 5)
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Common Stock (Class A) 309,924 D
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
* If the form is filed by more than one reporting person, see Instruction Sheet) SEC 1473 (7/96)
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FORM 3 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<S> <C> <C> <C> <C> <C>
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1. Title of Derivative Security 2. Date 3. Title and Amount of 4. Conver- 5. Owner- 6. Nature of Indirect
(Instr. 4) Exercisable and Securities Underlying sion or ship Beneficial Ownership
Expiration Date Derivative Security Exercise Form of (Instr. 5)
(Month/Day/ (Instr. 4) Price of Deriv-
Year) Deri- ative
vative Security:
Security Direct
------------------------------------------------- (D) or
Date Expira- Amount or Indirect (I)
Exercis- tion Title Number (Instr. 5)
able Date of Shares
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Series B Convertible 6/16/98* 3/16/00 Class A Common Stock VAR* VAR* D SEE ATTACHMENT SHEET*
Preferred Stock
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Explanation of Responses: PROFUTURES SPECIAL EQUITIES FUND, L.P.
* See Attachment Sheet By: ProFutures Fund Management, Inc., a
General Partner
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). By: /s/ GARY D. HALBERT 3/19/98
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Note. File three copies of this Form, one of which must be manually signed. **Signature of Reporting Person Date
If space provided is insufficient, See Instruction 6 for procedure. Gary D. Halbert, President
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently Page 2
valid OMB Number. SEC 1473 (7/96)
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Attachment Sheet to
Initial Statement of Beneficial Ownership of Securities
on Form 3
Table I
Item
1.
Addition
Additional Reporting Persons:
ProFutures Fund Management, Inc.
1310 Highway 620 South -- Suite 200
Austin, Texas 78734
Gary D. Halbert
1310 Highway 620 South -- Suite 200
Austin, Texas 78734
Golden Eye Asset Management, Inc.
1310 Highway 620 South -- Suite 200
Austin, Texas 78734
Marte W. Anderson
1310 Highway 620 South -- Suite 200
Austin, Texas 78734
John F. Mauldin
1000 The Ballpark in Arlington -- Suite 216
Arlington, Texas 76011
Table II
Item
3 and 4.
Addition
On March 16, 1998, the Group,consisting of ProFutures Special Equities
Fund, L.P. ("PSEF"), Gary D. Halbert ("Halbert") and John F. Mauldin
("Mauldin"), purchased directly from the Company in a private transaction: (a)
750 shares of Series B Convertible Preferred Stock (the "Preferred Stock"); and
(b) Warrants, all of which were convertible into shares of Class A Common
Stock, $0.01 par value, of the Company, for an aggregate purchase price of
$750,000 (including any brokerage commissions). The Preferred Stock may be
converted into the Common Stock at any time at a price equal to 80% of the
average of the closing bid prices on NASDAQ for the five trading days preceding
the date of conversion; subject to a minimum conversion price and a maximum
conversion price. The Company has agreed to pay the difference if the
conversion
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price is below such minimum conversion price by delivering a promissory note.
The Warrants are convertible at any time for up to three years at the closing
bid price per share of the Common Stock on March 16, 1998. The Group may
convert the Preferred Stock beginning on the earlier of June 16, 1998 or
registration of the underlying shares of Common Stock.
The aggregate number of shares of Common Stock owned beneficially by the
Group as of the close of business on March 16, 1998 was 754,794, or
approximately 14.27% of the shares of Common Stock outstanding. This percentage
is based upon (a) an assumed conversion price per share of $1.85 and (b)
4,704,956 shares of Common Stock reported to be issued in the March 13, 1998
transaction documents between the Company and the Group plus 584,078 shares of
Common Stock due upon conversion and exercise of the Preferred Stock and
Warrants, respectfully.
Number of
Shares Directly Percentage of
Ownership Owned Outstanding Shares*
PSEF 606,509 11.46 %
Gary D. Halbert 88,971 1.69 %
John F. Mauldin 59,314 1.12 %
TOTAL 754,794 14.27 %
Item
5 and 6.
Addition
The securities listed are beneficially owned by PSEF. The General
Partners of PSEF are ProFutures Fund Management, Inc. and Golden
Eye Asset Management, Inc. The controlling shareholder of ProFutures
Fund Management, Inc. is Gary D. Halbert. The controlling shareholder
of Golden Eye Asset Management, Inc. is Marte W. Anderson. John F.
Mauldin is a Vice President of ProFutures Fund Management, Inc.
By virtue of these facts, each of the entities and persons may be
deemed to have indirect beneficial ownership of the securities.
Each of these entities and persons disclaims such beneficial ownership.
Additional Signature Page to Form 3 and
Joint Filing Agreement
The undersigned hereby agree that this Form 3 is filed on behalf of each
of them.
Dated: March 19, 1998
PROFUTURES SPECIAL EQUITIES FUND, L.P.
By: ProFutures Fund Management, Inc., a General Partner
By: /s/ Gary D. Halbert
Gary D. Halbert, President
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PROFUTURES FUND MANAGEMENT, INC.
By: /s/ Gary D. Halbert
Gary D. Halbert, President
/s/ Gary D. Halbert
Gary D. Halbert
GOLDEN EYE ASSET MANAGEMENT, INC.
By: /s/ Marte W. Anderson
Marte W. Anderson, President
/s/ Marte W. Anderson
Marte W. Anderson
/s/ John F. Mauldin
John F. Mauldin