<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 3 )*
Wedgestone Financial
- --------------------------------------------------------------------------------
(Name of Issuer)
Shares of Beneficial Interest, $1.00 par value
- --------------------------------------------------------------------------------
(Title of Class of Securities)
948900 10 5
---------------------------------
(CUSIP Number)
John C. Shaw James J. Pinto Kevin L. Crudden
520 Madison Avenue 235 Sunrise Highway Robins, Kaplan, Miller
40th Floor Suite 3224 & Ciresi L.L.P.
New York, New York 10022 Palm Beach, FL 33480 2800 LaSalle Plaza
(212) 980-3883 (212) 980-3883 800 Lasalle Ave
Mpls, MN 55412
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communication)
February 24, 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 Rule 13d-1(b)(3) or (4), check the following box / /.
Check the following box if a fee is being paid with the statement / /. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
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 ("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. 948900 10 5 PAGE 2 OF 19 PAGES
- ------------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James J. Pinto
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,613,865 (indirectly by PFG Corp.); 100,000 (directly)
NUMBER OF ------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 6,795,223 (indirectly through Stockwood LLC)
EACH ------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 1,613,865 (indirectly by PFG Corp.); 100,000 (directly)
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
6,795,223 (indirectly through Stockwood LLC)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,613,865 (indirectly by PFG Corp.); 100,000 (directly)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* /X/
6,795,223
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
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2 of 19
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SCHEDULE 13D
- ------------------------- ------------------
CUSIP NO. 948900 10 5 PAGE 3 OF 19 PAGES
- ------------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PFG Corp.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,613,865
NUMBER OF ------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH ------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 1,613,865
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,613,685
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* /X/
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
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3 of 19
<PAGE>
SCHEDULE 13D
- ------------------------- ------------------
CUSIP NO. 948900 10 5 PAGE 4 OF 19 PAGES
- ------------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
John C. Shaw
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,663,865 (indirectly by JCS Holdings Corp.);40,834 (directly)
NUMBER OF ------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 6,795,223 (indirectly through Stockwood LLC)
EACH ------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 1,663,865 (indirectly by JCS Holdings Corp.);40,834 (directly)
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
6,795,223 (indirectly through Stockwood LLC)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,663,865 (indirectly by JCS Holdings Corp.);40,834 (directly)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* /X/
0
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
4 of 19
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SCHEDULE 13D
- ------------------------- ------------------
CUSIP NO. 948900 10 5 PAGE 5 OF 19 PAGES
- ------------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
JCS Holdings Corp.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,663,865
NUMBER OF ------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH ------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 1,663,865
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,663,865
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* /X/
0
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
5 of 19
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SCHEDULE 13D
- ------------------------- ------------------
CUSIP NO. 948900 10 5 PAGE 6 OF 19 PAGES
- ------------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jerry M. Seslowe
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,663,865 (indirectly by JMS Holdings Co. Inc.); 40,833
(directly)
NUMBER OF ------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 6,795,223 (indirectly through Stockwood LLC)
EACH ------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 1,663,865 (indirectly by JMS Holdings Co. Inc.); 40,833
(directly)
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
6,795,223 (indirectly through Stockwood LLC)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,663,865 (indirectly by JMS Holdings Co. Inc.); 40,833 (directly)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* /X/
0
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
6 of 19
<PAGE>
SCHEDULE 13D
- ------------------------- ------------------
CUSIP NO. 948900 10 5 PAGE 7 OF 19 PAGES
- ------------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
JMS Holdings Co. Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,663,865
NUMBER OF ------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH ------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 1,663,865
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,663,865
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* /X/
0
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
7 of 19
<PAGE>
SCHEDULE 13D
- ------------------------- ------------------
CUSIP NO. 948900 10 5 PAGE 8 OF 19 PAGES
- ------------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Richard A. Bartlett
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,663,865 (indirectly by RAB Management Corp.); 56,833
(directly)
NUMBER OF ------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 6,795,223 (indirectly through Stockwood LLC)
EACH ------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 1,663,865 (indirectly by RAB Management Corp.); 56,833
(directly)
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
6,795,223 (indirectly through Stockwood LLC)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,663,865 (indirectly by RAB Management Corp.)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* /X/
0
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
8 of 19
<PAGE>
SCHEDULE 13D
- ------------------------- ------------------
CUSIP NO. 948900 10 5 PAGE 9 OF 19 PAGES
- ------------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
RAB Management Corp.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,663,865
NUMBER OF ------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH ------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 1,663,865
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,663,865
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* /X/
0
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
9 of 19
<PAGE>
SCHEDULE 13D
- ------------------------- -------------------
CUSIP NO. 948900 10 5 PAGE 10 OF 19 PAGES
- ------------------------- -------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Stockwood LLC, a Minnesota limited liability company
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
6,795,223
NUMBER OF ------------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH ------------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 6,795,223
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,795,223
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* /X/
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
31.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
10 of 19
<PAGE>
INSTRUCTIONS FOR COVER PAGE
(1) NAMES AND SOCIAL SECURITY NUMBERS OF REPORTING PERSONS - Furnish the full
legal name of each person for whom the report is filed - i.e., each person
required to sign the schedule itself - including each member of a group. Do
not include the name of a person required to be identified in the report
but who is not a reporting person. Reporting persons are also requested to
furnish their Social Security or I.R.S. identification numbers, although
disclosure of such numbers is voluntary, not mandatory (see "Special
Instructions for Complying with Schedule 13D" below).
(2) If any of the shares beneficially owned by a reporting person are held a- a
member of a group and such membership is expressly affirmed, please check
row 2(a). If the membership in a group is disclaimed or the reporting
person describes a relationship with other persons but does not affirm the
existence of a group, please check row 2(b) [unless a joint filing pursuant
to Rule 13d-1(f)(1) in which case it may not be necessary to check row
2(b)].
(3) The 3rd row is for SEC internal use; please leave blank.
(4) Classify the source of funds or other Consideration used or to be used in
making purchases as required to be disclosed pursuant to Item 3 of Schedule
13D and insert the appropriate symbol (or symbols if more than one is
necessary in row (4):
<TABLE>
<CAPTION>
CATEGORY OF SOURCE SYMBOL
<S> <C>
Subject Company (Company whose securities are being acquired). . . . .SC
Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .BK
Affiliate (of reporting person). . . . . . . . . . . . . . . . . . . .AF
Working Capital (of reporting person). . . . . . . . . . . . . . . . .WC
Personal Funds (of reporting person) . . . . . . . . . . . . . . . . .PF
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .OO
</TABLE>
(5) If disclosure of legal proceedings or actions is required pursuant to
either Items 2(d) or 2(e) of Schedule 13D, row 5 should be checked.
(6) CITIZENSHIP OR PLACE OF ORGANIZATION - Furnish citizenship if the named
reporting person is a natural person. Otherwise, furnish place of
organization. (See Item 2 of Schedule 13D.)
(7)-(11),(13) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON,
ETC. - Rows (7) through (11) inclusive, and (13) are to be completed in
accordance with the provisions of Item 5 of Schedule 13D. All percentages
are to be rounded off to nearest tenth (one place after decimal point).
(12) Check if the aggregate amount reported as beneficially owned in row (11)
does not include shares which the reporting person discloses in the report
but as to which beneficial ownership is disclaimed pursuant to Rule 13d-4
[17 CFR 240.13d-4] under the Securities Exchange Act of 1934.
(14) TYPE OF REPORTING PERSON - Please classify each "reporting person"
according to the following breakdown and place the appropriate symbol (or
symbols, i.e., if more than one is applicable, insert all applicable
symbols) on the form:
<TABLE>
<CAPTION>
CATEGORY SYMBOL
<S> <C>
Broker-Dealer. . . . . . . . . . . . . . . . . . . . . . . . . . . . .BD
Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .BK
11 of 19
<PAGE>
Insurance Company. . . . . . . . . . . . . . . . . . . . . . . . . . .IC
Investment Company . . . . . . . . . . . . . . . . . . . . . . . . . .IV
Investment Adviser . . . . . . . . . . . . . . . . . . . . . . . . . .IA
Employee Benefit Plan, Pension Fund, or Endowment Fund . . . . . . . .EP
Parent Holding Company . . . . . . . . . . . . . . . . . . . . . . . .HC
Corporation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .CO
Partnership. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .PN
Individual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .IN
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .OO
</TABLE>
NOTES:
Attach as many copies of the second part of the cover page as are needed, one
reporting person per page.
Filing persons may, in order to avoid unnecessary duplication, answer items on
the schedules (Schedule 13D, 13G or 14D-1) by appropriate cross references to an
item or items on the cover page(s). This approach may only be used where the
cover - page item or items provide all the disclosure required by the schedule
item. Moreover, such a use of a cover page item will result in the item
becoming a part of the schedule and accordingly being considered as "filed" for
purposes of Section 18 of the Securities Exchange Act or otherwise subject to
the liabilities of that section of the Act.
Reporting persons may comply with their COVER PAGE filing requirements by filing
either completed copies of the blank forms available from the Commission,
printed or typed facsimiles, or computer printed facsimiles, provided the
documents filed have identical formats to the forms prescribed in the
Commission's regulations and meet existing Securities Exchange Act rules as to
such matters as clarity and size (Securities Exchange Act Rule 12b-12).
SPECIAL INSTRUCTIONS FOR COMPLYING WITH SCHEDULE 13D
Under Sections 13(d) and 23 of the Securities Exchange Act of 1934 and the rules
and regulations thereunder, the Commission is authorized to solicit the
information required to be supplied by this schedule by certain security holders
of certain issuers.
Disclosure of the information specified in this schedule is mandatory, except
for Social Security or I.R.S. identification numbers, disclosure of which is
voluntary. The information will be used for the primary purpose of determining
and disclosing the holdings of certain beneficial owners of certain equity
securities. This statement will be made a matter of public record. Therefore,
any information given will be available for inspection by any member of the
public.
Because of the public nature of the information, the Commission can utilize it
for a variety of purposes, including referral to other governmental authorities
or securities self-regulatory organizations for investigatory purposes or in
connection with litigation involving the federal securities laws or other civil,
criminal or regulatory statements or provisions. Social Security or I.R.S.
identification numbers, if furnished, will assist the Commission in identifying
security holders and, therefore in promptly processing statements of beneficial
ownership of securities.
12 of 19
<PAGE>
Failure to disclose the information requested by this schedule, except for
Social Security or I.R.S. identification numbers may result in civil or criminal
action against the persons involved for violation of the federal securities laws
and rules promulgated thereunder.
GENERAL INSTRUCTIONS
i. The item numbers and captions of the items shall be included but
the text of the items is to be omitted. The answers to the items
shall be so prepared as to indicate clearly the coverage of the
items without referring to the text of the items. Answer every
item. If an item is inapplicable or the answer is in the
negative, so state.
ii. Information contained in exhibits to the statements may be
incorporated by reference in answer or partial answer to any item
or sub-item of the statement unless it would render such answer
misleading, incomplete, unclear or confusing. Matter
incorporated by reference shall be clearly identified in the
reference by page, paragraph, caption or otherwise. An express
statement that the specified matter is incorporated by reference
shall be made at the particular place in the statement where the
information is required. A copy of any information or a copy of
the pertinent pages of a document containing such information
which is incorporated by reference shall be submitted with this
statement as an exhibit and shall be deemed to be filed with the
Commission for all purposes of the Act.
iii. If the statement is filed by a general or limited partnership,
syndicate, or other group, the information called for by Items
2-6, inclusive, shall be given with respect to (I) each partner
of such general partnership; (ii) each partner who is denominated
as a general partner or who functions as a general partner of
such limited partnership; (iii) each member of such syndicate or
group; and (iv) each person controlling such partner or member.
If the statement is filed by a corporation or if a person
referred to in (I), (ii), (iii) or (iv) of this Instruction is a
corporation, the information called for by the above mentioned
items shall be given with respect to (a) each executive officer
and director of such corporation; (b) each person controlling
such corporation; and each executive officer and director of any
corporation or other person ultimately in control of such
corporation.
13 of 19
<PAGE>
ITEM 1. SECURITY AND ISSUER
This Amendment No. 3 amends the statement on Schedule 13D (the "Schedule
13D") filed with the Securities and Exchange Commission (the "Commission") on
or about June 15, 1992 by each of James J. Pinto, John C. Shaw, Jerald M.
Seslowe and Richard A. Bartlett III, and their respective affiliates, and
amended by each of such persons on or about November 18, 1994, together with
the Schedule 13D filed with the Commission on or about March 6, 1996 by
Stockwood LLC.
This Schedule 13D relates to shares of beneficial interest, $1.00 par value
(the "Shares") of Wedgestone Financial, a Massachusetts business trust
("Wedgestone"). The principal executive office and mailing address of
Wedgestone is 5200 North Irwindale Avenue, Suite 168, Irwindale, California
91706. This Schedule 13D is being filed because the Reporting Persons have
formed a group for the purpose described below.
This Amendment is being filed because the foregoing persons and their
affiliates have revised the purpose of the transaction (see Item 4 below).
ITEM 2. IDENTITY AND BACKGROUND
This Amendment is filed on behalf of the Pinto Reporting Persons, the Shaw
Reporting Persons, the Seslowe Reporting Persons and the Bartlett Reporting
Persons, all as defined below, and Stockwood LLC. All of the foregoing persons
or entities are collectively referred to herein as the "Reporting Persons."
PINTO REPORTING PERSONS
This statement is being filed on behalf of (i) PFG Corp., a Delaware
corporation which primarily acts as an investment holding company for James J.
Pinto with its principal business address at 235 Sunrise Highway, Suite 3224,
Palm Beach, Florida 33480, and (ii) James J. Pinto the president and sole
stockholder of PFG Corp. (collectively PFG Corp. and Mr. Pinto are referred to
as the "Pinto Reporting Persons"). Mr. Pinto is the President of PFG Corp. and
his primary business address is 235 Sunrise Highway, Suite 3224, Palm Beach,
Florida 33480. Mr. Pinto's ownership of the Shares is indirect as a result of
his ownership and control of PFG Corp. (See Item 5)
SHAW REPORTING PERSONS
This statement is being filed on behalf of (i) JCS Holdings Corp., a
Delaware corporation ("JCS Corp."), which primarily acts as a personal
investment holding company for John C. Shaw with its principal business address
at 65 Roosevelt Avenue, Valley Stream, New York 11581, and (ii) John C. Shaw the
president and sole stockholder of JCS Corp. (collectively JCS Corp. and Mr. Shaw
are referred to as the "Reporting Persons"). Mr. Shaw is a Managing Director of
Resource Holdings Ltd., his primary business activity, and his principal
business address is 520 Madison Avenue, New York, New York 10022 (40th Floor).
Mr. Shaw's ownership of the Shares is indirect as a result of his ownership and
control of JCS Corp. (See Item 5)
SESLOWE REPORTING PERSONS
This statement is being filed on behalf of (i) JMS Holdings Corp., a
Delaware corporation ("JMS Corp."), which primarily acts as a personal
investment holding company for Jerry M. Seslowe with its principal business
address at 65 Roosevelt Avenue, Valley Stream, New York 11581, and (ii) Jerry M.
Seslowe the president and sole stockholder of JMS Corp. (collectively JMS Corp.
and Mr. Seslowe are referred to as the "Reporting Persons"). Mr. Seslowe is a
Managing Director of Resource Holdings Ltd., his primary business activity, and
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his principal business address is 520 Madison Avenue, New York, New York 10022
(40th Floor). Mr. Seslowe's ownership of the Shares is indirect as a result of
his ownership and control of JMS Corp. (See Item 5)
BARTLETT REPORTING PERSONS
This statement is being filed on behalf of (i) RAB Management Corp. a
Delaware corporation ("RAB Corp."), which primarily acts as a personal
investment holding company for Richard A. Bartlett with its principal business
address at 65 Roosevelt Avenue, Valley Stream, New York 11581, and (ii)
Richard A. Bartlett the president and sole stockholder of RAB Corp.
(collectively RAB Corp. and Mr. Bartlett are referred to as the "Reporting
Persons"). Mr. Bartlett is a Managing Director of Resource Holdings Ltd., his
primary business activity, and his principal business address is 520 Madison
Avenue, New York, New York 10022 (40th Floor). Mr. Bartlett's ownership of the
Shares is indirect as a result of his ownership and control of RAB Corp. (See
Item 5)
STOCKWOOD LLC
This statement is being filed on behalf of Stockwood LLC, a Minnesota
limited liability company ("Stockwood"), with its principal business address at
520 Madison Avenue, 40th Floor, New York, New York 10022. The principal
business of Stockwood is to hold the shares of Wedgestone along with and as
security for certain debt owing to Wedgestone Financial. Stockwood is strictly
a holding company with no present operations or employees.
Stockwood is indirectly owned and/or controlled by Resource Holdings
Associates ("Associates"), 520 Madison Avenue, New York, New York 10022 (40th
Floor). John Shaw is the managing director and a shareholder of Resource
Holdings Ltd., the general partner of Associates, and is also a trustee of
Wedgestone and beneficially owns in excess of 5% of the shares of Wedgestone as
reported on a Schedule 13D filed on or about June 15, 1992, and amended on or
about November 18, 1994. Two other shareholders of Resource Holdings Ltd.,
Richard A. Bartlett III and Jerry M. Seslowe each beneficially owns in excess of
5% of the shares of Wedgestone as reported on separate Schedule 13Ds filed on or
about June 15, 1992.
Stockwood is also indirectly owned by PFG Corp. PFG Corp. is an entity
beneficially owned and controlled by James J. Pinto, who owns beneficially in
excess of 5% of the shares of Wedgestone as reported on a Schedule 13D filed on
or about June 15, 1992 and amended on or about November 18, 1994.
Each of the Messrs. Shaw, Pinto, Seslowe and Bartlett disclaim beneficial
ownership of any Shares held by the other shareholders and specifically Mr.
Pinto disclaims beneficial ownership of Shares held by Resource and Messrs.
Shaw, Seslowe and Bartlett disclaim beneficial ownership of Shares held by PFG
Corp.
* * * * * *
To the best knowledge of the Reporting Persons, none of the entities or
persons identified in this Item 2, during the past five years, has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or has been 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.
Messrs. Pinto, Shaw, Seslowe and Bartlett are citizens of the United States of
America.
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ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The Reporting Persons received the securities described in Item 5 below in
1992 and 1994 except for Stockwood LLC which received the securities in March
1996. Since 1995, the Reporting Persons (other than Stockwood LLC as indicated
in the prior sentence) have not purchased additional Shares of Wedgestone.
ITEM 4. PURPOSE OF TRANSACTION
The Reporting Persons previously acquired the securities of Wedgestone in
the ordinary course of their business. On February 9, 1998, the Board of
Trustees of Wedgestone approved a cash tender offer (the "Offer") to acquire all
of the outstanding shares of Wedgestone, other than from the Reporting Persons
for $0.67 per share (the "Per Share Amount"), net to the seller in cash, upon
the terms and subject to the conditions of the Offer in connection with a
proposed "going private" transaction.
Following consummation of the Offer, the Reporting Persons, if necessary,
may form a company and merge with and into Wedgestone (the "Merger"), with
Wedgestone being the surviving entity. After the Merger, the Reporting Persons
will collectively own all of the Shares.
In connection with the Offer and the Merger, the Reporting Persons and
Wedgestone have entered into a Clawback Agreement dated as of February 9, 1998
which provides that if there is a "change of control" of Wedgestone within one
(1) year following the later of the date of consummation of the Offer or the
date of consummation of the Merger, which results in the receipt by the
Reporting Persons of a sum in excess of $14,663,398 (i.e., the Per Share Amount
multiplied by the 21,885,668 shares currently issued and outstanding), the
public shareholders shall receive their proportionate share of any excess over
the Per Share Amount.
The foregoing description is qualified in its entirety by the Clawback
Agreement which is attached hereto as Exhibit A and incorporated by reference.
If the Merger is consummated as contemplated in the Offer to Purchase to be
filed by Wedgestone with the Securities and Exchange Commission, then (i) each
of the outstanding shares of Wedgestone (other than shares held by shareholders
who have demanded and perfected dissenter's rights, if any, under Massachusetts
law) will be converted into the right to receive cash, (ii) Wedgestone's Board
of Trustees will be replaced with a new Board of Trustees, consisting of four
members, consisting of Messrs. Pinto, Shaw, Seslowe, and Bartlett, (iii)
Wedgestone's Shares will no longer be listed on Nasdaq and (iv) the registration
of Wedgestone's Shares under Section 12(b) of the Securities Exchange Act of
1934 will be terminated.
Other than as set forth in this statement, none of the Reporting Persons
presently has any present plans or proposals that relate to or would result in
any of the consequences listed in paragraphs (a)-(j) of Schedule 13D, or any
agreement regarding such matters, although they may in the future take actions
that would have such consequences.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) and (b)
The direct beneficial ownership of Shares of the Pinto Reporting Persons is
1,613,865 Shares owned by PFG Corp. and 100,000 Shares owned by Mr. Pinto which,
in the aggregate, constitute 7.9% of the outstanding shares of Wedgestone. By
reason of ownership and control of PFG Corp., Mr. Pinto may be deemed to be a
beneficial owner of the Shares owned by PFG Corp. By reason of ownership of
P-Wood, Inc., which has a
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minority ownership in Stockwood LLC, the Pinto Reporting Persons disclaim
beneficial interest of Shares owned by P-Wood, Inc. through Stockwood LLC.
The direct beneficial ownership of Shares of the Shaw Reporting Persons is
1,663,865 Shares owned by JCS Corp. and 40,834 Shares owned by Mr. Shaw which
constitute approximately 7.8% of the outstanding Shares of Wedgestone. By
reason of ownership and control of JCS Corp., Mr. Shaw may be deemed to be a
beneficial owner of the Shares owned by JCS Corp.
The direct beneficial ownership of Shares of the Seslowe Reporting Persons
is 1,663,865 Shares owned by JMS Corp. and 40,833 Shares owned by Mr. Seslowe
which constitute approximately 7.8% of the outstanding Shares of Wedgestone. By
reason of ownership and control of JMS Corp., Mr. Seslowe may be deemed to be a
beneficial owner of the Shares owned by JMS Corp.
The direct beneficial ownership of Shares of the Bartlett Reporting Persons
is 1,663,865 Shares owned by RAB Corp. and 56,833 Shares owned by Mr. Bartlett
which constitute approximately 7.9% of the outstanding Shares of Wedgestone. By
reason of ownership and control of RAB Corp., Mr. Bartlett may be deemed to be a
beneficial owner of the Shares owned by RAB Corp.
(c), (d) and (e)
Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
The Reporting Persons do not have any contract, arrangement, understanding
or relationship with any person with respect to any securities of Wedgestone
other than the Clawback Agreement described in Item 4.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
1. Clawback Agreement by and among Wedgestone, PFG Corp., JCS Corp., JMS
Corp., RAB Corp. and Stockwood LLC dated February 9, 1998.
* * * * * *
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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.
JCS Holdings Corp.
February 24, 1998 /s/ John C. Shaw
--------------------------------
John C. Shaw
Its: President
/s/ John C. Shaw
--------------------------------
John C. Shaw, individually
PFG Corp.
February 24, 1998 /s/ James J. Pinto
---------------------------------
James J. Pinto
Its: President
/s/ James J. Pinto
--------------------------------
James J. Pinto, individually
JMS Holdings Corp.
February 24, 1998 /s/ Jerry M. Seslowe
--------------------------------
Jerry M. Seslowe
Its: President
/s/ Jerry M. Seslowe
--------------------------------
Jerry M. Seslowe, individually
RAB Management Corp.
February 24, 1998 /s/ Richard A. Bartlett III
--------------------------------
Richard A. Bartlett III
Its: President
/s/ Richard A. Bartlett III
--------------------------------
Richard A. Bartlett III, individually
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Stockwood LLC
February 24, 1998 /s/ John C. Shaw
--------------------------------
John C. Shaw
Its: General Manager
The original statement shall be signed by each person on whose behalf the
statement is filed or his authorized representative. If the statement is signed
on behalf of a person by his authorized representative (other than an executive
officer or general partner of this filing person), evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature.
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001)
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CLAWBACK AGREEMENT
This Clawback Agreement (this "Agreement") is made effective as of
February__, 1998 by and among Wedgestone Financial, a Massachusetts business
trust, and its successors and assigns (the "Company") and JCS Holdings Corp.,
PFG Corp., JMS Holdings Co. Inc., RAB Management Corp. and their respective
affiliates, which are controlled by John C. Shaw, James J. Pinto, Richard A.
Bartlett III and Gerald M. Seslowe, repectively, and Stockwood LLC, a Minnesota
limited liability company (collectively, the "Remaining Shareholders").
WHEREAS, the Remaining Shareholders own 62.1% of the shares of beneficial
interest, $1.00 par value, of the Company;
WHEREAS, the Company is making a tender offer to purchase the issued and
outstanding shares of beneficial interest, $1.00 par value (the "Offer"), held
by persons or entities other than the Remaining Shareholders (the "Public
Shareholders") at the price set forth in the Offer to Purchase, including any
amendments thereto (the "Offer Price"); and
WHEREAS, pursuant to the Offer, the Remaining Shareholders have agreed to
share with the Public Shareholders any Excess Proceeds (as defined herein), if
any, received in the future as a result of certain change in control
transactions as set forth herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and the Remaining
Shareholders hereby agree as follows:
1. DEFINITIONS.
a. "Change of Control" means the occurrence of any of the following:
(i) the sale, lease, transfer, conveyance or other disposition (other than
by way of merger or consolidation), in one or a series of related
transactions, of all or substantially all of the assets of the Company or
any successor to the Company to any "person" (as such term is used in
Section 13(d)(3) of the Securities Exchange Act of 1934, as amended); (ii)
the adoption of a plan relating to the liquidation or dissolution of the
Company or any successor to the Company; or (iii) the consummation of any
transaction (including, without limitation, any merger or consolidation)
the result of which is that any "person" (as defined above), other than the
Remaining Shareholders, acquires a direct or indirect interest in more than
50% of the voting power of the shares of beneficial interest of the Company
or any successor to the Company.
b. Unless otherwise defined herein, all initially capitalized terms
herein shall have the same definitions set forth in the Offer to Purchase,
including any amendments thereto, filed by the Company with the Securities
and Exchange Commission.
<PAGE>
2. AGREEMENT REGARDING PROCEEDS UPON A CHANGE OF CONTROL. In the event a
Change of Control occurs at any time within twelve (12) months following the
later of the date of consummation of the Offer or the date of consummation of
the Merger, the parties agree that if the aggregate amount of proceeds received
by the Remaining Shareholders as a result of such Change of Control (the
"Proceeds") exceeds the product of the Offer Price multiplied by the 21,885,668
shares currently issued and outstanding (the "Total Purchase Price"), then any
positive difference between the Proceeds and the Total Purchase Price (the
"Excess Proceeds") shall be distributed by the Company as follows: the
Remaining Shareholders shall receive their proportionate share of the Excess
Proceeds (i.e. 62.1%, collectively) and the Public Shareholders of record on the
date immediately prior to the commencement of the Offer shall receive the
remaining amount of the Excess Proceeds (i.e. 37.9%, collectively) in proportion
to their ownership interests.
3. TRANSFER OF RIGHTS. This Agreement shall be binding on any heirs,
successors or permitted assigns of the parties.
4. ENTIRE AGREEMENT. This Agreement contains the entire agreement of the
parties and there are no other promises or conditions in any other agreement
whether oral or written. This Agreement supersedes any prior written or oral
agreements between the parties.
5. SEVERABILITY. If any provision of this Agreement shall be held to be
invalid or unenforceable for any reason, the remaining provisions shall continue
to be valid and enforceable. If a court finds that any provision of this
Agreement is invalid or unenforceable, but that by limiting such provision it
would become valid or enforceable, then such provision shall be deemed to be
written, construed, and enforced as so limited.
6. TERM. This Agreement shall terminate twelve (12) months following the
later of the date of consummation of the Offer or the date of consummation of
the Merger.
7. APPLICABLE LAW. This Agreement shall be governed by and construed
according to the laws of the State of New York.
8. COUNTERPARTS. This Agreement may be executed in one or more
counterparts all of which taken together will constitute one and the same
instrument.
************************
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WEDGESTONE FINANCIAL
By:
---------------------------------
Name:
---------------------------------
Its:
---------------------------------
JCS Holdings Corp.
By:
- ----------------------------- ---------------------------------
John C. Shaw Name:
---------------------------------
Its:
---------------------------------
PFG Corp.
By:
- ----------------------------- ---------------------------------
James J. Pinto Name:
---------------------------------
Its:
---------------------------------
JMS Holdings Co. Inc.
By:
- ----------------------------- ---------------------------------
Gerald M.. Seslowe Name:
---------------------------------
Its:
---------------------------------
RAB Management Corp.
By:
- ----------------------------- ---------------------------------
Richard A. Bartlett III Name:
---------------------------------
Its:
---------------------------------
Stockwood LLC
By:
---------------------------------
Name:
---------------------------------
Its:
---------------------------------
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