<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)*
Frisch's Restaurants, Inc.
(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
358748 10 1
(CUSIP Number)
Benjamin Nazarian
Pioneer Venture Fund
2000 Pasadena Avenue
Los Angeles, California
(213) 223-1114
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
- with a copy to -
Thomas M. Cerabino, Esq.
Willkie Farr & Gallagher
153 East 53rd Street
New York, New York 10022
August 1, 1997
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-l(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).
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SCHEDULE 13D
CUSIP No. 358748 10 1
- ----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Pioneer Venture Fund
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, OO
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY
--------- ------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 414,851
PERSON
WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
414,851
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
414,851
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.8%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
2
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SCHEDULE 13D
CUSIP No. 358748 10 1
- ----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Union Communications Company
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY
--------- ------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 62,200
PERSON
WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
62,200
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
62,200
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.9%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
3
<PAGE>
SCHEDULE 13D
CUSIP No. 358748 10 1
- ----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DBN Investment Company
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY
--------- ------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 0
PERSON
WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
0
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
4
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SCHEDULE 13D
CUSIP No. 358748 10 1
- ----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Benjamin Nazarian
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, AF, OO
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY
--------- ------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 477,051
PERSON
WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
477,051
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
477,051
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.7%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
5
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SCHEDULE 13D
CUSIP No. 358748 10 1
- ----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Dr. Pejman Salimpour
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY
--------- ------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 0
PERSON
WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
0
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
6
<PAGE>
SCHEDULE 13D
CUSIP No. 358748 10 1
- ----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Neil Kadisha
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY
--------- ------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 0
PERSON
WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
0
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
7
<PAGE>
SCHEDULE 13D
CUSIP No. 358748 10 1
- ----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Nippon Tex Inc. Profit Sharing Plan dated June 25, 1996
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY
--------- ------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 0
PERSON
WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
0
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
EP
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
8
<PAGE>
This Amendment No. 4 ("Amendment No. 4") amends the Schedule 13D (as
amended, the "Schedule 13D") filed by the Reporting Persons on February 7, 1997,
as amended by Amendment No. 1 thereto ("Amendment No. 1") filed by the Reporting
Persons on March 24, 1997, Amendment No. 2 thereto ("Amendment No. 2") filed by
the Reporting Persons on May 16, 1997, and Amendment No. 3 thereto ("Amendment
No. 3) filed by the Reporting Persons on June 9, 1997, and is being filed
pursuant to Rule 13d-2 promulgated under the Exchange Act to reflect a material
disposition of beneficial ownership of the Common Stock. Unless otherwise
indicated, all capitalized terms used but not defined herein shall have the same
meaning as set forth in the Schedule 13D.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 of the Schedule 13D is hereby amended by deleting the first
paragraph and replacing it with the following:
The total amount of funds required by PVF to purchase the Shares it
owns directly was $5,550,091.10 and was furnished from (i) a loan from UCC in
the amount of $1,801,000, as evidenced by a promissory note, a copy of which is
attached hereto as Exhibit 2 and is incorporated herein by reference, (ii) a
loan from UCC in the amount of $280,000, as evidenced by a promissory note, a
copy of which is attached hereto as Exhibit 13 and is incorporated herein by
reference, (iii) a loan from UCC in the amount of $105,000, as evidenced by a
promissory note, a copy of which is attached hereto as Exhibit 14 and is
incorporated herein by reference, (iv) a loan from UCC in the amount of
$210,000, as evidenced by a promissory note, a copy of which is attached hereto
as Exhibit 16, and (v) margin loans from Prudential Securities Incorporated
("Prudential") and Lehman Brothers Inc. ("Lehman"), made by Prudential and
Lehman in the ordinary course of their respective businesses. Copies of the
Margin Agreements between PVF and each of Prudential and Lehman are attached
hereto as Exhibits 3 and 17, respectively, and are incorporated herein by
reference.
Item 5. Interest in Securities of the Issuer.
(a) Item 5(a) of the Schedule 13D is hereby amended in its entirety to
read as follows:
The Reporting Persons beneficially own an aggregate of 477,051 Shares.
Based on information contained in the Company's Quarterly Report on Form 10-Q
filed with the Securities and Exchange Commission on April 22, 1997, the Shares
held by the
9
<PAGE>
Reporting Persons represent approximately 6.7% of the outstanding Shares.
PVF beneficially owns 414,851 Shares, representing approximately 5.8%
of the outstanding Shares. UCC beneficially owns 62,200 Shares, representing
approximately 0.9% of the outstanding Shares. DBN, Salimpour, Kadisha and Nippon
PSP do not beneficially own any Shares.
Nazarian does not own any Shares directly. However, by reason of the
control Nazarian exercises with respect to the investments of PVF, UCC and DBN,
as described in Item 6, Nazarian may be deemed under Rule 13d-3 ("Rule 13d-3")
under the Securities Exchange Act of 1934 (the "Exchange Act") to own
beneficially all of the Shares owned by PVF, UCC and DBN, if any. By reason of a
limited power of attorney executed by Salimpour giving Nazarian certain powers
as described in Item 6, Nazarian may be deemed under Rule 13d-3 to own
beneficially all of the Shares which Salimpour beneficially owns, if any. Thus,
Nazarian may be deemed to have beneficial ownership of 477,051 Shares,
representing approximately 6.7% of the outstanding Shares.
(c) Item 5(c) of the Schedule 13D is hereby amended to add the listing
of all transactions in the Common Stock effected by the Reporting Persons from
June 9, 1997, the date of filing of Amendment No. 3, through August 6, 1997.
Such listing is set forth on the attached Exhibit 21, which is incorporated
herein by reference. All transactions listed were made through brokers in open
market transactions effected on the American Stock Exchange.
Item 7. Material to be Filed as Exhibits.
Item 7 of the Schedule 13D is hereby amended to add the following
exhibit:
Exhibit 21 Schedule of transactions in the Common Stock by the
Reporting Persons from June 9, 1997 through August 6, 1997.
10
<PAGE>
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.
Dated: August 6, 1997
PIONEER VENTURE FUND
By: /s/ Benjamin Nazarian
Name: Benjamin Nazarian
Title: General Partner
UNION COMMUNICATIONS COMPANY
By: *
Name: Parviz Nazarian
Title: General Partner
DBN INVESTMENT COMPANY
By: /s/ Benjamin Nazarian
Name: Benjamin Nazarian
Title: General Partner
/s/ Benjamin Nazarian
Benjamin Nazarian
*
Dr. Pejman Salimpour
11
<PAGE>
*
Neil Kadisha
NIPPON TEX INC. PROFIT SHARING
PLAN DATED JUNE 25, 1996
By: *
Name: Eli Sassouni
Title: Trustee
* By: /s/ Benjamin Nazarian
Benjamin Nazarian
Attorney-in-Fact
12
<PAGE>
Exhibit 21
Schedule of transactions in the Common Stock
by the Reporting Persons
from June 9, 1997 through August 6, 1997
(i) PVF
Number of Price
Shares Per
Date Purchased Share(a)
- ---- --------- --------
6/11/97 16,300 $16.36
6/12/97 500 $16.45
6/13/97 4,900 $16.80
6/18/97 3,400 $17.10
6/19/97 13,000 $16.97
6/20/97 1,000 $17.25
7/1/97 1,600 $16.75
7/2/97 4,000 $16.93
(ii) UCC
Number of Price
Shares Per
Date Sold Share(a)
- ---- --------- --------
8/4/97 17,900 $15.88
8/5/97 63,812 $15.77
8/6/97 3,100 $15.75
(iii) DBN
Number of Price
Shares Per
Date Sold Share(a)
- ---- --------- --------
8/5/97 15,704 $15.88
<PAGE>
(iv) Nazarian
Number of Price
Shares Per
Date Sold Share(a)
- ---- --------- --------
8/1/97 46,324 $16.12
(v) Salimpour
Number of Price
Shares Per
Date Sold Share(a)
- ---- --------- --------
8/1/97 22,360 $16.31
(vi) Kadisha
Number of Price
Shares Per
Date Sold Share(a)
- ---- --------- --------
8/1/97 14,144 $16.31
(vii) Nippon PSP
Number of Price
Shares Per
Date Sold Share(a)
- ---- --------- --------
8/1/97 2,600 $16.31
Note:
(a) Price does not include commission.
