<PAGE>1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
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
March 20, 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).
<PAGE>2
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 --------- ----------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 324,051
WITH
--------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
324,051
- ----------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
324,051
- ----------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.5%
- ----------- ------------------------------------------------------------------
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.
<PAGE>3
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 --------- ----------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 45,612
WITH
--------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
45,612
- ----------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
45,612
- ----------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.6%
- ----------- ------------------------------------------------------------------
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.
<PAGE>4
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 --------- ----------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 15,704
WITH
--------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
15,704
- ----------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
15,704
- ----------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
- ----------- ------------------------------------------------------------------
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.
<PAGE>5
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 46,324
BENEFICIALLY
OWNED BY --------- ----------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 385,367
WITH
--------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
46,324
--------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
407,727
- ----------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
454,051
- ----------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.4%
- ----------- ------------------------------------------------------------------
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.
<PAGE>6
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 22,360
BENEFICIALLY
OWNED BY --------- ----------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 0
WITH
--------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
22,360
- ----------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
22,360
- ----------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.3%
- ----------- ------------------------------------------------------------------
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.
<PAGE>7
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 14,144
BENEFICIALLY
OWNED BY --------- ----------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 0
WITH
--------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
14,144
--------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ----------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
14,144
- ----------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
- ----------- ------------------------------------------------------------------
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.
<PAGE>8
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 2,600
BENEFICIALLY
OWNED BY --------- ----------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 0
WITH
--------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
2,600
--------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ----------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
2,600
- ----------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.04%
- ----------- ------------------------------------------------------------------
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.
<PAGE>9
This Amendment No. 1 ("Amendment No. 1") amends the Schedule 13D filed
by the Reporting Persons on February 7, 1997 (the "Schedule 13D"), and is being
filed to reflect a material acquisition of beneficial ownership of the Common
Stock as required by Rule 13d-2 promulgated under the Exchange Act. 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 two
paragraphs and replacing them with the following:
The total amount of funds required by PVF to purchase the Shares it
owns directly was $4,609,130.10 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, and (iv) a margin loan from Prudential
Securities Incorporated ("Prudential"), made by Prudential in the ordinary
course of its business. A copy of the Margin Agreement between PVF and
Prudential is attached hereto as Exhibit 3 and is incorporated herein by
reference.
The total amount of funds required by UCC to purchase the Shares it
owns directly was $580,993.73 and was furnished from margin loans from
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 UCC and each of Prudential and Lehman are attached hereto as
Exhibits 4(a) and 4(b) 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 470,795
Shares. Based on information contained in the Company's
<PAGE>10
Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission
on January 29, 1997, the Shares held by the Reporting Persons represent
approximately 6.6% of the outstanding Shares.
PVF beneficially owns 324,051 Shares, representing approximately 4.5%
of the outstanding Shares. UCC beneficially owns 45,612 Shares, representing
approximately 0.6% of the outstanding Shares. DBN beneficially owns 15,704
Shares, representing approximately 0.2% of the outstanding Shares. Nazarian
directly owns 46,324 Shares, representing approximately 0.6% of the outstanding
Shares. Salimpour beneficially owns 22,360 Shares, representing approximately
0.3% of the outstanding Shares. Kadisha beneficially owns 14,144 Shares,
representing approximately 0.2% of the outstanding Shares. Nippon PSP
beneficially owns 2,600 Shares, representing approximately 0.04% of the
outstanding Shares.
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. 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. Thus, Nazarian may be deemed to have beneficial ownership of 454,051
Shares, representing approximately 6.4% 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 since
February 7, 1997, the date of filing of the Schedule 13D. Such listing is set
forth on the attached Exhibit 15, 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
exhibits:
Exhibit 13 Promissory Note, dated March 10, 1997, made by PVF
for the benefit of UCC
<PAGE>11
Exhibit 14 Promissory Note, dated March 18, 1997, made by PVF for the
benefit of UCC
Exhibit 15 Schedule of transactions in the Common Stock by the
Reporting Persons from February 7, 1997 through March 24,
1997
<PAGE>12
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: March 24, 1997
PIONEER VENTURE FUND
By: /s/ Benjamin Nazarian
Name: Benjamin Nazarian
Title: General Partner
UNION COMMUNICATIONS COMPANY
By: /s/ Parviz Nazarian
Name: Parviz Nazarian
Title: General Partner
DBN INVESTMENT COMPANY
By: /s/ Benjamin Nazarian
Name: Benjamin Nazarian
Title: General Partner
/s/ Benjamin Nazarian
Benjamin Nazarian
/s/ Pejman Salimpour
Dr. Pejman Salimpour
<PAGE>13
/s/ Neil Kadisha
Neil Kadisha
NIPPON TEX INC. PROFIT SHARING
PLAN DATED JUNE 25, 1996
By: /s/ Eli Sassouni
Name: Eli Sassouni
Title: Trustee
<PAGE>
Exhibit 13
UNION COMMUNICATIONS
A California Limited Partnership
2000 Pasadena Avenue, Los Angeles, CA 90031
Telephone: 213-223-1114 Facsimile: 213-221-4047
PROMISSORY NOTE
$280,000.00 Los Angeles, California
March 10, 1997
FOR VALUE RECEIVED, PIONEER VENTURE FUND ("Borrower"), hereby promises to pay,
to Union Communications Company ("Lender"), ON DEMAND, the sum of TWO HUNDRED
EIGHTY THOUSAND ($280,000.00), with accrued interest at the rate of Seven
percent (7%), per annum on unpaid balance. All interest shall be computed for
the actual number of days elapsed on the basis of a year consisting 360 days.
The undersigned shall have the right the prepay without penalty.
In the event of default, the undersigned agrees to pay all reasonable fees and
cost of collection.
Maker, surety, guarantor or endorser of this note waives presentation of
payment, notice of nonpayment, protest and notices of protest and agrees to all
extensions, renewals, or release, discharge or exchange of any other party of
collateral notice.
IN WITNESS HEREOF, Borrower has executed and delivers this Note as of the day
and year first above written.
/s/ Benjamin Nazarian
PIONEER VENTURE FUND
<PAGE>
Exhibit 14
UNION COMMUNICATIONS
A California Limited Partnership
2000 Pasadena Avenue, Los Angeles, CA 90031
Telephone: 213-223-1114 Facsimile: 213-221-4047
PROMISSORY NOTE
$105,000.00 Los Angeles, California
March 18, 1997
FOR VALUE RECEIVED, PIONEER VENTURE FUND ("Borrower"), hereby promises to pay,
to Union Communications Company ("Lender"), ON DEMAND, the sum of ONE HUNDRED
FIVE THOUSAND ($105,000.00), with accrued interest at the rate of Seven percent
(7%), per annum on unpaid balance. All interest shall be computed for the
actual number of days elapsed on the basis of a year consisting 360 days.
The undersigned shall have the right the prepay without penalty.
In the event of default, the undersigned agrees to pay all reasonable fees and
cost of collection.
Maker, surety, guarantor or endorser of this note waives presentation of
payment, notice of nonpayment, protest and notices of protest and agrees to all
extensions, renewals, or release, discharge or exchange of any other party of
collateral notice.
IN WITNESS HEREOF, Borrower has executed and delivers this Note as of the day
and year first above written.
/s/ Benjamin Nazarian
PIONEER VENTURE FUND
<PAGE>1
Exhibit 15
Schedule of transactions in the Common Stock
by the Reporting Persons
from February 7, 1997 through March 24, 1997
(i) PVF
Number of Price
Shares Per
Date Purchased Share(a)
- ---- --------- --------
3/7/97 21,000 $13.81
3/10/97 1,500 $13.98
3/11/97 4,300 $14.10
3/12/97 700 $14.10
3/18/97 3,500 $14.60
3/18/97 7,500 $14.57
3/19/97 5,000 $14.65
3/20/97 28,100 $15.35
(ii) UCC
Number of Price
Shares Per
Date Purchased Share(a)
- ---- --------- --------
2/19/97 10,800 $14.81
2/20/97 2,200 $14.81
(iii) DBN
None.
(iv) Nazarian
None.
(v) Salimpour
None.
<PAGE>2
(vi) Kadisha
None.
(vii) Nippon PSP
None.
Note:
(a) Price includes commission.
