<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 4)*
Pacific Gateway Properties, Inc.
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(Name of Issuer)
Common Stock, $1.00 par value
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(Title of Class of Securities)
694329-10-3
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(CUSIP Number)
Robert L. Birnbaum, Esq.
Foley, Hoag & Eliot LLP
One Post Office Square
Boston, MA 02109
(617) 832-1000
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
April 24, 1997
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(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-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).
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SCHEDULE 13D
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CUSIP NO. 694329-10-3 PAGE 2 OF 9 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cobey, Jacobsen & Gordon, Inc.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
See Item 5. (b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
00
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Massachusetts
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SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
0
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.0%
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TYPE OF REPORTING PERSON*
14
IA, CO
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*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>
SCHEDULE 13D
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CUSIP NO. 694329-10-3 PAGE 3 OF 9 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CJG Associates
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
See Item 5. (b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
AF
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Massachusetts
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SOLE VOTING POWER
7
NUMBER OF 9,200
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 9,200
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
9,200
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.2%
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TYPE OF REPORTING PERSON*
14
PN
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*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>
SCHEDULE 13D
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CUSIP NO. 694329-10-3 PAGE 4 OF 9 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ellis Fund Limited Partnership
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
See Item 5. (b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
WC
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Massachusetts
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SOLE VOTING POWER
7
NUMBER OF 9,200
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 9,200
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
9,200
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.2%
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TYPE OF REPORTING PERSON*
14
PN
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*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>
SCHEDULE 13D
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CUSIP NO. 694329-10-3 PAGE 5 OF 9 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
H. Todd Cobey, Jr.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
See Item 5. (b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
PF, AF
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
U.S.
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SOLE VOTING POWER
7
NUMBER OF 19,200
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
9,200
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 19,200
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
22,700
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
41,900
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
1.1%
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TYPE OF REPORTING PERSON*
14
IN
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*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.
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ITEM 1. SECURITY AND ISSUER
This statement relates to the common stock, $1.00 par value, of Pacific
Gateway Properties, Inc., One Rincon Center, 101 Spear Street, Suite 215, San
Francisco, California 94105.
ITEM 2. IDENTITY AND BACKGROUND
The persons filing this statement are H. Todd Cobey, Jr., Cobey, Jacobson &
Gordon, Inc., a Massachusetts corporation ("CJG, Inc."), CJG Associates, a
Massachusetts partnership, and Ellis Fund Limited Partnership, a Massachusetts
limited partnership (the "Limited Partnership"). Mr. Cobey's business address
is 10 Liberty Square, Boston, Massachusetts 02109. Mr. Cobey is an investment
advisor with, and President of, CJG, Inc., a corporation at the same address.
Mr. Cobey is also a partner in CJG Associates, which is the sole General Partner
of the Limited Partnership. CJG Associates and the Limited Partnership use the
same business address above. Mr. Cobey is a U.S. citizen. Neither Mr. Cobey,
CJG, Inc., CJG Associates nor the Limited Partnership has been convicted in any
proceeding of the character identified in Item 2(d) nor been a party to a civil
proceeding of the character described in Item 2(e).
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The sources of funds for the purchase of the stock described herein are the
working capital funds of the Limited Partnership and the personal funds of Mr.
Cobey and other private investors.
ITEM 4. PURPOSE OF TRANSACTION
Mr. Cobey, for himself, on behalf of CJG Associates and the Limited
Partnership, and on behalf of CJG, Inc., as investment advisor for certain other
private investors, purchased and beneficially owns the shares of Common Stock of
the issuer specified in Item 5 for investment purposes. Mr. Cobey will continue
to review these investments and may at some future time either increase or
decrease the level of investment, depending on investment objectives, the
performance of the issuer, the regional economy and other factors. Except as
stated above, none of Mr. Cobey, CJG Associates, the Limited Partnership and
CJG, Inc. has any present plans or proposals that would relate to or result in
any of the changes or actions described in paragraphs (a) through (j) of this
Item 4.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Mr. Cobey beneficially owns, directly or indirectly, 41,900 shares of
common stock of the issuer, representing approximately 1.1% of the 3,892,596
shares outstanding as of June 30, 1997. Mr. Cobey has sole dispositive and
voting power with respect to 19,200 shares of common stock owned by him
personally through an individual retirement account, shared voting and
dispositive power with respect to 9,200 shares of common stock held by the
Limited Partnership and no voting power and shared dispositive power with
respect to 13,500 shares of Common Stock held in an investment advisory
capacity. CJG Associates and the Limited Partnership have sole voting
Page 6 of 9 Pages
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power and dispositive power with respect to the 9,200 shares held by the Limited
Partnership, representing approximately 0.2% of the 3,892,596 shares of the
issuer's outstanding common stock. The 13,500 shares of common stock for which
Mr. Cobey has shared dispositive power represent approximately 0.3% of the
3,892,596 shares of the issuer's outstanding common stock.
Schedule I attached hereto sets forth sales by the persons identified in
Item 2 on April 24, 1997. None of the persons identified in Item 2 has effected
any transactions in the common stock of the issuer during the past 60 days. All
such sales were effected in the open market.
Each of Mr. Cobey, CJG Associates, the Limited Partnership and CJG, Inc.
ceased to be the beneficial owner of 5% or more of the issuer's outstanding
common stock on April 24, 1997.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER
Mr. Cobey, CJG, Inc., CJG Associates and the Limited Partnership have no
contracts, arrangements, understandings or relationships (legal or otherwise)
between themselves or with other persons relating to the securities of the
issuer, other than the relationship of Mr. Cobey to CJG Associates and the
Limited Partnership, by virtue of his position as a partner in CJG Associates,
which in turn is the sole general partner of the Limited Partnership, and other
than the contracts and relationships between Mr. Cobey as investment advisor and
his clients.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
None.
Page 7 of 9 Pages
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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.
August 26, 1997
----------------------------------------
(Date)
/s/ H. Todd Cobey, Jr.
----------------------------------------
H. Todd Cobey, Jr.
COBEY, JACOBSEN & GORDON, INC.
By: /s/ H. Todd Cobey, Jr.
-------------------------------------
H. Todd Cobey, Jr., President
CJG ASSOCIATES
By: /s/ H. Todd Cobey, Jr.
--------------------------------------
H. Todd Cobey, Jr., a partner
ELLIS FUND LIMITED PARTNERSHIP
By: CJG Associates, general partner
By: /s/ H. Todd Cobey, Jr.
-------------------------------------
H. Todd Cobey, Jr., a partner
Page 8 of 9 Pages
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Schedule I
List of Recent Transactions
<TABLE>
<CAPTION>
Amount of Method of
Name of Person Purchase (P) Date of Securities Price Effecting
Effecting Transaction or Sale (S) Transaction Involved Per Share Transaction
- ---------------------------------------- ------------ ----------- ---------- --------- -----------
<S> <C> <C> <C> <C> <C>
Ellis Fund Limited Partnership S 4/24/97 169,400 $5.6875 AMEX
CJG, Inc.* S 4/24/97 10,000 $5.6875 AMEX
CJG, Inc.* S 4/24/97 3,000 $5.6875 AMEX
CJG, Inc.* S 4/24/97 1,300 $5.6875 AMEX
CJG, Inc.* S 4/24/97 4,600 $5.6875 AMEX
CJG, Inc.* S 4/24/97 8,500 $5.6875 AMEX
CJG, Inc.* S 4/24/97 21,000 $5.6875 AMEX
CJG, Inc.* S 4/24/97 14,700 $5.6875 AMEX
CJG, Inc.* S 4/24/97 7,000 $5.6875 AMEX
CJG, Inc.* S 4/24/97 11,000 $5.6875 AMEX
CJG, Inc.* S 4/24/97 12,000 $5.6875 AMEX
CJG, Inc.* S 4/24/97 4,100 $5.6875 AMEX
H. Todd Cobey, Jr. S 4/24/97 46,500 $5.6875 AMEX
H. Todd Cobey, Jr.** S 4/24/97 33,000 $5.6875 AMEX
H. Todd Cobey, Jr.** S 4/24/97 10,000 $5.6875 AMEX
H. Todd Cobey, Jr.** S 4/24/97 28,000 $5.6875 AMEX
H. Todd Cobey, Jr.** S 4/24/97 16,500 $5.6875 AMEX
H. Todd Cobey, Jr.** S 4/24/97 10,000 $5.6875 AMEX
</TABLE>
*Represents sales of shares held by investment advisory clients of Cobey,
Jacobsen & Gordon, Inc.
**Represents sales of shares held by persons with whom H. Todd Cobey, Jr. shared
dispositive power.
Page 9 of 9 Pages
