<PAGE> 1
1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
Source Capital Corporation
------------------------------------------------------
(Name of Issuer)
Common Stock
------------------------------------------------------
(Title of Class of Securities)
836142307
------------------------------------------------------
(CUSIP Number)
February 19, 1998
------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed
[ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 the disclosures provided in a prior cover page.
The information required in 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).
(Continued on following page(s))
Page 1 of 9 Pages
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2
CUSIP NO. 836142307 13G PAGE 2 OF 9 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Acadia Fund I, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ X ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
115,439
------------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES 0
BENEFICIALLY
OWNED BY
EACH ------------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 115,439
WITH
------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
115,439
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *
[ ]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.77%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
<PAGE> 3
CUSIP NO. 836142307 13G PAGE 3 OF 9 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Acadia Fund I, L.L.C.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ X ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
115,439
------------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES 0
BENEFICIALLY
OWNED BY
EACH ------------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 115,439
WITH
------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
115,439
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *
[ ]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.77%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
<PAGE> 4
CUSIP NO. 836142307 13G PAGE 4 OF 9 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Miller & Jacobs Capital, L.L.C.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ X ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
19,900
------------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES 0
BENEFICIALLY
OWNED BY
EACH ------------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 135,340
WITH
------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
135,340
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *
[ ]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.19%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
<PAGE> 5
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------------------------
SCHEDULE 13G UNDER THE SECURITIES
EXCHANGE ACT OF 1934
---------------------------------
Item 1. (a). Name of Issuer: Source Capital Corporation
(b). Address of Issuer's Principal Executive Offices:
1825 N. Hutchinson Road
Spokane, Washington 99212
Item 2. (a). Name of Person Filing:
This Schedule 13G is being jointly filed by each of the
following persons pursuant to Rule 13d-1(k)(1) promulgated by the
Securities and Exchange Commission pursuant to Section 13 of the
Securities Exchange Act of 1934, as amended (the "Act"): Acadia Fund
I, L.P. (the "Limited Partnership"), Acadia Fund I, L.L.C. (the
"General Partner") and Miller & Jacobs Capital, L.L.C. (who are
collectively referred to herein as the "Filing Persons"). The
Limited Partnership is a Delaware limited partnership formed for the
purpose of investing in, among other things, the equity securities
of various financial services providers. Acadia Fund I, L.L.C., a
Delaware limited liability company, is the general partner of the
Limited Partnership. The investment manager of the Limited
Partnership is Miller & Jacobs Capital, L.L.C., a Delaware limited
liability company. The investment manager is responsible for all
investment decisions of the Limited Partnership. Miller & Jacobs
Capital, L.L.C. also holds investment advisory accounts over which
it exercises voting and dispositive power. The members of Acadia
Fund I, L.L.C. and Millers & Jacobs Capital, L.L.C. are Jeffrey A.
Miller and Eric D. Jacobs, each of whom has management authority for
the aforementioned entities. The Filing Persons have entered into a
Joint Filing Agreement, dated February 26, 1998, a copy of which is
filed with this Schedule 13G as Exhibit A, pursuant to which the
Filing Persons have agreed to file this statement jointly in
accordance with the provisions of Rule 13d-1(k)(1) under the Act.
The Filing Persons may be deemed to constitute a "group" for
purposes of Section 13(d)(3) of the Act as a result of the
relationships among such Filing Persons described in this Schedule
13G. The Filing Persons expressly disclaim that they have agreed to
act as a group other than as described in this Schedule 13G.
(b). Address of Principal Business Office:
The Filing Persons all maintain the same principal
business office at
237 Park Avenue, Suite 801
New York, New York 10017
Page 5 of 9 Pages
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Item 2. (c). Citizenship: Delaware
(d). Title of Class of Securities: Common Stock, no stated par
value
(e). CUSIP Number: 836142307
Item 3. If this statement is filed pursuant to Sections 240.13d-1(b)
or 240.13d-2(b) or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under section 15 of
the Act (15 U.S.C. 78o)
(b) [ ] Bank as defined in section 3(a)(6) of the Act
(15 U.S.C. 78c)
(c) [ ] Insurance company as defined in section 3(a)(19)
of the Act (15 U.S.C. 78c)
(d) [ ] Investment company registered under section 8 of
the Investment Company Act (15 U.S.C. 80a-8)
(e) [ ] An investment advisor in accordance with
Section 240.13d-1(b)(1)(ii)(E)
(f) [ ] An employee benefit plan or endowment fund in
accordance with Section 240.13d-1(b)(ii)(F)
(g) [ ] A parent holding company or control person in
accordance with Section 240.13d-1(b)(ii)(G)
(h) [ ] A savings association as defined in
Section 3(b) of the Federal Deposit
Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from
the definition of an investment company
under section 3(c)(14) of the Investment
Company Act of 1940 (15 U.S.C. 80a-3)
(j) [ ] Group, in accordance with Section 240.13d-1(b)(ii)(J)
If this statement is filed pursuant to Section 240.13d-1(c),
check this box [x].
Item 4. Ownership.
(a). Amount Beneficially Owned
115,439 shares may be deemed beneficially owned within the
meaning of Rule 13d-3 of the Act by Acadia Fund I, L.P. and
Acadia Fund I, L.L.C., including 105,989 shares of common
stock resulting from the assumed conversion of $1,000,000 of
7.5% convertible subordinated debentures due March 1, 2008.
In connection with two investment advisory accounts over
which Miller & Jacobs Capital, L.L.C. exercises investment
authority, 19,900 shares may be deemed beneficially owned
within the meaning of Rule 13d-3 of the Act by Miller &
Jacobs Capital, L.L.C., including 18,850 shares of common
stock resulting from the assumed conversion of $1,000,000 of
7.5% convertible subordinated debentures due March 1, 2008.
In its capacity as investment manager to Acadia Fund I, L.P.,
115,439 shares may be deemed beneficially owned within the
meaning of Rule 13d-3 of the Act by Miller & Jacobs Capital,
L.L.C., including 105,989 shares of common stock resulting
from the assumed conversion of $1,000,000 of 7.5% convertible
subordinated debentures due March 1, 2008.
(b). Percent of Class:
9.19%
Page 6 of 9 Pages
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Item 4 (c). Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
by Miller & Jacobs Capital, L.L.C. 19,900
by Acadia Fund I, L.L.C. 115,439
(ii) shared power to vote or to direct the vote 0
(iii) sole power to dispose or to direct the disposition
of
by Miller & Jacobs Capital, L.L.C. 135,340
(iv) shared power to dispose or to direct the
disposition of 0
Item 5. Ownership of Five Percent or Less of a Class: Not Applicable
Item 6. Ownership of More Than Five Percent on Behalf of Another
Person:
Not Applicable
Item 7. Identification and Classification of Subsidiaries which
Acquired the Security Being Reported on by the Parent
Holding Company:
Not Applicable
Item 8. Identification and Classification of Members of the Group:
Not Applicable
Page 7 of 9 Pages
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9
Item 9. Notice of Dissolution of Group: Not Applicable
Item 10. Certification:
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired in
the ordinary course of business and were not acquired for the
purpose of and do not have the effect of changing or
influencing the control of the issuer of such securities and
were not acquired in connection with or as a participant in
any transaction having that purpose or effect.
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.
ACADIA FUND I, L.P.
By its General Partner
ACADIA FUND I, L.L.C.
Dated: February 26, 1998 By: /s/ JEFFREY A. MILLER
----------------------------------
Name: Jeffrey A. Miller
Title: Managing Member
ACADIA FUND I, L.L.C.
Dated: February 26, 1998 By: /s/ JEFFREY A. MILLER
----------------------------------
Name: Jeffrey A. Miller
Title: Managing Member
MILLER & JACOBS CAPITAL, L.L.C.
Dated: February 26, 1998 By: /s/ JEFFREY A. MILLER
----------------------------------
Name: Jeffrey A. Miller
Title: Managing Member
Page 8 of 9 Pages
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Exhibit A
---------
AGREEMENT REGARDING THE JOINT FILING OF
SCHEDULE 13G
---------------------
The undersigned hereby agree as follows:
(i) Each of them is individually eligible to use the Schedule 13G to
which this Exhibit is attached, and such Schedule 13G is filed on behalf of each
of them; and
(ii) Each of them is responsible for the timely filing of such
Schedule 13G and any amendments thereto, and for the completeness and accuracy
of the information concerning such person contained therein; but none of them is
responsible for the completeness or accuracy of the information concerning the
other persons making the filing, unless such person knows or has reason to
believe that such information is inaccurate.
Date: February 26, 1998
ACADIA FUND I, L.P.
By its General Partner
ACADIA FUND I, L.L.C.
By: /s/ JEFFREY A. MILLER
----------------------------------
Name: Jeffrey A. Miller
Title: Managing Member
ACADIA FUND I, L.L.C.
By: /s/ JEFFREY A. MILLER
----------------------------------
Name: Jeffrey A. Miller
Title: Managing Member
MILLER & JACOBS CAPITAL, L.L.C.
By: /s/ JEFFREY A. MILLER
----------------------------------
Name: Jeffrey A. Miller
Title: Managing Member
Page 9 of 9 Pages
