SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)1
PMC INTERNATIONAL, INC.
- --------------------------------------------------------------------------------
(Name of issuer)
COMMON STOCK
- --------------------------------------------------------------------------------
(Title of class of securities)
693437303
- --------------------------------------------------------------------------------
(CUSIP number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME & ROSENZWEIG LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
- --------------------------------------------------------------------------------
(Name, address and telephone number of person
authorized to receive notices and communications)
September 24, 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-1(a) for other parties to whom copies
are to be sent.
(Continued on following pages)
(Page 1 of 16 Pages)
- --------
1 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 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>
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CUSIP No. 693437303 13D Page 2 of 16 Pages
- ---------------------------------- -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Wheatley Partners, L.P.
- --------------------------------------------------------------------------------
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 PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,499,333 shares
OWNED BY
EACH
REPORTING
PERSON WITH
---------------------------------------------------------------
8 SHARED VOTING POWER
108,333 shares
---------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,499,333 shares
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
108,333 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,607,666 shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 693437303 13D Page 3 of 16 Pages
- ---------------------------------- -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Barry Rubenstein
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, 00
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
1,607,666 shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,607,666 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,607,666 shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- ---------------------------------- -----------------------------------
CUSIP No. 693437303 13D Page 4 of 16 Pages
- ---------------------------------- -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Irwin Lieber
- --------------------------------------------------------------------------------
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 PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
1,607,666 shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,607,666 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,607,666 shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- ---------------------------------- -----------------------------------
CUSIP No. 693437303 13D Page 5 of 16 Pages
- ---------------------------------- -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Barry Fingerhut
- --------------------------------------------------------------------------------
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 PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
-----------------------------------------------------------------
8 SHARED VOTING POWER
1,607,666 shares
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,607,666 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,607,666 shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
- ---------------------------------- -----------------------------------
CUSIP No. 693437303 13D Page 6 of 16 Pages
- ---------------------------------- -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Wheatley Partners LLC
- --------------------------------------------------------------------------------
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 PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
-----------------------------------------------------------------
8 SHARED VOTING POWER
1,607,666 shares
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,607,666 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,607,666 shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
<PAGE>
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CUSIP No. 693437303 13D Page 7 of 16 Pages
- ---------------------------------- -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Seth Lieber
- --------------------------------------------------------------------------------
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 PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
------------------------------------------------------------------
8 SHARED VOTING POWER
1,607,666 shares
------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,607,666 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,607,666 shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
<PAGE>
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CUSIP No. 693437303 13D Page 8 of 16 Pages
- ---------------------------------- -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Jonathan Lieber
- --------------------------------------------------------------------------------
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 PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
1,607,666 shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,607,666 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,607,666 shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
<PAGE>
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CUSIP No. 693437303 13D Page 9 of 16 Pages
- ---------------------------------- -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Matthew A. Smith
- --------------------------------------------------------------------------------
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 PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
1,607,666 shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,607,666 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,607,666 shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 693437303 13D Page 10 of 16 Pages
- ---------------------------------- -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Wheatley Management Ltd.
- --------------------------------------------------------------------------------
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 PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Cayman Islands, B.W.I.
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
-----------------------------------------------------------------
8 SHARED VOTING POWER
1,607,666 shares
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,607,666 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,607,666 shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
<PAGE>
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CUSIP No. 693437303 13D Page 11 of 16 Pages
- ---------------------------------- -----------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Wheatley Foreign Partners, L.P.
- --------------------------------------------------------------------------------
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 PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 108,333 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
1,499,333 shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
108,333 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,499,333 shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,607,666 shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
<PAGE>
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CUSIP No. 693437303 13D Page 12 of 16 Pages
- ---------------------------------- -----------------------------------
This constitutes Amendment No. 1 ("Amendment No. 1") to Schedule 13D
filed by the undersigned on or about January 6, 1997 (the "Schedule 13D").
Except as specifically amended by this Amendment No. 1, the Schedule 13D, as
amended, remains in full force and effect. Defined terms shall have the meaning
specified in the Schedule 13D, except as otherwise provided herein.
Item 3 is amended to read in its entirety as follows:
Item 3. Source and Amount of Funds or Other Consideration.
The aggregate purchase price of the 1,499,333 shares of Common Stock
owned by Wheatley is $2,802,749.50. The shares of Common Stock owned by Wheatley
were acquired from its working capital and its other funds. The aggregate
purchase price of the 108,333 shares of Common Stock purchased by Wheatley
Foreign is $196,874.50 and came from its working capital and its other funds.
Item 5(a), (b) and (d) are amended to read as follows:
Item 5. Interest in Securities of the Issuer.
(a) The following table sets forth the aggregate number and percentage
(based on 19,431,610 shares of Common Stock outstanding as of September 24,
1997, as reported by a representative of the Issuer on such date) of Common
Stock beneficially owned by each reporting person named in Item 2 of Schedule
13D (each, a "Reporting Person").
<PAGE>
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CUSIP No. 693437303 13D Page 13 of 16 Pages
- ---------------------------------- -----------------------------------
Percentage of
Shares of Common Shares of Common
Stock Stock
Name Beneficially Owned Beneficially Owned
- ---- ------------------ ------------------
Wheatley Partners, L.P.(1) 1,607,666 8.3%
Barry Rubenstein(2) 1,607,666 8.3%
Irwin Lieber(2) 1,607,666 8.3%
Barry Fingerhut(2) 1,607,666 8.3%
Wheatley Partners LLC(2) 1,607,666 8.3%
Seth Lieber(2) 1,607,666 8.3%
Jonathan Lieber(2) 1,607,666 8.3%
Matthew A. Smith(2) 1,607,666 8.3%
Wheatley Management Ltd.(2) 1,607,666 8.3%
Wheatley Foreign Partners, L.P.(3) 1,607,666 8.3%
- ---------------------
(1) Includes 1,499,333 shares of Common Stock owned by Wheatley. Wheatley
disclaims beneficial ownership of 108,333 shares of Common Stock owned
by Wheatley Foreign.
(2) The Reporting Person disclaims beneficial ownership of these securities
except to the extent of his or its equity ownership therein.
(3) Includes 108,333 shares of Common Stock owned by Wheatley Foreign.
Wheatley Foreign disclaims beneficial ownership of 1,499,333 shares of
Common Stock owned by Wheatley.
(b) Wheatley has sole power to vote and dispose of 1,499,333
shares of Common Stock, representing approximately 7.7% of the outstanding
shares of Common Stock and may be deemed to have shared power to vote and
dispose of 108,333 shares of Common Stock representing approximately 0.6% of the
outstanding shares of Common Stock.
By virtue of being the general partner of Wheatley and
Wheatley Foreign, Wheatley LLC may be deemed to have shared power to vote and
dispose of 1,607,666 shares of Common Stock, representing approximately 8.3% of
the outstanding shares of Common Stock.
By virtue of each being a member and an officer of Wheatley
LLC, each of Barry Rubenstein, Irwin Lieber, Barry Fingerhut, Seth Lieber,
Jonathan Lieber and Matthew A. Smith may be deemed to have shared power to vote
and dispose of 1,607,666 shares of Common Stock, representing approximately 8.3%
of the outstanding shares of Common Stock.
<PAGE>
- ---------------------------------- -----------------------------------
CUSIP No. 693437303 13D Page 14 of 16 Pages
- ---------------------------------- -----------------------------------
Wheatley Foreign has sole power to vote and dispose of 108,333
shares of Common Stock representing 0.6% of the outstanding shares of Common
stock and may be deemed to have shared power to vote and dispose of 1,499,333
shares of Common Stock, representing approximately 7.7% of the outstanding
shares of Common Stock.
By virtue of being a general partner of Wheatley Foreign,
Wheatley Management may be deemed to have shared power to vote and dispose of
1,607,666 shares of Common Stock, representing approximately 8.3% of the
outstanding shares of Common Stock.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the receipt of dividends from,
or proceeds from the sale of, such shares of Common Stock.
Item 5(c) is amended by adding the following:
(c) The following table sets forth a description of all
transactions in shares of Common Stock of the Issuer by the Reporting Persons
identified in Item 2 of this Schedule 13D effected in the last sixty days.
Number of
Purchase Shares Purchase
Name of Shareholder Date Purchased Price
------------------- ---- --------- -----
Wheatley Partners, L.P. 9/24/97 613,333 1.50
Wheatley Foreign Partners, 9/24/97 53,333 1.50
L.P.
Wheatley and Wheatley Foreign acquired the shares of Common Stock from
the Issuer in a private placement (the "September Private Placement").
Item 6(b) is amended by adding the following:
(b) The purchasers of the shares of Common Stock in the
September Private Placement have the right to request that the sale of such
shares be included in a registration statement that the Issuer has agreed to
file within 60 days of the closing of such private placement. The purchasers in
the September Private Placement shall have the right to purchase additional
shares of Common Stock if such registration statement is not timely filed or
declared effective.
<PAGE>
- ---------------------------------- -----------------------------------
CUSIP No. 693437303 13D Page 15 of 16 Pages
- ---------------------------------- -----------------------------------
SIGNATURES
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: September 29, 1997 WHEATLEY PARTNERS, L.P.
By: Wheatley Partners LLC,
General Partner
By: /s/ Barry Rubenstein
--------------------
Barry Rubenstein, Chief
Executive Officer
WHEATLEY PARTNERS LLC
By: /s/ Barry Rubenstein
--------------------------
Barry Rubenstein, Chief
Executive Officer
/s/ Barry Rubenstein
--------------------------------
Barry Rubenstein
/s/ Irwin Lieber
--------------------------------
` Irwin Lieber
/s/ Barry Fingerhut
--------------------------------
Barry Fingerhut
/s/ Seth Lieber
--------------------------------
Seth Lieber
/s/ Jonathan Lieber
--------------------------------
Jonathan Lieber
/s/ Matthew A. Smith
--------------------------------
Matthew A. Smith
<PAGE>
- ---------------------------------- -----------------------------------
CUSIP No. 693437303 13D Page 16 of 16 Pages
- ---------------------------------- -----------------------------------
WHEATLEY MANAGEMENT LTD.
By: /s/ Irwin Lieber
--------------------------
Irwin Lieber, President
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners LLC, General
Partner
By: /s/ Barry Rubenstein
-------------------------------
Barry Rubenstein, Chief
Executive Officer
