<PAGE> 1
OMB APPROVAL
---------------------------
OMB NUMBER: 3235-0145
EXPIRES: DECEMBER 31, 1997
ESTIMATED AVERAGE BURDEN
HOURS PER RESPONSE....14.90
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO.___)*
Payless Cashways, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
voting common stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
704378306000
----------------------------
(CUSIP Number)
Maun & Simon, PLC, 2000 Midwest Plaza Building West, 801 Nicollet Mall,
Minneapolis, Minnesota 55402, Attention: Albert A. Woodward (612) 904-7400
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
December 20, 1996
--------------------------------------------------------
(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 / /.
Check the following box if a fee is being paid with the statement /X/. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
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 filed 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. 704378306000 PAGE 2 OF 11 PAGES
---------------- --- ------
================================================================================
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Okabena Partnership K
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) OR 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 700,000
OWNED BY ---------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH --
---------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
700,000
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,403,600
- --------------------------------------------------------------------------------
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
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 OF 7
<PAGE> 3
SCHEDULE 13D
CUSIP NO. 704378306000 PAGE 3 OF 11 PAGES
---------------- --- ------
================================================================================
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Summit Capital Appreciation Fund LP
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) OR 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 400,000
OWNED BY ---------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 453,600
---------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
400,000
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,403,600
- --------------------------------------------------------------------------------
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
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 OF 7
<PAGE> 4
SCHEDULE 13D
CUSIP NO. 704378306000 PAGE 4 OF 11 PAGES
---------------- --- ------
================================================================================
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
NU Twins, LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) OR 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 750,000
OWNED BY ---------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH --
---------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
750,000
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,403,600
- --------------------------------------------------------------------------------
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
OO
- --------------------------------------------------------------------------------
*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 OF 7
<PAGE> 5
SCHEDULE 13D
CUSIP NO. 704378306000 PAGE 5 OF 11 PAGES
---------------- --- ------
================================================================================
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ovda Fund, Ltd.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) OR 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 100,000
OWNED BY ---------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH --
---------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
100,000
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,403,600
- --------------------------------------------------------------------------------
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
CO
- --------------------------------------------------------------------------------
*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 OF 7
<PAGE> 6
CUSIP NO. 704378306000 PAGE 6 OF 11 PAGES
ITEM 1. SECURITY AND ISSUER
This statement relates to the voting common stock of Payless Cashways, Inc.
("Payless") having its principal place of business at Two Pershing Square, 2300
Main, P.O. Box 419466, Kansas City, MO 64141-0466
ITEM 2. IDENTITY AND BACKGROUND
This statement is filed jointly by the entities identified below
(collectively the "Holders").
1. Okabena Partnership K
c/o Okabena Investment Services Inc., 5150 Norwest Center, Minneapolis,
MN 55402
Okabena Partnership K is a general partnership organized in Minnesota.
The managing general partner of Okabena Partnership K is Okabena
Investment Services, Inc. and the information with respect to Okabena
Investment Services, Inc. is as follows:
Okabena Investment Services, Inc., 5150 Norwest Center, Minneapolis, MN
55402
Okabena Investment Services, Inc. is a Minnesota corporation. The officers
are Bruce Lueck (President) and Gary S. Kohler (Vice President).
See Exhibit A for additional information on the general partners of
Okabena Partnership K.
2. NU Twins, LLC
440 S. LaSalle Street, Suite 1900, Chicago, IL 60605
NU Twins, LLC is a limited liability company organized in Illinois.
The members of NU Twins, LLC are Deephaven, Inc., and Gildor Trading, Inc.
The information with respect to Deephaven, Inc. and Gildor Trading, Inc. is
as follows:
Deephaven, Inc.
440 S. LaSalle Street, Suite 1900, Chicago, IL 60605
Deephaven, Inc. is an Illinois corporation. The officers are Irvin
Kessler (President) and Fred Goldman (Senior Vice President).
Gildor Trading, Inc.
440 S. LaSalle Street, Suite 1900, Chicago, IL 60605
Gildor Trading, Inc. is a Bahamas corporation. The officer of Gildor
Trading, Inc. is Efraim Gildor (President).
3. Ovda Fund, Ltd.
Charlotte House
Charlotte Street
Nassau Bahamas
<PAGE> 7
CUSIP NO. 704378306000 PAGE 7 OF 11 PAGES
Ovda Fund Ltd. is a Bahamas corporation. The officers are Anthony
InderRieden (President) and Dawn E. Davies (Vice President). Its
investment advisor is EFI Trading Inc. and the information with respect to
EFI Trading Inc. is as follows:
EFI Trading, Inc.
440 S. LaSalle Street, Suite 1900, Chicago, IL 60605
EFI Trading, Inc. is a Bahamas corporation. The officer of EFI Trading,
Inc.is Efraim Gildor (President).
4. Summit Capital Appreciation Fund LP
900 2nd Avenue South, Minneapolis, MN 55402
Summit Capital Appreciation Fund LP is a general partnership organized in
Minnesota.
The general partners of Summit Capital Appreciation Fund LP are Marc H.
Kozberg, Dr. Demetre Nicoloff, G. James Spinner, Robert H. Paymar and Stanley
I. Barenbaum. The information about Messrs. Kozberg, Nicoloff, Spinner, Paymar
and Barenbaum is as follows:
Marc H. Kozberg
Summit Investment Corporation, 900 2nd Avenue South, Minneapolis, MN 55402
Mr. Kozberg is an investor and is employed by Summit Investment
Corporation.
Mr. Kozberg is a United States citizen.
Dr. Demetre Nicoloff
920 E 28th Street, Minneapolis, MN
Dr. Demetre Nicoloff is a physician with an office at the above address.
Mr. Nicoloff is United States citizen.
G. James Spinner
Summit Investment Corporation, 900 2nd Avenue South, Minneapolis, MN 55402
Mr. Spinner is the President of Summit Investment Corporation.
Mr. Spinner is a United States citizen.
Robert H. Paymar
Summit Investment Corporation, 900 2nd Avenue South, Minneapolis, MN 55402
Mr. Paymar is an investor and is Chairman of the Board of Summit Investment
Corporation.
Mr. Paymar is a United States citizen.
Stanley I. Barenbaum
900 2nd Avenue South, Minneapolis, MN 55402
Mr. Barenbaum is an investor and is self-employed.
Mr. Barenbaum is a United States citizen.
<PAGE> 8
CUSIP NO. 704378306000 PAGE 8 OF 11 PAGES
None of the above referenced Holders (or the general partners or officers
listed above) has, during the past five years, been convicted in a criminal
proceeding, excluding traffic violations or similar misdemeanors, nor have any
of the Holders been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree, or final order enjoining
future violations of, or prohibiting or mandating activity subject to federal
or state securities laws or finding any violation with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The voting common stock of Payless was purchased by each Holder from
available cash resources.
ITEM 4. PURPOSE OF TRANSACTION.
The Holders have acquired the voting common stock of Payless for
investment purposes and believe the stock is undervalued. The Holders intend
to monitor closely Payless' operation and may seek active participation in the
management of Payless. Specifically, the Holders may seek representation on
the Payless Board of Directors. The Holders specifically reserve the right to
purchase additional shares of Payless or to sell shares if they deem it in
their best interest. The Holders specifically reserve the right to discuss with
other stockholders of Payless matters of common concern as stockholders of
Payless. In this regard, the Holders have requested and received a stockholder
list of Payless. At the present time, the Holders do not have any plans or
proposals respecting extraordinary corporate transactions affecting Payless,
sale of its assets, changes in its board of directors or management,
capitalization, dividend policy, business or corporate structure, charter or
bylaws, or delisting the Issuer's securities or similar actions.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Information with respect to the aggregate number of shares of voting common
stock, and the percentage of all outstanding shares of common stock
beneficially owned as of December 30, 1996 by each of the Holders is set forth
below (the Holders have sole voting and dispositive power with respect to the
number of shares listed unless otherwise noted):
<TABLE>
<CAPTION>
Percentage of
Name Number of Shares Outstanding Shares *
---- ---------------- --------------------
<S> <C> <C>
Okabena Partnership K 700,000 1.8%
NU Twins, LLC 750,000 2.0%
Ovda Fund, Ltd. 100,000 0.3%
Summit Capital Appreciation Fund LP 853,600** 2.3%
</TABLE>
<PAGE> 9
CUSIP NO. 704378306000 PAGE 9 OF 11 PAGES
**Includes 453,600 shares owned of record and beneficially by general
partners of Summit Capital Appreciation Fund LP (60,100 shares owned by Marc H.
Kozberg, 70,000 by G. James Spinner, 63,500 by Robert H. Paymar and 260,000
owned (directly and indirectly) by Dr. Demetre Nicoloff.) Summit Capital
Appreciation Fund LP disclaims beneficial ownership of shares owned by its
general partners.
The Holders' response to Items 7 through 13 of the cover pages of the
statement are incorporated herein by reference.
At September 30, 1996, Payless had 37,703,228 shares of voting common stock
outstanding. The Holders, at the present time, collectively own 2,403,600
shares of the Payless' voting common stock (including the shares owned by
general partners of Summit Capital Appreciation Fund LP noted above),
constituting approximately 6.4% of all of the outstanding voting common stock.
Transactions by the Holders in the securities of Payless in the last 60
days are as follows:
<TABLE>
<CAPTION>
Date of Type of Number of
Transaction Transaction Shares Price
----------- ----------- --------- -----
<S> <C> <C> <C> <C>
Summit Capital
Appreciation Fund 12/19/96 Buy 50,000 $1.3125
NU Twins, LLC 12/20/96 Buy 750,000 $1.25
Ovda Fund, Ltd. 12/20/96 Buy 100,000 $1.25
Okabena Partnership K 12/20/96 Buy 198,400 $1.418
Okabena Partnership K 12/23/96 Buy 100,000 $1.50
Okabena Partnership K 12/26/96 Buy 200,000 $1.61
</TABLE>
All transactions were effected on the New York Stock Exchange through separate
brokerage accounts.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS, OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A - Additional Item 2 information concerning the general partners of
Okabena Partnership K.
Exhibit B - Agreement as to joint filing pursuant to Reg Section
240.13d-1(f)(1)(iii).
SIGNATURE
After reasonable inquiry and the best of my knowledge and belief, I certify
that the information set forth in this statement is true correct and complete.
Dated: December 30,1996
OKABENA PARTNERSHIP K
By: Okabena Investment Services, Inc.,
general partner
By:/s/ Gary Kohler
----------------------------
Gary Kohler, Vice President
NU TWINS, LLC
By: Deephaven, Inc., member
By:/s/ Fred Goldman
---------------------------------
Fred Goldman, Senior Vice President
OVDA FUND, LTD.
By: EFI Trading, Inc., its investment advisor
By:/s/ Efraim Gildor
------------------------
Efraim Gildor, President
SUMMIT CAPITAL APPRECIATION FUND LP
By:/s/ Marc Kozberg
------------------------
Marc Kozberg, general partner
<PAGE> 10
PAGE 10 OF 11 PAGES
EXHIBIT A
Set forth below is the name and business occupation of each general
partner of Okabena Partnership K. The business address for each person or
entity listed is c/o Okabena Investment Services, Inc., 5140 Norwest Center,
Minneapolis, MN 55402-4139. See Item 2(d), (e), and (f) of this Schedule 13D
Statement for additional information concerning these general partners.
Name of Partner Occupation
-------------- ----------
Lucy J. Dayton Private Investor
Chadwick Foundation N/A
Christopher B. Dayton Private Investor
Martha B. Dayton Private Investor
Michael K. Dayton Private Investor
James G. Dayton Architect
Tobin J. Dayton Student
Mae F. Dayton Private Investor
Scott N. Dayton Retailer
Chadwick L. Dayton Student
Whitney L. Dayton Minor
Edward N. Dayton Private Investor
Robert J. Dayton Chief Executive Officer
(Okabena Co. - Family Office)
John W. Dayton Business Owner
Sherry Ann Dayton Private Investor
Joan L. Dayton Private Investor
Rebecca H. Dayton Private Investor
Arlene J. Dayton Private Investor
Virginia Y. Dayton Private Investor
Bruce B. Dayton Private Investor
Mark B. Dayton Private Investor
Brandt N. Dayton Private Investor
Christian B. Dayton Therapist
Lucy B. Dayton Veterinarian
Anne D. Buxton Private Investor
Wallace C. Dayton Private Investor
Mary Lee Dayton Private Investor
Sally D. Clement Therapist
Stephen M. Clement III Educator
Ellen D. Sturgis Private Investor
Sheldon S. Sturgis Business Owner
Katherine D. Nielsen Private Investor
Stuart A. Nielsen Artist
Elizabeth D. Dovydenas Private Investor
K. N. Dayton Private Investor
Oakleaf Foundation N/A
Julia W. Dayton Private Investor
Judson N. Dayton Private Investor
Elisabeth J. Dayton Private Investor
Duncan N. Dayton Real Estate Developer
Katharine L. Kelly Private Investor
Douglas J. Dayton Private Investor
Meadowood Foundation N/A
David D. Dayton Business Owner
Vanessa D. Dayton Pathologist
Steven J. Melander-Dayton Private Investor
Bruce C. Dayton Student
Lynn B. Dayton Student
Marina B. Dayton Minor
Alexander B. Dayton Minor
Charles Benning Dayton Minor
Jackson Gardiner Dayton Minor
Margaret Bliss O'Keefe Minor
Angus Dayton O'Keefe Minor
Catherine Greer O'Keefe Minor
Nicholas Sherman Buxton Minor
Henry M. Buxton Minor
Theodore D. Clement Minor
Winston W. Clement Minor
Matthew D. Sturgis Minor
Katherine L. Sturgis Minor
Rosamond G. Sturgis Minor
Samuel D. Richardson Minor
Olivia Maren Nielsen Minor
Joyce D. Dovydenas Minor
Elena L. Dovydenas Minor
Caroline Avery Dayton Minor
Davis Winton Dayton Minor
Isaac N. Dayton Minor
Caleb F. Dayton Minor
Dorothy J. Melander-Dayton Minor
Adele Marie Melander-Dayton Minor
Bruce C. Lueck President
Okabena Investment Services, Inc.
(Registered Investment Advisor)
Gary S. Kohler Vice President
Okabena Investment Services, Inc.
(Registered Investment Advisor)
<PAGE> 11
CUSIP NO. 704378306000 PAGE 11 OF 11 PAGES
Exhibit B
AGREEMENT AS TO JOINT FILING
Pursuant to Reg Section 240.13d-1(f)(1)(iii), the undersigned acknowledge and
agree that the attached Schedule 13D relating to Payless Cashways, Inc. is
being filed on behalf of each of the undersigned.
OKABENA PARTNERSHIP K
By: Okabena Investment Services, Inc.,
general partner
By:/s/ Gary Kohler
---------------------------
Gary Kohler, Vice President
NU TWINS, LLC
By: Deephaven, Inc., member
By:/s/ Fred Goldman
----------------------------------
Fred Goldman, Senior Vice President
OVDA FUND, LTD.
By: EFI Trading, Inc., its investment advisor
By:/s/ Efraim Gildor
--------------------------
Efraim Gildor, President
SUMMIT CAPITAL APPRECIATION FUND LP
By:/s/ Marc Kozberg
----------------------------
Marc Kozberg, general partner
