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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
Payless Cashways, Inc.
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(Name of Issuer)
voting common stock
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(Title of Class of Securities)
704378306000
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(CUSIP Number)
Maun & Simon, PLC, 2000 Midwest Plaza Building West, 801 Nicollet Mall,
Minneapolis, Minnesota 55402, Attention: Albert A. Woodward (512) 904-7400
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 25, 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 / /.
Check the following box if a fee is being paid with the statement / /. (A fee
is not required only if the reporting person: (i) 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 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 requried 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
CUSIP NO. 704378306000 PAGE 2 OF 4 PAGES
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================================================================================
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Okabena Partnership K
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
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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
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10 SHARED DISPOSITIVE POWER
--
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,553,600
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) / /
EXCLUDES CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.1%
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14 TYPE OF REPORTING PERSON IN
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.
2 OF 7
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SCHEDULE 13D
CUSIP NO. 704378306000 PAGE 3 OF 4 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sumitt Capital Appreciation Fund LP
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 400,000
OWNED BY ---------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 453,600
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9 SOLE DISPOSITIVE POWER
400,000
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10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,553,600
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) / /
EXCLUDES CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.1%
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14 TYPE OF REPORTING PERSON IN
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.
2 OF 7
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CUSIP No. 704378306000 PAGE 4 OF 4 PAGES
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 Companies, 5150 Norwest Center, Minneapolis, MN 55402
Okabena Partnership is a general partnership organized in Minnesota.
The managing general partner of Okabena 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
Kohler (Vice President).
2. 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 Holders have been advised by NU Twins, LLC that it has withdrawn from the
group. Earlier, the group was advised that Ovda Fund, Ltd. had, independently
and without prior consultation with the group, sold its interest in Payless.
As a result of these developments, the group now holds in the aggregate less
than five percent (5%) of the outstanding common stock of Payless.
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: April 24th, 1997
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OKABENA PARTNERSHIP K
By: Okabena Investment Services, Inc.,
general partner
By: Gary Kohler
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Gary Kohler, Vice President
SUMMIT CAPITAL APPRECIATION FUND LP
By: Marc Kozberg
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Marc Kozberg, general partner
