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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
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PAYLESS CASHWAYS, INC.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
000704378 40 5
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(CUSIP Number)
Check the following box if a fee is being paid with this statement / /. (A fee
is not required only if the filing 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).
*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 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 5 Pages
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CUSIP No. 000704378 40 5 13G Page 2 of 5 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
CANADIAN IMPERIAL BANK OF COMMERCE
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(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
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(3) SEC Use Only
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(4) Citizenship or Place of Organization
CANADA
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Number of Shares (5) Sole Voting Power
Beneficially 1,250,092 Shares
Owned by --------------------------------------------------
Each Reporting (6) Shared Voting Power
Person With 0 Shares
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(7) Sole Dispositive Power
1,250,092 Shares
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(8) Shared Dispositive Power
0 Shares
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(9) Aggregate Amount Beneficially Owned by Each Reporting Person
1,250,092 Shares
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(10) Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*
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(11) Percent of Class Represented by Amount in Row (9)
6.25%
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(12) Type of Reporting Person*
BK
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*SEE INSTRUCTION BEFORE FILLING OUT!
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Page 3 of 5 Pages
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ITEM 1(A). NAME OF ISSUER
PAYLESS CASHWAYS, INC.
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ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
TWO PERSHING SQUARE, 2300 MAIN, P.O. BOX 419466, KANSAS CITY, MO. 64141-0466
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ITEM 2(A). NAME OF PERSON(S) FILING
CANADIAN IMPERIAL BANK OF COMMERCE
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ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
COMMERCE COURT, TORONTO, ONTARIO M5L 1A2
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ITEM 2(C). CITIZENSHIP
CANADA
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ITEM 2(D). TITLE OF CLASS OF SECURITIES
COMMON STOCK
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ITEM 2(E). CUSIP NUMBER
000704378 40 5
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ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B), OR 13D-2(B),
CHECK WHETHER THE PERSON FILING IS A
(a) / / Broker or Dealer registered under Section 15 of the Act
(b) /X/ Bank as defined in section 3(a)(6) of the Act
(c) / / Insurance Company as defined in section 3(a)(19) of the Act
(d) / / Investment Company registered under section 8 of the Investment
Company Act
(e) / / Investment Adviser registered under section 203 of the Investment
Advisers Act of 1940
(f) / / Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of 1974
or Endowment Fund; see Rule 13d-1(b)(1)(ii)(F)
(g) / / Parent Holding Company, in accordance with Rule 13d-1(b)(ii)(G)
(Note: See Item 7)
(h) / / Group, in accordance with Rule 13d-1(b)(1)(ii)(H)
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Page 4 of 5 Pages
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ITEM 4. OWNERSHIP
(a) Amount Beneficially Owned:
1,250,092 SHARES (1,222,897 AS OF DECEMBER 31, 1997)
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(b) Percent of Class:
6.25% (6.1% AS OF DECEMBER 31, 1997)
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(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
1,250,092 SHARES (1,222,897 AS OF DECEMBER 31, 1997)
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(ii) shared power to vote or to direct the vote
0 SHARES
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(iii) sole power to dispose or to direct the disposition of
1,250,092 SHARES (1,222,897 AS OF DECEMBER 31, 1997)
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(iv) shared power to dispose or to direct the disposition of
0 SHARES
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ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
N/A
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
CIBC INC., AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF CANADIAN IMPERIAL
BANK OF COMMERCE, HAS THE RIGHT TO RECEIVE OR THE POWER TO DIRECT
THE RECEIPT OF DIVIDENDS FROM, OR THE PROCEEDS FROM THE SALE OF SUCH
SECURITIES.
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Page 5 of 5 Pages
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ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
N/A
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ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
N/A
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ITEM 9. NOTICE OF DISSOLUTION OF GROUP
N/A
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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
such purposes 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.
2/12/98
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(Date)
/s/ Robert Greer
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(Signature)
Robert Greer, Assistant General Manager
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(Name/Title)
