UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
AMENDMENT NO. 2
PEOPLE'S BANCSHARES, INC.
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(Name of Issuer)
Common Stock, $0.10 Par Value Per Share
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(Title of Class of Securities)
709795108
---------------------------------------------
(CUSIP Number)
Jeffrey E. Schwarz
Metropolitan Capital Advisors, Inc.
660 Madison Avenue
New York, NY 10021
(212) 486-8100
-with copies to-
Joseph F. Mazzella, Esq.
Lane Altman & Owens LLP
101 Federal Street
Boston, Massachusetts 02110
(617) 345-9800
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
July 16, 1997
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(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: (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 13-d(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 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).
SCHEDULE 13D
CUSIP No. 709795108 PAGE 2 OF 15 PAGES
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Metropolitan Capital Advisors, Inc.
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2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [X]
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3 SEC Use Only
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4 Source of Funds* 00
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5 Check Box if Disclosure of Legal Proceeding is Required Pursuant to
Items 2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization New York
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Number of 7 Sole Voting Power 0
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power 119,985
Owned by -----------------------------------------------------------
Each 9 Sole Dispositive Power 0
Reporting -----------------------------------------------------------
Person With 10 Shared Dispositive Power 119,985
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11 Aggregate Amount Beneficially Owned by Each Reporting Person 119,985
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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) 3.34%
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14 Type of Reporting Person* CO
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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.
SCHEDULE 13D
CUSIP No. 709795108 PAGE 3 OF 15 PAGES
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person KJ Advisors, Inc.
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2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [X]
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3 SEC Use Only
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4 Source of Funds* 00
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5 Check Box if Disclosure of Legal Proceeding is Required Pursuant to Items
2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization New York
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Number of 7 Sole Voting Power 0
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power 15,692
Owned by -----------------------------------------------------------
Each 9 Sole Dispositive Power 0
Reporting -----------------------------------------------------------
Person With 10 Shared Dispositive Power 15,692
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11 Aggregate Amount Beneficially Owned by Each Reporting Person 15,692
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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) 0.44%
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14 Type of Reporting Person* CO
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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.
SCHEDULE 13D
CUSIP No. 709795108 PAGE 4 OF 15 PAGES
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Metropolitan Capital III, Inc.
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2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [X]
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3 SEC Use Only
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4 Source of Funds* 00
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5 Check Box if Disclosure of Legal Proceeding is Required Pursuant to Items
2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization New York
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Number of 7 Sole Voting Power 0
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power 12,792
Owned by -----------------------------------------------------------
Each 9 Sole Dispositive Power 0
Reporting -----------------------------------------------------------
Person With 10 Shared Dispositive Power 12,792
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person 12,792
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* [ ]
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11) 0.36%
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14 Type of Reporting Person* CO
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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.
SCHEDULE 13D
CUSIP No. 709795108 PAGE 5 OF 15 PAGES
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person Jeffrey E. Schwarz
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2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [X]
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3 SEC Use Only
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4 Source of Funds* None
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5 Check Box if Disclosure of Legal Proceeding is Required Pursuant to Items
2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization U.S.A.
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Number of 7 Sole Voting Power 0
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power 148,469
Owned by -----------------------------------------------------------
Each 9 Sole Dispositive Power 0
Reporting -----------------------------------------------------------
Person With 10 Shared Dispositive Power 148,469
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person 148,469
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12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* [ ]
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11) 4.13%
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14 Type of Reporting Person* IN
- --------------------------------------------------------------------------------
*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.
SCHEDULE 13D
CUSIP No. 709795108 PAGE 6 OF 15 PAGES
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person Karen Finerman
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2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [X]
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3 SEC Use Only
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4 Source of Funds* None
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5 Check Box if Disclosure of Legal Proceeding is Required Pursuant to Items
2(d) or 2(e) [ ]
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6 Citizenship or Place of Organization U.S.A.
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Number of 7 Sole Voting Power 0
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power 148,469
Owned by -----------------------------------------------------------
Each 9 Sole Dispositive Power 0
Reporting -----------------------------------------------------------
Person With 10 Shared Dispositive Power 148,469
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person 148,469
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* [ ]
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11) 4.13%
- --------------------------------------------------------------------------------
14 Type of Reporting Person* IN
- --------------------------------------------------------------------------------
*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.
CUSIP NO. 709795108 PAGE 7 OF 15 PAGES
---- -----
THIS AMENDMENT NO. 2 RELATES TO THE SCHEDULE 13D DATED APRIL 23, 1997, AND
AMENDED BY AMENDMENT NO. 1 DATED JUNE 26, 1997 (COLLECTIVELY, "SCHEDULE 13D").
THE TEXT OF ITEM 5 OF SAID SCHEDULE 13D IS HEREBY FURTHER AMENDED BY AND
REPLACED WITH THE FOLLOWING:
Item 5. Interest in Securities of the Issuer
(a) (b) The beneficial ownership and voting and dispositive power of each of the
Reporting Persons over Common Stock of the Issuer as of the date hereof is as
follows:
(i) Metropolitan Capital has purchased no shares of Common Stock
of the Issuer solely for its own account. However,
Metropolitan Capital may be deemed to have shared voting and
dispositive power over the 119,985 shares representing 3.34%
of Common Stock of the Issuer beneficially owned by Bedford
Falls Investors, L.P.
(ii) KJ Advisors, Inc. is the owner of shares of Common Stock of
the Issuer solely by reason of its position as General Partner
of Metropolitan Capital Partners II, L.P. which has
discretionary voting and dispositive power over assets held in
the Managed Accounts. Thus, by virtue of being the General
Partner of Metropolitan Capital Partners II, L.P., KJ
Advisors, Inc. may be deemed to have shared voting and
dispositive power over the 15,692 shares representing 0.44% of
Common Stock of the Issuer held in the Managed Accounts.
(iii) Metropolitan Capital III, Inc. has purchased no shares of
Common Stock of the Issuer solely for its own account.
However, by reason of its position as General Partner of
Metropolitan Capital Partners III, L.P. which has
discretionary voting and dispositive power over the assets of
Metropolitan Capital Advisors International Limited,
Metropolitan Capital III, Inc. may be deemed to have shared
voting and dispositive power over the 12,792 shares
representing 0.36% of the Common Stock of the Issuer owned by
Metropolitan Capital Advisors International Limited.
(iv) Jeffrey Schwarz may be deemed the beneficial owner of 148,469
shares representing 4.13% of the Common Stock of the Issuer as
a result of his being a director, executive officer and
controlling stockholder of Metropolitan Capital, KJ Advisors,
Inc. and Metropolitan Capital III, Inc. Jeffrey Schwarz does
not beneficially own any shares of Common Stock of the Issuer
other than through such positions.
(v) Karen Finerman may be deemed the beneficial owner of 148,469
shares representing 4.13% of the Common Stock of the Issuer as
a result of her being a director and executive officer of
Metropolitan Capital, and a director, executive officer and
stockholder of KJ Advisors, Inc. and Metropolitan Capital III,
Inc. Karen Finerman does not beneficially own any shares of
Common Stock of the Issuer other than through such positions.
The number of shares beneficially owned and the percentage of
outstanding shares represented thereby, for each of the Reporting Persons, have
been computed in accordance with Rule 13D-3 under the Securities Exchange Act of
1934, as amended. The percentages of ownership described above are based on the
3,592,170 shares of Common Stock reported outstanding by the Issuer in its Form
10-Q for the period ended March 31, 1997.
(c) Transactions in the class of Securities reported on herein effected
within the last 60 days by Metropolitan Capital for and on behalf of Bedford
Falls Investors, L.P. are as follows. All such transactions are
CUSIP NO. 709795108 PAGE 8 OF 15 PAGES
---- -----
short sales against the box, except as otherwise indicated:
<TABLE>
<CAPTION>
DATE NO. OF SHARES PRICE PER SHARE TOTAL
---- ------------- --------------- -----
<S> <C> <C> <C>
06/18/97 (5,000) 14.87 (74,357.52)
06/19/97 (2,800) 15.04 (42,100.35)
06/20/97 (3,600) 15.00 (53,983.20)
06/23/97 (10,000) 15.12 (151,229.95)
06/27/97 (6,500) 15.12 (98,294.22)
07/01/97 (6,500) 15.25 (99,106.69)
07/02/97 (6,500) 15.37 (99,919.16)
07/03/97 (5,000) 15.62 (78,107.39)
07/07/97 (11,700) 15.89 (185,924.56)
07/08/97 (1,500) 16.11 (24,171.69)
07/08/97 (5,000) 16.12 (80,607.31)
07/09/97 (5,000) 16.25 (81,232.29)
07/09/97 (1,500) 16.24 (24,359.18)
07/10/97 (5,000) 16.37 (81,857.27)
07/10/97 (4,600) 16.43 (75,594.97)
07/14/97 (5,000) 16.62 (83,107.22)
07/14/97 (1,400) 16.61 (23,259.22)
07/15/97 (6,900) 17.25 (119,006.03)
07/16/97 (2,500) 17.29 (43,221.05)
07/17/97 (5,000) 17.25 (86,232.12)
07/17/97 (18,493) 17.27 (319,446.47)
07/18/97 (492) 16.88 (8,287.50)
</TABLE>
Transactions in the class of Securities reported on herein effected
within the last 60 days by KJ Advisors, Inc., for and on behalf of the Managed
Accounts are as follows. All such transactions are short sales against the box,
except as otherwise indicated:
<TABLE>
<CAPTION>
DATE NO. OF SHARES PRICE PER SHARE TOTAL
---- ------------- --------------- -----
<S> <C> <C> <C>
06/19/97 (2,500) 15.04 (37,587.99)
06/19/97 (2,200) 15.03 (33,075.63)
06/20/97 (800) 14.98 (11,984.60)
06/20/97 (600) 14.97 (8,984.70)
06/23/97 (1,000) 15.23 (15,234.49)
06/23/97 (800) 15.23 (12,184.59)
6/27/97 (500) 15.09 (7,547.24)
6/27/97 (600) 15.10 (9,059.69)
7/01/97 (1,100) 15.22 (16,744.43)
7/02/97 (500) 15.34 (7,672.24)
7/02/97 (600) 15.35 (9,209.69)
7/03/97 (800) 15.59 (12,469.58)
7/07/97 (1,900) 15.88 (30,165.31)
7/08/97 (500) 16.09 (8,047.43)
7/08/97 (600) 16.10 (9,659.67)
7/09/97 (1,100) 16.22 (17,844.39)
7/09/97 4,500* - -
</TABLE>
CUSIP NO. 709795108 PAGE 9 OF 15 PAGES
---- -----
<TABLE>
<CAPTION>
DATE NO. OF SHARES PRICE PER SHARE TOTAL
---- ------------- --------------- -----
<S> <C> <C> <C>
7/10/97 (1,700) 16.42 (27,912.81)
7/10/97 1,000* - -
7/14/97 (500) 16.59 (8,297.22)
7/14/97 (700) 16.60 (11,622.11)
7/15/97 (400) 17.21 (6,884.77)
7/15/97 (800) 17.39 (13,910.53)
7/16/97 3,700 - -
7/17/97 (4,692) 17.27 (81,023.00)
</TABLE>
--------------------
*Represents long positions paired off with short sales against the box,
thus reducing the Reporting Persons beneficial ownership.
Transactions in the class of Securities reported on herein effected
within the last 60 days by Metropolitan Capital Advisors International Limited
are as follows. All such transactions are short sales against the box, except as
otherwise indicated:
<TABLE>
<CAPTION>
DATE NO. OF SHARES PRICE PER SHARE TOTAL
---- ------------- --------------- -----
<S> <C> <C> <C>
06/19/97 (5,000) 15.00 (74,982.50)
06/23/97 (3,200) 15.24 (48,783.37)
06/27/97 (2,400) 15.12 (36,283.79)
07/01/97 (2,400) 15.24 (36,583.78)
07/02/97 (2,400) 15.37 (36,883.77)
07/03/97 (1,700) 15.62 (26,546.61)
07/07/97 (3,900) 15.89 (61,964.85)
07/08/97 (2,400) 16.12 (38,683.71)
07/09/97 (2,400) 16.66 (39,983.70)
07/09/97 21,000* - -
07/10/97 (3,700) 16.43 (60,801.72)
07/10/97 4,800* - -
07/14/97 (2,400) 16.62 (39,883.67)
07/15/97 (2,700) 17.24 (46,568.44)
07/16/97 6,100* - -
07/17/97 (10,092) 17.27 (174,321.51)
</TABLE>
--------------------
*Represents long positions paired off with short sales against the box,
thus reducing the Reporting Persons beneficial ownership.
CUSIP NO. 709795108 PAGE 10 OF 15 PAGES
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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.
This statement may be executed in any number of counterparts, each of which
shall be deemed an original and all of which shall constitute one (1)
instrument.
Metropolitan Capital Advisors, Inc.
By: /s/ Jeffrey E. Schwarz
--------------------------------
Jeffrey E. Schwarz, Chief Executive Officer
Dated as of: July 21, 1997
CUSIP NO. 709795108 PAGE 11 OF 15 PAGES
----- -----
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.
This statement may be executed in any number of counterparts, each of which
shall be deemed an original and all of which shall constitute one (1)
instrument.
KJ Advisors, Inc.
By: /s/ Jeffrey E. Schwarz
----------------------------------------
Jeffrey E. Schwarz, Chief Executive Officer
Dated as of: July 21, 1997
CUSIP NO. 709795108 PAGE 12 OF 15 PAGES
----- -----
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.
This statement may be executed in any number of counterparts, each of which
shall be deemed an original and all of which shall constitute one (1)
instrument.
Metropolitan Capital III, Inc.
By: /s/ Jeffrey E. Schwarz
----------------------------------------
Jeffrey E. Schwarz, Chief Executive Officer
Dated as of: July 21, 1997
CUSIP NO. 709795108 PAGE 13 OF 15 PAGES
----- -----
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.
This statement may be executed in any number of counterparts, each of which
shall be deemed an original and all of which shall constitute one (1)
instrument.
By: /s/ Jeffrey E. Schwarz
-------------------------------
Jeffrey E. Schwarz
Dated as of: July 21, 1997
CUSIP NO. 709795108 Page 14 of 15 Pages
----- -----
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.
This statement may be executed in any number of counterparts, each of which
shall be deemed an original and all of which shall constitute one (1)
instrument.
By: /s/ Karen Finerman
-------------------------------
Karen Finerman
Dated as of: July 21, 1997
CUSIP NO. 709795108 PAGE 15 OF 15 PAGES
----- -----
EXHIBIT A
AGREEMENT OF JOINT FILING
PEOPLE'S BANCSHARES, INC.
COMMON STOCK, $0.10 PAR VALUE PER SHARE
In accordance with Rule 13D-1(f) under the Securities Exchange Act of
1934, as amended, the undersigned hereby confirm the agreement by and among them
to the join filing on behalf of each of them of a Statement on Schedule 13D and
any and all amendments thereto, with respect to the above referenced securities
and that this Agreement be included as an Exhibit to such filing.
This Agreement may be executed in any number of counterparts each of
which shall be deemed to be an original and all of which together shall be
deemed to constitute one and the same Agreement.
WITNESS WHEREOF, the undersigned hereby execute this Agreement as of
this 21st day of July, 1997.
METROPOLITAN CAPITAL ADVISORS, INC. METROPOLITAN CAPITAL III, INC.
By: /s/ Jeffrey E. Schwarz By: /s/ Jeffrey E. Schwarz
------------------------------- ----------------------------
Jeffrey E. Schwarz, Jeffrey E. Schwarz,
Chief Executive Officer Chief Executive Officer
KJ ADVISORS, INC.
By: /s/ Jeffrey E. Schwarz
-------------------------------
Jeffrey E. Schwarz,
Chief Executive Officer
/s/ Jeffrey E. Schwarz /s/ Karen Finerman
-------------------------------- -----------------------------
Jeffrey E. Schwarz, Individually Karen Finerman, Individually
