================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
PINNACLE SYSTEMS, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, NO PAR VALUE 723481107
- --------------------------------------------------------------------------------
(Title of class of securities) (CUSIP number)
STEPHEN E. JACOBS, ESQ.
WEIL, GOTSHAL & MANGES LLP
767 FIFTH AVENUE
NEW YORK, NEW YORK 10153
(212) 310-8000
- --------------------------------------------------------------------------------
(Name, address and telephone number of person authorized to receive notices and
communications)
DECEMBER 2, 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 [_].
Note: When filing this statement in paper format, six copies of this statement,
including 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 page(s))
(Page 1 of 25 Pages)
(Exhibit Index appears on page 24)
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<PAGE>
- ------------------------------------ ----------------------------------
CUSIP No. 723481107 13D Page 2 of 25
- ------------------------------------ ----------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: IRWIN L. JACOBS
S.S. OR I.R.S. IDENTIFICATION NO. ###-##-####
OF ABOVE PERSON:
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(B) [_]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: PF, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) OR 2(e):
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF UNITED STATES
ORGANIZATION:
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 252,800
SHARES
--------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
--------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 252,800
REPORTING
--------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 252,800
REPORTING PERSON:
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_]
SHARES:
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.38%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- --------------------------------------------------------------------------------
<PAGE>
- ------------------------------------- ----------------------------------
CUSIP No. 723481107 13D Page 3 of 25
- ------------------------------------- ----------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: ALEXANDRA JACOBS
S.S. OR I.R.S. IDENTIFICATION NO. ###-##-####
OF ABOVE PERSON:
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(B) [_]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: PF, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) OR 2(e):
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF UNITED STATES
ORGANIZATION:
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 10,000
SHARES
--------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
--------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 10,000
REPORTING
--------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 10,000
REPORTING PERSON:
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_]
SHARES:
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.13%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- --------------------------------------------------------------------------------
<PAGE>
- ------------------------------------- --------------------------------
CUSIP No. 723481107 13D Page 4 of 25
- ------------------------------------- --------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: MELINDA A. JACOBS-GRODNICK
S.S. OR I.R.S. IDENTIFICATION NO. ###-##-####
OF ABOVE PERSON:
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(B) [_]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) OR 2(e):
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF UNITED STATES
ORGANIZATION:
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 5,000
SHARES
--------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
--------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 5,000
REPORTING
--------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 5,000
REPORTING PERSON:
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_]
SHARES:
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.07%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- --------------------------------------------------------------------------------
<PAGE>
- ------------------------------------- ---------------------------------
CUSIP No. 723481107 13D Page 5 of 25
- ------------------------------------- ---------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: RANDI F. JACOBS
S.S. OR I.R.S. IDENTIFICATION NO. ###-##-####
OF ABOVE PERSON:
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(B) [_]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) OR 2(e):
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF UNITED STATES
ORGANIZATION:
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 10,000
SHARES
--------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
--------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 10,000
REPORTING
--------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 10,000
REPORTING PERSON:
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_]
SHARES:
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.13%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- --------------------------------------------------------------------------------
<PAGE>
- -------------------------------------- -------------------------------
CUSIP No. 723481107 13D Page 6 of 25
- -------------------------------------- -------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: TRISHA L. JACOBS
S.S. OR I.R.S. IDENTIFICATION NO. ###-##-####
OF ABOVE PERSON:
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(B) [_]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) OR 2(e):
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF UNITED STATES
ORGANIZATION:
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 20,000
SHARES
--------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
--------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 20,000
REPORTING
--------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 20,000
REPORTING PERSON:
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_]
SHARES:
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.27%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP No. 723481107 13D Page 7 of 25
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1 NAME OF REPORTING PERSON: IRWIN L. JACOBS IRREVOCABLE TRUST
FBO MELINDA A. JACOBS-GRODNICK
S.S. OR I.R.S. IDENTIFICATION NO. 41-6274610
OF ABOVE PERSON:
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(B) [_]
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3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: WC, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) OR 2(e):
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF MINNESOTA
ORGANIZATION:
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 5,000
SHARES
--------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
--------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 5,000
REPORTING
--------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 5,000
REPORTING PERSON:
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_]
SHARES:
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.07%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------- ------------------------------
CUSIP No. 723481107 13D Page 8 of 25
- --------------------------------------- ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: IRWIN L. JACOBS IRREVOCABLE TRUST
FBO RANDI F. JACOBS
S.S. OR I.R.S. IDENTIFICATION NO. 41-6274584
OF ABOVE PERSON:
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(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 OF MINNESOTA
ORGANIZATION:
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 60,000
SHARES
--------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
--------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 60,000
REPORTING
--------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 60,000
REPORTING PERSON:
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_]
SHARES:
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.80%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: 00
- --------------------------------------------------------------------------------
<PAGE>
- ------------------------------------- --------------------------------
CUSIP No. 723481107 13D Page 9 of 25
- ------------------------------------- --------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: IRWIN L. JACOBS IRREVOCABLE TRUST
FBO TRISHA L. JACOBS
S.S. OR I.R.S. IDENTIFICATION NO. 41-6274609
OF ABOVE PERSON:
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(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 OF MINNESOTA
ORGANIZATION:
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 50,000
SHARES
--------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
--------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 50,000
REPORTING
--------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 50,000
REPORTING PERSON:
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_]
SHARES:
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.67%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: 00
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------- -------------------------------
CUSIP No. 723481107 13D Page 10 of 25
- --------------------------------------- -------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: JACOBS MANAGEMENT CORPORATION
S.S. OR I.R.S. IDENTIFICATION NO. 41-1458571
OF ABOVE PERSON:
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [X]
(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 OF DELAWARE
ORGANIZATION:
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 20,000
SHARES
--------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
--------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 20,000
REPORTING
--------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 20,000
REPORTING PERSON:
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [_]
SHARES:
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.27%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
- --------------------------------------------------------------------------------
<PAGE>
ITEM 1. SECURITY AND ISSUER.
This statement on Schedule 13D (this "Statement") relates to shares
of common stock, no par value (the "Shares"), of Pinnacle Systems, Inc., a
California corporation (the "Company"). The principal executive offices of the
Company are located at 280 N. Bernardo Avenue, Mountain View, California 94043.
ITEM 2. IDENTITY AND BACKGROUND.
This Statement is being filed by Irwin L. Jacobs ("ILJ"), Alexandra
Jacobs ("AJ"), Melinda A. Jacobs-Grodnick ("MJG"), Randi F. Jacobs ("RFJ"),
Trisha L. Jacobs ("TLJ"), the Irwin L. Jacobs Irrevocable Trust For The Benefit
of Melinda A. Jacobs-Grodnick (the "MJG Trust"), the Irwin L. Jacobs Irrevocable
Trust For the Benefit of Randi F. Jacobs (the "RFJ Trust"), the Irwin L. Jacobs
Irrevocable Trust For The Benefit of Trisha L. Jacobs (the "TLJ Trust" and,
collectively with the MJG Trust and the RFJ Trust, the "Trusts"), and Jacobs
Management Corporation ("JMC" and, collectively with ILJ, AJ, MJG, RFJ, TLJ and
the Trusts, the "Reporting Persons").
The following information relates to ILJ:
(a) Name: Irwin L. Jacobs
(b) Business Address: 100 South Fifth Street,
Suite 2500, Minneapolis, Minnesota 55402
(c) Principal Occupation: President of JMC (see
information concerning JMC below). ILJ is also Chairman
of the Board of Directors of Genmar Holdings, Inc., a
manufacturer of recreational power boats.
(d) and (e) Legal Proceedings: None
(f) Citizenship: United States
The following information relates to AJ:
(a) Name: Alexandra Jacobs
(b) Business Address: 100 South Fifth Street,
Suite 2500, Minneapolis, Minnesota 55402
(c) Principal Occupation: Artist,
Alexandra Corporation, 901 North Third
Street, Minneapolis, Minnesota 55401
(d) and (e) Legal Proceedings: None
(f) Citizenship: United States
11
<PAGE>
The following information relates to MJG:
(a) Name: Melinda A. Jacobs-Grodnick
(b) Residential Address: 6250 Chasewood Drive,
Eden Prairie, Minnesota 55344
(c) Principal Occupation: Entertainment Reporter,
KSTP-FM, Inc., 3415 University Avenue,
St. Paul, Minnesota 55114
(d) and (e) Legal Proceedings: None
(f) Citizenship: United States
The following information relates to RFJ:
(a) Name: Randi F. Jacobs
(b) Residential Address: 73-373 Country Club
Drive, #2211, Palm Desert,
California 92260
(c) Principal Occupation: Art Gallery Curator,
Alexandra Corporation, 901 North Third
Street, Minneapolis, Minnesota 55401
(d) and (e) Legal Proceedings: None
(f) Citizenship: United States
The following information relates to TLJ:
(a) Name: Trisha L. Jacobs
(b) Residential Address: 2950 Dean Parkway,
#702, Minneapolis, Minnesota 55416
(c) Principal Occupation: Esthetician,
Tiro Industries, Inc., 2700 East 28th
Street, Minneapolis, Minnesota 55416
(d) and (e) Legal Proceedings: None
(f) Citizenship: United States
The following information relates to the MJG Trust:
(i) Name: Irwin L. Jacobs Irrevocable Trust FBO
Melinda A. Jacobs-Grodnick
(ii) Place of Organization: Minnesota
(iii) Principal Business: Investments
(iv) Principal Business Address: 100 South Fifth
Street, Suite 2500, Minneapolis,
Minnesota 55402
(v) Information required by clauses (d) or (e)
of Item 2 of Schedule 13D: None
12
<PAGE>
The following information relates to the RFJ Trust:
(i) Name: Irwin L. Jacobs Irrevocable Trust FBO
Randi F. Jacobs
(ii) Place of Organization: Minnesota
(iii) Principal Business: Investments
(iv) Principal Business Address: 100 South Fifth
Street, Suite 2500, Minneapolis,
Minnesota 55402
(v) Information required by clauses (d) or (e)
of Item 2 of Schedule 13D: None
The following information relates to the TLJ Trust:
(i) Name: Irwin L. Jacobs Irrevocable Trust FBO
Trisha L. Jacobs
(ii) Place of Organization: Minnesota
(iii) Principal Business: Investments
(iv) Principal Business Address: 100 South Fifth
Street, Suite 2500, Minneapolis,
Minnesota 55402
(v) Information required by clauses (d) or (e)
of Item 2 of Schedule 13D: None
The following information relates to JMC:
(i) Name: Jacobs Management Corporation
(ii) Place of Organization: Delaware
(iii) Principal Business: JMC is a management
consulting firm which advises companies in
diverse businesses.
(iv) Principal Business Address: 100 South Fifth
Street, Suite 2500, Minneapolis,
Minnesota 55402
(v) Information required by clauses (d) or (e)
of Item 2 of Schedule 13D: None
Listed on Appendix A hereto are the names, business addresses and
principal occupations of the trustees of the Trusts, and listed on Appendix B
hereto are the names, business addresses and principal occupations of the
directors, executive officers and controlling persons of JMC. Each of the
persons listed on Appendices A and B is a citizen of the United States and no
information required pursuant to clauses (d) or (e) of Item 2 of Schedule 13D is
applicable with respect to any of such persons.
13
<PAGE>
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
ILJ purchased an aggregate of 252,800 Shares for an aggregate
consideration (including brokerage commissions) of approximately $2,754,180.81.
ILJ acquired such Shares by using equal amounts of personal funds and borrowings
from his margin account at Jefferies & Company, Inc. ("Jefferies").
AJ purchased an aggregate of 10,000 Shares for an aggregate
consideration (including brokerage commissions) of approximately $102,500.00. AJ
acquired such Shares by using equal amounts of personal funds and borrowings
from her margin account at Jefferies.
MJG purchased an aggregate of 5,000 Shares for an aggregate
consideration (including brokerage commissions) of approximately $48,750.00. MJG
acquired such Shares by using equal amounts of proceeds of a loan from ILJ and
borrowings from her margin account at Jefferies.
RFJ purchased an aggregate of 10,000 Shares for an aggregate
consideration (including brokerage commissions) of approximately $97,500.00. RFJ
acquired such Shares by using equal amounts of proceeds of a loan from ILJ and
borrowings from her margin account at Jefferies.
TLJ purchased an aggregate of 20,000 Shares for an aggregate
consideration (including brokerage commissions) of approximately $195,000.00.
TLJ acquired such Shares by using equal amounts of proceeds of a loan from ILJ
and borrowings from her margin account at Jefferies.
The MJG Trust purchased an aggregate of 5,000 Shares for an
aggregate consideration (including brokerage commissions) of $65,625.00. The MJG
Trust acquired such Shares by using equal amounts of available funds and
borrowings from its margin account at Jefferies.
The RFJ Trust purchased an aggregate of 60,000 Shares for an
aggregate consideration (including brokerage commissions) of $643,750.00. The
RFJ Trust acquired such Shares by using equal amounts of available funds and
borrowings from its margin account at Jefferies.
The TLJ Trust purchased an aggregate of 50,000 Shares for an
aggregate consideration (including brokerage commissions) of $606,750.00. The
TLJ Trust acquired such Shares by using
14
<PAGE>
equal amounts of available funds and borrowings from its margin account at
Jefferies.
JMC purchased an aggregate of 20,000 Shares for an aggregate
consideration (including brokerage commissions) of $247,874.00. JMC acquired
such Shares by using equal amounts of available working capital and borrowings
from its margin account at Jefferies.
ITEM 4. PURPOSE OF THE TRANSACTION.
The Reporting Persons have acquired the Shares described herein in
order to obtain an equity position in the Company, the Shares of which, in the
opinion of the Reporting Persons, is presently undervalued. From time to time,
the Reporting Persons will evaluate their position and may determine to seek
control of the Company.
Preliminary to any determination to seek control, the Reporting
Persons may explore the feasibility of, and strategies for, seeking control and
may explore, among other possibilities, (i) making a proposal to the Company for
a merger or business combination; (ii) acquiring additional Shares (subject to
the availability of Shares at prices deemed favorable) from time to time in the
open market, in privately negotiated transactions or otherwise; or (iii)
entering into arrangements with third parties who may be interested in joining
with the Reporting Persons to acquire control of the Company, which arrangements
may contemplate the sale or disposition of portions of the Company's assets to
such third parties after control is obtained.
Depending upon the course of action that the Reporting Persons
pursue, the Reporting Persons may attempt to dispose of Shares in the open
market, in privately negotiated transactions or otherwise.
Although the foregoing represents the range of activities presently
contemplated by the Reporting Persons with respect to the Company, it should be
noted that the possible activities of the Reporting Persons are subject to
change at any time and there is no assurance that the Reporting Persons will
actually purchase additional Shares or seek to influence or obtain control of
the Company. Except as set forth above, the Reporting Persons have no present
plans or intentions which would result in or relate to any of the transactions
described in Item 4 of Schedule 13D.
15
<PAGE>
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of December 10, 1996, the Reporting Persons beneficially
owned the number of Shares respectively set forth below. The percentages set
forth below represent the percentage of the outstanding Shares (based on a total
of 7,481,808 Shares outstanding as reported in the Company's Quarterly Report on
Form 10-Q for the quarterly period ended September 30, 1996) represented by the
Shares beneficially owned by the Reporting Persons.
Percent of
Reporting Number of Outstanding
Person Shares Shares
------ ------ ------
ILJ 252,800 3.38%
AJ 10,000 0.13%
MJG 5,000 0.07%
RFJ 10,000 0.13%
TLJ 20,000 0.27%
The MJG Trust 5,000 0.07%
The RFJ Trust 60,000 0.80%
The TLJ Trust 50,000 0.67%
JMC 20,000 0.27%
As of December 10, 1996, the Reporting Persons beneficially owned an
aggregate of 432,800 Shares, representing approximately 5.78% of the outstanding
Shares.
(b) The information set forth in Items 7 through 11 of the cover
pages hereto is incorporated herein by reference.
(c) The information concerning transactions in the Shares effected
by the Reporting Persons during the past 60 days is set forth in Appendix C
hereto and incorporated herein by reference. All such transactions were effected
through the open market.
(d)-(e) Not applicable.
16
<PAGE>
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
None of the Reporting Persons has any contracts, arrangements,
understandings or relationships with respect to any securities of the Company.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
The following are filed herewith as exhibits to this Statement.
1. Agreement among the signatories of this Statement
with respect to its filing.
17
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of its knowledge and belief, the
undersigned certifies that the information set forth in this Statement is true,
complete and correct.
Dated: December 11, 1996 /s/ Irwin L. Jacobs
----------------------------------------
Irwin L. Jacobs
/s/ Alexandra Jacobs
----------------------------------------
Alexandra Jacobs
/s/ Melinda A. Jacobs-Grodnick
----------------------------------------
Melinda A. Jacobs-Grodnick
/s/ Randi F. Jacobs
----------------------------------------
Randi F. Jacobs
/s/ Trisha L. Jacobs
----------------------------------------
Trisha L. Jacobs
Irwin L. Jacobs Irrevocable Trust
FBO Melinda A. Jacobs-Grodnick
/s/ David Mahler
----------------------------------------
By: David Mahler, Trustee
Irwin L. Jacobs Irrevocable Trust
FBO Randi F. Jacobs
/s/ David Mahler
----------------------------------------
By: David Mahler, Trustee
Irwin L. Jacobs Irrevocable Trust
FBO Trisha L. Jacobs
/s/ David Mahler
---------------------------------------
By: David Mahler, Trustee
Jacobs Management Corporation
By: /s/ Irwin L. Jacobs
---------------------------------------
Irwin L. Jacobs, President
18
<PAGE>
Appendix A
----------
Trustees of the Trusts
----------------------
Name and Business Address Principal Occupation
- ------------------------- --------------------
Alexandra Jacobs Artist
100 South Fifth Street
Suite 2500
Minneapolis, Minnesota 55402
David A. Mahler Vice President and Treasurer,
100 South Fifth Street Jacobs Management Corporation
Minneapolis, Minnesota 55402
19
<PAGE>
Appendix B
----------
Directors, Executive Officers and
Controlling Persons of JMC
--------------------------
Name Principal Occupation
- ---- --------------------
Irwin L. Jacobs President, Director
and Controlling Person of JMC
Daniel T. Lindsay Executive Vice President,
Secretary and Director of JMC
Roger Cloutier, II Senior Vice President of JMC
Warren A. Erdman Vice President of
Administration of JMC
David A. Mahler Vice President and
Treasurer of JMC
The business address of each of the persons listed above is 100
South Fifth Street, Suite 2500, Minneapolis, Minnesota 55402.
20
<PAGE>
Appendix C
----------
Transactions By the Reporting Persons in
Pinnacle Systems, Inc. Common Stock During the Past 60 Days
-----------------------------------------------------------
IRWIN L. JACOBS
Number of Shares Price Per
Date Bought Share($) Commission($) Total Cost($)
- ---- ------ -------- ------------- -------------
11/01/96 20,000 10.938 0.00 218,750.00
11/18/96 105,000 9.750 0.00 1,023,750.00
12/02/96 67,000 10.250 0.00 686,750.00
ALEXANDRA JACOBS
Number of Shares Price Per
Date Bought Share($) Commission($) Total Cost($)
- ---- ------ -------- ------------- -------------
12/02/96 10,000 10.250 0.00 102,500.00
MELINDA A. JACOBS-GRODNICK
Number of Shares Price Per
Date Bought Share($) Commission($) Total Cost($)
- ---- ------ -------- ------------- -------------
11/18/96 5,000 9.750 0.00 48,750.00
21
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RANDI F. JACOBS
Number of Shares Price Per
Date Bought Share($) Commission($) Total Cost($)
- ---- ------ -------- ------------- -------------
11/18/96 10,000 9.750 0.00 97,500.00
TRISHA L. JACOBS
Number of Shares Price Per
Date Bought Share($) Commission($) Total Cost($)
- ---- ------ -------- ------------- -------------
11/18/96 20,000 9.750 0.00 195,000.00
IRWIN L. JACOBS IRREVOCABLE TRUST
FBO RANDI F. JACOBS
Number of Shares Price Per
Date Bought Share($) Commission($) Total Cost($)
- ---- ------ -------- ------------- -------------
12/02/96 50,000 10.250 0.00 512,500.00
IRWIN L. JACOBS IRREVOCABLE TRUST
FBO TRISHA L. JACOBS
Number of Shares Price Per
Date Bought Share($) Commission($) Total Cost($)
- ---- ------ -------- ------------- -------------
12/02/96 20,000 10.250 0.00 205,000.00
22
<PAGE>
JACOBS MANAGEMENT CORPORATION
Number of Shares Price Per
Date Bought Share($) Commission($) Total Cost($)
- ---- ------ -------- ------------- -------------
12/10/96 20,000 12.344 1,000.00 247,874.00
23
<PAGE>
Exhibit Index
Exhibit Page
- ------- ----
1. Agreement among the signatories
to this Statement with respect to its filing............................25
24
NYFS05...:\40\63840\0001\1798\SCHD106R.12A
EXHIBIT 1
AGREEMENT
This will confirm the agreement by and among all the undersigned that the
Schedule 13D filed on or about this date with respect to the beneficial
ownership of the undersigned of shares of the common stock of the Company is
being filed on behalf of each of the individuals named below. This Agreement may
be executed in two or more counterparts, each of which be deemed an original,
but all of which together shall constitute one and the same instrument.
Dated: December 11, 1996 /s/ Irwin L. Jacobs
----------------------------------------
Irwin L. Jacobs
/s/ Alexandra Jacobs
----------------------------------------
Alexandra Jacobs
/s/ Melinda A. Jacobs-Grodnick
----------------------------------------
Melinda A. Jacobs-Grodnick
/s/ Randi F. Jacobs
----------------------------------------
Randi F. Jacobs
/s/ Trisha L. Jacobs
----------------------------------------
Trisha L. Jacobs
Irwin L. Jacobs Irrevocable Trust
FBO Melinda A. Jacobs-Grodnick
/s/ David Mahler
----------------------------------------
By: David Mahler, Trustee
Irwin L. Jacobs Irrevocable Trust
FBO Randi F. Jacobs
/s/ David Mahler
----------------------------------------
By: David Mahler, Trustee
Irwin L. Jacobs Irrevocable Trust
FBO Trisha L. Jacobs
/s/ David Mahler
---------------------------------------
By: David Mahler, Trustee
Jacobs Management Corporation
By: /s/ Irwin L. Jacobs
---------------------------------------
Irwin L. Jacobs, President
25
