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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
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(AMENDMENT NO. 2)
PINNACLE SYSTEMS, INC.
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(Name of Issuer)
COMMON STOCK, NO PAR VALUE 723481107
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(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
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(Name, address and telephone number of person authorized to receive notices and
communications)
APRIL 22, 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 [_].
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 24 Pages)
(Exhibit Index appears on page 22)
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<PAGE>
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CUSIP No. 723481107 13D Page 2 of 24
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1 NAME OF REPORTING PERSON: IRWIN L. JACOBS
S.S. OR I.R.S. IDENTIFICATION NO. ###-##-####
OF ABOVE PERSON:
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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: PF, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF UNITED STATES
ORGANIZATION:
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NUMBER OF 7 SOLE VOTING POWER: 345,400
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 47,000*
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 345,400
REPORTING
-----------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 345,400
REPORTING PERSON:
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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): 4.59%
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14 TYPE OF REPORTING PERSON: IN
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* Mr. Jacobs disclaims beneficial ownership of such 47,000 shares. See
Items 5(b) and 6 hereof.
<PAGE>
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CUSIP No. 723481107 13D Page 3 of 24
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1 NAME OF REPORTING PERSON: ALEXANDRA JACOBS
S.S. OR I.R.S. IDENTIFICATION NO. ###-##-####
OF ABOVE PERSON:
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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: PF, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF UNITED STATES
ORGANIZATION:
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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
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 10,000
REPORTING PERSON:
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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): 0.13%
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14 TYPE OF REPORTING PERSON: IN
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<PAGE>
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CUSIP No. 723481107 13D Page 4 of 24
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1 NAME OF REPORTING PERSON: MELINDA A. JACOBS-GRODNICK
S.S. OR I.R.S. IDENTIFICATION NO. ###-##-####
OF ABOVE PERSON:
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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: OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF UNITED STATES
ORGANIZATION:
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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
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 5,000
REPORTING PERSON:
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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): 0.07%
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14 TYPE OF REPORTING PERSON: IN
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<PAGE>
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CUSIP No. 723481107 13D Page 5 of 24
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1 NAME OF REPORTING PERSON: RANDI F. JACOBS
S.S. OR I.R.S. IDENTIFICATION NO. ###-##-####
OF ABOVE PERSON:
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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: OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF UNITED STATES
ORGANIZATION:
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NUMBER OF 7 SOLE VOTING POWER: 10,000
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 10,000
REPORTING
-----------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 10,000
REPORTING PERSON:
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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): 0.13%
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14 TYPE OF REPORTING PERSON: IN
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<PAGE>
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CUSIP No. 723481107 13D Page 6 of 24
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1 NAME OF REPORTING PERSON: TRISHA L. JACOBS
S.S. OR I.R.S. IDENTIFICATION NO. ###-##-####
OF ABOVE PERSON:
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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: OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF UNITED STATES
ORGANIZATION:
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NUMBER OF 7 SOLE VOTING POWER: 20,000
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 20,000
REPORTING
-----------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 20,000
REPORTING PERSON:
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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): 0.27%
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14 TYPE OF REPORTING PERSON: IN
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<PAGE>
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CUSIP No. 723481107 13D Page 7 of 24
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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:
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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, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF MINNESOTA
ORGANIZATION:
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NUMBER OF 7 SOLE VOTING POWER: 8,000
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 8,000
REPORTING
-----------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 8,000
REPORTING PERSON:
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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): 0.11%
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14 TYPE OF REPORTING PERSON: OO
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<PAGE>
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CUSIP No. 723481107 13D Page 8 of 24
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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:
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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, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF MINNESOTA
ORGANIZATION:
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NUMBER OF 7 SOLE VOTING POWER: 73,100
SHARES
----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 73,100
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 73,100
REPORTING PERSON:
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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): 0.97%
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14 TYPE OF REPORTING PERSON: 00
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<PAGE>
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CUSIP No. 723481107 13D Page 9 of 24
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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:
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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, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF MINNESOTA
ORGANIZATION:
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NUMBER OF 7 SOLE VOTING POWER: 60,000
SHARES
-----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 60,000
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 60,000
REPORTING PERSON:
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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): 0.80%
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14 TYPE OF REPORTING PERSON: 00
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<PAGE>
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CUSIP No. 723481107 13D Page 10 of 24
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1 NAME OF REPORTING PERSON: JACOBS MANAGEMENT CORPORATION
S.S. OR I.R.S. IDENTIFICATION NO. 41-1458571
OF ABOVE PERSON:
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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, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF DELAWARE
ORGANIZATION:
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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
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 20,000
REPORTING PERSON:
- --------------------------------------------------------------------------------
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): 0.27%
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14 TYPE OF REPORTING PERSON: CO
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<PAGE>
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CUSIP No. 723481107 13D Page 11 of 24
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1 NAME OF REPORTING PERSON: ROGER R. CLOUTIER, II
S.S. OR I.R.S. IDENTIFICATION NO. ###-##-####
OF ABOVE PERSON:
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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: PF, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF UNITED STATES
ORGANIZATION:
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
-----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 12,000
OWNED BY
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 12,000
REPORTING
-----------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 12,000
REPORTING PERSON:
- --------------------------------------------------------------------------------
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): 0.16%
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14 TYPE OF REPORTING PERSON: IN
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<PAGE>
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CUSIP No. 723481107 13D Page 12 of 24
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1 NAME OF REPORTING PERSON: DANIEL T. LINDSAY
S.S. OR I.R.S. IDENTIFICATION NO. ###-##-####
OF ABOVE PERSON:
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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: PF, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF UNITED STATES
ORGANIZATION:
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
-----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 25,000
OWNED BY
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 25,000
REPORTING
-----------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 25,000
REPORTING PERSON:
- --------------------------------------------------------------------------------
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): 0.33%
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14 TYPE OF REPORTING PERSON: IN
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<PAGE>
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CUSIP No. 723481107 13D Page 13 of 24
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1 NAME OF REPORTING PERSON: GRANT E. OPPEGAARD
S.S. OR I.R.S. IDENTIFICATION NO. ###-##-####
OF ABOVE PERSON:
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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
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS: PF, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF UNITED STATES
ORGANIZATION:
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NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 10,000
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%
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14 TYPE OF REPORTING PERSON: IN
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<PAGE>
This Statement (this "Statement") amends the Statement on
Schedule 13D, as amended by Amendment No. 1 thereto, previously 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"), Jacobs Management Corporation ("JMC"), Roger R.
Cloutier, II ("RRC"), Daniel T. Lindsay ("DTL") and Grant E. Oppegaard ("GEO"
and, collectively with ILJ, AJ, MJG, RFJ, TLJ, the Trusts, JMC, RRC and DTL, the
"Reporting Persons") with respect to the Reporting Persons' beneficial ownership
of shares of common stock, no par value (the "Shares"), of Pinnacle Systems,
Inc., a California corporation (the "Company").
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
In 1996, ILJ purchased an aggregate of 252,800 Shares for an
aggregate consideration (including brokerage commissions) of approximately
$2,754,180.81. In January 1997, ILJ purchased an additional 43,000 Shares for an
aggregate consideration (including brokerage commissions) of approximately
$460,957.10. In February 1997, ILJ purchased an additional 19,600 Shares for an
aggregate consideration (including brokerage commissions) of approximately
$238,630.00. ILJ acquired all such Shares by using equal amounts of personal
funds and borrowings from his margin account at Jefferies & Company, Inc.
("Jefferies"). In April 1997, ILJ purchased an additional 30,000 Shares for an
aggregate consideration (including brokerage commissions) of approximately
$383,759.00. ILJ acquired such Shares by using equal amounts of personal funds
and borrowings from his margin account at Piper Jaffray Inc.
In 1996, AJ purchased 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.
In 1996, MJG purchased 5,000 Shares for an aggregate
consideration (including brokerage commissions) of approximately $48,750.00. MJG
acquired such Shares by using equal amounts of
14
<PAGE>
proceeds of a loan from ILJ and borrowings from her margin account at Jefferies.
In 1996, RFJ purchased 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.
In 1996, TLJ purchased 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.
In 1996, the MJG Trust purchased 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. In January 1997, the MJG Trust purchased
an additional 3,000 Shares for an aggregate consideration (including brokerage
commissions) of $30,900.00. The MJG Trust acquired such additional Shares by
using equal amounts of proceeds of a loan from ILJ and borrowings from its
margin account at Jefferies.
In 1996, the RFJ Trust purchased 60,000 Shares for an aggregate
consideration (including brokerage commissions) of $643,750.00. In April 1997,
the RFJ Trust purchased an additional 13,100 Shares for an aggregate
consideration (including brokerage commissions) of $170,955.00. The RFJ Trust
acquired all such Shares by using equal amounts of available funds and
borrowings from its margin account at Jefferies.
In 1996, the TLJ Trust purchased 50,000 Shares for an aggregate
consideration (including brokerage commissions) of $606,750.00. The TLJ Trust
acquired such Shares by using equal amounts of available funds and borrowings
from its margin account at Jefferies. In April 1997, the TLJ Trust purchased an
additional 10,000 Shares for an aggregate consideration (including brokerage
commissions) of $130,500.00. The TLJ Trust acquired such Shares by using equal
amounts of proceeds of a loan from ILJ and borrowings from its margin account at
Jefferies.
In 1996, JMC purchased 20,000 Shares for an aggregate
consideration (including brokerage commissions) of $247,874.00. JMC acquired
such Shares by using equal amounts of available
15
<PAGE>
working capital and borrowings from its margin account at Jefferies.
In December 1996 and January 1997, RRC purchased an aggregate of
12,000 Shares for an aggregate consideration (including brokerage commissions)
of approximately $126,120.00. RRC acquired 2,000 of such Shares by using
personal funds and acquired the other 8,000 Shares by using equal amounts of
personal funds and borrowings from his margin account at Jefferies.
In January 1997, DTL purchased 25,000 Shares for an aggregate
consideration (including brokerage commissions) of approximately $254,967.50.
DTL acquired such Shares by using equal amounts of personal funds and borrowings
from his margin account at Jefferies.
In January 1997, GEO purchased 10,000 Shares for an aggregate
consideration (including brokerage commissions) of approximately $101,987.00.
GEO acquired such Shares by using equal amounts of personal funds and borrowings
from his margin account at Jefferies.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of April 22, 1997, 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 of the Company
(based on a total of 7,523,380 Shares outstanding as reported in the Company's
Quarterly Report on Form 10-Q for the quarterly period ended December 27, 1996)
beneficially owned by the Reporting Persons.
Percent of
Reporting Number of Outstanding
Person Shares Shares
- ---------------- -------------- -----------------
ILJ 345,400 4.59%
AJ 10,000 0.13%
MJG 5,000 0.07%
RFJ 10,000 0.13%
TLJ 20,000 0.27%
16
<PAGE>
The MJG Trust 8,000 0.11%
The RFJ Trust 73,100 0.97%
The TLJ Trust 60,000 0.80%
JMC 20,000 0.27%
RRC 12,000 0.16%
DTL 25,000 0.33%
GEO 10,000 0.13%
As of April 22, 1997, the Reporting Persons beneficially owned an
aggregate of 598,500 Shares, representing approximately 7.96% of the outstanding
Shares.
(b) The information set forth in Items 7 through 11 of the cover
pages hereto is incorporated herein by reference. Pursuant to the agreements
described in Item 6 below, ILJ may be deemed to share voting power with respect
to the Shares owned by each of RRC, DTL and GEO; however, ILJ disclaims
beneficial ownership of such Shares.
(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.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
Each of RRC, DTL and GEO has an oral agreement with ILJ to vote
their Shares in the same manner as ILJ votes his Shares. Except as set forth in
the immediately preceding sentence, none of the Reporting Persons has any
contracts, arrangements, understandings or relationships with respect to any
securities of the Company.
17
<PAGE>
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.
18
<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: April 25, 1997 /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
By: /s/ David Mahler
-----------------------------------
David Mahler, Trustee
Irwin L. Jacobs Irrevocable Trust
FBO Randi F. Jacobs
By: /s/ David Mahler
-----------------------------------
David Mahler, Trustee
Irwin L. Jacobs Irrevocable Trust
FBO Trisha L. Jacobs
By: /s/ David Mahler
-----------------------------------
David Mahler, Trustee
Jacobs Management Corporation
By: /s/ Irwin L. Jacobs
-----------------------------------
Irwin L. Jacobs, President
/s/ Roger R. Cloutier, II
-----------------------------------
Roger R. Cloutier, II
19
<PAGE>
/s/ Daniel T. Lindsay
-----------------------------------
Daniel T. Lindsay
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($) Total Cost($)
- ---- ---------------- -------- ------------- -------------
4/21/97 10,000 13.125 4.50 131,254.50
4/22/97 20,000 12.625 4.50 252,504.50
Irwin L. Jacobs Irrevocable Trust
FBO Randi F. Jacobs
-------------------
Number of Shares Price Per
Date Bought Share($) Commission($) Total Cost($)
- ---- ---------------- -------- ------------- -------------
4/21/97 13,100 13.050 0.00 170,955.00
Irwin L. Jacobs Irrevocable Trust
FBO Trisha L. Jacobs
--------------------
Number of Shares Price Per
Date Bought Share($) Commission($) Total Cost($)
- ---- ---------------- -------- ------------- -------------
4/21/97 10,000 13.050 0.00 130,500.00
21
<PAGE>
Exhibit Index
Exhibit Page
- ------- ----
1. Agreement among the signatories
to this Statement with respect to its filing.......................23
22
Exhibit 1
AGREEMENT
This will confirm the agreement by and among all the undersigned that
the Amendment to 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: April 25, 1997 /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
By: /s/ David Mahler
----------------------------------
David Mahler, Trustee
Irwin L. Jacobs Irrevocable Trust
FBO Randi F. Jacobs
By: /s/ David Mahler
----------------------------------
David Mahler, Trustee
<PAGE>
Irwin L. Jacobs Irrevocable Trust
FBO Trisha L. Jacobs
By: /s/ David Mahler
----------------------------------
David Mahler, Trustee
Jacobs Management Corporation
By: /s/ Irwin L. Jacobs
----------------------------------
Irwin L. Jacobs, President
/s/ Roger R. Cloutier, II
----------------------------------
Roger R. Cloutier, II
/s/ Daniel T. Lindsay
----------------------------------
Daniel T. Lindsay
