================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
-------------------
(AMENDMENT NO. 3)
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
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(Name, address and telephone number of person authorized to receive notices and
communications)
MAY 1, 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 23 Pages)
(Exhibit Index appears on page 21)
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<PAGE>
- ------------------------------------- -------------------------------
CUSIP No. 723481107 13D Page 2 of 23
- ------------------------------------- -------------------------------
- --------------------------------------------------------------------------------
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) [_]
- --------------------------------------------------------------------------------
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: 191,600
SHARES
-----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 22,000*
OWNED BY
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 191,600
REPORTING
-----------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 191,600
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): 2.55%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- --------------------------------------------------------------------------------
* Mr. Jacobs disclaims beneficial ownership of such 22,000
shares. See Items 5(b) and 6 hereof.
<PAGE>
- ------------------------------------ --------------------------------
CUSIP No. 723481107 13D Page 3 of 23
- ------------------------------------ --------------------------------
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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) [_]
- --------------------------------------------------------------------------------
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: 0
SHARES
----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
----------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 0
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%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- --------------------------------------------------------------------------------
<PAGE>
- ---------------------------------- ----------------------------------
CUSIP No. 723481107 13D Page 4 of 23
- ---------------------------------- ----------------------------------
- --------------------------------------------------------------------------------
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
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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 UNITED STATES
ORGANIZATION:
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
-----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
-----------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 0
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%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- --------------------------------------------------------------------------------
<PAGE>
- ----------------------------------- ---------------------------------
CUSIP No. 723481107 13D Page 5 of 23
- ----------------------------------- ---------------------------------
- --------------------------------------------------------------------------------
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
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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 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 23
- ------------------------------------ --------------------------------
- --------------------------------------------------------------------------------
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>
- ---------------------------------- ----------------------------------
CUSIP No. 723481107 13D Page 7 of 23
- ---------------------------------- ----------------------------------
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
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: 0
SHARES
----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
----------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 0
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%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------- -----------------------------------
CUSIP No. 723481107 13D Page 8 of 23
- --------------------------------- -----------------------------------
- --------------------------------------------------------------------------------
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: 53,100
SHARES
-----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 53,100
REPORTING
-----------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 53,100
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): 0.71%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: 00
- --------------------------------------------------------------------------------
<PAGE>
- ------------------------------ --------------------------------------
CUSIP No. 723481107 13D Page 9 of 23
- ------------------------------ --------------------------------------
- --------------------------------------------------------------------------------
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: 40,000
SHARES
-----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 40,000
REPORTING
-----------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 40,000
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): 0.53%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: 00
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<PAGE>
- ----------------------------------- ---------------------------------
CUSIP No. 723481107 13D Page 10 of 23
- ----------------------------------- ---------------------------------
- --------------------------------------------------------------------------------
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: 0
SHARES
-----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
-----------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 0
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%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
- --------------------------------------------------------------------------------
<PAGE>
- -------------------------------- ------------------------------------
CUSIP No. 723481107 13D Page 11 of 23
- -------------------------------- ------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: ROGER R. CLOUTIER, II
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: 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
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 12,000
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): 0.16%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------- -----------------------------------
CUSIP No. 723481107 13D Page 12 of 23
- --------------------------------- -----------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: DANIEL T. LINDSAY
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: 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%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- --------------------------------------------------------------------------------
<PAGE>
- ----------------------------------- ---------------------------------
CUSIP No. 723481107 13D Page 13 of 23
- ----------------------------------- ---------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON: GRANT E. OPPEGAARD
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: 0
SHARES
-----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
-----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
-----------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 0
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%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- --------------------------------------------------------------------------------
<PAGE>
This Statement (this "Statement") amends the Statement on
Schedule 13D, as amended by Amendments No. 1 and No. 2 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 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of May 6, 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 191,600 2.55%
AJ 0 0%
MJG 0 0%
RFJ 10,000 0.13%
TLJ 20,000 0.27%
The MJG Trust 0 0%
The RFJ Trust 53,100 0.71%
The TLJ Trust 40,000 0.53%
14
<PAGE>
JMC 0 0%
RRC 12,000 0.16%
DTL 10,000 0.13%
GEO 0 0%
As of May 6, 1997, the Reporting Persons beneficially owned an
aggregate of 336,700 Shares, representing approximately 4.48% 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 and DTL; 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) Not applicable.
(e) The Reporting Persons ceased being the beneficial owners of
more than 5% of the outstanding Shares on May 6, 1997.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
Each of RRC and DTL 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.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
The following is filed herewith as an exhibit to this Statement.
15
<PAGE>
1. Agreement among the signatories of this Statement
with respect to its filing.
16
<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: May 9, 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
17
<PAGE>
/s/ Daniel T. Lindsay
-----------------------------------
Daniel T. Lindsay
18
<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 Fees and Total Cost(Net
Date Bought(Sold) Share($) Commissions($) Proceeds)($)
- ---- ------------ -------- -------------- ------------
4/24/97 (20,000) 14.500 14.17 (289,985.83)
4/25/97 (10,000) 14.500 9.34 (144,990.66)
4/30/97 (100) 15.000 0.06 (1,499.94)
5/01/97 (16,700) 15.875 8.84 (265,103.66)
5/02/97 (10,000) 15.875 5.30 (158,744.70)
5/05/97 (64,000) 16.225 34.62 (1,038,365.38)
5/06/97 (33,000) 16.468 18.12 (543,425.88)
Alexandra Jacobs
----------------
Number of Shares Price Per Fees and Total Cost(Net
Date Bought(Sold) Share($) Commissions($) Proceeds)($)
- ---- ------------ -------- -------------- ------------
4/30/97 (10,000) 14.375 4.80 (143,745.20)
Melinda A. Jacobs-Grodnick
--------------------------
Number of Shares Price Per Fees and Total Cost(Net
Date Bought(Sold) Share($) Commissions($) Proceeds)($)
- ---- ------------ -------- -------------- ------------
5/06/97 (5,000) 16.468 2.75 (82,337.25)
Irwin L. Jacobs Irrevocable Trust
FBO Melinda A. Jacobs-Grodnick
------------------------------
Number of Shares Price Per Fees and Total Cost(Net
Date Bought(Sold) Share($) Commissions($) Proceeds)($)
- ---- ------------ -------- -------------- ------------
5/05/97 (8,000) 16.225 4.33 (129,795.67)
19
<PAGE>
Irwin L. Jacobs Irrevocable Trust
FBO Randi F. Jacobs
-------------------
Number of Shares Price Per Fees and Total Cost(Net
Date Bought(Sold) Share($) Commissions($) Proceeds)($)
- ---- ------------ -------- -------------- ------------
5/05/97 (15,000) 16.225 8.12 (243,366.88)
5/06/97 (5,000) 16.468 2.75 (82,337.25)
Irwin L. Jacobs Irrevocable Trust
FBO Trisha L. Jacobs
--------------------
Number of Shares Price Per Fees and Total Cost(Net
Date Bought(Sold) Share($) Commissions($) Proceeds)($)
- ---- ------------ -------- -------------- ------------
5/05/97 (15,000) 16.225 8.12 (243,366.88)
5/06/97 (5,000) 16.468 2.75 (82,337.25)
Jacobs Management Corporation
-----------------------------
Number of Shares Price Per Fees and Total Cost(Net
Date Bought(Sold) Share($) Commissions($) Proceeds)($)
- ---- ------------ -------- -------------- ------------
4/30/97 (12,000) 15.000 6.00 (179,994.00)
5/01/97 (8,000) 15.500 4.14 (123,995.86)
Daniel T. Lindsay
-----------------
Number of Shares Price Per Fees and Total Cost(Net
Date Bought(Sold) Share($) Commissions($) Proceeds)($)
- ---- ------------ -------- -------------- ------------
5/01/97 (7,000) 15.500 3.62 (108,496.38)
5/05/97 (8,000) 16.225 4.33 (129,795.67)
Grant E. Oppegaard
------------------
Number of Shares Price Per Fees and Total Cost(Net
Date Bought(Sold) Share($) Commissions($) Proceeds)($)
- ---- ------------ -------- -------------- ------------
4/25/97 (10,000) 14.500 4.84 (144,995.16)
20
<PAGE>
Exhibit Index
-------------
Exhibit
- -------
1. Agreement among the signatories
to this Statement with respect to its filing
21
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: May 9, 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
