SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
SCHEDULE 13D
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(AMENDMENT NO.2)
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(Rule 13d-101)
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First Priority Group, Inc.
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(Name of Issuer)
Common Stock, $.015 par value
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(Title of Class of Securities)
335914206
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(CUSIP Number)
Alan B. Perper
Fourteen Hill Capital, L.P.
1700 Montgomery Street, Suite 250
San Francisco, CA 94111
(415) 394-9467
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 3, 1998
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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 that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [ ].
(Continued on following pages)
(Page 1 of 6 Pages)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
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CUSIP No. 335914206 13D Page 2 of 6 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fourteen Hill Capital, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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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 ORGANIZATION
Delaware
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7 SOLE VOTING POWER
NUMBER OF 971,000 shares of Common Stock
SHARES ---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH -0-
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
971,000 shares of Common Stock
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10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
971,000 shares of Common Stock
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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)
11.8%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTION BEFORE FILLING OUT!
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<PAGE>
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CUSIP No. 335914206 13D Page 3 of 6 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fourteen Hill Management, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------------- ------------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not applicable
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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 ORGANIZATION
Delaware
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7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 971,000 shares of Common Stock
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
971,000 shares of Common Stock
- ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
971,000 shares of Common Stock
- ------------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- ------------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.8%
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTION BEFORE FILLING OUT!
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<PAGE>
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CUSIP No. 335914206 13D Page 4 of 6 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Point West Capital Corporation
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not applicable
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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 ORGANIZATION
Delaware
- ------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 971,000 shares of Common Stock
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
971,000 shares of Common Stock
- ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
971,000 shares of Common Stock
- ------------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- ------------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW(11)
11.8%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
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<PAGE>
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CUSIP No. 335914206 13D Page 5 of 6 Pages
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This Amendment No. 2 to the Statement on Schedule 13D, dated
August 26, 1997, as amended and restated by Amended and Restated Schedule 13D,
dated September 15, 1998 (as so amended and restated, the "Statement"), filed
with the Securities and Exchange Commission on behalf of Fourteen Hill Capital,
L.P., Fourteen Hill Management, LLC and Point West Capital Corporation
(collectively, the "Reporting Persons") with respect to the Common Stock, par
value $.015 (the "Stock"), of First Priority Group, Inc. (the "Issuer").
Item 4 of the Statement is hereby amended to read in its entirety as follows:
ITEM 4. PURPOSE OF TRANSACTIONS.
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Fourteen Hill Capital, L.P. acquired the shares of Stock owned
by it for investment purposes because the Reporting Persons viewed the Stock as
an attractive investment opportunity at the time of acquisition. Since August
1997, the Issuer has incurred significant losses and recently the price of the
Stock has declined precipitously.
The Reporting Persons intend to review their investment in the
Issuer on a continuing basis and reserve the right to acquire additional shares
of Stock in the open market or in privately negotiated transactions or
otherwise, to maintain their holdings at current levels or to sell all or a
portion of their holdings in the open market or in privately negotiated
transactions or otherwise. Any such actions will depend upon, among other
things, the availability of shares of Stock for purchase at satisfactory price
levels; the continuing evaluation of the Issuer's business, financial condition,
operations and prospects; general market, economic and other conditions; the
relative attractiveness of alternative business and investment opportunities;
the availability of financing; the Reporting Persons' respective financial
conditions; and other future developments. As part of their ongoing review, the
Reporting Persons (and one or more of the individuals listed on Schedule 1 to
the Statement, either individually or on behalf of the Reporting Persons) intend
to have discussions with management and the Board of Directors of the Issuer
regarding ways of improving the Issuer's performance and value, including the
possibility of replacing certain key management personnel of the Issuer. The
Reporting Persons (and one or more of the individuals listed on Schedule 1 to
the Statement, either individually or on behalf of the Reporting Persons) may
discuss the Issuer from time to time with members of the management of the
Issuer and their advisers, and may communicate with other shareholders and
interested parties concerning the Issuer. In furtherance of the goal of
improving the Issuer's performance and value, any or all of the Reporting
Persons (and one or more of the individuals listed on Schedule 1 to the
Statement, either individually or on behalf of the Reporting Persons) may seek
to work, with or without the management, Board of Directors and other
shareholders of the Issuer, to address these issues. It is possible that the
Reporting Persons (and one or more of the individuals listed on Schedule 1 to
the Statement, either individually or on behalf of the Reporting Persons) may
develop or pursue plans and proposals regarding: (i) extraordinary corporate
transactions, such as mergers, reorganizations or liquidations involving the
Issuer or any of its subsidiaries, (ii) one or more sales or transfers of a
material amount of assets of the Issuer or any of its subsidiaries, (iii) one or
more changes in the present Board of Directors or management of the Issuer,
including plans or proposals to change the number or terms of directors or to
fill any vacancies on the Board, (iv) one or more changes in the present
capitalization or dividend policy of the Issuer, (v) one or more changes in the
Issuer's business or corporate structure, (vi) one or more changes in the
Issuer's charter, bylaws or instruments corresponding thereto or other actions
which may facilitate or impede the acquisition of control of the Issuer by any
other person, and (vii) one or more actions which may cause the Stock to cease
to be authorized to be quoted on The Nasdaq Stock Market or the Issuer to become
eligible for termination or registration pursuant to Section 12(g)(4) of the
Exchange Act. Depending on future developments, the plans of the Reporting
Persons may change.
<PAGE>
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CUSIP No. 335914206 13D Page 6 of 6 Pages
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SIGNATURE
After reasonable inquiry and to the best of their knowledge
and belief, the undersigned certify that the information set forth in this
statement is true, complete and correct.
Date: December 3, 1998
FOURTEEN HILL CAPITAL, L.P.
By: Fourteen Hill Management, LLC,
Its general partner
By: /s/ALAN B. PERPER
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Alan B. Perper, its President
FOURTEEN HILL MANAGEMENT, LLC
By: /s/ALAN B. PERPER
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Alan B. Perper, its President
POINT WEST CAPITAL CORPORATION
By: /s/ALAN B. PERPER
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Alan B. Perper, its President
