SECURITIES AND EXCHANGE COMMISSION
----------------------------------
Washington, D.C. 20549
SCHEDULE 13D/A
------------
(AMENDMENT NO. 3)
-----------------
(Rule 13d-101)
--------------
First Priority Group, Inc.
------------------------------
(Name of Issuer)
Common Stock, $0.015 par value
------------------------------
(Title of Class of Securities)
335914206
---------------------
(CUSIP Number)
Alan B. Perper
Fourteen Hill Capital, L.P.
1700 Montgomery Street, Suite 250
San Francisco, CA 94111
(415) 394-9467
----------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 14, 1999
------------------
(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 Amended and Restated
Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or
13d-1(g) , check the following Box [ ]
Note: Schedules filed in paper format shall include a signed original
----
and five copies of the schedule, including all exhibits. See Rule
13d-7(b) for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 (the "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).
(Continued on following pages)
(Page 1 of 8 Pages)
<PAGE>
- ------------------------ ----------------------
CUSIP No. 335914206 13D Page 2 of 8 Pages
- ------------------------ -----------------------
- ------------- ------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fourteen Hill Capital, L.P.
- ------------- ------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------------- ------------------------------------------------------------------
3 SEC USE ONLY
- ------------- ------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ------------- ------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) [ ]
- ------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 860,300 shares of Common Stock
SHARES ---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH -0-
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
860,300 shares of Common Stock
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
860,300 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)
10.3%
- ------------- ------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ------------- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
------------------------------------
<PAGE>
- ------------------------ ----------------------
CUSIP No. 335914206 13D Page 3 of 8 Pages
- ------------------------ -----------------------
- ------------- ------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fourteen Hill Management, LLC
- ------------- ------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------------- ------------------------------------------------------------------
3 SEC USE ONLY
- ------------- ------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- ------------- ------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) [ ]
- ------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 860,300 shares of Common Stock
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
860,300 shares of Common Stock
- ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
860,300 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)
10.3%
- ------------- ------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
- ------------- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
------------------------------------
<PAGE>
- ------------------------ ----------------------
CUSIP No. 335914206 13D Page 4 of 8 Pages
- ------------------------ -----------------------
- ------------- ------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Point West Capital Corporation
- ------------- ------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------------- ------------------------------------------------------------------
3 SEC USE ONLY
- ------------- ------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- ------------- ------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) [ ]
- ------------- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------- ----------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 860,300 shares of Common Stock
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
860,300 shares of Common Stock
- ------------- ------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
860,300 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)
10.3%
- ------------- ------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- ------------- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
------------------------------------
<PAGE>
- ------------------------- ------------------------
CUSIP No. 335914206 13D Page 5 of 8 Pages
- ------------------------- -------------------------
This Amendment No. 3 to Schedule 13D amends the Schedule 13D
originally filed on September 5, 1997, as amended and restated by Amendment No.
1 to Schedule 13D filed on October 9, 1998 and as amended by Amendment No. 2 to
Schedule 13D filed on December 3, 1998 (as amended and restated and subsequently
amended to the date hereof, the "Schedule 13D"). This Amendment No. 3 is being
filed solely to report shares of Common Stock sold by the reporting persons and
entities with which it may share beneficial ownership. Capitalized terms used in
this Amendment No. 3 and not defined are used as defined in the Schedule 13D.
Item 5. Interest in Securities of the Issuer.
------------------------------------
Item 5 of the Schedule 13D is hereby amended and restated to read as follows.
(a) As of the date of this Statement, the Reporting Persons
beneficially owned in the aggregate 860,300 Shares, constituting 10.3% of the
outstanding Shares. Fourteen Capital is the direct beneficial owner of 860,300
Shares. Fourteen Management, as the general partner of Fourteen Hill, may be
deemed to own beneficially Shares owned beneficially by Fourteen Hill. Point
West, as the sole member of Fourteen Management, may be deemed to own
beneficially Shares deemed owned beneficially by Fourteen Management. Each of
Fourteen Management and Point West disclaim beneficial ownership of the Shares
owned beneficially by Fourteen Capital except to the extent of their respective
partnership interests (direct and indirect) in Fourteen Capital. To the best
knowledge of the Reporting Persons, except as identified on Schedule 2 , no
individual identified on Schedule 1 owns beneficially any Shares except to the
extent any such individual, by virtue of his position as a director or executive
officer of Point West, could be deemed to own beneficially Shares deemed owned
beneficially by Point West. Each individual identified on Schedule 1 disclaims
beneficial ownership of the shares owned beneficially by Fourteen Capital.
(b) Fourteen Capital has the direct power to vote or direct
the vote of 860,300 Shares and the direct power to dispose or direct the
disposition of such shares. As a result of the relationships described above,
Fourteen Management and Point West may be deemed to share indirect power to vote
or to direct the vote and to dispose or to direct the disposition of such
Shares. To the best knowledge of the Reporting Persons, except as identified on
Schedule 2 , no individual identified on Schedule 1 has the power to vote or
direct the vote or to dispose or to direct the disposition of any Shares except
to the extent any such individual, by virtue of their position as a director or
executive officer of Point West, could be deemed to have such power over Shares
deemed owned beneficially by Point West.
(c) On August 26, 1997, Fourteen Capital purchased from the
Company in a private placement an aggregate of 500,000 Units for $2.00 per Unit.
On December 26, 1997, the Company issued a redemption notice to Fourteen Capital
to call the warrants. On January 26, 1998, Fourteen Capital exercised the
Warrants for $1,000,000. During September 1998, Fourteen Capital sold 29,000
Shares as detailed on Schedule 2. During April 1999, Fourteen Capital sold
110,700 Shares as detailed on Schedule 2. All such sales were effected on the
Nasdaq Stock Market through brokers. Bradley Rotter purchased 28,500 Shares in
September and October 1997 and 9,300 Shares in February and March 1998 as
detailed on Schedule 2. In April 1999, Bradley Rotter sold 9,300 Shares as
detailed on Schedule 2. Other than such purchases or sales, none of the
Reporting Persons and, to the best knowledge of the Reporting Persons, no
individual identified on Schedule 1 has purchased or sold any Shares within the
last 60 days.
<PAGE>
- ------------------------- ------------------------
CUSIP No. 335914206 13D Page 6 of 8 Pages
- ------------------------- -------------------------
(d) Except as set forth on Schedule 2, no person other than
the Reporting Persons is known to have the right to receive dividends from, or
the proceeds from the sale of, such Shares. No person other than the Reporting
Persons (and, by virtue of his position as director or executive officer of
Point West, one or more person identified on Schedule 1) is known to have the
power to direct the receipt of dividends from, or the proceeds from the sale of,
such Shares.
(e) Not applicable.
<PAGE>
- -------------------------- ------------------------
CUSIP No. 335914206 13D Page 7 of 8 Pages
- ------------------------- -------------------------
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: May 7, 1999
FOURTEEN HILL CAPITAL, L.P.
By: Fourteen Hill Management, LLC,
its general partner
By: /s/ALAN B. PERPER
-----------------------------------
Alan B. Perper, its President
FOURTEEN HILL MANAGEMENT, LLC
By: /s/ALAN B. PERPER
-----------------------------------
Alan B. Perper, its President
POINT WEST CAPITAL CORPORATION
By: /s/ALAN B. PERPER
------------------------------------
Alan B. Perper, its President
<PAGE>
- ------------------------- -------------------------
CUSIP No. 335914206 13D Page 8 of 8 Pages
- ------------------------- -------------------------
Schedule 2 to Schedule 13D
Schedule 2 of the Schedule 13D is hereby amended and restated to read as
follows.
Information with respect to shares purchased by Bradley Rotter.
Transaction Date Shares Price
---------------- -------- --------
9/8/97 10,000 $2.7125
9/25/97 1,500 $3.1875
10/2/97 7,400 $3.1875
10/6/97 9,600 $3.1250
2/18/98 6,800 $5.8750
3/4/98 2,500 $5.8750
------
Total 37,800
Information with respect to shares sold by Bradley Rotter.
Transaction Date Shares Price
---------------- -------- --------
4/14/99 9,300 $2.0000
-------
Total 9,300
Mr. Rotter has the sole power to vote and dispose of the 28,500
shares held by him as of April 30, 1999. Mr. Rotter has the right
to receive dividends from or the proceeds from the sale of these
shares.
Information with respect to shares sold by Fourteen Capital.
September 1998 Sales
--------------------
Transaction Date Shares Price
---------------- ------ -------
9/15/98 1,500 $2.7500
9/16/98 10,000 $2.7500
9/18/98 1,500 $2.7500
9/21/98 6,000 $2.6875
9/23/98 2,500 $3.0625
9/23/98 7,500 $3.0000
-----
Total 29,000
April 1999 Sales
----------------
Transaction Date Shares Price
---------------- ------ -------
4/14/99 11,600 $2.0000
4/15/99 3,300 $2.0000
4/16/99 60,000 $2.0010
4/21/99 19,500 $2.0032
4/22/99 13,200 $2.0000
4/23/99 3,100 $2.0000
-------
Total 110,700
