UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )*
PIPER JAFFRAY COMPANIES, INC.
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(Name of Issuer)
Common Stock, Par Value $1.00 Per Share
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(Title of Class of Securities)
724-081-104
---------------------------------
(CUSIP Number)
Check the following box if a fee is being paid with this statement. (A fee
is not required only if the filing person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
*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 in 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).
SEC 1745 (2/92)
<PAGE>
CUSIP NO. 724-081-104 13G PAGE 2 of 9 Pages
----------- - -
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[1] NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
Carl Marks Management Company, 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 ONLY
- ------------------------------------------------------------------------------
[4] CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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[5] SOLE VOTING POWER
902,600 shares**
NUMBER OF ------------------------------------------
SHARES [6] SHARED VOTING POWER
BENEFICIALLY
OWNED BY ------------------------------------------
EACH [7] SOLE DISPOSITIVE POWER
REPORTING 902,600 shares**
PERSON ------------------------------------------
WITH [8] SHARED DISPOSITIVE POWER
--
- ------------------------------------------------------------------------------
[9] AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
902,600 shares**
- ------------------------------------------------------------------------------
[10] CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
- ------------------------------------------------------------------------------
[11] PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.2%**
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[12] TYPE OF REPORTING PERSON*
IA, PN
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SEC 1745 (2/92) *SEE INSTRUCTION BEFORE FILLING OUT!
**Includes shares reported herein as beneficially owned by other reporting
persons.
<PAGE>
CUSIP NO. 724-081-104 13G PAGE 3 of 9 Pages
----------- - -
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[1] NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
Andrew M. Boas
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[2] CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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[3] SEC ONLY
- ------------------------------------------------------------------------------
[4] CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- ------------------------------------------------------------------------------
[5] SOLE VOTING POWER
NUMBER OF ------------------------------------------
SHARES [6] SHARED VOTING POWER
BENEFICIALLY 1,077,500 shares**
OWNED BY ------------------------------------------
EACH [7] SOLE DISPOSITIVE POWER
REPORTING
PERSON ------------------------------------------
WITH [8] SHARED DISPOSITIVE POWER
1,077,500 shares**
- ------------------------------------------------------------------------------
[9] AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,077,500 shares**
- ------------------------------------------------------------------------------
[10] CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
- ------------------------------------------------------------------------------
[11] PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.1%**
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[12] TYPE OF REPORTING PERSON*
HC, IN
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SEC 1745 (2/92) *SEE INSTRUCTION BEFORE FILLING OUT!
**Includes shares reported herein as beneficially owned by other reporting
persons.
<PAGE>
CUSIP NO. 724-081-104 13G PAGE 4 of 9 Pages
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[1] NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
Robert C. Ruocco
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[2] CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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[3] SEC ONLY
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[4] CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- ------------------------------------------------------------------------------
[5] SOLE VOTING POWER
NUMBER OF ------------------------------------------
SHARES [6] SHARED VOTING POWER
BENEFICIALLY 1,077,500 shares**
OWNED BY ------------------------------------------
EACH [7] SOLE DISPOSITIVE POWER
REPORTING
PERSON ------------------------------------------
WITH [8] SHARED DISPOSITIVE POWER
1,077,500 shares**
- ------------------------------------------------------------------------------
[9] AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,077,500 shares**
- ------------------------------------------------------------------------------
[10] CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
- ------------------------------------------------------------------------------
[11] PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.1%**
- ------------------------------------------------------------------------------
[12] TYPE OF REPORTING PERSON*
HC, IN
- ------------------------------------------------------------------------------
SEC 1745 (2/92) *SEE INSTRUCTION BEFORE FILLING OUT!
**Includes shares reported herein as beneficially owned by other reporting
persons.
<PAGE>
CUSIP NO. 724-081-104 13G PAGE 5 of 9 Pages
----------- - -
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[1] NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
Martin J. Whitman
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[2] CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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[3] SEC ONLY
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[4] CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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[5] SOLE VOTING POWER
688,600 shares
NUMBER OF ------------------------------------------
SHARES [6] SHARED VOTING POWER
BENEFICIALLY 1,077,500 shares**
OWNED BY ------------------------------------------
EACH [7] SOLE DISPOSITIVE POWER
REPORTING 688,600 shares
PERSON ------------------------------------------
WITH [8] SHARED DISPOSITIVE POWER
1,077,500 shares**
- ------------------------------------------------------------------------------
[9] AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,766,100 shares**
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[10] CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
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[11] PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
10.1%**
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[12] TYPE OF REPORTING PERSON*
HC, IN
- ------------------------------------------------------------------------------
SEC 1745 (2/92) *SEE INSTRUCTION BEFORE FILLING OUT!
**Includes shares reported herein as beneficially owned by other reporting
persons.
<PAGE>
CUSIP NO. 724-081-104 13G PAGE 6 of 9 Pages
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ITEM 1(a) NAME OF ISSUER:
--------------
Piper Jaffray Companies, Inc. (the "Company")
ITEM 1(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
-----------------------------------------------
222 South Ninth St., Minneapolis, Minnesota 55402-3804
ITEM 2(a) NAME OF PERSON FILING:
---------------------
This Schedule is being jointly filed by Carl Marks Management
Company, L.P., a registered investment adviser ("CMMC"), and
the three individual general partners of CMMC, Messrs. Andrew
M. Boas ("Boas"), Robert C. Ruocco ("Ruocco") and Martin J.
Whitman ("Whitman"). Attached hereto as Exhibit 99.1 is a
copy of the joint Schedule 13G filing agreement among the
reporting persons. Whitman previously filed a Schedule 13D,
dated September 2, 1994, with respect to certain shares of
Common Stock reported herein; such ownership will hereafter
be reported on Schedule 13G in lieu of 13D.
ITEM 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE:
------------------------------------
The principal business office of each of the reporting
persons is as follows:
CMMC, BOAS AND RUOCCO:
---------------------
135 E. 57th Street
New York, New York 10022
WHITMAN
-------
767 Third Avenue, Fifth Floor
New York, New York 10017
ITEM 2(c) CITIZENSHIP:
-----------
The citizenship or place of organization of each of the
reporting persons is as follows:
CMMC
----
A Delaware limited partnership.
MESSRS. BOAS, RUOCCO AND WHITMAN
--------------------------------
U.S. Citizens.
ITEM 2(D) TITLE OF CLASS OF SECURITIES:
----------------------------
Common Stock, par value $1.00 per share.
<PAGE>
PAGE 7 of 9 Pages
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ITEM 2(e) CUSIP NUMBER:
724-081-104
ITEM 3 IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B), OR
13d-2(b), CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or Dealer registered under Section 15 of the
Act
(b) [ ] Bank as defined in section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in section 3(a)(19)
of the Act
(d) [ ] Investment Company registered under section 8 of the
Investment Company Act
(e) [x] Investment Adviser registered under section 203 of
the Investment Advisers Act of 1940 (CMMC)
(f) [ ] Employee Benefit Plan, Pension Fund which is subject
to the provisions of the Employee Retirement Income
Security Act of 1974 or Endowment Fund; see section
240.13d-1(b)(1)(ii)(F)
(g) [x] Parent Holding Company, in accordance with section
240.13d-1(b)(ii)(G) (Note: See Item 7) (Boas, Ruocco
and Whitman)
(h) [ ] Group, in accordance with section 240.13d-
1(b)(1)(ii)(H)
ITEM 4 OWNERSHIP:
------ ---------
CMMC
----
(a) Amount Beneficially Owned: 902,600 shares
(b) Percent of Class: 5.2%
(c) Number of shares as to which such
person has:
(i) sole power to vote or to direct
the vote: 902,600 shares
(ii) shared power to vote or to
direct the vote: None
(iii) sole power to dispose or to
direct the disposition of: 902,600 shares
(iv) shared power to dispose or to
direct disposition of: None
BOAS
----
(a) Amount Beneficially Owned: 1,077,500 shares
(b) Percent of Class: 6.1%
(c) Number of shares as to which such
person has:
(i) sole power to vote or to
direct the vote: None
(ii) shared power to vote or to
direct the vote: 1,077,500 shares
(iii) sole power to dispose or to
direct the disposition of: None
(iv) shared power to dispose or
to direct disposition of: 1,077,500 shares
<PAGE>
PAGE 8 of 9 Pages
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ITEM 4 OWNERSHIP (CONTINUED):
------ ---------------------
RUOCCO
------
(a) Amount Beneficially Owned: 1,077,500 shares
(b) Percent of Class: 6.1%
(c) Number of shares as to which such
person has:
(i) sole power to vote or to
direct the vote: None
(ii) shared power to vote or to
direct the vote: 1,077,500 shares
(iii) sole power to dispose or to
direct the disposition of: None
(iv) shared power to dispose or
to direct disposition of: 1,077,500 shares
WHITMAN
-------
(a) Amount Beneficially Owned: 1,766,100 shares
(b) Percent of Class: 10.1%
(c) Number of shares as to which such
person has:
(i) sole power to vote or to direct
the vote: 688,600 shares
(ii) shared power to vote or to
direct the vote: 1,077,500 shares
(iii) sole power to dispose or to
direct the disposition of: 688,600 shares
(iv) shared power to dispose or to
direct disposition of: 1,077,500 shares
ITEM 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
------ --------------------------------------------
Not applicable.
ITEM 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
------ --------------------------------------------------------
PERSON
------
Various funds, partnerships and accounts directly or
indirectly managed by one or more of the reporting persons
have the right to receive the receipt of dividends from, or
the proceeds from the sale of, the shares of Common Stock
reported herein. No such party beneficially owns more than
5% of the class.
ITEM 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
------ ---------------------------------------------------------
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
-------------------------------------------------------------
COMPANY.
-------
Messrs. Boas, Ruocco and Whitman are filing this Schedule as
individuals each eligible to be treated as a "parent holding
company" under Rule 13d-1(b)(ii)(G). See Exhibit 99.2 to this
Schedule for a list of their respective subsidiaries.
<PAGE>
PAGE 9 of 9 Pages
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ITEM 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
------ ----------------------------------------------------------
Not applicable.
ITEM 9 NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10 CERTIFICATION.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary
course of business and were not acquired for the purpose of and do not have
the effect of changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a participant in
any transaction having such purposes or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
Dated: February 14, 1996
CARL MARKS MANAGEMENT COMPANY, L.P.
/s/ ANDREW M. BOAS
By----------------------------------------------
Title: General Partner
/s/ ANDREW M. BOAS
----------------------------------------------
ANDREW M. BOAS
/s/ ROBERT C. RUOCCO
----------------------------------------------
ROBERT C. RUOCCO
/s/ MARTIN J. WHITMAN
----------------------------------------------
MARTIN J. WHITMAN
<PAGE>
EXHIBIT 99.1
------------
JOINT SCHEDULE 13G FILING AGREEMENT
-----------------------------------
This JOINT SCHEDULE 13G FILING AGREEMENT, made as of the 14th day of
FEBRUARY, 1996, by and among Carl Marks Management Company, L.P. ("CMMC"), a
Delaware limited partnership, and Andrew M. Boas ("Boas"), Robert C. Ruocco
("Ruocco") and Martin J. Whitman ("Whitman"), individually.
W I T N E S S E T H:
That, in consideration of the promises herein contained, the parties
hereto agree as follows:
1. JOINT FILING. CMMC and Boas, Ruocco and Whitman agree to file
from time to time joint Schedules 13G with respect to the beneficial ownership
of securities by CMMC (or by such other parties as may be deemed beneficially
owned by any of such parties), and to file jointly any further amendments or
schedules that may be required with respect to such ownership.
2. REPRESENTATIONS AND WARRANTIES. Each of the parties hereto
represents and warrants to the others that it is eligible to file a Schedule
13G and each warrants to the others that all information regarding such
persons provided for use in preparing a Schedule 13G pursuant hereto and any
amendments thereto shall be accurate and complete.
3. RESPONSIBILITY FOR FILING. Each party hereto retains
responsibility, as required by Securities and Exchange Commission's
regulations, for the timely filing of any and all Schedules 13G and any
amendments thereto and for the completeness and accuracy of the information
concerning such party. Each party hereto is not responsible, however, for the
completeness and accuracy of the information concerning the other parties
hereto, unless such person knows or has reason to believe that such
information is inaccurate.
<PAGE>
4. DISCLAIMER OF GROUP. Each party disclaims the existence of a
"group" with any other party, and as between any and all entities which may
beneficially own directly the securities which may be reported in one or more
Schedules 13G pursuant hereto, except as otherwise expressly stated in such
Schedules.
IN WITNESS WHEREOF, the parties hereto have set their hands as of
the 14th day of February, 1996.
CARL MARKS MANAGEMENT COMPANY, L.P.
/s/ ANDREW M. BOAS
By----------------------------------------------
Title: General Partner
/s/ ANDREW M. BOAS
----------------------------------------------
ANDREW M. BOAS
/s/ ROBERT C. RUOCCO
----------------------------------------------
ROBERT C. RUOCCO
/s/ MARTIN J. WHITMAN
----------------------------------------------
MARTIN J. WHITMAN
<PAGE>
EXHIBIT 99.2
------------
SUBSIDIARIES OF PARENT HOLDING COMPANIES
----------------------------------------
The following are the respective "subsidiaries" of the individual
reporting persons treated as "parent holding companies":
BOAS, RUOCCO AND WHITMAN
------------------------
Carl Marks Management Company, L.P., a registered investment adviser
(902,600 shares).
Carl Marks Offshore Management, Inc., an unregistered investment
adviser holding less than 1% (0.9%) of the outstanding shares in accordance
with Rule 13d-1(b)(ii)(G).
WHITMAN
-------
EQSF Advisers, Inc., a registered investment adviser, 362,100 shares
(owned by Third Avenue Value Fund, Inc., a registered investment company).
M.J. Whitman Advisers, Inc., a registered investment adviser,
326,500 shares.
