SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Amendment No. 1)
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Pacific Aerospace & Electronics, Inc.
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
693259 10 3
(CUSIP Number)
Jeffrey M. Jones, Esq.
DURHAM, EVANS, JONES & PINEGAR, P.C.
50 South Main Street, 850 Key Bank Tower
Salt Lake City, Utah 84144
TELEPHONE: (801) 538-2424
(Name, Address, and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 18, 1996
(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 [ ].
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.
Page 1 of 8
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SCHEDULE 13D Page 2 of 8
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1. NAME OF REPORTING PERSON SMD, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE 87-0541037
PERSON
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A (a) [ ]
GROUP (b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS N/A
- ------------------------------------------------------------------------------
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 Utah
- ------------------------------------------------------------------------------
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
EACH REPORTING PERSON
- ------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW [ ]
(11) EXCLUDES CERTAIN SHARES
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN 0%
ROW (11)
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14. TYPE OF REPORTING PERSON OO*
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* The Reporting Person is a limited liability company.
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SCHEDULE 13D Page 3 of 8
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1. NAME OF REPORTING PERSON STEPHEN M. STUDDERT
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE ###-##-####
PERSON
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A (a) [ ]
GROUP (b) [X]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS N/A
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL [ ]
PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) OR 2(e)
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION U.S.
- ------------------------------------------------------------------------------
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
EACH REPORTING PERSON
- ------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW [ ]
(11) EXCLUDES CERTAIN SHARES
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN 0%
ROW (11)
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON IN
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SCHEDULE 13D Page 4 of 8
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1. NAME OF REPORTING PERSON THOMAS A. MURDOCK
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 (a) [ ]
GROUP (b) [X]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS N/A
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL [ ]
PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION U.S.
- ------------------------------------------------------------------------------
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
EACH REPORTING PERSON
- ------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW [ ]
(11) EXCLUDES CERTAIN SHARES
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN 0%
ROW (11)
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON IN
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SCHEDULE 13D Page 5 of 8
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1. NAME OF REPORTING PERSON ROGER D. DUDLEY
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 (a) [ ]
GROUP (b) [X]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
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4. SOURCE OF FUNDS N/A
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL [ ]
PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) OR 2(e)
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION U.S.
- ------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER 743
SHARES ------------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER 0
OWNED BY ------------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER 743
REPORTING ------------------------------------------------------------
PERSON WITH 10. SHARED DISPOSITIVE POWER 0
- ------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY 0
EACH 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) Less than 1%
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON IN
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<PAGE>
SCHEDULE 13D Page 6 of 8
This Statement constitutes Amendment No. 1 to the Joint Statement of
Beneficial Ownership on Schedule 13D (the "Initial 13D") filed by SMD, L.L.C.,
a Utah limited liability company ("SMD"), Stephen M. Studdert ("Mr.
Studdert"), Thomas A. Murdock ("Mr. Murdock"), and Roger D. Dudley ("Mr.
Dudley") (Messrs. Studdert, Murdock and Dudley and SMD are each referred to
herein as a "Reporting Person" and they together with SMD are collectively
referred to as the "Reporting Persons"), dated as of May 18, 1995 and
pertaining to the Reporting Persons' beneficial ownership of the common stock
of Pacific Aerospace & Electronics, Inc., a Washington corporation formerly
known as PCT Holdings, Inc., a Nevada corporation (the "Company"). This
Amendment is being filed to reflect that between the time the Initial 13D was
filed and July 18, 1996, SMD sold all of the Company's common stock
beneficially owned by SMD, and that the Reporting Persons are therefore no
longer required to file amendments to the Initial 13D. Except as amended
below, the information set forth in the Initial 13D remains unchanged.
ITEM 1.SECURITY AND ISSUER
This Statement on Schedule 13D relates to the Common Stock, par value
$.001 per share, of Pacific Aerospace & Electronics, Inc., a Washington
corporation formerly known as PCT Holdings, Inc., a Nevada corporation
(the "Company"). The address of the principal executive offices of the
Company is 434 Olds Station Road, Wenatchee, Washington 98801.
ITEM 5. INTERESTS IN SECURITIES OF THE ISSUER.
SMD, L.L.C.
(a)-(b) SMD beneficially owns no shares of the Company's common
stock and has the right to acquire no shares of the
Company's common stock.
(c) Since the filing of the Initial 13D, SMD has had the
following transactions in the Company's common stock:
On January 31, 1996, SMD entered into an agreement (the
"First Agreement") with an offshore purchaser (the "Offshore
Purchaser") pursuant to which SMD agreed to sell and the
Offshore Purchaser agreed to purchase, 50,000 shares of the
Company's common stock beneficially owned by SMD. Pursuant
to the First Agreement, the purchase price paid for such
50,000 shares of the Company's common stock was U.S. $4.00
per share, and the transfer of such stock to the Offshore
Purchase was accomplished in reliance on Rule 904 ("Rule
904") of Regulation S under the Securities Act of 1933, as
amended.
On July 18, 1996, SMD entered into a second agreement (the
"Second Agreement") with the Offshore Purchaser pursuant to
which SMD agreed to sell and the Offshore Purchaser agreed
to purchase the remaining 215,300 shares of the Company's
common stock beneficially owned by SMD for a purchase price
of U.S. $3.00 per share. The Second Agreement also was
accomplished under Rule 904.
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SCHEDULE 13D Page 7 of 8
(d) Rights with Respect to Dividends
or Sales Proceeds: N/A
(e) Date of Cessation of Five Percent Beneficial Ownership:
July 18, 1996
MR. STUDDERT
Other than the securities beneficially owned by SMD, beneficial
ownership of which is attributed to Mr. Studdert because of his
relationship as a manager and indirect equity owner of SMD, Mr. Studdert
beneficially owns no shares of the Company's common stock and has the
right to acquire no shares of the Company's common stock. The
information provided in this Item 5 for SMD is incorporated herein by
reference.
MR. MURDOCK
Other than the securities beneficially owned by SMD, beneficial
ownership of which is attributed to Mr. Murdock because of his
relationship as a manager and indirect equity owner of SMD, Mr. Studdert
beneficially owns no shares of the Company's common stock and has the
right to acquire no shares of the Company's common stock. The
information provided in this Item 5 for SMD is incorporated herein by
reference.
MR. DUDLEY
(a)-(b) Other than the securities beneficially owned by SMD,
beneficial ownership of which is attributed to Mr. Dudley
because of his relationship as a manager and indirect equity
owner of SMD, Mr. Dudley beneficially owns 743 shares of the
Company's common stock, constituting less than 1% of the
issued and outstanding shares of the Company's common stock,
and has the right to acquire no shares of the Company's
common stock. The information provided in this Item 5 for SMD
is incorporated herein by reference.
(c) Other than the transactions by SMD, that are described
elsewhere in this Item 5 (which discussion is incorporated
herein by reference), Mr. Dudley has engaged in no
transactions involving common stock of the Company since the
filing of the Initial 13D.
(d) Rights with Respect to Dividends
or Sales Proceeds: N/A
(e) Date of Cessation of Five Percent Beneficial Ownership:
July 18, 1996
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SCHEDULE 13D Page 8 of 8
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 as of February 3, 1997.
SMD, L.L.C.
By: /s/ Thomas A. Murdock
---------------------------------
Thomas A. Murdock, Manager
/s/ Stephen M. Studdert
----------------------------------
Stephen M. Studdert, Individually
/s/ Thomas A. Murdock
----------------------------------
Thomas A. Murdock, Individually
/s/ Roger D. Dudley
----------------------------------
Roger D. Dudley, Individually
ATTENTION: Intentional misstatements or omissions of fact constitute Federal
criminal violations (See 18 U.S.C. 1001).
