<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Printware, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
742580-10-3
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(CUSIP Number)
Robert T. Montague
Robins, Kaplan, Miller & Ciresi
800 LaSalle Avenue, Suite 2800
Minneapolis, MN 55408
612-349-8500
(Name, Address and Telephone Number of Person Authorized
to receive Notices and Communications)
December 20, 1999
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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: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*The remainder of this cover page should 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 ("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).
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Page ___ of ___ Pages
CUSIP No. 584027-10-6
(1) Names of Reporting Persons S.S. or I.R.S. Identification Nos. of
Above Persons
Pyramid Trading Limited Partnership 36-3723624
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(2) Check the Appropriate Box if a Member of a Group
(a) [ x ]
(b) [ ]
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(3) SEC Use Only
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(4) Source of Funds
WC
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) [ ]
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(6) Citizenship or Place of Organization
Illinois
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Number of (7) Sole Voting Power 0 shares
Shares Bene- --------------------------------------------------------------
ficially (8) Shared Voting Power 105,200 shares
Owned by --------------------------------------------------------------
Each Report- (9) Sole Dispositive Power 0 shares
ing Person --------------------------------------------------------------
With (10) Shared Dispositive Power 105,200 shares
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
105,200 shares
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares
[ ]
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(13) Percent of Class Represented by Amount in Row (11)
3.2 %
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(14) Type of Reporting Person (See Instructions)
BD, PN, IV
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Page ___ of ___ Pages
CUSIP No. 54027-10-6
(1) Names of Reporting Persons S.S. or I.R.S. Identification Nos. of
Above Persons
Oakmont Investments, LLC 36-3996171
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(2) Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [ x ]
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(3) SEC Use Only
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(4) Source of Funds
N/A
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) [ ]
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(6) Citizenship or Place of Organization
Illinois
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Number of (7) Sole Voting Power 0 shares
Shares Bene- --------------------------------------------------------------
ficially (8) Shared Voting Power 105,200 shares
Owned by --------------------------------------------------------------
Each Report- (9) Sole Dispositive Power 0 shares
ing Person --------------------------------------------------------------
With (10) Shared Dispositive Power 105,200 shares
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
105,200 shares
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares
[ ]
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(13) Percent of Class Represented by Amount in Row (11)
3.2 %
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(14) Type of Reporting Person (See Instructions)
CO, IV
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<PAGE> 4
Page 1 of ___ Pages
CUSIP No. 584027-10-6
(1) Names of Reporting Persons S.S. or I.R.S. Identification Nos. of
Above Persons
Daniel Asher ###-##-####
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(2) Check the Appropriate Box if a Member of a Group
(a) [ x ]
(b) [ ]
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(3) SEC Use Only
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(4) Source of Funds
N/A
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) [ ]
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(6) Citizenship or Place of Organization
United States
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Number of (7) Sole Voting Power 0 shares
Shares Bene- --------------------------------------------------------------
ficially (8) Shared Voting Power 105,200 shares
Owned by --------------------------------------------------------------
Each Report- (9) Sole Dispositive Power 0 shares
ing Person --------------------------------------------------------------
With (10) Shared Dispositive Power 105,200 shares
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
105,200 shares
- --------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares
[ ]
- --------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
3.2 %
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(14) Type of Reporting Person (See Instructions)
IN
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<PAGE> 5
Page ___ of ___ Pages
CUSIP No. 584027-10-6
(1) Names of Reporting Persons S.S. or I.R.S. Identification Nos. of
Above Persons
Gary Kohler
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(2) Check the Appropriate Box if a Member of a Group
(a) [ x ]
(b) [ ]
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(3) SEC Use Only
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(4) Source of Funds
PF
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) [ ]
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(6) Citizenship or Place of Organization
United States
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Number of (7) Sole Voting Power 7,500 shares
Shares Bene- --------------------------------------------------------------
ficially (8) Shared Voting Power 0 shares
Owned by --------------------------------------------------------------
Each Report- (9) Sole Dispositive Power 7,500 shares
ing Person --------------------------------------------------------------
With (10) Shared Dispositive Power 0 shares
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
7,500 shares
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares
[ ]
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(13) Percent of Class Represented by Amount in Row (11)
0.2 %
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(14) Type of Reporting Person (See Instructions)
IN
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<PAGE> 6
Page ___ of ___ Pages
CUSIP No. 584027-10-6
(1) Names of Reporting Persons S.S. or I.R.S. Identification Nos. of
Above Persons
Andrew Redleaf ###-##-####
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(2) Check the Appropriate Box if a Member of a Group
(a) [ x ]
(b) [ ]
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(3) SEC Use Only
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(4) Source of Funds
PF
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) [ ]
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(6) Citizenship or Place of Organization
United States
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Number of (7) Sole Voting Power 108,300 shares
Shares Bene- --------------------------------------------------------------
ficially (8) Shared Voting Power 0 shares
Owned by --------------------------------------------------------------
Each Report- (9) Sole Dispositive Power 108,300 shares
ing Person --------------------------------------------------------------
With (10) Shared Dispositive Power 0 shares
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
108,300 shares
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares
[ ]
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(13) Percent of Class Represented by Amount in Row (11)
3.3 %
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(14) Type of Reporting Person (See Instructions)
IN
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<PAGE> 7
Page _____ of ___ pages
ITEM 1. SECURITY AND ISSUER
The class of equity securities to which this Statement on Schedule 13D
relates is the common stock, without par value ( the "Common Stock"), of
Printware, Inc., a Minnesota corporation (the "Company"). The principal
executive offices of the Company are located at 1270 Eagan Industrial Road, St.
Paul, MN 55121.
ITEM 2. IDENTITY AND BACKGROUND
This statement is being filed by Pyramid Trading Limited Partnership
("PT"), Oakmont Investments, LLC, the general partner of PT ("OI"), Daniel
Asher, Manager of OI and individually ("DA"), Gary Kohler ("GK") and Andrew
Redleaf ("AR"). PT, OI, DA, GK, and AR are collectively referred to herein as
the "Reporting Persons."
The following information relates to PT:
(i) Name: Pyramid Trading Limited Partnership
(ii) State of Organization: Illinois
(iii) Principal Business: Broker-Dealer registered on CBOE
(iv) Principal Business and Office Address: 440 S. Lasalle Street,
Chicago, Illinois 60605
(v) Information required by clauses (d) and (e) of Item 2 of
Schedule 13D: None
The following information relates to OI:
(i) Name: Oakmont Investments LLC
(ii) State of Organization: Illinois
(iii) Principal Business: Investments
(iv) Principal Business and Office Address: 440 S. LaSalle Street,
Chicago, Illinois 60605
(v) Information required by clauses (d) and (e) of Item 2 of
Schedule 13D: None
The following information relates to DA:
(a) Name: Daniel Asher
(b) Business Address: 440 S. LaSalle Street, Suite 700,
Chicago, IL 60605
(c) Principal Occupation: Private Investor
(d) Criminal Proceedings: None
(e) Civil Proceedings: None
(f) Citizenship: United States
The following information relates to GK:
(a) Name: Gary Kohler
(b) Business Address: 3033 Excelsior Boulevard, Minneapolis, MN
55416
(c) Principal Occupation: Director of Research, Whitebox Advisors,
an investment fund management company located at 3033
Excelsior Blvd., Minneapolis, MN 55416
(d) Criminal Proceedings: None
(e) Civil Proceedings: None
(f) Citizenship: United States
The following information relates to AR:
(a) Name: Andrew Redleaf
(b) Business Address: 3033 Excelsior Boulevard, Minneapolis, MN
55416
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Page _____ of _____ pages
(c) Principal Occupation: President, Whitebox Advisors, an
investment fund management company located at 3033 Excelsior
Blvd., Minneapolis, MN 55416
(d) Criminal Proceedings: None
(e) Civil Proceedings: None
(f) Citizenship: United States
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
From 12/3/99 to 12/16/99, PT purchased an aggregate of 105,200 shares
of Common Stock for an aggregate consideration of $223,675 (not including
brokerage commissions). PT acquired such shares using working capital.
On 10/22/99, GK purchased 7,500 shares of Common Stock for an aggregate
consideration of $15,375 (not including brokerage commissions). GK acquired such
shares using personal funds.
From 9/27/99 to 12/5/99, AR purchased an aggregate of 108,300 shares of
Common Stock for an aggregate consideration of $235,330 (not including brokerage
commissions). AR acquired such shares using personal funds.
<PAGE> 9
Page ____ of _____ pages
ITEM 4. PURPOSE OF TRANSACTION
The Reporting Persons have acquired the Common Stock described herein
in order to obtain an equity position in the Company. GK and AR have expressed
their opinion to management of the Company that it should commence a Dutch
Auction to purchase up to one million of its own shares as a means to address
the Company's overcapitalized balance sheet. The Reporting Persons intend to
closely monitor the performance of the Company and its management, and to
evaluate their position in order to determine the advisability of further action
with respect to the Company.
The Reporting Persons do not presently intend to seek control of the
Company, nor do they presently intend to (i) make a proposal to the Company for
a merger or business combination; (ii) nominate individuals selected by the
Reporting Persons as candidates for the Board of Directors of the Company and
solicit proxies from the Company's shareholders to vote for such nominees or
otherwise take action to reconstitute the Board of Directors; (iii) acquire
additional shares of Common stock; or (iv) enter into arrangements with third
parties who may be interested in joining with the Reporting Persons to acquire
control of the Company, which arrangements may contemplate the sale or
disposition of portions of the Company's assets to such third parties after
control is obtained.
The Reporting Persons may attempt to dispose of the Common Stock in the
open market, in privately negotiated transactions or otherwise.
Depending upon the course of action that the Reporting Persons pursue,
the possible activities of the Reporting Persons are subject to change at any
time and there is no assurance that the Reporting Persons will purchase
additional Common Stock or change its present intent not to seek to influence or
obtain control of the Company. Except as set forth above, the Reporting Persons
have no present plans or intentions which would result in or relate to any of
the transactions described in Item 4 of Schedule 13D.
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Page ____ of _____ pages
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of December 22, 199, the Reporting Persons beneficially
owned the amounts of Common Stock respectively set forth below. The percentage
set forth below represents the percentage of the outstanding shares of Common
Stock based on 3,269,494 shares outstanding as of October 28, 1998 as set forth
in the Company's Form 10Q for the quarter ended October 2, 1999.
<TABLE>
<CAPTION>
Reporting Shares of Percent of
Person Common Stock Outstanding Common Stock
--------- ------------ ------------------------
<S> <C> <C>
PT, OI, DA 105,200 3.2%
GK 7,500 0.2
AR 108,300 3.3
</TABLE>
As of December 22, 1999, the Reporting Persons beneficially owned an
aggregate of 221,000 shares of Common Stock.
(b) The information set forth in Items 7 through 11 of the
cover pages hereto is incorporated herein by reference.
(c) The information concerning transactions in the Common
Stock effected by the Reporting Persons during the past sixty (60) days is set
forth in Appendix A hereto and incorporated herein by reference. All of
transactions were open market transactions.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIP
WITH RESPECT TO THE SECURITIES OF THE ISSUER
NONE
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
1. Agreement dated as of December 22, 1999 by and among the
signatories of this Statement on Schedule 13-D with respect to
its filing.
<PAGE> 11
Page ____ of ____ pages
SIGNATURE
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.
Date: December 22, 1999 PYRAMID TRADING LIMITED PARTNERSHIP
BY OAKMONT INVESTMENTS, LLC ITS GENERAL PARTNER
BY /S/ Daniel Asher
-------------------------------------------
Daniel Asher, Manager, Oakmont
Investments, LLC
OAKMONT INVESTMENTS, LLC
BY /S/ Daniel Asher
-------------------------------------------
Daniel Asher, Manager
/s/ Daniel Asher
------------------------------------------------
DANIEL ASHER
/s/ Gary Kohler
------------------------------------------------
GARY KOHLER
/s/ Andrew Redleaf
------------------------------------------------
ANDREW REDLEAF
<PAGE> 12
Page _____ of _____ pages
APPENDIX A
Transactions By the Reporting Persons in
Printware, Inc. Common Stock During the Past 60 Days
PYRAMID TRADING LIMITED PARTNERSHIP
<TABLE>
<CAPTION>
Date # of Shares Bought Price Per Share ($) Total Cost ($)*
- ---- ------------------ ------------------- ---------------
<S> <C> <C> <C>
12/03/99 10,000 2.13 21,250
12/06/99 5,000 2.13 10,625
12/06/99 1,900 2.13 4,038
12/06/99 3,100 2.13 6,588
12/07/99 5,000 2.13 10,625
12/07/99 4,400 2.13 9,350
12/07/99 600 2.13 1,275
12/09/99 2,000 2.13 4,250
12/10/99 5,000 2.13 10,625
12/10/99 45,000 2.13 96,625
12/14/99 5,000 2.15 10,750
12/16/99 3,200 2.13 6,800
12/16/99 15,000 2.13 31,875
</TABLE>
GARY KOHLER
<TABLE>
<CAPTION>
Date # of Shares Bought Price Per Share ($) Total Cost ($)*
- ---- ------------------ ------------------- ---------------
<S> <C> <C> <C>
10/22/99 7,500 2.05 15,375
</TABLE>
<PAGE> 13
Page ______ of _______ pages
ANDREW REDLEAF
<TABLE>
<CAPTION>
Date # of Shares Bought Price Per Share ($) Total Cost ($)*
- ---- ------------------ ------------------- ---------------
<S> <C> <C> <C>
10/28/99 1,100 2.07 2,280
11/01/99 10,000 2.06 20,637
11/04/99 20,000 2.12 42,430
11/15/99 10,000 2.06 20,612
11/16/99 1,100 2.06 2,267
11/17/99 10,000 2.05 20,512
11/18/99 3,000 2.05 6,150
11/22/99 6,800 2.17 14,780
12/02/99 16,300 2.19 35,776
12/05/99 10,000 2.19 21,874
</TABLE>
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*Commissions not included.
EXHIBIT INDEX
EXHIBIT NO. DOCUMENT
1 Agreement, dated as of December 22, 1999, by and
among the signatories of this Statement with respect
to its filing.
<PAGE> 1
Page ______of ______ pages
EXHIBIT 1
AGREEMENT
This will confirm the agreement by and among all the undersigned that
the Schedule 13D filed on or about this date with respect to the beneficial
ownership of the undersigned of shares of Common Stock of Printware, Inc. is
being filed on behalf of each of the entities names below. This agreement may be
executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.
Date: December 22, 1999 PYRAMID TRADING LIMITED PARTNERSHIP
BY OAKMONT INVESTMENTS, LLC ITS GENERAL PARTNER
BY /S/ Daniel Asher
-----------------------------------------
Daniel Asher, Manager, Oakmont
Investments, LLC
OAKMONT INVESTMENTS, LLC
BY /S/ Daniel Asher
-----------------------------------------
Daniel Asher, Manager
/s/ Daniel Asher
----------------------------------------------
DANIEL ASHER
/s/ Gary Kohler
----------------------------------------------
GARY KOHLER
/s/ Andrew Redleaf
----------------------------------------------
ANDREW REDLEAF
