<PAGE> 1
SCHEDULE 13D
(RULE 13d-101)
Information to be Included in Statements Filed Pursuant to Rule 13d-1(a) and
Amendments Thereto Filed Pursuant to Rule 13d-2(a)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
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 L.L.P.
800 LaSalle Avenue, Suite 2800
Minneapolis, MN 55402
612-349-8500
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
March 31, 2000
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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(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 ("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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CUSIP NO. 742580-10-3 13D PAGE OF PAGES
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1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Pyramid Trading Limited Partnership 36-3723624
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)
(a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
WC
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5 CHECK 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
Illinois
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7 SOLE VOTING POWER
NUMBER OF
0 shares
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
333,400 shares
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
0 shares
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
333,400 shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
333,400 shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (See Instructions) [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.2%
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14 TYPE OF REPORTING PERSON (See Instructions)
BD,PN,IV
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CUSIP NO. 742580-10-3 13D PAGE OF PAGES
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1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Oakmont Investments, LLC 36-3996171
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
N/A
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5 CHECK 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
Illinois
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7 SOLE VOTING POWER
NUMBER OF
0 shares
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
333,400 shares
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
0 shares
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
333,400 shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
333,400 shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (See Instructions) [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.2%
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14 TYPE OF REPORTING PERSON (See Instructions)
CO, IV
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CUSIP NO. 742580-10-3 13D PAGE OF PAGES
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1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Daniel Asher ###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)
(a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
N/A
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5 CHECK 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
United States
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7 SOLE VOTING POWER
NUMBER OF
0 shares
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
333,400 shares
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
0 shares
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
333,400 shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
333,400 shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (See Instructions) [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.2%
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14 TYPE OF REPORTING PERSON (See Instructions)
IN
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CUSIP NO. 742580-10-3 13D PAGE OF PAGES
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1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Gary Kohler ###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)
(a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
PF
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5 CHECK 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
United States
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7 SOLE VOTING POWER
NUMBER OF
7,500 shares
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
0 shares
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
7,500 shares
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
0 shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,500 shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (See Instructions) [ ]
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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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CUSIP NO. 742580-10-3 13D PAGE OF PAGES
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1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Andrew Redleaf ###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)
(a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
PF
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5 CHECK 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
United States
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7 SOLE VOTING POWER
NUMBER OF
108,300 shares
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
0 shares
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
108,300 shares
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
0 shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
108,300 shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (See Instructions) [ ]
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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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This Amendment No. 3 ("Amendment No. 3") amends the Statement on
Schedule 13D (the "Schedule 13D") filed on December 29, 1999, as amended by
Amendment No. 1 filed January 25, 2000 ("Amendment No. 1") and as further
amended by Amendment No. 2 filed February 17, 2000 ("Amendment No. 2") by
Pyramid Trading Limited Partnership ("PT"), Oakmont Investments, LLC ("OI"),
Daniel Asher ("DA"), Gary Kohler ("GK") and Andrew Redleaf ("AR") (collectively
the "Reporting Persons") with respect to their beneficial ownership of common
stock, without par value (the "Common Stock") of Printware, Inc. (the
"Company"). Capitalized terms used herein and not defined have the meanings
ascribed thereto in the Schedule 13D. Items 4 and 5 of Schedule 13D, Amendment
No. 1 and Amendment No. 2 are amended in their entirety herewith to read as
follows.
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. As also previously
reported, in December 1999, GK and AR expressed their opinion to management of
the Company that it should commence a Dutch Auction to purchase its own shares
as a means to address the Company's overcapitalized balance sheet. GK and AR
have attempted to engage in further discussions with the Company regarding
ways to improve shareholder value, but have been rejected.
On February 11, 2000, GK on behalf of the Reporting Persons and
pursuant to the Minnesota Business Corporation Law ("BCL") requested from
management copies of certain of the Company's records, including a list of the
names and addresses of all shareholders of Common Stock. The Reporting Persons
have been monitoring the Company since the date of the filing of Schedule 13D
and to date are not satisfied with any action, communication or direction that
management has considered or initiated to improve shareholder value. The
Reporting Persons remain open to the possibility of working with management to
enhance shareholder value.
The Reporting Persons have filed with the Securities and Exchange
Commission a preliminary Proxy Statement relating to the Annual Meeting of the
Company's Shareholders scheduled to be held on April 13, 2000 in which the
Reporting Persons propose to nominate their slate of directors in opposition of
the slate of directors nominated by the Company. The slate of directors of the
Reporting Persons consists of Charles Bolger, Stanley Goldberg, Roger C. Lucas,
Douglas M. Pihl, GK and AR. Messrs. Bolger, Goldberg, Lucas and Pihl
specifically disclaim membership in the Reporting Persons group. The Reporting
Persons may exercise their rights under the BCL to call for a special meeting of
shareholders for the purpose of reconstituting the Board of Directors at a later
date.
If the Reporting Persons slate of directors is elected to the Board of
Directors, the Reporting Persons would obtain control of the Board of Directors
of the Company. If elected, our nominees will promptly perform a comprehensive
review of Printware's operations, capital structure and management in order to
commence a course of action to attempt to maximize shareholder value.
The Reporting Persons do not presently intend to make a proposal to the
Company to liquidate the Company, or for a merger, reorganization or business
combination or to 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 do not presently intend to propose any changes to the
Company's Articles of Incorporation, bylaws or related instruments that may
impede the acquisition of control of the Company by any person. It is important
to note, however, that while the Reporting Persons are not currently engaged in
negotiations for a merger or a sale of assets or any similar transaction with
respect to the Company, unrelated third parties have contacted the Reporting
Persons since the filing of their initial Schedule 13D to inquire about us and
to engage in very preliminary conversations about the Company and its future
options. Following the filing of our preliminary Proxy Materials, additional
parties may contact us about the Company and its future options. If elected,
the director nominees may decide to follow up on one or more of such contacts as
they pursue ways to enhance shareholder value.
The Reporting Persons may attempt to acquire additional shares of
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. A Dutch Auction could result in a material change in the present
capitalization of the Company, the Company's common stock becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Securities
Exchange Act of 1934 and/or ceasing to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities association.
Except as set forth above, the Reporting Persons
<PAGE> 8
have no present plans or intentions which would result in or relate to any of
the transactions described in Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of March 31, 2000, 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 3,275,557 shares
outstanding as of February 23, 2000 as set forth in the
Company's Definitive Proxy Statement for the Annual Meeting of
Shareholders scheduled to be held on April 13, 2000.
<TABLE>
<CAPTION>
Reporting Shares of Percent of Shared or Sole
Person Common Stock Outstanding Common Stock Power to Vote
- --------- ------------ ------------------------ ------------------------
<S> <C> <C> <C>
PT, OI, DA 333,400 10.2% Shared among PT, OI, DA
GK 7,500 0.2 Sole
AR 108,300 3.3 Sole
</TABLE>
As of March 31, 2000, the Reporting Persons beneficially owned an
aggregate of 449,200 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 7. MATERIAL TO BE FILED AS EXHIBITS
1. Agreement dated as of March 31, 2000 by and among the signatories of
this Amendment No. 3 to Schedule 13D with respect to its filing.
<PAGE> 9
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: March 31, 2000
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
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Daniel Asher, Manager
/s/ Daniel Asher
------------------------------------------------
DANIEL ASHER
/s/ Gary Kohler
- ------------------------------------------------
GARY KOHLER
/s/ Andrew Redleaf
- ------------------------------------------------
ANDREW REDLEAF
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APPENDIX A
Transactions By the Reporting Persons in Printware, Inc. Common Stock During the
Past 60 Days
<TABLE>
<CAPTION>
Reporting
Person Date # of Shares Bought Price Per Share ($) Total Cost ($)*
- ----------- ------ ------------------ ------------------- --------------
<S> <C> <C> <C> <C>
PT 2/11/00 190,000 2.56 486,875
</TABLE>
*Commissions not included.
<PAGE> 1
EXHIBIT 1
AGREEMENT
This will confirm the agreement by and among all the undersigned that
the Amendment No. 3 to 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 persons and entities
named 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: March 31, 2000
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
