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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No. 2
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)
February 11, 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(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. 742580-10-3
(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 333,400 shares
Owned by --------------------------------------------------------------
Each Report- (9) Sole Dispositive Power 0 shares
ing Person --------------------------------------------------------------
With (10) Shared Dispositive Power 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 if the Aggregate Amount in Row (11) Excludes Certain Shares
[ ]
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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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Page ___ of ___ Pages
CUSIP No. 742580-10-3
(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 333,400 shares
Owned by --------------------------------------------------------------
Each Report- (9) Sole Dispositive Power 0 shares
ing Person --------------------------------------------------------------
With (10) Shared Dispositive Power 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 if the Aggregate Amount in Row (11) Excludes Certain Shares
[ ]
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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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<PAGE> 4
Page 1 of ___ Pages
CUSIP No. 742580-10-3
(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 333,400 shares
Owned by --------------------------------------------------------------
Each Report- (9) Sole Dispositive Power 0 shares
ing Person --------------------------------------------------------------
With (10) Shared Dispositive Power 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 if the Aggregate Amount in Row (11) Excludes Certain Shares
[ ]
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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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<PAGE> 5
Page ___ of ___ Pages
CUSIP No. 742580-10-3
(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. 742580-10-3
(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
This Amendment No. 2 ("Amendment No. 2") 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") by Pyramid Trading
Limited Partnership, Oakmont Investments, LLC, Daniel Asher, Gary Kohler and
Andrew Redleaf (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 3, 4 and 5 of
Schedule 13D and Amendment No. 1 are amended in their entirety herewith to read
as follows.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
On February 11, 2000 PT purchased an aggregate of 190,000 additional
shares of Common Stock of the Company for an aggregate consideration of
$486,875 (not including brokerage commissions). PT acquired such shares using
working capital.
<PAGE> 8
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.
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 have seen no evidence that management has considered or initiated
any actions designed to improve shareholder value. The Reporting Persons remain
open to the possibility of working with management to enhance shareholder value,
however in the event management does not quickly take positive steps to address
the issue of improving shareholder value, the Reporting Persons presently intend
to exercise their rights under the BCL to call for a special meeting of
shareholders for the purpose of reconstituting the Board of Directors. It is
anticipated that in the event the Reporting Persons proceed to call a special
meeting, they would solicit proxies in favor of a slate of their nominees. No
final determination has been made by the Reporting Persons with regard to either
calling a special meeting or soliciting proxies for a slate of nominees to serve
as directors of the Company.
The Reporting Persons do not presently intend to make a proposal to the
Company for a merger or business combination or 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 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. 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.
<PAGE> 9
Page ____ of _____ pages
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of February 14, 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 3,269,494 shares outstanding as of October 28, 1999 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 333,400 10.2%
GK 7,500 0.2
AR 108,300 3.3
</TABLE>
As of February 14, 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 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 February 14, 2000 by and among the
signatories of this Amendment No. 2 to Schedule 13D with
respect to its filing.
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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: February 14, 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
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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>
12/10/99 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
1/10/00 2,200 2.31 5,088
1/11/00 21,000 2.31 48,563
1/12/00 12,000 2.31 27,750
1/14/00 2,500 2.31 5,781
1/18/00 500 2.31 1,156
2/11/00 190,000 2.56 486,875
</TABLE>
<PAGE> 12
Page ______ of _______ pages
*Commissions not included.
EXHIBIT INDEX
EXHIBIT NO. DOCUMENT
1 Agreement, dated as of February 14, 2000, by and
among the signatories of this Amendment No. 2 to
Schedule 13D 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 Amendment No. 2 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: February 14, 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
