<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
POCAHONTAS BANCORP, INC.
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.01
(Title of Class of Securities)
730234101
(CUSIP Number)
THOMAS L. SEIFERT, ESQ.
515 MADISON AVENUE, SUITE 2000, NEW YORK, NY 10022
212-310-0543
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
JUNE 12, 1998
(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-I(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with the statement [ X ]. (A fee
is not required only if the reporting 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 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.
Page 1 of 21
<PAGE> 2
CUSIP Number 730234101
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Drake Associates L.P.
13-3476514
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP a [ ]
b [ ]
- --------------------------------------------------------------------------------
3. S.E.C. USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS WC
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- --------------------------------------------------------------------------------
NUMBER OF SHARES OWNED BY EACH REPORTING PERSON WITH:
7. SOLE VOTING POWER 175,612
--------------------------------------------------------------------------
8. SHARED VOTING POWER -0-
--------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER 175,612
--------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER -0-
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON 175,612
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES [ X ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN
ROW (11) 2.6%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
- --------------------------------------------------------------------------------
Page 2 of 21
<PAGE> 3
CUSIP Number 730234101
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Anglo American Security Fund L.P.
13-3316427
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP a [ ]
b [ ]
- --------------------------------------------------------------------------------
3. S.E.C. USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS WC
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- --------------------------------------------------------------------------------
NUMBER OF SHARES OWNED BY EACH REPORTING PERSON WITH:
7. SOLE VOTING POWER 10,000
--------------------------------------------------------------------------
8. SHARED VOTING POWER -0-
--------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER 10,000
--------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER -0-
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON 10,000
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES [ X ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN
ROW (11) 0.2%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
- --------------------------------------------------------------------------------
Page 3 of 21
<PAGE> 4
CUSIP Number 730234101
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Aviation Services, L.P.
11-3182441
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP a [ ]
b [ ]
- --------------------------------------------------------------------------------
3. S.E.C. USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS WC
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Illinois
- --------------------------------------------------------------------------------
NUMBER OF SHARES OWNED BY EACH REPORTING PERSON WITH:
7. SOLE VOTING POWER 7,500
--------------------------------------------------------------------------
8. SHARED VOTING POWER -0-
--------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER 7,500
--------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER -0-
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON 7,500
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES [ X ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN
ROW (11) 0.1%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
- --------------------------------------------------------------------------------
Page 4 of 21
<PAGE> 5
CUSIP Number 730234101
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Diversified Long Term Growth Fund L.P.
13-3470412
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP a [ ]
b [ ]
- --------------------------------------------------------------------------------
3. S.E.C. USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS WC
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- --------------------------------------------------------------------------------
NUMBER OF SHARES OWNED BY EACH REPORTING PERSON WITH:
7. SOLE VOTING POWER 20,000
--------------------------------------------------------------------------
8. SHARED VOTING POWER -0-
--------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER 20,000
--------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER -0-
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON 20,000
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES [ X ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN
ROW (11) 0.3%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
- --------------------------------------------------------------------------------
Page 5 of 21
<PAGE> 6
CUSIP Number 730234101
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Global Investment Holding Fund, Inc.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP a [ ]
b [ ]
- --------------------------------------------------------------------------------
3. S.E.C. USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS WC
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands
- --------------------------------------------------------------------------------
NUMBER OF SHARES OWNED BY EACH REPORTING PERSON WITH:
7. SOLE VOTING POWER 25,000
--------------------------------------------------------------------------
8. SHARED VOTING POWER -0-
--------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER 25,000
--------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER -0-
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON 25,000
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES [ X ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN
ROW (11) 0.4%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
- --------------------------------------------------------------------------------
Page 6 of 21
<PAGE> 7
CUSIP Number 730234101
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
J. S. Grace, Jr. L.P.
11-3355102
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP a [ ]
b [ ]
- --------------------------------------------------------------------------------
3. S.E.C. USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS WC
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION New York
- --------------------------------------------------------------------------------
NUMBER OF SHARES OWNED BY EACH REPORTING PERSON WITH:
7. SOLE VOTING POWER 7,500
--------------------------------------------------------------------------
8. SHARED VOTING POWER -0-
--------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER 7,500
--------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER -0-
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON 7,500
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES [ X ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN
ROW (11) 0.1%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
- --------------------------------------------------------------------------------
Page 7 of 21
<PAGE> 8
CUSIP Number 730234101
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lorraine Marie Grace L.P.
58-2223817
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP a [ ]
b [ ]
- --------------------------------------------------------------------------------
3. S.E.C. USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS WC
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- --------------------------------------------------------------------------------
NUMBER OF SHARES OWNED BY EACH REPORTING PERSON WITH:
7. SOLE VOTING POWER 7,500
--------------------------------------------------------------------------
8. SHARED VOTING POWER -0-
--------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER 7,500
--------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER -0-
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON 7,500
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES [ X ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN
ROW (11) 0.1%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
- --------------------------------------------------------------------------------
Page 8 of 21
<PAGE> 9
CUSIP Number 730234101
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sterling Grace Capital Management, L.P.
13-3354180
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP a [ ]
b [ ]
- --------------------------------------------------------------------------------
3. S.E.C. USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS WC
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- --------------------------------------------------------------------------------
NUMBER OF SHARES OWNED BY EACH REPORTING PERSON WITH:
7. SOLE VOTING POWER 30,000
--------------------------------------------------------------------------
8. SHARED VOTING POWER -0-
--------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER 30,000
--------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER -0-
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON 30,000
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES [ X ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN
ROW (11) 0.4%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
- --------------------------------------------------------------------------------
Page 9 of 21
<PAGE> 10
CUSIP Number 730234101
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Victoria Alice Grace L.P.
58-2223806
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP a [ ]
b [ ]
- --------------------------------------------------------------------------------
3. S.E.C. USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS WC
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- --------------------------------------------------------------------------------
NUMBER OF SHARES OWNED BY EACH REPORTING PERSON WITH:
7. SOLE VOTING POWER 7,500
--------------------------------------------------------------------------
8. SHARED VOTING POWER -0-
--------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER 7,500
--------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER -0-
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON 7,500
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES [ X ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN
ROW (11) 0.1%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
- --------------------------------------------------------------------------------
Page 10 of 21
<PAGE> 11
CUSIP Number 730234101
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Butterfield Trust (Bermuda) Limited as trustee
of Trust #1487 FBO Lorraine G. Grace
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP a [ ]
b [ ]
- --------------------------------------------------------------------------------
3. S.E.C. USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS WC
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Bermuda
- --------------------------------------------------------------------------------
NUMBER OF SHARES OWNED BY EACH REPORTING PERSON WITH:
7. SOLE VOTING POWER 145,367
--------------------------------------------------------------------------
8. SHARED VOTING POWER -0-
--------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER 145,367
--------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER -0-
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON 145,367
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES [ X ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN
ROW (11) 2.2%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO
- --------------------------------------------------------------------------------
Page 11 of 21
<PAGE> 12
CUSIP Number 730234101
- --------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Butterfield Trust (Bermuda) Limited as trustee
of Trust # 1550 FBO Oliver R. Grace, Jr.
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP a [ ]
b [ ]
- --------------------------------------------------------------------------------
3. S.E.C. USE ONLY
- --------------------------------------------------------------------------------
4. SOURCE OF FUNDS WC
- --------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Bermuda
- --------------------------------------------------------------------------------
NUMBER OF SHARES OWNED BY EACH REPORTING PERSON WITH:
7. SOLE VOTING POWER 65,245
--------------------------------------------------------------------------
8. SHARED VOTING POWER -0-
--------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER 65,245
--------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER -0-
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON 65,245
- --------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW
(11) EXCLUDES CERTAIN SHARES [ X ]
- --------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN
ROW (11) 1.0%
- --------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO
- --------------------------------------------------------------------------------
Page 12 of 21
<PAGE> 13
CUSIP Number 730234101
ITEM 1. SECURITY AND ISSUER
This statement relates to the Common Stock, $0.01 par value of Pocahontas
Bancorp, Inc., the principal executive offices of which are located at 203 West
Broadway Street, Pocahontas, Arkansas.
ITEM 2. IDENTITY AND BACKGROUND
(a) Drake Associates L.P., ("Drake") is a Delaware limited partnership
engaged in the business of investing in securities. Drake's principal business
address is 55 Brookville Road, Glen Head, New York 11545.
Drake's general partner is Associated Asset Management, Inc. ("AAM"), a
Delaware corporation. John S. Grace is Chairman, Vice President and a member of
the Board of Directors of AAM. Oliver R. Grace, Jr. is Chairman, President and a
member of the Board of Directors of AAM. John S. Grace and Oliver R. Grace, Jr.
are the sole stockholders. AAM is engaged in the business of investing in
securities. AAM's principal business address is 55 Brookville Road, Glen Head,
New York 11545.
John S. Grace is a private investor and United States citizen whose
principal business address is 55 Brookville Road, Glen Head, New York 11545.
Oliver R. Grace, Jr. is a private investor and United States citizen whose
principal business address is 55 Brookville Road, Glen Head, New York 11545.
(b) Anglo American Security Fund L.P. ("Anglo") is a Delaware limited
partnership engaged in the business of investing in securities. Anglo's
principal business address is 100 Summerhill Avenue, Spotswood, New Jersey
08884.
Anglo's general partners are John S. Grace, Oliver R. Grace, Jr. and
Securities Management Advisors LLC ("SMA"). Information on Messrs. Grace is
contained in paragraph (a) to this Item 2.
SMA is a New York limited liability corporation engaged in the business of
investing in securities. Its principal business address is 55 Brookville Road,
Glen Head, New York 11545.
(c) Aviation Services, L.P. ("Aviation") is an Illinois limited
partnership engaged in the business of investing in securities. Aviation's
principal address is 55 Brookville Road, Glen Head, New York 11545.
Aviation's general partners are Lola N. Grace and Value Management Inc.
Page 13 of 21
<PAGE> 14
CUSIP Number 730234101
Lola N. Grace is a private investor and a United States citizen whose
principal business address is 55 Brookville Road, Glen Head, New York 11545.
Value Management Inc. ("VMI") is a Florida corporation engaged in the
business of investing in securities. Lola N. Grace is the President and sole
shareholder of VMI. Its principal business address is 1940 South Ocean
Boulevard, Manalapan, Florida 33462.
(d) Diversified Long Term Growth Fund ("Diversified") is a Delaware
limited partnership engaged in the business of investing in securities. Its
principal business address is 55 Brookville Road, Glen Head, New York 11545.
Diversified's general partner is AAM. Information on AAM is contained in
paragraph (a) to this Item 2.
(e) Global Investment Holding Fund, Inc. ("Global") is a corporation
organized under the laws of the British Virgin Islands and is engaged in the
business of investing in securities. Its principal business address is
Woodbourne Hall, P.O. Box 3162, Road Town, Tortola, British Virgin Islands.
Global's sole director and executive officer is Woodbourne Corporation
(BVI) Ltd. ("Woodbourne"), a corporation organized under the laws of the British
Virgin Islands. Woodbourne is in the business of corporate administration and
its principal business address is Woodbourne Hall, P.O. Box 3162, Road Town,
Tortola, British Virgin Islands Woodbourne's principal executive officer is Ken
Morgan, a citizen of the United Kingdom, whose principal business address is
Woodbourne Hall, P.O. Box 3162, Road Town, Tortola, British Virgin Islands.
(f) J. S. Grace, Jr. L.P. ("JSGLP") is a New York limited partnership
engaged in the business of investing in securities. JSGLP's principal business
address is 55 Brookville Road, Glen Head, New York 11545.
JSGLP's general partner is John S. Grace, Jr. Inc., a New York corporation
engaged in the business of investing in securities. Its principal business
address is 55 Brookville Road, Glen Head, New York 11545. John S. Grace is the
sole director and executive officer. John S. Grace, Jr. is the sole shareholder.
(g) Lorraine Marie Grace L.P. ("LMGLP") is a Delaware limited partnership
engaged in the business of investing in securities. LMGLP's principal business
address is 55 Brookville Road, Glen Head, New York 11545.
LMGLP's general partner is Lorraine Marie Grace Inc., a New York
corporation engaged in the business of investing in securities. Its principal
business address is 55 Brookville Road, Glen Head, New York 11545. John S. Grace
is the sole director and executive officer. Lorraine Marie Grace is the sole
shareholder.
Page 14 of 21
<PAGE> 15
CUSIP Number 730234101
(h) Sterling Grace Capital Management, L.P. ("SGCM") is a Delaware limited
partnership engaged in the business of investing in securities. Its principal
business address is 55 Brookville Road, Glen Head, New York 11545.
SGCM's general partner is Sterling Grace Corporation ("SGC"), a Delaware
corporation engaged in the business of investing in securities. SGC's principal
address is 55 Brookville Road, Glen Head, New York 11545. John S. Grace is
President of SGC, the sole director and sole shareholder. Information on John S.
Grace is in paragraph (a) to this Item 2.
(i) Victoria Alice Grace L.P. ("VAGLP") is a Delaware limited partnership
engaged in the business of investing in securities. VAGLP's principal business
address is 55 Brookville Road, Glen Head, New York 11545.
VAGLP's general partner is Victoria Alice Grace Inc., a Delaware
corporation engaged in the business of investing in securities. Its principal
business address is 55 Brookville Road, Glen Head, New York 11545. John S. Grace
is the sole director and executive officer. Victoria Alice Grace is the sole
shareholder.
(j) Butterfield Trust (Bermuda) Limited ("Butterfield"), formerly known as
The Bank of Butterfield Executor and Trustee Company Limited, having changed its
name in accordance with The Companies Act 1981, s.10, is filing this statement
as a trustee of a trust for the benefit of Lorraine G. Grace and as a trustee of
a trust for the benefit of Oliver R. Grace, Jr. Butterfield is a Bermuda Trust
Corporation. The principal business address of Butterfield is Rosebank Centre,
11 Bermudiana Road, Pembroke, Bermuda.
Austin Caffrey, a citizen of Ireland and a resident of Bermuda, is the
Head of Trust Services at Butterfield and has senior supervision over the two
trusts that are Registrants. Austin Caffrey's principal business address is c/o
Butterfield Trust (Bermuda) limited, Rosebank Centre, 11 Bermudiana Road,
Pembroke, Bermuda.
John S. Grace and Oliver R. Grace, Jr. are brothers and the sons of
Lorraine G. Grace. John S. Grace and Lola N. Grace are husband and wife, and
their children are Victoria Alice Grace, Lorraine Marie Grace and John S. Grace,
Jr. John S. Grace and Oliver R. Grace, Jr. act as investment advisors to Global.
Although Registrants have no agreement or understanding that they will act
in concert with respect to their investment, they may be deemed a "group" under
Rule 13d-3 of the Securities Exchange Act of 1934 as amended by virtue of their
family, business, partnership or trustee relationships. Except for being deemed
a group, and except for the family relationships, partnership relationships and
trustee relationships referred to above, each Registrant disclaims any
beneficial ownership in any other Registrant's shares for all other purposes.
Page 15 of 21
<PAGE> 16
CUSIP Number 730234101
During the past five years, none of the Registrants or other persons
referred to in this statement has been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors).
During the past five years, none of the Registrants or other persons
referred to in this statement has been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction and as a result of
such proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws or finding any violation with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The aggregate purchase price of the 501,224 shares owned by the
Registrants was approximately $3,844,675. The shares were paid for out of
working capital. In each case, funds available in standard margin accounts
maintained by each such Registrant were used.
ITEM 4. PURPOSE OF TRANSACTION
Registrants have acquired their respective shares for investment but none
of the Registrants is committed to holding or disposing of his respective
investment for or within any predetermined period. Registrants believe that an
application with appropriate regulatory authorities would be necessary if they
were to acquire 10% or more of the voting securities of the Issuer. As a result,
the Registrants do not currently intend to acquire 10% or more of the voting
securities of the Issuer.
Subject to the foregoing, one or more of the Registrants may acquire
additional shares of the Issuer in the open market, in privately negotiated
transactions or otherwise, depending upon the price and availability of shares,
general economic and stock market conditions and other factors. The Registrants,
however, may and expressly reserve the right to dispose of some or all of their
shares in the open market, in privately negotiated transactions or otherwise,
depending upon the same factors.
Except as set forth above, the Registrants have no present plans or
intentions that would result in or relate to (i) an extraordinary corporate
transaction such as a merger, reorganization or liquidation, involving the
Issuer or any of its subsidiaries; (ii) a sale or transfer of a material amount
of assets of the Issuer or of any of its subsidiaries; (iii) a change in the
present Board of Directors or management of the Issuer; (iv) a material change
in the present capitalization or dividend policy of the Issuer; (v) a change in
the Issuer's charter, by-laws or related instruments which may impede the
acquisition of control of the Issuer by any person; (vi) the cessation of a
Page 16 of 21
<PAGE> 17
CUSIP Number 730234101
class of equity securities of the Issuer to be either listed on a national
securities exchange or authorized to be quoted in an inter-dealer quotation
system of a registered national securities association; (vii) termination of
registration under Section 12(g)(4) of the Securities Exchange Act of 1934 of a
class of equity securities of the Issuer; or (viii) any other material change to
the Issuer's business, corporate structure or otherwise.
While the foregoing represents a range of activities currently
contemplated by the Registrants with respect to the common stock, the intentions
and the possible activities of the Registrants, or any of them, are subject to
change at any time.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Registrants believe that 6,669,309 shares of the Issuer are presently
issued and outstanding.
(a) The Registrants beneficially own an aggregate of 501,224 shares,
representing approximately 7.5% of the shares issued and outstanding. Reference
is made to each of the 11 second parts of the cover page for the number of
shares in respect of each Registrant.
(b) The Registrants have the sole power to vote or to direct to vote and
sole power to dispose or to direct to dispose 501,224 shares indicated in Item
5(a). Reference is made to each of the 11 second parts of the cover page for the
number of shares in respect of each Registrant.
(c) Within the past 60 days the Registrants have purchased shares shown on
Schedule A, attached hereto, in the amounts and at the per share prices set
forth in Schedule A. All of such purchases were effected through NASDAQ.
(d) The general partners and control persons of those Registrants that are
limited partnerships are set forth in Item 2. The executive officers, directors
and shareholders of those Registrants that are corporations are also set forth
in Item 2. The members of those Registrants that are limited liability companies
are also set forth in Item 2. Except as set forth herein, no person has the
right to receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, the shares covered by this statement.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER
Except as disclosed herein, Registrants do not have any arrangements,
understandings or relationships with respect to any securities of the Issuer.
Page 17 of 21
<PAGE> 18
CUSIP Number 730234101
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
None.
Page 18 of 21
<PAGE> 19
CUSIP Number 730234101
SIGNATURES
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: June 17, 1998
DRAKE ASSOCIATES, L.P. ANGLO AMERICAN SECURITY FUND L.P.
/S/ JOHN S. GRACE /S/ JOHN S. GRACE
- ------------------------------------- -------------------------------------
By: John S. Grace By: John S. Grace
Chairman, Associated Asset Management, General Partner
Inc., its General Partner
AVIATION SERVICES, L.P. DIVERSIFIED LONG TERM GROWTH
FUND L.P.
/S/ LOLA N. GRACE /S/ JOHN S. GRACE
- ------------------------------------- -------------------------------------
By: Lola N. Grace By: John S. Grace
General Partner Chairman, Associated Asset Management,
Inc., its General Partner
GLOBAL INVESTMENT HOLDING J. S. GRACE, JR. L.P.
FUND, INC.
/S/ KEN MORGAN /S/ JOHN S. GRACE
- ------------------------------------- -------------------------------------
By: Ken Morgan By: John S. Grace
Executive Officer of Woodbourne Corpor- President, John S. Grace, Jr., Inc.,
ation (BVI) Ltd., its Director its General Partner
Page 19 of 21
<PAGE> 20
CUSIP Number 730234101
LORRAINE MARIE GRACE L.P. STERLING GRACE CAPITAL
MANAGEMENT, L.P.
/S/ JOHN S. GRACE /S/ JOHN S. GRACE
- ------------------------------------- -------------------------------------
By: John S. Grace By: John S. Grace
President, Lorraine Marie Grace Inc., President, Sterling Grace Corporation,
its General Partner its General Partner
VICTORIA ALICE GRACE, L.P. BUTTERFIELD TRUST (BERMUDA)
LIMITED*
/S/ JOHN S. GRACE /S/ AUSTIN CAFFREY
- ------------------------------------- -------------------------------------
By: John S. Grace By: Austin Caffrey
President, Victoria Alice Grace Inc., Senior Manager
its General Partner
* Butterfield Trust (Bermuda) Limited signs this statement in its capacity as
trustee of Trust # 1487 FBO Lorraine G. Grace and as trustee of Trust # 1550 FBO
Oliver R. Grace, Jr.
Page 20 of 21
<PAGE> 21
CUSIP Number 730234101
SCHEDULE A
SCHEDULE OF PURCHASES DURING LAST 60 DAYS
<TABLE>
<CAPTION>
Amount of Price
Shares per Aggregate
Buyer Date Purchased Share Price
- --------------------------------------- -------- --------- -------- --------
<S> <C> <C> <C> <C>
Anglo American Security Fund L.P. 04/20/98 10,000 $ 10.19 $101,875
Diversified Long Term Growth Fund L.P. 04/20/98 20,000 $ 10.19 $203,750
Drake Associates L.P. 04/20/98 10,000 $ 10.19 $101,875
06/12/98 15,000 $ 10.00 $150,000
Global Investment Holding Fund, Inc. 04/17/98 5,000 $ 10.25 $ 51,250
Sterling Grace Capital Management, L.P. 04/20/98 10,000 $ 10.19 $101,875
Butterfield Trust (Bermuda) Limited
as trustee of Trust # 1487
FBO Lorraine G. Grace 04/20/98 10,000 $ 10.19 $101,925
06/12/98 55,000 $ 10.00 $550,000
Butterfield Trust (Bermuda) Limited
as trustee of Trust # 1550
FBO Oliver R. Grace, Jr 04/17/98 15,000 $ 10.25 $153,800
</TABLE>
Page 21 of 21
