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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(AMENDMENT NO. 3)*
UNDER THE SECURITIES EXCHANGE ACT OF 1934
AUDIO KING CORPORATION
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
0507H10-5
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(CUSIP Number)
GARY S. KOHLER, OKABENA INVESTMENT SERVICES, INC.
5140 NORWEST CENTER, 90 SOUTH SEVENTH STREET, MINNEAPOLIS, MN 55402-4139
(612) 339-7151
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communication)
FEBRUARY 29, 1996
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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 / /.
Check the following box if a fee is being paid with this statement / /. (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 less than five percent of such class.
See Rule 13d-7.)
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).
(Continued on following pages)
Page 1 of 4 Pages
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CUSIP No. 05071H10-5
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(1) Names of Reporting Persons S.S. or I.R.S. Identification Nos. of Above
Persons
OKABENA PARTNERSHIP K, a Minnesota General Partnership
Federal I.D. No. 41-1642281
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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
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
Minnesota
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Number of Shares Beneficially Owned by Each Reporting Person With
(7) Sole Voting Power
393,334 shares
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(8) Shared Voting Power
N/A
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(9) Sole Dispositive Power
393,334 shares
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(10) Shared Dispositive Power
N/A
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
393,334 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)
14.31%
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(14) Type of Reporting Person (See Instructions)
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Page 2 of 4 Pages
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ITEM 1. SECURITY AND ISSUER
The class of equity securities to which this statement relates is the common
stock, par value $.001 per share (the "Common Stock"), of Audio King
Corporation, a Minnesota corporation (the "Company"). The principal executive
offices of the Company are located at 3501 South Highway 100, St. Louis Park, MN
55416.
ITEM 2. IDENTITY AND BACKGROUND
(a) - (c). This statement is being filed by Okabena Partnership K, a
Minnesota general partnership, with offices at 5140 Norwest Center, 90 South
Seventh Street, Minneapolis, MN 55402-4139. The principal business of the
Reporting Person is investment.
(d) and (e). During the last five years, no Reporting Person and no person
listed on Exhibit A has (i) been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors) or (ii) 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.
(f) U.S.
ITEM 3. SOURCE AND AMOUNT OF FUNDS AND OTHER CONSIDERATION
Working Capital
ITEM 4. PURPOSE OF TRANSACTION
For investments
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) and (b). See Schedule 13D cover page, rows (7) through (11) inclusive
and (13).
(c) The Reporting Person acquired 60,000 shares of Common Stock in open
market transactions on February 29, 1996 at a price of $2.563 per share.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIP WITH RESPECT TO
THE SECURITIES OF THE ISSUER
None
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A -- Information concerning the general partners of Okabena
Partnership K.
Page 3 of 4 Pages
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SIGNATURE
After reasonable inquiry and to the best of his knowledge and belief, each
of the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Date: March 7, 1996 OKABENA PARTNERSHIP K
By: Okabena Investment Services, Inc.
-----------------------------------------
Its: Managing Partner
By: /s/ GARY S. KOHLER
-----------------------------------------
Gary S. Kohler,
VICE PRESIDENT
Page 4 of 4 Pages
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EXHIBIT A
ITEM 2. IDENTITY AND BACKGROUND
Set forth below is a list of the partners of Okabena Partnership K and their
respective occupations. The business address for each partner is c/o Okabena
Company, 5140 Norwest Center, 90 South Seventh Street, Minneapolis, Minnesota
55402-4139. The answer to Item 2(d) and (e) for each partner is negative. Each
partner who is a natural person is a United States Citizen.
<TABLE>
<CAPTION>
NAME OF PARTNER OCCUPATION
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<C> <S> <C>
1. ORCHARD TRUST U/A 5-27-70 N/A
LJD, END, RJD, JWD TRUSTEES
2. DCD MARITAL ELECT. INC. TRUST N/A
3. EDWARD N. DAYTON REVOCABLE TRUST Private Investor
4. EDWARD N. DAYTON EXEMPTION TRUST N/A
5. SHERRY ANN DAYTON Private Investor
6. CHRISTOPHER B. DAYTON REV. TR. Private Investor
7. END TRUST FOR CHRISTOPHER N/A
8. CHRISTOPHER B. DAYTON EXCL. TR. N/A
9. MARTHA B. DAYTON REVOCABLE TR. N/A
10. END TRUST FOR MARTHA N/A
11. MARTHA B. DAYTON EXCLUSION TR. N/A
12. MICHAEL K. DAYTON REVOCABLE TR. Private Investor
13. END TRUST FOR MICHAEL N/A
14. MICHAEL K. DAYTON EXCLUSION TR. N/A
15. ROBERT J. DAYTON REVOCABLE TR. Chief Executive Officer
(Private Investment Company)
16. ROBERT J. DAYTON TRUST N/A
17. ROBERT J. DAYTON EXEMPTION TR. N/A
18. JOAN L. DAYTON REVOCABLE TRUST Private Investor
19. JAMES G. DAYTON Architect
20. RJD TRUST FOR JAMES N/A
21. JAMES G. DAYTON EXCLUSION TR. N/A
22. TOBIN J. DAYTON Environmentalist
23. RJD TRUST FOR TOBIN N/A
24. TJD EXCLUSION TRUST N/A
25. MAE F. DAYTON Research Development Director
26. SCOTT N. DAYTON Retailer
27. RJD TRUST FOR SCOTT N/A
28. SCOTT N. DAYTON EXCLUSION TR. N/A
29. JOHN W. DAYTON EXEMPTION TRUST N/A
30. CHADWICK L. DAYTON Student
31. CHADWICK L. DAYTON TRUST N/A
32. CHADWICK L. DAYTON EXCLUS. TR. N/A
</TABLE>
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<TABLE>
<CAPTION>
NAME OF PARTNER OCCUPATION
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<C> <S> <C>
33. WHITNEY L. DAYTON Student
34. WHITNEY LOHER DAYTON TRUST N/A
35. WHITNEY L. DAYTON EXCLUSION TR. N/A
36. VIRGINIA Y. DAYTON REVOC. TR. Private Investor
37. VIRGINIA Y. DAYTON TERM. TRUST N/A
38. MARK B. DAYTON State Auditor
State of Minnesota
39. BRANDT N. DAYTON President,
Brandt N. Dayton & Co.
(Art Dealer)
40. BND 1978 FAMILY TRUST N/A
41. BBD 1966 TRUST FOR BND N/A
42. CHRISTIAN B. DAYTON Therapist
43. MARINA B. DAYTON Minor
44. MARINA BLISS DAYTON TRUST N/A
45. ALEXANDER B. DAYTON Minor
46. ALEXANDER B. DAYTON TRUST N/A
47. LUCY B. DAYTON Veterinarian
48. LBD 1985 FAMILY TRUST N/A
49. BBD 1966 TRUST FOR LBD N/A
50. LUCY B. DAYTON 1990 TERM TRUST N/A
51. MARGARET BLISS O'KEEFE Minor
52. MARGARET BLISS O'KEEFE TRUST N/A
53. ANGUS DAYTON O'KEEFE TRUST N/A
54. CATHERINE GREER O'KEEFE TRUST N/A
55. ANNE D. BUXTON Artist
56. BBD TRUST FOR ADB N/A
57. ADB & RMB TERM TRUST N/A
58. NICHOLAS SHERMAN BUXTON TRUST N/A
59. HENRY M. BUXTON IRREV. TRUST N/A
60. WALLACE C. DAYTON REVOCABLE TR. Private Investor
61. WCD 1978 GRANDCHILDREN'S TRUST N/A
62. MARY LEE DAYTON REVOCABLE TR. Private Investor
63. SALLY D. CLEMENT REVOCABLE TR. Therapist
64. 1983 SDC CHILDREN'S TRUST N/A
65. SDC-SMC 1985 CHAR. TERM TRUST N/A
66. STEPHEN M. CLEMENT III Educator
67. THEODORE D. CLEMENT Minor
68. THEODORE D. CLEMENT TRUST N/A
69. THEODORE D. CLEMENT EXCLUS. TR. N/A
70. WINSTON W. CLEMENT Minor
71. WINSTON W. CLEMENT TRUST N/A
</TABLE>
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<TABLE>
<CAPTION>
NAME OF PARTNER OCCUPATION
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<C> <S> <C>
72. WINSTON W. CLEMENT EXCLUS. TR. N/A
73. ELLEN D. STURGIS REVOCABLE TR. Private investor
74. EDS 1978 FAMILY TRUST N/A
75. ELLEN 1985 CHAR. TERM TRUST N/A
76. SHELDON S. STURGIS REVOC. TR. President,
ESCO Industries
77. MATTHEW D. STURGIS Minor
78. MATTHEW D. STURGIS TRUST N/A
79. MATTHEW D. STURGIS EXCLUS. TR. N/A
80. KATHERINE L. STURGIS Private Investor
81. KATHERINE L. STURGIS TRUST N/A
82. KATHERINE L. STURGIS EXCL. TR. N/A
83. ROSAMOND G. STURGIS Minor
84. ROSAMOND G. STURGIS TRUST N/A
86. ROSAMOND G. STURGIS EXCL. TR. N/A
87. KATHERINE D. NIELSEN REVOC. TR. Private Investor
88. KDN 1980 FAMILY TRUST N/A
89. KATHERINE 1984 CHAR TERM TRUST N/A
90. STUART A. NIELSEN Artist
91. SAMUEL D. RICHARDSON Minor
92. SAMUEL D. RICHARDSON TRUST N/A
93. SAMUEL D. RICHARDSON EXCL. TR. N/A
94. OLIVIA MAREN NIELSEN Minor
95. OLIVA M. NIELSEN IRREV. TRUST N/A
96. ELIZABETH D. DOVYDENAS Private Investor
97. EDD 1980 FAMILY TRUST N/A
98. JOHN D. DOVYDENAS Minor
99. JOHN D. DOVYDENAS EXCLUSION TR. N/A
100. ELENA L. DOVYDENAS Minor
101. ELENA L. DOVYDENAS EXCLUS. TR. N/A
102. K.N. DAYTON REVOCABLE TRUST Private Investor
103. 1983 OAKLEAF TRUST U/A 11-1-83 N/A
104. JULIA W. DAYTON REVOCABLE TR. Private Investor
105. CT WINTON TRUST U/A 8-1-35 N/A
106. JUDSON M. DAYTON REVOCABLE TR. Private Investor
107. JMD 1985 FAMILY TRUST N/A
108. KND 1966 TRUST FOR C & D N/A
109. JMD 1985 CHARITABLE TERM TRUST N/A
110. EJD 1988 TERM TRUST N/A
111. CAROLINE AVERY DAYTON Minor
112. CAROLINE AVERY DAYTON TRUST N/A
</TABLE>
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<TABLE>
<CAPTION>
NAME OF PARTNER OCCUPATION
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<C> <S> <C>
113. CAROLINE A. DAYTON EXCLUS. TR. N/A
114. DAVIS WINTON DAYTON TRUST N/A
115. DAVIS W. DAYTON EXCLUSION TR. N/A
116. DUNCAN N. DAYTON REVOCABLE TR. Real Estate Developer
117. DND 1990 FAMILY TRUST N/A
118. KND 1966 TRUST FOR DND N/A
119. DUNCAN N. DAYTON TERM TRUST N/A
120. KATHARINE L. KELLY REVOC. TR. Private Investor
121. DOUGLAS J. DAYTON REVOCABLE TR. President,
Dade, Inc.
(Medical Technology)
122. DAVID D. DAYTON REVOCABLE TR. Engineer,
MTS Systems
(Engineering Firm)
123. NEWTON FAMILY TRUST N/A
124. NEWTON TERM TRUST N/A
125. VANESSA D. DAYTON REVOCABLE TR. Pathologist
126. ISAAC N. DAYTON IRREV. TRUST N/A
127. CALEB F. DAYTON IRREV. TRUST N/A
128. STEVEN J. MELANDER-DAYTON REV. Private Investor
129. SJMD 1985 FAMILY TRUST N/A
130. SJMD 1985 CHAR. TERM TRUST N/A
131. A.M. MELANDER-DAYTON TRUST N/A
132. D.J. MELANDER-DAYTON TRUST N/A
133. JACLYN MELANDER IRREV. TRUST N/A
134. ALLISON MELANDER IRREV. TRUST N/A
135. BRUCE C. DAYTON REVOCABLE TR. Chef
136. PAMELA W. RITZ Private Investor
137. MARGOT S. RITZ IRREV. TRUST N/A
138. CHARLOTTE A. RITZ IRREV. TRUST N/A
139. NICHOLAS J. BRAUN IRREV. TRUST N/A
140. CHRISTOPHER D. BRAUN IR. TRUST N/A
141. DEEANN L. THOMPSON Specialty Retailer
142. BRUCE C. LUECK President
(Private Investment Company)
143. BRUCE C. LUECK -- SERVICE PTNR. President
(Private Investment Company)
144. GARY S. KOHLER Vice-President
(Private Investment Company)
</TABLE>
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<TABLE>
<CAPTION>
NAME OF PARTNER OCCUPATION
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<C> <S> <C>
145. GARY S. KOHLER -- SERVICE PARTNER Vice-President
(Private Investment Company)
146. GND 1936 TRUST FOR DCD N/A
147. DCD TRUST UNDER WILL N/A
148. DCD 1966 CHARITABLE TRUST N/A
149. DCD 1967 CHARITABLE TRUST N/A
150. EDWARD N. DAYTON TERM TRUST N/A
151. ROBERT J. DAYTON TERM TRUST N/A
152. JOHN W. DAYTON TERM TRUST N/A
153. GBD TRUST FOR BBD N/A
154. GND 1936 TRUST FOR WCD N/A
155. GND 1950 TRUST FOR WCD N/A
156. GBD TRUST FOR WCD N/A
157. SDC 1986 TERM TRUST N/A
158. SDC 1988 TERM TRUST N/A
159. JOHN D. DOVYDENAS TRUST N/A
160. LIUDAS DOVYDENAS TR. FOR JOHN N/A
161. ELENA L. DOVYDENAS TRUST N/A
162. LIUDAS DOVYDENAS TR. FOR ELENA N/A
163. GND 1936 TRUST FOR KND N/A
164. GND 1950 TRUST FOR KND N/A
165. GBD TRUST FOR KND N/A
166. GND 1936 TRUST FOR DJD N/A
167. GND 1950 TRUST FOR DJD N/A
168. GBD TRUST FOR DJD N/A
169. DJD '68 CHAR. TRUST FOR I & C N/A
170. DJD '69 CHAR. TRUST FOR I & C N/A
171. DJD '68 TRUST FOR A & D N/A
172. DJD '69 CHAR. TRUST FOR A & D N/A
173. DJD '68 CHAR. TRUST FOR BDC N/A
174. DJD '69 CHAR. TRUST FOR BCD N/A
</TABLE>
