<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. ____)*
PhoneTel Technologies, Inc.
(Name of Issuer)
Common Stock, par value $.01 per share
(Title of Class of Securities)
71921H406
(CUSIP Number)
Donna Rosario
Barker Lee & Co.
530 Fifth Avenue
2nd Floor
New York, NY 10036
(212) 398-8700
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
April 29, 1997
(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 five percent or less 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 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 purposes 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 the following pages)
<PAGE> 2
CUSIP No. 71921H406 13D Page 2 of 26 Pages
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Barker, Lee & Co. Limited Partnership
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- ------------------------------------------------------------------------------
3 SEC 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
Connecticut
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 230,300
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
230,300
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
230,300
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.43%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ------------------------------------------------------------------------------
<PAGE> 3
CUSIP No. 71921H406 13D Page 3 of 26 Pages
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
J.M.R. Barker Foundation
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- ------------------------------------------------------------------------------
3 SEC 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
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 181,200
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
181,200
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
181,200
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.13%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ------------------------------------------------------------------------------
<PAGE> 4
CUSIP No. 71921H406 13D Page 4 of 26 Pages
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Quaker Hill Associates, L.P.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- ------------------------------------------------------------------------------
3 SEC 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
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 53,400
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
53,400
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
53,400
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.33%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ------------------------------------------------------------------------------
<PAGE> 5
CUSIP No. 71921H406 13D Page 5 of 26 Pages
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Upland Associates L.P.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- ------------------------------------------------------------------------------
3 SEC 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
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 132,200
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
132,200
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
132,200
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.82%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ------------------------------------------------------------------------------
<PAGE> 6
CUSIP No. 71921H406 13D Page 6 of 26 Pages
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Namakagon Associates, L.P.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- ------------------------------------------------------------------------------
3 SEC 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
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 338,000
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
338,000
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
338,000
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.10%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ------------------------------------------------------------------------------
<PAGE> 7
CUSIP No. 71921H406 13D Page 7 of 26 Pages
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Dwight E. Lee
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 464,900
SHARES ------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 470,200
REPORTING ------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
464,900
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
470,200
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
935,100
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.81%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ------------------------------------------------------------------------------
<PAGE> 8
Page 8 of 26 Pages
Item 1. Security and Issuer.
The class of equity securities to which this statement relates is
the Common Stock, par value $.01 per share ("Common Stock"), of PhoneTel
Technologies, Inc. (the "Company"), which has its principal executive office at
1127 Euclid Avenue, Suite 650, Statler Office Tower, Cleveland, Ohio 44115-1601
Item 2. Identity and Background.
(a), (b), (c) and (f). This statement is filed by (i) Barker, Lee &
Co. Limited Partnership, a Connecticut limited partnership ("Barker Lee"), (ii)
J.M.R. Barker Foundation, a New York not-for-profit corporation (the "Barker
Foundation"), (iii) Quaker Hill Associates, L.P., a Delaware limited partnership
("Quaker Hill"),(iv) Upland Associates L.P., a Delaware limited partnership
("Upland"), (v) Namakagon Associates, L.P., a Delaware limited partnership
("Namakagon"), and (vi) Dwight E. Lee, an individual citizen of the U.S.A.
("Lee"). All of such persons (herein referred to collectively as the "reporting
persons") have their principal offices at 530 Fifth Avenue, New York, New York
10036.
Lee serves as general partner of Quaker Hill, managing general
partner of Barker Lee and director of Barker Foundation, and has the power to
direct the voting and disposition of the assets of such entities; Lee serves as
a general partner of each of Upland and
<PAGE> 9
Page 9 of 26 Pages
Namakagon, and has shared power to direct the voting and disposition of the
assets of such entities. The Barker Foundation is engaged in making charitable
contributions. The remaining reporting persons are engaged in the making of
capital investments for their own accounts.
Set forth in Appendix A attached hereto and incorporated by
reference herein are the name, business address, principal occupation and
citizenship of each general partner, executive officer and director of each
reporting person.
This statement is being filed as a joint statement in the event the
reporting persons may be deemed to be a group within the meaning of Section
13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Act").
However, the reporting persons disclaim that they are acting as a group for the
purpose of acquiring, holding or disposing of the Company's Common Stock.
(d) and (e). During the last five years, neither the reporting
persons nor, to the best their respective knowledge, any general partner,
executive officer or director of the reporting persons has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
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 it subject to a
judgment, decree or final order enjoining future violations of, or
<PAGE> 10
Page 10 of 26 Pages
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 prices of shares of the Company's Common
Stock purchased by each reporting person is supplied in the following table
which includes information concerning the source of funds for the purchase of
such shares.
<TABLE>
<CAPTION>
REPORTING PERSON AGGREGATE PURCHASE PRICE SOURCE
---------------- ------------------------ ------
<S> <C> <C>
Barker Lee $ 636,866 WC
Barker Foundation 499,697 WC
Quaker Hill 147,403 WC
Upland 378,763 WC
Namakagon 934,364 WC
</TABLE>
Item 4. Purpose of Transaction.
The shares of Common Stock of the Company reported herein were
purchased solely for investment purposes. None of the reporting persons has
adopted any plan or program for the acquisition or disposition of shares of
Common Stock of the Company. However, the reporting persons and their general
partners, executive officers and directors reserve the right to purchase
additional shares or dispose of the shares reported herein in one or more
privately negotiated or open market transactions or otherwise, on such terms and
at such times as such reporting persons or such general partners, executive
officers
<PAGE> 11
Page 11 of 26 Pages
or directors, as the case may be, consider desirable. Neither the reporting
persons nor, to the best of their respective knowledge, any general partner,
executive officer or director of the reporting persons has any plans or
proposals which relate to or would result in any of the actions specified in
clauses (b) through (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities.
(a) As of the close of business on April 29, 1997, the number of
shares of Common Stock and the percentage of the outstanding shares of Common
Stock of the Company (based on 16,097,200 shares reported to be outstanding as
of April 28, 1997 by the Company on its Form 10-KSB/A-1 for the fiscal year
ended December 31, 1996) beneficially owned by each of the reported persons is
as set forth in the cover pages of this Schedule which are hereby incorporated
herein by reference. The shares reported as beneficially owned by Barker Lee,
Barker Foundation, Quaker Hill, Upland, and Namakagon are also reported as
beneficially owned by Lee; Lee serves as general partner of Quaker Hill and
managing general partner of Barker Lee; Lee serves as a director of Barker
Foundation, as do Robert R. Barker and W. Benjamin Barker, and each has the sole
power to direct the voting and disposition of the assets of such entity; Lee
serves as a general partner of each of Upland and Namakagon, and has shared
power to
<PAGE> 12
Page 12 of 26 Pages
direct the voting and disposition of the assets of such entities with Robert R.
Barker who also serves as a general partner.
(b) Except as set forth in paragraph (a) of this Item 5 each
reporting person has the sole power to vote or direct a vote and to dispose or
direct a disposition of its respective shares of the Company's Common Stock.
(c) Set forth in Appendix B hereto and incorporated herein by
reference is a summary of all transactions in the Company's Common Stock
effected by the reporting persons during the past 60 days, describing the date
of the transaction, the number of shares involved and the price per share.
Except as set forth or incorporated by reference herein, neither the
reporting persons nor, to the best of their respective knowledge, any general
partner, executive officer or director of such reporting persons, beneficially
owns any shares of the Company's Common Stock or has effected any transaction in
such shares during the past 60 days.
(d) and (e). Not applicable.
Item 6. Contract Arrangements, Understandings
or Relationships With Respect to
Securities of the Issuer .
Except as specified herein, there are no contracts,
arrangements, understandings or relationships (legal or otherwise)
<PAGE> 13
Page 13 of 26 Pages
among the persons referred to in Item 2 or between such persons and any other
person with respect to any securities of the Company.
Item 7. Materials to be Filed as Exhibits.
Exhibit 1 - Joint Filing Agreement.
<PAGE> 14
Page 14 of 26 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement with respect to the
undersigned is true, complete and correct.
BARKER, LEE & CO. LIMITED PARTNERSHIP
By: /s/ Dwight E. Lee
------------------------
Dwight E. Lee
Managing General Partner
Dated: May 9, 1997
<PAGE> 15
Page 15 of 26 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement with respect to the
undersigned is true, complete and correct.
J.M.R. BARKER FOUNDATION
By: /s/ Dwight E. Lee
---------------------------
Dwight E. Lee
Vice President and Director
Dated: May 9, 1997
<PAGE> 16
Page 16 of 26 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement with respect to the
undersigned is true, complete and correct.
QUAKER HILL ASSOCIATES, L.P.
By: /s/ Dwight E. Lee
------------------
Dwight E. Lee
General Partner
Dated: May 9, 1997
<PAGE> 17
Page 17 of 26 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement with respect to the
undersigned is true, complete and correct.
UPLAND ASSOCIATES L.P.
By: /s/ Dwight E. Lee
-----------------
Dwight E. Lee
General Partner
Dated: May 9, 1997
<PAGE> 18
Page 18 of 26 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement with respect to the
undersigned is true, complete and correct.
NAMAKAGON ASSOCIATES, L.P.
By: /s/ Dwight E. Lee
-----------------
Dwight E. Lee
General Partner
Dated: May 9, 1997
<PAGE> 19
Page 19 of 26 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement with respect to the
undersigned is true, complete and correct.
/s/ Dwight E. Lee
-----------------
Dwight E. Lee
Dated: May 9, 1997
<PAGE> 20
Page 20 of 26 Pages
APPENDIX A
<TABLE>
<CAPTION>
NAME AND CITIZENSHIP OF
GENERAL PARTNER, EXECUTIVE
REPORTING PERSON OFFICER OR DIRECTOR BUSINESS ADDRESS PRINCIPAL OCCUPATION
- ---------------- -------------------------- ---------------- --------------------
<S> <C> <C> <C>
BARKER, LEE Robert R. Barker 530 Fifth Avenue Investment Manager
General Partner (U.S.A.) New York, NY 10036
Dwight E. Lee 530 Fifth Avenue Investment Manager
General Partner (U.S.A.) New York, NY 10036
Elizabeth S. Barker 809 Oenoke Road Artist (Deceased
General Partner (U.S.A.) New Canaan, CT 06840 4/27/97)
W. Benjamin Barker Data Race Chief Executive Officer
General Partner (U.S.A.) 11550 IH-10 West of Data Race
Suite 395
San Antonio, TX 78230
BARKER FOUNDATION Robert R. Barker 530 Fifth Avenue Investment Manager
President and Director New York, NY 10036
(U.S.A.)
Elizabeth S. Barker 809 Oenoke Road Artist (Deceased
Vice President and Director New Canaan, CT 06840 4/27/97)
(U.S.A.)
W. Benjamin Barker Data Race Chief Executive Officer
Vice President and Director 11550 IH-10 West of Data Race
(U.S.A.) Suite 395
San Antonio, TX 78230
</TABLE>
<PAGE> 21
Page 21 of 26 Pages
<TABLE>
<CAPTION>
NAME AND CITIZENSHIP OF
GENERAL PARTNER, EXECUTIVE
REPORTING PERSON OFFICER OR DIRECTOR BUSINESS ADDRESS PRINCIPAL OCCUPATION
- ---------------- -------------------------- ---------------- --------------------
<S> <C> <C> <C>
Dwight E. Lee 530 Fifth Avenue Investment Manager
Vice President and Director New York, NY 10036
(U.S.A.)
Robert P. Connor United States Trust Estate Planner
Treasurer and Director Company of NY
(U.S.A.) & Asst. Secretary 114 West 47th Street
New York, NY 10036
Maureen Hopkins 530 Fifth Avenue Office Manager
Admin. Secretary (U.S.A.) New York, NY 10036
Donna Rosario 530 Fifth Avenue Controller
Asst. Treasurer (U.S.A.) New York, NY 10036
Ann Barker P.O. Box 408 Teacher
Director (U.S.A.) East Middlebury, VT 05740
Margaret W. Barker Clark Box 96 Teacher
Director (U.S.A.) Grafton, VT 05146
John W. Holman, Jr. 17 State Street Investment Manager
Director (U.S.A.) New York, NY 10004
Richard Kahn 224 West Lake Drive Retired Attorney
Director (U.S.A.) Montauk, NY 11954
QUAKER HILL Dwight E. Lee 530 Fifth Avenue Investment Manager
General Partner (U.S.A.) New York, NY 10036
</TABLE>
<PAGE> 22
Page 22 of 26 Pages
<TABLE>
<CAPTION>
NAME AND CITIZENSHIP OF
GENERAL PARTNER, EXECUTIVE
REPORTING PERSON OFFICER OR DIRECTOR BUSINESS ADDRESS PRINCIPAL OCCUPATION
- ---------------- -------------------------- ---------------- --------------------
<S> <C> <C> <C>
UPLAND Robert R. Barker 530 Fifth Avenue Investment Manager
General Partner (U.S.A.) New York, NY 10036
Dwight E. Lee 530 Fifth Avenue Investment Manager
General Partner (U.S.A.) New York, NY 10036
NAMAKAGON Robert R. Barker 530 Fifth Avenue Investment Manager
General Partner (U.S.A.) New York, NY 10036
Dwight E. Lee 530 Fifth Avenue Investment Manager
General Partner (U.S.A.) New York, NY 10036
James R. Barker Thomson Financial Networks Computer Software
General Partner (U.S.A.) 11 Farnsworth
Boston, MA 02210
</TABLE>
<PAGE> 23
Page 23 of 26 Pages
APPENDIX B
Transactions by Reporting Persons
in Shares of the Company's Stock
From December 13, 1996
<TABLE>
<CAPTION>
ENTITY DATE OF PURCHASE NO. OF SHARES PRICE PER SHARE
- ------ ---------------- ------------- ---------------
<S> <C> <C> <C>
BARKER LEE *12/13/96 169,500 $ 3.00
4/29/97 48,600 2.10
4/29/97 12,200 2.14
BARKER FOUNDATION *12/13/96 131,800 3.00
4/29/97 39,500 2.10
4/29/97 9,900 2.14
QUAKER HILL *12/13/96 39,000 3.00
4/29/97 11,500 2.10
4/29/97 2,900 2.14
UPLAND 12/13/96 96,400 3.14
4/29/97 28,600 2.10
4/29/97 7,200 2.14
NAMAKAGON *12/13/96 248,400 3.00
4/29/97 71,800 2.10
4/29/97 17,800 2.14
</TABLE>
- --------
* All transactions were purchases in the open market except that
transactions marked with an asterisk were purchases in a registered public
offering of the Company's Common Stock.
<PAGE> 24
Page 24 of 26 Pages
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION OF EXHIBIT PAGE IN SEQUENTIALLY NUMBERED COPY
- ----------- ---------------------- ----------------------------------
<S> <C> <C>
1 Joint Filing Agreement 25 and 26
</TABLE>
<PAGE> 1
Page 25 of 26 Pages
JOINT FILING AGREEMENT
The undersigned hereby agree to the joint filing of the Schedule 13D
to which this Agreement is attached.
Dated: May 9, 1997
BARKER, LEE & CO. LIMITED PARTNERSHIP
By: /s/Dwight E. Lee
-----------------------------
Dwight E. Lee
Managing General Partner
J.M.R. BARKER FOUNDATION
By: /s/ Dwight E. Lee
-----------------------------
Dwight E. Lee
Vice President and Director
QUAKER HILL ASSOCIATES, L.P.
By: /s/ Dwight E. Lee
-----------------------------
Dwight E. Lee
General Partner
UPLAND ASSOCIATES L.P.
By: /s/ Dwight E. Lee
-----------------------------
Dwight E. Lee
General Partner
<PAGE> 2
Page 26 of 26 Pages
NAMAKAGON ASSOCIATES, L.P.
By: /s/ Dwight E. Lee
--------------------------------
Dwight E. Lee
General Partner
/s/ Dwight E. Lee
--------------------------------
Dwight E. Lee
