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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
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- -------------------------------- OMB APPROVAL
FORM 3 OMB Number: 3235-0104
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Estimated average burden
hours per response .... 0.5
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1. Name and Address of Reporting Person *
Varde Partners, Inc.
(Last) (First) (Middle)
3600 West 80th Street
(Street)
Minneapolis MN 55431
(City) (State) (Zip)
2. Date of Event Requiring Statement ( Month / Day / Year )
1/30/98
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Issuer Name and Ticker or Trading Symbol
Pride Companies, L.P./PRF
5. Relationship of Reporting Person to Issuer (Check all applicable)
Director X 10% Owner
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Officer (give title Other
----- below) ----- (specify
below)
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6. If Amendment, Date or Original (Month/Year)
7. Individual or Join/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
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Form filed by More than One Reporting Person
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TABLE I -- NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
1. Title of security 2. Amount of Securities 3. Ownership 4. Nature of Indirect
(Inst.4) Beneficially Owned Form: Direct (D) Beneficial Ownership
(Instr. 4) or Indirect (I) (Instr. 5)
(Inst. 5)
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Common Limited Partnership Units 2,273,308** D
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Reminder: Report on a separate line for each class of securities beneficially owned directly or
indirectly. (Over)
* If the Form is filed by more than one reporting person, SEE instruction
5(b)(v). SEC 1473(7-97)
** Assuming conversion of all outstanding shares of Series B Preferred Units and Series C Preferred Units.
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FORM 3 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED (E.G., PUTS,
CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
1. Title of Derivative Security 2. Date Exercisable and 3. Title and Amount of Securities Underlying
(Instr. 4) Expiration Date Derivative Security (Instr. 4)
(Month/Day/Year)
Amount or
Date Expiration Title Number of
Exercisable Date Shares
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Series B Preferred Units Common Limited 1,479,658
Partnership Units
Series C Preferred Units Common Limited 793,650
Partnership Units
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4. Conversion or 5. Ownership 6. Nature of Indirect
Exercise Price of Form of Beneficial Ownership
Derivative Derivative (Instr. 5)
Security Security:
Direct (D) or
Indirect (I)
(Instr. 5)
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$6.30 D
$6.30 D
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Explanation of Responses:
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, SEE Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a current
valid OMB Number.
Varde Partners, Inc.
/s/ George G. Hicks, Vice President February 9, 1998
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*Signature of Reporting Person Date
Page 2
SEC 1473 (7-97)
