<PAGE>
OMB APPROVAL
OMB Number:3235-0145
Expires:December 31, 1997
Estimated average burden
hours per form 14.90
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. *)
JetFax, Inc.
(Name of Issuer)
Common Stock
- ------------------------------------------------------------------
(Title of Class of Securities)
476909106
(CUSIP Number)
December 31, 1997
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
/___/ Rule 13d-1(b)
/___/ Rule 13d-1(c)
/_x_/ Rule 13d-1(d)
* 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 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).
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 currently valid OMB control number.
SEC 1745 (2-96)
<PAGE>
<PAGE>
CUSIP No. 476909106 13G Page 2 of 12 Pages
- ----------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Talkot Partners II, LLC
- ----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/ (b)/ /
- ----------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ----------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 2,131,110
BENEFICIALLY ---------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH -0-
REPORTING ---------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 2,131,110
---------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- ----------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,131,110
- -----------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
- ----------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
18.2%
- ----------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
- -----------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!<PAGE>
<PAGE>
CUSIP No. 476909106 13G Page 3 of 12 Pages
- ----------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Thomas Bruce Akin
- ----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)/ X/ (b)/ /
- ----------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- ----------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 63,763
BENEFICIALLY ---------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 2,214,830
REPORTING ---------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 63,763
---------------------------------------
8 SHARED DISPOSITIVE POWER
2,214,830
- ----------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,278,593
- ----------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
- ----------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
19.4%
- ----------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- ----------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!<PAGE>
<PAGE>
CUSIP No. 476909106 13G Page 4 of 12 Pages
- ----------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Curt Jon Pabst
- ----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)/ X/ (b)/ /
- ----------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- ----------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 18,604
BENEFICIALLY ---------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 2,131,110
REPORTING ---------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 18,604
---------------------------------------
8 SHARED DISPOSITIVE POWER
2,131,110
- ----------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,149,714
- ----------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
- ----------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
18.3%
- ----------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- ----------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!<PAGE>
<PAGE>
CUSIP No. 476909106 13G Page 5 of 12 Pages
- ----------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Steven Joseph Carnevale
- ----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)/ X/ (b)/ /
- ----------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- ------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 301,098
BENEFICIALLY -----------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH -0-
REPORTING -----------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 301,098
-----------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- ------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
301,098
- ------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
- ------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
2.6%
- ------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!<PAGE>
<PAGE>
CUSIP No. 476909106 13G Page 6 of 12 Pages
- ------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Kelly Anne Gorman
- ------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)/ X/ (b)/ /
- ------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- ------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 30,233
BENEFICIALLY -----------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH -0-
REPORTING -----------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 30,233
-----------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- ------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
30,233
- ------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
- ------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.3%
- ------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- -----------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!<PAGE>
<PAGE>
CUSIP No. 476909106 13G Page 7 of 12 Pages
ITEM 1.
(a) The name of the issuer is JetFax, Inc. (the "Issuer").
(b) The principal executive office of Issuer is located at
1376 Willow Road, Menlo Park, California, 94025.
ITEM 2.
(a) The names of the persons filing this statement are Talkot
Partners II, LLC ("Talkot"), Thomas Bruce Akin ("Akin"), Curt Jon
Pabst ("Pabst"), Steven Joseph Carnevale ("Carnevale") and Kelly
Anne Gorman ("Gorman").
(b) The principal business office of Talkot, Akin, Pabst and
Carnevale is located at 2400 Bridgeway, #200, Sausalito,
California, 94965. The residence of Gorman is located at 1880
Pacific Avenue, #703, San Francisco, CA 94109.
(c) Talkot is a California limited liability company. Akin,
Pabst, Carnevale and Gorman are citizens of the United States of
America.
(d) This statement relates to shares of the common stock of
Issuer (the "Stock").
(e) The CUSIP number of the Stock is 476909106.
ITEM 3. If this statement is filed pursuant to rule 240.13d-1(b),
or 240.13d-2(b) or (c), check whether the person filing is a:
(a) ___ Broker or dealer registered under section 15 of the
Act (15 U.S.C. 78o).
(b) ___ Bank as defined in section 3(a)(6) of the Act (15
U.S.C. 78c).
(c) ___ Insurance company as defined in section 3(a)(19) of
the Act (15 U.S.C. 78c).
(d) ___ Investment company registered under section 8 of the
Investment Company Act of 1940 (15 U.S.C. 80a-8).
(e) ___ An investment adviser in accordance with 240.13d-
1(b)(1)(ii)(E).
(f) ___ An employee benefit plan or endowment fund in
accordance with 240.13d-1(b)(1)(ii)(F).
<PAGE>
<PAGE>
CUSIP No. 476909106 13G Page 8 of 12 Pages
(g) ___ A parent holding company or control person in
accordance with 240.13d-1(b)(1)(ii)(G)
(h) ___ A savings association as defined in section 3(b) of
the Federal Deposit Insurance Act (12 U.S.C. 1813).
(i) ___ A church plan that is excluded from the definition
of an investment company under section 3(c)(14) of the Investment
Company Act of 1940 (15 U.S.C. 80a-3).
(j) ___ Group, in accordance with section 240.13d-
1(b)(1)(ii)(J)
If this statement is filed pursuant to 240.13d-1(c),
check this box. / /.
ITEM 4. OWNERSHIP.
Provide the following information regarding the aggregate number
and percentage of the class of securities of the issuer identified
in Item 1.
1) Talkot:
(a) Talkot beneficially owns 2,131,110 shares of the Stock.
(b) Talkot beneficially owns 18.2% of the outstanding Stock.
(c) (i) Talkot has the sole power to vote or to direct the
votes of 2,131,110 shares.
(ii) Talkot has the shared power to vote or to direct
the vote of 0 shares of the stock.
(iii) Talkot has the sole power to dispose or to direct
the disposition of 2,131,110.
(iv) Talkot has the shared power to dispose or to direct
the disposition of 0 shares of the Stock.
2) Akin:
(a) Akin beneficially owns: 2,278,593 shares of the Stock.
(b) Akin beneficially owns 19.4% of the outstanding Stock.<PAGE>
<PAGE>
CUSIP No. 476909106 13G Page 9 of 12 Pages
(c) (i) Akin has the sole power to vote or to direct the
vote of 63,763 shares of the Stock.
(ii) Akin has the shared power to vote or to direct the
vote of 2,214,830 shares of the Stock.
(iii) Akin has the sole power to dispose or to direct the
disposition of 63,763 shares of the Stock.
(iv) Akin has the shared power to dispose or to direct
the disposition of 2,214,830.
3) Pabst:
(a) Pabst beneficially owns 2,149,714 shares of the Stock.
(b) Pabst beneficially owns 18.3% of the outstanding Stock.
(c) (i) Pabst has the sole power to vote or to direct the
vote of 18,604 shares of the Stock.
(ii) Pabst has the shared power to vote or to direct the
vote: 2,131,110.
(iii) Pabst has the sole power to dispose or to direct
the disposition of 18,604 shares of the Stock.
(iv) Pabst has the shared power to dispose or to direct
the disposition of 2,131,110.
4) Carnevale:
(a) Carnevale beneficially owns 301,098 shares of the Stock.
(b) Carnevale beneficially owns 2.6% of the outstanding
Stock.
(c) (i) Carnevale has the sole power to vote or to direct
the vote of 301,098 shares of the Stock.
(ii) Carnevale has the shared power to vote or to direct
the vote of 0 shares of the outstanding Stock.
(iii) Carnevale has the sole power to dispose or to
direct the disposition of 301,098 shares of the Stock.<PAGE>
<PAGE>
CUSIP No. 476909106 13G Page 10 of 12 Pages
(iv) Carnevale has the shared power to dispose or to
direct the disposition of 0 shares of the Stock.
5) Gorman:
(a) Gorman beneficially owns 30,233 shares of Stock.
(b) Gorman beneficially owns 0.3% of the outstanding Stock.
(c) (i) Gorman has the sole power to vote or to direct the
vote of 30,233 shares of the Stock.
(ii) Gorman has the shared power to vote or to direct
the vote of 0 shares of the Stock.
(iii) Gorman has the sole power to dispose or to direct the
disposition of 30,233 shares of the Stock.
(iv) Gorman has the shared power to dispose or to direct
the disposition of 0 shares of the Stock.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial
owner of more than five percent of the class of securities, check
the following /___/.
Instruction: Dissolution of a group requires a response to this
item.
ITEM. 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY
Not applicable.
<PAGE>
<PAGE>
CUSIP No. 476909106 13G Page 11 of 12 Pages
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Talkot is a special purpose fund that invests in venture capital
transactions. Akin and Pabst are the managers of Talkot.
Carnevale is an executive officer of Talkot Capital, LLC, an
affiliate of Talkot. Akin and Carnevale are directors of the
Issuer. Gorman is the wife of Carnevale. See attached Exhibit A
(Agreement Regarding Joint Filing of Statement on Schedule 13D or
13G).
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable.
ITEM 10. CERTIFICATION
Not applicable.
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I
certify that the information set forth in this statement is true,
complete and correct.
DATED: March 6, 1998.
Talkot Partners II, LLC
By: /s/ Thomas B. Akin
Thomas B. Akin, Manager
By: /s/ Curt J. Pabst
Curt J. Pabst, Manager
/s/ Thomas B. Akin
Thomas B. Akin
/s/ Curt J. Pabst
Curt J. Pabst
(Signatures continued next page)<PAGE>
<PAGE>
CUSIP No. 476909106 13G Page 12 of 12 Pages
(Signatures continued from previous page)
Steven J. Carnevale
By: Talkot Partners II, LLC
Attorney-in-Fact
By: /s/ Thomas B. Akin
Thomas B. Akin, Manager
By: /s/ Curt J. Pabst
Curt J. Pabst, Manager
Kelly Gorman
By: Talkot Partners II, LLC
Attorney-in-Fact
By: /s/ Thomas B. Akin
Thomas B. Akin, Manager
By: /s/ Curt J. Pabst
Curt J. Pabst, Manager
<PAGE>
AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G
The undersigned agree to file jointly with the Securities and
Exchange Commission (the "SEC") any and all statements on Schedule
13D or Schedule 13G (and any amendments or supplements thereto)
required under section 13(d) of the Securities Exchange Act of
1934, as amended, in connection with purchases by the undersigned
of common stock of JetFax, Inc. For that purpose, the undersigned
hereby constitute and appoint Talkot Partners II, LLC, a California
limited liability company, as their true and lawful agent and
attorney-in-fact, with full power and authority for and on behalf
of the undersigned to prepare or cause to be prepared, sign, file
with the SEC and furnish to any other person all certificates,
instruments, agreements and documents necessary to comply with
section 13(d) and section 16(a) of the Securities Exchange Act of
1934, as amended, in connection with said purchases, and to do and
perform every act necessary and proper to be done incident to the
exercise of the foregoing power, as fully as the undersigned might
or could do if personally present.
DATED: March 6, 1998.
Talkot Partners II, LLC
By: /s/ Thomas B. Akin, Manager
Thomas B. Akin, Manager
By: /s/ Curt J. Pabst, Manager
Curt J. Pabst, Manager
/s/ Thomas B. Akin
Thomas B. Akin
/s/ Curt J. Pabst
Curt J. Pabst
/s/ Steven J. Carnevale
Steven J. Carnevale
/s/ Kelly Gorman
Kelly Gorman
