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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)
Sunrise International Leasing Corporation
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
86769K-10-5
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(CUSIP Number)
Peter J. King
c/o The King Management Corporation
5500 Wayzata Boulevard, Suite 750
Minneapolis, Minnesota 55416
(612) 593-0051
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 28, February 10, February 18 and February 25, 1998
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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: [ ]
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SCHEDULE 13D
CUSIP No. 86769K-10-5
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1) NAME OF REPORTING PERSON AND S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON
Peter J. King
###-##-####
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2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
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3) SEC USE ONLY
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4) SOURCE OF FUNDS
OO
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5) CHECK BOX 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
United States of America
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7) SOLE VOTING POWER
799,576 (1)
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NUMBER OF 8) SHARED VOTING POWER
SHARES -0-
BENEFICIALLY
OWNED BY EACH -----------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 799,576 (1)
WITH
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10) SHARED DISPOSITIVE POWER
-0-
- ------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
799,576 (1)
- ------------------------------------------------------------------------------
12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ X ]
- ------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9% (2)
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14) TYPE OF REPORTING PERSON
IN
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(1) Includes: (a) an option to purchase 270,753 shares of Common Stock of
Sunrise International Leasing Corporation ("Sunrise") that was granted by
Sunrise on June 18, 1997 and is exercisable immediately in full; and (b) an
aggregate of 282,000 shares of Common Stock of Sunrise held by The King
Management Corporation, of which Mr. King is President, Chief Executive Officer,
Chairman of the Board of Directors and a principal shareholder. Does not
include: (a) an option to purchase 270,753 shares of Common Stock of Sunrise
that was granted by Sunrise on June 18, 1997 and is exercisable beginning on
June 18, 2001; or (b) an aggregate of 276,235 shares of Common Stock of Sunrise
held by the 1996 Grantor Retained Annuity Trust for the benefit of Peter King,
of which Mr. Stephen Higgins is the sole trustee and has the sole power to vote
and dispose of such shares.
(2) Based upon 7,787,796 shares of Common Stock outstanding as of January 30,
1998, as reflected in Sunrise's Quarterly Report on Form 10-Q for the quarter
ended December 31, 1998.
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SCHEDULE 13D
Pursuant to Rule 13d-2(a), this Amendment No. 4 amends Mr. King's Schedule
13D dated February 13, 1995, Amendment No. 1 thereto dated May 1, 1996,
Amendment No. 2 thereto dated April 30, 1997 and Amendment No. 3 thereto dated
September 19, 1997.
ITEM 1. SECURITY AND ISSUER.
This statement relates to the common stock, par value $.01 per share
("Common Stock"), of Sunrise International Leasing Corporation, a Delaware
corporation formerly known as Sunrise Resources, Inc., a Minnesota corporation
("Sunrise"), the principal executive offices of which are located at 5500
Wayzata Boulevard, Suite 725, Minneapolis, Minnesota 55416.
ITEM 2. IDENTITY AND BACKGROUND.
This statement is filed by Peter J. King, whose business address is 5500
Wayzata Boulevard, Suite 750, Minneapolis, Minnesota 55416. Mr. King is
Chairman of the Board of Directors of Sunrise. Mr. King is also President,
Chief Executive Officer and Chairman of the Board of Directors and a principal
shareholder of The King Management Corporation, a corporation principally
engaged in the sale and leasing of reverse vending machines, the sale of
software and operating coin operated copiers. The King Management Corporation's
principal business address is 5500 Wayzata Boulevard, Suite 750, Minneapolis,
Minnesota 55416.
During the last five years, Mr. King has not been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors) and has not
been a party to a proceeding involving (and is not otherwise subject to) a
judgment or other order prohibiting or mandating activities subject to United
States federal or state securities laws.
Mr. King is a United States citizen.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
A total of 280,000 shares of Common Stock were acquired as described in
Item 4 below. Corporate funds of The King Management Corporation in the amount
of approximately $822,995 (including brokerage commissions) were used to
purchase these shares. No funds used to purchase any of the shares of Common
Stock reported on this statement were borrowed.
ITEM 4. PURPOSE OF TRANSACTION.
The King Management Corporation purchased an aggregate of 280,000 shares of
Common Stock in open market broker transactions. These shares were acquired for
investment purposes. Mr. King (either individually or through The King
Management Corporation) may from time to time purchase additional shares of
Common Stock, either in brokerage transactions, in the over-the-counter market
or in privately negotiated transactions. Any decision to increase
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the holdings in Sunrise will depend, however, on numerous factors, including
without limitation the price of the shares of Common Stock, the terms and
conditions relating to their purchase and sale and the prospects and
profitability of Sunrise, and general economic conditions and stock and money
market conditions. At any time, Mr. King may also determine to dispose of some
or all of the Common Stock, depending on various similar considerations. Other
than as to matters that Mr. King, as Chairman of the Board of Sunrise, may
consider and discuss with other Sunrise officers and board members from time to
time, Mr. King does not have any present plans or proposals which relate to or
would result in any of the events listed in Item 4(a) through (j) of
Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Mr. King beneficially owns an aggregate of 799,576 shares of Common Stock,
or approximately 9.9% of the outstanding shares of Common Stock (based upon
Sunrise's Quarterly Report on Form 10-Q for the quarter ended December 31,
1997), and has sole voting and dispositive powers with respect to all of such
shares. The 799,576 shares of Common Stock include: (a) an option to purchase
270,753 shares of Common Stock that was granted by Sunrise on June 18, 1997 that
is fully exercisable; and (b) an aggregate of 282,000 shares of Common Stock
held by The King Management Corporation, of which Mr. King is President, Chief
Executive Officer, Chairman of the Board of Directors and a principal
shareholder. The shares reported by this statement do not include: (a) an
option to purchase 270,753 shares of Common Stock that was granted by Sunrise to
Mr. King on June 18, 1997 and is exercisable beginning on June 18, 2001; or (b)
an aggregate of 276,235 shares held by the 1996 Grantor Retained Annuity Trust
for the benefit of Peter King, of which Mr. Stephen Higgins is the sole trustee
and has the sole power to vote and dispose of such shares of Common Stock.
During the past 60 days, Mr. King has not purchased or otherwise acquired
any shares of Common Stock, other than through The King Management Corporation.
The King Management Corporation has purchased the following number of shares of
Common Stock in open market brokerage transactions for the prices per share
(including brokerage commissions) and on the dates indicated below:
<TABLE>
<CAPTION>
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DATE NUMBER OF SHARES PRICE PER SHARE
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<S> <C> <C>
January 28, 1998 25,000 shares $2.9787
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January 28, 1998 30,000 shares $2.9375
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February 10, 1998 50,000 shares $2.77
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February 18, 1998 55,000 shares $2.90
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February 25, 1998 120,000 shares $3.02
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</TABLE>
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ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 1 Stock Option Agreement dated June 18, 1997 executed by
Sunrise International Leasing Corporation in favor of
Peter J. King (incorporated by reference to Exhibit 10.2
contained in Sunrise International Leasing Corporation's
Quarterly Report on Form 10-Q for the quarter ended
December 31, 1997 (File No. 0-19516)).
Exhibit 2 Stock Option Agreement dated June 18, 1997 executed by
Sunrise International Leasing Corporation in favor of
Peter J. King (incorporated by reference to Exhibit 10.3
contained in Sunrise International Leasing Corporation's
Quarterly Report on Form 10-Q for the quarter ended
December 31, 1997 (File No. 0-19516)).
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SIGNATURES
After reasonable inquiry and to the best knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
/s/ Peter J. King
--------------------------------
February 27, 1998 Peter J. King
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EXHIBIT INDEX
Exhibit Description Method of Filing
No. ----------- ------------------
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1 Stock Option Agreement dated June 18, 1997 Incorporated by
executed by Sunrise International Leasing reference to Exhibit
Corporation in favor of Peter J. King. . . . . . 10.2 contained in the
Sunrise International
Leasing Corporation's
Quarterly Report on
Form 10-Q for the
quarter ended
December 31, 1997
(File No. 0-19516).
2 Stock Option Agreement dated June 18, 1997 Incorporated by
executed by Sunrise International Leasing reference to Exhibit
Corporation in favor of Peter J. King. . . . . . . 10.3 contained in
Sunrise International
Leasing Corporation's
Quarterly Report on
Form 10-Q for the
quarter ended
December 31, 1997
(File No. 0-19516).
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