<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
PennCorp Financial Group, Inc.
--------------------------------------------------------------------
(Name of Issuer)
$3.375 Convertible Preferred Stock
$3.50 Convertible Preferred Stock
-----------------------------------------------
(Title of Class of Securities)
708094206
---------------------------------------
(CUSIP Number)
Copy to:
Paul Chute James Learner
Brown's Dock, L.L.C. Kirkland & Ellis
56 Prospect St. 200 E. Randolph Drive
Hartford, Connecticut 06115 Chicago, Illinois 60601
(860) 403-5594 (312) 861-2000
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 30, 1998
-------------------------------------------------
(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 [_].
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 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 22 Pages
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 708094206 PAGE 2 OF 22 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 Brown's Dock, L.L.C.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4 Not Applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8 1,346,600 shares of $3.375 Convertible Preferred
Stock 224,800 shares of $3.50 Series II Prefered
OWNED BY Stock
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9 0
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10 1,346,600 shares of $3.375 Convertible Preferred
Stock 224,800 shares of $3.50 Series II Prefered
Stock
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,346,600 shares of $3.375 Convertible Preferred Stock (per share
convertible into 2.2124 shares of Common Stock) and 224,800 shares of
$3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
Common Stock) = 3,301,266.32 shares of common stock equivalents (See Item
5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14 00
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 708094206 PAGE 3 OF 22 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 Phoenix Home Life Mutual Insurance Company
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4 Not Applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 New York
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,346,600 shares of $3.375 Convertible Preferred Stock
OWNED BY 224,800 shares of $3.50 Series II Preferred Stock
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10 1,346,600 shares of $3.375 Convertible Preferred Stock
224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11 1,346,600 shares of $3.375 Convertible Preferred Stock (per share
convertible into 2.2124 shares of Common Stock) and 224,800 shares of
$3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
Common Stock) = 3,301,266.32 shares of common stock equivalents (See Item
5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IC
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 7080924206 PAGE 4 OF 22 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 Phoenix Investment Partners, Ltd.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) or 2(E) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,346,600 shares of $3.375 Convertible Preferred Stock
OWNED BY 224,800 shares of $3.50 Series II Preferred Stock
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10 1,346,600 shares of $3.375 Convertible Preferred Stock
224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11 1,346,600 shares of $3.375 Convertible Preferred Stock (per share
convertible into 2.2124 shares of Common Stock) and 224,800 shares of $3.50
Series II Preferred Stock (per share convertible in 1.4326 shares of Common
Stock) = 3,301,266.32 shares of common stock equivalents (See Item 5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
1A
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 708094206 PAGE 5 OF 22 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 Inverness Management Fund I LLC
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [x]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
Not Applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,346,600 shares of $3.375 Convertible Preferred Stock
OWNED BY 224,800 shares of $3.50 Series II Preferred Stock
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,346,600 shares of $3.375 Convertible Preferred Stock
224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,346,600 shares of $3.375 Convertible Preferred Stock (per share
convertible into 2.2124 shares of Common Stock) and 224,800 shares of
$3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
Common Stock) = 3,301,266.32 shares of common stock equivalents (See Item
5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
00
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 708094206 PAGE 6 OF 22 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 WMD LLC
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [x]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
Not Applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,346,600 shares of $3.375 Convertible Preferred Stock
OWNED BY 224,800 shares of $3.50 Series II Preferred Stock
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,346,600 shares of $3.375 Convertible Preferred Stock
224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,346,600 shares of $3.375 Convertible Preferred Stock (per share
convertible into 2.2124 shares of Common Stock) and 224,800 shares of
$3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
Common Stock) = 3,301,266.32 shares of common stock equivalents (See Item
5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
00
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 708094206 PAGE 7 OF 22 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 J.C. Comis LLC
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [x]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
Not Applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,346,600 shares of $3.375 Convertible Preferred Stock
OWNED BY 224,800 shares of $3.50 Series II Preferred Stock
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,346,600 shares of $3.375 Convertible Preferred Stock
224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,346,600 shares of $3.375 Convertible Preferred Stock (per share
convertible into 2.2124 shares of Common Stock) and 224,800 shares of
$3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
Common Stock) = 3,301,266.32 shares of common stock equivalents (See Item
5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
00
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 708094206 PAGE 8 OF 22 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 W. McComb Dunwoody
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [x]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
Not Applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,346,600 shares of $3.375 Convertible Preferred Stock
OWNED BY 224,800 shares of $3.50 Series II Preferred Stock
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,346,600 shares of $3.375 Convertible Preferred Stock
224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,346,600 shares of $3.375 Convertible Preferred Stock (per share
convertible into 2.2124 shares of Common Stock) and 224,800 shares of
$3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
Common Stock) = 3,301,266.32 shares of common stock equivalents (See Item
5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
00
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 708094206 PAGE 9 OF 22 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 James C. Comis, III
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [x]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
Not Applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,346,600 shares of $3.375 Convertible Preferred Stock
OWNED BY 224,800 shares of $3.50 Series II Preferred Stock
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,346,600 shares of $3.375 Convertible Preferred Stock
224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,346,600 shares of $3.375 Convertible Preferred Stock (per share
convertible into 2.2124 shares of Common Stock) and 224,800 shares of
$3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
Common Stock = 3,301,266.32 shares of common stock equivalents (See Item
5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 708094206 PAGE 10 OF 22 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 Inverness/Phoenix Partners LP
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [x]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
Not Applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,346,600 shares of $3.375 Convertible Preferred Stock
OWNED BY 224,800 shares of $3.50 Series II Preferred Stock
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,346,600 shares of $3.375 Convertible Preferred Stock
224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,346,600 shares of $3.375 Convertible Preferred Stock (per share
convertible into 2.2124 shares of Common Stock) and 224,800 shares of
$3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
Common Stock) = 3,301,266.32 shares of common stock equivalents (See Item
5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 708094206 PAGE 11 OF 22 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 Executive Capital Partners I LP
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [x]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
Not Applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,346,600 shares of $3.375 Convertible Preferred Stock
OWNED BY 224,800 shares of $3.50 Series II Preferred Stock
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,346,600 shares of $3.375 Convertible Preferred Stock
224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,346,600 shares of $3.375 Convertible Preferred Stock (per share
convertible into 2.2124 shares of Common Stock) and 224,800 shares of
$3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
Common Stock = 3,301,266.32 shares of common stock equivalents (See Item
5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 708094206 PAGE 12 OF 22 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 Inverness/Phoenix Capital LLC
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [x]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
Not Applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,346,600 shares of $3.375 Convertible Preferred Stock
OWNED BY 224,800 shares of $3.50 Series II Preferred Stock
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,346,600 shares of $3.375 Convertible Preferred Stock
224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,346,600 shares of $3.375 Convertible Preferred Stock (per share
convertible into 2.2124 shares of Common Stock) and 224,800 shares of
$3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
Common Stock) = 3,301,266.32 shares of common stock equivalents (See Item
5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
OO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 708094206 PAGE 13 OF 22 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 DCPM Holdings, Inc.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [x]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
Not Applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Illinois
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,346,600 shares of $3.375 Convertible Preferred Stock
OWNED BY 224,800 shares of $3.50 Series II Preferred Stock
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,346,600 shares of $3.375 Convertible Preferred Stock
224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,346,600 shares of $3.375 Convertible Preferred Stock (per share
convertible into 2.2124 shares of Common Stock) and 224,800 shares of
$3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
Common Stock = 3,301,266.32 shares of common stock equivalents (See Item
5)
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
(Amendment No. 1)
This Amendment No. 1 amends and supplements the statements on Schedule 13D
of (i) Brown's Dock, L.L.C., (ii) Phoenix Home Life Mutual Insurance Company,
(iii) Phoenix Investment Partners, Ltd., (iv) Inverness Management Fund I LLC,
(v) WMD LLC, (vi) W. McComb Dunwoody, (vii) J.C. Comis LLC, and (viii) James C.
Comis III, dated September 9, 1998 (the "Statement"). This Amendment No.1 is
being filed in connection with (i) the acquisition by the Buyer of an additional
83,700 shares of Preferred Stock in open market transactions, (ii) the
acquisition by Inverness/Phoenix Partners LP, a Delaware limited partnership
(the "Fund") and Executive Capital Partners I LP, a Delaware limited partnership
(the "Executive Fund") of 389,700 shares of Preferred Stock and 224,800 shares
of the Issuer's $3.50 Series II Convertible Preferred Stock (the "Series II
Preferred") in open market transactions, and (iii) the acquisition by the Fund
and the Executive Fund of 426,600 shares of Preferred Stock from the Buyer,
Comis, Dunwoody, trusts controlled by Dunwoody and children of Dunwoody. For
purposes hereof, with respect to references to shares of stock owned by the Fund
and the Executive Fund, 96.796% of such shares are owned by the Fund and 3.204%
of such shares are owned by the Executive Fund.
Capitalized terms used herein and not otherwise defined shall have the
meanings ascribed to such terms in the Statement. Except as expressly set forth
in this Amendment No. 1, there have been no material changes in the information
contained in the Statement.
Item 1. Security and Issuer.
-------------------
The information set forth in Item 1 of the Statement is hereby amended and
supplemented as follows:
This Statement relates to the Issuer's $3.375 Convertible Preferred Stock
(the "Preferred Stock") and the Issuer's $3.50 Series II Convertible Preferred
Stock (the "Series II Preferred") each convertible into the Issuer's common
stock, par value $.01 (the "Common Stock"). Each share of Preferred Stock
converts into 2.2124 shares of Common Stock and each share of Series II
Preferred converts into 1.4326 shares of Common Stock.
Item 2. Identity and Background
-----------------------
The information set forth in Item 1 of the Statement is hereby amended and
supplemented as follows:
This Statement is being filed by each of the following persons pursuant to
Rule 13d-1(f) promulgated by the Commission pursuant to Section 13 of the
Exchange Act: (i) the Buyer, by virtue of its direct beneficial ownership of
shares of Preferred Stock covered by this Statement; (ii) the Fund, by virtue of
its direct beneficial ownership of shares of Preferred Stock and Series II
Preferred
Page 14 of 22 Pages
<PAGE>
covered by this Statement; (iii) the Executive Fund, by virtue of its direct
beneficial ownership of shares of Preferred Stock and Series II Preferred
covered by this Statement; (iv) Inverness/Phoenix Capital LLC, a Delaware
limited liability company (the "General Partner"), by virtue of its being the
general partner of the Fund and its being general partner of the Executive Fund;
(v) DCPM Holdings, Inc., an Illinois corporation ("DCPM"), by virtue of its
being a member of the General Partner; (vi) Phoenix, by virtue of its being a
member of the Buyer; (vii) PXP, by virtue of its being a member of Buyer and its
ownership of all of the outstanding common stock of DCPM; (viii) Inverness, by
virtue of its being a member of Buyer and its being a member of the General
Partner; (ix) WMD, by virtue of its being a controlling member of Inverness, (x)
Dunwoody, by virtue of his being a controlling member of WMD; (xi) JCC, by
virtue of its being a controlling member of Inverness; and (xii) Comis, by
virtue of his being a controlling member of JCC. The Buyer, the Fund, the
Executive Fund, DCPM, Phoenix, PXP, Inverness, WMD, JCC, Dunwoody and Comis are
sometimes referred to herein individually as a "Reporting Person" and
collectively as the "Reporting Persons." The Reporting Persons constitute a
"group" for purposes of Section 13(d)(3) of the Act.
Information with respect to each of the Reporting Persons is given solely
by such Reporting Person, and no Reporting Person assumes responsibility for the
accuracy or completeness of information given by another Reporting Person. By
their signature on this Amendment, each of the Reporting Persons agrees that
this Amendment is filed on behalf of such Reporting Person.
Certain information required by this Item 2 concerning the directors and
executive officers of DCPM is set forth on Schedule A attached hereto, which is
incorporated herein by reference.
The principal business of the Fund, the Executive Fund and the General
Partner is to make investments in common and preferred stock and other interests
in business organizations, domestic or foreign, with the principal objective of
appreciation of capital invested. The address of the principal business and
principal office of each of the Fund, the Executive Fund and the General Partner
is c/o Inverness Management LLC, 660 Steamboat Road, Greenwich, Connecticut
06830.
DCPM, formerly known as Duff & Phelps Capital Markets, Inc., is a wholly-
owned subsidiary of PXP and its sole asset and interest is the Fund. The
address of the principal business and principal office of DCPM is 56 Prospect
St., Hartford, Connecticut 06115.
During the past five years, none of the Reporting Persons nor, to the best
knowledge of the Reporting Persons, any of the persons listed on Schedule A
attached hereto, has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors). During the past five years, none of the
Reporting Persons nor, to the best knowledge of the Reporting Persons, any of
the persons listed on Schedule A attached hereto, was a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction as a
result of which such person was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activity
subject to, federal or state securities laws or finding any violation with
respect to such laws.
Page 15 of 22 Pages
<PAGE>
Item 3. Source and Amount of Funds or Other Consideration.
-------------------------------------------------
The information set forth in Item 3 of the Statement is hereby amended and
supplemented as follows:
The Buyer has acquired an additional 83,700 shares of Preferred Stock in
open market transactions for a net investment cost of $1,254,772. The Buyer
utilized funds from additional capital contributions made by Phoenix and PXP.
The Fund and the Executive Fund have acquired 389,700 shares of Preferred
Stock and 224,800 shares of Series II Preferred in open market transactions,
96.796% of which are owned by the Fund and 3.204% of which are owned by the
Executive Fund. The net investment cost of these shares was $7,900,664. Each
of the Fund and the Executive Fund utilized internal funds.
The Buyer, Comis, Dunwoody, a trust controlled by Dunwoody and children of
Dunwoody sold an aggregate of 426,600 shares of Preferred Stock to the Fund and
the Executive Fund pursuant to a Purchase Agreement, dated as of October 9, 1998
(the "Purchase Agreement"), 96.796% of which were acquired by the Fund and
3.204% of which were acquired by the Executive Fund. The aggregate purchase
price for the shares sold under the Purchase Agreement was $5,490,342.
A copy of the Purchase Agreement is attached hereto as Exhibit C and is
incorporated by reference.
Item 5. Interest in Securities of the Issuer.
------------------------------------
The information set forth in Item 5 of the Statement is hereby amended and
supplemented as follows:
At the close of business on October 9, 1998, (i) the Buyer had direct
beneficial ownership of 530,300 shares of Preferred Stock, which, when converted
into Common Stock would result in ownership of 1,173,235.72 shares of Common
Stock and (ii) the Fund and the Executive Fund had direct beneficial ownership
of (a) 816,300 shares of Preferred Stock, which when converted into Common Stock
would result in ownership of 1,805,982.12 shares Common Stock and (b) 224,800
shares of Series II Preferred, which, when converted into Common Stock would
result in ownership of 322,048.48 shares of Common Stock.
The Reporting Persons constitute a "group" for purposes of Section 13(d)(3)
of the Act, and therefore, each Reporting Person is deemed to have beneficial
ownership of 3,301,266.32 shares of Common Stock (the "Shares") and such
ownership would represent 9.89% of the Common Stock and common stock equivalents
issued and outstanding as of October 8, 1998.
Page 16 of 22 Pages
<PAGE>
All such ownership percentages of the Common Stock reported herein are
based on the representation of the Issuer to the Reporting Persons that, as of
August 11, 1998, there were 30,064,070 shares of Common Stock issued and
outstanding, and reported herein to the best knowledge and belief of the
Reporting Persons.
The following table sets forth the transactions effected by the Buyer in
the Preferred Stock during the past 60 days. Each of the transactions set forth
below reflects an acquisition effected by open market transactions. The price
per share includes commissions, if any.
<TABLE>
<CAPTION>
Purchase Date Purchase Price Per Share Number of Shares
- --------------- ------------------------ ----------------
<S> <C> <C>
9/11/98 $14.782 20,700
9/14/98 $15.060 63,000
</TABLE>
The following table sets forth the transactions effected by the Fund and
the Executive Fund in the Preferred Stock during the past 60 days. Each of the
transactions set forth below reflects an acquisition or sale effected by open
market transactions. The price per share includes commissions, if any.
<TABLE>
<CAPTION>
Number of Shares
Purchase/Sale Date Price Per Share Purchased (Sold)
- ------------------ --------------- -----------------
<S> <C> <C>
9/29/98 $11.935 212,600
9/30/98 $11.935 (1,000)
10/1/98 $13.060 25,000
10/2/98 $12.975 9,300
10/5/98 $12.660 25,000
10/6/98 $12.905 15,000
10/7/98 $12.840 43,800
10/8/98 $12.998 60,000
</TABLE>
The following table sets forth the transactions effected by the Fund and
the Executive Fund in the Series II Preferred during the past 60 days. Each of
the transactions set forth below reflects an acquisition effected by open market
transactions. The price per share includes commissions, if any.
Page 17 of 22 Pages
<PAGE>
<TABLE>
<CAPTION>
Purchase Date Purchase Price Per Share Number of Shares
- --------------- ------------------------ ----------------
<S> <C> <C>
9/30/98 $ 9.530 120,000
10/1/98 $10.030 49,800
10/2/98 $10.030 15,000
10/8/98 $ 9.780 40,000
</TABLE>
No person other than the Buyer, the Fund or the Reporting Persons has the
right to receive or the power to direct the receipt of dividends from the
proceeds from the sale of the Shares.
In addition to the forgoing, the Fund and the Executive Fund acquired
426,600 shares of Preferred Stock pursuant to the Purchase Agreement.
Item 7. Materials to be Filed as Exhibits.
---------------------------------
Exhibit C: Purchase Agreement, dated as of October 9, 1998, by and
among the Buyer, Comis, Dunwoody, certain other sellers
and the Fund and the Executive Fund.
Exhibit D: Agreement of Joint Filing, dated as of October 9, 1998,
among Buyer, the Fund, the Executive Fund, DCPM,
Phoenix, PXP, Inverness, WMD, JCC, Dunwoody and Comis.
Page 18 of 22 Pages
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: October 9, 1998
BROWN'S DOCK, L.L.C.
By: /s/ James C. Comis III
------------------------------------
Print Name: James C. Comis III
Its: Managing Director
INVERNESS/PHOENIX PARTNERS LP
By: Inverness/Phoenix Capital LLC,
Its: General Partner
By: Inverness Management Fund I LLC
Its: Managing Member
By: WMD LLC
Its: General Partner
By: /s/ W. McComb Dunwoody
-------------------------------
Print Name: W. McComb Dunwoody
Its: Managing Member
EXECUTIVE CAPITAL PARTNERS I LP
By: Inverness/Phoenix Capital LLC,
Its: General Partner
By: Inverness Management Fund I LLC
Its: Managing Member
By: WMD LLC
Its: General Partner
By: /s/ W. McComb Dunwoody
-------------------------------
Print Name: W. McComb Dunwoody
Its: Managing Member
Page 19 of 22 Pages
<PAGE>
INVERNESS/PHOENIX CAPITAL LLC
By: Inverness Management Fund I LLC
Its: Managing Member
By: WMD LLC
Its: General Partner
By: /s/ W. McComb Dunwoody
-------------------------------
Print Name: W. McComb Dunwoody
Its: Managing Member
DCPM HOLDINGS, INC.
By: /s/ Paul Chute
----------------------------------
Print Name: Paul Chute
Its: Vice-President
PHOENIX HOME LIFE MUTUAL
INSURANCE COMPANY
By: /s/ Christopher Wilkos
-------------------------------------
Print Name: Christopher Wilkos
Its: Vice-President
PHOENIX INVESTMENT PARTNERS, LTD.
By: /s/ Michael E. Haylon
-------------------------------------
Print Name: Michael E. Haylon
Its: Executive Vice-President
INVERNESS MANAGEMENT FUND I LLC
By: WMD LLC, its General Partner
By: /s/ W. McComb Dunwoody
-------------------------------
Print Name: W. McComb Dunwoody
Its: Managing Member
Page 20 of 22 Pages
<PAGE>
WMD LLC
By: /s/ W. McComb Dunwoody
--------------------------------
Print Name: W. McComb Dunwoody
Its: Managing Member
J.C. COMIS LLC
By: /s/ James C. Comis III
--------------------------------
Print Name: James C. Comis III
Its: Managing Member
/s/ W. McComb Dunwoody
-------------------------------
W. McComb Dunwoody
/s/ James C. Comis III
-------------------------------
James C. Comis III
Page 21 of 22 Pages
<PAGE>
SCHEDULE A
----------
The following table sets forth the names, addresses and principal
occupations of the directors and executive officers of DCPM Holdings, Inc.
("DCPM"). Each such person is a citizen of the United States.
DIRECTORS
---------
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
NAME ADDRESS PRINCIPAL OCCUPATION
---- ------- --------------------
- ---------------------------------------------------------------------------
<S> <C> <C>
Phil McLoughlin 56 Prospect St., Executive Officer, Phoenix
Hartford, Connecticut 06115 Investment Partners, Ltd.
- ---------------------------------------------------------------------------
</TABLE>
OFFICERS
--------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NAME ADDRESS PRINCIPAL OCCUPATION
---- ------- --------------------
- -------------------------------------------------------------------------------
<S> <C> <C>
Phil McLoughlin 56 Prospect St., President
Hartford, Connecticut 06115
- -------------------------------------------------------------------------------
Bill Moyer 56 Prospect St., Senior Vice-President
Hartford, Connecticut 06115
- -------------------------------------------------------------------------------
Paul Chute 56 Prospect St., Vice-President, Counsel and
Hartford, Connecticut 06115 Secretary
- -------------------------------------------------------------------------------
</TABLE>
Page 22 of 22 Pages
<PAGE>
EXHIBIT C
STOCK PURCHASE AGREEMENT
------------------------
THIS STOCK PURCHASE AGREEMENT (this "Agreement") is made as of
October 9, 1998, by and among Brown's Dock, L.L.C., a Delaware limited liability
company ("Brown's Dock"), James C. Comis, III ("Comis"), W. McComb Dunwoody
("Dunwoody"), the Mc Ka Co Trust, ("Mc Ka Co") William McComb Dunwoody Trust
("WMD Trust"), Katharine K. Dunwoody, Courtney V. Dunwoody and W. McComb
Dunwoody, Jr. (each a "Seller" and collectively the "Sellers"), and
Inverness/Phoenix Partners LP, a Delaware limited partnership (the "Fund") and
Executive Capital Partners LP, a Delaware limited partnership (the "Executive
Fund") (each a "Buyer" and collectively the "Buyers"). The Sellers and the
Buyers are sometimes collectively referred to herein as the "Parties" and
individually as a "Party."
This Agreement contemplates a transaction in which, pursuant to the
terms and subject to the conditions set forth herein, the Buyers will purchase
from the Sellers, and the Sellers will sell to the Buyers, an aggregate of
426,600 shares of $3.375 Preferred Stock (the "Preferred Stock") of Penncorp
Financial Group, Inc., a Delaware corporation, owned beneficially and of record
by the Sellers. The purchase of Preferred Stock by the Buyers pursuant to this
Agreement shall be allocated 96.79635% to the Fund and 3.20365% the Executive
Fund (the "Investment Allocation").
The Parties, intending to be legally bound, hereby agree as follow:
1. Purchase and Sale;
------------------
(a) Each Seller hereby sells and transfers to the Buyers, and the
Buyers hereby purchase from such Seller, free and clear of all liens, claims and
encumbrances, all of such Seller's right, title and interest to the number of
shares of Preferred Stock set forth opposite such Seller's name on the Schedule
of Sellers attached hereto for a purchase price equal to $12.87 per share, and
an aggregate purchase price of $5,490,342 (the "Purchase Price"). The Purchase
Price shall be divided among Sellers in proportion to their respective ownership
of the Preferred Stock outstanding as of the date hereof as set forth on the
Schedule of Sellers.
2. Miscellaneous.
-------------
(a) This Agreement shall be governed by the internal laws (and not the
law of conflicts) of the State of Delaware.
(b) No amendment or waiver of this Agreement shall be effective
without the prior written consent of each Seller and each Buyer; provided that
no amendment or waiver of this Agreement which has a material adverse effect on
any other person or entity that is a Party shall be effective against such Party
without such Party's consent.
(c) This Agreement may be executed in one or more counterparts, each
of which is deemed to be an original and all of which taken together constitute
one and the same agreement.
<PAGE>
(d) This Agreement and the documents expressly referred to herein
embody the complete agreement and understanding among the parties with regard to
the transaction described herein and supersede and preempt any prior
understandings, agreements, or representations by or among the parties, written
or oral, which may have related to the subject matter hereof in any way.
(e) Whenever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement is held to be invalid, illegal, or
unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other provision or any other jurisdiction, but this Agreement shall be
reformed, construed, and enforced in such jurisdiction as if such invalid,
illegal, or unenforceable provision had never been contained herein.
* * * * *
2
<PAGE>
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date first written above.
BROWN'S DOCK, L.L.C.
By:
---------------------------------
Print Name: James C. Comis III
Its: Managing Director
-----------------------------------------
W. McComb Dunwoody
-----------------------------------------
James C. Comis III
MAKACO TRUST
/s/ Susan Dunwoody
-----------------------------------------
Its: Trustee
WILLIAM MCCOMB DUNWOODY TRUST
/s/ Susan Dunwoody
-----------------------------------------
Its: Trustee
/s/ Katharine K. Dunwoody
----------------------------------------
Katharine K. Dunwoody
/s/ Susan Dunwoody
----------------------------------------
Countney V. Dunwoody
/s/ Susan Dunwoody
----------------------------------------
W. McComb Dunwoody, Jr.
INVERNESS/PHOENIX PARTNERS LP
By: Inverness/Phoenix Capital LLC,
Its: General Partner
By: Inverness Management Fund I LLC
Its: Managing Member
By: WMD LLC
Its: General Partner
By:
------------------------
Print Name: W. McComb Dunwoody
Its: Managing Member
<PAGE>
EXECUTIVE CAPITAL PARTNERS I LP
By: Inverness/Phoenix Capital LLC,
Its: General Partner
By: Inverness Management Fund I LLC
Its: Managing Member
By: WMD LLC
Its: General Partner
By: /s/ W. McComb Dunwoody
------------------------
Print Name: W. McComb Dunwoody
Its: Managing Member
<PAGE>
SCHEDULE OF SELLERS:
-------------------
<TABLE>
<CAPTION>
Seller Number of Preferred Shares Purchase Price
------ -------------------------- --------------
<S> <C> <C>
Brown's Dock L.L.C. 345,500 $4,445,298
James C. Comis, III 10,000 $128,700
W. McComb Dunwoody 53,800 $69,240
MaKaCo Trust 10,000 $128,700
William McComb Dunwoody
Trust 5,000 $63,500
Katharine K. Dunwoody 500 $6,350
Courtney V. Dunwoody 350 $4,494.50
W. McComb Dunwoody, Jr. 350 $4,494.50
_________________________ _____________
426,600 $5,490,342
</TABLE>
<PAGE>
EXHIBIT D
AGREEMENT RE JOINT FILING OF
SCHEDULE 13D
------------
The undersigned hereby agrees as follows:
(i) Each of them is individually eligible to use the Schedule 13D to which
this Exhibit is attached, and such Schedule 13D is filed on behalf of each of
them; and
(ii) Each of them is responsible for the timely filing of such Schedule
13D and any amendments thereto, and for the completeness and accuracy of the
information concerning such person contained therein; but none of them is
responsible for the completeness or accuracy of the information concerning the
other persons making the filing, unless such person knows or has reason to
believe that such information is inaccurate.
Dated: October 9, 1998
BROWN'S DOCK, L.L.C.
By: /s/ James C. Comis III
----------------------
Print Name: James C. Comis III
Its: Managing Director
INVERNESS/PHOENIX PARTNERS LP
By: Inverness/Phoenix Capital LLC,
Its: General Partner
By: Inverness Management Fund I LLC
Its: Managing Member
By: WMD LLC
Its: General Partner
By: /s/ W. McComb Dunwoody
----------------------
Print Name: W. McComb Dunwoody
Its: Managing Member
<PAGE>
EXECUTIVE CAPITAL PARTNERS I LP
By: Inverness/Phoenix Capital LLC,
Its: General Partner
By: Inverness Management Fund I LLC
Its: Managing Member
By: WMD LLC
Its: General Partner
By: /s/ W. McComb Dunwoody
----------------------
Print Name: W. McComb Dunwoody
Its: Managing Member
INVERNESS/PHOENIX CAPITAL LLC
By: Inverness Management Fund ILLC
Its: Managing Member
By: WMD LLC
Its: General Partner
By: /s/ W. McComb Dunwoody
----------------------
Print Name: W. McComb Dunwoody
Its: Managing Member
DCPM HOLDINGS, INC.
By: /s/ Paul Chute
---------------
Print Name: Paul Chute
Its: Vice-President
PHOENIX HOME LIFE MUTUAL
INSURANCE COMPANY
By: /s/ Christopher Wilkos
----------------------
Print Name: Christopher Wilkos
Its: Vice-President
<PAGE>
PHOENIX INVESTMENT PARTNERS, LTD.
By: /s/ Michael E. Haylon
---------------------
Print Name: Michael E. Haylon
Its: Executive Vice-President
INVERNESS MANAGEMENT FUND I LLC
By: WMD LLC, its General Partner
By: /s/ W. McComb Dunwoody
----------------------
Print Name: W. McComb Dunwoody
Its: Managing Member
WMD LLC
By: /s/ W. McComb Dunwoody
---------------------------
Print Name: W. McComb Dunwoody
Its: Managing Member
J.C. COMIS LL
By: /s/ James C. Comis III
----------------------
Print Name: James C. Comis III
Its: Managing Member
/s/ W. McComb Dunwoody
------------------------
W. McComb Dunwoody
/s/ James C. Comis III
-----------------------
James C. Comis III
