<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)*
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)
Paul Chute Copy to:
Brown's Dock, L.L.C. James Learner
56 Prospect St. Kirkland & Ellis
Hartford, Connecticut 06115 200 E. Randolph Drive
(860) 403-5594 Chicago, Illinois 60601
(312) 861-2000
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
January 10, 2000
-------------------------------------------------------------
(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 17 Pages
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 708094206 PAGE 2 OF 17 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
5 TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
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
OWNED BY Stock 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 3 OF 17 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
5 TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
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
OWNED BY Stock 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. 708094206 PAGE 4 OF 17 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
5 TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
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
OWNED BY Stock 224,800 shares of $3.50 Series II Preferred
Stock
EACH -----------------------------------------------------------
SOLE DISPOSITIVE POWER
REPORTING 9
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
IA
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 708094206 PAGE 5 OF 17 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
5 TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
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
OWNED BY Stock 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 17 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
5 TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
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
OWNED BY Stock 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 17 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
OWNED BY Stock 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 17 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
OWNED BY Stock 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
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 708094206 PAGE 9 OF 17 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
OWNED BY Stock 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 17 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
OWNED BY Stock 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 17 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
OWNED BY Stock 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 17 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
OWNED BY Stock 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 13 OF 17 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
OWNED BY Stock 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.4)
This Amendment No. 4 amends and supplements the statements on Schedule 13D
of (i) Brown's Dock, L.L.C. (the "Buyer"), (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, (viii) James C. Comis III (ix) Inverness/Phoenix Partners LP (the "Fund"),
----
(x) Executive Capital Partners I, LP (the "Executive Fund"), (xi)
--------------
Inverness/Phoenix Capital LLC and (xii) DCPM Holdings, Inc., dated September 9,
1998, as amended by Amendment No. 1, dated September 30, 1998, by Amendment No.
2, dated December 1, 1999 and Amendment No. 3, dated December 27, 1999 (the
"Statement"). This Amendment No. 4 is being filed to amend Item 4 (Purpose of
---------
Transaction).
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. 4, there have been no material changes in the information
contained in the Statement.
Item 4. Purpose of Transaction.
----------------------
The information set forth in Item 4 of the Statement is hereby amended and
supplemented as follows:
On January 10, 2000, the Issuer announced that it had entered into a
purchase agreement with Swiss Re (the "Buyer") pursuant to which the Issuer will
-----
sell, and the Buyer will purchase, the stock of the Issuer's Security Life and
Trust and Southwestern Life subsidiaries (the "Dallas Operations"), such
-----------------
transaction to be effected through a bankruptcy proceeding (the "Sale Plan").
---------
On January 11, 2000, the Ad Hoc Committee delivered a letter to the Board of
Directors of the Issuer indicating (i) it does not have a current intention of
pursuing litigation against the Issuer or its officers or directors to prevent
the sale of the Dallas Operations to Buyer or based upon or arising out of the
approval by the Company of the Sale Plan and (ii) it intends to submit a revised
plan of restructuring to the Company as a superior alternative to the Sale Plan
(the "Restructuring Plan"). The letter is attached hereto as Exhibit H.
------------------ ---------
Item 7. Materials to be Filed as Exhibits.
---------------------------------
Exhibit H: Letter to the Board of Directors of PennCorp Financial
Group, Inc., dated January 10, 2000.
Exhibit I: Agreement of Joint Filing, dated as of January 19, 2000,
among Buyer, the Fund, the Executive Fund, DCPM, Phoenix,
PXP, Inverness, WMD, JCC, Dunwoody and Comis.
Page 14 of 17 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: January 19, 2000
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 15 of 17 Pages
<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 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/ Michael E. Haylon
--------------------------
Print Name: Michael E. Haylon
Its: Vice-President
PHOENIX HOME LIFE MUTUAL
INSURANCE COMPANY
By: /s/ John H. Beers
----------------------
Print Name: John H. Beers
Its: Vice-President
Page 16 of 17 Pages
<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 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 17 of 17 Pages
<PAGE>
EXHIBIT H
January 11, 2000
PennCorp Financial Group, Inc.
717 North Harwood Street
Dallas, Texas 75201
Attention: The Board of Directors
Gentleman:
On January 10, 2000, PennCorp Financial Group, Inc. (the "Company")
-------
announced that it had entered into a purchase agreement with Swiss Re (the
"Buyer") pursuant to which the Company will sell, and the Buyer will purchase,
- ------
the stock of the Company's Security Life and Trust and Southwestern Life
subsidiaries (the "Dallas Operations"), such transaction to be effected through
-----------------
a bankruptcy proceeding (the "Sale Plan"). The undersigned, as members of the
---------
Ad Hoc Committee of the Preferred Shareholders (the "Ad Hoc Committee") holding
----------------
74.6% of the $3.375 Convertible Preferred Stock and $3.50 Series II Convertible
Preferred Stock (collectively, the "Preferred Stock") of the Company, believe
---------------
that a restructuring plan can be arranged which is more favorable to the
Company's stakeholders than the Sale Plan.
Accordingly, the Ad Hoc Committee hereby informs the Company that it
does not currently intend to pursue litigation against the Company or its
officers or directors to prevent the sale of the Dallas Operations to Buyer or
based upon or arising out of the approval by the Company of the Sale Plan.
Instead, the Ad Hoc Committee intends to submit a revised plan of restructuring
to the Company as a superior alternative to the Sale Plan (the "Restructuring
-------------
Plan").
- ----
We look forward to working with the Company to finalizing the
Restructuring Plan.
Very truly yours,
The Ad Hoc Committee of Preferred Shareholders
<PAGE>
AIG - Soundshore Partners Camden Asset Management
By: ____________________ By: ____________________
Its: ____________________ Its: ____________________
Forest Investment Management Highbridge Capital Management LLC
By: ____________________ By: ____________________
Its: ____________________ Its: ____________________
Inverness Management LLC Loeb Partners
By: ____________________ By: ____________________
Its: ____________________ Its: ____________________
Paloma Securities LLC Paloma Strategic Securities Limited
By: ____________________ By: ____________________
Its: ____________________ Its: ____________________
Q Investments, LP Steadfast Financial LLC
By: ____________________ By: ____________________
Its: ____________________ Its: ____________________
Vicuna Advisors LLC W.G. Trading
By: ____________________ By: ____________________
Its: ____________________ Its: ____________________
_________________________
William M. McCormick
<PAGE>
EXHIBIT I
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: January 19, 2000
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 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/ Michael E. Haylon
-------------------------
Print Name: Michael E. Haylon
Its: Vice-President
PHOENIX HOME LIFE MUTUAL
INSURANCE COMPANY
By: /s/ John H. Beers
----------------------
Print Name: John H. Beers
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 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
