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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
BROADWAY & SEYMOUR, INC.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
11433108
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(CUSIP Number)
Gary S. Kohler, Vice President
Okabena Investment Services, Inc.
5140 Norwest Center
90 South Seventh Street, Minneapolis, MN 55402-4139
(612) 339-7151
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(Name, Address and Telephone Number of Person Authorized
to receive Notices and Communications)
September 10, 1996
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with this statement [X]. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of less than five percent of such class.
See Rule 13d-7.)
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 should 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).
Page 1 of 5 Pages
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CUSIP No. 11433108
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(1) Names of Reporting Persons S.S. or I.R.S. Identification Nos. of
Above Persons
Okabena Partnership K, a Minnesota general partnership, 41-1642281
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(2) Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [ X ]
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(3) SEC Use Only
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(4) Source of Funds
WC
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) [ ]
N/A
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(6) Citizenship or Place of Organization
Minnesota
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Number of (7) Sole Voting Power 451,065 shares
Shares -----------------------------------------------------------------
Beneficially (8) Shared Voting Power - 0 - shares
Owned by -----------------------------------------------------------------
Each (9) Sole Dispositive Power 451,065 shares
Reporting -----------------------------------------------------------------
Person With (10) Shared Dispositive Power - 0 - shares
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
451,065 shares
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares
[ ]
N/A
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(13) Percent of Class Represented by Amount in Row (11)
5.03 %
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(14) Type of Reporting Person (See Instructions)
PN
Page 2 of 5 pages
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ITEM 1. SECURITY AND ISSUER
This statement relates to the common stock, $0.01 par value, of Broadway &
Seymour, Inc., 128 South Tryon Street Charlotte, NC 28202
ITEM 2. IDENTITY AND BACKGROUND
(a) - (c) The Reporting Person is Okabena Partnership K, a Minnesota general
partnership. Its principal business is investment. Okabena Investment
Services, Inc., a Minnesota corporation, is the managing partner of the
Reporting Person. Its principal business is to provide investment and
administrative services. The Principal business and office address of each is
5140 Norwest Center, 90 South Seventh Street, Minneapolis, MN 55402-4139 (d)
and (e) N/A (f) U.S.
ITEM 3. SOURCE AND AMOUNT OF FUNDS AND OTHER CONSIDERATION
Working capital
ITEM 4. PURPOSE OF TRANSACTION
The Reporting Person acquired the shares of the Issuer for investment. The
Reporting Person is opposed to the proposed 1996 Stock Option Plan being
submitted to shareholders for adoption at a special meeting of shareholders
noticed for September 16, 1996 and intends to vote all of its eligible shares
against the proposal. The Reporting Person acquired approximately 88% of its
shares after the July 29, 1996 record date for voting at the special meeting.
The Reporting Person is of the opinion that management of the Issuer has not
focused on its core business, the Customer Financial Solutions Product Service
Group, and has engaged in a number of ill-advised acquisitions that have
negatively impacted earnings and the Issuer's market valuation. Representatives
of the Reporting Person intend to initiate discussions with management of the
Issuer with a view toward maximizing shareholder value through a strategy of
divesting itself of non-core businesses and refocusing on its Customer
Financial Solutions Product Service Group business. In addition, the
Reporting Person will propose that the Issuer voluntarily reconfigure its
Board of Directors to best achieve these proposed new business objectives.
The Reporting Person is considering, but has not yet decided, whether to pursue
other action with respect to the Issuer, including some or all of the following:
(i) holding discussions with other shareholders concerning a reconstituted Board
of Directors and a more focused business strategy; or (ii) soliciting
shareholder support for its proposals; or (iii) seeking representation on the
Issuer's Board of Directors; or (iv) otherwise seeking control of the Issuer.
Pending the Reporting Person's decision on whether to pursue any of such
possible actions, and depending on market conditions and other factors which the
Reporting Person considers relevant, the Reporting Person may continue to
purchase shares in brokerage transactions, in private transactions or
Page 3 of 5 Pages
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otherwise, if opportunities to do so are available, at such prices, on such
terms and at such times as the Reporting Person may consider desirable. The
Reporting Person also may determine to continue to hold its shares as an
investment or to dispose of all or a portion of such shares in brokerage
transactions or in private transactions.
Except to the extent indicated above, the Reporting Person has no present plans
or proposals which relate to or would result in (i) an extraordinary corporate
transaction, such as a merger, reorganization, liquidation, or sale or transfer
of a material amount of assets involving the Issuer, (ii) any change in the
Issuer's present Board of Directors or management, (iii) any material changes in
the Issuer's business or corporate structure, (iv) any change in the
Issuer's charter or by-laws, or (v) the Issuer's common stock becoming eligible
for termination of its registration pursuant to Section 12(g)(4) of the 1934
Act.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) and (b). See Schedule 13D cover page, rows (7) through (11)
inclusive and (13). Based on the Issuer's most recent
Form 10-Q filed with the Securities and Exchange
Commission, it had 8,974,266 shares outstanding on
July 31, 1996.
(c) The Reporting Person acquired the shares in open market
transactions as set forth below:
Average Price
Date of Transaction Shares Purchased Per Share
------------------- ---------------- -------------
07-09-96 52,965.000 11.124
07-19-96 1,100.000 11.250
08-07-96 82,200.000 10.873
08-09-96 4,500.000 10.875
08-09-96 1,000.000 10.625
08-21-96 10,000.000 12.250
08-23-96 25,000.000 12.500
08-23-96 77,400.000 12.463
08-28-96 9,300.000 11.873
08-30-96 20,000.000 12.000
08-30-96 44,000.000 11.875
09-03-96 10,000.000 12.000
09-05-96 15,000.000 12.125
09-09-96 20,000.000 12.375
09-09-96 35,000.000 14.661
09-09-96 30,600.000 14.174
09-10-96 8,000.000 14.625
09-10-96 5,000.000 14.250
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TOTAL 451,065.000
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(d) Except as set forth herein, there have been no other transactions
in the Common Stock of the Issuer effected during the last sixty days
by the persons listed in Item 2.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
EXHIBIT A - General Partners of the Reporting Person
Page 4 of 5 pages
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SIGNATURE
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Date: September 10, 1996 OKABENA PARTNERSHIP K
By: Okabena Investment Services, Inc.
Its Managing Partner
By: /s/ Gary S. Kohler
-----------------------------------
Gary S. Kohler, Vice President
Page 5 of 5 pages
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EXHIBIT A
ITEM 2. IDENTITY AND BACKGROUND
Set forth below is a list of the partners of Okabena Partnership K and
their respective occupations. The business address for each partner is
c/o Okabena Investment Services, Inc., 5140 Norwest Center, 90 South Seventh
Street, Minneapolis, MN 55402-4139. The answer to Item 2(d) and (e) for
each partner is negative. Each partner who is a natural person is a United
States citizen.
NAME OF PARTNER OCCUPATION
1. Orchard Trust U/A 5-27-70 LJD,
END, RJD, JWD Trustees N/A
2. DCD Marital Elect. Inc. Trust N/A
3. Edward N. Dayton Revocable Trust Private Investor
4. Edward N. Dayton Exemption Trust N/A
5. Sherry Ann Dayton Private Investor
6. Christopher B. Dayton Rev. Tr. Private Investor
7. End Trust for Christopher N/A
8. Christopher B. Dayton Excl. Tr. N/A
9. Martha B. Dayton Revocable Tr. N/A
10. End Trust for Martha N/A
11. Martha B. Dayton Exclusion Tr. N/A
12. Michael K. Dayton Revocable Tr. Private Investor
13. End Trust for Michael N/A
14. Michael K. Dayton Exclusion Tr. N/A
15. Robert J. Dayton Revocable Tr. Chief Executive Officer
(Private Investment
Company)
16. Robert J. Dayton Trust N/A
17. Robert J. Dayton Exemption Tr. N/A
18. Joan L. Dayton Revocable Tr. Private Investor
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NAME OF PARTNER OCCUPATION
19. James G. Dayton Architect
20. RJD Trust for James N/A
21. James G. Dayton Exclusion Tr. N/A
22. Tobin J. Dayton Environmentalist
23. RJD Trust for Tobin N/A
24. TJD Exclusion Trust N/A
25. Mae F. Dayton Research Development
Director
26. Scott N. Dayton Retailer
27. RJD Trust for Scott N/A
28. Scott N. Dayton Exclusion Tr. N/A
29. John W. Dayton Exemption Trust N/A
30. Chadwick L. Dayton Student
31. Chadwick L. Dayton Trust N/A
32. Chadwick L. Dayton Exclus. Tr. N/A
33. Whitney L. Dayton Student
34. Whitney Loher Dayton Trust N/A
35. Whitney L. Dayton Exclusion Tr. N/A
36. Virginia Y. Dayton Revoc. Tr. Private Investor
37. Virginia Y. Dayton Term. Trust N/A
38. Mark B. Dayton State Auditor
State of Minnesota
39. Brandt N. Dayton President, Brandt N.
Dayton & Co. (Art
Dealer)
40. BND 1978 Family Trust N/A
41. BBD 1966 Trust for BND N/A
42. Christian B. Dayton Therapist
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NAME OF PARTNER OCCUPATION
43. Marina B. Dayton Minor
44. Marina Bliss Dayton Trust N/A
45. Alexander B. Dayton Minor
46. Alexander B. Dayton Trust N/A
47. Lucy B. Dayton Veterinarian
48. LBD 1985 Family Trust N/A
49. BBD 1966 Trust for LBD N/A
50. Lucy B. Dayton 1990 Term Trust N/A
51. Margaret Bliss O'Keefe Minor
52. Margaret Bliss O'Keefe Trust N/A
53. Angus Dayton O'Keefe Trust N/A
54. Catherine Greer O'Keefe Trust N/A
55. Anne D. Buxton Artist
56. BBD Trust for ADB N/A
57. ADB & RMB Term Trust N/A
58. Nicholas Sherman Buxton Trust N/A
59. Henry M. Buxton Irrev. Trust N/A
60. Wallace C. Dayton Revocable Tr. Private Investor
61. WCD 1978 Grandchildren's Trust N/A
62. Mary Lee Dayton Revocable Tr. Private Investor
63. Sally D. Clement Revocable Tr. Therapist
64. 1983 SDC Children's Trust N/A
65. SDC-SMC 1985 Char. Term Trust N/A
66. Stephen M. Clement III Educator
67. Theodore D. Clement Minor
68. Theodore D. Clement Trust N/A
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NAME OF PARTNER OCCUPATION
69. Theodore D. Clement Exclus. Tr. N/A
70. Winston W. Clement Minor
71. Winston W. Clement Trust N/A
72. Winston W. Clement Exclus. Tr. N/A
73. Ellen D. Sturgis Revocable Tr. Private Investor
74. EDS 1978 Family Trust N/A
75. Ellen 1985 Char. Term Trust N/A
76. Sheldon S. Sturgis Revoc. Tr. President, ESCO
Industries
77. Matthew D. Sturgis Minor
78. Matthew D. Sturgis Trust N/A
79. Matthew D. Sturgis Exclus. Tr. N/A
80. Katherine L. Sturgis Private Investor
81. Katherine L. Sturgis Trust N/A
82. Katherine L. Sturgis Excl. Tr. N/A
83. Rosamond G. Sturgis Minor
84. Rosamond G. Sturgis Trust N/A
85. Rosamond G. Sturgis Excl. Tr. N/A
86. Katherine D. Nielsen Revoc. Tr. Private Investor
87. KDN 1980 Family Trust N/A
88. Katherine 1984 Char. Term Trust N/A
89. Stuart A. Nielsen Artist
90. Samuel D. Richardson Minor
91. Samuel D. Richardson Trust N/A
92. Samuel D. Richardson Excl. Tr. N/A
93. Olivia Maren Nielsen Minor
94. Olivia M. Nielsen Irrev. Trust N/A
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NAME OF PARTNER OCCUPATION
95. Elizabeth D. Dovydenas Private Investor
96. EDD 1980 Family Trust N/A
97. John D. Dovydenas Minor
98. John D. Dovydenas Exclusion Tr. N/A
99. Elena L. Dovydenas Minor
100. Elena L. Dovydenas Exclus. Tr. N/A
101. K.N. Dayton Revocable Trust Private Investor
102. 1983 Oakleaf Trust U/A 11-1-83 N/A
103. Julia W. Dayton Revocable Tr. Private Investor
104. C.J. Winton Trust U/A 8-1-35 N/A
105. Judson M. Dayton Revocable Tr. Private Investor
106. JMD 1985 Family Trust N/A
107. KND 1966 Trust for C&D N/A
108. JMD 1985 Charitable Term Trust N/A
109. EJD 1988 Term Trust N/A
110. Caroline Avery Dayton Minor
111. Caroline Avery Dayton Trust N/A
112. Caroline A. Dayton Exclus. Tr. N/A
113. Davis Winton Dayton Trust N/A
114. Davis W. Dayton Exclusion Tr. N/A
115. Duncan N. Dayton Revocable Tr. Real Estate Developer
116. DND 1990 Family Trust N/A
117. KND 1966 Trust for DND N/A
118. Duncan N. Dayton Term Trust N/A
119. Katharine L. Kelly Revoc. Tr. Private Investor
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NAME OF PARTNER OCCUPATION
120. Douglas J. Dayton Revocable Trust President, Dade, Inc.
(Medical Technology)
121. David D. Dayton Revocable Tr. Engineer, MTS Systems
(Engineering Firm)
122. Newton Family Trust N/A
123. Newton Term Trust N/A
124. Vanessa D. Dayton Revocable Trust Pathologist
125. Isaac N. Dayton Irrev. Trust N/A
126. Caleb F. Dayton Irrev. Trust N/A
127. Steven J. Melander-Dayton Rev. Private Investor
128. SJMD 1985 Family Trust N/A
129. SJMD 1985 Char. Term Trust N/A
130. A.M. Melander-Dayton Trust N/A
131. D.J. Melander-Dayton Trust N/A
132. Jaclyn Melander Irrev. Trust N/A
133. Allison Melander Irrev. Trust N/A
134. Bruce C. Dayton Revocable Tr. Chef
135. Pamela W. Ritz Private Investor
136. Margot S. Ritz Irrev. Trust N/A
137. Charlotte A. Ritz Irrev. Trust N/A
138. Nicholas J. Braun Irrev. Trust N/A
139. Christopher D. Braun Ir. Trust N/A
140. Deeann L. Thompson Specialty Retailer
141. Bruce C. Lueck President and Sole
Director
Okabena Investment
Services, Inc.
142. Bruce C. Lueck - Service Ptnr. President and Sole
Director
Okabena Investment
Services, Inc.
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NAME OF PARTNER OCCUPATION
143. Gary S. Kohler Vice-President
Okabena Investment
Services, Inc.
144. Gary S. Kohler - Service Partner Vice-President
Okabena Investment
Services, Inc.
145. GND 1936 Trust for DCD N/A
146. DCD Trust Under Will N/A
147. DCD 1966 Charitable Trust N/A
148. DCD 1967 Charitable Trust N/A
149. Edward N. Dayton Term Trust N/A
150. Robert J. Dayton Term Trust N/A
151. John W. Dayton Term Trust N/A
152. GBD Trust for BBD N/A
153. GND 1936 Trust for WCD N/A
154. GND 1950 Trust for WCD N/A
155. GBD Trust for WCD N/A
156. SDC 1986 Term Trust N/A
157. SDC 1988 Term Trust N/A
158. John D. Dovydenas Trust N/A
159. Liudas Dovydenas Tr. for John N/A
160. Elena L. Dovydenas Trust N/A
161. Liudas Dovydenas Tr. for Elena N/A
162. GND 1936 Trust for KND N/A
163. GND 1950 Trust for KND N/A
164. GBD Trust for KND N/A
165. GND 1936 Trust for DJD N/A
166. GBD Trust for DJD N/A
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NAME OF PARTNER OCCUPATION
167. DJD '68 Char. Trust for I&C N/A
168. DJD '69 Char. Trust for I&C N/A
169. DJD '68 Trust for A&D N/A
170. DJD '69 Char. Trust for A&D N/A
171. DJD '68 Char. Trust for BDC N/A
172. DJD '69 Char. Trust for BCD N/A
173. Okabena Investment Services, Inc. N/A
174. GND 1950 Trust for DJD N/A
