SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
SOUTHWESTERN LIFE HOLDINGS, INC.
(Name of Issuer)
COMMON STOCK, PAR VALUE $.01 PER SHARE
(Title of Class of Securities)
845606 10 2
(CUSIP Number)
Mr. Kenneth F. Cooper
Vicuna Advisors LLC
230 Park Avenue
7th Floor
New York, NY 10169
(212) 499-2940
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 12, 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 that is the subject of this Schedule 13D, and is filing
this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g),
check the following box |_|
NOTE. Schedules filed in paper format shall include a signed original and
five copies of the Schedule, including all exhibits. SEE Section 240.13d-7(b)
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 (the "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).
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CUSIP No. 845606 10 2
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Vicuna Advisors LLC
TIN: 13-4006560
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)|_|
(b)|_|
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS |_|
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED Zero
BY
EACH ------------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON 1,240,000 shares of Common Stock
WITH
------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
Zero
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,240,000 shares of Common Stock
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,240,000 shares of Common Stock
(see Item 5).
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW |_|
(11) EXCLUDES CERTAIN SHARES*
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
2
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CUSIP No. 845606 10 2
---------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Vicuna Partners LLC
TIN: 13-4006612
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS |_|
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED Zero
BY
EACH ------------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON 1,240,000 shares of Common Stock
WITH
------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
Zero
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,240,000 shares of Common Stock
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,240,000 shares of Common Stock
(see Item 5).
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW |_|
(11) EXCLUDES CERTAIN SHARES*
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
3
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CUSIP No. 845606 10 2
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--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Vicuna Capital I L.P.
TIN: 13-4006625
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)|_|
(b)|_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS |_|
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED 988,970 shares of Common Stock
BY
EACH
REPORTING ------------------------------------------------------------
PERSON 8 SHARED VOTING POWER
WITH Zero
------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
988,970 shares of Common Stock
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
Zero
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
988,970 shares of Common Stock
(see Item 5).
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW |_|
(11) EXCLUDES CERTAIN SHARES*
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
4
<PAGE>
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CUSIP No. 845606 10 2
---------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WNP Investment Partnership L.P.
TIN: 13-4006626
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)|_|
(b)|_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS |_|
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED 251,030 shares of Common Stock
BY
EACH
REPORTING ------------------------------------------------------------
PERSON 8 SHARED VOTING POWER
WITH Zero
------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
251,030 shares of Common Stock
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
Zero
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
251,030 shares of Common Stock
(see Item 5).
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW |_|
(11) EXCLUDES CERTAIN SHARES*
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.7%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
5
<PAGE>
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CUSIP No. 845606 10 2
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--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Joshua G. Welch
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS |_|
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED Zero
BY
EACH ------------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON 1,240,000 shares of Common Stock
WITH
------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
Zero
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,240,000 shares of Common Stock
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,240,000 shares of Common Stock
(see Item 5).
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW |_|
(11) EXCLUDES CERTAIN SHARES*
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
6
<PAGE>
This Amendment No. 1 to Statement on Schedule 13D amends the Statement on
Schedule 13D relating to the Common Stock, par value $.01 per share ("Common
Stock"), of Southwestern Life Holdings, Inc. (formerly PennCorp. Financial
Group, Inc.) ("SLHI") filed by the Reporting Persons (as defined below) on July
11, 2000.
This Statement is being filed by each of the following persons (the
"Reporting Persons") pursuant to Rule 13d-1(k) promulgated by the Securities and
Exchange Commission (the "Commission") pursuant to Section 13 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"): Vicuna Advisors LLC, a
Delaware limited liability company ("Advisors"), Vicuna Partners LLC, a Delaware
limited liability company ("Partners"), Vicuna Capital I L.P., a Delaware
limited partnership ("Capital"), WNP Investment Partnership, L.P., a Delaware
limited partnership ("WNP"), and Joshua G. Welch ("Welch").
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
-------------------------------------------------
The source of funds used to purchase the shares of Common Stock (and the
other securities of SLHI that the Reporting Persons exchanged for Common Stock
or exercised for Common Stock) owned by the Reporting Persons was working
capital of Capital and WNP. The amount of such funds was approximately
$11,327,000 for the Shares owned by Capital and approximately $2,761,000 for the
Shares owned by WNP.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
------------------------------------
As of the date hereof, Capital is the beneficial owner 988,970 shares of
Common Stock and WNP is the beneficial owner 251,030 shares of Common Stock. By
virtue of its status as general partner of Capital and WNP, Partners might be
deemed to be the beneficial owner of the securities owned by Capital and WNP. By
virtue of its status as investment adviser to Capital and WNP, Advisors might be
deemed to be the beneficial owner of the securities owned by Capital and WNP. By
virtue of his status as Managing Member of Advisors and Partners, Welch might be
deemed to be the beneficial owner of the securities owned by Capital and WNP.
Advisors, Partners and Welch each disclaims beneficial ownership of the
securities owned by Capital and WNP.
As of the date hereof, Capital is the beneficial owner of 10.9% of the
Common Stock and WNP is the beneficial owner of 2.7% of the Common Stock. By
virtue of its status as general partner of Capital and WNP, Partners might be
deemed to be the beneficial owner of the securities owned by Capital and WNP. By
virtue of its status as investment adviser to Capital and WNP, Advisors might be
deemed to be the beneficial owner of the securities owned by Capital and WNP. By
virtue of his status as Managing Member of Advisors and Partners, Welch might be
deemed to be the beneficial owner of the securities owned by Capital and WNP.
Advisors, Partners and Welch each disclaims beneficial ownership of the
securities owned by Capital and WNP. The percentages of the outstanding Common
Stock reported in this Schedule 13D are calculated on the basis of 9,059,000
shares of Common Stock issued and outstanding on August 7, 2000, as reported in
SLHI's Quarterly Report on Form 10-Q for the quarter ended June 30,2000.
By virtue of its status as general partner of Capital and WNP, Partners
might be deemed to share indirectly with Capital and WNP power to vote or direct
the vote of the securities owned by Capital and WNP. By virtue of its status as
investment adviser to Capital and WNP, Advisors might be deemed to share
indirectly with Capital and WNP power to vote or direct the vote of the
securities owned by Capital and WNP. By virtue of his status as Managing Member
of Advisors and Partners, Welch might be deemed to share indirectly with Capital
and WNP power to vote or direct the vote of the securities owned by Capital and
WNP.
By virtue of its status as general partner of Capital and WNP, Partners
might be deemed to share indirectly with Capital and WNP power to dispose or
direct the disposition of the securities owned by Capital and WNP. By virtue of
its status as investment adviser to Capital and WNP, Advisors might be deemed to
share indirectly with Capital and WNP power to dispose or direct the disposition
of the securities owned by Capital and WNP. By virtue of his status as Managing
Member of Advisors and Partners, Welch might be deemed to share indirectly with
Capital and WNP power to dispose or direct the disposition of the securities
owned by Capital and WNP.
No transactions were effected by the Reporting Persons or, to the best
knowledge of the Reporting Persons, any of the persons listed on Schedule A
attached to the original Statement on Schedule 13D, in the Common Stock during
the 60 days prior to the date of this Schedule 13D, except for the following
transactions effected by Capital and WNP:
7
<PAGE>
Transactions by Capital
Date Transaction Amount Price/Sh. Market
---- ----------- ------ --------- ------
10/04/2000 Buy 34,900 $12.25 NASDAQ
10/05/2000 Buy 4,350 $12.375 NASDAQ
10/09/2000 Buy 3,800 $12.3125 NASDAQ
10/11/2000 Buy 15,200 $12.0938 NASDAQ
10/12/2000 Buy 24,800 $11.9654 NASDAQ
10/13/2000 Buy 2,700 $12.0625 NASDAQ
10/18/2000 Buy 2,800 $12.4375 NASDAQ
Transactions by WNP
Date Transaction Amount Price/Sh. Market
---- ----------- ------ --------- ------
10/04/2000 Buy 11,100 $12.25 NASDAQ
10/05/2000 Buy 1,380 $12.375 NASDAQ
10/09/2000 Buy 1,200 $12.3125 NASDAQ
10/11/2000 Buy 4,800 $12.0938 NASDAQ
10/12/2000 Buy 7,900 $11.9654 NASDAQ
10/13/2000 Buy 900 $12.0625 NASDAQ
10/18/2000 Buy 900 $12.4375 NASDAQ
ITEM 7. MATERIALS TO BE FILED AS EXHIBITS.
---------------------------------
Exhibit A: Agreement of Joint Filing, dated as of October 19,
2000, among Advisors, Partners, Capital, WNP and Welch.
8
<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 19, 2000
VICUNA ADVISORS LLC
By: /s/ Joshua G. Welch
------------------------------------
Joshua G. Welch
Managing Member
VICUNA PARTNERS LLC
By: /s/ Joshua G. Welch
-------------------------------------
Joshua G. Welch
Managing Member
VICUNA CAPITAL I, L.P.
By: Vicuna Partners LLC, General Partner
By: /s/ Joshua G. Welch
-------------------------------------
Joshua G. Welch
Managing Member
WNP Investment Partnership, L.P.
By: Vicuna Partners LLC, General Partner
By: /s/ Joshua G. Welch
-------------------------------------
Joshua G. Welch
Managing Member
/s/ Joshua G. Welch
-----------------------------------------
Joshua G. Welch
9
<PAGE>
EXHIBIT A
AGREEMENT RE JOINT FILING OF
SCHEDULE 13D
------------
In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of
1934, as amended, the undersigned hereby agree that the Schedule 13D dated
October 19, 2000 relating to the Common Stock, par value $.01 per share, of
Southwestern Life Holdings, Inc., as the same may be amended from time to time
hereafter, is being filed with the Securities and Exchange Commission on behalf
of each of them.
Dated: October 19, 2000
VICUNA ADVISORS LLC
By: /s/ Joshua G. Welch
------------------------------------
Joshua G. Welch
Managing Member
VICUNA PARTNERS LLC
By: /s/ Joshua G. Welch
-------------------------------------
Joshua G. Welch
Managing Member
VICUNA CAPITAL I, L.P.
By: Vicuna Partners LLC, General Partner
By: /s/ Joshua G. Welch
-------------------------------------
Joshua G. Welch
Managing Member
WNP Investment Partnership, L.P.
By: Vicuna Partners LLC, General Partner
By: /s/ Joshua G. Welch
-------------------------------------
Joshua G. Welch
Managing Member
/s/ Joshua G. Welch
-----------------------------------------
Joshua G. Welch
10
