SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 13)1
Preferred Income Management Fund Incorporated
(Name of Issuer)
Common Stock
(Title of Class of Securities)
74037Q10
(CUSIP Number)
Thomas R. Stephens, Esq.
Bartlit Beck Herman Palenchar & Scott
511 Sixteenth Street Suite 700
Denver, Colorado 80202
(303) 592-3100
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 13, 1997
(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.
1. 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 page(s))
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Horejsi Enterprises, Inc.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)
3 SEC USE ONLY
4 SOURCE OF FUNDS*
WC OO
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Kansas
NUMBER OF 7 SOLE VOTING POWER
SHARES 2,071,430
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 2,071,430
PERSON 10 SHARED DISPOSITIVE POWER
WITH 0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,071,430
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
22.0%
14 TYPE OF REPORTING PERSON*
CO
* SEE INSTRUCTIONS BEFORE FILLING OUT!
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Stewart R. Horejsi
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
ITEMS 2(D) OR 2(E)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON 10 SHARED DISPOSITIVE POWER
WITH 0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
X
X
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
14 TYPE OF REPORTING PERSON*
IN
* SEE INSTRUCTIONS BEFORE FILLING OUT!
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Larry L. Dunlap
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
ITEMS 2(D) OR 2(E)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON 10 SHARED DISPOSITIVE POWER
WITH 0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
X X
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
14 TYPE OF REPORTING PERSON*
IN
* SEE INSTRUCTIONS BEFORE FILLING OUT!
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lola Brown Trust No. 1 B
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)
3 SEC USE ONLY
4 SOURCE OF FUNDS*
WC OO
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E)
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Kansas
NUMBER OF 7 SOLE VOTING POWER
SHARES 987,200
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 987,200
PERSON 10 SHARED DISPOSITIVE POWER
WITH 0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
987,200
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.48%
14 TYPE OF REPORTING PERSON*
OO
* SEE INSTRUCTIONS BEFORE FILLING OUT!
Amendment No. 13 to Statement on Schedule 13D
This amended statement on Schedule 13D relates to the Common Stock,
$.01 par value per share (the "Shares") of Preferred Income Management Fund
Incorporated, a Maryland corporation (the "Company"). Items 3, 4 and 5 of
this statement, previously filed by (i) Horejsi Enterprises, Inc. ( HEI ),
as a direct beneficial owner of the Shares, (ii) The Lola Brown Trust No. 1B
(the Brown Trust ) as the direct holder of Shares, and (iii) Stewart R.
Horejsi and Larry L. Dunlap, by virtue of the relationships described
previously in this statement, are hereby amended as set forth below.
Item 3. Source and Amount of Funds or Other Consideration
No change except for the addition of the following:
The total amount of funds required by the Brown Trust to acquire
the Shares reported in Item 5(c) was $4,996,825.70 (including commissions).
Such funds were or will be provided by the Brown Trust s cash on hand and
margin borrowings under accounts maintained by the Brown Trust with Merrill
Lynch International Bank Limited.
Item 4. Purpose of Transaction.
No change except for the addition of the following:
The Brown Trust purchased the Shares described in Item 5(c) to
increase its equity interest in the Company. Depending upon their evaluation
of the Company's investments and prospects, and upon future developments
(including, but not limited to, performance of the Shares in the market, the
effective yield on the Shares, availability of funds, alternative uses of
funds, and money, stock market and general economic conditions), any of the
Reporting Persons or other entities that may be deemed to be affiliated with
HEI or the<PAGE>
Brown Trust may from time to time purchase Shares, and any of the
Reporting Persons or other entities that may be deemed to be affiliated with
HEI or the Brown Trust may from time to time dispose of all or a portion of
the Shares held by such person, or cease buying or selling Shares. Any
such additional purchases or sales of the Shares may be in open market or
privately-negotiated transactions or otherwise.
Mr. Horejsi has had meetings with certain of the Company's officers
and directors in connection with Mr. Horejsi becoming a member of the
Company's Board of Directors. In this regard, the Reporting Persons
understand that the Company s 1997 proxy statement dated May 5, 1997,
indicated that Mr. Horejsi was under consideration for membership on the
Company's Board of Directors. No agreements, arrangements or understandings
have been reached with respect to Mr. Horejsi becoming a director of the
Company.
Item 5. Interest in Securities of the Issuer.
No change except for the addition of the following:
(a) The Brown Trust is the direct beneficial owner of 987,200
Shares, or approximately 10.48% of the 9,416,743 Shares outstanding as of
May 1, 1997, according to information contained in the Company's 1997
proxy statement.
By virtue of the relationships previously reported in this statement, Messrs.
Horejsi and Dunlap and Ms. Susan Ciciora may be deemed to share indirect
beneficial ownership of the Shares directly beneficially owned by the Brown
Trust. Messrs. Horejsi and Dunlap and Ms. Ciciora disclaim all such
beneficial ownership.
By virtue of the relationships and transactions described in this
statement, the HEI and the Brown Trust may be deemed to constitute a group.
HEI disclaims beneficial ownership of Shares directly beneficially owned
by the Brown Trust, and the Brown Trust disclaims beneficial ownership
of Shares directly beneficially owned by HEI.
(c) The table below sets forth purchases of the Shares by the
Brown Trust since May 19, 1997. All of such purchases were effected by the
Brown Trust on the New York Stock Exchange.
Approximate Price
Per Share
Date Amount of Shares (exclusive of commissions)
5-20-97 1,200 $14.750
5-22-97 8,000 $14.875
6-13-97 320,000 $15.188
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: June 20, 1997
/s/ Stewart R. Horejsi
Stewart R. Horejsi
/s/ Larry L. Dunlap
Larry L. Dunlap, individually, as
Chairman and President of Horejsi
Enterprises, Inc., and as trustee
of the Lola Brown Trust No. 1B
24763
