UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Peerless Systems Corporation
(Name of Issuer)
Common Stock
(Title of Class of Securities)
705536-10
(CUSIP Number)
December 31, 1997
(Date of Event Which Requires Filing of This Statement)
Check the appropriate box to designate the rule pursuant to
which this Schedule is filed:
[ ] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[x] Rule 13d-1(d)
*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 the
disclosures provided in a prior cover page.
The information required in 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).
-1-<PAGE>
CUSIP No. 705536-10 SCHEDULE 13G Page 2 of 16
1 Name Of Reporting Person ADOBE VENTURES, L.P.
IRS Identification No. Of Above Person 94-3205883
2 Check The Appropriate Box If A Member Of A Group (a) [ ]
(b) [x]
3 SEC USE ONLY
4 Citizenship Or Place Of Organization
California
5 Sole Voting Power
-0-
NUMBER OF
SHARES 6 Shared Voting Power
BENEFICIALLY
OWNED BY EACH -0-
REPORTING
PERSON WITH 7 Sole Dispositive Power
-0-
8 Shared Dispositive Power
-0-
9 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
10 Check Box If The Aggregate Amount In Row (9) Excludes Certain
Shares* [ ]
11 Percent Of Class Represented By Amount In Row 9
0.0%
12 Type Of Reporting Person*
PN<PAGE>
CUSIP No. 705536-10 SCHEDULE 13G Page 3 of 16
1 Name Of Reporting Person H&Q PEERLESS INVESTORS, L.P.
IRS Identification No. Of Above Person 94-3170832
2 Check The Appropriate Box If A Member Of A Group (a) [ ]
(b) [x]
3 SEC USE ONLY
4 Citizenship Or Place Of Organization
California
5 Sole Voting Power
-0-
NUMBER OF
SHARES 6 Shared Voting Power
BENEFICIALLY
OWNED BY EACH -0-
REPORTING
PERSON WITH 7 Sole Dispositive Power
-0-
8 Shared Dispositive Power
-0-
9 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
10 Check Box If The Aggregate Amount In Row (9) Excludes Certain
Shares* [ ]
11 Percent Of Class Represented By Amount In Row 9
0.0%
12 Type Of Reporting Person*
PN<PAGE>
CUSIP No. 705536-10 SCHEDULE 13G Page 4 of 16
1 Name Of Reporting Person H&Q ADOBE VENTURES MANAGEMENT, L.P.
IRS Identification No. Of Above Person 94-3205561
2 Check The Appropriate Box If A Member Of A Group (a) [ ]
(b) [x]
3 SEC USE ONLY
4 Citizenship Or Place Of Organization
California
5 Sole Voting Power
-0-
NUMBER OF
SHARES 6 Shared Voting Power
BENEFICIALLY
OWNED BY EACH -0-
REPORTING
PERSON WITH 7 Sole Dispositive Power
-0-
8 Shared Dispositive Power
-0-
9 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
10 Check Box If The Aggregate Amount In Row (9) Excludes Certain
Shares* [ ]
11 Percent Of Class Represented By Amount In Row 9
0.0%
12 Type Of Reporting Person*<PAGE>
CUSIP No. 705536-10 SCHEDULE 13G Page 5 of 16
1 Name Of Reporting Person H&Q ADOBE VENTURES MANAGEMENT CORP.
IRS Identification No. Of Above Person 94-3204301
2 Check The Appropriate Box If A Member Of A Group (a) [ ]
(b) [x]
3 SEC USE ONLY
4 Citizenship Or Place Of Organization
California
5 Sole Voting Power
-0-
NUMBER OF
SHARES 6 Shared Voting Power
BENEFICIALLY
OWNED BY EACH -0-
REPORTING
PERSON WITH 7 Sole Dispositive Power
-0-
8 Shared Dispositive Power
-0-
9 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
10 Check Box If The Aggregate Amount In Row (9) Excludes Certain
Shares* [ ]
11 Percent Of Class Represented By Amount In Row 9
0.0%
12 Type Of Reporting Person*
PN<PAGE>
CUSIP No. 705536-10 SCHEDULE 13G Page 6 of 16
1 Name Of Reporting Person H&Q MANAGEMENT CORPORATION
IRS Identification No. Of Above Person
2 Check The Appropriate Box If A Member Of A Group (a) [ ]
(b) [x]
3 SEC USE ONLY
4 Citizenship Or Place Of Organization
California
5 Sole Voting Power
-0-
NUMBER OF
SHARES 6 Shared Voting Power
BENEFICIALLY
OWNED BY EACH -0-
REPORTING
PERSON WITH 7 Sole Dispositive Power
-0-
8 Shared Dispositive Power
-0-
9 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
10 Check Box If The Aggregate Amount In Row (9) Excludes Certain
Shares* [ ]
11 Percent Of Class Represented By Amount In Row 9
0.0%
12 Type Of Reporting Person*
PN<PAGE>
CUSIP No. 705536-10 SCHEDULE 13G Page 7 of 16
1 Name Of Reporting Person HAMBRECHT & QUIST VENTURES PARTNERS
IRS Identification No. Of Above Person 94-2949080
2 Check The Appropriate Box If A Member Of A Group (a) [ ]
(b) [x]
3 SEC USE ONLY
4 Citizenship Or Place Of Organization
California
5 Sole Voting Power
-0-
NUMBER OF
SHARES 6 Shared Voting Power
BENEFICIALLY
OWNED BY EACH -0-
REPORTING
PERSON WITH 7 Sole Dispositive Power
-0-
8 Shared Dispositive Power
-0-
9 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
10 Check Box If The Aggregate Amount In Row (9) Excludes Certain
Shares* [ ]
11 Percent Of Class Represented By Amount In Row 9
0.0%
12 Type Of Reporting Person*
PN<PAGE>
CUSIP No. 705536-10 SCHEDULE 13G Page 8 of 16
1 Name Of Reporting Person HAMBRECHT & QUIST CALIFORNIA
IRS Identification No. Of Above Person 94-2856927
2 Check The Appropriate Box If A Member Of A Group (a) [ ]
(b) [x]
3 SEC USE ONLY
4 Citizenship Or Place Of Organization
California
5 Sole Voting Power
-0-
NUMBER OF
SHARES 6 Shared Voting Power
BENEFICIALLY
OWNED BY EACH -0-
REPORTING
PERSON WITH 7 Sole Dispositive Power
-0-
8 Shared Dispositive Power
-0-
9 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
10 Check Box If The Aggregate Amount In Row (9) Excludes Certain
Shares* [ ]
11 Percent Of Class Represented By Amount In Row 9
0.0%
12 Type Of Reporting Person*
CO<PAGE>
CUSIP No. 705536-10 SCHEDULE 13G Page 9 of 16
1 Name Of Reporting Person HAMBRECHT & QUIST GROUP
IRS Identification No. Of Above Person 94-3246636
2 Check The Appropriate Box If A Member Of A Group (a) [ ]
(b) [x]
3 SEC USE ONLY
4 Citizenship Or Place Of Organization
Delaware
5 Sole Voting Power
-0-
NUMBER OF
SHARES 6 Shared Voting Power
BENEFICIALLY
OWNED BY EACH -0-
REPORTING
PERSON WITH 7 Sole Dispositive Power
-0-
8 Shared Dispositive Power
-0-
9 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
10 Check Box If The Aggregate Amount In Row (9) Excludes Certain
Shares* [ ]
11 Percent Of Class Represented By Amount In Row 9
0.0%
12 Type Of Reporting Person*
CO<PAGE>
CUSIP No. 705536-10 SCHEDULE 13G Page 10 of 16
1 Name Of Reporting Person WILLIAM R. HAMBRECHT
IRS Identification No. Of Above Person ###-##-####
2 Check The Appropriate Box If A Member Of A Group (a) [ ]
(b) [x]
3 SEC USE ONLY
4 Citizenship Or Place Of Organization
United States
5 Sole Voting Power
-0-
NUMBER OF
SHARES 6 Shared Voting Power
BENEFICIALLY
OWNED BY ACH -0-
REPORTING
PERSON WITH 7 Sole Dispositive Power
-0-
8 Shared Dispositive Power
-0-
9 Aggregate Amount Beneficially Owned By Each Reporting Person
-0-
10 Check Box If The Aggregate Amount In Row (9) Excludes Certain
Shares*
11 Percent Of Class Represented By Amount In Row 9
0.0%
12 Type Of Reporting Person*
IN<PAGE>
CUSIP No. 705536-10 SCHEDULE 13G Page 11 of 16
Item 1(a). Name of Issuer.
Peerless Systems Corporation (the "Issuer").
Item 1(b). Address of Issuer's Principal Executive Offices.
2381 Rosecrans Avenue, El Segundo, CA 90245.
Item 2(a). Names of Persons Filing.
Reference is made to Item 1 of each of the cover
pages of this Schedule, which Items are incorporated by
reference herein.
Item 2(b). Address of Principal Business Office or, if none,
Residence.
The address of each reporting person is One Bush
Street, San Francisco, California 94104.
Item 2(c). Citizenship.
Reference is made to Item 4 of each of the cover
pages of this Schedule, which Items are incorporated by
reference herein.
Item 2(d). Title of Class of Securities.
Common Stock.
Item 2(e). CUSIP Number.
705536-10.
Item 3. Type of Reporting Person.
Not applicable.
Item 4. Ownership.
Reference is made to Items 5-9 and 11 of each of the
cover pages to this Schedule, which Items are incorporated by
reference herein. At December 31, 1997, the following shares
of Common Stock were held directly by the following persons:<PAGE>
CUSIP No. 705536-10 SCHEDULE 13G Page 12 of 16
Common Stock
Person Directly Owned
Adobe Ventures, L.P. -0-
H&Q Peerless Investors, L.P. -0-
___
TOTAL -0-
===
Because voting and investment decisions concerning
securities previously held by the above entities may have
been made by or in conjunction with H&Q Adobe Ventures
Management, L.P., H&Q Adobe Ventures Management Corp., H&Q
Management Corporation, Hambrecht & Quist Venture Partners,
Hambrecht & Quist California, Hambrecht & Quist Group and
William R. Hambrecht, each of the reporting persons may have
been deemed a member of a group that shared voting and
dispositive power over all of the above securities. Although
the reporting persons previously reported such securities as
if they were members of a group, the filing of this Schedule
shall not be construed as an admission by any reporting
person that it is a beneficial owner of any securities other
than those directly held by such reporting person.
Under the definition of "beneficial ownership" in
Rule 13d-3 under the Securities Exchange Act of 1934, it is
also possible that the individual general partners,
directors, executive officers, members and/or managers of the
foregoing entities might be deemed the "beneficial owners" of
some or all of the securities to which this Schedule relates
in that they might be deemed to share the power to direct the
voting or disposition of such securities. Neither the filing
of this Schedule nor any of its contents shall be deemed to
constitute an admission that any of such individuals is, for
any purpose, the beneficial owner of any of the securities to
which this Schedule relates, and such beneficial ownership is
expressly disclaimed.
This Schedule does not include shares of Common
Stock, if any, held by Hambrecht & Quist LLC in its trading
account if it is a market maker in the Issuer's Common Stock.
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact
that as of the date hereof, the reporting persons have ceased
to be the beneficial owners of more than 5% of the Common
Stock, check the following: [x]<PAGE>
CUSIP No. 705536-10 SCHEDULE 13G Page 13 of 16
Item 6. Ownership of More Than Five Percent on Behalf of
Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on by
the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the
Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
Not applicable.<PAGE>
CUSIP No. 705536-10 SCHEDULE 13G Page 14 of 16
Signature
After reasonable inquiry and to the best of their
knowledge and belief, the undersigned certify that the
information set forth in this statement is true, complete and
correct.
DATED: February 10, 1998.
ADOBE VENTURES, L.P. HAMBRECHT & QUIST VENTURE
PARTNERS
By: /s/ Jackie A. Berterretche
__________________________ By: /s/ Jackie A. Berterretche
Jackie A. Berterretche __________________________
Attorney-in-Fact Jackie A. Berterretche
Attorney-in-Fact
H&Q PEERLESS INVESTORS, L.P.
HAMBRECHT & QUIST CALIFORNIA
By: /s/ Jackie A. Berterretche
__________________________ By: /s/ Jackie A. Berterretche
Jackie A. Berterretche __________________________
Attorney-in-Fact Jackie A. Berterretche
Attorney-in-Fact
H&Q ADOBE VENTURES MANAGEMENT, HAMBRECHT & QUIST GROUP
L.P.
By: /s/ Steven M. Machtinger
By: /s/ Jackie A. Berterretche __________________________
__________________________ Steven M. Machtinger
Jackie A. Berterretche General Counsel & Secy.
Attorney-in-Fact
WILLIAM R. HAMBRECHT
H&Q ADOBE VENTURES MANAGEMENT
CORP. By: /s/ Jackie A. Berterretche
__________________________
By: /s/ Jackie A. Berterretche Jackie A. Berterretche
__________________________ Attorney-in-Fact
Jackie A. Berterretche
Attorney-in-Fact
H&Q MANAGEMENT CORPORATION
By: /s/ Jackie A. Berterretche
__________________________
Jackie A. Berterretche
Attorney-in-Fact<PAGE>
CUSIP No. 705536-10 SCHEDULE 13G Page 15 of 16
EXHIBIT INDEX
Exhibit A Joint Filing Undertaking Page 16<PAGE>
CUSIP No. 705536-10 SCHEDULE 13G Page 16 of 16
JOINT FILING UNDERTAKING
The undersigned, being authorized thereunto, hereby
execute this agreement as an exhibit to this Schedule 13G to
evidence the agreement of the below-named parties, in accordance
with rules promulgated pursuant to the Securities Exchange Act
of 1934, to file this Schedule 13G and any subsequent amendment
jointly on behalf of each of such parties.
DATED: February 10, 1998.
ADOBE VENTURES, L.P. HAMBRECHT & QUIST VENTURE
PARTNERS
By: /s/ Jackie A. Berterretche
__________________________ By: /s/ Jackie A. Berterretche
Jackie A. Berterretche __________________________
Attorney-in-Fact Jackie A. Berterretche
Attorney-in-Fact
H&Q PEERLESS INVESTORS, L.P.
HAMBRECHT & QUIST CALIFORNIA
By: /s/ Jackie A. Berterretche
__________________________ By: /s/ Jackie A. Berterretche
Jackie A. Berterretche __________________________
Attorney-in-Fact Jackie A. Berterretche
Attorney-in-Fact
H&Q ADOBE VENTURES MANAGEMENT, HAMBRECHT & QUIST GROUP
L.P.
By: /s/ Steven M. Machtinger
By: /s/ Jackie A. Berterretche __________________________
__________________________ Steven M. Machtinger
Jackie A. Berterretche General Counsel & Secy.
Attorney-in-Fact
WILLIAM R. HAMBRECHT
H&Q ADOBE VENTURES MANAGEMENT
CORP. By: /s/ Jackie A. Berterretche
__________________________
By: /s/ Jackie A. Berterretche Jackie A. Berterretche
__________________________ Attorney-in-Fact
Jackie A. Berterretche
Attorney-in-Fact
H&Q MANAGEMENT CORPORATION
By: /s/ Jackie A. Berterretche
__________________________
Jackie A. Berterretche
Attorney-in-Fact<PAGE>