[1]
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OMB APPROVAL
OMB Number:3235-0145
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. *)
*
Credit Management Solutions, Inc.
*
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Common Stock
*
224905109
*
Elizabeth D. Giorgis
Gruber and McBaine Capital Management
50 Osgood Place, Penthouse
San Francisco, CA 94133
(415) 981-2101
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
*
August 5, 1999
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 the statement / /. (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 five percent or less 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 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).
SEC 1746 (12-91)
[2]<PAGE>
SCHEDULE 13D
CUSIP No. 224905109 Page 2 of 15 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
GRUBER & McBAINE CAPITAL MANAGEMENT, L.L.C.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E)/ /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 429,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
- --------------------------------------------------
10 SHARED DISPOSITIVE POWER
429,000
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
429,000
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.60
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
[3]<PAGE>
SCHEDULE 13D
CUSIP No. 224905109 Page 3 of 15 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
JON D. GRUBER
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF, PF
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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 59,400
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 429,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 59,400
- --------------------------------------------------
10 SHARED DISPOSITIVE POWER
429,000
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
488,400
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.38
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
[4]<PAGE>
SCHEDULE 13D
CUSIP No. 224905109 Page 4 of 15 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
J. PATTERSON McBAINE
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF, PF
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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 33,000
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 429,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 33,000
- --------------------------------------------------
10 SHARED DISPOSITIVE POWER
429,000
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
462,000
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.03
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
[5]<PAGE>
SCHEDULE 13D
CUSIP No. 224905109 Page 5 of 15 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
LAGUNITAS PARTNERS, A California Limited Partnership
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E)/ /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 212,700
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
- --------------------------------------------------
10 SHARED DISPOSITIVE POWER
212,700
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
212,700
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.78
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
[6]<PAGE>
SCHEDULE 13D
CUSIP No. 224905109 Page 6 of 15 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
GMJ INVESTMENTS, A California Limited Partnership
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(E)/ /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,500
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
- --------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,500
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,500
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.02
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
[7]<PAGE>
SCHEDULE 13D
CUSIP No. 224905109 Page 7 of 15 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
THOMAS O. LLOYD-BUTLER
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
- ---------------------------------------------------------------------------
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
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 429,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
- --------------------------------------------------
10 SHARED DISPOSITIVE POWER
429,000
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
429,000
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.60
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
[8]<PAGE>
SCHEDULE 13D
CUSIP No. 224905109 Page 8 of 15 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
ERIC B. SWERGOLD
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ---------------------------------------------------------------------------
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 4,000
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 429,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 4,000
- --------------------------------------------------
10 SHARED DISPOSITIVE POWER
429,000
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
433,000
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.65
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 224905109 Page 9 of 15 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of Common Stock (the "Stock") of Credit Management Solutions, Inc. ("CMSS"). The principal executive office of CMSS is located at 135 National Business Parkway, Annapolis Junction, MD, 20701.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this statement and the persons enumerated in Instruction C of Schedule 13D and, where applicable, their respective places of organization, general partners, directors, executive officers and controlling persons, and the information regarding them, are as follows:
(a) Gruber and McBaine Capital Management, L.L.C. (LLC); Jon D. Gruber (Gruber); J. Patterson McBaine (McBaine); Thomas O. Lloyd-Butler (TLB); Eric B. Swergold (EBS); Lagunitas Partners, L.P., a California limited partnership (Lag); GMJ Investments, L.P., a California limited partnership (GMJ).
(b) The business address of LLC, Gruber, McBaine, TLB, EBS, Lag and GMJ is 50 Osgood Place, Penthouse, San Francisco, CA 94133.
(c) LLC is an investment adviser. Gruber and McBaine are the Managers of LLC and TLB and EBS are members of LLC. Lag and GMJ are investment limited partnerships. LLC is the general partner of Lag and GMJ.
(d) During the last five years, none of such persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) During the last five years, none of such persons was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f) All such persons are citizens of the United States of America.
<PAGE>
SCHEDULE 13D
CUSIP No. 224905109 Page 10 of 15 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used in purchasing the Stock were as follows:
Purchaser Source of Funds Amount
LLC Capital Under Management $1,195,055
Gruber Personal Funds $328,516
McBaine Personal Funds $179,589
Lag Working Capital $1,136,002
GMJ Working Capital $8,625
EBS Personal Funds $22,131
ITEM 4. PURPOSE OF TRANSACTION.
The sole purpose of the purchase of the Stock reported herein was and is for investment.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The beneficial ownership of the Stock of the persons named in Item 2 of this statement is as follows at the date hereof:
Aggregate
Beneficially
Owned Voting Power Dispositive Power
Name Number Percent Sole Shared Sole Shared
Lag 212,700 2.78 0 212,700 0 212,700
LLC 429,000 5.60 0 429,000 0 429,000
GMJ 1,500 0.02 0 1,500 0 1,500
Gruber488,400 6.38 59,400 429,000 59,400 429,000
McBaine462,000 6.03 33,000 429,000 33,000 429,000
TLB 429,000 5.60 0 429,000 0 429,000
EBS 433,000 5.65 4,000 429,000 4,000 429,000
The persons filing this statement effected the following transactions in the Stock on the dates indicated, and such transactions are the only transactions in the Stock by the persons filing this statement since 6/5/99:
<PAGE>
SCHEDULE 13D
CUSIP No. 224905109 Page 11 of 15 Pages
Purchase Number Price
Name or Sale Date of Shares Per Share
LLC P 11/30/99 3500 6.06
LLC P 11/23/99 1500 5.81
Gruber P 11/23/99 1500 5.81
Lag P 11/22/99 2000 7.05
LLC P 11/22/99 1200 7.05
Lag P 11/18/99 10000 6.13
LLC P 11/18/99 8500 6.13
Gruber P 11/18/99 3000 6.13
McBaine P 11/18/99 3500 6.13
LLC P 11/18/99 7800 7.10
Lag P 11/15/99 4000 5.06
Gruber P 11/15/99 1500 5.06
EBS P 11/12/99 800 4.43
McBaine P 11/11/99 1000 4.13
Lag P 11/11/99 4000 4.13
Lag P 11/10/99 6000 4.06
LLC P 11/10/99 4200 4.06
McBaine P 11/10/99 1000 4.06
Lag P 10/19/99 3000 4.30
LLC P 10/19/99 2000 4.30
LLC P 10/18/99 1500 4.30
Gruber P 10/14/99 300 4.55
Lag P 10/6/99 8000 5.44
LLC P 10/6/99 8000 5.44
Gruber P 10/6/99 2000 5.44
McBaine P 10/6/99 2000 5.44
Lag P 9/27/99 3500 6.00
Gruber P 9/27/99 500 6.00
LLC P 9/27/99 1000 6.00
LLC P 9/22/99 2000 5.88
Gruber P 9/22/99 1500 5.88
Gruber P 9/21/99 1000 5.88
LLC P 9/21/99 2500 5.88
Lag P 9/14/99 6000 7.13
LLC P 9/14/99 2000 7.13
Gruber P 9/14/99 2000 7.13
LLC P 9/13/99 5000 6.88
LLC P 9/13/99 3000 7.48
Lag P 8/27/99 6000 7.75
LLC P 8/27/99 4000 7.75
Gruber P 8/27/99 1200 7.75
Lag P 8/25/99 4000 6.96
Gruber P 8/25/99 1500 6.96
LLC P 8/25/99 3000 6.96
LLC P 8/5/99 8500 6.19
Gruber P 8/5/99 1500 6.19
Lag P 7/23/99 3000 6.91
LLC P 7/23/99 4500 6.91
Gruber P 7/23/99 1500 6.91
McBaine P 7/23/99 1000 6.91
EBS P 7/22/99 400 6.93
<PAGE>
SCHEDULE 13D
CUSIP No. 224905109 Page 12 of 15 Pages
LLC P 7/22/99 4600 6.93
Lag P 7/21/99 30000 6.06
Gruber P 7/21/99 8000 6.06
LLC P 7/21/99 34000 6.06
McBaine P 7/21/99 8000 6.06
EBS P 7/21/99 500 6.30
Lag P 7/20/99 35000 5.50
LLC P 7/20/99 22000 5.50
Gruber P 7/20/99 12200 5.50
McBaine P 7/20/99 5800 5.50
EBS P 7/20/99 1100 5.80
LLC P 7/20/99 400 5.80
Lag P 7/16/99 10000 5.75
LLC P 7/16/99 10500 5.75
GMJ P 7/16/99 1500 5.75
Gruber P 7/16/99 1500 5.75
McBaine P 7/16/99 2500 5.75
EBS P 7/9/99 500 5.86
Lag P 7/9/99 5000 5.56
LLC P 7/9/99 2000 5.56
Gruber P 7/9/99 2000 5.56
McBaine P 7/9/99 1000 5.56
LLC P 7/8/99 1500 5.00
McBaine P 7/8/99 200 5.00
Gruber P 7/6/99 500 4.50
LLC P 7/6/99 10100 4.50
McBaine P 7/6/99 500 4.50
Gruber P 6/23/99 1800 4.11
Lag P 6/22/99 500 4.30
Lag P 6/21/99 12500 4.19
McBaine P 6/21/99 2500 4.19
LLC P 6/21/99 7500 4.19
Gruber P 6/21/99 2500 4.19
Lag P 6/16/99 10000 4.56
LLC P 6/16/99 6000 4.56
Gruber P 6/16/99 2000 4.56
McBaine P 6/16/99 2000 4.56
Gruber P 6/7/99 500 4.74
<PAGE>
SCHEDULE 13D
CUSIP No. 224905109 Page 13 of 15 Pages
ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
LLC is the general partner of Lag and GMJ, pursuant to limited partnership agreements. These agreements provide to the general partner the authority, among other things, to invest the funds of GMJ and Lag in the Stock, to vote and dispose of those securities and to file this statement on behalf of GMJ and Lag. Also pursuant to those limited partnership agreements, LLC is entitled to fees based on assets under management and realized and unrealized gains, if certain conditions are met. Pursuant to investment management agreements, LLC is authorized, among other things, to invest funds of its various investment advisory clients, and to vote and dispose of those securities. Such investment management agreements may be terminated by either party on thirty days' notice, and provide for fees payable to LLC based on assets under management and realized and unrealized gains, if certain conditions are met. Pursuant to authority granted to LLC orally and under a Power of Attorney, LLC is authorized, among other t
hings, to invest funds of various relatives and affiliates of Gruber and McBaine. Such authority may be terminated at any time on notice and there are no fees payable to LLC for those services.
<PAGE>
SCHEDULE 13D
CUSIP No. 224905109 Page 14 of 15 Pages
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G (previously filed).
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I certify that the information set forth in this statement is true, complete and correct.
DATED: December 7, 1999
Jon D. Gruber
J. Patterson McBaine
Thomas O. Lloyd-Butler
Eric B. Swergold
Gruber and McBaine Capital Management, L.L.C., by J. Patterson McBaine, Manager
GMJ Investments, L.P., by Gruber and McBaine Capital Management, L.L.C., by J. Patterson McBaine, Manager
Lagunitas Partners, L.P., by Gruber and McBaine Capital Management, L.L.C., by J. Patterson McBaine, Manager
<PAGE>
SCHEDULE 13D
CUSIP No. 224905109 Page 15 of 15 Pages
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G
The undersigned agree to file jointly with the Securities and Exchange Commission (the "SEC") any and all statements on Schedule 13D or Schedule 13G (and any amendments or supplements thereto) required under section 13(d) of the Securities Exchange Act of 1934, as amended, in connection with purchases by the undersigned of common stock of CMSS. For that purpose, the undersigned hereby constitute and appoint Gruber & McBaine Capital Management, L.L.C., as their true and lawful agent and attorney-in-fact, with full power and authority for and on behalf of the undersigned to prepare or cause to be prepared, sign, file with the SEC and furnish to any other person all certificates, instruments, agreements and documents necessary to comply with section 13(d) and section 16(a) of the Securities Exchange Act of 1934, as amended, in connection with said purchases, and to do and perform every act necessary and proper to be done incident to the exercise of the foregoing power, as fully as the undersigned might or coul
d do if personally present.
DATED: December 7, 1999.
Jon D. Gruber
J. Patterson McBaine
Thomas O. Lloyd-Butler
Eric B. Swergold
Gruber and McBaine Capital Management, L.L.C., by J. Patterson McBaine, Manager
GMJ Investments, L.P., by Gruber and McBaine Capital Management, L.L.C., by J. Patterson McBaine, Manager
Lagunitas Partners, L.P., by Gruber and McBaine Capital Management, L.L.C., by J. Patterson McBaine, Manager
F:\DMS\M-CORP\INV_ADV\0113476.WP
THIS IS FORMATTED FOR EDGAR (ELECTRONIC) FILING--NO SPECIAL CODES, COURIER 10 CPI LEGAL FONT. ALSO, BE AWARE THAT THE FIRST AND SECOND PAGES OF THE FORM ARE CONSIDERED PAGE 1.
THIS PAGE MUST BE DUPLICATED FOR EACH ENTITY INCLUDED IN THIS FILING.
