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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. 2)*
National Picture & Frame Company
________________________________________________________________________________
(Name of Issuer)
Common Stock, $.01 par value per share
________________________________________________________________________________
(Title of Class of Securities)
637152109
_______________________________________________________________
(CUSIP Number)
Frank C. Meyer
Manager
Pluto L.L.C.
225 W. Washington Street, Suite 1650
Chicago, IL 60606
(312) 443-5240
________________________________________________________________________________
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
October 9, 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 [_].
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.)
* 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).
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SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 637152109 PAGE 2 OF 6 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS
1 S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
White Dwarf Partners, L.P.
36-4143199
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware Limited Partnership
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0 Shares
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0 Shares
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
0 Shares
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
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.
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SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 637152109 PAGE 3 OF 6 PAGES
- ----------------------- ---------------------
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NAME OF REPORTING PERSONS
1 S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Pluto L.L.C.
36-4143196
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
00
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Illinois Limited Liability Company
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0 Shares
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0 Shares
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
0 Shares
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
00
- ------------------------------------------------------------------------------
*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>
Item 1. Security and Issuer.
--------------------
This Statement relates to the Common Stock, $.01 par value per share
(the "Common Stock") of National Picture & Frame Company ("NPF"), a Delaware
corporation having its principal executive offices at 702 Highway 82 West,
Greenwood, MS 38930.
Item 2. Identity and Background.
------------------------
Items 2 (a)-(c)
This Statement is filed by White Dwarf Partners, L.P. ("White Dwarf"),
a Delaware limited partnership, and Pluto L.L.C. ("Pluto"), an Illinois limited
liability company, each with its principal executive offices at 225 W.
Washington St., Suite 1650, Chicago, IL 60606. White Dwarf owned 279,845 shares
of Common Stock. Pluto is the general partner of White Dwarf, a private
investment fund.
Frank C. Meyer ("Mr. Meyer") is Manager of Pluto. Mr. Meyer's business
address is 225 W. Washington St., Suite 1650, Chicago, IL 60606. Mr. Meyer's
principal occupation is investment management.
Item 2 (d)
None of White Dwarf, Pluto or Mr. Meyer have been convicted in a
criminal proceeding during the last five years (excluding minor traffic
violations or similar misdemeanors).
Item 2 (e)
None of White Dwarf, Pluto or Mr. Meyer have been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of such proceeding were or are subject to a judgment, decree or final
order enjoining activities subject to federal or state securities laws or
finding any violation with respect to such laws.
Item 2 (f)
Mr. Meyer is a United States citizen.
Item 3. Source and Amount of Funds or Other Consideration.
--------------------------------------------------
See Item 4.
Page 4 of 6 Pages
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Item 4. Purpose of Transaction.
-----------------------
State the purpose or purposes of the acquisition of the securities of
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the issuer. Describe any plans or proposals which the reporting persons may have
- --------------------------------------------------------------------------------
which relate to or would result in:
- -----------------------------------
White Dwarf was formed pursuant to an Agreement of Limited Partnership
(the "Agreement") entered into on April 3, 1997, by and among Pluto and Hesperus
Partners, Ltd. ("Hesperus"), an Illinois limited partnership. On April 30, 1997,
Hesperus contributed certain assets (including 279,845 shares of Common Stock)
to White Dwarf in exchange for a limited partnership interest in White Dwarf.
Immediately therafter, Hesperus distributed its entire limited partnership
interest in White Dwarf to certain former limited partners ("Limited Partners")
in Hesperus who became limited partners in White Dwarf.
White Dwarf continues until December 31, 2010, unless sooner
dissolved. The business purpose of White Dwarf is to operate and maintain its
assets with the ultimate objective of liquidating and/or distributing all such
assets.
Item 5. Interest in Securities of the Issuer.
-------------------------------------
(a) White Dwarf tendered its beneficial ownership interest of 279,845
shares of Common Stock, representing 5.6% of the 4,973,000 shares of Common
Stock outstanding as of October 9, 1997. Pluto controls White Dwarf. Mr. Meyer
controls Pluto.
(b) White Dwarf, by virtue of tendering its beneficial ownership of the
Common Stock, has no power to vote the foregoing shares of Common Stock.
(c) None of White Dwarf, Pluto or Mr. Meyer have effected any transactions
in the Common Stock other than as described herein.
(d) Each of White Dwarf, Pluto and Mr. Meyer have the power to direct the
receipt of dividends or sale proceeds from the Common Stock.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
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to Securities of the Issuer.
----------------------------
Not applicable.
Item 7. Material to be Filed as Exhibits.
---------------------------------
Not applicable.
Page 5 of 6 Pages
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SIGNATURES
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.
Dated: October 30, 1997
PLUTO L.L.C.
By: /s/ Frank C. Meyer
__________________________________________
Frank C. Meyer
Manager
WHITE DWARF PARTNERS, L.P.
By: Pluto L.L.C., its general partner
By: /s/ Frank C. Meyer
__________________________________________
Frank C. Meyer
Manager
Page 6 of 6 Pages
