UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )*
National Picture & Frame Company
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(Name of Issuer)
Common Stock, $.01 par value per share
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(Title of Class of Securities)
637152109
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(CUSIP Number)
Frank C. Meyer
Manager
Pluto L.L.C.
225 W. Washington Street, Suite 1650
Chicago, IL 60606
(312) 443-5240
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 30, 1997
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(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.
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* 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).
<PAGE>
SCHEDULE 13D
CUSIP No. 637152109 Page 2 of 7 Pages
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
White Dwarf Partners, L.P.
36-4143199
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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*
OO
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5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Item
2(d) or 2(e) |_|
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6 Citizenship or Place of Organization
Delaware Limited Partnership
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Number of 7 Sole Voting Power
Shares
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power 279,845 Shares
Each --------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person --------------------------------------------------------
With 10 Shared Dispositive Power 279,845 Shares
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11 Aggregate Amount Beneficially Owned by Each Reporting Person
279,845 Shares
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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)
5.6%
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14 Type of Reporting Person*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 637152109 Page 3 of 7 Pages
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Pluto L.L.C.
36-4143196
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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*
OO
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5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Item
2(d) or 2(e) |_|
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6 Citizenship or Place of Organization
Illinois Limited Liability Company
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Number of 7 Sole Voting Power
Shares
Beneficially --------------------------------------------------------
Owned By 8 Shared Voting Power 279,845 Shares
Each --------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person --------------------------------------------------------
With 10 Shared Dispositive Power 279,845 Shares
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
279,845 Shares
- --------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* |_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
5.6%
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14 Type of Reporting Person*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Item 1. Security and Issuer.
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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 owns 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 7 Pages
<PAGE>
Item 4. Purpose of Transaction.
-----------------------
State the purpose or purposes of the acquisition of the securities of 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, including
the Common Stock, with the ultimate objective of liquidating and/or distributing
all such assets. No decision has been made to liquidate or distribute the Common
Stock or to dissolve White Dwarf.
White Dwarf, Pluto and Mr. Meyer have no plans to cause or effect a
material change in NPF's business or corporate structure by merger, sale of
assets, or other form of reorganization or to take any action to prevent the
acquisition of control by another person through a change in corporate
instruments or membership of the Board of Directors or through any other means,
nor do they have an intention to alter the capitalization or dividend policies
of the Common Stock, or to effect any other transaction comparable in nature to
the above.
Item 5. Interest in Securities of the Issuer.
-------------------------------------
(a) White Dwarf is the beneficial owner of 279,845 shares of Common Stock,
representing 5.6% of the 4,967,212 shares of Common Stock outstanding as of
March 11, 1997. Pluto controls White Dwarf. Mr. Meyer controls Pluto.
(b) White Dwarf, by virtue of its beneficial ownership of the Common Stock,
holds the power to dispose of 279,845 shares of Common Stock. White Dwarf has
the power to vote the foregoing shares of Common Stock. Pluto may act in its
capacity as general partner of White Dwarf in connection with voting the Common
Stock. Mr. Meyer controls Pluto.
(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.
Page 5 of 7 Pages
<PAGE>
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
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Securities of the Issuer.
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Not applicable.
Item 7. Material to be Filed as Exhibits.
---------------------------------
Not applicable.
Page 6 of 7 Pages
<PAGE>
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: May 11, 1997
PLUTO L.L.C.
By:/s/Frank C. Meyer
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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 7 of 7 Pages
