<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1 )*
IPI, Inc.
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(Name of Issuer)
Common Stock, $0.01 par value
-----------------------------
(Title of Class of Securities)
449805 10 0
-----------
(CUSIP Number)
Thomas G. Lovett IV
Lindquist & Vennum P.L.L.P.
4200 IDS Center
80 South Eighth Street
Minneapolis, Minnesota 55402
Telephone: (612) 371-3211
--------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 5, 1998
---------------
(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.
*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).
Page 1 of 12 Pages
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- -----------------------------------
CUSIP No. 449805100
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Dennis M. Mathisen
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a)/ /
(b)/X/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See instructions) 00
- --------------------------------------------------------------------------------
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 9,000
SHARES
----------------------------------------------------------------
BENEFICIALLY
8 SHARED VOTING POWER -0-
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER 9,000
PERSON
----------------------------------------------------------------
WITH
10 SHARED DISPOSITIVE POWER 1,592,044
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,601,044
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See instructions) / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 33.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See instructions) IN
- --------------------------------------------------------------------------------
Page 2 of 12 Pages
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- -----------------------------------
CUSIP No. 449805100
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Marshall Financial
Group, Inc. ,
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a)/ /
(b)/X/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See instructions) 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 UNITED STATES
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER 1,592,044
SHARES
----------------------------------------------------------------
BENEFICIALLY
8 SHARED VOTING POWER -0-
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER 1,592,044
PERSON
----------------------------------------------------------------
WITH
10 SHARED DISPOSITIVE POWER -0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,592,044
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (See instructions) /X/
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 33.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See instructions) CO
- --------------------------------------------------------------------------------
Page 3 of 12 Pages
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CUSIP No. 449805100
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Kenneth J. Severinson
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a)/ /
(b)/X/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See instructions) 00
- --------------------------------------------------------------------------------
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 25,000
SHARES
----------------------------------------------------------------
BENEFICIALLY
8 SHARED VOTING POWER -0-
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER 25,000
PERSON
----------------------------------------------------------------
WITH
10 SHARED DISPOSITIVE POWER -0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 25,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See instructions) /X/
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) .5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See instructions) IN
- --------------------------------------------------------------------------------
Page 4 of 12 Pages
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CUSIP No. 449805100
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS John A. Fischer
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a)/ /
(b)/X/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See instructions) 00
- --------------------------------------------------------------------------------
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 50,000
SHARES
----------------------------------------------------------------
BENEFICIALLY
8 SHARED VOTING POWER -0-
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER 50,000
PERSON
----------------------------------------------------------------
WITH
10 SHARED DISPOSITIVE POWER -0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 50,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See instructions) /X/
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See instructions) IN
- --------------------------------------------------------------------------------
Page 5 of 12 Pages
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CUSIP No. 449805100
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Richard A. Hassel
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a) / /
(b) /X/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See instructions) 00
- --------------------------------------------------------------------------------
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 50,000
SHARES
----------------------------------------------------------------
BENEFICIALLY
8 SHARED VOTING POWER -0-
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER 50,000
PERSON
----------------------------------------------------------------
WITH
10 SHARED DISPOSITIVE POWER -0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 50,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES /X/
(See instructions)
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See instructions) IN
- --------------------------------------------------------------------------------
Page 6 of 12 Pages
<PAGE>
- -----------------------------------
CUSIP No. 449805100
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Kenneth J. Roering
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions) (a)/ /
(b)/X/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See instructions) 00
- --------------------------------------------------------------------------------
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 50,000
SHARES
----------------------------------------------------------------
BENEFICIALLY
8 SHARED VOTING POWER -0-
OWNED BY
EACH ----------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER 50,000
PERSON
----------------------------------------------------------------
WITH
10 SHARED DISPOSITIVE POWER -0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 50,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See instructions) /X/
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See instructions) IN
- --------------------------------------------------------------------------------
Page 7 of 12 Pages
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Item 1. SECURITY AND ISSUER
This Statement relates to the Common Stock, par value $.01 per share (the
"Common Stock"), of IPI, Inc. (the "Company"), having its principal executive
offices at 15155 Technology Drive, Eden Prairie, Minnesota 55344.
Item 2. IDENTITY AND BACKGROUND
DENNIS M. MATHISEN - (a) through (f) remain the same as initially reported
MARSHALL FINANCIAL GROUP, INC. ("MFG") - (a) through (f) remain the same as
initially reported
KENNETH J. SEVERINSON
(a) Kenneth J. Severinson
(b) 903 North Third Street, Suite 300, Minneapolis, Minnesota 55401.
(c) Mr. Severinson's principal occupation is Vice President of MFG.
(d) Mr. Severinson has not been convicted in a criminal proceeding in the
last five years.
(e) Mr. Severinson has not been a party to a civil proceeding involving
violations of securities laws in the last five years.
(f) Mr. Severinson is a citizen of the United States.
JOHN A. FISCHER
(a) John A. Fischer
(b) 903 North Third Street, Suite 300, Minneapolis, Minnesota 55401.
(c) Mr. Fischer's principal occupation is Executive Vice President of MFG.
(d) Mr. Fischer has not been convicted in a criminal proceeding in the last
five years.
(e) Mr. Fischer has not been a party to a civil proceeding involving
violations of securities laws in the last five years.
(f) Mr. Fischer is a citizen of the United States.
Page 8 of 12 Pages
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RICHARD A. HASSEL
(a) Richard A. Hassel
(b) 1100 Viking Drive, Suite 400, Eden Prairie, Minnesota 55344
(c) Mr. Hassel's principal occupation is General Counsel of Lifetouch,
Inc., a photographic services company, 1100 Viking Drive, Suite 400, Eden
Prairie, Minnesota 55344.
(d) Mr. Hassel has not been convicted in a criminal proceeding in the last
five years.
(e) Mr. Hassel has not been a party to a civil proceeding involving
violations of securities laws in the last five years.
(f) Mr. Hassel is a citizen of the United States.
KENNETH J. ROERING
(a) Kenneth J. Roering
(b) 142 W. Pleasant Lake Road, North Oaks, Minnesota, 55127
(c) Mr. Roering's principal occupation is a professor at the Carlson School
of Management at the University of Minnesota in Minneapolis.
(d) Mr. Roering has not been convicted in a criminal proceeding in the last
five years.
(e) Mr. Roering has not been a party to a civil proceeding involving
violations of securities laws in the last five years.
(f) Mr. Roering is a citizen of the United States.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Funds used by MFG to purchase the Common Stock of IPI came from working
capital and a note delivered to the sellers of IPI shares (the "Note"). Funds
used by Messrs. Severinson, Fischer, Hassel and Roering consisted of cash and
debt borrowed from MFG.
Item 4. PURPOSE OF TRANSACTION
Page 9 of 12 Pages
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All reporting persons hereunder have acquired the securities described in
Items 1 and 5 for investment purposes.
All reporting persons hereunder may, from time to time, (1) acquire
additional shares of Common Stock (subject to availability at prices deemed
favorable to such persons) in the open market, in privately negotiated
transactions, or otherwise, or (2) attempt to dispose of shares of Common Stock
in the open market, in privately negotiated transactions or otherwise. In
addition, as described in Item 5, shares purchased and held by MFG are subject
to a buy-sell agreement between MFG and Jacobs Industries, Inc.
Except as set forth above, all reporting persons hereunder have no present
plans or intentions that would result in or relate to any of the transactions
described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. The
reporting persons anticipate exploring a number of alternatives with respect to
the Company, including one or more of the transactions described in
subparagraphs (a) through (j) of Item 4 of Schedule 13D.
Item 5. INTEREST IN SECURITIES OF THE ISSUER
(a) On January 5, 1998, Marshall Financial Group, Inc. ("MFG"), of which
Dennis M. Mathisen is the President, Chief Executive Officer and sole
shareholder, exercised its options to purchase 1,608,500 shares and 79,272
shares of the Company pursuant to agreements between MFG and Jacobs Industries,
Inc. ("JII") and Dorothy Galloway, respectively. The terms of such agreements
were previously disclosed on Schedule 13D filed November 12, 1997. Subsequent
to such exercise, MFG sold 13,675, 27,351, 27,351 and 27,351 shares of IPI
Common Stock to Messrs. Severinson, Fischer, Hassel and Roering, respectively.
In connection with these sales, JII waived the right of first refusal
contained in Paragraph 10 of the Option, Security Agreement and Buy-Sell
Agreement dated May 28, 1997, as amended (the "Agreement"), by and between MFG
and JII. In addition to their purchases from MFG, Messrs. Severinson, Fischer,
Hassel and Roering purchased an additional 11,325, 22,649, 22,649 and 22,649
shares of IPI Common Stock, respectively, in private transactions with Ms.
Galloway.
All the reporting persons hereunder disclaim beneficial ownership of shares
held by the others except Mr. Mathisen, who does not disclaim beneficial
ownership of the shares held by MFG. All shares currently held by MFG remain
subject to the provisions of the buy-sell agreement previously disclosed.
Based upon this series of transactions, as of January 5, 1998, the
reporting persons hereunder own shares of the Common Stock of the Company in the
following amounts:
Page 10 of 12 Pages
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SHARES PERCENTAGE
OWNED OUTSTANDING
--------- -----------
MFG 1,592,044 33.6%
Mr. Mathisen 1,601,044 33.8%
Mr. Severinson 25,000 .5%
Mr. Fischer 50,000 1.1%
Mr. Hassel 50,000 1.1%
Mr. Roering 50,000 1.1%
(b) The responses of all reporting persons hereunder to Items (7) through
(11) of the portions of the cover page of this Schedule which relate to
beneficial ownership of shares of Common Stock are incorporated herein by
reference. With respect to the shares held by MFG, Items (7) through (11) do
not reflect that (i) such shares were pledged under the Note pursuant to the
Agreement wherein certain rights are triggered upon default of the Note,
including the right to vote such shares by the Pledgee, and (ii) under the
Agreement, MFG and JII gave each other certain rights of first refusal whereby
either party may initiate a procedure to either buy or sell the other's shares
under certain circumstances with ninety (90) days' notice.
(c) Other than the transactions described in Item 5(a) above, the
reporting persons hereunder have not effected any transactions in the Common
Stock during the past sixty days.
(d) Not applicable.
(e) Not applicable.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
Other than the agreements referred to in Item 5 or previously reported,
there are no contracts, arrangements, understandings or relationships between
any of the reporting persons and any other person with respect to any securities
of the Company.
Item 7. MATERIAL TO BE FILED AS EXHIBITS
(1) Joint Filing Agreement
Page 11 of 12 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.
MARSHALL FINANCIAL GROUP, INC.
Date: January 7, 1998 /s/ John A. Fischer
-------------------------------
John A. Fischer
Executive Vice President
Date: January 7, 1998 /s/ Dennis M. Mathisen
-------------------------------
Dennis M. Mathisen
Date: January 7, 1998 /s/ Kenneth J. Severinson
-------------------------------
Kenneth J. Severinson
Date: January 7, 1998 /s/ John A. Fischer
-------------------------------
John A. Fischer
Date: January 7, 1998 /s/ Richard A. Hassel
-------------------------------
Richard A. Hassel
Date: January 7, 1998 /s/ Kenneth J. Roering
-------------------------------
Kenneth J. Roering
Page 12 of 12 Pages
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EXHIBIT 1
JOINT FILING AGREEMENT
The undersigned, Marshall Financial Group, Inc, Dennis M. Mathisen, Kenneth
J. Severinson, John A. Fischer, Richard A. Hassel and Kenneth J. Roering hereby
agree that this Schedule 13D Amendment No. 1 relating to securities of IPI, Inc.
shall be filed on behalf of each of them.
Dated: January 7, 1998
MARSHALL FINANCIAL GROUP, INC.
/s/ John A. Fischer
--------------------------------------------------
By: John A. Fischer
Its: Executive Vice President
/s/ Dennis M. Mathisen
--------------------------------------------------
Dennis M. Mathisen
/s/ Kenneth J. Severinson
--------------------------------------------------
Kenneth J. Severinson
/s/ John A. Fischer
--------------------------------------------------
John A. Fischer
/s/ Richard A. Hassel
--------------------------------------------------
Richard A. Hassel
/s/ Kenneth J. Roering
--------------------------------------------------
Kenneth J. Roering
