<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(RULE 13d-101)
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO.___)
FRONTIER AIRLINES, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $.001 Par Value
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(Title of Class of Securities)
359065109
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(CUSIP Number)
W.R. Hambrecht & Co., LLC
550 Fifteenth Street
San Francisco, California 94103
(415) 551-8600
(Name, Address and Telephone Number of Persons Authorized to Receive Notices
and Communications)
November 19, 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. ___
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SCHEDULE 13D
CUSIP No. 359065109 PAGE 2 OF 14
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
W.R. Hambrecht & Co., LLC
94-3289837
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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) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
334,500
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 334,500
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
334,500
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
Not Applicable
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.4%
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14 TYPE OF REPORTING PERSON
OO
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2
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SCHEDULE 13D
CUSIP No. 359065109 PAGE 3 OF 14
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
The Hambrecht 1980 Revocable Trust
###-##-####
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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
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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7 SOLE VOTING POWER
227,400
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 227,400
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
227,400
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
Not Applicable
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.6%
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14 TYPE OF REPORTING PERSON
OO
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3
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SCHEDULE 13D
CUSIP No. 359065109 PAGE 4 OF 14
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
E&M RP Trust
###-##-####
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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
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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7 SOLE VOTING POWER
545,400
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 545,400
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
545,400
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
Not Applicable
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.0%
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14 TYPE OF REPORTING PERSON
OO
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4
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SCHEDULE 13D
CUSIP No. 359065109 PAGE 5 OF 14
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
William R. Hambrecht
###-##-####
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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
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
561,900
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED BY ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 561,900
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
561,900*
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
Not Applicable
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.1%
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14 TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
* Includes 334,500 shares held by WR Hambrecht & Co., LLC and 227,400
shares held by the Hambrecht 1980 Revocable Trust.
5
<PAGE> 6
SCHEDULE 13D
CUSIP No. 359065109 PAGE 6 OF 14
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Edmund H. Shea, Jr.
###-##-####
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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
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
-0-
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 545,400
OWNED BY ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
545,400
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
545,400*
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
Not Applicable
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.0%
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14 TYPE OF REPORTING PERSON
IN
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* Represents shares held by the E&M RP Trust of which Mr. Shea is a
Trustee.
6
<PAGE> 7
SCHEDULE 13D
CUSIP No. 359065109 PAGE 7 OF 14
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Mary S. Shea
###-##-####
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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
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 545,400
OWNED BY ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
545,400
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
545,400*
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
Not Applicable
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.0%
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14 TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
* Represents shares held by the E&M RP Trust of which Mrs. Shea is a
Trustee.
7
<PAGE> 8
Item 1 Security and Issuer.
This Schedule 13D relates to the common stock, $.001 par value (the
"Common Stock"), of Frontier Airlines, Inc., a Colorado corporation (the
"Issuer"). The principal executive office and mailing address of the Issuer is
12015 East 46th Avenue, Suite 200, Denver, Colorado 80239.
Item 2. Identity and Background.
(a) (b) and (c) This Schedule 13D is filed on behalf of W.R.
Hambrecht & Co. LLC ("WRHCo"), The Hambrecht 1980 Revocable
Trust (the "Hambrecht Trust"), the E&M RP Trust (the "Shea
Trust"), William R. Hambrecht, Edmund H. Shea, Jr. and Mary S.
Shea (collectively, the "Reporting Persons").
WRHCo is a California limited liability company whose principal
business is investment. Its business address is 550 Fifteenth Street, San
Francisco, California 94103. The names of the officer and managemer of WRHCo,
his addresses, citizenship and principal occupation are as follows:
<TABLE>
<CAPTION>
PRINCIPAL
NAME AND OCCUPATION
OFFICE HELD BUSINESS ADDRESS CITIZENSHIP OR EMPLOYMENT
<S> <C> <C> <C>
William R. Hambrecht 550 Fifteenth Street USA President of WRHCo
President and Manager San Francisco, CA
94103
</TABLE>
The Hambrecht 1980 Revocable Trust is a California revocable trust. The
trustee of the trust is William R. Hambrecht. The address of the trust is 550
Fifteenth Street, San Francisco, California 94103.
The Shea Trust is a California revocable trust. The trustees of the
trust are Edmund H. Shea, Jr. and Mary S. Shea. The address of the Trust is 655
Brea Canyon Road, Walnut, California 01789.
8
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(b) To the best knowledge of the Reporting Persons, during the past
five years, none of the entities or individuals identified in
this Item 2 have been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors).
(e) To the best knowledge of the Reporting Persons, during the past
five years, none of the entities or individuals identified in
this Item 2 has been a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction and therefore
was not and is not 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.
Item 3. Source and Amount of Funds or Other Consideration.
Between May 27, 1998 and August 28, 1998 WRHCo acquired 334,500 shares
of the Issuer's Common Stock in open market transactions at an average cost per
share of $4.0074 per share. The source of the $1,340,480.84 purchase price was
the working capital of WRHCo. Between March 11, 1998 and August 6, 1998, the
Shea Trust acquired 318,500 shares of the Issuer's Common Stock in open market
transactions at an average cost per share of $4.0114. The source of the
$1,277,620.26 purchase price was the personal funds of the Shea Trust. Between
November 19, 1998 and November 25, 1998 the Hambrecht Trust and the Shea Trust
each acquired 449,400 shares of the Company's Common Stock in open market
transactions at an average cost of $4.745 per share. The source of the aggregate
$2,132,300.00 purchase price was the personal funds of each of the Hambrecht
Trust and the Shea Trust.
Item 4. Purpose of Transaction.
The Reporting Persons purchased the securities to increase their
respective equity interests in the Issuer. Depending upon market conditions and
other factors, the Reporting Persons may acquire additional securities of the
Issuer, in the open market, in privately negotiated transactions or otherwise.
Alternatively, depending upon market conditions and other factors, the Reporting
Persons may, from time to time, dispose of some or all of the securities of the
Issuer.
The Reporting Persons are regularly engaged in the business of investing
in publicly-held and private companies. In connection with their investments,
the Reporting persons analyze the operations, capital structure and markets of
the companies in which they invest, including the Issuer. As a result of these
analytical activities, one or more of the Reporting Persons may suggest or take
a position with respect to potential changes in the strategic direction,
operations, management or capital structure of such companies as a means of
enhancing shareholder value. Such communications may take place with Issuer's
management, members of the Board of Directors, other shareholders, security
analysts or others. In particular, the Reporting Persons believe that it would
be desirable for the
9
<PAGE> 10
Issuer to explore various strategic, operating and/or financial relationships
with Vanguard Airlines or others, including possible business combinations. The
Reporting Persons and their affiliates are major stockholders of Vanguard
Airlines.
Although the Reporting Persons reserve the right to develop plans or
proposals in the future with respect to the following items, except as set forth
above, at the present time they have no plans or proposals that relate to or
would result in any of the following:
(a) the acquisition by any person of additional securities of the
Issuer, or the disposition of securities of the Issuer;
(b) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any of
its subsidiaries;
(c) a sale or transfer of a material amount of assets of the Issuer
or any of its subsidiaries;
(d) any change in the present board of directors or management of
the Issuer, including any plans or proposals to change the
number or term of directors or to fill any existing vacancies on
the board;
(e) any material change in the present capitalization or dividend
policy of the Issuer;
(f) any other material change in the Issuer's business or corporate
structure;
(g) changes in the Issuer's charter, bylaws or instruments
corresponding thereto or other actions which may impede the
acquisition of control of the Issuer by any person;
(h) causing a class of securities of the Issuer to be delisted from
a national securities exchange or to cease to be authorized to
be quoted in an inter-dealer quotation system of a registered
national securities association;
(i) a class of equity securities of the Issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the
Securities Exchange Act of 1934; or
(j) any action similar to any of those enumerated in (a) through (i)
above.
10
<PAGE> 11
Item 5. Interest in Securities of the Issuer.
(a), (b) According to information furnished by the Issuer, there were
13,792,064 shares of Common Stock issued and outstanding as of
August 8, 1998. Based on such information, after taking into
account the transactions described in Item 5(c) below, the
Reporting Persons report the following direct holdings and
corresponding percentage interests in the Common Stock (computed
in accordance with Rule 13d-3(d)(1)(i) of the Securities
Exchange Act of 1934, as amended):
<TABLE>
<CAPTION>
PERCENTAGE
NAME SHARES OF COMMON STOCK OWNED OWNED
- ---- ---------------------------- -----
<S> <C> <C>
WRHCo 334,500 2.4%
The Hambrecht 1980 Revocable 227,400 1.6%
Trust
The E&M RP Trust 545,400 4.0%
William R. Hambrecht 561,900 4.1%
Edmund H. Shea, Jr. 545,400 4.0%
Mary S. Shea 545,400 4.0%
TOTAL 1,101,900 8.0%
</TABLE>
The Hambrecht 1980 Revocable Trust is a California revocable trust. The
trustee of the trust is William R. Hambrecht. The address of the trust is 550
Fifteenth Street, San Francisco, California 94103.
Because voting and investment decisions with respect to the securities
held by WRHCo, the Hambrecht Trust, the E&M RP Trust, William R. Hambrecht,
Edmund H Shea, Jr. and Mary S. Shea may be made by or in conjunction with the
other Reporting Persons, the Reporting Persons may be deemed to be members in a
group, in which case each Reporting Person would be deemed to have beneficial
ownership of an aggregate of 734,500 shares of the Common Stock.
(c) The Reporting Persons did not effect any transactions other than
those set forth in Items 3 and 4 above.
(d) Not applicable.
(e) Not applicable.
11
<PAGE> 12
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
None of the Reporting Persons is a party to any contract, arrangement,
understanding or relationship with respect to any securities of the Issuer,
including but not limited to the transfer or voting of any securities of the
Issuer, finder's fees, joint ventures, loan or option arrangements, puts or
calls, guarantees of profits, division of profits or loss, or the giving or
withholding of proxies.
Item 7. Material to Be Filed as Exhibits.
The following material is filed as an Exhibit to this Schedule 13D:
1. Joint Filing Agreement, dated November 30, 1998, between W.R.
Hambrecht & Co., LLC, The Hambrecht 1980 Revocable Trust , The E&M RP Trust,
William R. Hambrecht, Edmund H. Shea, Jr. and Mary S. Shea.
12
<PAGE> 13
SIGNATURE
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.
Date: November 25, 1998.
W.R. HAMBRECHT & CO., LLC
By: /s/ William R. Hambrecht
-------------------------------------
Name: William R. Hambrecht
Title: President
THE HAMBRECHT 1980 REVOCABLE TRUST
By: /s/ William R. Hambrecht
-----------------------------------
Name: William R. Hambrecht
Title: Trustee
E&M RP TRUST
By: /s/ Edmund H. Shea, Jr.
-----------------------------------
Name: Edmund H. Shea, Jr.
Title: Trustee
/s/ WILLIAM R. HAMBRECHT
----------------------------------------
WILLIAM R. HAMBRECHT
/s/ EDMUND H. SHEA, JR.
----------------------------------------
EDMUND H. SHEA, JR.
/s/ MARY S. SHEA
----------------------------------------
MARY S. SHEA
<PAGE> 14
EXHIBIT A
JOINT FILING UNDERTAKING
The undersigned, being duly authorized thereunto, hereby execute this
agreement as an exhibit to this Amendment to Schedule 13D 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 Amendment jointly
on behalf of each of such parties.
Dated: November 25, 1998
W.R. HAMBRECHT & CO., LLC
By: /s/ William R. Hambrecht
-------------------------------------
Name: William R. Hambrecht
Title: President
THE HAMBRECHT 1980 REVOCABLE TRUST
By: /s/ William R. Hambrecht
-------------------------------------
Name: William R. Hambrecht
Title: President
E&M RP TRUST
By: /s/ Edmund H. Shea, Jr.
-----------------------------------
Name: Edmund H. Shea, Jr.
Title: Trustee
/s/ WILLIAM R. HAMBRECHT
----------------------------------------
WILLIAM R. HAMBRECHT
/s/ EDMUND H. SHEA, JR.
----------------------------------------
EDMUND H. SHEA, JR.
/s/ MARY S. SHEA
----------------------------------------
MARY S. SHEA
