<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
Information Statement Pursuant to Rules 13d-1 and 13d-2
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
PixTech, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
72583K 10 9
-------------------
(CUSIP Number)
December 31, 1999
------------------------------
Date of Event Which Requires Filing of the Statement
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 1 of 25
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CUSIP NO. 72583K-10-9 13G Page 2 of 25 Pages
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Citadel Limited Partnership
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4 Illinois Limited Partnership
U.S.A.
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6 146,295 Shares of Common Stock
88,766 Shares of Series E Preferred Stock (convertible
OWNED BY into 283,442 Shares of Common Stock)/(1)(2)/
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7 0
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8 See Row 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9 See Row 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES*
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11 Up to 1.2% as of the date of filing of this statement. (Based on
37,237,283 Shares of Common Stock issued and outstanding as of
December 20, 1999, plus the Common Stock issuable upon the conversion
of the preferred stock referred to in Row 6 above.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12 PN; HC
- ------------------------------------------------------------------------------
/1/ See Item 4, Endnote 1.
/2/ Series E Preferred Stock accrue dividends at a rate of 6-10% per annum,
depending on the then-current value of the Issuer's common stock, payable in
cash or common stock, at the discretion of the Issuer. Such shares are not
reported as beneficially owned herein.
Page 2 of 25
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CUSIP NO. 72583K-10-9 13G Page 3 of 25 Pages
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
GLB Partners, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4 Delaware Limited Partnership
U.S.A.
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6 146,295 Shares of Common Stock
88,766 Shares of Series E Preferred Stock (convertible
OWNED BY into 283,442 Shares of Common Stock)/(1)(2)/
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7 0
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8 See Row 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9 See Row 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES*
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11 Up to 1.2% as of the date of filing of this statement. (Based on
37,237,283 Shares of Common Stock issued and outstanding as of
December 20, 1999, plus the Common Stock issuable upon the conversion
of the preferred stock referred to in Row 6 above.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12 PN; HC
- ------------------------------------------------------------------------------
/1/ See Item 4, Endnote 1.
/2/ Series E Preferred Stock accrue dividends at a rate of 6-10% per annum,
depending on the then-current value of the Issuer's common stock, payable in
cash or common stock, at the discretion of the Issuer. Such shares are not
reported as beneficially owned herein.
Page 3 of 25
<PAGE>
CUSIP NO. 72583K-10-9 13G Page 4 of 25 Pages
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Citadel Investment Group, L.L.C.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4 Delaware Limited Liability Company
U.S.A.
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6 146,295 Shares of Common Stock
88,766 Shares of Series E Preferred Stock (convertible
OWNED BY into 283,442 Shares of Common Stock)/(1)(2)/
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7 0
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8 See Row 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9 See Row 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES*
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11 Up to 1.2% as of the date of filing of this statement. (Based on
37,237,283 Shares of Common Stock issued and outstanding as of
December 20, 1999, plus the Common Stock issuable upon the conversion
of the preferred stock referred to in Row 6 above.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12 OO; HC
- ------------------------------------------------------------------------------
/1/ See Item 4, Endnote 1.
/2/ Series E Preferred Stock accrue dividends at a rate of 6-10% per annum,
depending on the then-current value of the Issuer's common stock, payable in
cash or common stock, at the discretion of the Issuer. Such shares are not
reported as beneficially owned herein.
Page 4 of 25
<PAGE>
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CUSIP NO. 72583K-10-9 13G PAGE 5 of 25 PAGES
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Kenneth Griffin
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2. (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3.
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4. U.S. Citizen
U.S.A.
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5. 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6. 146,295 Shares of Common Stock
88,766 Shares of Series E Preferred Stock (convertible
OWNED BY into 283,442 Shares of Common Stock)/(1)(2)/
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7. 0
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8. See Row 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9. See Row 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10. CERTAIN SHARES*
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11. Up to 1.2% as of the date of filing of this statement. (Based on
37,237,283 Shares of Common Stock issued and outstanding as of
December 20, 1999, plus the Common Stock issuable upon the conversion
of the preferred stock referred to in Row 6 above.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12. IN
- ------------------------------------------------------------------------------
/1/ See Item 4, Endnote 1.
/2/ Series E Preferred Stock accrue dividends at a rate of 6-10% per annum,
depending on the then-current value of the Issuer's common stock, payable in
cash or common stock, at the discretion of the Issuer. Such shares are not
reported as beneficially owned herein.
Page 5 of 25
<PAGE>
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CUSIP NO. 72583K-10-9 13G PAGE 6 of 25 PAGES
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSONS.
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Wellington Partners Limited Partnership
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4 Illinois Limited Partnership
U.S.A.
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6 55,866 Shares of Common Stock
31,068 Shares of Series E Preferred Stock (convertible
OWNED BY into 99,203 Shares of Common Stock)/(1)(2)/
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7 0
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8 See Row 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9 See Row 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES*
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11 Up to 0.4% as of the date of filing of this statement. (Based on
37,237,283 Shares of Common Stock issued and outstanding as of
December 20, 1999, plus the Common Stock issuable upon the conversion
of the preferred stock referred to in Row 6 above.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12 PN; HC
- ------------------------------------------------------------------------------
/1/ See Item 4, Endnote 1.
/2/ Series E Preferred Stock accrue dividends at a rate of 6-10% per annum,
depending on the then-current value of the Issuer's common stock, payable in
cash or common stock, at the discretion of the Issuer. Such shares are not
reported as beneficially owned herein.
Page 6 of 25
<PAGE>
CUSIP NO. 72583K-10-9 13G Page 7 of 25 Pages
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Wingate Capital Ltd.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2. (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3.
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4. Cayman Islands Company
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5. 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6. 55,866 Shares of Common Stock
31,068 Shares of Series E Preferred Stock (convertible
OWNED BY into 99,203 Shares of Common Stock)/(1)(2)/
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7. 0
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8. See Row 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9. See Row 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10. CERTAIN SHARES*
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11. Up to 0.4% as of the date of filing of this statement. (Based on
37,237,283 Shares of Common Stock issued and outstanding as of
December 20, 1999, plus the Common Stock issuable upon the conversion
of the preferred stock referred to in Row 6 above.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12. CO
- ------------------------------------------------------------------------------
/1/ See Item 4, Endnote 1.
/2/ Series E Preferred Stock accrue dividends at a rate of 6-10% per annum,
depending on the then-current value of the Issuer's common stock, payable in
cash or common stock, at the discretion of the Issuer. Such shares are not
reported as beneficially owned herein.
Page 7 of 25
<PAGE>
CUSIP NO. 72583K-10-9 13G PAGE 8 of 25 PAGES
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
NP Partners
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4 Bermuda General Partnership
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6 0 Shares of Common Stock
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7 0
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8 See Row 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9 See Row 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES*
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11 Up to 0.0% as of the date of filing of this statement.
(Based on 37,237,283 Shares of Common Stock issued and
outstanding as of December 20, 1999.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12 PN
- ------------------------------------------------------------------------------
Page 8 of 25
<PAGE>
==============================================================================
CUSIP NO. 72583K-10-9 13G PAGE 9 of 25 PAGES
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Kensington Global Strategies Fund, Ltd.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4 Bermuda Company
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6 90,429 Shares of Common Stock
57,698 Shares of Series E Preferred Stock (convertible
OWNED BY into 184,238 Shares of Common Stock)/(1)(2)/
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7 0
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8 See Row 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9 See Row 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES*
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11 Up to 0.7% as of the date of filing of this statement. (Based on
37,237,283 Shares of Common Stock issued and outstanding as of
December 20, 1999, plus the Common Stock issuable upon the conversion
of the preferred stock referred to in Row 6 above.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12 CO
- ------------------------------------------------------------------------------
/1/ See Item 4, Endnote 1.
/2/ Series E Preferred Stock accrue dividends at a rate of 6-10% per annum,
depending on the then-current value of the Issuer's common stock, payable in
cash or common stock, at the discretion of the Issuer. Such shares are not
reported as beneficially owned herein.
Page 9 of 25
<PAGE>
==============================================================================
CUSIP NO. 72583K-10-9 13G PAGE 10 of 25 PAGES
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fisher Capital Ltd.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4 Cayman Islands Company
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6 90,429 Shares of Common Stock
57,698 Shares of Series E Preferred Stock (convertible
OWNED BY into 184,238 Shares of Common Stock)/(1)(2)/
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7 0
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8 See Row 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9 See Row 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES*
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11 Up to 0.7% as of the date of filing of this statement. (Based on
37,237,283 Shares of Common Stock issued and outstanding as of
December 20, 1999, plus the Common Stock issuable upon the conversion
of the preferred stock referred to in Row 6 above.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12 CO
- ------------------------------------------------------------------------------
/1/ See Item 4, Endnote 1.
/2/ Series E Preferred Stock accrue dividends at a rate of 6-10% per annum,
depending on the then-current value of the Issuer's common stock, payable in
cash or common stock, at the discretion of the Issuer. Such shares are not
reported as beneficially owned herein.
Page 10 of 25
<PAGE>
==============================================================================
CUSIP NO. 72583K-10-9 13G PAGE 11 of 25 PAGES
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Olympus Securities, Ltd.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4 Bermuda Company
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6 0 Shares of Common Stock
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7 0
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8 See Row 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9 See Row 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES*
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11 Up to 0% as of the date of filing of this statement.
(Based on 37,237,283 Shares of Common Stock issued
and outstanding as of December 20, 1999.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12 CO
- ------------------------------------------------------------------------------
Page 11 of 25
<PAGE>
CUSIP NO. 72583K-10-9 13G Page 12 of 25 Pages
SCHEDULE 13G
------------
Item 1(a) Name of Issuer: PixTech, Inc.
1(b) Address of Issuer's Principal Executive Offices:
Avenue Olivier Perroy
13790 Rousset, France
Item 2(a) Name of Person Filing
Item 2(b) Address of Principal Business Office
Item 2(c) Citizenship
Citadel Limited Partnership
225 W. Washington
9th Floor
Chicago, Illinois 60606
Illinois limited partnership
GLB Partners, L.P.
225 W. Washington
9th Floor
Chicago, Illinois 60606
Delaware limited partnership
Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60606
Delaware limited liability company
Kenneth Griffin
225 W. Washington
9th Floor
Chicago, Illinois 60606
U.S. citizen
Page 12 of 25
<PAGE>
CUSIP NO. 72583K-10-9 13G Page 13 of 25 Pages
Wellington Partners Limited Partnership
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60606
Illinois limited partnership
Wingate Capital Ltd.
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60606
Cayman Islands company
NP Partners
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60606
Bermuda general partnership
Kensington Global Strategies Fund, Ltd.
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60606
Bermuda company
Fisher Capital Ltd.
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60606
Cayman Islands company
Olympus Securities, Ltd.
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60606
Bermuda company
Page 13 of 25
<PAGE>
CUSIP NO. 72583K-10-9 13G Page 14 of 25 Pages
2(d) Title of Class of Securities:
Common Stock, par value $0.01 per share
2(e) CUSIP Number: 72583K-10-9
Item 3 If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or
(c), check whether the person filing is a:
(a) [__] Broker or dealer registered under Section 15 of the
Exchange Act;
(b) [__] Bank as defined in Section 3(a)(6) of the Exchange Act;
(c) [__] Insurance company as defined in Section 3(a)(19) of the
Exchange Act;
(d) [__] Investment company registered under Section 8 of the
Investment Company Act;
(e) [__] An investment adviser in accordance with Rule 13d-
1(b)(1)(ii)(E);
(f) [__] An employee benefit plan or endowment fund in accordance
with Rule 13d-1(b)(1)(ii)(F);
(g) [__] A parent holding company or control person in accordance
with Rule 13d-1(b)(ii)(G);
(h) [__] A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) [__] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act;
(j) [__] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c),
check this box. [x]
Page 14 of 25
<PAGE>
- --------------------- -------------------
CUSIP NO. 72583k-10-9 13G Page 15 of 25 Pages
- --------------------- -------------------
Item 4 Ownership:
CITADEL LIMITED PARTNERSHIP
(a) Amount beneficially owned:
146,295 Shares of Common Stock
88,766 Shares of Series E Preferred Stock (convertible into 283,442 Shares of
Common Stock)/(1)/
(b) Percent of Class:
Up to 1.2% as of the date of filing of this statement. (Based on 37,237,283
Shares of Common Stock issued and outstanding as of December 20, 1999, plus the
Common Stock issuable upon the conversion of the preferred stock referred to in
item (a) above.)
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See item (a) above.
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
GLB PARTNERS, L.P.
(a) Amount beneficially owned:
146,295 Shares of Common Stock
88,766 Shares of Series E Preferred Stock (convertible into 283,442 Shares of
Common Stock)/(1)/
Page 15 of 25
<PAGE>
- --------------------- -------------------
CUSIP NO. 72583k-10-9 13G Page 16 of 25 Pages
- --------------------- -------------------
(b) Percent of Class:
Up to 1.2% as of the date of filing of this statement. (Based on 37,237,283
Shares of Common Stock issued and outstanding as of December 20, 1999, plus the
Common Stock issuable upon the conversion of the preferred stock referred to in
item (a) above.)
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See item (a) above.
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
CITADEL INVESTMENT GROUP, L.L.C.
(a) Amount beneficially owned:
146,295 Shares of Common Stock
88,766 Shares of Series E Preferred Stock (convertible into 283,442 Shares of
Common Stock)/(1)/
(b) Percent of Class:
Up to 1.2% as of the date of filing of this statement. (Based on 37,237,283
Shares of Common Stock issued and outstanding as of December 20, 1999, plus the
Common Stock issuable upon the conversion of the preferred stock referred to in
item (a) above.)
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
Page 16 of 25
<PAGE>
- --------------------- -------------------
CUSIP NO. 72583k-10-9 13G Page 17 of 25 Pages
- --------------------- -------------------
(ii) shared power to vote or to direct the vote:
See item (a) above.
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
KENNETH GRIFFIN
(a) Amount beneficially owned:
146,295 Shares of Common Stock
88,766 Shares of Series E Preferred Stock (convertible into 283,442 Shares of
Common Stock)/(1)/
(b) Percent of Class:
Up to 1.2% as of the date of filing of this statement. (Based on 37,237,283
Shares of Common Stock issued and outstanding as of December 20, 1999, plus the
Common Stock issuable upon the conversion of the preferred stock referred to in
item (a) above.)
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See item (a) above.
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
Page 17 of 25
<PAGE>
- --------------------- -------------------
CUSIP NO. 72583K-10-9 13G Page 18 of 25 Pages
- --------------------- -------------------
WELLINGTON PARTNERS LIMITED PARTNERSHIP
(a) Amount beneficially owned:
55,866 Shares of Common Stock
31,068 Shares of Series E Preferred Stock (convertible into 99,203 Shares of
Common Stock)/(1)/
(b) Percent of Class:
Up to 0.4% as of the date of filing of this statement. (Based on 37,237,283
Shares of Common Stock issued and outstanding as of December 20, 1999, plus the
Common Stock issuable upon the conversion of the preferred stock referred to in
item (a) above.)
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See item (a) above.
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
WINGATE CAPITAL LTD.
(a) Amount beneficially owned:
55,866 Shares of Common Stock/(1)/
31,068 Shares of Series E Preferred Stock (convertible into 99,203 Shares of
Common Stock)/(1)/
(b) Percent of Class:
Up to 0.4% as of the date of filing of this statement. (Based on 37,237,283
Shares of Common Stock issued and outstanding as of December 20, 1999, plus the
Common Stock issuable upon the conversion of the preferred stock referred to in
item (a) above.)
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CUSIP NO. 72583K-10-9 13G Page 19 of 25 Pages
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(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See item (a) above.
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
NP PARTNERS
(a) Amount beneficially owned:
0 Shares of Common Stock
(b) Percent of Class:
Up to 0.0% as of the date of filing of this statement. (Based on 37,237,283
Shares of Common Stock issued and outstanding as of December 20, 1999.)
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See item (a) above.
(iii) sole power to dispose or to direct the disposition of:
0
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CUSIP NO. 72583K-10-9 13G Page 20 of 25 Pages
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(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
KENSINGTON GLOBAL STRATEGIES FUND, LTD.
(a) Amount beneficially owned:
90,429 Shares of Common Stock
57,698 Shares of Series E Preferred Stock (convertible into 184,238 Shares of
Common Stock)/(1)/
(b) Percent of Class:
Up to 0.7% as of the date of filing of this statement. (Based on 37,237,283
Shares of Common Stock issued and outstanding as of December 20, 1999, plus the
Common Stock issuable upon the conversion of the preferred stock referred to in
item (a) above.)
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See item (a) above.
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
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CUSIP NO. 72583K-10-9 13G Page 21 of 25 Pages
FISHER CAPITAL LTD.
(a) Amount beneficially owned:
90,429 Shares of Common Stock
57,698 Shares of Series E Preferred Stock (convertible into 184,238 Shares of
Common Stock)/(1)/
(b) Percent of Class:
Up to 0.7% as of the date of filing of this statement. (Based on 37,237,283
Shares of Common Stock issued and outstanding as of December 20, 1999, plus the
Common Stock issuable upon the conversion of the preferred stock referred to in
item (a) above.)
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See item (a) above.
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
OLYMPUS SECURITIES, LTD.
(a) Amount beneficially owned:
0 Shares of Common Stock
(b) Percent of Class:
Up to 0.0% as of the date of filing of this statement. (Based on 37,237,283
Shares of Common Stock issued and outstanding as of December 20, 1999.)
(c) Number of shares as to which such person has:
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CUSIP NO. 72583K-10-9 13G Page 22 of 25 Pages
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See item (a) above.
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
/(1)/ Certain securities reported herein are securities which the holders of
such securities may acquire in the future through the conversion of convertible
securities. Subject to the limitations described below, all or a portion of the
Convertible Securities may be converted into a number of shares of Common Stock
determined by dividing the Stated Value of such securities (plus, in the
Issuer's discretion, an amount equal to any accrued but unpaid dividends due
with respect to such securities) by the applicable conversion price ("Conversion
Price"). The Conversion Price is equal to the lesser of (i) $1.61 ("Fixed
Price") and (ii) the average of the closing bid price (as reported on the Nasdaq
National Market System) of the Issuer's Common Stock for each of the ten trading
days immediately preceding the conversion date of June 22, 1999 ("Market
Price").
As a result, if the Market Price is less than the Fixed Price, the
Conversion Price will fluctuate depending upon the closing bid price of the
Issuer's Common Stock. As a consequence, the number of shares of Common Stock
into which the Convertible Securities may be converted, and consequently the
number of shares of such securities which the holders of such securities may be
deemed to beneficially own, may fluctuate on a daily basis based solely on the
Common Stock's market price and without any action taken by the holders of such
securities.
None of the holders of Series E Preferred Stock reported herein may
convert such securities to the extent that, after giving effect to such
conversion, such holder (together with such holder's affiliates) (i) would
beneficially own (as defined in Rule 13d-3, but excluding Series E Preferred
Stock other than that with respect to which such determination is made) in
excess of 10.00% of the outstanding shares of the Common Stock following such
conversion, or (ii) would have acquired, through conversion of Series E
Preferred Stock or otherwise, a number of shares which, when added to the number
of shares of Common Stock beneficially owned (as defined in Rule 13d-3, but
excluding Series E Preferred Stock other than that with respect to which such
determination is made) at the beginning of the 60-day period ending on and
including the date of such conversion, is in excess of 10.00% of the outstanding
shares of the Issuer's Common Stock following such conversion during the 60-day
period ending on and including such conversion date. Accordingly, the holders of
such securities cannot be "beneficial owners" of more than 10.00% of the
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CUSIP NO. 72583K-10-9 13G Page 23 of 25 Pages
securities of Issuer within the meaning of Rule 13d-3 to the extent that the
prohibitions in the foregoing sentence apply, and this Schedule shall not be
construed as an admission that such holders of the securities reported herein
are "beneficial owners" to such extent.
Series E Preferred Stock accrue dividends at a rate of 6-10% per annum,
depending on the then-current value of the Issuer's Common Stock, payable in
cash or Common Stock, at the discretion of the Issuer. Such shares are not
reported as beneficially owned herein.
Item 5 Ownership of Five Percent or Less of a Class:
Not Applicable.
Item 6 Ownership of More than Five Percent on Behalf of Another Person:
Not Applicable.
Item 7 Identification and Classification of the Subsidiary which Acquired the
Security Being Reported on by the Parent Holding Company:
See Item 2 above.
Item 8 Identification and Classification of Members of the Group:
Not Applicable.
Item 9 Notice of Dissolution of Group:
Not Applicable.
Item 10 Certification:
By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were not acquired and are not held for the purpose
of or with the effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
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CUSIP NO. 72583K-10-9 13G Page 24 of 25 Pages
After reasonable inquiry and to the best of its knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated this 11th day of February, 2000 /s/ Kenneth Griffin
---------------------------------
Kenneth Griffin
CITADEL LIMITED PARTNERSHIP CITADEL INVESTMENT GROUP, L.L.C.
By: GLB Partners, L.P., By: /s/ Kenneth Griffin
its General Partner ---------------------------------
Kenneth Griffin, President
By: Citadel Investment Group, L.L.C.,
its General Partner
By: /s/ Kenneth Griffin
---------------------------------
Kenneth Griffin, President
GLB PARTNERS, L.P. WINGATE CAPITAL LTD.
By: Citadel Investment Group, L.L.C., By: Citadel Limited Partnership,
its General Partner its Trading Manager
By: /s/ Kenneth Griffin By: GLB Partners, L.P.,
--------------------------------- its General Partner
Kenneth Griffin, President
By: Citadel Investment Group, L.L.C.,
its General Partner
By: /s/ Kenneth Griffin
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Kenneth Griffin, President
WELLINGTON PARTNERS LIMITED FISHER CAPITAL LTD.
PARTNERSHIP
By: Citadel Limited Partnership, By: Citadel Limited Partnership,
its General Partner its Trading Manager
By: GLB Partners, L.P., By: GLB Partners, L.P.,
its General Partner its General Partner
By: Citadel Investment Group, L.L.C., By: Citadel Investment Group, L.L.C.,
its General Partner its General Partner
By: /s/ Kenneth Griffin By: /s/ Kenneth Griffin
--------------------------------- ---------------------------------
Kenneth Griffin, President Kenneth Griffin, President
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CUSIP NO. 72583K-10-9 13G Page 25 of 25 Pages
KENSINGTON GLOBAL STRATEGIES NP PARTNERS
FUND, LTD.
By: WCH L.L.C.,
By: Citadel Limited Partnership, its General Partner
its Trading Manager
By: Citadel Limited Partnership,
By: GLB Partners, L.P., its Sole Member
its General Partner
By: GLB Partners, L.P.,
By: Citadel Investment Group, L.L.C., its General Partner
its General Partner
By: Citadel Investment Group, L.L.C.,
By: /S/ Kenneth Griffin its General Partner
--------------------------
Kenneth Griffin By: /s/ Kenneth Griffin
-------------------
Kenneth Griffin, President
OLYMPUS SECURITIES, LTD.
By: Citadel Limited Partnership,
its Trading Manager
By: GLB Partners, L.P.,
its General Partner
By: Citadel Investment Group, L.L.C.,
its General Partner
By: /s/ Kenneth Griffin
-------------------
Kenneth Griffin, President
Page 25 of 25
