UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDED SCHEDULE 13D
(Amendment No. 3)
Under the Securities Exchange Act of 1934
THE LAMAUR CORPORATION (formerly ELECTRONIC HAIR STYLING, INC.)
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
285722104
(CUSIP Number)
David L. Hefflinger
Alan S. Parsow McGrath, North, Mullin
General Partner & Kratz, P.C.
P. O. Box 0449 1400 One Central Park Plaza
Elkhorn, NE 68022 Omaha, NE 68102
(402) 289-3217 with a copy to (402) 341-3070
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 13, 1998
(Date of Event which Required 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 the 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.
<PAGE>
CUSIP NO. 285722104 13D Page 2 of 4 Pages
1. Name of Reporting Person
SS or IRS Identification Number of Above Person
Parsow Partnership, Ltd., a Limited Partnership / 47-0541937
2. Check the Appropriate Box if a Member of a Group
/X/ (a) / / (b)
3. SEC Use Only
4. Source of Funds
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
Nebraska
7. Sole Voting Power
413,200 Shares
Number of
Shares 8. Shared Voting Power
Beneficially
Owned by 0
Reporting
Person 9. Sole Dispositive Power
With
413,200 Shares
10. Shared Dispositive Power
0
11. Aggregate Amount Beneficially Owned by Each Reporting Person
413,200 Shares
12. Check Box if Aggregate Amount in Row 11 Excludes Certain Shares
/_/
13. Percent of Class Represented by Amount in Row 11
Approximately 7.2% of voting securities
14. Type of Reporting Person
PN
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CUSIP NO. 285722104 13D Page 3 of 4 Pages
1. Name of Reporting Person
SS or IRS Identification Number of Above Person
Elkhorn Partners Limited Partnership / 47-0721875
2. Check the Appropriate Box if a Member of a Group
/X/ (a) / / (b)
3. SEC Use Only
4. Source of Funds
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
Nebraska
7. Sole Voting Power
130,000 Shares
Number of
Shares 8. Shared Voting Power
Beneficially
Owned by 0
Reporting
Person 9. Sole Dispositive Power
With
130,000 Shares
10. Shared Dispositive Power
0
11. Aggregate Amount Beneficially Owned by Each Reporting Person
130,000 Shares
12. Check Box if Aggregate Amount in Row 11 Excludes Certain Shares
/_/
13. Percent of Class Represented by Amount in Row 11
Approximately 2.3% of voting securities
14. Type of Reporting Person
PN
<PAGE>
CUSIP NO. 285722104 13D Page 4 of 4 Pages
Parsow Partnership, Ltd. and Elkhorn Partners Limited Partnership (the
"Partnerships") make this filing to amend certain information previously
reported by the Partnerships. This filing constitutes Amendment No. 3 to the
Schedule 13D of Parsow Partnership, Ltd. and Amendment No. 3 to the Schedule 13D
of Elkhorn Partners Limited Partnership. The Partnerships amend such prior
Schedule 13D reports with respect to the common stock of The Lamaur Corporation
(formerly Electronic Hair Styling, Inc.) ("Lamaur") by adding the following
information to the item indicated:
ITEM 4. PURPOSE OF TRANSACTION.
The Partnerships have acquired the Lamaur common shares as an investment.
The Partnerships intend to review on a continuing basis their investments in the
Lamaur common stock, Lamaur's business affairs and financial condition, as well
as conditions in the securities markets and general economic and industry
conditions. The Partnerships may purchase additional Lamaur common shares either
in the open market, in privately-negotiated transactions, or otherwise.
Additionally, the Partnerships may dispose of the Lamaur common stock they
presently own or hereafter acquire either in the open market, in privately
negotiated transactions, or otherwise.
On March 13, 1998, Mr. Parsow, on behalf of Parsow Partnership Ltd.,
notified Lamaur of the Partnership's intention to nominate five persons as
directors of Lamaur at the 1998 annual stockholders' meeting. A copy of the
letter, and the schedule setting forth background information with respect to
the five nominees, is attached as an exhibit to this amended Schedule 13D.
Mr. Parsow, on behalf of the Partnerships, has requested meetings with
management of Lamaur to discuss ideas to enhance stockholder value.
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A - Letter of Parsow Partnership Ltd. to Lamaur
Corporation with attached schedule.
SIGNATURE
After due inquiry and to the best of my knowledge and belief, I hereby
certify that the information set forth in this statement is true, complete and
correct.
DATED: March 14, 1998.
Elkhorn Partners Parsow Partnership, Ltd.,
Limited Partnership A Limited Partnership
By /s/ Alan S. Parsow By /s/ Alan S. Parsow
Alan S. Parsow Alan S. Parsow
General Partner General Partner
<PAGE>
EXHIBIT A
PARSOW PARTNERSHIP LTD.
P. O. BOX 818
ELKHORN, NEBRASKA 68022
(402) 289-3217
March 13, 1998
The Lamaur Corporation
One Lovell Avenue
Mill Valley, CA 94941
Attn. Don G. Hoff
Chairman and Chief Executive Officer
Dear Mr. Hoff:
We have previously discussed my displeasure with the lack of progress made
by Lamaur in establishing and completing clearly-defined steps to enhance
stockholder value. The Company has reported substantial losses in 1997 and has
continually overpromised and underdelivered results. I have reached the
conclusion that a change in the composition of the board of directors is
necessary in order for Lamaur to increase its stockholder value. Consequently, I
am notifying you of the intent of Parsow Partnership Ltd. to nominate the five
persons named on the attached schedule as directors at Lamaur's 1998 annual
stockholders' meeting. To complete the board composed of seven members, Parsow
Partnership Ltd. would support the reelection of Paul Dean and Gerald Eppner.
We assume that Lamaur's 1998 annual stockholders' meeting will be held on
or about May 8, 1998, consistent with the timing for 1997, and that seven
directors will be elected at the meeting. If my assumptions are not correct,
please notify me immediately.
If you would like to discuss the qualifications of the individuals named on
the attached schedule, I would be happy to meet with you. I renew my offer to
meet with you in order to discuss enhancement of stockholder value. I would
suggest a meeting as soon as possible among Lamaur's Board, operating management
and major stockholders to discuss and resolve Lamaur's corporate governance and
operating strategy.
Very truly yours,
PARSOW PARTNERSHIP LTD.
By: /s/ Alan S. Parsow
-----------------------------
Alan Parsow, General Partner
<PAGE>
EXHIBIT A
NOMINEES OF PARSOW PARTNERSHIP LTD.
FOR DIRECTOR OF THE LAMAUR CORPORATION
ALAN PARSOW
Mr. Parsow, age 48, is general partner of Parsow Partnership Ltd. and
Elkhorn Partners Limited Partnership (private investment partnerships). As of
March 4, 1998, Parsow Partnership Ltd. owned 413,200 shares of Lamaur common
stock and Elkhorn Partners Limited Partnership owned 130,000 shares of Lamaur
common stock. Mr. Parsow is also a director of The Republic Funds and Top Image
Systems, Ltd.
LOUIS LLOYD
Mr. Lloyd, age 55, has been President of Belfinance Haussmann LLC
(diversified investment holding company) since December 1994. From 1991 to May
1994, Mr. Lloyd was President and Chief Executive Officer of Republic New York
Securities Corp. From 1981 to 1990, Mr. Lloyd served as Senior Executive Vice
President of Shearson Lehman Brothers Worldwide Institutional Equity Trading and
Sales Departments. Mr. Lloyd does not own any capital stock of Lamaur. Mr. Lloyd
is a director of National Wireless Holdings, Inc. and Antigua Enterprises.
JEFFREY DAVIDOWITZ
Mr. Davidowitz, age 41, has been President of Oldfield Co. (private
investment company) since October 1993. Prior to that time, Mr. Davidowitz has
also been President of Penn Footware (private investment company) since 1990.
Mr. Davidowitz is general partner of JIBS Equities, which owns 11,500 shares of
Lamaur common stock. Mr. Davidowitz is a director of Collegiate Pacific, Inc.
EDWARD ZOLLA
Mr. Zolla, age 50, has been Chief Executive Officer of Packaging Advantage
Corp. (contract manufacturer and packager of fluid products including health and
beauty aids) from January 1995 to the present. Mr. Zolla has also been President
of Horizon Construction, Inc. from 1978 to the present. Mr. Zolla does not own
any capital stock of Lamaur.
COREY MEYER
Mr. Meyer, age 35, has been Director of Facilities for ITI Marketing
Services, Inc. (telemarketing) since December 1997. From July 1994 to November
1997, Mr. Meyer was Executive Vice President of American Driver Service, Inc.,
and from September 1993 to July 1994 Mr. Meyer served as Vice President of
Operations for Ivax Corporation. From February 1988 to August 1993, Mr. Meyer
was Vice President of Operations of Johnson Products Company, Inc. Mr. Meyer
beneficially owns 2,500 shares of Lamaur common stock.
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