SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
Under the Securities Exchange Act of 1934
PEAK INTERNATIONAL LIMITED
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(Name of Issuer)
Common Stock, $0.01 par value per share
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(Title of Class of Securities)
G69586108
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(CUSIP NUMBER)
WS CAPITAL, L.L.C.
300 Crescent Court, Suite 880
Dallas, Texas 75201
Tel. No.: (214) 756-6073
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
- with copies to -
Eliot D. Raffkind
Akin, Gump, Strauss, Hauer & Feld, L.L.P.
1700 Pacific Avenue, Suite 4100
Dallas, Texas 75201-4618
(214) 969-2800
October 17, 2002
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(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g) check the following box
[ ]
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, as amended (the "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 1 of 14
CUSIP No. G69586108 13D
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WS Capital, L.L.C.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 799,700
OWNED BY --------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 0
--------------------------------------------------
9 SOLE DISPOSITIVE POWER
799,700
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
799,700
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.3%
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 2 of 14
CUSIP No. G69586108 13D
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WS Capital Management, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 799,700
OWNED BY --------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 0
--------------------------------------------------
9 SOLE DISPOSITIVE POWER
799,700
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
799,700
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.3%
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14 TYPE OF REPORTING PERSON*
IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 3 of 14
CUSIP No. G69586108 13D
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WSV Management, L.L.C.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 484,800
OWNED BY -------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 0
-------------------------------------------------
9 SOLE DISPOSITIVE POWER
484,800
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
484,800
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.8%
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 4 of 14
CUSIP No. G69586108 13D
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WS Ventures Management, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 484,800
OWNED BY ------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 0
------------------------------------------------
9 SOLE DISPOSITIVE POWER
484,800
------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
484,800
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.8%
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 5 of 14
CUSIP No. G69586108 13D
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Reid S. Walker
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,284,500
OWNED BY ------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 0
------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,284,500
------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,284,500
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.1%
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14 TYPE OF REPORTING PERSON*
HC
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*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 6 of 14
CUSIP No. G69586108 13D
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Patrick P. Walker
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 487,500
OWNED BY --------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 0
--------------------------------------------------
9 SOLE DISPOSITIVE POWER
487,500
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
487,500
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.8%
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14 TYPE OF REPORTING PERSON*
HC, OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 7 of 14
CUSIP No. G69586108 13D
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
G. Stacy Smith
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,284,500
OWNED BY -------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 0
-------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,284,500
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,284,500
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 8 of 14
SCHEDULE 13D
This Schedule 13D (the "Schedule 13D") is being filed on behalf of WS
Capital, L.L.C., WS Capital Management, L.P., WSV Management, L.L.C., WS
Ventures Management, L.P., Mr. Reid S. Walker, Mr. Patrick P. Walker and Mr. G.
Stacy Smith, relating to shares of common stock of Peak International Limited
(the "Issuer"). Mr. Reid S. Walker and Mr. G. Stacy Smith are the principals of
WS Capital, L.L.C. ("WS Capital"), a Texas limited liability company. Mr. Reid
S. Walker, Mr. Patrick P. Walker and Mr. G. Stacy Smith are the principals of
WSV Management, L.L.C. ("WSV"), a Texas limited liability company.
This Schedule 13D relates to shares of Common Stock of the Issuer
purchased by (1) WS Capital for the account of (i) Walker Smith Capital Master
Fund ("Walker Smith Capital"), a Texas general partnership composed of Walker
Smith Capital, L.P. and Walker Smith Capital (QP), L.P., both Texas limited
partnerships, and (ii) Walker Smith International Fund, Ltd. ("Walker Smith
International"); (2) WSV for the account of (i) WS Opportunity Master Fund ("WS
Opportunity") a Texas general partnership composed of WS Opportunity Fund, L.P.
and WS Opportunity Fund (QP), L.P., both Texas limited partnerships, and (ii) WS
Opportunity Fund International, Ltd. ("WS Opportunity International"); and (3)
Mr. Patrick P. Walker as trustee for (i) Walker Children Irrevocable Education
Trust and (ii) Walker Irrevocable Trust. WS Capital Management, L.P. ("WS
Capital Management"), a Texas limited partnership, is the general partner of
Walker Smith Capital, L.P. and Walker Smith Capital (QP), L.P. and the
investment manager of Walker Smith International. WS Capital is the general
partner of WS Capital Management. WS Ventures Management, L.P. ("WSVM") is the
general partner of WS Opportunity Fund, L.P. and WS Opportunity Fund (QP), L.P.,
and the investment manager of WS Opportunity International. WSV is the general
partner of WSVM.
WS Capital, WS Capital Management, and Messrs. R. Walker and Smith
previously relied on Rule 13d-1(b)(1) but had not been required to file a
Schedule 13G with respect to the Issuer, and thus they are filing this Schedule
13D because of Rule 13d-1(g). WSV, WSVM, and Mr. P. Walker are reporting their
beneficial ownership of shares of the Issuer on this Schedule 13D to avoid
confusion regarding the shares of the Issuer also beneficially owned by Messrs.
R. Walker and S. Smith. All the reporting persons on this Schedule 13D expressly
disclaim being a member of any group with respect to the Issuer.
ITEM 1. SECURITY AND ISSUER
Securities acquired: Shares of Common Stock, par value $0.01 per share
Issuer: Peak International Limited
44091 Nobel Drive
Fremont, California 94538
Page 9 of 14
ITEM 2. IDENTITY AND BACKGROUND
(a) This statement is filed by: WS Capital, WS Capital
Management, WSV, WSVM, Mr. Reid S. Walker, Mr. Patrick P. Walker and Mr. G.
Stacy Smith.
(b) The business address of WS Capital, WS Capital Management,
WSV, WSVM, Mr. Reid S. Walker, Mr. Patrick P. Walker and Mr. G. Stacy Smith is
300 Crescent Court, Suite 880, Dallas, Texas 75201.
(c) WS Capital Management and WSV provide investment
management services to private individuals, investment vehicles and
institutions. The principal occupation of Messrs. P. Walker, R. Walker and Smith
is investment management.
(d) None of WS Capital, WS Capital Management, WSV, WSVM, Mr.
Reid S. Walker, Mr. Patrick P. Walker or Mr. Smith has, during the last five
years, been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors).
(e) None of WS Capital, WS Capital Management, WSV, WSVM, Mr.
Reid S. Walker, Mr. Patrick P. Walker or Mr. Smith has, during the last five
years, been a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction and as a result of such proceeding was or is 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.
(f) WS Capital and WSV are Texas limited liability companies.
WS Capital Management and WSVM are Texas limited partnerships. Messrs. R.
Walker, P. Walker and Smith are United States citizens.
ITEM 3. SOURCE AND AMOUNT OF FUNDS
As of October 17, 2002, WS Capital and WS Capital Management
had invested $3,255,840 in the Issuer. WSV and WSVM had invested $1,882,160 in
the Issuer. Messrs. Walker, Walker and Smith had invested an aggregate
$5,138,000 through WS Capital, WS Capital Management, WSV and WSVM. The above
amount includes any commissions incurred in making the investments. The source
of these funds was the working capital of Walker Smith Capital, Walker Smith
International, WS Opportunity and WS Opportunity International.
ITEM 4. PURPOSE OF THE TRANSACTION
WS Capital, WS Capital Management, WSV, WSVM and Messrs. R.
Walker, P. Walker and Smith acquired shares of Common Stock for portfolio
investment purposes. WS Capital, WS Capital Management, WSV, WSVM and Messrs. R.
Walker, P. Walker and Smith expect to purchase additional shares of the Issuer
and they further reserve the right to acquire, or dispose of, additional
securities of the Issuer, in the ordinary course of business, to the extent
deemed advisable in light of WS Capital's and WSV's general investment and
trading policies, market conditions, the availability of shares of Common Stock
or other factors. Messrs. R. Walker, P. Walker and Smith hope to work with the
Issuer's management and board of directors to identify and pursue opportunities
to increase the value of the Shares, though the reporting persons have no
present plans or proposals of such nature. Except as disclosed above, none of
the reporting persons have any plans or proposals of the type described in
(a)-(j) of Item 4.
Page 10 of 14
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of October 17, 2002, Mr. Reid S. Walker and G. Stacy
Smith are the beneficial owners of 1,284,500 shares of Common Stock of the
Issuer, which includes (i) 799,700 shares of Common Stock beneficially owned by
WS Capital and WS Capital Management, and held by Walker Smith Capital and
Walker Smith International, and (ii) 484,800 shares of Common Stock beneficially
owned by WSV, WSVM and Messrs. R. Walker, P. Walker and Smith for the accounts
of WS Opportunity and WS Opportunity International. Mr. Patrick P. Walker, as
trustee for two trusts, beneficially owns an additional 2,700 shares of Common
Stock of the Issuer.
Mr. Reid S. Walker and G. Stacy Smith beneficially own 10.1%
of the Issuer's outstanding shares of Common Stock, which such percentage was
calculated by dividing (i) the 1,284,500 shares of Common Stock beneficially
owned by Mr. Reid S. Walker and G. Stacy Smith as of October 17, 2002, by (ii)
12,689,762 shares of Common Stock outstanding as of July 31, 2002 based upon the
Issuer's Quarterly Report on Form 10Q filed with the Securities and Exchange
Commission on August 8, 2002. WS Capital and WS Capital Management beneficially
own 6.3% of the Issuer's outstanding shares of Common Stock, which such
percentage was calculated by dividing (i) the 799,700 shares of Common Stock
beneficially owned by WS Capital and WS Capital Management as of the date
hereof, by (ii) 12,689,762 shares of Common Stock outstanding as of July 31,
2002 based upon the Issuer's Quarterly Report on Form 10Q filed with the
Securities and Exchange Commission on August 8, 2002. WSV and WSVM and Mr.
Patrick P. Walker beneficially own 3.8% of the Issuer's outstanding shares of
Common Stock, which such percentage was calculated by dividing (i) the 484,800
shares of Common Stock beneficially owned by WSV and WSVM (and the 487,500
shares of Common Stock beneficially owned by Mr. Patrick P. Walker) as of the
date hereof, by (ii) 12,689,762 shares of Common Stock outstanding as of July
31, 2002 based upon the Issuer's Quarterly Report on Form 10Q filed with the
Securities and Exchange Commission on August 8, 2002.
(b) Mr. Reid S. Walker and Mr. G. Stacy Smith, for the
accounts of Walker Smith Capital, Walker Smith International, WS Opportunity and
WS Opportunity International, have the power to vote and dispose of the shares
of Common Stock held by such entities. Mr. Reid S. Walker and Mr. G. Stacy Smith
are also the principals of WS Capital, which is the general partner of WS
Capital Management, and, together with Mr. Patrick P. Walker, principals of WSV,
which is the general partner of WSVM, and as such have the power to vote and
dispose of the shares of Common Stock controlled by such entities.
(c) The transactions in the Issuer's securities by Walker
Smith Capital, Walker Smith International, WS Opportunity and WS Opportunity
International during the last sixty days are listed as Annex A attached hereto
and made a part hereof.
(d) Not Applicable.
(e) Not Applicable.
Page 11 of 14
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER
Not Applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit 1 Joint Filing Agreement dated October 24, 2002, among WS
Capital, WS Capital Management, WSV, WSVM and Messrs. Walker,
Walker and Smith.
Page 12 of 14
ANNEX A
Transaction Buy/Sell Quantity Price per
Date (shares) Share ($)
------------------------------- ---------------------------- ---------------------------- ----------------------------
8/23/02 Buy 6,000 4.97
8/29/02 Buy 2,000 4.93
8/30/02 Buy 2,000 4.97
9/12/02 Buy 90,000 4.62
9/13/02 Buy 70,000 4.54
9/18/02 Buy 62,500 4.48
9/19/02 Buy 15,000 4.4
9/19/02 Buy 64,100 4.29
9/24/02 Buy 2,400 4.63
9/25/02 Buy 11,100 4.45
9/26/02 Buy 1,100 4.44
9/27/02 Buy 200 4.60
9/30/02 Buy 1,500 4.61
10/01/02 Buy 2,700 4.44
10/02/02 Buy 1,700 4.35
10/04/02 Buy 3,100 3.98
10/09/02 Buy 1,000 3.94
10/10/02 Buy 5,000 3.97
10/11/02 Buy 6,500 4.02
10/11/02 Buy 30,000 3.97
10/16/02 Buy 5,000 3.88
10/17/02 Buy 18,500 4.12
10/18/02 Buy 6,500 4.06
10/21/02 Buy 2,000 3.78
10/22/02 Buy 1,000 4.21
Page 13 of 14
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Dated: October 24, 2002
WS CAPITAL, L.L.C.
By: /S/ REID W. WALKER
-------------------
Name: Reid W. Walker
Title: Member
WS CAPITAL MANAGEMENT, L.P.
By: WS Capital, L.L.C., general partner
By: /S/ REID S. WALKER
-------------------
WSV MANAGEMENT, L.L.C.
By: /S/ PATRICK P. WALKER
----------------------
Name: Patrick P. Walker
Title: Member
WS VENTURES MANAGEMENT, L.P.
By: WSV Management, L.L.C., general partner
By: /S/ PATRICK P. WALKER
----------------------
Name: Patrick P. Walker
Title: Member
/S/ REID S. WALKER
---------------------------
Reid S. Walker
/S/ PATRICK P. WALKER
---------------------------
Patrick P. Walker
/S/ G. STACY SMITH
---------------------------
G. Stacy Smith
Page 14 of 14
EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
------ -----------
Exhibit 1 Joint Filing Agreement dated October 24, 2002, among WS
Capital, WS Capital Management, WSV, WSVM and Messrs. Walker,
Walker and Smith.