SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Pacific Gas & Electric
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(Name of Issuer)
Series I 4.36% Preferred Stock
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(Title of Class of Securities)
694308883
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(CUSIP Number)
Cyrus A. Borzooyeh
King Street Capital Management, L.L.C.
909 Third Avenue
30th Floor
New York, New York 10022
Telephone: (212) 350-4436
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
July 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 that 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 o.
Note: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. Seess.240.13d-7 for
other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
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CUSIP No. 694308883 SCHEDULE 13D Page 2 of 14 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
King Street Capital, LP
13-3812174
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |_|
(b) x
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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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
DELAWARE
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 32,200
REPORTING --------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
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10 SHARED DISPOSITIVE POWER
32,200
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
32,200
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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)
7.7%
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14 TYPE OF REPORTING PERSON
PN
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CUSIP No. 694308883 SCHEDULE 13D Page 3 of 14 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
King Street Capital, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) x
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3
SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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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
British Virgin Islands
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 59,800
REPORTING ----------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
59,800
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
59,800
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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)
14.3%
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14 TYPE OF REPORTING PERSON
CO
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CUSIP No. 694308883 SCHEDULE 13D Page 4 of 14 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
King Street Advisors, L.L.C.
13-3812173
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) x
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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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
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 32,200
REPORTING ----------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
32,200
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
32,200
-------------------------------------------------------------------------------
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)
7.7%
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14 TYPE OF REPORTING PERSON
OO, IA
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CUSIP No. 694308883 SCHEDULE 13D Page 5 of 14 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
King Street Capital Management, L.L.C.
13-3978904
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) x
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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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
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 59,800
REPORTING ----------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
59,800
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
59,800
-------------------------------------------------------------------------------
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)
14.3%
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14 TYPE OF REPORTING PERSON
OO, IA
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CUSIP No. 694308883 SCHEDULE 13D Page 6 of 14 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
O. Francis Biondi, Jr.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) o
(b) x
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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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
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 92,000
REPORTING ----------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
92,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
92,000
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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)
22.0 %
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14 TYPE OF REPORTING PERSON
IN
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CUSIP No. 694308883 SCHEDULE 13D Page 7 of 14 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Brian J. Higgins
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) x
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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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
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 92,000
REPORTING ----------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
92,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
92,000
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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)
22.0 %
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14 TYPE OF REPORTING PERSON
IN
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Item 1. Security and Issuer.
The class of securities to which this statement relates is the
Series I 4.36% Preferred Stock ("Preferred Stock"), of Pacific Gas &
Electric Company, a California corporation, whose principal executive
offices are located at 77 Beale Street, P.O. Box 770000, San Francisco,
California 94177.
Item 2. Identity and Background.
(a) - (c) This schedule is being jointly filed by King Street Capital,
L.P., a limited partnership organized under the laws of Delaware ("KSC
L.P."), King Street Capital Ltd, a corporation organized under the laws of
the British Virgin Islands ("KSC Ltd."), King Street Advisors, L.L.C., a
limited liability company organized under the laws of Delaware ("KSA"),
King Street Capital Management, L.L.C., a limited liability company
organized under the laws of the Delaware ("KSCM"), O. Francis Biondi, Jr.
and Brian J. Higgins. KSC LP, KSC Ltd., KSA, KSCM, Mr. Biondi and Mr.
Higgins are collectively referred to herein as the "Reporting Persons."
Pursuant to the requirements of General Instruction C to Schedule
13D, information contained in this Schedule 13D is also provided for the
following persons:
Ernest A. Morrison, a director of KSC Ltd.
Keith R. Bish, a director of KSC Ltd.
King Street Capital, L.P.
KSC L.P. is a Delaware limited partnership, the general partner of
which is KSA. KSC L.P. was formed to invest and trade in securities. The
principal business address of KSC L.P., which also serves as its principal
office, is 909 Third Avenue, 30th Floor, New York, New York 10022.
King Street Capital, Ltd.
KSC Ltd. is an International Business Company organized under the
laws of the British Virgin Islands. The directors of KSC Ltd. are Keith R.
Bish, Ernest A. Morrison and Brian J. Higgins. KSC Ltd. was formed to
invest and trade in securities. The principal business address of KSC Ltd.,
which also serves as its principal office, is c/o HWR Services, Craigmuir
Chambers, P.O. Box 71, Road Town, Tortola, British Virgin Islands.
King Street Advisors, L.L.C.
KSA is a Delaware limited liability company, the managing members
of which are Mr. Biondi and Mr. Higgins. Mr. Biondi and Mr. Higgins each
own a 50% interest of KSA. The principal business of KSA is to act as
general partner of, and to provide investment advice to and make investment
decisions on behalf of, KSC L.P. The principal business address of KSC
L.P., which also serves as its principal office, is 909 Third Avenue, 30th
Floor, New York, New York 10022.
King Street Capital Management, L.L.C.
KSCM is a Delaware limited liability company, the managing members
of which are Mr. Biondi and Mr. Higgins. Mr. Biondi and Mr. Higgins each
own a 50% interest of KSCM. The principal business of KSCM is to provide
investment advice to and make investment decisions on behalf of KSC Ltd.
The principal business address of KSCM, which also serves as its principal
office, is 909 Third Avenue, 30th Floor, New York, New York 10022.
O. Francis Biondi, Jr.
O. Francis Biondi, Jr. is a United States citizen residing in the
state of New York. Mr. Biondi's present principal occupation or employment
is serving as Managing Member of KSCM and KSA. Mr. Biondi's business
address is 909 Third Avenue, 30th Floor, New York, NY 10022.
Brian J. Higgins
Brian J. Higgins is a United States citizen residing in the state
of New York. Mr. Higgins' present principal occupation or employment is
serving as Managing Member of KSCM and KSA. Mr. Higgins' business address
is 909 Third Avenue, 30th Floor, New York, NY 10022.
Keith R. Bish is a citizen of the United Kingdom residing in the
British Virgin Islands. Mr. Bish's present principal occupation or
employment is serving as the Chairman and Chief Executive Officer of Bison
Financial Services Limited. Mr. Bish's business address is Bison Court,
Road Town, Tortola, British Virgin Islands.
Ernest A. Morrison is a citizen of the United Kingdom residing in
Bermuda. Mr. Morrison's present principal occupation or employment is as a
partner in the law firm of Cox Hallett & Wilkinson. Mr. Morrison's business
address is "Milner House" 18 Parliament Street, Hamilton, Bermuda.
(d) and (e) During the last five years, none of the persons or entities set
forth in Item 2 have been (a) convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors) or (b) a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction
as a result of which proceeding such person is or was 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.
The source of funds used for the purchase of Preferred Stock by
KSC L.P. is cash held by it for investment. The aggregate amount is
$68,512.50. The source of funds used for the purchase of Preferred Stock by
KSC Ltd. is cash held by it for investment. The aggregate amount is
$127,237.50.
Item 4. Purpose of Transaction.
Each of KSC L.P. and KSC Ltd. acquired the Preferred Stock for
investment purposes only.
No Reporting Person has any present plans or proposal which would
relate to or result in any of the matters set forth in subparagraphs (a) -
(j) of Item 4 of Schedule 13D except as set forth herein or such as would
occur upon completion of any of the actions set forth herein.
Item 5. Interest in Securities of the Issuer.
(a) and (b) Because of the relationships described above, the Reporting
Persons may be deemed to constitute a "group" within the meaning of Rule
13d-5 under the Securities and Exchange Act of 1934, and as such, each
member of the group would be deemed to beneficially own, in the aggregate,
all the shares of Preferred Stock held by members of the group. The
Reporting Persons do not admit that they constitute a group within the
meaning of Rule 13d-5.
As of July 24, 2002, 32,200 shares of Preferred Stock, or 7.7% of
the total outstanding shares of Preferred Stock on that date, were held by
KSC L.P and 59,800 shares of Preferred Stock, or 14.3% of the total
outstanding shares of Preferred Stock on the date, were held by KSC Ltd.
Because of the relationships described in Item 2 above, pursuant to Rule
13d-1, as of July 24, 2002, KSA may be deemed to be the beneficial owner of
32,200 shares of Preferred Stock, or 7.7% of the total outstanding shares
of Preferred Stock on that date, consisting of the shares owned by KSC L.P.
Because of the relationships described in Item 2 above, pursuant to Rule
13d-1, as of July 24, 2002, KSCM may be deemed to be the beneficial owner
of 59,800 shares of Preferred Stock, or 14.3% of the total outstanding
shares of Preferred Stock on that date, consisting of the shares owned by
KSC Ltd. Because of the relationships described in Item 2 above, pursuant
to Rule 13d-1, as of July 24, 2002, Mr. Biondi may be deemed to be the
beneficial owner of 92,000 shares of Preferred Stock, or 22.0% of the total
outstanding shares of Preferred Stock on that date, consisting of the
shares owned by KSC L.P. and KSC Ltd. Because of the relationships
described in Item 2 above, pursuant to Rule 13d-1, as of July 24, 2002, Mr.
Higgins may be deemed to be the beneficial owner of 92,000 shares of
Preferred Stock, or 22.0% of the total outstanding shares of Preferred
Stock on that date, consisting of the shares owned by KSC L.P. and KSC Ltd.
KSC L.P. may be deemed to have shared voting and dispositive power
over the 32,200 shares of Preferred Stock it owns, or 7.7% of the total
outstanding shares of Preferred Stock. KSC Ltd. may be deemed to have
shared voting and dispositive power over the 59,800 shares of Preferred
Stock it owns, or 14.3% of the total outstanding shares of Preferred Stock.
Because of the relationship described in Item 2 above, KSA may be deemed to
have shared voting and dispositive power over 32,200 shares of Preferred
Stock owned by KSC L.P., or 7.7% of the total outstanding shares of
Preferred Stock. Because of the relationships described in Item 2 above,
KSCM may be deemed to have shared voting and dispositive power over 59,800
shares of Preferred Stock, or 14.3% of the total outstanding shares of
Preferred Stock, consisting of the shares owned by KSC Ltd. Because of the
relationships described above, Mr. Biondi may be deemed to have shared
voting and dispositive power over an aggregate of 92,000 shares of
Preferred Stock, or 22.0% of the total outstanding shares of Preferred
Stock, consisting of shares owned by KSC L.P. and KSC Ltd. Because of the
relationships described above, Mr. Higgins may be deemed to have shared
voting and dispositive power over an aggregate of 92,00 shares of Preferred
Stock, of 22.0% of the total outstanding shares of Preferred Stock,
consisting of shares owned by KSC L.P. and KSC Ltd.
(c) The table below sets forth all purchases of the Preferred Stock by each
of KSC L.P. and KSC Ltd. during the last 60 days. All of such purchases
were effected through Miller Tabak through open market purchases.
Purchase by KSC L.P.:
Date Amount of Shares Approximate per share price
7/17/02 5,250 $13.00
Purchase by KSC Ltd.:
Date Amount of Shares Approximate per share price
7/17/02 9,750 $13.00
(d) and (e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With
Respect to Securities of the Issuer.
None.
Item 7. Material to be Filed as Exhibits.
Exhibit A Joint Filing Agreement, dated as of July 24, 2002
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.
Dated: July 24, 2002
KING STREET CAPITAL, L.P.
By: King Street Advisors, L.L.C., its general partner
By: /s/ Brian J. Higgins
------------------------------
Name: Brian J. Higgins
Title: Managing Member
KING STREET CAPITAL, LTD.
By: /s/ Brian J. Higgins
------------------------------
Name: Brian J. Higgins
Title: Director
KING STREET ADVISORS, L.L.C.
By: /s/ Brian J. Higgins
Name: Brian J. Higgins
Title: Managing Member
KING STREET CAPITAL MANAGEMENT, L.L.C.
By: /s/ Brian J. Higgins
------------------------------
Name: Brian J. Higgins
Title: Managing Member
/s/ O. Francis Biondi, Jr.
-----------------------------
O. Francis Biondi, Jr.
/s/ Brian J. Higgins
------------------------------
Exhibit A
Joint Filing Agreement Pursuant to Rule 13d-1(f)(1)
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This agreement is made pursuant to Rule 13d-1(f)(1) under the
Securities Exchange Act of 1934 (the "Act") by and among the parties listed
below, each referred to herein as a "Joint Filer". The Joint Filers agree
that a statement of beneficial ownership as required by Section 13(d) of
the Act and the Rules thereunder may be filed on each of their behalf on
Schedule 13D or Schedule 13G, as appropriate, and that said joint filing
may thereafter be amended by further joint filings. The Joint Filers state
that they each satisfy the requirements for making a joint filing under
Rule 13d-1.
Dated: July 24, 2002
KING STREET CAPITAL, L.P.
By: King Street Advisors, L.L.C., its general partner
By: /s/ Brian J. Higgins
------------------------------
Name: Brian J. Higgins
Title: Managing Member
KING STREET CAPITAL, LTD.
By: /s/ Brian J. Higgins
------------------------------
Name: Brian J. Higgins
Title: Directorr
KING STREET ADVISORS, L.L.C.
By: /s/ Brian J. Higgins
------------------------------
Name: Brian J. Higgins
Title: Managing Member
KING STREET CAPITAL MANAGEMENT, L.L.C.
By: /s/ Brian J. Higgins
------------------------------
Name: Brian J. Higgins
Title: Managing Member
/s/ O. Francis Biondi, Jr.
-----------------------------
O. Francis Biondi, Jr.
/s/ Brian J. Higgins
------------------------------
Brian J. Higgins
Managing Member