-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CVJV2bGV5wh02KyggadPQjUEP3+qqrnctP3CrIy/m7Kpojmuuq45mg32Rq5XDBOk bvYSC+2ozMJaGVCd1CrChg== 0000950134-03-002172.txt : 20030212 0000950134-03-002172.hdr.sgml : 20030212 20030212110343 ACCESSION NUMBER: 0000950134-03-002172 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20030212 GROUP MEMBERS: G STACY SMITH GROUP MEMBERS: WS CAPITAL LLC GROUP MEMBERS: WS CAPITAL MANAGEMENT LP SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: HI/FN INC CENTRAL INDEX KEY: 0001065246 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 330732700 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-55125 FILM NUMBER: 03552869 BUSINESS ADDRESS: STREET 1: 750 UNIVERSITY AVENUE STREET 2: . CITY: LOS GATOS STATE: CA ZIP: 95032 BUSINESS PHONE: 4093993500 MAIL ADDRESS: STREET 1: 750 UNIVERSITY AVENUE STREET 2: . CITY: LOS GATOS STATE: CA ZIP: 95032 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: WALKER REID S CENTRAL INDEX KEY: 0001217829 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 300 CRESCENT COURT STREET 2: SUITE 880 CITY: DALLAS STATE: TX ZIP: 75201 BUSINESS PHONE: 2147566073 MAIL ADDRESS: STREET 1: 300 CRESCENT COURT STREET 2: SUTIE 880 CITY: DALLAS STATE: TX ZIP: 75201 SC 13G 1 d02935csc13g.txt SCHEDULE 13G SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 SCHEDULE 13G (Rule 13d-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b) HI/FN, INC. - -------------------------------------------------------------------------------- (Name of Issuer) Shares of Common Stock, par value $0.001 per share - -------------------------------------------------------------------------------- (Title of Class of Securities) 428358105 - -------------------------------------------------------------------------------- (CUSIP Number) December 31, 2002 - -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [X] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d) 1 of 11 - ------------------- ------------------- CUSIP No. 428358105 13G - ------------------- ------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) WS Capital, L.L.C. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Texas - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 670,300 ------------------------------------------------------ NUMBER OF 6 SHARED VOTING POWER SHARES BENEFICIALLY 0 OWNED BY ------------------------------------------------------ EACH REPORTING 7 SOLE DISPOSITIVE POWER PERSON WITH 670,300 ------------------------------------------------------ 8 SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 670,300 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 6.3% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* 00 - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT 2 of 11 - ------------------- ------------------- CUSIP No. 428358105 13G - ------------------- ------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) WS Capital Management, L.P. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Texas - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 670,300 ------------------------------------------------------ NUMBER OF SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED BY 0 EACH ------------------------------------------------------ REPORTING PERSON WITH 7 SOLE DISPOSITIVE POWER 670,300 ------------------------------------------------------ 8 SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 670,300 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 6.3% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* IA - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT 3 of 11 - ------------------- ------------------- CUSIP No. 428358105 13G - ------------------- ------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Reid S. Walker - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION U.S. Citizen - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 670,300 ------------------------------------------------------ NUMBER OF SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED BY 307,600 EACH ------------------------------------------------------ REPORTING PERSON WITH 7 SOLE DISPOSITIVE POWER 670,300 ------------------------------------------------------ 8 SHARED DISPOSITIVE POWER 307,600 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 977,900 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 9.2% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* HC - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT 4 of 11 - ------------------- ------------------- CUSIP No. 428358105 13G - ------------------- ------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) G. Stacy Smith - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION U.S. Citizen - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 670,300 ------------------------------------------------------ NUMBER OF 6 SHARED VOTING POWER SHARES BENEFICIALLY 307,600 OWNED BY ------------------------------------------------------ EACH REPORTING 7 SOLE DISPOSITIVE POWER PERSON WITH 670,300 ------------------------------------------------------ 8 SHARED DISPOSITIVE POWER 307,600 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 977,900 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 9.2% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* HC - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT 5 of 11 SCHEDULE 13G This Schedule 13G (the "Schedule 13G") is being filed on behalf of WS Capital, L.L.C., a Texas limited liability company ("WS Capital"), WS Capital Management, L.P., a Texas limited partnership ("WS Capital Management"), and Mr. Reid S. Walker and Mr. G. Stacy Smith, principals of WS Capital and WSV Management, L.L.C. ("WSV"), relating to shares of common stock of hi/fn, inc. (the "Issuer"). This Schedule 13G relates to shares of Common Stock of the Issuer purchased by (1) WS Capital for the account of (i) Walker Smith Capital Master Fund ("WSC Master Fund"), a Texas general partnership composed of Walker Smith Capital, L.P. and Walker Smith Capital (QP), L.P., each a Texas limited partnership, and (ii) Walker Smith International Fund, Ltd. ("Walker Smith International"), a British Virgin Islands exempted company, and (2) WSV for the account of (i) WS Opportunity Master Fund ("Opportunity Master Fund"), a Texas general partnership composed of WS Opportunity Fund, L.P. and WS Opportunity Fund (QP), L.P., each a Texas limited partnership, and (ii) WS Opportunity Fund International, Ltd. ("Opportunity International"), a Cayman Islands exempted company. WS Capital Management, L.P. ("WS Capital Management") is (i) the general partner of Walker Smith Capital, L.P. and Walker Smith Capital (QP), L.P., (ii) agent and attorney-in-fact for WSC Master Fund, and (iii) the investment manager of Walker Smith International. WS Capital is the general partner of WS Capital Management. WS Ventures Management, L.P. ("WSVM") is (i) the general partner of WS Opportunity Fund, L.P. and WS Opportunity Fund (QP), L.P., (ii) agent and attorney-in-fact for Opportunity Master Fund, and (iii) the investment manager of Opportunity International. WSV is the general partner of WSVM. ITEM 1(a) NAME OF ISSUER. hi/fn, inc. ITEM 1(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES. 750 University Avenue, Suite 230 Los Gatos, California 95032 ITEM 2(a) NAME OF PERSON FILING. WS Capital, L.L.C., WS Capital Management, L.P., Reid S. Walker and G. Stacy Smith ITEM 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE, OR, IF NONE, RESIDENCE. 300 Crescent Court, Suite 880 Dallas, Texas 75201 ITEM 2(c) CITIZENSHIP OR PLACE OF ORGANIZATION. WS Capital is a limited liability company organized under the laws of the State of Texas. WS Capital Management is a limited partnership organized under the laws of the State of Texas and for which WS Capital serves as general partner. Reid S. Walker and G. Stacy Smith are the principals of WS Capital and are United States citizens. ITEM 2(d) TITLE OF CLASS OF SECURITIES. Common Stock, par value $0.001 per share (the "Common Stock"). ITEM 2(3) CUSIP NUMBER. 428358105 6 of 11 ITEM 3 IF THIS STATEMENT IS FILED PURSUANT TO SECTIONS 240.13D-1(b) OR 240.13D-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: (a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). (d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) [X] An investment advisor in accordance with Section 240.13d-1(b)(1)(ii)(E). (f) [ ] An employee benefit plan or endowment fund in accordance with Section 240.13d-1(b)(1)(ii)(F). (g) [ ] A parent holding company or control person in accordance with Section 240.13d-1(b)(1)(ii)(G). (h) [ ] A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813). (i) [ ] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3). (j) [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J). ITEM 4 OWNERSHIP. (a) WS Capital and WS Capital Management are the beneficial owners of 670,300 shares of Common Stock held by WSC Master Fund and Walker Smith International. Messrs. Walker and Smith are the beneficial owners of 977,900 shares of Common Stock, which includes (1) 670,300 shares of Common Stock beneficially owned by WS Capital and WS Capital Management for the accounts of WSC Master Fund and Walker Smith International and (2) 307,600 shares of Common Stock beneficially owned by WSV and WSVM for the accounts of Opportunity Master Fund and Opportunity International. (b) WS Capital and WS Capital Management are the beneficial owners of 6.3% (determined by dividing 670,300 shares of Common Stock presently beneficially owned by WS Capital and WS Capital Management by 10,586,590 shares of Common Stock issued and outstanding as of December 6, 2002, according to the Issuer's Annual Report on Form 10-K filed December 16, 2002) of the outstanding shares of Common Stock. Messrs. Walker and Smith are the beneficial owners of 9.2% (determined by dividing 977,900 shares of Common Stock presently beneficially owned by Messrs. Walker and Smith by 10,586,590 shares of Common Stock issued and outstanding as of December 6, 2002, according to the Issuer's Annual Report on Form 10-K filed December 16, 2002) of the outstanding shares of Common Stock. (c) WS Capital as general partner of WS Capital Management has the sole 7 of 11 power to vote and dispose of the 670,300 shares of Common Stock beneficially owned by them and held by WSC Fund and Walker Smith International. As the principals of WS Capital, Messrs. Walker and Smith may direct the vote and disposition of the 670,300 shares of Common Stock beneficially owned by WS Capital. Messrs. Walker and Smith have shared power to vote and dispose of 307,600 shares of Common Stock beneficially owned by WSV. ITEM 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS. Inapplicable. ITEM 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON. Inapplicable. ITEM 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY. Inapplicable. ITEM 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP. Inapplicable. ITEM 9 NOTICE OF DISSOLUTION OF GROUP. Inapplicable. ITEM 10 CERTIFICATION. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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. EXHIBITS EXHIBIT 1 Joint Filing Agreement dated February 4, 2003 between WS Capital, L.L.C., WS Capital Management, L.P., Reid S. Walker and G. Stacy Smith. 8 of 11 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 7, 2003 WS CAPITAL, L.L.C. By: /s/ REID S. WALKER ------------------------------------- Reid S. Walker Member WS CAPITAL MANAGEMENT, L.P. By: WS Capital, L.L.C., its general partner By: /s/ REID S. WALKER ------------------------------------- Reid S. Walker Member /s/ REID S. WALKER ----------------------------------------- Reid S. Walker /s/ G. STACY SMITH ----------------------------------------- G. Stacy Smith 9 of 11 EXHIBIT NO. DESCRIPTION - ----------- ----------- 1 Joint Filing Agreement dated February 4, 2003 between WS Capital, L.L.C., WS Capital Management, L.P., Reid S. Walker and G. Stacy Smith.
10 of 11 EX-1 3 d02935cexv1.txt JOINT FILING AGREEMENT EXHIBIT 1 JOINT FILING AGREEMENT In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a Statement on Schedule 13G (including any and all amendments thereto) with respect to the Common Stock, par value $0.001 per share, of hi/fn, inc., and further agree that this Joint Filing Agreement shall be included as an Exhibit to such joint filings. The undersigned further agree that each party hereto is responsible for the timely filing of such Statement on Schedule 13G and any amendments thereto, and for the accuracy and completeness of the information concerning such party contained therein; provided, however, that no party is responsible for the accuracy or completeness of the information concerning any other party, unless such party knows or has reason to believe that such information is inaccurate. This Joint Filing Agreement may be signed in counterparts with the same effect as if the signature on each counterpart were upon the same instrument. IN WITNESS WHEREOF, the undersigned have executed this Agreement as of February 7, 2003. WS CAPITAL, L.L.C. By: /s/ REID S. WALKER ------------------------------------- Reid S. Walker Member WS CAPITAL MANAGEMENT, L.P. By: WS Capital, L.L.C., its general partner By: /s/ REID S. WALKER ------------------------------------- Reid S. Walker Member /s/ REID S. WALKER ----------------------------------------- Reid S. Walker /s/ G. STACY SMITH ----------------------------------------- G. Stacy Smith 11 of 11 -----END PRIVACY-ENHANCED MESSAGE-----