-----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, B1A/FDiTwIlzlA2QVCmTtnqZ+05GnHSoeDckDmRzsUf1ONd8+o2e+ufm5noMgdMC vDwsuyLcW2IHGGuvMU3IBg== 0000891618-98-005160.txt : 19981201 0000891618-98-005160.hdr.sgml : 19981201 ACCESSION NUMBER: 0000891618-98-005160 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19981130 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: FRONTIER AIRLINES INC /CO/ CENTRAL INDEX KEY: 0000921929 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] IRS NUMBER: 841256945 STATE OF INCORPORATION: CO FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: SC 13D SEC ACT: SEC FILE NUMBER: 005-47895 FILM NUMBER: 98761370 BUSINESS ADDRESS: STREET 1: 12015 EAST 46TH AVE CITY: DENVER STATE: CO ZIP: 80239 BUSINESS PHONE: 3033717400 MAIL ADDRESS: STREET 1: 12015 EAST 46TH AVENUE STREET 2: 12015 EAST 46TH AVENUE CITY: DENVER STATE: CO ZIP: 80239 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: HAMBRECHT W R & CO LLC /BD CENTRAL INDEX KEY: 0001059055 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 943289837 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 550 15TH STREET CITY: SAN FRANCISCO STATE: CA ZIP: 941035029 BUSINESS PHONE: 4155518600 MAIL ADDRESS: STREET 1: 550 15TH STREET CITY: SAN FRANCISCO STATE: CA ZIP: 941035029 FORMER COMPANY: FORMER CONFORMED NAME: HAMBRECHT W H & CO LLC /BD DATE OF NAME CHANGE: 19981124 SC 13D 1 SCHEDULE 13D 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D (RULE 13d-101) UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO.___) FRONTIER AIRLINES, INC. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, $.001 Par Value - -------------------------------------------------------------------------------- (Title of Class of Securities) 359065109 - -------------------------------------------------------------------------------- (CUSIP Number) W.R. Hambrecht & Co., LLC 550 Fifteenth Street San Francisco, California 94103 (415) 551-8600 (Name, Address and Telephone Number of Persons Authorized to Receive Notices and Communications) November 19, 1998 (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(b)(3) or (4), check the following box. ___ 2 SCHEDULE 13D CUSIP No. 359065109 PAGE 2 OF 14 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) W.R. Hambrecht & Co., LLC 94-3289837 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (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 California - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 334,500 NUMBER OF ---------------------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY -0- OWNED BY ---------------------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON WITH 334,500 ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 334,500 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] Not Applicable - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.4% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - -------------------------------------------------------------------------------- 2 3 SCHEDULE 13D CUSIP No. 359065109 PAGE 3 OF 14 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) The Hambrecht 1980 Revocable Trust ###-##-#### - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS PF - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION California - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 227,400 NUMBER OF ---------------------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY -0- OWNED BY ---------------------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON WITH 227,400 ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 227,400 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] Not Applicable - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.6% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - -------------------------------------------------------------------------------- 3 4 SCHEDULE 13D CUSIP No. 359065109 PAGE 4 OF 14 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) E&M RP Trust ###-##-#### - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS PF - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION California - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 545,400 NUMBER OF ---------------------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY -0- OWNED BY ---------------------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON WITH 545,400 ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 545,400 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] Not Applicable - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - -------------------------------------------------------------------------------- 4 5 SCHEDULE 13D CUSIP No. 359065109 PAGE 5 OF 14 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) William R. Hambrecht ###-##-#### - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS Not Applicable - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 561,900 NUMBER OF ---------------------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY -0- OWNED BY ---------------------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON WITH 561,900 ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 561,900* - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] Not Applicable - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- * Includes 334,500 shares held by WR Hambrecht & Co., LLC and 227,400 shares held by the Hambrecht 1980 Revocable Trust. 5 6 SCHEDULE 13D CUSIP No. 359065109 PAGE 6 OF 14 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) Edmund H. Shea, Jr. ###-##-#### - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS Not Applicable - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- NUMBER OF ---------------------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 545,400 OWNED BY ---------------------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON WITH -0- ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 545,400 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 545,400* - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] Not Applicable - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- * Represents shares held by the E&M RP Trust of which Mr. Shea is a Trustee. 6 7 SCHEDULE 13D CUSIP No. 359065109 PAGE 7 OF 14 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) Mary S. Shea ###-##-#### - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS Not Applicable - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- NUMBER OF ---------------------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 545,400 OWNED BY ---------------------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON WITH -0- ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 545,400 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 545,400* - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] Not Applicable - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- * Represents shares held by the E&M RP Trust of which Mrs. Shea is a Trustee. 7 8 Item 1 Security and Issuer. This Schedule 13D relates to the common stock, $.001 par value (the "Common Stock"), of Frontier Airlines, Inc., a Colorado corporation (the "Issuer"). The principal executive office and mailing address of the Issuer is 12015 East 46th Avenue, Suite 200, Denver, Colorado 80239. Item 2. Identity and Background. (a) (b) and (c) This Schedule 13D is filed on behalf of W.R. Hambrecht & Co. LLC ("WRHCo"), The Hambrecht 1980 Revocable Trust (the "Hambrecht Trust"), the E&M RP Trust (the "Shea Trust"), William R. Hambrecht, Edmund H. Shea, Jr. and Mary S. Shea (collectively, the "Reporting Persons"). WRHCo is a California limited liability company whose principal business is investment. Its business address is 550 Fifteenth Street, San Francisco, California 94103. The names of the officer and managemer of WRHCo, his addresses, citizenship and principal occupation are as follows:
PRINCIPAL NAME AND OCCUPATION OFFICE HELD BUSINESS ADDRESS CITIZENSHIP OR EMPLOYMENT William R. Hambrecht 550 Fifteenth Street USA President of WRHCo President and Manager San Francisco, CA 94103
The Hambrecht 1980 Revocable Trust is a California revocable trust. The trustee of the trust is William R. Hambrecht. The address of the trust is 550 Fifteenth Street, San Francisco, California 94103. The Shea Trust is a California revocable trust. The trustees of the trust are Edmund H. Shea, Jr. and Mary S. Shea. The address of the Trust is 655 Brea Canyon Road, Walnut, California 01789. 8 9 (b) To the best knowledge of the Reporting Persons, during the past five years, none of the entities or individuals identified in this Item 2 have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) To the best knowledge of the Reporting Persons, during the past five years, none of the entities or individuals identified in this Item 2 has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and therefore was not and is not 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. Between May 27, 1998 and August 28, 1998 WRHCo acquired 334,500 shares of the Issuer's Common Stock in open market transactions at an average cost per share of $4.0074 per share. The source of the $1,340,480.84 purchase price was the working capital of WRHCo. Between March 11, 1998 and August 6, 1998, the Shea Trust acquired 318,500 shares of the Issuer's Common Stock in open market transactions at an average cost per share of $4.0114. The source of the $1,277,620.26 purchase price was the personal funds of the Shea Trust. Between November 19, 1998 and November 25, 1998 the Hambrecht Trust and the Shea Trust each acquired 449,400 shares of the Company's Common Stock in open market transactions at an average cost of $4.745 per share. The source of the aggregate $2,132,300.00 purchase price was the personal funds of each of the Hambrecht Trust and the Shea Trust. Item 4. Purpose of Transaction. The Reporting Persons purchased the securities to increase their respective equity interests in the Issuer. Depending upon market conditions and other factors, the Reporting Persons may acquire additional securities of the Issuer, in the open market, in privately negotiated transactions or otherwise. Alternatively, depending upon market conditions and other factors, the Reporting Persons may, from time to time, dispose of some or all of the securities of the Issuer. The Reporting Persons are regularly engaged in the business of investing in publicly-held and private companies. In connection with their investments, the Reporting persons analyze the operations, capital structure and markets of the companies in which they invest, including the Issuer. As a result of these analytical activities, one or more of the Reporting Persons may suggest or take a position with respect to potential changes in the strategic direction, operations, management or capital structure of such companies as a means of enhancing shareholder value. Such communications may take place with Issuer's management, members of the Board of Directors, other shareholders, security analysts or others. In particular, the Reporting Persons believe that it would be desirable for the 9 10 Issuer to explore various strategic, operating and/or financial relationships with Vanguard Airlines or others, including possible business combinations. The Reporting Persons and their affiliates are major stockholders of Vanguard Airlines. Although the Reporting Persons reserve the right to develop plans or proposals in the future with respect to the following items, except as set forth above, at the present time they have no plans or proposals that relate to or would result in any of the following: (a) the acquisition by any person of additional securities of the Issuer, or the disposition of securities of the Issuer; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (c) a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; (d) any change in the present board of directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board; (e) any material change in the present capitalization or dividend policy of the Issuer; (f) any other material change in the Issuer's business or corporate structure; (g) changes in the Issuer's charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person; (h) causing a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934; or (j) any action similar to any of those enumerated in (a) through (i) above. 10 11 Item 5. Interest in Securities of the Issuer. (a), (b) According to information furnished by the Issuer, there were 13,792,064 shares of Common Stock issued and outstanding as of August 8, 1998. Based on such information, after taking into account the transactions described in Item 5(c) below, the Reporting Persons report the following direct holdings and corresponding percentage interests in the Common Stock (computed in accordance with Rule 13d-3(d)(1)(i) of the Securities Exchange Act of 1934, as amended):
PERCENTAGE NAME SHARES OF COMMON STOCK OWNED OWNED - ---- ---------------------------- ----- WRHCo 334,500 2.4% The Hambrecht 1980 Revocable 227,400 1.6% Trust The E&M RP Trust 545,400 4.0% William R. Hambrecht 561,900 4.1% Edmund H. Shea, Jr. 545,400 4.0% Mary S. Shea 545,400 4.0% TOTAL 1,101,900 8.0%
The Hambrecht 1980 Revocable Trust is a California revocable trust. The trustee of the trust is William R. Hambrecht. The address of the trust is 550 Fifteenth Street, San Francisco, California 94103. Because voting and investment decisions with respect to the securities held by WRHCo, the Hambrecht Trust, the E&M RP Trust, William R. Hambrecht, Edmund H Shea, Jr. and Mary S. Shea may be made by or in conjunction with the other Reporting Persons, the Reporting Persons may be deemed to be members in a group, in which case each Reporting Person would be deemed to have beneficial ownership of an aggregate of 734,500 shares of the Common Stock. (c) The Reporting Persons did not effect any transactions other than those set forth in Items 3 and 4 above. (d) Not applicable. (e) Not applicable. 11 12 Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer. None of the Reporting Persons is a party to any contract, arrangement, understanding or relationship with respect to any securities of the Issuer, including but not limited to the transfer or voting of any securities of the Issuer, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies. Item 7. Material to Be Filed as Exhibits. The following material is filed as an Exhibit to this Schedule 13D: 1. Joint Filing Agreement, dated November 30, 1998, between W.R. Hambrecht & Co., LLC, The Hambrecht 1980 Revocable Trust , The E&M RP Trust, William R. Hambrecht, Edmund H. Shea, Jr. and Mary S. Shea. 12 13 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: November 25, 1998. W.R. HAMBRECHT & CO., LLC By: /s/ William R. Hambrecht ------------------------------------- Name: William R. Hambrecht Title: President THE HAMBRECHT 1980 REVOCABLE TRUST By: /s/ William R. Hambrecht ----------------------------------- Name: William R. Hambrecht Title: Trustee E&M RP TRUST By: /s/ Edmund H. Shea, Jr. ----------------------------------- Name: Edmund H. Shea, Jr. Title: Trustee /s/ WILLIAM R. HAMBRECHT ---------------------------------------- WILLIAM R. HAMBRECHT /s/ EDMUND H. SHEA, JR. ---------------------------------------- EDMUND H. SHEA, JR. /s/ MARY S. SHEA ---------------------------------------- MARY S. SHEA 14 EXHIBIT A JOINT FILING UNDERTAKING The undersigned, being duly authorized thereunto, hereby execute this agreement as an exhibit to this Amendment to Schedule 13D to evidence the agreement of the below-named parties, in accordance with rules promulgated pursuant to the Securities Exchange Act of 1934, to file this Amendment jointly on behalf of each of such parties. Dated: November 25, 1998 W.R. HAMBRECHT & CO., LLC By: /s/ William R. Hambrecht ------------------------------------- Name: William R. Hambrecht Title: President THE HAMBRECHT 1980 REVOCABLE TRUST By: /s/ William R. Hambrecht ------------------------------------- Name: William R. Hambrecht Title: President E&M RP TRUST By: /s/ Edmund H. Shea, Jr. ----------------------------------- Name: Edmund H. Shea, Jr. Title: Trustee /s/ WILLIAM R. HAMBRECHT ---------------------------------------- WILLIAM R. HAMBRECHT /s/ EDMUND H. SHEA, JR. ---------------------------------------- EDMUND H. SHEA, JR. /s/ MARY S. SHEA ---------------------------------------- MARY S. SHEA -----END PRIVACY-ENHANCED MESSAGE-----