-----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, RwvhfpT+tvGHLiGkFltYYWVjDekJk4TvsRvru+97VZYqA81W9LbQtnt8Q53ME8Fa XM8tkc+IulrYcQQjVgF8nw== 0000950149-99-000307.txt : 19990222 0000950149-99-000307.hdr.sgml : 19990222 ACCESSION NUMBER: 0000950149-99-000307 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990219 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CRAIG CORP CENTRAL INDEX KEY: 0000110985 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT CONSULTING SERVICES [8742] IRS NUMBER: 951620188 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: SEC FILE NUMBER: 005-07869 FILM NUMBER: 99545520 BUSINESS ADDRESS: STREET 1: 550 S HOPE STREET STREET 2: SUITE 1825 CITY: LOS ANGELES STATE: CA ZIP: 90071-2633 BUSINESS PHONE: 3106596641 MAIL ADDRESS: STREET 1: 550 S HOPE STREET STREET 2: SUITE 1825 CITY: LOS ANGELES STATE: CA ZIP: 90071-2633 FORMER COMPANY: FORMER CONFORMED NAME: MAGNASYNC CRAIG CORP DATE OF NAME CHANGE: 19691130 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: PINE CAPITAL MANAGEMENT INC /CA/ /ADV CENTRAL INDEX KEY: 0000868824 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 943146402 STATE OF INCORPORATION: CA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 353 SACARMENTO ST 10TH FL CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 4153627111 MAIL ADDRESS: STREET 1: 353 SACRAMENTO ST., 10TH FL CITY: SAN FRANCISCO STATE: CA ZIP: 94111 FORMER COMPANY: FORMER CONFORMED NAME: PINE CAPITAL MANAGEMENT INC /CA/ /ADV DATE OF NAME CHANGE: 19980408 SC 13D 1 STATEMENT OF BENEFICIAL OWNERSHIP 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. )* Craig Corporation ------------------------ (Name of Issuer) Common Stock ------------------------ (Title of Class of Securities) 224174102 ------------------------ (CUSIP Number) Ms. Beverly Dube Pine Capital Management Incorporated 353 Sacramento Street, 10th Floor San Francisco, California 94111 (415) 362-7111 ------------------------ (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) December 31, 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 Rules 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. [ ] NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7(b) 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. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). 2 CUSIP NO. 224174102 SCHEDULE 13D Page 2 of 9 Pages - -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NUMBER OF REPORTING PERSON Pine Capital Management Incorporated 94-3146402 - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF MEMBER OF A GROUP (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS OO - -------------------------------------------------------------------------------- 5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION California - -------------------------------------- ----------------------------------------- NUMBER OF SHARES 7. SOLE VOTING POWER 0 shares ----------------------------------------------------------- BENEFICIALLY OWNED 8. SHARED VOTING POWER 0 shares ----------------------------------------------------------- BY EACH REPORTING 9. SOLE DISPOSITIVE POWER 128,700 shares ----------------------------------------------------------- PERSON WITH 10. SHARED DISPOSITIVE POWER 0 shares - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 128,700 shares - -------------------------------------------------------------------------------- 12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.42% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON IA - -------------------------------------------------------------------------------- 3 CUSIP NO. 224174102 SCHEDULE 13D Page 3 of 9 Pages - -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NUMBER OF REPORTING PERSON Hoefer & Arnett Incorporated 94-2831518 - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF MEMBER OF A GROUP (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS OO - -------------------------------------------------------------------------------- 5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION California - -------------------------------------------------------------------------------- NUMBER OF SHARES 7. SOLE VOTING POWER 0 shares ------------------------------------------------------ BENEFICIALLY OWNED 8. SHARED VOTING POWER 0 shares ------------------------------------------------------ BY EACH REPORTING 9. SOLE DISPOSITIVE POWER 24,500 shares ------------------------------------------------------ PERSON WITH 10. SHARED DISPOSITIVE POWER 0 shares - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 24,500 shares - -------------------------------------------------------------------------------- 12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.65% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON BD - -------------------------------------------------------------------------------- 4 CUSIP NO. 224174102 SCHEDULE 13D Page 4 of 9 Pages - -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON Bobby Lee Arnett - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF MEMBER OF A GROUP (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. SOURCE OF FUNDS PF - -------------------------------------------------------------------------------- 5. CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- NUMBER OF SHARES 7. SOLE VOTING POWER 108,600 shares ------------------------------------------------------ BENEFICIALLY OWNED 8. SHARED VOTING POWER 0 shares ------------------------------------------------------ BY EACH REPORTING 9. SOLE DISPOSITIVE POWER 108,600 shares ------------------------------------------------------ PERSON WITH 10. SHARED DISPOSITIVE POWER 0 shares - -------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 108,600 shares - -------------------------------------------------------------------------------- 12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.89% - -------------------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- 5 CUSIP NO. 224174102 SCHEDULE 13D Page 5 of 9 Pages ITEM 1. SECURITY AND ISSUER This statement relates to the shares of Common Stock of Craig Corporation, a California corporation ("Company"), and is being filed pursuant to Rule 13d-1 under the Act. The principal executive offices of the Company are located at 550 South Hope Street, Suite 1825, Los Angeles, CA 90071. ITEM 2. IDENTITY AND BACKGROUND: (a) (i) Pine Capital Management Incorporated (ii) Hoefer & Arnett Incorporated (iii) Bobby Lee Arnett (b) The business address of Pine Capital Management Incorporated, Hoefer & Arnett Incorporated and Mr. Arnett is 353 Sacramento Street, 10th Floor, San Francisco, California 94111. (c) Pine Capital Management Incorporated is an investment advisor in accordance with Section 240.13d-1(b)(1)(ii)(E) and Hoefer & Arnett Incorporated is a broker registered under Section 15 of the Act. Mr. Arnett is a principal shareholder of Pine Capital Management Incorporated and Hoefer & Arnett Incorporated. (d) During the last five years, none of Pine Capital Management Incorporated, Hoefer & Arnett Incorporated or Mr. Arnett has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) During the last five years, none of Pine Capital Management Incorporated, Hoefer & Arnett Incorporated or Mr. Arnett was 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) Pine Capital Management Incorporated and Hoefer & Arnett Incorporated are California corporations. Mr. Arnett is a citizen of the United States of America. 6 CUSIP NO. 224174102 SCHEDULE 13D Page 6 of 9 Pages ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION The source and amount of funds used in purchasing the Common Stock are as follows:
Purchaser Source of Funds Amount --------- --------------- ------ Pine Capital Management Incorporated Funds under management $1,451,660.35 Hoefer & Arnett Incorporated Discretionary Funds $216,017.23 Bobby Lee Arnett Personal Funds $945,278.40
ITEM 4. PURPOSE OF TRANSACTION The sole purpose of the acquisitions of Common Stock reported herein was and is for investment. See Item 6. None of the reporting persons has present plans or intentions which will result in or relate to any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER (a) Pine Capital Management Incorporated is the beneficial owner of an aggregate of 128,700 shares of the Company's Common Stock, representing approximately 3.42% of the Common Stock of the Company outstanding. Hoefer & Arnett Incorporated is the beneficial owner of an aggregate of 24,500 shares of the Company's Common Stock, representing approximately 0.65% of the Common Stock of the Company outstanding. Mr. Arnett is the beneficial owner of an aggregate of 108,600 shares of the Company's Common Stock, representing approximately 2.89% of the Common Stock of the Company outstanding. Mr. Arnett owns in excess of 10% of the outstanding shares of Common Stock of Pine Capital Management Incorporated and Hoefer & Arnett Incorporated. Pine Capital Management Incorporated and Hoefer & Arnett Incorporated disclaim any beneficial ownership in any of the securities covered by this statement. Mr. Arnett disclaims any beneficial ownership in any of the securities covered by this statement which are attributable to Pine Capital Management Incorporated or Hoefer & Arnett Incorporated. Furthermore, Pine Capital Management Incorporated, Hoefer & Arnett Incorporated and Mr. Arnett are of the view that they are not acting as a "group" for purposes of Section 13(d) under the Act and that none of them are otherwise required to attribute to each other the "beneficial ownership" of securities held by any of them. 7 CUSIP NO. 224174102 SCHEDULE 13D Page 7 of 9 Pages (b) Pine Capital Management Incorporated has no power to vote but has sole power to dispose of 128,700 shares of Common Stock. Hoefer & Arnett Incorporated has no power to vote but has sole power to dispose of 24,500 shares of Common Stock. Mr. Arnett has sole power to vote and to dispose of 108,600 shares of Common Stock. (c) The persons filing this statement have not effected any transactions in the Common Stock during the past sixty days. (d) Other than as described in Item 6, no person is known to any of the reporting persons to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, those shares of Common Stock of the Company held by Pine Capital Management Incorporated, Hoefer & Arnett Incorporated or Mr. Arnett. (e) Not applicable. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER The securities as to which this Schedule 13D is filed by Pine Capital Management Incorporated, in its capacity as investment advisor, and Hoefer & Arnett Incorporated, in its capacity as broker, are held for discretionary accounts of clients of Pine Capital Management Incorporated and Hoefer & Arnett Incorporated, respectively. Pine Capital Management Incorporated and Hoefer & Arnett Incorporated hold the shares attributed to each of them, respectively, in a fiduciary capacity. Clients of Pine Capital Management Incorporated and Hoefer & Arnett Incorporated have the right to receive, or the power to direct the receipt of, dividends from, or the proceeds from the sale of, such securities. No such client is known to have such right or power with respect to more than five percent of this class of securities. Pine Capital Management Incorporated and Hoefer & Arnett Incorporated do not have the power to vote, or to direct the voting of, such securities held by either of them in their respective capacity as an adviser or broker. Pine Capital Management Incorporated and Hoefer & Arnett Incorporated are "affiliates" within the meaning of 17 C.F.R. Section240.12b-2. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS A. Joint Filing Agreement 8 CUSIP NO. 224174102 SCHEDULE 13D Page 8 of 9 Pages 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. PINE CAPITAL MANAGEMENT INCORPORATED February 18, 1999 By: /s/ Kevin Daly - ------------------------------------- ------------------------------------ (Date) Kevin Daly President HOEFER & ARNETT INCORPORATED February 18, 1999 By: /s/ Philip Economopoulos - ------------------------------------- ------------------------------------ (Date) Philip Economopoulos Secretary BOBBY LEE ARNETT February 18, 1999 /s/ Bobby Lee Arnett - ------------------------------------- ------------------------------------ (Date) 9 JOINT FILING AGREEMENT In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with each other of the attached statement on Schedule 13D and all amendments to such statement and that such statement and all amendments to such statement is made on behalf of each of them. IN WITNESS WHEREOF, the undersigned hereby execute this agreement this 18th day of February, 1999. PINE CAPITAL MANAGEMENT INCORPORATED By: /s/ Kevin Daly -------------------------------------- Kevin Daly President HOEFER & ARNETT INCORPORATED By: /s/ Philip Economopoulos -------------------------------------- Philip Economopoulos Secretary BOBBY LEE ARNETT /s/ Bobby Lee Arnett -------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----