UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Party City Corporation
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $0.01 per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
702145103
--------------------------------------------------------------------------------
(CUSIP Number)
December 31, 2003
--------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to
which this Schedule is filed: [ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* 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 the
disclosures provided in a prior cover page.
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 ("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).
Person Authorized to Receive Notices and Communications:
Taylor H. Wilson, Esq.
Haynes and Boone, LLP
901 Main Street, Suite 3100
Dallas, Texas 75202
(214) 651-5615
SCHEDULE 13G
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CUSIP No. - 702145103 Page 2 of 21 Pages
--------------------- -------------------
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
WS Capital, L.L.C.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 1,127,583
BENEFICIALLY ---------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 0
PERSON ---------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
1,127,583
---------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
1,127,583
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.4%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
HC
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--------------------- ------------------
CUSIP No. - 702145103 Page 3 of 21 Pages
--------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
WS Capital Management, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 1,127,583
BENEFICIALLY --------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 0
PERSON --------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
1,127,583
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
1,127,583
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.4%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IA
--------------------------------------------------------------------------------
--------------------- ------------------
CUSIP No. - 702145103 Page 4 of 21 Pages
--------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Walker Smith Capital, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 97,288
BENEFICIALLY --------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 0
PERSON --------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
[ ]7,288
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
97,288
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.6%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
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--------------------- ------------------
CUSIP No. - 702145103 Page 5 of 21 Pages
--------------------- ------------------
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Walker Smith Capital(Q.P.), L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 474,995
BENEFICIALLY -------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 0
PERSON -------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
474,995
-------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
474,995
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.7%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
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CUSIP No. - 702145103 Page 6 of 21 Pages
--------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Walker Smith International Fund, Ltd.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 555,300
BENEFICIALLY -------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 0
PERSON -------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
555,300
-------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
555,300
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.2%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
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CUSIP No. - 702145103 Page 7 of 21 Pages
--------------------- ------------------
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
WSV Management, L.L.C.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 217,100
BENEFICIALLY -------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 0
PERSON -------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
217,100
-------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
217,100
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.2%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IA
--------------------------------------------------------------------------------
--------------------- ------------------
CUSIP No. - 702145103 Page 8 of 21 Pages
--------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
WS Ventures Management, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 217,100
BENEFICIALLY -------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 0
PERSON -------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
217,100
-------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
217,100
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.2%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
HC
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CUSIP No. - 702145103 Page 9 of 21 Pages
--------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
WS Opportunity Fund, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 66,465
BENEFICIALLY -------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 0
PERSON -------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
66,465
-------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
66,465
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.4%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
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CUSIP No. - 702145103 Page 10 of 21 Pages
--------------------- -------------------
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
WS Opportunity Fund(Q.P.), L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 81,235
BENEFICIALLY -------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 0
PERSON -------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
81,235
-------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
81,235
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.5%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
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CUSIP No. - 702145103 Page 11 of 21 Pages
--------------------- -------------------
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
WS Opportunity Fund International, Ltd.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 69,400
BENEFICIALLY -------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 0
PERSON -------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
69,400
-------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
69,400
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.4%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
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CUSIP No. - 702145103 Page 12 of 21 Pages
--------------------- -------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Reid S. Walker
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 1,344,683
BENEFICIALLY -------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 0
PERSON -------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
1,344,683
-------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
1,344,683
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.7%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
HC
--------------------------------------------------------------------------------
--------------------- -------------------
CUSIP No. - 702145103 Page 13 of 21 Pages
--------------------- -------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
G. Stacy Smith
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 1,344,683
BENEFICIALLY -------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 0
PERSON -------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
1,344,683
-------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
1,344,683
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.7%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
HC
--------------------------------------------------------------------------------
--------------------- -------------------
CUSIP No. - 702145103 Page 14 of 21 Pages
--------------------- -------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Patrick P. Walker
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF
SHARES 217,100
BENEFICIALLY -------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 0
PERSON -------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
217,100
-------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
217,100
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.2%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
HC
--------------------------------------------------------------------------------
--------------------- -------------------
CUSIP No. - 702145103 Page 15 of 21 Pages
--------------------- -------------------
This Amendment No. 1 to Schedule 13G relates to the shares of common
stock, par value $0.01 per share ("Common Stock"), of Party City Corporation, a
Delaware corporation, purchased by (i) WS Capital, L.L.C., a Texas limited
liability company ("WS Capital"), for the account of (1) Walker Smith Capital,
L.P., a Texas limited partnership ("WSC"), (2) Walker Smith Capital (Q.P.),
L.P., a Texas limited partnership ("WSCQP"), and (3) Walker Smith International
Fund, Ltd., a British Virgin Islands exempted company ("WS International"), and
(ii) WSV Management, L.L.C., a Texas limited liability company ("WSV"), for the
account of (1) WS Opportunity Fund, L.P., a Texas limited partnership ("WSO"),
(2) WS Opportunity Fund (Q.P.), L.P., a Texas limited partnership ("WSOQP"), and
(3) WS Opportunity Fund International, Ltd., a Cayman Islands exempted company
("WSO International"). WS Capital is the general partner of WS Capital
Management, L.P., a Texas limited partnership ("WSC Management"). WSC Management
is the general partner of each of WSC and WSCQP and the investment manager and
agent and attorney-in-fact for WS International. WSV is the general partner of
WS Ventures Management, L.P., a Texas limited partnership ("WSVM"). WSVM is the
general partner of each of WSO and WSOQP and the investment manager and agent
and attorney-in-fact for WSO International. Reid S. Walker and G. Stacy Smith
are principals of WS Capital and WSV, and Patrick P. Walker is a principal of
WSV. Each of the reporting persons hereby expressly disclaims membership in a
"group" under Section 13(d) of the Securities Exchange Act of 1934 and the rules
and regulations thereunder with respect to the shares of Common Stock reported
herein, and this Schedule 13G shall not be deemed to be an admission that any
such reporting person is a member of such a group.
Item 1(a) Name of Issuer:
Party City Corporation
Item 1(b) Address of Issuer's Principal Executive Offices:
400 Commons Way
Rockaway, New Jersey 07866
Item 2(a) Names of Persons Filing:
See Item 1 of each cover page.
Item 2(b) Address of Principal Business Offices:
300 Crescent Court, Suite 880
Dallas, Texas 75201
Item 2(c) Citizenship:
See Item 4 of each cover page.
Item 2(d) Title of Class of Securities:
Common Stock, par value $0.01 per share
--------------------- -------------------
CUSIP No. - 702145103 Page 16 of 21 Pages
--------------------- -------------------
Item 2(e) CUSIP Number:
702145103
Item 3 Status of Persons Filing:
(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) [ ] An investment adviser 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) Reid S. Walker and G. Stacy Smith are the beneficial
owners of 1,344,683 shares of Common Stock, which includes
(i) 1,127,583 shares of Common Stock beneficially owned by
WS Capital and WSC Management for the accounts of WSC,
WSCQP and WS International and (ii) 217,100 shares of
Common Stock beneficially owned by WSV and WSVM for the
accounts of WSO, WSOQP and WSO International.
Patrick P. Walker is the beneficial owner of 217,100
shares of Common Stock beneficially owned by WSV and WSVM
for the accounts of WSO, WSOQP and WSO International.
WS Capital and WSC Management are the beneficial owners of
1,127,583 shares of Common Stock, which includes (i)
97,288 shares beneficially owned by WSC, (ii) 474,995
shares beneficially owned by WSCQP and (iii) 555,300
shares beneficially owned by WS International.
WSV and WSVM are the beneficial owners of 217,100 shares
of Common Stock, which includes (i) 66,465 shares
beneficially owned by WSO, (ii) 81,235 shares beneficially
owned by WSOQP and (iii) 69,400 shares beneficially owned
by WSO International.
--------------------- -------------------
CUSIP No. - 702145103 Page 17 of 21 Pages
--------------------- -------------------
(b) Percent of class:
See Item 11 of each cover page.
(c) Number of shares as to which each person has:
(i) sole power to vote or to direct the vote:
See Item 5 of each cover page.
(ii) shared power to vote or to direct the vote:
See Item 6 of each cover page.
(iii) sole power to dispose or to direct the disposition
of:
See Item 7 of each cover page.
(iv) shared power to dispose or to direct the disposition
of:
See Item 8 of each cover page.
Item 5 Ownership of 5% or Less of a Class:
Not applicable.
Item 6 Ownership of More than 5% on Behalf of Another Person:
Not applicable.
Item 7 Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company or Control Person:
WSC Management is an investment adviser registered with the
State of Texas and, as such, has beneficial ownership of the
shares of Common Stock held by its clients, WSC, WSCQP and WS
International. WS Capital is the general partner of WSC
Management. Reid S. Walker and G. Stacy Smith are the sole
principals of WS Capital, and therefore exercise investment
discretion and control with respect to the shares of Common
Stock held by WSC Management's clients.
WSV is an investment adviser registered with the State of
Texas and is the general partner of WSVM and, as such, has
beneficial ownership of the shares of Common Stock held by its
clients, WSO, WSOQP and WSO International. Reid S. Walker, G.
Stacy Smith and Patrick P. Walker are the sole principals of
WSV, and therefore exercise investment discretion and control
with respect to the shares of Common Stock held by WSV's
clients.
--------------------- -------------------
CUSIP No. - 702145103 Page 18 of 21 Pages
--------------------- -------------------
Item 8 Identification and Classification of Members of the Group:
Not applicable.
Item 9 Notice of Dissolution of Group:
Not applicable.
Item 10 Certification:
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above 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.
--------------------- -------------------
CUSIP No. - 702145103 Page 19 of 21 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.
Date: February 11, 2004
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
WALKER SMITH CAPITAL, L.P.
By: WS Capital Management, L.P., its general partner
By: WS Capital, L.L.C., its general partner
By: /s/ Reid S. Walker
-------------------------------------------------
Reid S. Walker, Member
WALKER SMITH CAPITAL (Q.P.), L.P.
By: WS Capital Management, L.P., its general partner
By: WS Capital, L.L.C., its general partner
By: /s/ Reid S. Walker
-------------------------------------------------
Reid S. Walker, Member
--------------------- -------------------
CUSIP No. - 702145103 Page 20 of 21 Pages
--------------------- -------------------
WALKER SMITH INTERNATIONAL FUND, LTD.
By: WS Capital Management, L.P., its agent and
attorney-in-fact
By: WS Capital, L.L.C., its general partner
By: /s/ Reid S. Walker
-------------------------------------------------
Reid S. Walker, Member
WSV MANAGEMENT, L.L.C.
By: /s/ Reid S. Walker
-------------------------------------------------
Reid S. Walker, Member
WS VENTURES MANAGEMENT, L.P.
By: WSV Management, L.L.C., its general partner
By: /s/ Reid S. Walker
-------------------------------------------------
Reid S. Walker, Member
WS OPPORTUNITY FUND, L.P.
By: WS Ventures Management, L.P., its general partner
By: WSV Management, L.L.C., its general partner
By: /s/ Reid S. Walker
-------------------------------------------------
Reid S. Walker, Member
WS OPPORTUNITY FUND (Q.P.), L.P.
By: WS Ventures Management, L.P., its general partner
By: WSV Management, L.L.C., its general partner
By: /s/ Reid S. Walker
-------------------------------------------------
Reid S. Walker, Member
--------------------- -------------------
CUSIP No. - 702145103 Page 21 of 21 Pages
--------------------- -------------------
WS OPPORTUNITY FUND INTERNATIONAL, LTD.
By: WS Ventures Management, L.P., its agent and
attorney-in-fact
By: WSV Management, 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
/s/ Patrick P. Walker
-----------------------------------------------------
PATRICK P. WALKER
EXHIBITS
Exhibit 1 Joint Filing Agreement, dated February 11, 2004, entered into
by and among WS Capital, L.L.C., WS Capital Management, L.P.,
Walker Smith Capital, L.P., Walker Smith Capital (Q.P.), L.P.,
Walker Smith International Fund, Ltd., WSV Management, L.L.C.,
WS Ventures Management, L.P., WS Opportunity Fund, L.P., WS
Opportunity Fund (Q.P.), L.P., WS Opportunity Fund
International, Ltd., Reid S. Walker, G. Stacy Smith and
Patrick P. Walker.