-----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, Avkvpm1Poiqx7nIaBd71mFTMo9PAS2zCqXLZRBt+epB+dYt1yEJU+Tdlzb6yhTAw 9GXiDZEU0cdmLKmYTFV2tw== 0001104659-05-027470.txt : 20050609 0001104659-05-027470.hdr.sgml : 20050609 20050609122154 ACCESSION NUMBER: 0001104659-05-027470 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20050609 DATE AS OF CHANGE: 20050609 GROUP MEMBERS: JAMES R. COLPITT SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: DIVERSIFIED CORPORATE RESOURCES INC CENTRAL INDEX KEY: 0000779226 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EMPLOYMENT AGENCIES [7361] IRS NUMBER: 751565578 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-36863 FILM NUMBER: 05886910 BUSINESS ADDRESS: STREET 1: 12801 N CENTRAL EXPRESSWAY STREET 2: STE 350 CITY: DALLAS STATE: TX ZIP: 75243 BUSINESS PHONE: 2144588500 MAIL ADDRESS: STREET 1: 10670 N CENTRAL EXPRESSWAY STREET 2: STE 600 CITY: DALLAS STATE: TX ZIP: 75243 FORMER COMPANY: FORMER CONFORMED NAME: DIVERSIFIED HUMAN RESOURCES GROUP INC DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: James R. Colpitt Trust CENTRAL INDEX KEY: 0001323815 IRS NUMBER: 000000000 STATE OF INCORPORATION: OK FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: C/O JAMES R. COLPITT, TRUSTEE STREET 2: P.O. BOX 462 CITY: COLLINSVILLE STATE: OK ZIP: 74021 BUSINESS PHONE: 918-371-2140 MAIL ADDRESS: STREET 1: C/O JAMES R. COLPITT, TRUSTEE STREET 2: P.O. BOX 462 CITY: COLLINSVILLE STATE: OK ZIP: 74021 SC 13D 1 a05-10604_1sc13d.htm SC 13D

 

 

UNITED STATES

 

 

SECURITIES AND EXCHANGE
COMMISSION

 

 

Washington, D.C. 20549

 

 

SCHEDULE 13D

 

(Rule 13d-101)

Information to be Included in Statements Filed Pursuant to Rule 13d-1(a) and

Amendments Thereto Filed Pursuant to Rule 13d-2(a)

Under the Securities Exchange Act of 1934
(Amendment No.     )*

DIVERSIFIED CORPORATE RESOURCES, INC.

(Name of Issuer)

 

Common Stock, par value $.10 per share

(Title of Class of Securities)

 

255153108

(CUSIP Number)

 

James R. Colpitt Trust

c/o Dale W. Young

5400 LBJ Freeway, Suite 1425

Dallas, Texas 75240

(972) 341-2200

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

 

April 7, 2005

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

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).

 



 

CUSIP No.   255153108

 

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
James R. Colpitt

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 o

 

 

(b)

 ý

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
OO

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
U.S.A

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
20,000

 

8.

Shared Voting Power 
731,250

 

9.

Sole Dispositive Power 
20,000

 

10.

Shared Dispositive Power 
731,250

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person 
751,250 (1)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11) 
9.16%

 

 

14.

Type of Reporting Person (See Instructions)
IN

 


(1)  Includes (a) 731,250 shares of common stock underlying warrants held by James R. Colpitt Trust, of which Mr. Colpitt is the sole trustee, and (b) 20,000 shares of common stock underlying 2,000 shares of Series A Convertible Preferred Stock held by Mr. Colpitt.

 

2



 

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
James R. Colpitt Trust

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 o

 

 

(b)

 ý

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
OO

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
Oklahoma

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
0

 

8.

Shared Voting Power 
731,250 (2)

 

9.

Sole Dispositive Power 
0

 

10.

Shared Dispositive Power 
731,250 (2)

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person 
731,250 (2)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11) 
8.91%

 

 

14.

Type of Reporting Person (See Instructions)
OO

 


(2)  Includes 731,250 shares of common stock underlying warrants held by James R. Colpitt Trust, of which James R. Colpitt is the sole trustee.

 

3



 

Item 1.

Security and Issuer

The securities covered by this Schedule 13D are shares of common stock, $.10 par value (the “Common Stock”), of Diversified Corporate Resources, Inc., a Texas corporation (the “Company”).  The Company’s principal executive offices are located at 10670 N. Central Expressway, Suite 300, Dallas, Texas 75231.

 

 

Item 2.

Identity and Background

(a)           This statement on Schedule 13D is being filed by the following Reporting Persons:  James R. Colpitt, an individual resident of the State of Oklahoma, and the James R. Colpitt Trust, an Oklahoma trust (the “Trust”)

(b)           The business address of Mr. Colpitt and the Trust is P.O. Box 462, Collinsville, OK 74021;

(c)           Mr. Colpitt is a private investor;

(d)           Neither Mr. Colpitt nor the Trust has, during the past five years, been convicted in any criminal proceeding (excluding traffic violations and similar misdemeanors);

(e)           Neither Mr. Colpitt nor the Trust has, during the past five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction that resulted in 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)            Mr. Colpitt is a U.S. citizen, and the Trust was formed under the laws of Oklahoma.

 

 

Item 3.

Source and Amount of Funds or Other Consideration

From August 13, 2004, through May 13, 2005, the Trust loaned the Company over $1,800,000 pursuant to several short-term (one year or less) promissory notes.  In consideration for these loans to the Company, the Company issued the Trust warrants (the “Warrants”) to purchase an aggregate of 731,250 shares of Common Stock (the “Warrant Shares”), at exercise prices ranging from $.12 to $.96 per share.  Prior to this lending activity and receipt of warrants by the Trust, Mr. Colpitt purchased 2,000 shares of the Company’s Series A Convertible Preferred Stock, which would convert into 20,000 shares of Common Stock (the “Shares”).  The executed warrant agreements representing the Warrants were delivered to the Trust on or about April 7, 2005.

 

 

Item 4.

Purpose of Transaction

Mr. Colpitt acquired the Shares for investment purposes.  The Trust may acquire additional shares of Common Stock pursuant to the exercise of one or more of the Warrants.  Also, Mr. Colpitt is 50% owner of Sipur LLC, which holds a security interest in 168,500 shares of Common Stock, which Sipur LLC may acquire if it forecloses on such security interest.  Otherwise, neither Mr. Colpitt nor the Trust has any plans to engage in any transactions described in Paragraphs (a) through (j) of this Item.  Any decision by Mr. Colpitt or the Trust in the future to acquire or dispose of equity in the Company or to take any other actions with respect to the Company or its securities will depend upon several factors, including the prospects of the Company, general market and economic conditions, and other factors deemed relevant.

 

 

Item 5.

Interest in Securities of the Issuer

(a)           As of the date hereof, (i) Mr. Colpitt beneficially owns 751,250 shares of Common Stock, representing 9.16%, and (ii) the Trust beneficially owns 731,250 shares of Common Stock, representing 8.91%, respectively, of the 8,203,693 shares of Common Stock that the Company had outstanding as of the date hereof (including the Warrant Shares as if the Warrants were exercised on the date hereof), as represented to Mr. Colpitt and the Trust by certain officers of the Company;

 

4



 

(b)

Number of shares as to which Mr. Colpitt has:

 

 

 

sole power to vote or direct the vote:

20,000

 

 

shared power to vote or direct the vote:

731,250

 

 

sole power to dispose or direct the disposition:

20,000

 

 

shared power to dispose or direct the disposition:

731,250

 

 

 

Number of shares as to which the Trust has:

 

 

 

sole power to vote or direct the vote:

0

 

 

shared power to vote or direct the vote:

731,250

 

 

sole power to dispose or direct the disposition:

0

 

 

shared power to dispose or direct the disposition:

731,250

 

 

 

(c)

Other than the transactions set forth herein, neither Mr. Colpitt nor the Trust has engaged in any transactions in the

Common Stock within the past 60 days;

 

(d)

Not applicable;

 

(e)

Not applicable.

 

 

Item 6.

Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

 

None.

 

 

Item 7.

Material to Be Filed as Exhibits

 

None.

 

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: June 8, 2005

/s/ James R. Colpitt

 

 

James R. Colpitt, individually

 

 

 

 

 

 

 

 

JAMES R. COLPITT TRUST

 

 

 

 

 

 

 

Date: June 8, 2005

By:

/s/ James R. Colpitt, Trustee

 

 

 

James R. Colpitt, Trustee

 

 

5


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