0000950144-01-507913.txt : 20011026 0000950144-01-507913.hdr.sgml : 20011026 ACCESSION NUMBER: 0000950144-01-507913 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20011018 GROUP MEMBERS: DAVID R. CLARK SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PIERRE FOODS INC CENTRAL INDEX KEY: 0000067494 STANDARD INDUSTRIAL CLASSIFICATION: BAKERY PRODUCTS [2050] IRS NUMBER: 560945643 STATE OF INCORPORATION: NC FISCAL YEAR END: 0306 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-32920 FILM NUMBER: 1761294 BUSINESS ADDRESS: STREET 1: 9990 PRINCETON RD CITY: CINCINNATI STATE: OH ZIP: 45246 BUSINESS PHONE: 8283040027 MAIL ADDRESS: STREET 1: 9990 PRINCETON RD CITY: CINCINNATI STATE: OH ZIP: 45246 FORMER COMPANY: FORMER CONFORMED NAME: FRESH FOODS INC DATE OF NAME CHANGE: 19980513 FORMER COMPANY: FORMER CONFORMED NAME: WESTERN STEER MOM N POPS INC DATE OF NAME CHANGE: 19880719 FORMER COMPANY: FORMER CONFORMED NAME: WSMP INC DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: RICHARDSON JAMES C JR CENTRAL INDEX KEY: 0000904825 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: P O BOX 399 CITY: CLAREMONT STATE: NC ZIP: 28610 BUSINESS PHONE: 7044593117 MAIL ADDRESS: STREET 1: P O BOX 399 CITY: CLAREMONT STATE: NC ZIP: 28610 FORMER COMPANY: FORMER CONFORMED NAME: RICHARDSON JAMES CLAUDE JR EDGELL GREGORY ALBION ET AL DATE OF NAME CHANGE: 19930514 SC 13D/A 1 g72192bsc13da.txt PIERRE FOODS, INC./JAMES C. RICHARDSON/DAVID CLARK SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 AMENDMENT NO. 23 PIERRE FOODS, INC. (Formerly known as FRESH FOODS, INC.) (Name of Issuer) Common Stock (Title of Class of Securities) 720830 10 8 (CUSIP Number) David R. Clark 361 Second Street, NW Hickory, NC 28603 (828) 304-2307 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) October 16, 2001 (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(e), 13d-1(f) or 13d-1(g), check the following box: [ ] Page 1 of 5 --------------------------- ---------------------------- CUSIP No. 720830 10 8 13D Page 2 of 5 Pages --------------------------- ---------------------------- ------- ------------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) JAMES CLAUDE RICHARDSON, JR. ------- ------------------------------------------------------------------------ ------- ------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] ------- ------------------------------------------------------------------------ ------- ------------------------------------------------------------------------ 3 SEC USE ONLY ------- ------------------------------------------------------------------------ ------- ------------------------------------------------------------------------ 4 SOURCE OF FUNDS N/A ------- ------------------------------------------------------------------------ ------- ------------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] ------- ------------------------------------------------------------------------ ------- ------------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES OF AMERICA ------- ------------------------------------------------------------------------ -------------------------- ----- ----------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER BENEFICIALLY OWNED BY 0 EACH REPORTING PERSON WITH -------------------------- ----- ----------------------------------------------- -------------------------- ----- ----------------------------------------------- 8 SHARED VOTING POWER 3,630,212 -------------------------- ----- ----------------------------------------------- -------------------------- ----- ----------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 -------------------------- ----- ----------------------------------------------- -------------------------- ----- ----------------------------------------------- 10 SHARED DISPOSITIVE POWER 3,630,212 -------------------------- ----- ----------------------------------------------- ------- ------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,630,212 ------- ------------------------------------------------------------------------ ------- ------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN BOX (11) EXCLUDES CERTAIN SHARES [ ] ------- ------------------------------------------------------------------------ ------- ------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 62.8% ------- ------------------------------------------------------------------------ ------- ------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON IN ------- --------------------------------------------------------------- --------------------------- ---------------------------- CUSIP No. 720830 10 8 13D Page 3 of 5 Pages --------------------------- ---------------------------- ------- ------------------------------------------------------------------------ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) DAVID R. CLARK ------- ------------------------------------------------------------------------ ------- ------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] ------- ------------------------------------------------------------------------ ------- ------------------------------------------------------------------------ 3 SEC USE ONLY ------- ------------------------------------------------------------------------ ------- ------------------------------------------------------------------------ 4 SOURCE OF FUNDS N/A ------- ------------------------------------------------------------------------ ------- ------------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] ------- ------------------------------------------------------------------------ ------- ------------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES OF AMERICA ------- ------------------------------------------------------------------------ -------------------------- ----- ----------------------------------------------- NUMBER OF SHARES 7 SOLE VOTING POWER BENEFICIALLY OWNED BY 0 EACH REPORTING PERSON WITH -------------------------- ----- ----------------------------------------------- -------------------------- ----- ----------------------------------------------- 8 SHARED VOTING POWER 3,630,212 -------------------------- ----- ----------------------------------------------- -------------------------- ----- ----------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 -------------------------- ----- ----------------------------------------------- -------------------------- ----- ----------------------------------------------- 10 SHARED DISPOSITIVE POWER 3,630,212 -------------------------- ----- ----------------------------------------------- ------- ------------------------------------------------------------------------ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,630,212 ------- ------------------------------------------------------------------------ ------- ------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN BOX (11) EXCLUDES CERTAIN SHARES [ ] ------- ------------------------------------------------------------------------ ------- ------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 62.8% ------- ------------------------------------------------------------------------ ------- ------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON IN ------- ------------------------------------------------------------------------ Page 4 of 5 Pages ITEM 1. SECURITY AND ISSUER Item 1 is not amended. ITEM 2. IDENTITY AND BACKGROUND Item 2 is not amended. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION Item 3 is not amended. ITEM 4. PURPOSE OF THE TRANSACTION On October 16, 2001, Pierre Foods, Inc. (the "Company") filed a quarterly report on Form 10-Q for the three months ended September 1, 2001, which included substantially the following disclosure: "On April 26, 2001, the Company signed a definitive exchange agreement documenting a management buyout proposal by PF Management, Inc. In July 2001, the Special Committee of the Board of Directors of the Company received a competing proposal from William E. Simon & Sons ("Simon") and Triton Partners ("Triton") in which Simon and Triton proposed to commence a tender offer to purchase the Company's common stock for $2.50 per share, subject to certain conditions. The Special Committee was considering the Simon and Triton proposal in light of the exchange agreement and other factors when it was contacted in August 2001 by Anderson, Kill & Olick, P.C. ("AKO"), counsel to an Ad Hoc Committee of holders of the Company's 10-3/4% Senior Notes Due 2006. AKO stated that the members of the Ad Hoc Committee, who collectively owned at least $90 million in aggregate principal amount of the Senior Notes, were interested in negotiating with the Company to restructure the Company's debt and equity capital. The Special Committee and the Board of Directors decided that the Company should pursue these negotiations. In September and October, representatives of the Ad Hoc Committee met with the Company's management and began conducting due diligence of the Company. In addition to its legal counsel, the Ad Hoc Committee has engaged CIBC World Markets Corp. ("CIBC") as its financial advisor. The Company has agreed to compensate AKO for its reasonable fees and disbursements related to representation of the Ad Hoc Committee and has agreed to pay CIBC's fees for advising the Ad Hoc Committee. The Company is currently preparing a comprehensive restructuring proposal, which it intends to present to the Ad Hoc Committee later this month. Once the Company makes its proposal, it hopes to negotiate detailed terms of a broad restructuring with AKO and CIBC on behalf of the Ad Hoc Committee. No assurance can be offered as to whether, when or how these negotiations may come to fruition. The exchange agreement between PF Management, Inc. and the Company remains in effect. The competing proposal made by Simon and Triton has not been withdrawn." Effective September 18, 2001, PF Management, Inc. ("PFMI"), the Company, James C. Richardson, Jr. and David R. Clark entered into an amendment to the Agreement and Plan of Share Exchange dated as of April 26, 2001 (the "Exchange Agreement") in order to extend the termination date of the Exchange Agreement and to provide for the payment of PFMI's expenses under the circumstances set forth in the amendment. In consideration of the amendment, PFMI has agreed to forbear in terminating the Exchange Agreement and receive reimbursement of its expenses until further notice. PFMI presently intends to pursue the transaction contemplated by the Exchange Agreement as an integral part of the restructuring described in the Company's Form 10-Q report, though the restructuring is expected to result in changes to the terms of the Exchange Agreement. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER Item 5 is not amended. Page 5 of 5 Pages ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER See Item 4. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS 1.1 Amendment No. 1 to Agreement and Plan of Share Exchange, incorporated by reference to Schedule 14D-9, Amendment No. 3, filed by Pierre Foods, Inc. on September 26, 2001. SIGNATURE After reasonable inquiry and to the best of the undersigned's knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. /s/ James C. Richardson, Jr. -------------------------------- October 18, 2001 James C. Richardson, Jr. /s/ David R. Clark -------------------------------- October 18, 2001 David R. Clark