-----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, G/NVyv51Aiqfq0d/LF876T0KiauAKvcaHtoIv7L2uJbx2SNXMJiKOC2okqAmfupz 5UW/opTrlYWcXDw6Qv6wbA== 0000950124-96-005670.txt : 19961231 0000950124-96-005670.hdr.sgml : 19961231 ACCESSION NUMBER: 0000950124-96-005670 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19961230 SROS: NONE GROUP MEMBERS: (NU TWINS, LLC) GROUP MEMBERS: (OKABENA PARTNERSHIP K) GROUP MEMBERS: (OVDA FUND, LTD.) GROUP MEMBERS: (SUMMIT APPRECIATION FUND LP) GROUP MEMBERS: SUMMIT CAPITAL APPRECIATION FUND LP SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PAYLESS CASHWAYS INC CENTRAL INDEX KEY: 0000076744 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-LUMBER & OTHER BUILDING MATERIALS DEALERS [5211] IRS NUMBER: 420945849 STATE OF INCORPORATION: IA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-02839 FILM NUMBER: 96688293 BUSINESS ADDRESS: STREET 1: TWO PERSHING SQ 2300 MAIN ST CITY: KANSAS CITY STATE: MO ZIP: 64108 BUSINESS PHONE: 8162346000 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SUMMIT CAPITAL APPRECIATION FUND LP CENTRAL INDEX KEY: 0000949987 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 411822728 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 900 SECOND AVE SO STE 500 STREET 2: C/O SCA MANAGEMENT PARTNERS CITY: MINNEAPOLIS STATE: MN ZIP: 55402 BUSINESS PHONE: 6123373262 MAIL ADDRESS: STREET 1: 900 2ND AVENUE SOUTH CITY: MINNEAPOLIS STATE: MN ZIP: 55402 SC 13D 1 SCHEDULE 13D PAYLESS CASHWAYS, INC. 1 OMB APPROVAL --------------------------- OMB NUMBER: 3235-0145 EXPIRES: DECEMBER 31, 1997 ESTIMATED AVERAGE BURDEN HOURS PER RESPONSE....14.90 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO.___)* Payless Cashways, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) voting common stock - -------------------------------------------------------------------------------- (Title of Class of Securities) 704378306000 ---------------------------- (CUSIP Number) Maun & Simon, PLC, 2000 Midwest Plaza Building West, 801 Nicollet Mall, Minneapolis, Minnesota 55402, Attention: Albert A. Woodward (612) 904-7400 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) December 20, 1996 -------------------------------------------------------- (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 / /. Check the following box if a fee is being paid with the statement /X/. (A fee is not required only if the reporting person: (1) has a previous statement on file reporting beneficial ownership of more than five percent of the class of securities described in Item 1; and (2) has filed no amendment subsequent thereto reporting beneficial ownership of five percent or less of such class.) (See Rule 13d-7.) Note: Six copies of this statement, including all exhibits, should be filed with the Commission. See Rule 13d-1(a) for other parties to whom copies are to be sent. *The remainder of this cover page shall be filed 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 SCHEDULE 13D CUSIP NO. 704378306000 PAGE 2 OF 11 PAGES ---------------- --- ------ ================================================================================ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Okabena Partnership K - -------------------------------------------------------------------------------- 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 Minnesota - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 700,000 OWNED BY --------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH -- --------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 700,000 --------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,403,600 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) / / EXCLUDES CERTAIN SHARES* - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.4% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. 2 OF 7 3 SCHEDULE 13D CUSIP NO. 704378306000 PAGE 3 OF 11 PAGES ---------------- --- ------ ================================================================================ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Summit Capital Appreciation Fund LP - -------------------------------------------------------------------------------- 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 Minnesota - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 400,000 OWNED BY --------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH 453,600 --------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 400,000 --------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,403,600 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) / / EXCLUDES CERTAIN SHARES* - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.4% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. 2 OF 7 4 SCHEDULE 13D CUSIP NO. 704378306000 PAGE 4 OF 11 PAGES ---------------- --- ------ ================================================================================ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON NU Twins, LLC - -------------------------------------------------------------------------------- 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 Minnesota - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 750,000 OWNED BY --------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH -- --------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 750,000 --------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,403,600 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) / / EXCLUDES CERTAIN SHARES* - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.4% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. 2 OF 7 5 SCHEDULE 13D CUSIP NO. 704378306000 PAGE 5 OF 11 PAGES ---------------- --- ------ ================================================================================ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Ovda Fund, Ltd. - -------------------------------------------------------------------------------- 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 Minnesota - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 100,000 OWNED BY --------------------------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH -- --------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 100,000 --------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,403,600 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) / / EXCLUDES CERTAIN SHARES* - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.4% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. 2 OF 7 6 CUSIP NO. 704378306000 PAGE 6 OF 11 PAGES ITEM 1. SECURITY AND ISSUER This statement relates to the voting common stock of Payless Cashways, Inc. ("Payless") having its principal place of business at Two Pershing Square, 2300 Main, P.O. Box 419466, Kansas City, MO 64141-0466 ITEM 2. IDENTITY AND BACKGROUND This statement is filed jointly by the entities identified below (collectively the "Holders"). 1. Okabena Partnership K c/o Okabena Investment Services Inc., 5150 Norwest Center, Minneapolis, MN 55402 Okabena Partnership K is a general partnership organized in Minnesota. The managing general partner of Okabena Partnership K is Okabena Investment Services, Inc. and the information with respect to Okabena Investment Services, Inc. is as follows: Okabena Investment Services, Inc., 5150 Norwest Center, Minneapolis, MN 55402 Okabena Investment Services, Inc. is a Minnesota corporation. The officers are Bruce Lueck (President) and Gary S. Kohler (Vice President). See Exhibit A for additional information on the general partners of Okabena Partnership K. 2. NU Twins, LLC 440 S. LaSalle Street, Suite 1900, Chicago, IL 60605 NU Twins, LLC is a limited liability company organized in Illinois. The members of NU Twins, LLC are Deephaven, Inc., and Gildor Trading, Inc. The information with respect to Deephaven, Inc. and Gildor Trading, Inc. is as follows: Deephaven, Inc. 440 S. LaSalle Street, Suite 1900, Chicago, IL 60605 Deephaven, Inc. is an Illinois corporation. The officers are Irvin Kessler (President) and Fred Goldman (Senior Vice President). Gildor Trading, Inc. 440 S. LaSalle Street, Suite 1900, Chicago, IL 60605 Gildor Trading, Inc. is a Bahamas corporation. The officer of Gildor Trading, Inc. is Efraim Gildor (President). 3. Ovda Fund, Ltd. Charlotte House Charlotte Street Nassau Bahamas 7 CUSIP NO. 704378306000 PAGE 7 OF 11 PAGES Ovda Fund Ltd. is a Bahamas corporation. The officers are Anthony InderRieden (President) and Dawn E. Davies (Vice President). Its investment advisor is EFI Trading Inc. and the information with respect to EFI Trading Inc. is as follows: EFI Trading, Inc. 440 S. LaSalle Street, Suite 1900, Chicago, IL 60605 EFI Trading, Inc. is a Bahamas corporation. The officer of EFI Trading, Inc.is Efraim Gildor (President). 4. Summit Capital Appreciation Fund LP 900 2nd Avenue South, Minneapolis, MN 55402 Summit Capital Appreciation Fund LP is a general partnership organized in Minnesota. The general partners of Summit Capital Appreciation Fund LP are Marc H. Kozberg, Dr. Demetre Nicoloff, G. James Spinner, Robert H. Paymar and Stanley I. Barenbaum. The information about Messrs. Kozberg, Nicoloff, Spinner, Paymar and Barenbaum is as follows: Marc H. Kozberg Summit Investment Corporation, 900 2nd Avenue South, Minneapolis, MN 55402 Mr. Kozberg is an investor and is employed by Summit Investment Corporation. Mr. Kozberg is a United States citizen. Dr. Demetre Nicoloff 920 E 28th Street, Minneapolis, MN Dr. Demetre Nicoloff is a physician with an office at the above address. Mr. Nicoloff is United States citizen. G. James Spinner Summit Investment Corporation, 900 2nd Avenue South, Minneapolis, MN 55402 Mr. Spinner is the President of Summit Investment Corporation. Mr. Spinner is a United States citizen. Robert H. Paymar Summit Investment Corporation, 900 2nd Avenue South, Minneapolis, MN 55402 Mr. Paymar is an investor and is Chairman of the Board of Summit Investment Corporation. Mr. Paymar is a United States citizen. Stanley I. Barenbaum 900 2nd Avenue South, Minneapolis, MN 55402 Mr. Barenbaum is an investor and is self-employed. Mr. Barenbaum is a United States citizen. 8 CUSIP NO. 704378306000 PAGE 8 OF 11 PAGES None of the above referenced Holders (or the general partners or officers listed above) has, during the past five years, been convicted in a criminal proceeding, excluding traffic violations or similar misdemeanors, nor have any of the Holders been 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 activity 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 The voting common stock of Payless was purchased by each Holder from available cash resources. ITEM 4. PURPOSE OF TRANSACTION. The Holders have acquired the voting common stock of Payless for investment purposes and believe the stock is undervalued. The Holders intend to monitor closely Payless' operation and may seek active participation in the management of Payless. Specifically, the Holders may seek representation on the Payless Board of Directors. The Holders specifically reserve the right to purchase additional shares of Payless or to sell shares if they deem it in their best interest. The Holders specifically reserve the right to discuss with other stockholders of Payless matters of common concern as stockholders of Payless. In this regard, the Holders have requested and received a stockholder list of Payless. At the present time, the Holders do not have any plans or proposals respecting extraordinary corporate transactions affecting Payless, sale of its assets, changes in its board of directors or management, capitalization, dividend policy, business or corporate structure, charter or bylaws, or delisting the Issuer's securities or similar actions. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. Information with respect to the aggregate number of shares of voting common stock, and the percentage of all outstanding shares of common stock beneficially owned as of December 30, 1996 by each of the Holders is set forth below (the Holders have sole voting and dispositive power with respect to the number of shares listed unless otherwise noted):
Percentage of Name Number of Shares Outstanding Shares * ---- ---------------- -------------------- Okabena Partnership K 700,000 1.8% NU Twins, LLC 750,000 2.0% Ovda Fund, Ltd. 100,000 0.3% Summit Capital Appreciation Fund LP 853,600** 2.3%
9 CUSIP NO. 704378306000 PAGE 9 OF 11 PAGES **Includes 453,600 shares owned of record and beneficially by general partners of Summit Capital Appreciation Fund LP (60,100 shares owned by Marc H. Kozberg, 70,000 by G. James Spinner, 63,500 by Robert H. Paymar and 260,000 owned (directly and indirectly) by Dr. Demetre Nicoloff.) Summit Capital Appreciation Fund LP disclaims beneficial ownership of shares owned by its general partners. The Holders' response to Items 7 through 13 of the cover pages of the statement are incorporated herein by reference. At September 30, 1996, Payless had 37,703,228 shares of voting common stock outstanding. The Holders, at the present time, collectively own 2,403,600 shares of the Payless' voting common stock (including the shares owned by general partners of Summit Capital Appreciation Fund LP noted above), constituting approximately 6.4% of all of the outstanding voting common stock. Transactions by the Holders in the securities of Payless in the last 60 days are as follows:
Date of Type of Number of Transaction Transaction Shares Price ----------- ----------- --------- ----- Summit Capital Appreciation Fund 12/19/96 Buy 50,000 $1.3125 NU Twins, LLC 12/20/96 Buy 750,000 $1.25 Ovda Fund, Ltd. 12/20/96 Buy 100,000 $1.25 Okabena Partnership K 12/20/96 Buy 198,400 $1.418 Okabena Partnership K 12/23/96 Buy 100,000 $1.50 Okabena Partnership K 12/26/96 Buy 200,000 $1.61
All transactions were effected on the New York Stock Exchange through separate brokerage accounts. ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS, OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. None. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. Exhibit A - Additional Item 2 information concerning the general partners of Okabena Partnership K. Exhibit B - Agreement as to joint filing pursuant to Reg Section 240.13d-1(f)(1)(iii). SIGNATURE After reasonable inquiry and the best of my knowledge and belief, I certify that the information set forth in this statement is true correct and complete. Dated: December 30,1996 OKABENA PARTNERSHIP K By: Okabena Investment Services, Inc., general partner By:/s/ Gary Kohler ---------------------------- Gary Kohler, Vice President NU TWINS, LLC By: Deephaven, Inc., member By:/s/ Fred Goldman --------------------------------- Fred Goldman, Senior Vice President OVDA FUND, LTD. By: EFI Trading, Inc., its investment advisor By:/s/ Efraim Gildor ------------------------ Efraim Gildor, President SUMMIT CAPITAL APPRECIATION FUND LP By:/s/ Marc Kozberg ------------------------ Marc Kozberg, general partner 10 PAGE 10 OF 11 PAGES EXHIBIT A Set forth below is the name and business occupation of each general partner of Okabena Partnership K. The business address for each person or entity listed is c/o Okabena Investment Services, Inc., 5140 Norwest Center, Minneapolis, MN 55402-4139. See Item 2(d), (e), and (f) of this Schedule 13D Statement for additional information concerning these general partners. Name of Partner Occupation -------------- ---------- Lucy J. Dayton Private Investor Chadwick Foundation N/A Christopher B. Dayton Private Investor Martha B. Dayton Private Investor Michael K. Dayton Private Investor James G. Dayton Architect Tobin J. Dayton Student Mae F. Dayton Private Investor Scott N. Dayton Retailer Chadwick L. Dayton Student Whitney L. Dayton Minor Edward N. Dayton Private Investor Robert J. Dayton Chief Executive Officer (Okabena Co. - Family Office) John W. Dayton Business Owner Sherry Ann Dayton Private Investor Joan L. Dayton Private Investor Rebecca H. Dayton Private Investor Arlene J. Dayton Private Investor Virginia Y. Dayton Private Investor Bruce B. Dayton Private Investor Mark B. Dayton Private Investor Brandt N. Dayton Private Investor Christian B. Dayton Therapist Lucy B. Dayton Veterinarian Anne D. Buxton Private Investor Wallace C. Dayton Private Investor Mary Lee Dayton Private Investor Sally D. Clement Therapist Stephen M. Clement III Educator Ellen D. Sturgis Private Investor Sheldon S. Sturgis Business Owner Katherine D. Nielsen Private Investor Stuart A. Nielsen Artist Elizabeth D. Dovydenas Private Investor K. N. Dayton Private Investor Oakleaf Foundation N/A Julia W. Dayton Private Investor Judson N. Dayton Private Investor Elisabeth J. Dayton Private Investor Duncan N. Dayton Real Estate Developer Katharine L. Kelly Private Investor Douglas J. Dayton Private Investor Meadowood Foundation N/A David D. Dayton Business Owner Vanessa D. Dayton Pathologist Steven J. Melander-Dayton Private Investor Bruce C. Dayton Student Lynn B. Dayton Student Marina B. Dayton Minor Alexander B. Dayton Minor Charles Benning Dayton Minor Jackson Gardiner Dayton Minor Margaret Bliss O'Keefe Minor Angus Dayton O'Keefe Minor Catherine Greer O'Keefe Minor Nicholas Sherman Buxton Minor Henry M. Buxton Minor Theodore D. Clement Minor Winston W. Clement Minor Matthew D. Sturgis Minor Katherine L. Sturgis Minor Rosamond G. Sturgis Minor Samuel D. Richardson Minor Olivia Maren Nielsen Minor Joyce D. Dovydenas Minor Elena L. Dovydenas Minor Caroline Avery Dayton Minor Davis Winton Dayton Minor Isaac N. Dayton Minor Caleb F. Dayton Minor Dorothy J. Melander-Dayton Minor Adele Marie Melander-Dayton Minor Bruce C. Lueck President Okabena Investment Services, Inc. (Registered Investment Advisor) Gary S. Kohler Vice President Okabena Investment Services, Inc. (Registered Investment Advisor) 11 CUSIP NO. 704378306000 PAGE 11 OF 11 PAGES Exhibit B AGREEMENT AS TO JOINT FILING Pursuant to Reg Section 240.13d-1(f)(1)(iii), the undersigned acknowledge and agree that the attached Schedule 13D relating to Payless Cashways, Inc. is being filed on behalf of each of the undersigned. OKABENA PARTNERSHIP K By: Okabena Investment Services, Inc., general partner By:/s/ Gary Kohler --------------------------- Gary Kohler, Vice President NU TWINS, LLC By: Deephaven, Inc., member By:/s/ Fred Goldman ---------------------------------- Fred Goldman, Senior Vice President OVDA FUND, LTD. By: EFI Trading, Inc., its investment advisor By:/s/ Efraim Gildor -------------------------- Efraim Gildor, President SUMMIT CAPITAL APPRECIATION FUND LP By:/s/ Marc Kozberg ---------------------------- Marc Kozberg, general partner -----END PRIVACY-ENHANCED MESSAGE-----