SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Amendment Number 1
Under the Securities Exchange Act of 1934
(Amendment No. )
ELMER'S RESTAURANTS, INC
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(Name of Issuer)
COMMON STOCK
--------------------------------------------------------------------------------
(Title of Class of Securities)
289393
--------------------------------------------------------------------------------
(CUSIP Number)
JEFFREY C. WOLFSTONE, ESQ.
GREGORY L. ANDERSON, ESQ.
LANE POWELL SPEARS LUBERSKY LLP
601 S.W. SECOND AVENUE, SUITE 2100
PORTLAND, OREGON 97204-3158
(503) 778-2100
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
AUGUST 5, 2004
--------------------------------------------------------------------------------
(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
|_|.
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).
(continued on following pages)
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CUSIP No. 289393 13D Page 2 of 31 Pages
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1 NAME OF REPORTING PERSON
Linda Ellis-Bolton
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
N/A
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -84,847- shares
REPORTING PERSON
WITH ---------- ----------------------------------------------
8 SHARED VOTING POWER
-0- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-84,847- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 84,847
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 4.6%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
----------- --------------------------------------------------------------------
2
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CUSIP No. 289393 13D Page 3 of 31 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Karen Brooks
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
N/A
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -94,183- shares
REPORTING PERSON
WITH ---------- ----------------------------------------------
8 SHARED VOTING POWER
-0- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-94,183- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 94,183
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 5.2%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
----------- --------------------------------------------------------------------
3
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CUSIP No. 289393 13D Page 4 of 31 Pages
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1 NAME OF REPORTING PERSON
Richard P. Buckley
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
N/A
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -84,278- shares
REPORTING PERSON
WITH
---------- ----------------------------------------------
8 SHARED VOTING POWER
-0- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-84,278- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 84,278
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 4.6%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
----------- --------------------------------------------------------------------
4
----------------------------------------------------------- --------------------
CUSIP No. 289393 13D Page 5 of 31 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Thomas C. Connor
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
N/A
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -16,476- shares
REPORTING PERSON
WITH ---------- ----------------------------------------------
8 SHARED VOTING POWER
-78,423*- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-16,476- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-78,423*- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 94,899
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 5.1%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
----------- --------------------------------------------------------------------
*All of such shares are held by Franklin Holdings, LLC, an entity in
which Mr. Connor is a 25% beneficial owner.
5
--------------------------------------------------------------------------------
CUSIP No. 289393 13D Page 6 of 31 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
David D. Connor
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -0- shares
REPORTING PERSON
WITH
---------- ----------------------------------------------
8 SHARED VOTING POWER
-78,423*- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-0- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-78,423*- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 78,423
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 4.3%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
----------- --------------------------------------------------------------------
*All of such shares are held by Franklin Holdings, LLC, an entity in
which Mr. Connor is a 25% beneficial owner.
6
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CUSIP No. 289393 13D Page 7 of 31 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Bruce N. Davis
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -145,603- shares
REPORTING PERSON
WITH
---------- ----------------------------------------------
8 SHARED VOTING POWER
-0- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-145,603- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 145,603
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 7.6%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
----------- --------------------------------------------------------------------
7
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CUSIP No. 289393 13D Page 8 of 31 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Franklin Holdings, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Oregon Limited Liability Company
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -313,692- shares
REPORTING PERSON
WITH
---------- ----------------------------------------------
8 SHARED VOTING POWER
-0- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-313,692- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 313,692
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 17.2%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON OO (limited liability company)
----------- --------------------------------------------------------------------
8
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CUSIP No. 289393 13D Page 9 of 31 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Corydon H. Jensen, Jr.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -101,323- shares
REPORTING PERSON
WITH
---------- ----------------------------------------------
8 SHARED VOTING POWER
-0- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-101,323- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 101,323
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 5.5%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
----------- --------------------------------------------------------------------
9
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CUSIP No. 289393 13D Page 10 of 31 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Douglas A. Lee
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -0- shares
REPORTING PERSON
WITH
---------- ----------------------------------------------
8 SHARED VOTING POWER
-31,369*- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-0- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-31,369*- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 31,369
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 1.7%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
----------- --------------------------------------------------------------------
*All of such shares are held by Franklin Holdings, LLC, an entity in
which Mr. Douglas is a 10% beneficial owner.
10
--------------------------------------------------------------------------------
CUSIP No. 289393 13D Page 11 of 31 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
David Mann
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -89,062- shares
REPORTING PERSON
WITH
---------- ----------------------------------------------
8 SHARED VOTING POWER
-0- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-89,062- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 89,062
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 4.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
----------- --------------------------------------------------------------------
11
--------------------------------------------------------------------------------
CUSIP No. 289393 13D Page 12 of 31 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Sheila J. Schwartz
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -84,847- shares
REPORTING PERSON
WITH
---------- ----------------------------------------------
8 SHARED VOTING POWER
-0- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-84,847- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 84,847
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 4.6%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
----------- --------------------------------------------------------------------
12
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CUSIP No. 289393 13D Page 13 of 31 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Gerald A. Scott
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -40,804- shares
REPORTING PERSON
WITH
---------- ----------------------------------------------
8 SHARED VOTING POWER
-0- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-40,804- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 40,804
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 2.2%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
----------- --------------------------------------------------------------------
13
--------------------------------------------------------------------------------
CUSIP No. 289393 13D Page 14 of 31 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
William W. Service
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A/
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -148,992- shares
REPORTING PERSON
WITH
---------- ----------------------------------------------
8 SHARED VOTING POWER
-0- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-148,992- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 148,992
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 7.8%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
----------- --------------------------------------------------------------------
14
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CUSIP No. 289393 13D Page 15 of 31 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Dennis M. Waldron
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -2,000- shares
REPORTING PERSON
WITH
---------- ----------------------------------------------
8 SHARED VOTING POWER
-0- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-2,000- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 2,000
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 0.1%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
----------- --------------------------------------------------------------------
15
--------------------------------------------------------------------------------
CUSIP No. 289393 13D Page 16 of 31 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Gary N. Weeks
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -108,421- shares
REPORTING PERSON
WITH
---------- ----------------------------------------------
8 SHARED VOTING POWER
-0- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-108,421- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 108,421
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 5.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
----------- --------------------------------------------------------------------
16
--------------------------------------------------------------------------------
CUSIP No. 289393 13D Page 17 of 31 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Greg Wendt
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -5,000- shares
REPORTING PERSON
WITH
---------- ----------------------------------------------
8 SHARED VOTING POWER
-0- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-5,000- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 5,000
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 .3%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
----------- --------------------------------------------------------------------
17
--------------------------------------------------------------------------------
CUSIP No. 289393 13D Page 18 of 31 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Richard C. Williams
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -34,092- shares
REPORTING PERSON
WITH
---------- ----------------------------------------------
8 SHARED VOTING POWER
-0- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-34,092- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-0- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 34,092
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 1.8%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
----------- --------------------------------------------------------------------
18
--------------------------------------------------------------------------------
CUSIP No. 289393 13D Page 19 of 31 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Daniel G. Woolley
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -0- shares
REPORTING PERSON
WITH
---------- ----------------------------------------------
8 SHARED VOTING POWER
-31,369*- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-0- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-31,369*- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 31,369
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 1.7%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
----------- --------------------------------------------------------------------
*All of such shares are held by Franklin Holdings, LLC, an entity in
which Mr. Woolley is a 10% beneficial owner.
19
--------------------------------------------------------------------------------
CUSIP No. 289393 13D Page 20 of 31 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Donald W. Woolley
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -16,476- shares
REPORTING PERSON
WITH
---------- ----------------------------------------------
8 SHARED VOTING POWER
-78,423*- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-16,476- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-78,423*- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 94,899
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 5.1%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
----------- --------------------------------------------------------------------
*All of such shares are held by Franklin Holdings, LLC, an entity in
which Mr. Woolley is a 25% beneficial owner.
20
--------------------------------------------------------------------------------
CUSIP No. 289393 13D Page 21 of 31 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Donna P. Woolley
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON N/A
----------- --------------------------------------------------------------------
2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) |_|
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES BENEFICIALLY
OWNED BY EACH -0- shares
REPORTING PERSON
WITH
---------- ----------------------------------------------
8 SHARED VOTING POWER
-15,685*- shares
---------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
-0- shares
---------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
-15,685*- shares
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 15,685
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES |_|
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 0.9%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
----------- --------------------------------------------------------------------
*All of such shares are held by Franklin Holdings, LLC, an entity in
which Ms. Woolley is a 5% beneficial owner.
21
ITEM 1. SECURITY AND ISSUER
This statement relates to shares of no par value common stock (the
"Common Stock") of Elmer's Restaurants, Inc., an Oregon corporation (the
"Company"). The principal executive offices of the Company are located at 11802
S.E. Stark Street, Portland, Oregon 97216.
ITEM 2. IDENTITY AND BACKGROUND.
This statement of beneficial ownership on Schedule 13D is being filed
jointly by Linda Ellis-Bolton, Karen Brooks, Richard P. Buckley, David D.
Connor, Thomas C. Connor, Bruce N. Davis, Franklin Holdings, LLC, Corydon H.
Jensen, Jr., Douglas A. Lee, David Mann, Sheila J. Schwartz, Gerald A. Scott,
William W. Service, Dennis M. Waldron, Gary N. Weeks, Greg Wendt, Richard C.
Williams, Daniel G. Woolley, Donald W. Woolley and Donna P. Woolley (each a
"Reporting Person" and collectively, the "Reporting Persons") pursuant to Rule
13d-1(k) promulgated by the Securities and Exchange Commission under Section 13
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The
Reporting Persons are making this single, joint filing because they may be
deemed to constitute a "group" within the meaning of Section 13(d)(3) of the
Exchange Act with respect to the transaction described in Item 4 of this
statement. Except as expressly otherwise set forth in this statement, each
Reporting Person disclaims beneficial ownership of the shares of Common Stock
beneficially owned by any other Reporting Person or any other person. The
agreement between the Reporting Persons relating to the joint filing of this
statement is attached hereto as Exhibit A.
Information with respect to each of the Reporting Persons is given
solely by such Reporting Person, and no Reporting Person assumes responsibility
for the accuracy or completeness of the information concerning the other
Reporting Persons, except as otherwise provided in Rule 13d-1(k).
o Linda Ellis-Bolton, a United States citizen is an
independent investor. The business address for Ms.
Ellis-Bolton is 125 Tom Morris Lane, Enterprise, Alabama
36330.
o Karen Brooks, a United States citizen is an independent
investor. The business address for Ms. Brooks is 700 Delany
Woods, Nicholasville, Kentucky 40356.
o Richard P. Buckley, a United States citizen, is an
independent real estate investor. The business address for
Mr. Buckley is 14450 Quaker Hill Cross Road, Nevada City,
California 95959.
o David D. Connor, a United States citizen, is a real estate
executive. The business address for Mr. Connor is c/o
Frankling Holdings, LLC, 1399 Franklin Boulevard, Eugene,
Oregon 97405.
o Thomas C. Connor, a United States citizen, serves as a
Director of the Company. The business address for Mr Connor
is c/o Elmer's Restaurant, Inc., 11802 S.E. Stark Street,
Portland, Oregon 97216.
o Bruce N. Davis, a United States citizen, serves as
Director, President and Chief Executive Officer of the
Company. The business address for Mr. Davis is c/o Elmer's
Restaurant, Inc., 11802 S.E. Stark Street, Portland, Oregon
97216.
o Franklin Holdings, LLC, an Oregon limited liability company
("Franklin Holdings"), is an investment management company
organized for the benefit of its members. The members of
Franklin Holdings and their beneficial interest therein are
as follows: Thomas C. Connor, 25%; Donald W. Woolley, 25%;
David D. Connor, 25%; Douglas A. Lee, 10%; Daniel G.
Woolley, 10%; and Donna P. Woolley, 5%. The principal place
of business of Franklin Holdings, LLC is 1399 Franklin
Boulevard, Eugene, Oregon 97405. The managing member(s) of
Franklin Holdings are Thomas C. Connor and Donald W.
Woolley.
22
o Corydon H. Jensen, Jr., a United States citizen, serves as
a Director of the Company. The business address for Mr.
Jensen is c/o Elmer's Restaurant, Inc., 11802 S.E. Stark
Street, Portland, Oregon 97216.
o Douglas A. Lee a United States citizen, is a real estate
executive. The business address for Mr. Lee is c/o Franklin
Holdings, LLC, 1399 Franklin Boulevard, Eugene, Oregon
97405.
o David Mann, a United States citizen, is a Portland, Oregon
based investor. The business address for Mr. Mann is 1980
Indian Trail, Lake Oswego, Oregon 97034.
o Sheila J. Schwartz, a United States citizen, is a Eugene,
Oregon based investor. The business address for Mrs.
Schwartz is 2390 Lariat Dr., Eugene, Oregon 97405
o Gerald A. Scott, a United States citizen, serves as a Vice
President of the Company. The business address for Mr.
Scott is c/o Elmer's Restaurant, Inc., 11802 S.E. Stark
Street, Portland, Oregon 97216.
o William W. Service, a United States citizen, serves as a
Director of the Company. The business address for Mr.
Service is c/o Elmer's Restaurant, Inc., 11802 S.E. Stark
Street, Portland, Oregon 97216.
o Dennis M. Waldron, a United States citizen, serves as a
Director of the Company. The business address for Mr.
Waldron is c/o Elmer's Restaurant, Inc., 11802 S.E. Stark
Street, Portland, Oregon 97216.
o Gary N. Weeks, a United States citizen, is an entrepreneur
from Grass Valley, California. The business address for Mr.
Weeks is 12966 Pinewoods Road, Nevada City, California
95959.
o Greg Wendt, a United States citizen, is a San Francisco
based investor. The business address for Mr. Wendt is 1
Market, Steuart Tower, Suite 1800, San Francisco,
California 94105.
o Richard C. Williams, a United States citizen, serves as a
Director of the Company. The business address for Mr.
Williams is c/o Elmer's Restaurant, Inc., 11802 S.E. Stark
Street, Portland, Oregon 97216.
o Daniel G. Woolley a United States citizen, is a real estate
executive. The business address for Mr. Woolley is c/o
Franklin Holdings, LLC, 1399 Franklin Boulevard, Eugene,
Oregon 97405.
o Donald W. Woolley, a United States citizen, serves as a
Director of the Company. The business address for Mr.
Woolley is c/o Elmer's Restaurant, Inc., 11802 S.E. Stark
Street, Portland, Oregon 97216.
o Donna P. Woolley, a United States citizen, is a real estate
executive. The business address for Ms. Woolley is c/o
Franklin Holdings, LLC, 1399 Franklin Boulevard, Eugene,
Oregon 97405.
None of the Reporting Persons have been, during the past five years, (i)
convicted in a criminal proceeding (excluding traffic violations and similar
misdemeanors) or (ii) a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction that had the result of such person
being subject to 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.
23
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
It is anticipated that funding for the proposed transaction described
in Item 4 will be obtained through third party debt financing currently being
negotiated by the Reporting Persons that, together with other funds available to
the Reporting Persons, will be sufficient to consummate any such transaction.
The Reporting Persons anticipate that if the proposed transaction described in
Item 4 proceeds and if they are able to successfully negotiate a definitive loan
commitment, they would cause the Company to enter into a loan relationship with
General Electric Capital Corporation ("GE Capital"), which has provided a
proposal to finance the lesser of $6,400,000 or 90% of the cost to effect the
proposed transaction described in Item 4. The principal terms of the loan
include a ten year term with monthly principal and interest payments and an
interest rate that, at the option of the Reporting Persons, would be (i) a fixed
rate of 8.02% per annum, (ii) a fixed rate of 7.57% per annum for the first five
years that converts to a variable interest rate equal to LIBOR plus 3.20%, or
(iii) a variable interest rate equal to LIBOR plus 3.20%, which is currently
4.81% per annum. Such loan would be secured by a first priority security
interest in all of the Company's assets. GE Capital has no obligation or
commitment to provide the foregoing financing and the Reporting Persons have no
assurances that they will be able to negotiate definitive terms or obtain a loan
from GE Capital or any other lender on terms acceptable to the Reporting
Persons.
ITEM 4. PURPOSE OF TRANSACTION
On August 5, 2004, Mr. Davis, on behalf of the Reporting Persons,
submitted a non-binding proposal, a copy of which is attached hereto as Exhibit
B (the "Proposal"), for a going private transaction to the Company's Board of
Directors. Under the Proposal, the Reporting Persons propose to acquire, through
a corporation to be formed ("Acquisition Company"), all of the outstanding
shares of the Company's Common Stock not currently owned by the Reporting
Persons for a price per share of $7.50 payable in cash (the "Acquisition"). The
Reporting Persons expect that the Acquisition would be effected through a
two-step transaction consisting of (i) a cash tender offer for no less than 90%
of the Company's Common Stock or such lesser amount as the Reporting Persons
agree (the "Tender Offer") and (ii) a subsequent merger in which the Acquisition
Company would merge with and into the Company (with the Company as the surviving
entity) and in which any remaining shareholders of the Company who did not
participate in the Tender Offer would receive the same consideration as in the
Tender Offer.
The Reporting Persons are the holders of approximately 66% of the
Company's Common Stock. Mr. Davis is the Chairman of the Board, President and
Chief Executive Officer of the Company, Mssrs. Service, Jensen, Connor, Waldron,
Williams and Woolley are directors of the Company, and the remainder of the
Reporting Persons are current shareholders of the Company.
The Proposal is subject to a number of conditions, including, among
other things (i) a financing contingency; (ii) a non-waivable condition
requiring that a majority of the Company's shareholders (excluding, for this
purpose, all Reporting Persons and their affiliate) tender their shares, (iii) a
condition (waivable only by the Acquisition Company) requiring that the
Acquisition Company, immediately following the completion of the Tender Offer,
hold at least 90% of the Company's Common Stock (inclusive of the Common Stock
held by all of the Reporting Persons); and (iv) obtaining any necessary
regulatory approvals. The Reporting Persons have no assurances that any or all
of the foregoing conditions can or will be satisfied.
Neither the Company nor any of the Reporting Persons are obligated to
pursue or to complete the Acquisition. The Reporting Persons reserve the right
to modify their proposal in any way as a result of negotiations or to withdraw
the Proposal at any time.
If the proposed Acquisition is completed, the Common Stock would become
eligible for termination of registration pursuant to Section 12(g) of the
Securities Act and the Common Stock would be delisted from NASDAQ.
Except as indicated above, none of the Reporting Persons have any plans
or proposals that relate to or would result in any other action specified in
clauses (a) through (j) of Item 4 on Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
24
(a), (b) The following table sets forth the beneficial ownership of
shares of Common Stock of the Company for each person named in Item 2. Each
Reporting Person disclaims beneficial ownership of all shares of Common Stock
beneficially owned by the other Reporting Persons in accordance with Rule 13d-4
under the Act.
Amount Shared Voting Sole Shared
Name of Reporting Person Beneficially Percentage of Sole Voting Power Dispositive Dispositive
Owned(1) Class(2) Power Power Power
Linda Ellis-Bolton 84,847 4.6% 84,847 -0- 84,847 -0-
Karen Brooks 94,183 5.2% 94,183 -0- 94,183 -0-
Richard P. Buckley 84,278 4.6% 84,278 -0- 84,278 -0-
David D. Connor(3) 78,423 4.3% -0- 78,423 -0- 78,723
Thomas C. Connor(3) 94,899 5.1% 16,476 78,423 16,476 78,423
Bruce N. Davis 145,603 7.6% 145,603 -0- 145,603 -0-
Franklin Holdings, LLC(3) 313,694 17.2% 313,694 -0- 313,694 -0-
Corydon H. Jensen, Jr. 101,323 5.5% 101,323 -0- 101,323 -0-
Douglas A. Lee(3) 31,369 1.7% -0- 31,369 -0- 31,369
David Mann 89,062 4.9% 89,062 -0- 89,062 -0-
Sheila Schwartz 84,847 4.6% 84,847 -0- 84,847 -0-
Gerald A. Scott 40,804 2.2% 40,804 -0- 40,804 -0-
William W. Service 148,992 7.8% 148,992 -0- 148,992 -0-
Dennis M. Waldron 2,000 0.1% 2,000 -0- 2,000 -0-
Gary N. Weeks 108,421 5.9% 108,421 -0- 108,421 -0-
Greg Wendt 5,000 0.3% 5,000 -0- 5,000 -0-
Richard C. Williams 34,092 1.8% 34,092 -0- 34,092 -0-
Daniel G. Woolley(3) 31,369 1.7% -0- 31,369 -0- 31,369
Donald W. Woolley(3) 94,899 5.1% 16,476 78,423 16,476 78,423
Donna P. Woolley(3) 15,685 0.9% -0- 15,685 -0- 15,685
(1) Includes options to purchase common stock exercisable
within 60 days from August 5, 2004. The number of shares that each
person named in this table has a right to acquire is as follows: Mr.
Thomas C. Connor, 16,476; Mr. Davis, 78,829; Mr. Jensen, 16,476; Mr.
Scott, 25,121; Mr. Service, 79,229; Mr. Waldron, 2,000; Mr. Williams,
16,476; and Mr. Donald W. Woolley, 16,476.
(2) Based on 1,816,335 shares of Common Stock deemed
outstanding as reported in the Company's Form DEF 14A filed June 23,
2004, adjusted to include outstanding options outstanding exercisable
for each Reporting Person (and only with respect to such Reporting
Person) within sixty days of August 5, 2004.
(3) Franklin Holdings, LLC is owned beneficially by its
members as follows: 25% by Thomas C. Connor, 25% by David D. Connor,
25% by Donald W. Woolley, 10% by Douglas A. Lee, 10% by Daniel G.
Woolley, and 5% by Donna P. Woolley. The beneficial ownership of the
foregoing members includes a pro rata portion of the Company's shares
held by Franklin Holdings, LLC.
(c) Except as indicated otherwise in the table below, none of the
Reporting Persons has effected any transaction in the Company's Common Stock
during the past 60 days.
Name of Reporting Person Date of Amount of Securities Price Per Where/How the Transaction was
Transaction Involved Share Effected
Richard Buckley June 30, 2004 400 $6.70 Open Market Sale/Broker's Transaction
Richard Buckley July 1, 2004 34 $6.70 Open Market Sale/Broker's Transaction
Richard Buckley July 2, 2004 1,566 $6.70 Open Market Sale/Broker's Transaction
Gary N. Weeks July 14, 2004 1,000 $6.603 Open Market Sale/Broker's Transaction
David Mann July 15, 2004 1,000 $6.42 Open Market Purchase/Broker's Transaction
David Mann July 15, 2004 1,700 $6.42 Open Market Purchase/Broker's Transaction
David Mann July 29, 2004 5,000 $6.12 Open Market Purchase/Broker's Transaction
David Mann July 29, 2004 2,300 $6.42 Open Market Purchase/Broker's Transaction
(d) Not applicable.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
To the best knowledge of the Reporting Persons, there are no other
contracts, arrangements, understandings or relationships (legal or otherwise)
among the Reporting Persons and between any of the Reporting Persons and any
other person with respect to any securities of the Company, joint ventures, loan
or option arrangements, puts or
25
calls, guarantees of profits, divisions of profits or loss, or the giving or
withholding of proxies, or a pledge or contingency, the occurrence of which
would give another person voting power over the securities of the Company.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A: Joint Filing Agreement dated August 5, 2004, by
and between the Reporting Persons.
Exhibit B: Proposal to Company dated August 5, 2004.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: August 5, 2004
/s/LINDA ELLIS-BOLTON
------------------------
Linda Ellis-Bolton
/s/KAREN BROOKS
------------------------
Karen Brooks
/s/RICHARD P. BUCKLEY
------------------------
Richard P. Buckley
/s/DAVID D. CONNOR
------------------------
David D. Connor
/s/THOMAS C. CONNOR
------------------------
Thomas C. Connor
/s/BRUCE N. DAVIS
------------------------
Bruce N. Davis
FRANKLIN HOLDINGS, LLC
By:/s/DONALD WOOLLEY
-------------------
Name: Donald Woolley
-----------------
Its: Managing Member
------------------
/s/CORYDON H. JENSEN, JR.
------------------------
Corydon H. Jensen, Jr.
26
/s/DOUGLAS A. LEE
------------------------
Douglas A. Lee
/s/DAVID MANN
------------------------
David Mann
/s/SHEILA J. SCHWARTZ
------------------------
Sheila J. Schwartz
/s/GERALD A. SCOTT
------------------------
Gerald A. Scott
/s/WILLIAM W. SERVICE
------------------------
William W. Service
/s/DENNIS M. WALDRON
------------------------
Dennis M. Waldron
/s/GARY N. WEEKS
------------------------
Gary N. Weeks
/s/GREG WENDT
------------------------
Greg Wendt
/s/RICHARD C. WILLIAMS
------------------------
Richard C. Williams
/s/DANIEL G. WOOLLEY
------------------------
Daniel G. Woolley
/s/DONALD W. WOOLLEY
------------------------
Donald W. Woolley
/s/DONNA P. WOOLLEY
------------------------
Donna P. Woolley
27
Exhibit A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act
of 1934, each of the undersigned parties hereby agree to file jointly the
statement on Schedule 13D (including any amendments thereto) with respect to the
no par value Common Stock of Elmer's Restaurants, Inc.
It is understood and agreed that each of the parties hereto is
responsible for the timely filing of such statement and any amendments thereto,
and for the completeness and accuracy of information concerning such party
contained therein, but such party is not responsible for the completeness and
accuracy of information concerning another party unless such party knows or has
reason to believe such information is inaccurate.
It is understood and agreed that a copy of this agreement shall be
attached as an exhibit to the statement on Schedule 13D, and any amendments
thereto, filed on behalf of the parties hereto.
Dated: August 5, 2004
/s/LINDA ELLIS-BOLTON
------------------------
Linda Ellis-Bolton
/s/KAREN BROOKS
------------------------
Karen Brooks
/s/RICHARD P. BUCKLEY
------------------------
Richard P. Buckley
/s/DAVID D. CONNOR
------------------------
David D. Connor
/s/THOMAS C. CONNOR
------------------------
Thomas C. Connor
/s/BRUCE N. DAVIS
------------------------
Bruce N. Davis
FRANKLIN HOLDINGS, LLC
By:/s/DONALD WOOLLEY
-------------------
Name: Donald Woolley
-----------------
Its: Managing Member
------------------
/s/CORYDON H. JENSEN, JR.
------------------------
Corydon H. Jensen, Jr.
/s/DOUGLAS A. LEE
------------------------
Douglas A. Lee
/s/DAVID MANN
------------------------
David Mann
/s/SHEILA J. SCHWARTZ
------------------------
Sheila J. Schwartz
/s/GERALD A. SCOTT
------------------------
Gerald A. Scott
/s/WILLIAM W. SERVICE
------------------------
William W. Service
/s/DENNIS M. WALDRON
------------------------
Dennis M. Waldron
/s/GARY N. WEEKS
------------------------
Gary N. Weeks
/s/GREG WENDT
------------------------
Greg Wendt
/s/RICHARD C. WILLIAMS
------------------------
Richard C. Williams
/s/DANIEL G. WOOLLEY
------------------------
Daniel G. Woolley
/s/DONALD W. WOOLLEY
------------------------
Donald W. Woolley
/s/DONNA P. WOOLLEY
------------------------
Donna P. Woolley
29
Exhbit B
August 5, 2004
Board Of Directors
Elmer's Restaurants, Inc.
11802 SE Stark St.
Portland, OR 97292
Gentlemen:
I am pleased to present to the Board of Directors this proposal for a
going private transaction in which the public shareholders of the Company will
have the opportunity to receive cash representing an attractive premium to
current market value in exchange for their shares of common stock (the
"Proposal"). To that end, I have assembled a group of Company shareholders,
including the Company's Board of Directors (collectively, the "Shareholder
Group") who together own approximately 66% of the outstanding shares.
The proposed transaction would be effected by means of a tender
offer for the remaining 34% of the Company's outstanding shares, followed by the
merger of the acquiring entity into the Company, with the Company surviving as a
privately-held corporation (the "Tender Offer"). In the Tender Offer, the
Company's public shareholders would receive $7.50 in cash in exchange for each
of their shares, while members of the Shareholder Group would retain their
equity interests in the Company. The Proposal represents a 20% premium over the
closing price of the common stock on August 5, 2004 and a 17% premium over the
weighted-average closing price over the last 30 days. I believe this offers the
Company's shareholders full and fair value for their shares. It is our
intention, following the Tender Offer, to leave the Company's business and
operations unchanged.
I believe the Proposal presents an excellent opportunity for the
Company's public shareholders to realize a premium for their shares at a fair
price, while allowing management to focus on executing the Company's strategy
without having to address the burdens and costs of being a public company. These
costs have significantly increased with the passage of the Sarbanes-Oxley Act
and the related regulations promulgated by the Securities and Exchange
Commission and Nasdaq. In fact, compliance will become even more expensive and
burdensome with the phase-in of new rules relating to internal control
procedures. Additionally, the Company's stock suffers from minimal public float
and trading volume, as well as a lack of research coverage by analysts. Absent a
going private transaction, management expects that public company costs for the
current fiscal year will reach approximately $468,000 - equivalent to 25% of
pre-tax income for the year ended March 29, 2004. The $468,000 estimate includes
$363,000 paid to external accountants, legal counsel, listing fees and other
outside vendors as well as $105,000 in staff time and expenses.
30
Alternatives to this transaction include continuing to pay a
significant portion of pre-tax income each year in public company costs, or
avoiding the majority of these costs by de-listing the Company's stock. Neither
of these alternatives represents an attractive outcome for shareholders.
Therefore, this is an opportune time for the public shareholders to cash out
their shares and the Company to be relieved of the burdens of being a public
corporation.
To assist us in the transaction of the Tender Offer, the Shareholder
Group has retained Veber Partners of Portland, Oregon to act as our financial
advisor. Lane Powell Spears Lubersky LLP is acting as counsel to the Shareholder
Group. The Proposal is subject to the availability of the necessary financing at
closing and other customary closing conditions. The Company's current bank group
has provided us with a preliminary written proposal for funding.
The Tender Offer will be subject to a non-waivable requirement that a
majority of the minority 34% shareholders tender their shares in the Tender
Offer. It will also be subject to a condition, waivable only by the Shareholder
Group, requiring that the acquiring entity will hold at least 90% of the
Company's common stock after the closing of the Tender Offer (inclusive of
common stock held by the Shareholder Group). The Proposal is also subject to
compliance with any applicable federal and state regulatory requirements.
There can be no assurance that the Tender Offer will be commenced or
will be successfully completed.
The Shareholder Group believes that our Proposal is in the best
interests of the Company and will be attractive to the Company's public
shareholders. It is our view that providing a premium to our public shareholders
and operating the Company as a private enterprise is the best alternative for
all concerned.
Sincerely,
/s/BRUCE N. DAVIS
Bruce N. Davis,
On behalf of the Shareholder Group
31