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Blum Capital Partners LP – ‘SC 13D/A’ on 5/30/97 re: Tutor Perini Corp

As of:  Friday, 5/30/97   ·   Accession #:  938775-97-7   ·   File #:  5-08309

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Amendment to General Statement of Beneficial Ownership   —   Schedule 13D
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13D/A    Amendment to General Statement of Beneficial          12±    52K 
                          Ownership                                              

Document Table of Contents

UNITED STATES   
SECURITIES AND EXCHANGE COMMISSION  
Washington, D.C. 20549  

SCHEDULE 13D  

Under the Securities Exchange Act of 1934 
(Amendment No. 2)*

PERINI CORPORATION
(Name of Issuer)

Common Stock and
Series B Cumulative Convertible Preferred Stock 
(Title of Class of Securities)

713-839108    
(CUSIP Number)    

Murray A. Indick  
Richard C. Blum & Associates, L.P.  
909 Montgomery Street, Suite 400  
San Francisco, CA 94133   
(415) 434-1111  
(Name, Address and Telephone Number of Person 
 Authorized to Receive Notices and Communications)

 April 9, 1997
 (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 [ ].                                                                        

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

The information required on the remainder of this cover page shall not be       
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange   
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of  
the Act but shall be subject to all other provisions of the Act (however, see   
the Notes).                                                                     

Page 1 of 12  

CUSIP NO. 713-839108            SCHEDULE 13D                      Page 2 of 12  

------------------------------------------------------------------------------  
1.  NAME OF REPORTING PERSON                        PB CAPITAL PARTNERS, L.P. 

   S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON              94-3248865
------------------------------------------------------------------------------  
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*               (a) [x]**  
                                                                   (b) [x]**
------------------------------------------------------------------------------  
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                             Delaware 

------------------------------------------------------------------------------  
                  7.   SOLE VOTING POWER                                 -0-
 NUMBER OF       -----------------------------------------------------------
 SHARES           8.  SHARED VOTING POWER                          93,837.85
 BENEFICIALLY                                         (of Series B Shares)**
 OWNED BY EACH                                                     1,985,627
 PERSON WITH                           (of common stock, after conversion)**
                 -----------------------------------------------------------
                  9.  SOLE DISPOSITIVE POWER                             -0-
                 -----------------------------------------------------------
                 10.  SHARED DISPOSITIVE POWER                     93,837.85
                                                      (of Series B Shares)**
                                                                   1,985,627
                                       (of common stock, after conversion)**
------------------------------------------------------------------------------  
11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    93,837.85  
                                                      (of Series B Shares)**
                                                                   1,985,627
                                       (of common stock, after conversion)**
------------------------------------------------------------------------------  
12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES                     
   CERTAIN SHARES                                                        [ ]
------------------------------------------------------------------------------  
13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                 61.51%  
                                                      (of Series B Shares)**
                                                                      27.99%
                                       (of common stock, after conversion)**
------------------------------------------------------------------------------  
14.  TYPE OF REPORTING PERSON                                               PN  
------------------------------------------------------------------------------  
** See Item 5 below.                                                            
*SEE INSTRUCTIONS BEFORE FILLING OUT! 

CUSIP NO. 713-839108            SCHEDULE 13D                      Page 3 of 12  

------------------------------------------------------------------------------  
1.  NAME OF REPORTING PERSON               RICHARD C. BLUM & ASSOCIATES, L.P. 

  S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON               94-3205364
------------------------------------------------------------------------------  
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*               (a) [x]**  
                                                                   (b) [x]**
------------------------------------------------------------------------------  
3.  SEC USE ONLY                                                              

------------------------------------------------------------------------------  
4.  SOURCE OF FUNDS*                                           Not Applicable 

------------------------------------------------------------------------------  
5.  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED                  
   PURSUANT TO ITEMS 2(d) or 2(e)                                        [ ]
------------------------------------------------------------------------------  
6.  CITIZENSHIP OR PLACE OF ORGANIZATION                           California 

------------------------------------------------------------------------------  
                  7.   SOLE VOTING POWER                                 -0-
 NUMBER OF       -----------------------------------------------------------
 SHARES           8.  SHARED VOTING POWER                         117,513.24
 BENEFICIALLY                                         (of Series B Shares)**
 OWNED BY EACH                                                     2,474,677
 PERSON WITH                           (of common stock, after conversion)**
                 -----------------------------------------------------------
                  9.  SOLE DISPOSITIVE POWER                             -0-
                 -----------------------------------------------------------
                 10.  SHARED DISPOSITIVE POWER                    117,513.24
                                                      (of Series B Shares)**
                                                                   2,474,677
                                       (of common stock, after conversion)**
------------------------------------------------------------------------------  
11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   117,513.24  
                                                      (of Series B Shares)**
                                                                   2,474,677
                                       (of common stock, after conversion)**
------------------------------------------------------------------------------  
12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES                     
   CERTAIN SHARES                                                        [ ]
------------------------------------------------------------------------------  
13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                 77.01%  
                                                      (of Series B Shares)**
                                                                      32.63%
                                       (of common stock, after conversion)**
------------------------------------------------------------------------------  
14.  TYPE OF REPORTING PERSON                                           PN, IA  

------------------------------------------------------------------------------  
** See Item 5 below.                                                            
*SEE INSTRUCTIONS BEFORE FILLING OUT! 

CUSIP NO. 713-839108            SCHEDULE 13D                      Page 4 of 12  

------------------------------------------------------------------------------  
1.  NAME OF REPORTING PERSON               RICHARD C. BLUM & ASSOCIATES, INC. 

  S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON               94-2967812
------------------------------------------------------------------------------  
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*               (a) [x]**  
                                                                   (b) [x]**
------------------------------------------------------------------------------  
3.  SEC USE ONLY                                                              

------------------------------------------------------------------------------  
4.  SOURCE OF FUNDS*                                           Not Applicable 

------------------------------------------------------------------------------  
5.  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED                  
   PURSUANT TO ITEMS 2(d) or 2(e)                                        [ ]
------------------------------------------------------------------------------  
6.  CITIZENSHIP OR PLACE OF ORGANIZATION                           California 

------------------------------------------------------------------------------  
                  7.   SOLE VOTING POWER                                 -0-
 NUMBER OF       -----------------------------------------------------------
 SHARES           8.  SHARED VOTING POWER                         117,513.24
 BENEFICIALLY                                         (of Series B Shares)**
 OWNED BY EACH                                                     2,474,677
 PERSON WITH                           (of common stock, after conversion)**
                 -----------------------------------------------------------
                  9.  SOLE DISPOSITIVE POWER                             -0-
                 -----------------------------------------------------------
                 10.  SHARED DISPOSITIVE POWER                    117,513.24
                                                      (of Series B Shares)**
                                                                   2,474,677
                                       (of common stock, after conversion)**
------------------------------------------------------------------------------  
11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   117,513.24  
                                                      (of Series B Shares)**
                                                                   2,474,677
                                       (of common stock, after conversion)**
------------------------------------------------------------------------------  
12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES                     
   CERTAIN SHARES                                                        [ ]
------------------------------------------------------------------------------  
13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                 77.01%  
                                                      (of Series B Shares)**
                                                                      32.63%
                                       (of common stock, after conversion)**
------------------------------------------------------------------------------  
14.  TYPE OF REPORTING PERSON                                               CO  

------------------------------------------------------------------------------  
** See Item 5 below.                                                            
*SEE INSTRUCTIONS BEFORE FILLING OUT! 

CUSIP NO. 713-839108            SCHEDULE 13D                      Page 5 of 12  

------------------------------------------------------------------------------  
1. NAME OF REPORTING PERSON                                   RICHARD C. BLUM 

  S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON              556-42-3196
------------------------------------------------------------------------------  
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*               (a) [x]**  
                                                                   (b) [x]**
------------------------------------------------------------------------------  
3.  SEC USE ONLY                                                              

------------------------------------------------------------------------------  
4.  SOURCE OF FUNDS*                                           Not Applicable 

------------------------------------------------------------------------------  
5.  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED                  
   PURSUANT TO ITEMS 2(d) or 2(e)                                        [ ]
------------------------------------------------------------------------------  
6.  CITIZENSHIP OR PLACE OF ORGANIZATION                                  USA 

------------------------------------------------------------------------------  
                  7.   SOLE VOTING POWER                                 -0-
 NUMBER OF       -----------------------------------------------------------
 SHARES           8.  SHARED VOTING POWER                         117,513.24
 BENEFICIALLY                                         (of Series B Shares)**
 OWNED BY EACH                                                     2,474,677
 PERSON WITH                           (of common stock, after conversion)**
                 -----------------------------------------------------------
                  9.  SOLE DISPOSITIVE POWER                             -0-
                 -----------------------------------------------------------
                 10.  SHARED DISPOSITIVE POWER                    117,513.24
                                                      (of Series B Shares)**
                                                                   2,474,677
                                       (of common stock, after conversion)**
------------------------------------------------------------------------------  
11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   117,513.24  
                                                      (of Series B Shares)**
                                                                   2,474,677
                                       (of common stock, after conversion)**
------------------------------------------------------------------------------  
12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES                     
   CERTAIN SHARES                                                        [ ]
------------------------------------------------------------------------------  
13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                 77.01%  
                                                      (of Series B Shares)**
                                                                      32.63%
                                       (of common stock, after conversion)**
------------------------------------------------------------------------------  
14.  TYPE OF REPORTING PERSON                                               IN  

------------------------------------------------------------------------------  
** See Item 5 below.                                                            
*SEE INSTRUCTIONS BEFORE FILLING OUT! 

CUSIP NO. 713-839108            SCHEDULE 13D                      Page 6 of 12  

------------------------------------------------------------------------------  
1. NAME OF REPORTING PERSON      THE COMMON FUND FOR NON-PROFIT ORGANIZATIONS 

  S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON               23-7037968
------------------------------------------------------------------------------  
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*               (a) [ ]    
                                                                   (b) [x]**
------------------------------------------------------------------------------  
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                                  USA 

------------------------------------------------------------------------------  
                  7.   SOLE VOTING POWER                                 -0-
 NUMBER OF       -----------------------------------------------------------
 SHARES           8.  SHARED VOTING POWER                          23,675.39
 BENEFICIALLY                                         (of Series B Shares)**
 OWNED BY EACH                                                       489,050
 PERSON WITH                           (of common stock, after conversion)**
                 -----------------------------------------------------------
                  9.  SOLE DISPOSITIVE POWER                             -0-
                 -----------------------------------------------------------
                 10.  SHARED DISPOSITIVE POWER                     23,675.39
                                                      (of Series B Shares)**
                                                                     489,050
                                       (of common stock, after conversion)**
------------------------------------------------------------------------------  
11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    23,675.39  
                                                      (of Series B Shares)**
                                                                     489,050
                                       (of common stock, after conversion)**
------------------------------------------------------------------------------  
12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES                     
   CERTAIN SHARES                                                        [ ]
------------------------------------------------------------------------------  
13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                 15.52%  
                                                      (of Series B Shares)**
                                                                       8.66%
                                       (of common stock, after conversion)**
------------------------------------------------------------------------------  
14.  TYPE OF REPORTING PERSON                                               CO  

------------------------------------------------------------------------------  
** See Item 5 below.                                                            
*SEE INSTRUCTIONS BEFORE FILLING OUT! 

CUSIP NO. 713-839108            SCHEDULE 13D                      Page 7 of 12  

Item 1.  Security and Issuer                                                    
----------------------------                                                    
This Schedule 13D Amendment No. 2 relates to the Series B Cumulative            
Convertible Preferred Stock (the "Series B Shares") of the Perini Corporation   
(the "Issuer") and the common stock of the Issuer into which such stock is      
convertible.  This Amendment is being filed because the Reporting Persons       
received certain additional Series B Shares as dividends on the Series B        
Shares originally acquired from the Issuer.                                     

Item 2.  Identity and Background                                                
--------------------------------                                                
This Schedule 13D Amendment No. 2 is filed by and on behalf of PB Capital       
Partners, L.P. ("PB Capital"), Richard C. Blum & Associates, L.P., a            
California limited partnership ("RCBA L.P."); Richard C. Blum & Associates,     
Inc., a California corporation ("RCBA Inc."); Richard C. Blum, the Chairman     
and a substantial shareholder of RCBA Inc.; and The Common Fund for Non-Profit  
Organizations ("The Common Fund" and, collectively with the other persons       
named in this paragraph, the "Reporting Persons").                              

Item 2 from Schedule 13D Amendment No. 1 is supplemented with the following     
additional information:                                                         

The Common Fund is a New York non-profit corporation.  The Common Fund is       
principally engaged in the business of managing investments for educational     
institutions.  The principal administrative office of The Common Fund is        
located at 450 Post Road East, Westport, Connecticut 06881-0909.  RCBA L.P. is  
an investment advisor for The Common Fund and has discretion to vote and        
dispose of the Series B Shares held by it for the benefit of The Common Fund.   

The Trustees and Principal Officers of The Common Fund (including principal     
occupations and addresses) are as follows:                                      

Trustees                                                                        
--------                                                                        
Paul J. Aslanian                            Robert D. Flanigan, Jr.             
Vice President for Finance & Planning       Vice President for Business and     
Swarthmore College                             Financial Affairs & Treasurer    
500 College Avenue                          Spelman College                     
Swarthmore, PA 19081-1397                   350 Spelman Lane, S.W., Box 589     
                              Atlanta, GA 30314-4399
Robert L. Bovinette                                                             
President                                   Caspa L. Harris, Jr.                
The Common Fund                             Consultant and Attorney             
450 Post Road East                          39109 John Wolford Road             
Westport, CT 06881                          Waterford, VA 20197                 

John B. Carroll                             Norman G. Herbert                   
President                                   Associate Vice President            
GTE Investment Management Corp.                & Treasurer                      
Tresser Boulevard                           University of Michigan              
Seventh Floor                               5032 Fleming Administration Bldg.   
Stamford, CT 06901                          Ann Arbor, MI 48109-1340            

CUSIP NO. 713-839108            SCHEDULE 13D                      Page 8 of 12  

Mayree C. Clark                             Louis W. Moelchert                  
Managing Director, Global Research          Vice President for Business         
Morgan Stanley & Co., Inc.                     and Finance                      
1251 Avenue of the Americas                 University of Richmond              
New York, NY 10020                          Campus Drive, Room 202              
                     Maryland Hall
William C. Hromadka                         Richmond, VA 23173                  
Treasurer and Assoc Sr Vice President                                           
University of Southern California           Robert D. Pavey                     
University Park, Treasurer's Office         General Partner                     
BKS 402 - Bookstore Building                Morgenthaler Ventures               
Los Angeles, CA 90089-2541                  629 Euclid Avenue, Suite 700        
                           Cleveland, OH 44114

David M. Lascell                            Andre F. Perold                     
Partner                                     Sylvan C. Coleman Professor         
Hallenbeck, Lascell, Norris & Zorn             of Financial Management          
One Exchange Street                         Harvard University Graduate School  
Rochester, NY 14614-1403                       of Business                      
                                        Morgan Hall, 367, Soldiers Field
John T. Leatham                             Boston, MA 02163                    
Chairman and Chief Executive Officer                                            
Security Health Providers, Inc.             Robert S. Salomon, Jr.              
Drake Oak Brook Plaza                       Principal                           
2215 York Road, Suite 206                   STI Management LLC                  
Oak Brook, IL 60521                         36 Flying Cloud Road                
                          Stamford, CT 06902
David J. Meagher                                                                
Vice President for Finance & Treasurer      William T. Spitz                    
Loyola University of Chicago                Treasurer                           
840 North Wabash                            Vanderbilt University               
Chicago, IL 60611                           102 Alumni Hall                     
                                Nashville, TN 37240-0159

Principal Officers Who Are Not Trustees                                         
---------------------------------------                                         

Todd E. Petzel                              Curt R. Tobey                       
Executive Vice President                    Senior Vice President               
and Chief Investment Officer                                              
                             William P. Miller III
John S. Griswold, Jr.                       Senior Vice President and           
Senior Vice President                        Independent Risk Oversight Officer 

Maria L.C. Tapia                            Marita Wein                         
Senior Vice President                       Vice President and Secretary        

The address of each of the above principal officers of The Common Fund who are  
not Trustees is:  The Common Fund, 450 Post Road East, Westport, CT 06881-      
0909.  Each of the Trustees and principal officers listed above is a citizen    
of the United States.  Although The Common Fund might be deemed to be part of   
a group by virtue of its acquisition of the Series B Shares, The Common Fund    

CUSIP NO. 713-839108            SCHEDULE 13D                      Page 9 of 12  

disclaims acting as a group and disclaims "beneficial ownership" in the shares  
of each other person.                                                           

Item 3.  Source and Amount of Funds or Other Consideration                      
----------------------------------------------------------                      
No change.                                                                      

Item 4. Purpose of Transaction                                                  
----------------------------------                                              
No change.   On April 9, 1997, the Issuer issued 1,487.85 additional Series B   
Shares to PB Capital as payment-in-kind dividends payable on PB Capital's pre-  
existing Series B Shares, and 375.39 additional Series B Shares to The Common   
Fund as payment-in-kind dividends payable on The Common Fund's pre-existing     
Series B Shares.                                                                

Item 5. Interest in Securities of the Issuer                                    
------------------------------------------------                                
(a),(b) According to the Issuer's most recent 10Q, there were no shares of      
Series B Shares and 5,155,811 of Common Stock issued and outstanding as of      
May 10, 1997.                                                                   

Based on the above information, after taking into account the transactions      
described in Item 5(c) below, the following Reporting Persons will report the   
following holdings and corresponding percentage interests in the Series B       
Shares and Common Shares (assuming the conversion of each Reporting Person's    
Series B Shares into Common Shares):                                            

                                                   Total Common Shares
                           Series B Shares          (after conversion)
                        ---------------------      ---------------------
Name                        No. Owned     % Owned      No. Owned     % Owned    
-----------------           ---------     -------      ---------     -------    
PB Capital                  93,837.85      61.51%      1,985,627(1)   27.99%    
The Common Fund             23,675.39      15.52%        489,050       8.66%    
RCBA L.P.                  117,513.24      77.01%      2,474,677(2)   32.63%    
RCBA Inc.                  117,513.24      77.01%      2,474,677(3)   32.63%    
Richard C. Blum            117,513.24      77.01%      2,474,677(4)   32.63%    

(1)  Includes 4,727 shares of common stock of Issuer owned by RCBA L.P., and    
42,540 shares of common stock of Perini Corporation owned by the United         
Brotherhood of Carpenters and Joiners of America Local Unions Councils Pension  
Fund ("UBC"), which is a limited partner in PB Capital.                         

(2) Includes shares of common stock of Issuer as follows:  1,980,900 shares     
owned by PB Capital and one of its limited partners, UBC; and, 489,050 shares   
owned by The Common Fund.  RCBA L.P. is the general Partner of PB Capital and   
investment advisor to The Common Fund.  RCBA L.P. disclaims beneficial          
ownership of such shares except to the extent of its pecuniary interest         
therein.                                                                        

(3) Includes shares of common stock of Issuer as follows:  1,980,900 shares     
owned by PB Capital and one of its limited partners, UBC; 489,050 shares owned  

CUSIP NO. 713-839108            SCHEDULE 13D                     Page 10 of 12  

by The Common Fund; and 4,747 shares owned by RCBA L.P.  RCBA Inc. is the       
general Partner of RCBA L.P., which is the general partner of PB Capital and    
investment advisor to The Common Fund.  RCBA Inc. disclaims beneficial          
ownership of such shares except to the extent of its pecuniary interest         
therein.                                                                        

(4) Includes shares of common stock of Issuer as follows:  1,980,900 shares     
owned by PB Capital and one of its limited partners, UBC; 489,050 shares owned  
by The Common Fund; and 4,747 shares owned by RCBA L.P.  Richard C. Blum is a   
significant stockholder and chairman of RCBA Inc., the general partner of RCBA  
L.P., which is the general partner of PB Capital and investment advisor to The  
Common Fund.  Mr. Blum disclaims beneficial ownership of such shares except to  
the extent of his pecuniary interest therein.                                   

(c)     The Reporting Persons have engaged in no transaction involving such     
shares or the Common Stock for the 60 days prior to the date of the event       
requiring the filing of this statement.                                         

(d), (e)  No change.                                                            

Item 6.  Contracts, Arrangements, Understandings or Relationships with          
Respect to Securities of the Issuer                           
----------------------------------------------------------------------          
Except as previously disclosed, none of the Reporting Persons or, to the best   
knowledge of the Reporting Persons, the other persons named in Item 2, is a     
party to any contract, arrangement, understanding or relationship with respect  
to any securities of the Issuer, including but not limited to the transfer or   
voting of any securities of the Issuer, finder's fees, joint ventures, loan or  
option arrangements, puts or calls, guarantees of profits, division of profits  
or loss, or the giving or withholding of proxies, except (i) as previously      
disclosed, or (ii) as noted above, RCBA L.P. has the power to vote and dispose  
of the Series B Shares held by it for the benefit of the Common Fund.           

Item 7. Material to Be Filed as Exhibits                                        
--------------------------------------------                                    
Exhibit A   Joint Filing Undertaking                                            

CUSIP NO. 713-839108            SCHEDULE 13D                     Page 11 of 12  

SIGNATURES    

After reasonable inquiry and to the best of our knowledge and belief, the       
undersigned certify that the information set forth in this statement is true,   
complete and correct.                                                           

May 29, 1997                                                                    

RICHARD C. BLUM & ASSOCIATES, L.P.     RICHARD C. BLUM & ASSOCIATES, INC.       

By  /s/ Marc T. Scholvinck              By  /s/ Marc T. Scholvinck              
  -------------------------------        -----------------------------------
Marc T. Scholvinck                     Marc T. Scholvinck               
Managing Director and                  Managing Director and            
Chief Financial Officer                Chief Financial Officer          

PB CAPITAL PARTNERS, L.P.               /s/ Marc T. Scholvinck                  
                                      --------------------------------------
By  Richard C. Blum & Associates,       RICHARD C. BLUM                         
L.P., its General Partner                                               
                       By  Marc T. Scholvinck,
By  /s/ Marc T. Scholvinck              Attorney-in-Fact                
--------------------------                                      
Marc T. Scholvinck,                                             
Managing Director and                                           
Chief Financial Officer                                         

THE COMMON FUND FOR NON-PROFIT ORGANIZATIONS                                    

By  Richard C. Blum & Associates, L.P.,                                         
its Investment Advisor                                                  

By  /s/ Marc T. Scholvinck                                              
-------------------------------                                 
Marc T. Scholvinck,                                             
Managing Director and                                           
Chief Financial Officer                                         

CUSIP NO. 713-839108            SCHEDULE 13D                     Page 12 of 12  

Exhibit A   

Joint Filing Undertaking

The undersigned, being duly authorized thereunto, hereby execute this           
agreement as an exhibit to the Schedule 13D to evidence the agreement of the    
below-named parties, in accordance with the rules promulgated pursuant to the   
Securities Exchange Act of 1934, to file this Schedule jointly on behalf of     
each such party.                                                                

Dated:  May 29, 1997                                                            

RICHARD C. BLUM & ASSOCIATES, L.P.     RICHARD C. BLUM & ASSOCIATES, INC.       

By  /s/ Marc T. Scholvinck              By  /s/ Marc T. Scholvinck              
  -------------------------------        -----------------------------------
Marc T. Scholvinck                     Marc T. Scholvinck               
Managing Director and                  Managing Director and            
Chief Financial Officer                Chief Financial Officer          

PB CAPITAL PARTNERS, L.P.               /s/ Marc T. Scholvinck                  
                                      --------------------------------------
By  Richard C. Blum & Associates,       RICHARD C. BLUM                         
L.P., its General Partner                                               
                       By  Marc T. Scholvinck,
By  /s/ Marc T. Scholvinck              Attorney-in-Fact                
--------------------------                                      
Marc T. Scholvinck,                                             
Managing Director and                                           
Chief Financial Officer                                         

THE COMMON FUND FOR NON-PROFIT ORGANIZATIONS                                    

By  Richard C. Blum & Associates, L.P.,                                         
its Investment Advisor                                                  

By  /s/ Marc T. Scholvinck                                              
-------------------------------                                 
Marc T. Scholvinck,                                             
Managing Director and                                           
Chief Financial Officer                                         

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘SC 13D/A’ Filing		Date		Other Filings
Filed on:		5/30/97		None on these Dates
		5/29/97
		5/10/97
		4/9/97
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