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<SEC-DOCUMENT>0000950131-99-006526.txt : 19991202
<SEC-HEADER>0000950131-99-006526.hdr.sgml : 19991202
ACCESSION NUMBER:		0000950131-99-006526
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		19991201
GROUP MEMBERS:		BROWN'S DOCK, L.L.C.
GROUP MEMBERS:		DCPM HOLDINGS, INC.
GROUP MEMBERS:		EXECUTIVE CAPITAL PARTNERS I LP
GROUP MEMBERS:		INVERNESS MANAGEMENT FUND I LLC
GROUP MEMBERS:		INVERNESS/PHOENIX CAPITAL LLC
GROUP MEMBERS:		INVERNESS/PHOENIX PARTNERS LP
GROUP MEMBERS:		J.C. COMIS LLC
GROUP MEMBERS:		JAMES C. COMIS, III
GROUP MEMBERS:		PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY
GROUP MEMBERS:		PHOENIX INVESTMENT PARTNERS LTD/CT
GROUP MEMBERS:		W. MCCOMB DUNWOODY
GROUP MEMBERS:		WMD LLC

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENNCORP FINANCIAL GROUP INC /DE/
		CENTRAL INDEX KEY:			0000890449
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				133543540
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		
		SEC FILE NUMBER:	005-43097
		FILM NUMBER:		99767509

	BUSINESS ADDRESS:	
		STREET 1:		717 NORTH HARWOOD STREET
		STREET 2:		SUITE 2400
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
		BUSINESS PHONE:		2149547111

	MAIL ADDRESS:	
		STREET 1:		717 NORTH HARWOOD STREET
		STREET 2:		SUITE 2400
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHOENIX INVESTMENT PARTNERS LTD/CT
		CENTRAL INDEX KEY:			0000883237
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				954191764
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		56 PROSPECT ST
		CITY:			HARTFORD
		STATE:			CT
		ZIP:			06115-0480
		BUSINESS PHONE:		8604035000

	MAIL ADDRESS:	
		STREET 1:		56 PROSPECT STREET
		CITY:			HARTFORD
		STATE:			CO
		ZIP:			06115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHOENIX DUFF & PHELPS CORP
		DATE OF NAME CHANGE:	19951117

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DUFF & PHELPS CORP
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<DESCRIPTION>AMENDMENT NO. 2 TO SCHEDULE 13D
<TEXT>

<PAGE>

                      SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  Schedule 13D

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


                             PennCorp Financial Group, Inc.
     --------------------------------------------------------------------
                                (Name of Issuer)

                       $3.375 Convertible Preferred Stock
                        $3.50 Convertible Preferred Stock
                -----------------------------------------------
                         (Title of Class of Securities)

                                   708094206
     --------------------------------------------------------------------
                                (CUSIP Number)

                                              Copy to:
   Paul Chute                                 James Learner
   Brown's Dock, L.L.C.                       Kirkland & Ellis
   56 Prospect St.                            200 E. Randolph Drive
   Hartford, Connecticut 06115                Chicago, Illinois 60601
   (860) 403-5594                             (312) 861-2000
- --------------------------------------------------------------------------------
                 (Name, Address and Telephone Number of Person
               Authorized to Receive Notices and Communications)



                               December 1, 1999
         ------------------------------------------------------------
            (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).


                         (Continued on following pages)

                               Page 1 of 17 Pages
<PAGE>

                                 SCHEDULE 13D
- -----------------------                                  ---------------------
  CUSIP NO. 708094206                                      PAGE 2 OF 17 PAGES
- -----------------------                                  ---------------------

- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1
      Brown's Dock, L.L.C.
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [X]
                                                                (b) [_]
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4
      Not Applicable
- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
      TO ITEMS 2(D) OR 2(E) [_]
 5
- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6
      Delaware
- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7
     NUMBER OF
                          0
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                        1,346,600 shares of $3.375 Convertible Preferred Stock
     OWNED BY           224,800 shares of $3.50 Series II Prefered Stock
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9
    REPORTING             0

      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                        1,346,600 shares of $3.375 Convertible Preferred Stock
                        224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,346,600 shares of $3.375 Convertible Preferred Stock (per share
      convertible into 2.2124 shares of Common Stock) and 224,800 shares of
      $3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
      Common Stock)=3,301,266.32 shares of common stock equivalents (See Item 5)

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
      [_]
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
      9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      OO
- ------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!

<PAGE>

                                 SCHEDULE 13D
- -----------------------                                  ---------------------
  CUSIP NO. 708094206                                      PAGE 3 OF 17 PAGES
- -----------------------                                  ---------------------

- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1
      Phoenix Home Life Mutual Insurance Company
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [X]
                                                                (b) [_]
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4
      Not Applicable
- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
      TO ITEMS 2(d) or 2(e) [_]
 5
- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6
      New York
- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7
     NUMBER OF
                          0
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                        1,346,600 shares of $3.375 Convertible Preferred Stock
     OWNED BY           224,800 shares of $3.50 Series II Preferred Stock
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9
    REPORTING             0

      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                        1,346,600 shares of $3.375 Convertible Preferred Stock
                        224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,346,600 shares of $3.375 Convertible Preferred Stock (per share
      convertible into 2.2124 shares of Common Stock) and 224,800 shares of
      $3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
      Common Stock)=3,301,266.32 shares of common stock equivalents (See Item 5)

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
      [_]
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
      9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      IC
- ------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

                                 SCHEDULE 13D
- -----------------------                                  ---------------------
  CUSIP NO. 708094206                                      PAGE 4 OF 17 PAGES
- -----------------------                                  ---------------------

- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1
      Phoenix Investment Partners, Ltd.
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [X]
                                                                (b) [_]
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4
      OO
- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
 5    TO ITEMS 2(d) or 2(e) [_]

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6
      Delaware
- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7
     NUMBER OF
                          0
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                        1,346,000 shares of $3.375 Convertible Preferred Stock
     OWNED BY           224,800 shares of $3.50 Series II Preferred Stock
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9
    REPORTING             0

      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                        1,346,600 shares of $3.375 Convertible Preferred Stock
                        224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,346,600 shares of $3.375 Convertible Preferred Stock (per share
      convertible into 2.2124 shares of Common Stock) and 224,800 shares of
      $3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
      Common Stock)=3,301,266.32 shares of common stock equivalents (See Item 5)

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
      [_]
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
      9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      IA
- ------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>


                                 SCHEDULE 13D
- -----------------------                                  ---------------------
  CUSIP NO. 708094206                                      PAGE 5 OF 17 PAGES
- -----------------------                                  ---------------------

- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1
      Inverness Management Fund I LLC
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [X]
                                                                (b) [_]
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4
      Not Applicable
- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
      TO ITEMS 2(D) OR 2(E) [_]
 5
- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6
      Delaware
- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7
     NUMBER OF
                          0
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          1,346,600 shares of $3.375 Convertible Preferred Stock
     OWNED BY             224,800 shares of $3.50 Series II Prefered Stock
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9
    REPORTING             0

      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          1,346,600 shares of $3.375 Convertible Preferred Stock
                          224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,346,600 shares of $3.375 Convertible Preferred Stock (per share
      convertible into 2.2124 shares of Common Stock) and 224,800 shares of
      $3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
      Common Stock)=3,301,266.32 shares of common stock equivalents (See Item 5)

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
      [_]
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
      9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      OO
- ------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

                                 SCHEDULE 13D
- -----------------------                                  ---------------------
  CUSIP NO. 708094206                                      PAGE 6  OF 17 PAGES
- -----------------------                                  ---------------------

- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1
      WMD LLC
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [X]
                                                                (b) [_]
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4
      Not Applicable
- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
      TO ITEMS 2(D) OR 2(E) [_]
 5
- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6
      Delaware
- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7
     NUMBER OF
                          0
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          1,346,600 shares of $3.375 Convertible Preferred Stock
     OWNED BY             224,800 shares of $3.50 Series II Prefered Stock
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9
    REPORTING             0

      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          1,346,600 shares of $3.375 Convertible Preferred Stock
                          224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,346,600 shares of $3.375 Convertible Preferred Stock (per share
      convertible into 2.2124 shares of Common Stock) and 224,800 shares of
      $3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
      Common Stock)=3,301,266.32 shares of common stock equivalents (See Item 5)

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
      [_]
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
      9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      OO
- ------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

                                 SCHEDULE 13D
- -----------------------                                  ---------------------
  CUSIP NO. 708094206                                      PAGE 7 OF 17 PAGES
- -----------------------                                  ---------------------

- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1
      J.C. Comis LLC
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [X]
                                                                (b) [_]
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4
      Not Applicable
- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
      TO ITEMS 2(D) or 2(E) [_]
 5
- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6
      Delaware
- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7
     NUMBER OF
                          0
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                        1,346,600 shares of $3.375 Convertible Preferred Stock
     OWNED BY           224,800 shares of $3.50 Series II Prefered Stock
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9
    REPORTING             0

      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                        1,346,600 shares of $3.375 Convertible Preferred Stock
                        224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,346,600 shares of $3.375 Convertible Preferred Stock (per share
      convertible into 2.2124 shares of Common Stock) and 224,800 shares of
      $3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
      Common Stock)=3,301,266.32 shares of common stock equivalents (See Item 5)

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
      [_]
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
      9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      OO
- ------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

                                 SCHEDULE 13D
- -----------------------                                  ---------------------
  CUSIP NO. 708094206                                      PAGE 8 OF 17 PAGES
- -----------------------                                  ---------------------

- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1
      W. McComb Dunwoody
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [X]
                                                                (b) [_]
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4
      Not Applicable
- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
      TO ITEMS 2(d) or 2(e) [_]
 5
- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6
      United States
- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7
     NUMBER OF
                          0
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                        1,346,600 shares of $3.375 Convertible Preferred Stock
     OWNED BY           224,800 shares of $3.50 Series II Preferred Stock
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9
    REPORTING             0

      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                        1,346,600 shares of $3.375 Convertible Preferred Stock
                        224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,346,600 shares of $3.375 Convertible Preferred Stock (per share
      convertible into 2.2124 shares of Common Stock) and 224,800 shares of
      $3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
      Common Stock)=3,301,266.32 shares of common stock equivalents (See Item 5)

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
      [_]
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
      9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      IN
- ------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

                                 SCHEDULE 13D
- -----------------------                                  ---------------------
  CUSIP NO. 708094206                                      PAGE 9 OF 17 PAGES
- -----------------------                                  ---------------------

- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1
      James C. Comis, III
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [X]
                                                                (b) [_]
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4
      Not Applicable
- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
      TO ITEMS 2(d) or 2(e) [_]
 5
- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6
      United States
- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7
     NUMBER OF
                          0
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                        1,346,600 shares of $3.375 Convertible Preferred Stock
     OWNED BY           224,800 shares of $3.50 Series II Preferred Stock
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9
    REPORTING             0

      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                        1,346,600 shares of $3.375 Convertible Preferred Stock
                        224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,346,600 shares of $3.375 Convertible Preferred Stock (per share
      convertible into 2.2124 shares of Common Stock) and 224,800 shares of
      $3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
      Common Stock)=3,301,266.32 shares of common stock equivalents (See Item 5)

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
      [_]
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
      9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      IN
- ------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

                                 SCHEDULE 13D
- -----------------------                                  ---------------------
  CUSIP NO. 708094206                                     PAGE 10 OF 17 PAGES
- -----------------------                                  ---------------------

- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1
      Inverness/Phoenix Partners LP
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [X]
                                                                (b) [_]
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4
      Not Applicable
- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
      TO ITEMS 2(d) or 2(e) [_]
 5
- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6
      Delaware
- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7
     NUMBER OF
                          0
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                        1,346,600 shares of $3.375 Convertible Preferred Stock
     OWNED BY           224,800 shares of $3.50 Series II Preferred Stock
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9
    REPORTING             0

      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                        1,346,600 shares of $3.375 Convertible Preferred Stock
                        224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,346,600 shares of $3.375 Convertible Preferred Stock (per share
      convertible into 2.2124 shares of Common Stock) and 224,800 shares of
      $3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
      Common Stock)=3,301,266.32 shares of common stock equivalents (See Item 5)

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
      [_]
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
      9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      PN
- ------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

                                 SCHEDULE 13D
- -----------------------                                  ---------------------
  CUSIP NO. 708094206                                      PAGE 11 OF 17 PAGES
- -----------------------                                  ---------------------

- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1
      Executive Capital Partners I LP
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [X]
                                                                (b) [_]
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4
      Not Applicable
- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
      TO ITEMS 2(D) or 2(E) [_]
 5
- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6
      Delaware
- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7
     NUMBER OF
                          0
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                        1,346,600 shares of $3.375 Convertible Preferred Stock
     OWNED BY           224,800 shares of $3.50 Series II Prefered Stock
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9
    REPORTING             0

      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                        1,346,600 shares of $3.375 Convertible Preferred Stock
                        224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,346,600 shares of $3.375 Convertible Preferred Stock (per share
      convertible into 2.2124 shares of Common Stock) and 224,800 shares of
      $3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
      Common Stock)=3,301,266.32 shares of common stock equivalents (See Item 5)

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
      [_]
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
      9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      PN
- ------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

                                 SCHEDULE 13D
- -----------------------                                  ---------------------
  CUSIP NO. 708094206                                     PAGE 12 OF 17 PAGES
- -----------------------                                  ---------------------

- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1
      Inverness/Phoenix Capital LLC
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [X]
                                                                (b) [_]
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4
      Not Applicable
- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
      TO ITEMS 2(D) OR 2(E) [_]
 5
- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6
      Delaware
- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7
     NUMBER OF
                          0
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          1,346,600 shares of $3.375 Convertible Preferred Stock
     OWNED BY             224,800 shares of $3.50 Series II Prefered Stock
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9
    REPORTING             0

      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          1,346,600 shares of $3.375 Convertible Preferred Stock
                          224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,346,600 shares of $3.375 Convertible Preferred Stock (per share
      convertible into 2.2124 shares of Common Stock) and 224,800 shares of
      $3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
      Common Stock)=3,301,266.32 shares of common stock equivalents (See Item 5)

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
      [_]
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
      9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      OO
- ------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

                                 SCHEDULE 13D
- -----------------------                                  ---------------------
  CUSIP NO. 708094206                                     PAGE 13 OF 17 PAGES
- -----------------------                                  ---------------------

- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1
      DCPM Holdings, Inc.
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [X]
                                                                (b) [_]
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4
      Not Applicable
- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
      TO ITEMS 2(D) OR 2(E) [_]
 5
- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6
      Illinois
- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7
     NUMBER OF
                          0
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                        1,346,600 shares of $3.375 Convertible Preferred Stock
     OWNED BY           224,800 shares of $3.50 Series II Preferred Stock
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9
    REPORTING             0

      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                        1,346,600 shares of $3.375 Convertible Preferred Stock
                        224,800 shares of $3.50 Series II Preferred Stock
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,346,600 shares of $3.375 Convertible Preferred Stock (per share
      convertible into 2.2124 shares of Common Stock) and 224,800 shares of
      $3.50 Series II Preferred Stock (per share convertible in 1.4326 shares of
      Common Stock)=3,301,266.32 shares of common stock equivalents (See Item 5)

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
      [_]
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
      9.89% of Common Stock and common stock equivalents
- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      CO
- ------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

                                  SCHEDULE 13D
                               (Amendment No. 2)


     This Amendment No. 2 amends and supplements the statements on Schedule 13D
of (i) Brown's Dock, L.L.C. (the "Buyer"), (ii) Phoenix Home Life Mutual
Insurance Company, (iii) Phoenix Investment Partners, Ltd., (iv) Inverness
Management Fund I LLC, (v) WMD LLC, (vi) W. McComb Dunwoody, (vii) J.C. Comis
LLC, (viii) James C. Comis III (ix) Inverness/Phoenix Partners LP (the "Fund"),
(x) Executive Capital Partners I, LP (the "Executive Fund"), (xi) Inverness/
Phoenix Capital LLC and (xii) DCPM Holdings, Inc., dated September 9, 1998, as
amended by Amendment No. 1, dated September 30, 1998 (the "Statement"). This
Amendment No.2 is being filed to amend Item 4 (Purpose of Transaction).

     Capitalized terms used herein and not otherwise defined shall have the
meanings ascribed to such terms in the Statement.  Except as expressly set forth
in this Amendment No. 2, there have been no material changes in the information
contained in the Statement.

Item 4.   Purpose of Transaction.

     The information set forth in Item 4 of the Statement is hereby amended and
supplemented as follows:

     The Buyer, the Fund and the Executive Fund (the "Holders") acquired the
shares of the Preferred Stock reported herein for investment purposes. The
Holders have executed a confidentiality agreement with the Issuer whereby they
have received nonpublic information regarding the Issuer and have agreed, among
other things, to cease trading the Preferred Stock. The Holders have held
discussions with the management, the chairman of the board of directors of the
Company, other preferred shareholders of the Issuer who have executed
confidentiality agreements with the Issuer and the advisors to certain holders
of the Issuer's senior subordinated notes concerning strategic alternatives of
maximizing long-term shareholder value. With the consent of the Issuer, the
Holders have made a proposal (the "Proposal") to such parties to effect a
recapitalization of the Issuer which, among other things, would involve a sale
of certain assets of the Issuer, repayment and/or restructuring of certain
outstanding debt of the Issuer and the restructuring of the equity ownership of
the Issuer. There is no assurance that the Proposal will be implemented, and the
Holders reserve the right to make amendments to the Proposal and to propose
other alternatives to the Issuer.

Item 7.   Materials to be Filed as Exhibits.

          Exhibit E:  Agreement of Joint Filing, dated as of December 1, 1999,
                      among Buyer, the Fund, the Executive Fund, DCPM, Phoenix,
                      PXP, Inverness, WMD, JCC, Dunwoody and Comis.


                              Page 14 of 17 Pages
<PAGE>

                                   SIGNATURE

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

Date: December 1, 1999


                         BROWN'S DOCK, L.L.C.


                         By:  /s/ James C. Comis III
                              ------------------------------------
                         Print Name: James C. Comis III
                         Its:  Managing Director


                         INVERNESS/PHOENIX PARTNERS LP

                              By:  Inverness/Phoenix Capital LLC,
                              Its:   General Partner

                              By:  Inverness Management Fund I LLC
                              Its:   Managing Member

                              By:  WMD LLC
                              Its:  General Partner

                              By:  /s/ W. McComb Dunwoody
                                   -------------------------------
                              Print Name: W. McComb Dunwoody
                              Its: Managing Member




                              Page 15 of 17 Pages
<PAGE>

                         EXECUTIVE CAPITAL PARTNERS I LP

                              By:  Inverness/Phoenix Capital LLC,
                              Its:   General Partner

                              By:  Inverness Management Fund I LLC
                              Its:   Managing Member

                              By:  WMD LLC
                              Its:  General Partner

                              By:  /s/ W. McComb Dunwoody
                                   -------------------------------
                              Print Name: W. McComb Dunwoody
                              Its: Managing Member


                         INVERNESS/PHOENIX CAPITAL LLC

                              By:  Inverness Management Fund I LLC
                              Its:   Managing Member

                              By:  WMD LLC
                              Its:  General Partner

                              By:  /s/ W. McComb Dunwoody
                                   -------------------------------
                              Print Name: W. McComb Dunwoody
                              Its: Managing Member


                         DCPM HOLDINGS, INC.

                         By:  /s/ Michael E. Haylon
                              -----------------------------------
                         Print Name: Michael E. Haylon
                         Its: Vice-President


                         PHOENIX HOME LIFE MUTUAL
                         INSURANCE COMPANY

                         By: /s/ John H. Beers
                             -------------------------------------
                         Print Name:  John H. Beers
                         Its: Vice-President



                              Page 16 of 17 Pages
<PAGE>

                         PHOENIX INVESTMENT PARTNERS, LTD.

                         By:       /s/ Michael E. Haylon
                              ------------------------------------
                         Print Name: Michael E. Haylon
                         Its:  Executive Vice-President


                         INVERNESS MANAGEMENT FUND I LLC

                              By:  WMD LLC, its General Partner

                              By:      /s/ W. McComb Dunwoody
                                   -------------------------------
                              Print Name: W. McComb Dunwoody
                              Its: Managing Member

                         WMD LLC

                              By:      /s/ W. McComb Dunwoody
                                   -------------------------------
                              Print Name: W. McComb Dunwoody
                              Its: Managing Member



                         J.C. COMIS LLC

                              By:        /s/ James C. Comis III
                                  --------------------------------
                              Print Name:  James C. Comis III
                              Its: Managing Member


                          /s/ W. McComb Dunwoody
                         -----------------------------------------
                         W. McComb Dunwoody



                         /s/ James C. Comis III
                         -----------------------------------------
                         James C. Comis III

                              Page 17 of 17 Pages
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(E)
<SEQUENCE>2
<DESCRIPTION>AGREEMENT OF JOINT FILING, DATED 12/1/1999
<TEXT>

<PAGE>

                                                                    EXHIBIT 99.E

                          AGREEMENT RE JOINT FILING OF
                                  SCHEDULE 13D
                                  ------------


The undersigned hereby agrees as follows:

          (i)  Each of them is individually eligible to use the Schedule 13D to
which this Exhibit is attached, and such Schedule 13D is filed on behalf of each
of them; and

          (ii)  Each of them is responsible for the timely filing of such
Schedule 13D and any amendments thereto, and for the completeness and accuracy
of the information concerning such person contained therein; but none of them is
responsible for the completeness or accuracy of the information concerning the
other persons making the filing, unless such person knows or has reason to
believe that such information is inaccurate.

Dated: December 1, 1999


                         BROWN'S DOCK, L.L.C.


                         By:  /s/ James C. Comis III
                              ------------------------------------
                         Print Name: James C. Comis III
                         Its:  Managing Director


                         INVERNESS/PHOENIX PARTNERS LP

                              By:  Inverness/Phoenix Capital LLC,
                              Its:   General Partner

                              By:  Inverness Management Fund I LLC
                              Its:   Managing Member

                              By:  WMD LLC
                              Its:  General Partner

                              By:      /s/ W. McComb Dunwoody
                                   -------------------------------
                              Print Name: W. McComb Dunwoody
                              Its: Managing Member
<PAGE>

                         EXECUTIVE CAPITAL PARTNERS I LP

                              By:  Inverness/Phoenix Capital LLC,
                              Its:   General Partner

                              By:  Inverness Management Fund I LLC
                              Its:   Managing Member

                              By:  WMD LLC
                              Its:  General Partner

                              By:  /s/ W. McComb Dunwoody
                                   -------------------------------
                              Print Name: W. McComb Dunwoody
                              Its: Managing Member


                         INVERNESS/PHOENIX CAPITAL LLC

                              By:  Inverness Management Fund I LLC
                              Its:   Managing Member

                              By:  WMD LLC
                              Its:  General Partner

                              By:  /s/ W. McComb Dunwoody
                                   -------------------------------
                              Print Name: W. McComb Dunwoody
                              Its: Managing Member


                         DCPM HOLDINGS, INC.

                         By:  /s/ Michael E. Haylon
                              -------------------------------------
                         Print Name: Michael E. Haylon
                         Its: Vice-President


                         PHOENIX HOME LIFE MUTUAL
                         INSURANCE COMPANY

                         By:  /s/ John H. Beers
                              -------------------------------------
                         Print Name:  John H. Beers
                         Its: Vice-President

<PAGE>

                         PHOENIX INVESTMENT PARTNERS, LTD.

                         By:  /s/ Michael E. Haylon
                              -------------------------------------
                         Print Name: Michael E. Haylon
                         Its:  Executive Vice-President


                         INVERNESS MANAGEMENT FUND I LLC

                              By:  WMD LLC, its General Partner

                              By:  /s/ W. McComb Dunwoody
                                   -------------------------------
                              Print Name: W. McComb Dunwoody
                              Its: Managing Member

                         WMD LLC

                              By:  /s/ W. McComb Dunwoody
                                   -------------------------------
                              Print Name: W. McComb Dunwoody
                              Its: Managing Member



                         J.C. COMIS LLC

                              By: /s/ James C. Comis III
                                  ------------------------------------
                              Print Name:  James C. Comis III
                              Its: Managing Member


                                 /s/ W. McComb Dunwoody
                              -------------------------------
                              W. McComb Dunwoody



                                /s/ James C. Comis III
                                ----------------------------------------
                                James C. Comis III
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
