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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. __)*
HOME PRODUCTS INTERNATIONAL, INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
437305-10-5
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(CUSIP Number)
December 31, 2003
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|_| Rule 13d-1(b)
|X| Rule 13d-1(c)
|_| Rule 13d-1(d)
*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 the
disclosures provided in a prior cover page.
The information required in 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).
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1. NAME OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY).
Palmyra Capital Advisors, LLC. 38-3641893
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(A) |_|
(B) |_|
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5. SOLE VOTING POWER
430,700
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NUMBER OF 6. SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY ------------------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH: 430,700
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8. SHARED DISPOSITIVE POWER
0
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
430,700
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10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS) |_|
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.5%
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12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IA
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1. NAME OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY).
Michael F. Baxter
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(A) |_|
(B) |_|
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
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5. SOLE VOTING POWER
430,700
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NUMBER OF 6. SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY ------------------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH: 430,700
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8. SHARED DISPOSITIVE POWER
0
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
430,700
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10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS) |_|
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.5%
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12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN, HC
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1. NAME OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY).
Michael and Leigh Anne Baxter Living Trust
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(A) |_|
(B) |_|
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizens
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5. SOLE VOTING POWER
430,700
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NUMBER OF 6. SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY ------------------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH: 430,700
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8. SHARED DISPOSITIVE POWER
0
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
430,700
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10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS) |_|
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.5%
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12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO, HC
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Item 1.
(a) Name of Issuer
Home Products International, Inc.
(b) Address of Issuer's Principal Executive Offices
4501 West 47th Street, Chicago, Illinois 60632
Item 2.
(a) Name of Person Filing
This statement is being filed by (i) Palmyra Capital Advisors,
LLC, a Delaware limited liability company and registered
investment adviser ("Adviser"), (ii) the Michael and Leigh Anne
Baxter
Living Trust ("Trust") and (ii) Michael F. Baxter ("Manager")
(collectively, the "Reporting Persons"). Manager controls Adviser
by virtue of being the Manager under Delaware law of the Adviser
and Trust controls Adviser by virtue of being the beneficial
owner of more than a majority of the membership interests in
Adviser.
Adviser's beneficial ownership of the Common Stock is direct as a
result of Adviser's discretionary authority to buy, sell, and
vote shares of such Common Stock for its investment advisory
clients. Manager's and Trust's beneficial ownership of Common
Stock is indirect as a result of Manager's position with, and
Trust's ownership interest in, Adviser. The beneficial ownership
of Manager and Trust is reported solely because Rules 13d-1(a)
and (b) under the Securities Exchange Act of 1934, as amended,
require any person who is "directly or indirectly" the beneficial
owner of more than five percent of any equity security of a
specified class to file a Schedule 13G within the specified time
period. The answers in blocks 5, 7, 9 and 11 above and in
responses to item 4 by Manager and Trust are given on the basis
of the "indirect" beneficial ownership referred to in such Rule,
based on the direct beneficial ownership of Common Stock by
Adviser and the relationship of Manager and Trust to Adviser
referred to above.
Information with respect to each Reporting Person is given solely
by the respective Reporting Person, and no Reporting Person
undertakes hereby any responsibility for the accuracy or
completeness of such information concerning any other Reporting
Person.
(b) Address of Principal Business Office or, if none, Residence
For each Reporting Person,
11111 Santa Monica Blvd., Suite 1500
Los Angeles, California 90025
(c) Citizenship
Adviser is a Delaware limited liability company
Manager is a U.S. citizen
Trust is formed by U.S. citizens
(d) Title of Class of Securities
Common Stock
(e) CUSIP Number
437305-10-5
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Item 3. If this statement is filed pursuant to Section 240.13d-1(b) or
Sections 240.13d-2(b) or (c), check whether the person filing is a:
(a) |_| Broker or dealer registered under section 15 of the Act (15
U.S.C. 78o).
(b) |_| Bank as defined in section 3(a)(6) of the Act (15 U.S.C.
78c).
(c) |_| Insurance company as defined in section 3(a)(19) of the Act
(15 U.S.C. 78c).
(d) |_| Investment company registered under section 8 of the
Investment Company Act of 1940 (15 U.S.C 80a-8).
(e) |_| An investment adviser in accordance with Section
240.13d-1(b)(1)(ii)(E);
(f) |_| An employee benefit plan or endowment fund in accordance
with Section 240.13d-1(b)(1)(ii)(F);
(g) |_| A parent holding company or control person in accordance
with Section 240.13d-1(b)(1)(ii)(G);
(h) |_| A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813);
(i) |_| A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment
Company Act of 1940 (15 U.S.C. 80a-3);
(j) |_| Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).
Item 4. Ownership
Provide the following information regarding the aggregate number and percentage
of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned: 430,700.
(b) Percent of class: 5.5%.
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: 430,700.
(ii) Shared power to vote or to direct the vote: 0.
(iii) Sole power to dispose or to direct the disposition of: 430,700.
(iv) Shared power to dispose or to direct the disposition of : 0.
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following . |_|
Item 6. Ownership of More than Five Percent on Behalf of Another Person
IA, a registered investment adviser, Manager and Trust have the right or the
power to direct the receipt of dividends from Common Stock, and to direct the
receipt of proceeds from the sale of Common Stock to IA's investment advisory
clients. No single investment advisory client of IA owns more than 5% of the
Common Stock.
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Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company or Control
Person
Manager and Trust are the equivalent of parent holding companies for purposes of
Schedule 13G. Adviser is the equivalent of Manager's and Trust's direct
subsidiary, and Adviser acquired the security being reported on by Manager and
Trust. Adviser is a registered investment adviser. See Exhibit A.
Item 8. Identification and Classification of Members of the Group
Not applicable.
Item 9. Notice of Dissolution of Group
Not applicable.
Item 10. Certification
By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were not acquired and are not held for the purpose
of or with the effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
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.
Dated: April 5, 2004
PALMYRA CAPITAL ADVISORS, LLC
/s/ Michael F. Baxter
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By: Michael F. Baxter
Its: Manager
THE MICHAEL AND LEIGH ANNE BAXTER LIVING TRUST U/D/T dated
January 18, 2000
/s/ Michael F. Baxter
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By: Michael F. Baxter
Its: Trustee
/s/ Michael F. Baxter
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Michael F. Baxter
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EXHIBIT A
Joint Filing Agreement Pursuant to Rule 13d-1
This agreement is made pursuant to Rule 13d-1(b)(ii)(J) and Rule 13d-1(k)(1)
under the Securities and Exchange Act of 1934 (the "Act") by and among the
parties listed below, each referred to herein as a "Joint Filer." The Joint
Filers agree that a statement of beneficial ownership as required by Sections
13(g) or 13(d) of the Act and the Rules thereunder may be filed on each of their
behalf on Schedule 13G or Schedule 13D, as appropriate, and that said joint
filing may thereafter be amended by further joint filings. The Joint Filers
state that they each satisfy the requirements for making a joint filing under
Rule 13d-1.
Dated: April 5, 2004
PALMYRA CAPITAL ADVISORS, LLC
/s/ Michael F. Baxter
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By: Michael F. Baxter
Its: Manager
THE MICHAEL AND LEIGH ANNE BAXTER LIVING TRUST U/D/T dated
January 18, 2000
/s/ Michael F. Baxter
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By: Michael F. Baxter
Its: Trustee
/s/ Michael F. Baxter
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Michael F. Baxter
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