	pay n pak pnp gets two offers for company pay n pak stores inc said it received two proposals in response to its previously announced solicitation of potential buyers for the company the company said it is evaluating the proposals from paul bilzerian and from a third party which is active in the leveraged buyout field but which pay n pak declined to identify it said the bilzerian proposal calls for shareholders to receive on a blended basis dlrs in cash and dlrs in liquidation value of cumulative exchangeable redeemable preferred stock for each common share pay n pak said the second proposal is structured as a merger in which each holder would receive a combination of dlrs in cash and dlrs in liquidation value of pct cumulative preferred the company said the dividend on the preferred offered by bilzerian would be set so that in the opinion his financial advisor and the company s financial advisor the preferred would trade in the public market at its liquidation value dividends on the preferred could be paid at the option of the surviving corporation in cash or additional shares of preferred for the first five years it added pay n pak said bilzerian s proposal is subject to a physical inventory of merchandise at june bilzerian did not provide details with respect to financing of his proposal which is not subject to a financing condition the company said dividends on the preferred being offered in the second proposal would be paid in additional preferred in the first three years and the preferred would be redeemed in years and it said the second offer is contingent on the arrangement of financing adding the party making the offer is confident of its ability to obtain the balance of the financing pay n pak said the second proposal is conditioned upon a satisfactory agreement with the company s management regarding its equity participation in the new company the second party anticipates executing a letter of intent when it delivers its financing commitment to the pay n pak board that would incorporate an expense reinbursement and option arrangement the company said reuter 
