	pay n pak pnp receives amended proposal pay n pak stores inc said it received a revision to one of the two previously disclosed proposals to buy the company pay n pak said that the proposal from a leveraged buyout firm had been amended to increase the dividend rate on the cumulative preferred stock to be received by pnp shareholders from pct to pct as previoiusly announced the proposal calls for a transaction in which pnp shareholders would receive a combination of dlrs in cash and dlrs in liquidation value of cumulative preferred stock for each common share under the other proposal received from paul bilzerian pnp shareholders would receive on a blended basis dlrs in cash and dlrs in liquidation value of cumulative redeemable preferred stock for each common share the company said under the bilzerian proposal the dividend rate on the preferred stock would be set so that in the joint opinion of the financial advisor to bilzerian and the financial advisor to pay n pak the preferred stock would trade at its liquidation value on a fully distributed basis the company said reuter 
