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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Pizza Inn, Inc.
(Name of Issuer)
Common Stock, $.01 par value
(Title of Class of Securities)
725848 10 5
(CUSIP Number)
September 30, 2002
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[x] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* The remainder of this coverage 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).
13G
CUSIP NO. 752848 10 5
1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NUMBER OF ABOVE PERSON (ENTITIES ONLY)
Wells Fargo & Company
Tax Identification No. 41-0449260
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
3) SEC USE ONLY
4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF (5) SOLE VOTING POWER
SHARES 2,908,239(1)
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY 0
EACH (7) SOLE DISPOSITIVE POWER
REPORTING 2,905,000
PERSON (8) SHARED DISPOSITIVE POWER
WITH 0
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,908,239(1)
10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)(2)
28.9%
12) TYPE OF REPORTING PERSON
HC
(1) Includes 3,239 shares held in customer or fiduciary accounts in the
ordinary course of business by Wells Fargo Bank Minnesota, N.A., an
indirectly wholly owned subsidiary of Wells Fargo & Company.
(2) The calculation of percentage of beneficial ownership was derived from
the Issuer's Annual Report on Form 10-K for the fiscal year ended
June 30, 2002, filed with the Commission on September 27, 2002, in
which the Issuer stated that the number of shares of Common Stock
outstanding as of September 13, 2002, was 10,058,324.
13G
CUSIP NO. 752848 10 5
1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NUMBER OF ABOVE PERSON (ENTITIES ONLY)
Wells Fargo Bank Texas, N.A.
Tax Identification No. 75-0403318
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
3) SEC USE ONLY
4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF (5) SOLE VOTING POWER
SHARES 2,905,000
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY 0
EACH (7) SOLE DISPOSITIVE POWER
REPORTING 2,905,000
PERSON (8) SHARED DISPOSITIVE POWER
WITH 0
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,905,000
10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)(1)
28.9%
12) TYPE OF REPORTING PERSON
BK
(1) The calculation of percentage of beneficial ownership was derived
from the Issuer's Annual Report on Form 10-K for the fiscal year
ended June 30, 2002, filed with the Commission on September 27,
2002, in which the Issuer stated that the number of shares of
Common Stock outstanding as of September 13, 2002, was
10,058,324.
13G
CUSIP NO. 752848 10 5
Disclaimer: Information in this Schedule 13G is provided solely for
the purpose of complying with Sections 13(d) and 13(g) of
the Act and regulations promulgated thereunder, and is not
to be construed as an admission that Wells Fargo & Company
or any of its subsidiaries is the beneficial owner of the
securities covered by this Schedule 13G for any purpose
whatsoever.
Item 1(a). Name of Issuer.
Pizza Inn, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices.
3551 Plano Parkway
The Colony, Texas 75056
Item 2(a) . Names of Person Filing.
Wells Fargo & Company
Wells Fargo Bank Texas, N.A.
Item 2(b). Address or Principal Business Office or, if none,
Residence.
Wells Fargo & Company
420 Montgomery Street
San Francisco, CA 94104
Wells Fargo Bank Texas, N.A.
1445 Ross Avenue, Suite 400
Dallas, Texas 75202.
Item 2(c). Citizenship.
Wells Fargo & Company is a Delaware corporation
Wells Fargo Bank Texas, N.A. is a national banking
association.
Item 2(d). Title of Class of Securities.
Common Stock, par value $.01 per share.
Item 2(e). CUSIP Number.
725848 10 5
13G
CUSIP NO. 752848 10 5
Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or
13d-2(b) or (c), Check Whether the Person Filing is a:
Wells Fargo & Company: A parent holding company or
control person in accordance
with section 240.13d-
1(b)(1)(ii)(G);
Wells Fargo Bank Texas, N.A.: Bank as defined in
section 3(a)(6)of the Act
(15 U.S.C. 78c);
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 by the Reporting Person:
Wells Fargo & Company: 2,908,239 shares of Common Stock
(as of the date of filing), including 3,239 shares held in
customer or fiduciary accounts in the ordinary course of
business by Wells Fargo Bank Minnesota, N.A., an
indirectly wholly owned subsidiary of Wells Fargo &
Company.
Wells Fargo Bank Texas, N.A.: 2,905,000 shares of Common
Stock (as of the date of filing).*
* Consists of shares of Common Stock pledged to Wells
Fargo Bank Texas, N.A., under the terms of a pledge
agreement dated June 2, 1997. The pledge and owner of the
shares of Common Stock is C. Jeffrey Rogers, the former
Chief Executive Officer of the Issuer. The pledge
agreement, prior to default, did not grant Wells Fargo
Bank Texas, N.A. the power to vote or direct the vote or
dispose or direct the disposition of the shares of Common
Stock. Pursuant to the pledge agreement, the related loan
agreement and other related agreements, Wells Fargo Bank
Texas, N.A. made a determination to exercise its right to
control voting rights with respect to the shares of Common
Stock on September 30, 2002, as a result of a continuing
default under the loan agreement. As a further result of
such continuing default, on October 2, 2002, Wells Fargo
Bank Texas, N.A. made a determination to exercise its
rights to control the disposal of the shares of Common
Stock pursuant to a notification of disposition of
collateral under Article 9 of the Uniform Commercial Code.
13G
CUSIP NO. 752848 10 5
(b) Percent of class held: 28.9%. The calculation of
percentage of beneficial ownership was derived from
the Issuer's Annual Report on Form 10-K for the fiscal
year ended June 30, 2002, filed with the Commission on
September 27, 2002, in which the Issuer stated that
the number of shares of Common Stock outstanding as of
September 13, 2002 was 10,058,324.
(c) Number of shares as to which each Reporting Person
has:
(i) Sole power to vote or direct the vote: see
information provided in Item 4(a).
(ii) Shared power to vote or to direct the vote: none.
(iii) Sole power to dispose or to direct the
disposition of: see information provided in Item
4(a), except that no Reporting Person may
dispose, or direct the disposition of 3,239
shares of the Issuer's common stock held by Wells
Fargo Bank Minnesota, N.A., an indirect, wholly-
owned subsidiary of Wells Fargo & Company, in
customer or fiduciary accounts in the ordinary
course of business.
(iv) Shared power to dispose or to direct the
disposition of:
none.
Item 5. Ownership of Five Percent or Less of a Class.
Not Applicable
Item 6. Ownership of More than Five Percent on Behalf of Another
Person.
C. Jeffrey Rogers, former Chief Executive Officer of the
Issuer, pledged the shares of Common Stock (to which this
Schedule relates) to Wells Fargo Bank Texas, N.A., under
the terms of a pledge agreement dated June 2, 1997. These
shares were pledged to secure certain obligations under a
loan agreement between Wells Fargo Bank Texas, N.A. and C.
Jeffrey Rogers. Under the terms of the pledge agreement,
the loan agreement and other related agreements, C. Jeffrey
Rogers may be entitled to a portion of the proceeds from
the sale of these shares under limited circumstances.
13G
CUSIP NO. 752848 10 5
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent
Holding Company or Control Person.
See Attachment 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
acquired and are held in the ordinary course of business
and were not acquired and are not held for the purpose of
or with the effect of changing or influencing the control
of the Issue 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,
the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: October 10, 2002 WELLS FARGO & COMPANY
By: /s/ Laurel A. Holschuh
Name: Laurel A. Holschuh
Title: Senior Vice President
and Secretary
AGREEMENT
The undersigned hereby agree that the statement on Schedule 13G to
which this Agreement is attached shall be filed by Wells Fargo &
Company on its own behalf and on behalf of Wells Fargo Bank Texas, N.A.
Dated: October 10, 2002
WELLS FARGO AND COMPANY
By: /s/ Laurel A. Holschuh
Name: Laurel A. Holschuh
Title: Senior Vice President
and Secretary
WELLS FARGO BANK TEXAS, N.A.
By: /s/ Michael B. Sullivan
Name: Michael B. Sullivan
Title: Senior Vice President
ATTACHMENT A
The Schedule 13G to which this attachment is appended is filed by Wells
Fargo & Company on behalf of the following subsidiaries:
Wells Fargo Bank Minnesota, N.A. (1)
Wells Fargo Bank Texas, N.A. (1)
(1) Classified as a bank in accordance with Regulation 13d-
1(b)(1)(ii)(B).
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