UNITED STATES SECURITIES & EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No.___ )* Pivotal Corporation (Name of Issuer) Common Stock (Title of Class of Securities) 72581R106 (CUSIP Number) Bruce Lev c/o Loeb Partners Corporation 61 Broadway, N.Y., N.Y., 10006 (212) 483-7017 (Name, address and Telephone Number of Person Authorized to Receive Notices and Communications) December 23, 2003 (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 [ ]. Check the following box if a fee is being paid with statement [ ]. (A fee is not required only if the following reporting person: (1) has a previous statement on file reporting beneficial ownership of more than five percent of the class of securities described is Item 1; and (2) has filed no amendment subsequent thereto reporting beneficial ownership of five percent or less of such class.) (See Rule 13d-7.) 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 remained 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). SCHEDULE 13D CUSIP NO. 58505C101 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Loeb Partners Corporation 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] 3 SEC USE ONLY 4 SOURCE OF FUNDS* WC, O 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [ ] PURSUANT TO ITEMS 2(d) or 2(e) 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware NUMBER OF 7 SOLE VOTING POWER SHARES 81,265 Shares of Common stock BENEFICIALLY 8 SHARED VOTING POWER OWNED BY 52,823 Shares of Common stock EACH 9 SOLE DISPOSITIVE POWER REPORTING 81,265 Shares of Common stock PERSON WITH 10 SHARED DISPOSITIVE POWER 52,823 Shares of Common stock 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 134,088 Shares of Common stock 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.51% 14 TYPE OF REPORTING PERSON* PN, BD, IA SCHEDULE 13D CUSIP NO. 58505C101 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Loeb Arbitrage Fund 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] 3 SEC USE ONLY 4 SOURCE OF FUNDS WC, O 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED [ ] PURSUANT TO ITEMS 2(d) or 2(e) 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York NUMBER OF 7 SOLE VOTING POWER SHARES 1,377,441 Shares of Common stock BENEFICIALLY 8 SHARED VOTING POWER OWNED BY ----- EACH 9 SOLE DISPOSITIVE POWER REPORTING 1,377,441 Shares of Common stock PERSON WITH 10 SHARED DISPOSITIVE POWER ----- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,377,441 Shares of Common stock 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.24% 14 TYPE OF REPORTING PERSON* PN, BD SCHEDULE 13D CUSIP NO. 58505C101 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Loeb Offshore Fund, Ltd. 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] 3 SEC USE ONLY 4 SOURCE OF FUNDS* WC, O 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [ ] PURSUANT TO ITEMS 2(d) or 2(e) 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands NUMBER OF 7 SOLE VOTING POWER SHARES 113,772 Shares of Common stock BENEFICIALLY 8 SHARED VOTING POWER OWNED BY -------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 113,772 Shares of Common stock PERSON WITH 10 SHARED DISPOSITIVE POWER ------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 113,772 Shares of Common stock 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.43% 14 TYPE OF REPORTING PERSON* CO Item 1. Security and Issuer. ------ ------------------- This statement refers to the Common Stock of Pivotal Corporation, 858 Beatty Street, Suite 700, Vancouver, B.C. V68 1C1. Item 2. Identity and Background. ------ ----------------------- No change. Item 3. Source and Amount of Funds or Other Compensation. ------ ------------------------------------------------ No change Item 4. Purpose of Transaction. ------ ---------------------- No change. Item 5. Interest in Securities of the Issuer. ------ ------------------------------------ (a) The persons reporting hereby owned the following shares of Common Stock as of December 23, 2003. Shares of Common Stock Loeb Arbitrage Fund 1,377,441 Loeb Partners Corporation* 134,088 Loeb Offshore Fund 113,772 ------------- 1,625,301 The total shares of Common Stock constitute 6.19% the 26,276,000 outstanding shares of Common Stock as reported by the issuer. ------------------------- *Including 52,823 shares of Common Stock purchased for the account of one customer of Loeb Partners Corporation as to which it has investment discretion. (b) See paragraph (a) above. (c) The following purchases of Common Stock have been made in the last sixty (60) days by the following: Purchases of Common Stock Holder Date Shares Average Price Loeb Partners Corp.* 11-12-03 16541 $2.06 11-13-03 2690 1.91 11-14-03 6683 1.89 11-17-03 20724 1.90 11-18-03 2063 2.08 11-18-03 3465 2.09 11-18-03 22488 2.07 11-19-03 26004 1.97 11-21-03 5775 1.94 11-24-03 4125 1.99 11-24-03 1221 1.98 11-25-03 16232 2.03 11-25-03 4125 2.03 12-23-03 1952 2.09 Holder Shares Average Price Loeb Arbitrage Fund 11-12-03 169924 $2.06 11-13-03 27628 1.91 11-14-03 68647 1.891 11-17-03 212892 1.898 11-18-03 21187 2.077 11-18-03 35595 2.087 11-18-03 231017 2.070 11-19-03 267132 1.967 11-21-03 59325 1.937 11-24-03 12543 1.981 11-24-03 42375 1.987 11-25-03 166745 .2032 11-26-03 42375 2.027 12-23-03 20056 2.093 Holder Shares Average Price Loeb Offshore Fund 11-12-03 14035 $2.06 11-13-03 2282 1.91 11-14-03 5670 1.89 11-17-03 17584 1.90 11-18-03 19081 2.08 11-18-03 1750 2.09 11-18-03 2940 2.07 11-19-03 22064 1.97 11-21-03 4900 1.94 11-24-03 3500 1.99 11-24-03 1036 1.98 11-25-03 13773 2.03 11-26-03 3500 2.03 12-23-03 1657 2.09 -------------------- *Including 52,823 Shares of Common Stock purchased for the account of one customer of Loeb Partners Corporation as to which it has investment discretion. All reported transactions were effected on Nasdaq. (d) Not applicable. (e). Not applicable. Item 6.Contracts, Arrangements, Understandings or Relationships with Respect to the Issuer. None. Item 7. Materials to be Filed as Exhibits. None. 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. December 24, 2003 Loeb Partners Corporation By: /s/ Gideon J. King, Executive Vice President December 24, 2003 Loeb Arbitrage Fund By: Loeb Arbitrage Management, Inc. By: /s/ Gideon J. King, President December 24, 2003 Loeb Offshore Fund By: /s/ Gideon J. King, Director