UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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SCHEDULE 13D/A
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Under the Securities Exchange Act of 1934
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(Amendment No. 2)*
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FlashNet Communications, Inc.
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(Name of Issuer)
Common Stock, no par value
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(Title of Class of Securities)
338527 10 4
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(CUSIP Number)
Alan B. Perper
Fourteen Hill Capital, L.P.
1700 Montgomery Street, Suite 250
San Francisco, CA 94111
(415) 394-9467
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 5, 1999
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(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 Amended and Restated 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 the statement [ ].
* 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 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 (the "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).
(Continued on following pages)
(Page 1 of 5 Pages)
<PAGE>
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CUSIP No. 338527 10 4 13D Page 2 of 5 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fourteen Hill Capital, L.P.
Fourteen Hill Management, LLC
Point West Capital Corporation
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
NUMBER OF -0-
SHARES ---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 600,266 shares of Common Stock
REPORTING ---------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
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10 SHARED DISPOSITIVE POWER
600,266 shares of Common Stock
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
600,266 shares of Common Stock
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.3%
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14 TYPE OF REPORTING PERSON*
PN, OO, CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
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<PAGE>
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CUSIP No. 338527 10 4 13D Page 3 of 5 Pages
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This Amendment No. 2 to Schedule 13D amends the Schedule 13D
originally filed on March 25, 1999 , as amended by Amendment No. 1 to Schedule
13D filed on September 23, 1999 ( as amended, the "Schedule 13D"). This
Amendment No. 2 is being filed solely to report shares of Common Stock sold by
the reporting persons and entities with which it may share beneficial ownership.
Capitalized terms used in this Amendment No. 2 and not defined are used as
defined in the Schedule 13D.
Item 5. Interest in Securities of the Issuer.
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Item 5 of the Schedule 13D is hereby amended and restated to
read as follows.
Fourteen Hill Capital, L.P., General Partner and Member are
the beneficial owners of 600,266 shares of FlashNet's Common
Stock (or approximately 4.3% of its outstanding shares based
on FlashNet's most recent Form 10-Q). Fourteen Hill Capital,
L.P., General Partner and Member share the power to vote and
dispose of all these shares.
Except as set forth above, neither Fourteen Hill Capital,
L.P., nor General Partner, nor Member nor, to the best
knowledge of Fourteen Hill Capital, L.P., General Partner and
Member, any director or executive officer of Fourteen Hill
Capital, L.P., General Partner or Member beneficially own any
of the FlashNet Common Stock.
During September 1999, Fourteen Hill Capital sold 334,700
Shares as detailed on Schedule 1. All such sales were effected
on the Nasdaq Stock Market through brokers.
From October 5, 1999 through October 11, 1999 Fourteen Hill
Capital sold 185,300 Shares as detailed on Schedule 1. All
such sales were effected on the Nasdaq Stock Market through
brokers.
On or before October 11, 1999, the reporting persons ceased to
beneficially own more than 5% of the outstanding FlashNet
Common Stock.
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CUSIP No. 338527 10 4 13D Page 4 of 5 Pages
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SIGNATURE
After reasonable inquiry and to the best of their knowledge
and belief, the undersigned certify that the information set forth in this
statement is true, complete and correct.
Date: October 11, 1999
FOURTEEN HILL CAPITAL, L.P.
By: Fourteen Hill Management,LLC,
its general partner
/s/ALAN B. PERPER
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By: Alan B. Perper, its President
FOURTEEN HILL MANAGEMENT, LLC
/s/ALAN B. PERPER
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By: Alan B. Perper, its President
POINT WEST CAPITAL CORPORATION
/s/ALAN B. PERPER
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By: Alan B. Perper, its President
<PAGE>
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CUSIP No. 338527 10 4 13D Page 5 of 5 Pages
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Schedule 1 to Schedule 13D
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Information with respect to shares sold by Fourteen Hill Capital, L.P.
Transaction Date Shares Average Price
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9/13/99 300,000 $11.0958
9/21/99 3,200 $10.0000
9/22/99 2,500 $10.0000
9/23/99 29,000 $10.4554
10/05/99 50,000. $8.0656
10/06/99 20,300 $8.2500
10/07/99 47,000 $8.0266
10/08/99 52,500 $8.0000
10/11/99 15,500 $8.3750
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Total 520,000
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