UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
International Sports Wagering, Inc.
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(Name of Issuer)
Common Stock, $0.001 Par Value
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(Title of Class of Securities)
460342108
-------------------
(CUSIP Number)
*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 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).
Page 1 of 15
<PAGE>
CUSIP No. 460342108 13G
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Woodland Partners
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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5 SOLE VOTING POWER
124,516 shares 1.6%
Number of -------------------------------------------------------
Shares 6 SHARED VOTING POWER
Beneficially 285,215 shares 3.7%
Owned By -------------------------------------------------------
Each 7 SOLE DISPOSITIVE POWER
Reportin 124,516 shares 1.6%
Person -------------------------------------------------------
With 8 SHARED DISPOSITIVE POWER
285,215 shares 3.7%
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
409,731 shares
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.3%
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTION BEFORE FILLING OUT!
Page 2 of 15
<PAGE>
CUSIP No. 460342108 13G
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Barry Rubenstein
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5 SOLE VOTING POWER
103,064 shares 1.3%
Number of -------------------------------------------------------
Shares 6 SHARED VOTING POWER
Beneficially 306,667 shares 4.0%
Owned By -------------------------------------------------------
Each 7 SOLE DISPOSITIVE POWER
Reportin 103,064 shares 1.3%
Person -------------------------------------------------------
With 8 SHARED DISPOSITIVE POWER
306,667 shares 4.0%
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
409,731 shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.3%
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12 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
Page 3 of 15
<PAGE>
CUSIP No. 460342108 13G
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Marilyn Rubenstein
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5 SOLE VOTING POWER
81,243 shares 1.0%
Number of -------------------------------------------------------
Shares 6 SHARED VOTING POWER
Beneficially 328,488 shares 4.2%
Owned By -------------------------------------------------------
Each 7 SOLE DISPOSITIVE POWER
Reportin 81,243 shares 1.0%
Person -------------------------------------------------------
With 8 SHARED DISPOSITIVE POWER
328,488 shares 4.2%
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
409,731 shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.3%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
Page 4 of 15
<PAGE>
CUSIP No. 460342108 13G
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Marilyn and Barry Rubenstein Family Foundation
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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5 SOLE VOTING POWER
100,000 shares 1.3%
Number of -------------------------------------------------------
Shares 6 SHARED VOTING POWER
Beneficially 309,731 shares 4.0%
Owned By -------------------------------------------------------
Each 7 SOLE DISPOSITIVE POWER
Reportin 100,000 shares 1.3%
Person -------------------------------------------------------
With 8 SHARED DISPOSITIVE POWER
309,731 shares 4.0%
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
409,731 shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.3%
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12 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTION BEFORE FILLING OUT!
Page 5 of 15
<PAGE>
CUSIP No. 460342108 13G
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Woodland Services Corp.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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5 SOLE VOTING POWER
908 shares 0.01%
Number of -------------------------------------------------------
Shares 6 SHARED VOTING POWER
Beneficially 408,823 shares 5.3%
Owned By -------------------------------------------------------
Each 7 SOLE DISPOSITIVE POWER
Reportin 908 shares 0.01%
Person -------------------------------------------------------
With 8 SHARED DISPOSITIVE POWER
408,823 shares 5.3%
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
409,731 shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.3%
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12 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
Page 6 of 15
<PAGE>
CUSIP No. 460342108 13G
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Brian Rubenstein
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
0 shares 0%
Number of -------------------------------------------------------
Shares 6 SHARED VOTING POWER
Beneficially 100,000 shares 1.3%
Owned By -------------------------------------------------------
Each 7 SOLE DISPOSITIVE POWER
Reportin 0 shares 0%
Person -------------------------------------------------------
With 8 SHARED DISPOSITIVE POWER
100,000 shares 1.3%
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
100,000 shares
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
1.3%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 7 of 15
<PAGE>
CUSIP No. 460342108 13G
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Rebecca Rubenstein
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
0 shares 0%
Number of -------------------------------------------------------
Shares 6 SHARED VOTING POWER
Beneficially 100,000 shares 1.3%
Owned By -------------------------------------------------------
Each 7 SOLE DISPOSITIVE POWER
Reportin 0 shares 0%
Person -------------------------------------------------------
With 8 SHARED DISPOSITIVE POWER
100,000 shares 1.3%
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
100,000 shares
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
1.3%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 8 of 15
<PAGE>
Item 2.
6. (a) Name of Person Filing: The Marilyn and Barry Rubenstein Family
Foundation, an organization which is exempt from Federal Income Taxation
pursuant to Section 501(a) of the Internal Revenue Code of 1986, as amended (the
"Foundation").
(b) Address of Principal Business Office, or, if none, Residence:
68 Wheatley Road
Brookville, New York 11545
(c) Citizenship: Not applicable.
(d) Title of Class of Securities:
Common Stock, $0.001 par value per share.
(e) CUSIP Number: 460342108.
Barry Rubenstein, Marilyn Rubenstein, Brian Rubenstein and Rebecca
Rubinstein are the Trustees of the Foundation.
9. (a) Name of Person Filing: Rebecca Rubenstein, a Trustee of the
Foundation, effective as of July 1, 1997.
(b) Address of Principal Business Office, or, if none, Residence:
300 E. 75th Street
New York, NY 10021
(c) Citizenship: United States.
(d) Title of Class of Securities:
Common Stock, $0.001 par value per share.
(e) CUSIP Number: 460342108.
Item 4. Ownership.
On August 28, 1997, each of Barry Rubenstein, Marilyn Rubenstein, Woodland
Partners and The Marilyn and Barry Rubenstein Family Foundation, sold shares of
Common Stock of International Sports Wagering, Inc. pursuant to Rule 144. In
exchange for the release of such shares from a lock-up with the underwriter, the
reporting persons agreed to extend the expiration date of the lock-up on an
aggregate of 304,823 shares of Common Stock until December 11, 1998.
Page 9 of 15
<PAGE>
1. Woodland Partners:
(a) Amount Beneficially Owned: 409,731 shares.
(b) Percent of Class: 5.3%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 124,516 shares.
(ii) shared power to vote or direct the vote: 285,215
shares.(1)
(iii) sole power to dispose or direct the disposition of:
124,516 shares.
(iv) shared power to dispose or direct the disposition of:
285,215 shares.(1)
4. Barry Rubenstein:
(a) Amount Beneficially Owned: 409,731 shares.
(b) Percent of Class: 5.3%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 103,064 shares.
(ii) shared power to vote or direct the vote: 306,667
shares.(1)
(iii) sole power to dispose or direct the disposition of:
103,064 shares.
(iv) shared power to dispose or direct the disposition of:
306,667 shares.(1)
5. Marilyn Rubenstein:
(a) Amount Beneficially Owned: 409,731 shares.
(b) Percent of Class: 5.3%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 81,243 shares.
(ii) shared power to vote or direct the vote: 328,488
shares.(1)
(iii) sole power to dispose or direct the disposition of:
81,243 shares.
(iv) shared power to dispose or direct the disposition of:
328,488 shares.(1)
6. The Marilyn and Barry Rubenstein Family Foundation:
(a) Amount Beneficially Owned: 409,731 shares.
(b) Percent of Class: 5.3%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 100,000 shares.
(ii) shared power to vote or direct the vote: 309,731
shares.(1)
(iii) sole power to dispose or direct the disposition of:
100,000 shares.
(iv) shared power to dispose or direct the disposition of:
309,731 shares.(1)
7. Woodland Services Corp.:
(a) Amount Beneficially Owned: 409,731 shares.
(b) Percent of Class: 5.3%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 908 shares.
(ii) shared power to vote or direct the vote: 408,823
shares.(1)
(iii) sole power to dispose or direct the disposition of:
908 shares.
(iv) shared power to dispose or direct the disposition of:
408,823 shares.(1)
- --------
(1)The reporting person disclaims beneficial ownership of these securities
except to the extent of his/her/its equity interest therein.
Page 10 of 15
<PAGE>
8. Brian Rubenstein:
(a) Amount Beneficially Owned: 100,000 shares.
(b) Percent of Class: 1.3%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 0 shares.
(ii) shared power to vote or direct the vote: 100,000
shares.(1)
(iii) sole power to dispose or direct the disposition of:
0 shares.
(iv) shared power to dispose or direct the disposition of:
100,000 shares.(1)
9. Rebecca Rubenstein:
(a) Amount Beneficially Owned: 100,000 shares.
(b) Percent of Class: 1.3%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 0 shares.
(ii) shared power to vote or direct the vote: 100,000
shares.(1)
(iii) sole power to dispose or direct the disposition of:
0 shares.
(iv) shared power to dispose or direct the disposition of:
100,000 shares.(1)
Item 8. Identification and Classification of Members of the Group
See Exhibit A for Joint Filing Agreement attached hereto.
See Exhibit B for Brian Rubenstein - Power of Attorney attached
hereto.
See Exhibit C for Rebecca Rubenstein - Power of Attorney attached
hereto.
Page 11 of 15
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of their knowledge and belief,
each of the undersigned hereby certifies that the information set forth in this
statement is true, complete and correct.
Date: February 12, 1998
/s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, Individually, as
General Partner on behalf of Woodland
Partners, as President of Woodland
Services Corp. and as a Trustee of The
Marilyn and Barry Rubenstein Family
Foundation
/s/ Marilyn Rubenstein
--------------------------------------
Marilyn Rubenstein
*
--------------------------------------
Brian Rubenstein
*
--------------------------------------
Rebecca Rubenstein
*By: /s/ Barry Rubenstein
--------------------
Barry Rubenstein
Attorney-in-Fact
Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (See 18 U.S.C. 1001)
Page 12 of 15
<PAGE>
Exhibit A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act, as
amended, the undersigned hereby agree to the joint filing on behalf of each of
them on a statement on Schedule 13G (including amendments thereto) with respect
to the Common Stock, $0.001 par value per share, of International Sports
Wagering, Inc. and that this Agreement be included as an Exhibit to such joint
filing.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement this
12th day of February, 1998.
/s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, Individually, as
General Partner on behalf of Woodland
Partners, as President of Woodland
Services Corp. and as a Trustee of The
Marilyn and Barry Rubenstein Family
Foundation
/s/ Marilyn Rubenstein
--------------------------------------
Marilyn Rubenstein
*
--------------------------------------
Brian Rubenstein
*
--------------------------------------
Rebecca Rubenstein
*By: /s/ Barry Rubenstein
--------------------
Barry Rubenstein
Attorney-in-Fact
Page 13 of 15
<PAGE>
Exhibit B
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the person whose signature
appears below constitutes and appoints BARRY RUBENSTEIN, his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution,
for him and in his name, place and stead, in any and all capacities, to sign any
and all statements and reports required under Section 13(d) of the Securities
Exchange Act of 1934, as amended, including, without limitation, Schedule 13G
and all amendments of all such statements and/or reports, and to file the same,
with all exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission and with such other parties as may be
required, granting unto said attorney-in-fact and agent, and each of them, full
power and authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully to all intents and
purposes as he might or could do in person, hereby ratifying and confirming all
that said attorney-in-fact and agent or any of them, or their or his substitute
or substitutes, may lawfully do or cause to be done by virtue thereof.
IN WITNESS WHEREOF, I have hereunto set my hand this 12th day of
February, 1998.
/s/ Brian Rubenstein
--------------------------------------
Brian Rubenstein
Page 14 of 15
<PAGE>
Exhibit C
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the person whose signature
appears below constitutes and appoints BARRY RUBENSTEIN, her true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution,
for her and in her name, place and stead, in any and all capacities, to sign any
and all statements and reports required under Section 13(d) of the Securities
Exchange Act of 1934, as amended, including, without limitation, Schedule 13G
and all amendments of all such statements and/or reports, and to file the same,
with all exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission and with such other parties as may be
required, granting unto said attorney-in-fact and agent, and each of them, full
power and authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully to all intents and
purposes as she might or could do in person, hereby ratifying and confirming all
that said attorney-in-fact and agent or any of them, or their or her substitute
or substitutes, may lawfully do or cause to be done by virtue thereof.
IN WITNESS WHEREOF, I have hereunto set my hand this 12th day of
February, 1998.
/s/ Rebecca Rubenstein
-------------------------------------
Rebecca Rubenstein
Page 15 of 15
