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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1 )*
International Dispensing Corporation
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(Name of Issuer)
Common Stock, $0.001 par value
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(Title of Class of Securities)
459407 10 2
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(CUSIP Number)
Kristin L. Johnson, Esq.
Lindquist & Vennum P.L.L.P.
4200 IDS Center
80 South Eighth Street
Minneapolis, Minnesota 55402
Telephone: (612) 371-3211
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 16, 1998
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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 Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box. / /
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 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 4 Pages
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CUSIP No. 459407 10 2
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS Joseph Daniel Card
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See instructions) 00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES
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7 SOLE VOTING POWER 177,778
NUMBER OF
SHARES
BENEFICIALLY 8 SHARED VOTING POWER -0-
OWNED BY
EACH
REPORTING 9 SOLE DISPOSITIVE POWER 177,778
PERSON
WITH
10 SHARED DISPOSITIVE POWER -0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 177,778
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES (See instructions) / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.9%
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14 TYPE OF REPORTING PERSON (See instructions) IN
Page 2 of 4 Pages
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Item 4. PURPOSE OF TRANSACTION
On December 23, 1996, Stratton Oakmont, Inc. ("Stratton Oakmont") pledged
995,705 shares of the Company's Common Stock as well as securities of other
issuers to Mr. Card as security for the payment of a judgment in Mr. Card's
favor against Stratton Oakmont. On December 23, 1996, the total indebtedness of
Stratton Oakmont to Mr. Card was approximately $600,000.
Mr. Card held the Common Stock of the Company only as security for payment
of the judgment against Stratton Oakmont. In January, 1997, the Securities
Investor Protection Corporation ("SIPC") filed an application for liquidation
and receivership against Stratton Oakmont. Pursuant to such application, a
judge entered an order granting SIPC's request. Subsequent to that order, Mr.
Card entered into a settlement agreement with the court appointed trustee
whereby Mr. Card agreed to accept and retain securities of the Company equal to
$200,000 at a per share price of $1.125 in settlement of his claim against
Stratton Oakmont. Therefore, the number of shares of the Company's Common Stock
to be retained by Mr. Card with full right, title and interest is equal to
177,778 shares.
Except as set forth above, Mr. Card has no present plans or intentions that
would result in or relate to any of the transactions described in subparagraphs
(a) through (j) of Item 4 of Schedule 13D.
Item 5. INTEREST IN SECURITIES OF THE ISSUER
(a) Mr. Card acquired beneficial ownership of 177,778 shares of common
stock, $.001 par value, of the Company (the "Common Stock") at a price of $1.125
per share pursuant to a Settlement Agreement entered into and accepted by the
SIPA court on January 9, 1998 for closing to occur on January 16, 1998. Such
shares constitute 1.9% of the Company's Common Stock outstanding as reported in
the Company's Form 10-QSB filed November 14, 1997 for the quarter ended
September 30, 1997.
(e) On January 16, 1998, Mr. Card ceased to be the beneficial owner of
more than five percent of the Company's Common Stock.
Page 3 of 4 Pages
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SIGNATURES
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.
Date: January 26, 1998 /s/ Joseph Daniel Card
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Joseph Daniel Card
Page 4 of 4 Pages
