SECURITIES AND EXCHANGE COMMISSION
Washington, D.C 20549
Schedule 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
PARADISE MUSIC & ENTERTAINMENT, INC
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
699071-10-6
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(CUSIP Number)
Helen W. Melman, Esq.
815 Moraga Drive
Los Angeles, California 90049
(310) 472-4191
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 2, 2000
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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(e), 13d-1(f) or 13d-l(g), check the following box
|_|.
(Continued on following pages)
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CUSIP No. 699071-10-6 SCHEDULE 13D Page 2 of 8 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Consolidated Entertainment, LLC
95-4673005
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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 SOURCE OF FUNDS*
N/A
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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
California
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7 SOLE VOTING POWER
0
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 925,000
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
925,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
925,000 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)
11.8%
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14 TYPE OF REPORTING PERSON*
00
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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<PAGE>
CUSIP No. 699071-10-6 SCHEDULE 13D Page 3 of 8 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Jesse Dylan
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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 SOURCE OF FUNDS*
PF
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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
United States
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7 SOLE VOTING POWER
891,000
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 925,000
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 891,000
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
925,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,816,000 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)
22.4%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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<PAGE>
CUSIP No. 699071-10-6 SCHEDULE 13D Page 4 of 8 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Craig Rodgers
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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 SOURCE OF FUNDS*
PF
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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
United States
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7 SOLE VOTING POWER
33,333
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 925,000
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 33,333
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
925,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
958,333 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)
12.1%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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Item 1. Security and Issuer.
This Statement on Schedule 13D is filed by Consolidated Entertainment LLC,
a California limited liability company ("LLC"), Jesse Dylan and Craig Rodgers
(individually or collectively, the "Reporting Persons") to report the beneficial
ownership of shares of common stock, par value $.01 per share, of Paradise Music
& Entertainment, Inc., a Delaware corporation (the "Company"). The Company's
principal business address is 53 West 23rd Street, 11th Floor, New York, New
York 10010.
Item 2. Identity and Background.
The LLC is a limited liability company organized in the state of
California. Its principal business is television, commercial and music video
production and related activities. The address of its principal business and
office is 8330 West Third Street, Los Angeles, California 90048.
The members of the LLC are Jesse Dylan, who has a 51% interest, and Craig
Rodgers, who has a 49% interest. Craig Rodgers serves as manager and president
of the LLC, and is responsible for its day-to-day operations. His business
address is 8330 West Third Street, Los Angeles, California 90048.
Jesse Dylan's principal occupation is chairman and chief executive officer
of the Company. His principal business address is 8330 West Third Street, Los
Angeles, California 90048.
Jesse Dylan and Craig Rodgers are citizens of the United States.
During the last five years, no Reporting Person has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction resulting in a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws, or the finding of any violation with respect to such
laws.
Item 3. Source and Amount of Funds or Other Consideration.
On July 1, 2000, stock options to purchase shares of the Company's common
stock held by each of Jesse Dylan and Craig Rodgers will become exercisable.
Such persons will use personal funds if and when the options are exercised. See
Item 4.
Item 4. Purpose of Transaction.
The Reporting Persons acquired and will acquire the Company's common stock
for investment purposes. As soon as reasonably practicable, the LLC intends to
liquidate and distribute its assets, including the 925,000 shares of the
Company's common stock it owns, to its two members, 51% to Jesse Dylan and 49%
to Craig Rodgers.
Jesse Dylan is employed as the chairman, chief executive officer and a
director of the Company pursuant to an Employment Agreement dated as of July 1,
1999 for a term expiring on
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June 30, 2004. The Company has agreed to nominate Jesse Dylan as a member of the
management slate of directors at each annual meeting of stockholders during his
employment under the agreement.
Jesse Dylan holds ten-year options to purchase 750,000 shares of the
Company's common stock at $5.00 per share which vest as to 250,000 shares on
each of July 1, 2000, 2001 and 2002.
Craig Rodgers holds ten-year options to purchase 100,000 shares of the
Company's common stock at $5.00 per share which vest as to one-third of the
shares on each of July 1, 2000, 2001 and 2002.
Except as described herein, none of the Reporting Persons has any plans or
proposals which relate to or would result in:
(a) The acquisition by any person of additional securities of the
Company, or the disposition of securities of the Company;
(b) An extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Company or any of its subsidiaries;
(c) A sale or transfer of a material amount of assets of the Company
or any of its subsidiaries;
(d) Any change in the present board of directors or management of
the Company, including any plans or proposals to change the number or term of
directors or to fill any existing vacancies on the board;
(e) Any material change in the present capitalization or dividend
policy of the Company;
(f) Any other material change in the Company's business or corporate
structure;
(g) Changes in the Company's charter, bylaws or instruments
corresponding thereto or other actions which may impede the acquisition of
control of the Company by any person;
(h) Causing a class of securities of the Company to be delisted from
a national securities exchange or to cease to be authorized or to be quoted in
an inter-dealer quotation system of a registered national securities
association;
(i) A class of equity securities of the Company becoming eligible
for termination of registration pursuant to Section 12(g)(4) of the Act; or
(j) Any action similar to any of those enumerated above.
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Item 5. Interest in Securities of the Issuer.
(a) - (b) The beneficial ownership of the Company's common stock by each
Reporting Person is as follows:
LLC DYLAN RODGERS
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Sole Power to Vote 0 891,000(1) 33,333(2)
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Shared Power to Vote 925,000 925,000(3) 925,000(3)
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Sole Power to Dispose 0 891,000(1) 33,333(2)
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Shared Power to Dispose 925,000 925,000(3) 925,000(3)
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Total Shares Beneficially
Owned 925,000 1,816,000(1) 958,333(2)
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% Ownership (4) 11.8% 22.4% 12.1%
____________________
(1) Includes 250,000 shares subject to options that are exercisable within 60
days.
(2) Includes 33,333 shares subject to options that are exercisable within 60
days.
(3) Represents the shares directly owned by the LLC. Each of Dylan and Rodgers
disclaims beneficial ownership of any such shares which exceed his
proportionate interest in the LLC.
(4) Based on 7,867,566 shares outstanding on March 24, 2000 as stated in the
Company's Form 10-KSB for the year ended December 31, 1999, as filed with
the Securities and Exchange Commission.
(c) The Reporting Persons engaged in no transactions in the common stock
in the past 60 days.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to
Securities of the Issuer.
The voting and disposition of the Company's common stock owned by the LLC
is determined in accordance with the terms of the LLC's Operating Agreement
dated as of February 19, 1998. Pursuant to such Operating Agreement, subject to
Jesse Dylan's right to sell substantially all of the assets of the LLC in
connection with certain business transactions, any merger, liquidation,
reorganization, transfer of assets or acquisition requires the unanimous consent
of the members. All other decisions pertaining to the LLC are decided by a
majority of the membership interests.
Item 7. Material to be Filed as Exhibits.
1. Operating Agreement for Consolidated Entertainment, LLC - incorporated
by reference to the Reporting Persons' Schedule 13D, date of event December 16,
1999, filed on December 27, 1999.
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SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, we
certify that the information set forth in this Statement is true, complete and
correct. Pursuant to Rule 13d-1(k)(1), we agree that this statement is filed on
behalf of each of us.
CONSOLIDATED ENTERTAINMENT, LLC.
Date: May 11, 2000 By /s/ Craig Rodgers
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Craig Rodgers, President
Date: May 11, 2000 /s/ Jesse Dylan
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JESSE DYLAN
Date: May 11, 2000 /s/ Craig Rodgers
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CRAIG RODGERS
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