SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 4)(1)
Nhancement Technologies, Inc.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
65334P104
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(CUSIP Number)
Gerald L. Fishman
Wolin & Rosen, Ltd.
55 West Monroe Street, Suite 3600
Chicago, IL 60603
312.424.0600
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 31, 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 that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [_].
Note: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7(b)
for other parties to whom copies are to be sent.
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(1) 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 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).
(SC13D-07/99)
(Continued on following pages)
(Page 1 of 7 Pages)
<PAGE>
CUSIP No. 65334P104 13D Page 2 of 7 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Rosenthal Collins Equities, L.L.C. FEIN No. 36-4205899
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [_]
See Note A
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
OO -- See Note A
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
Item 2(d) [_]
Item 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 552,983 See Note A
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
552,983 See Note A
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 552,983 See Note A
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
552,983 See Note A
<PAGE>
CUSIP No. 65334P104 13D Page 3 of 7 Pages
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
552,983 -- See Note A
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[X]
See Note A
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
BD
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
ITEM 1. SECURITY AND ISSUER
a. Nhancement Technologies, Inc.
6663 Owens Drive
Pleasanton, CA 94588
b. Common Stock, $.01 par value
ITEM 2. IDENTITY AND BACKGROUND
a. Rosenthal Collins Equities, L.L.C. a. Rosenthal Collins Group, L.L.C.,
Sole Member (Leslie Rosenthal,
Managing Member, J. Robert
Collins, Managing Member)
b. 216 West Jackson Boulevard b. 216 West Jackson Boulevard
Suite 400 Suite 400
Chicago, IL 60606 Chicago, IL 60606
c. Registered Broker-Dealer and member c. Sole Member is a Futures
firm of CBOE (CBOE is DEA) Commission Merchant registered
with the Commodity Futures
Trading Commission and clearing
member of various designated
contract markets
d. N/A d. N/A
e. N/A e. N/A
f. Illinois limited liability company f. Illinois limited liability company
<PAGE>
CUSIP No. 65334P104 13D Page 4 of 7 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS FOR OTHER CONSIDERATION
The source of the funds are the personal funds of L. Thomas Baldwin III, who is
a Class C (non-voting, non-managing) Member of Rosenthal Collins Group, L.L.C.
("RCG"), the Sole Member of the Reporting Person. RCG's capital contributions to
the Reporting Person include amounts which were used to purchase the shares of
the Issuer. The aggregate amount of additional funds used in making purchases of
these shares through and including 31 October 2000 for this Reporting Person
(see Note A) was $11,040,617.
ITEM 4. PURPOSE OF TRANSACTION
The purpose of the acquisition of securities of the Issuer is as an
investment by L. Thomas Baldwin III, a Class C Member (non-voting,
non-managing) of Rosenthal Collins Group, L.L.C., the Sole Member of the
Reporting Person.
a. Mr. Baldwin has advised that he plans to purchase
additional shares of the Issuer up to as much as 35% of
the total issued and outstanding.
b-j. Mr. Baldwin has advised that he has no present
intentions to engage in or cause any of the matters
listed in these subsections of this Item 4. He has
advised that his present intention is to be and remain
an investor in the Issuer. The timing and amount of
additional purchases, if any, are currently unknown.
ITEM 5. INTEREST AND SECURITIES OF THE ISSUER
a. Shares owned:
(1) Rosenthal Collins Equities, L.L.C. Proprietary Trading
Account 552,983 shares (5.0%) (See Note A)
(2) L. Thomas Baldwin III -- 1,473,085 shares (13.3%)
(See Note A)
(3) Rosenthal Collins Group, L.L.C. (See Note A)
(i) L. Thomas Baldwin III -- 1,260,977 shares (11.4%)
(ii) L. Thomas Baldwin III Living Trust -- 151,430
shares(1.4%)
Total Rosenthal Collins Group, L.L.C. -- 1,412,407
shares (12.8%)
Total Group (See Note A) -- 3,438,475 shares (31.07%)
b. Voting power:
(1) Rosenthal Collins Equities, L.L.C. (See Note A)
Sole voting power -- 552,983
Shared voting power --- 552,983
Sole dispositive power -- 552,983
Shared dispositive power -- 552,983
<PAGE>
CUSIP No. 65334P104 13D Page 5 of 7 Pages
(3) L. Thomas Baldwin III, individually (See Note A)
Sole voting power -- 1,173,085
Shared voting power --- 3,438,475
Sole dispositive power -- 1,173,085
Shared dispositive power -- 3,438,475
(3) Rosenthal Collins Group, L.L.C. (See Note A)
Sole voting power -- 1,412,407
Shared voting power --- 1,412,407
Sole dispositive power -- 1,412,407
Shared dispositive power -- 1,412,407
c. Commencing on September 19, 2000, Rosenthal Collins Equities, L.L.C.,
a registered broker/dealer member firm of the Chicago Board Options
Exchange, in its proprietary trading account purchased additional
shares on Nasdaq as follows: 1,100 shares on 19 September 2000 at an
average price of $15.77 per share; 5,900 shares on 20 September 2000
at an average price of $15.32 per share; 37,300 shares on 21 September
2000 at an average price of $15.00 per share; 44,300 shares on 22
September 2000 at an average price of $15.01 per share; 10,500 shares
on 25 September 2000 at an average price of $15.40 per share; 300
shares on 26 September 2000 at an average price of $13.96 per share;
115,400 shares on 27 September 2000 at an average price of $15.59 per
share; 75,600 shares on 28 September 2000 at an average price of
$16.66 per share; 20,500 shares on 29 September 2000 at an average
price of $16.82 per share; 21,800 shares on 2 October 2000 at an
average price of $16.63 per share; 57,600 shares on 3 October 2000 at
an average price of $16.48 per share; 65,200 shares on 4 October 2000
at an average price of $16.60 per share; 4,500 shares on 5 October
2000 at an average price of $16.75 per share; 32,200 shares on 6
October 2000 at an average price of $16.48 per share; 14,600 shares on
9 October 2000 at an average price of $16.22 per share; 12,500 shares
on 10 October 2000 at an average price of $16.03 per share; 5,400
shares on 11 October 2000 at an average price of $15.36 per share;
71,000 shares on 12 October 2000 at an average price of $15.09 per
share; 31,200 shares on 13 October 2000 at an average price of $15.12
per share; 1,100 shares on 16 October 2000 at an average price of
$15.35 per share; 5,200 shares on 17 October 2000 at an average price
of $15.88 per share; 78,133 shares on 18 October 2000 at an average
price of $16.54 per share; 8,800 shares on 19 October 2000 at an
average price of $18.45 per share; 59,700 shares on 20 October 2000 at
an average price of $20.38 per share; 52,700 shares on 23 October 2000
at an average price of $22.41 per share; 17,850 shares on 24 October
2000 at an average price of $20.21 per share; 36,200 shares on 25
October 2000 at an average price of $19.20 per share; 37,700 shares on
26 October 2000 at an average price of $17.81 per share; 28,300 shares
on 27 October 2000 at an average price of $20.46 per share; 71,800
shares on 30 October 2000 at an average price of $21.35 per share; and
99,300 shares on 31 October 2000 at an average price of $24.19 per
share. (See Note A)
d. N/A
e. N/A
<PAGE>
CUSIP No. 65334P104 13D Page 6 of 7 Pages
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
See Note A with respect to the relationships among the persons named in
Item 2 and with respect to the securities of the Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
1. There are no materials relating to the borrowing of funds to
finance the acquisition, as disclosed in Item 3.
2. There are no written agreements relating to the acquisition of
Issuer control, liquidation, sale of assets, merger or change
in business or corporate structure or any other matter, as
disclosed in Item 4.
3. There are no written agreements relating to the transfer of
voting of the securities, finders' fees, joint ventures,
options, puts, calls, guarantees of loans, guarantees against
loss of profit, or the giving or withholding of any proxy, as
disclosed in Item 6.
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.
Date: November 8, 2000.
ROSENTHAL COLLINS EQUITIES, L.L.C.
By: Rosenthal Collins Group, L.L.C.
By: /s/ Leslie Rosenthal
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Leslie Rosenthal, Managing Member
Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).
NOTE A
This Schedule 13D represents ownership by the Reporting Person and other members
of the "group" as described below of an aggregate of 3,438,475 shares of common
stock of the Issuer (31.07%), including immediately exercisable warrants to
purchase 300,000 shares at $6.00 per share. L. Thomas Baldwin III is a
non-voting, non-managing member of Rosenthal Collins Group, L.L.C., an Illinois
limited liability company ("RCG"). RCG is registered with the Commodity Futures
Trading Commission as a futures commission merchant and is a clearing member of
all major principal futures exchanges in the United States and elsewhere. As
such, RCG is required to meet and maintain significant levels of adjusted net
capital to comply with CFTC and exchange clearing requirements. As of September
30, 2000, RCG's adjusted net capital (unaudited) was $44,829,393. Reference is
hereby made to the public portions of RCG's Forms 1-FR as filed with the
Commodity Futures Trading Commission, which forms are publicly available under
FOIA for a complete statement of the financial condition of RCG.
While RCG has full legal control over such shares. Mr. Baldwin could always
direct RCG to sell the shares, which accommodation RCG would be willing to
accommodate subject, of course, to all the various capital requirements with
which RCG must comply. Moreover, as an accommodation, RCG would be willing to
defer to Mr. Baldwin with respect to the voting of such shares. Hence, RCG in
Item 5.b has listed the shares deposited with it as owned by it, and it has
listed voting and dispositive power as shared with Mr. Baldwin.
<PAGE>
CUSIP No. 65334P104 13D Page 7 of 7 Pages
Rosenthal Collins Equities, L.L.C. ("RCE") is an Illinois limited liability
company registered as a broker/dealer which is a member firm of the Chicago
Board Options Exchange, its designated examining authority. RCE has no customers
and trades on a proprietary basis only. RCE is wholly-owned by Rosenthal Collins
Group, L.L.C. The shares of the Issuer purchased by RCE, as disclosed in Item
6.c above, were purchased by RCE at the request and as an accommodation to L.
Thomas Baldwin III. As a result, RCE is the record and beneficial owner of such
shares. Mr. Baldwin could always direct RCE to sell the shares, which
accommodation RCE would be willing to accommodate, subject, of course, to the
capital requirements with which RCE must comply. Moreover, as an accommodation,
RCE would be willing to defer to Mr. Baldwin with respect to the voting of such
shares. Hence, Item 5.b lists shared voting and dispositive power for all shares
of the Issuer owned by RCE as shared with Mr. Baldwin.
While the shares of the Issuer held by RCG and RCE are owned of record and are
under the total legal control of those entities, RCG and RCE, solely for
purposes of the shares of the Issuer and not otherwise, should be deemed
affiliates of L. Thomas Baldwin III and Mr. Baldwin should be deemed de facto
beneficial owner of all such shares, notwithstanding that all such shares are
subject to the risks and requirements, regulatory and market, of RCG and RCE,
respectively.
