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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b), (c)
AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b)
(Amendment No. 1)(1)
IAT Multimedia, Inc.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
13-3920210
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(CUSIP Number)
December 31, 1998
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(Date of Event Which Requires Filing of This Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1 (b)
[ ] Rule 13d-1 (c)
[X] Rule 13d-1 (d)
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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 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).
(Continued on following page(s))
Page 1 of 6 Pages
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CUSIP NO.: 449202100 13G PAGE 2 OF 6 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lupin Investments Services Ltd.
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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 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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5 SOLE VOTING POWER
NUMBER OF 0
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SHARES 6 SHARED VOTING POWER
BENEFICIALLY 592,804
OWNED BY ---------------------------------------------------------
7 SOLE DISPOSITIVE POWER
EACH
-0-
REPORTING
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PERSON 8 SHARED DISPOSITIVE POWER
592,804
WITH
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
592,804
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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
5.8%
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12 TYPE OF REPORTING PERSON*
CO
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SEC 174__ (6-__) * SEE INSTRUCTIONS BEFORE FILLING OUT!
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Page 3 of 6
ITEM 1(a) NAME OF ISSUER : IAT Multimedia, Inc.
ITEM 1(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
IAT Multimedia, Inc.
Geschaftshaus Wasserschloss
Aarestrasse 17
CH-5300 Vogelsang-Turgi, Switzerland
ITEM 2(a) NAME OF PERSON FILING:
Lupin Investment Services Ltd.
ITEM 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR IF NONE, RESIDENCE:
P.O. Box 3186, Road Town, Tortola,
British Virgin Islands
ITEM 2(c) CITIZENSHIP:
British Virgin Islands
ITEM 2(d) TITLE OF CLASS OF SECURITIES:
Common Stock, par value $.01 per share
ITEM 2(e) CUSIP NUMBER:
449202100
ITEM 3 NOT APPLICABLE
If This Statement is Filed Pursuant to Rule 13d-1(b), or
13d-2(b) or (c), Check Whether the Person Filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the
Exchange Act.
(b) [ ] Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) [ ] Insurance company as defined in Section 3(a)(19)
of the Exchange Act.
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Page 4 of 6
(d) [ ] Investment company registered under Section 8 of
the Investment Company Act.
(e) [ ] An investment adviser in accordance with
Rule 13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance
with Rule 13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) [ ] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act;
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J);
If this statement is filed pursuant to Rule 13d-1(c), check this box. [ ]
ITEM 4. OWNERSHIP:
(a) Amount beneficially owned: 592,804
Includes (i) 296,402 shares of Common Stock issuable upon
exercise of warrants beneficially owned by Lupin Investments
Services Ltd. and exercisable within 60 days and (ii) 23,712
shares of Common Stock which are held in escrow but in
respect of which Lupin Investments Services Ltd.
retains the power to vote.
(b) Percent of class: 5.8%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote: 0
(ii) Shared power to vote or to direct the vote: 592,804
Pursuant to an agreement with Lupin Investments
Services Ltd., the trustee of Lupin Investments
Services Ltd. has voting and dispositive power over the
shares of Common Stock held by Lupin Investments
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Page 5 of 6
Services Ltd., although Vertical Financial Holdings
Establishment ("Vertical") retains the right to
appoint or terminate the appointment of the trustee.
(iii) Sole power to dispose or to direct the disposition of: 0
(iv) Shared power to dispose or to direct the disposition
of: 592,804
See 4(c)(ii)
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Not Applicable
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF
ANOTHER PERSON
Pursuant to an agreement with third party investors
in Lupin Investments Services Ltd., Vertical owns an
equity interest in Lupin Investments Services Ltd.
entitling it to a percentage of the profits
resulting from the sale of the shares of Common
Stock held by Lupin Investments Services Ltd.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF SUBSIDIARY WHICH
ACQUIRED THE SECURITIES
Not Applicable
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE
GROUP
Not Applicable
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not Applicable
ITEM 10. CERTIFICATION
Not Applicable
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Page 6 of 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.
February 12, 1999
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(Date)
/s/ Jacob Agam
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(Signature)
Jacob Agam
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(Name/Title)
