FORM 3
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of
1934, Section 17(a) of the Public Utility Holding Company Act
of 1935 or Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person*
JNC Opportunity Fund Ltd.
(Last) (First) (Middle)
c/o Olympia Capital (Cayman) Ltd., Williams House, 20 Reid Street
(Street)
Hamilton Bermuda HM11
(City) (State) (Zip)
2. Date of Event Re-
quiring Statement
(Month/Day/Year)
December 1, 1999
3. IRS or Social Se-
curity Number of Reporting Person
(Voluntary)
4. Issuer Name and Ticker or Trading Symbol
IAT Multimedia, Inc. (IATA) (the "Company")
5. Relationship of Reporting Person to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give _____ Other (specify
title below) below)
6. If Amendment, Date of Original
(Month/Day/Year)
7. Individual or Joint/Group Filing (check applicable line)
Form filed by One Reporting Person
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X Form filed by more than One Reporting Person
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<PAGE>
<TABLE>
<CAPTION> Table 1 - Non-Derivative Securities Beneficially Owned
2. Amount of Securities 3. Ownership Form: Direct 4. Nature of Indirect
1. Title of Security Beneficially Owned (D) or Indirect (I) Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr. 4)
<S> <C> <C> <C>
Common Stock, $.01 par
value ("Common Stock") 1,872,982(1) D I(2)
* If the form is filed by more than one Reporting Person, see Instruction 5(b)(v). (Over)
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473(7-96)
(1) Does not include (i) 578,763 shares of Common Stock issuable to JNC Opportunity Fund, Ltd. ("JNC") upon conversion of
$683,062 principal amount of the Company's Series A 5% Convertible Debentures, due June 19, 2001, owned by JNC and (ii)
35,300 shares of Common Stock issuable to JNC upon the exercise of a warrant issued to it by the Company. The ability to
receive such shares of Common Stock upon such conversions and exercises is contingent upon the Company amending its
certificate of incorporation in order to increase the number of authorized shares of Common Stock.
2. Encore Capital Management, L.L.C., a Delaware limited liability company located at 12007 Sunrise Valley Drive, Suite 460,
Reston, VA 20191 ("Encore"), has indirect beneficial ownership over all of the securities indicated on this Form 3 since, as
investment advisor to JNC, it has shared dispositive and voting power with respect to the securities indicated on this Form
3. Encore also serves as investment advisor to JNC Strategic Fund Ltd., a Cayman Islands corporation ("Strategic"), which
holds (i) 2,000 shares of the Company's Series B Preferred Stock upon the conversion of which, and subject to the condition
hereafter described, the Company is obligated to issue 198,255 shares of Common Stock and (ii) a warrant upon the exercise of
which, and subject to the condition hereafter described, the Company is obligated to issue up to 23,529 shares of Common
Stock. The ability to receive such shares of Common Stock upon such conversions and exercises is contingent upon the Company
amending its certificate of incorporation in order to increase the number of authorized shares of Common Stock.
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<TABLE>
<CAPTION> Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative 2. Date Exercisable and 3. Title and Amount of 5. Ownership
Security (Instr. 4) Expiration Date Securities Underlying Form of Deri-
- ----------------------- (Month/Day/Year) Derivative Security vative Sec- 6. Nature of
____________________ (Instr. 4) 4. Conversion or urity: Dir- Indirect
------------------------ Exercise Price ect (D) or In Beneficial
Date Exer- Expiration Amount or Number of Derivative Direct (I) Ownership
cisable Date(2) Title of Shares Security(4) (Instr. 5) (Instr. 5)
---------- ---------- ------- ---------------- --------------- -------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Series A 5% Convertible 6/19/98 6/19/01 Common 578,763(3) $1.1802 D I(4)
Debentures Stock
Warrant 6/19/98 6/19/02 Common 35,300(3) $13.45 D I(4)
Stock
Explanation of Responses
(3) The ability to receive such shares of Common Stock upon conversions and exercises of such debentures and warrant,
respectively, is, contingent upon the Company amending its certificate of incorporation in order to increase the number of
authorized shares of Common Stock.
4. Encore has indirect beneficial ownership over all of the securities indicated on this Form 3 since it acts as investment
advisor to JNC.
JNC Opportunity Fund Ltd.
** Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. /s/ Neil T. Chau December 8, 1999
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). --------------------------- -----------------
Name: Neil T. Chau Date
Title: Director
Note: File three copies of this form, one of which must be manually signed. If space provided is insufficient,
See Instruction 6 for procedure. SEC 1473 (7-96)
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