SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN THE STATEMENTS FILED PURSUANT TO RULES
13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b)
(Amendment No. 1)*
IAT MULTIMEDIA, INC.
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(Name of Issuer)
Common Stock, $.01 par value per share
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(Title of Class of Securities)
449202100
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(CUSIP Number)
December 1, 1999
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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)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 6
CUSIP No. 449202100 SCHEDULE 13G Page 2 of 6
_____________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
JNC Opportunity Fund Ltd.
_____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(See Item 6) (b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
_____________________________________________________________________________
5 SOLE VOTING POWER
NUMBER OF -0-
SHARES ______________________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 1,872,982 (See Item 4)
______________________________________________________________
EACH 7 SOLE DISPOSITIVE POWER
REPORTING -0-
______________________________________________________________
PERSON 8 SHARED DISPOSITIVE POWER
WITH 1,872,982 (See Item 4)
_____________________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,872,982 (See Item 4)
_____________________________________________________________________________
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* (See Item 4) [X]
_____________________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
18.96% (See Item 4)
_____________________________________________________________________________
12 TYPE OF REPORTING PERSON*
CO
_____________________________________________________________________________
* SEE INSTRUCTIONS BEFORE FILLING OUT!
Item 1(a). Name of Issuer:
IAT Multimedia, Inc. (the "Company").
Item 1(b). Address of Issuer's Principal Executive Offices:
70 East 55th Street, 24th Floor, New York, New York 10022.
Item 2(a). Name of Person Filing:
JNC Opportunity Fund Ltd. ("JNC")
Item 2(b). Address of Principal Business Office or, if None, Residence:
JNC Opportunity Fund Ltd.
c/o Olympia Capital (Cayman) Ltd.
Williams House, 20 Reid Street
Hamilton HM11, Bermuda.
Item 2(c). Citizenship:
Cayman Islands.
Item 2(d). Title of Class of Securities:
Common Stock, par value $.01 per share, of the Company ("Common
Stock").
Item 2(e). CUSIP Number:
449202100
Item 3. If this Statement Is Filed Pursuant to Rules 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;
(d) [ ] Investment company registered under Section 8 of the
Investment Company Act;
(e) [ ] An investment advisor in accordance with Rule 13-
d(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 (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. [X]
Item 4. Ownership.
Provide the following information regarding the aggregate
number and percentages of securities of the Issuer identified
in Item 1.
(a) Amount beneficially owned:
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1,872,982 shares of Common Stock*
(b) Percent of class:
18.96% (based on 9,875,569 shares of Common Stock
outstanding as reported in the Company's Quarterly
Report on Form 10-K for the yearly period ended
September 30, 1999).
(c) Number of shares to which JNC has:
(i) Sole power to vote or direct the vote:
1,872,982 shares of Common Stock*
(ii) Shared power to vote or direct the vote:
1,872,982 shares of Common Stock*
(iii) Sole power to dispose or to direct the
disposition of: 0
(iv) Shared power to dispose of or direct the
disposition of: 1,872,982 shares of Common
Stock*
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:
Encore Capital Management, L.L.C., a Delaware limited liability
company located at 12007 Sunrise Valley Drive, Suite 460,
Reston, VA 20191 ("Encore"), is the investment advisor to JNC.
As such, it has the power, subject to ultimate approval by JNC,
to sell or vote on behalf of JNC some or all of the shares of
Common Stock to which this report relates. 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 of JNC
to sell or otherwise dispose of the shares of Common Stock
reported as beneficially owned herein is also subject to
restrictions pursuant to agreements with the Company. The
ability to receive such shares of Common Stock upon such
exercises and conversion is, however, contingent upon the
Company amending its certificate of incorporation in order to
increase the number of authorized shares of Common Stock. As
described above with respect to the shares of Common Stock
reported herein as beneficially owned by JNC, subject to
ultimate approval by Strategic, Encore may sell or vote on
behalf of Strategic some or all of the, the securities owned by
Strategic.
________________
* Does not include (i) 578,763 shares of Common Stock issuable to
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 exercises and conversions is, however, 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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Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported By the Parent Holding
Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of a Group.
Not applicable.
Item 10. Certification.
By signing below, the each of undersigned certify that, to the
best of its knowledge and belief, the securities referred to
above were not acquired and are not held for the purpose of or
with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction
having such purpose or effect.
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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.
Dated: December 9, 1999
JNC Opportunity Fund Ltd.
By: Encore Capital Management, L.L.C., its
Investment Advisor
By: /s/ Neil T. Chau
______________________________
Neil t. Chau, Managing Member
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