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FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION OMB Approval
-------- WASHINGTON, D.C. 20549 ---------------------------
OMB Number: 3235-0287
[ ] Check this box if no longer Expires: December 31, 2001
subject to Section 16. Form Estimated average burden
4 or Form 5 obligations may STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP hours per response......0.5
continue. See Instruction 1(b) ---------------------------
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
(Print or Type Responses)
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1. Name and Address of Reporting Person*| 2. Issuer Name and Ticker or Trading Symbol | 6. Relationship of Reporting Person(s)
| | to Issuer
| | (Check all applicable)
Cisneros Gustavo A. | America Online Latin America, Inc. ("AOLA") |
--------------------------------------------------------------------------------------------| __X__ Director __X__ 10% Owner
(Last) (First) (Middle) | 3. I.R.S. Identification| 4. Statement for | _____ Office (give title below)
| Number of Reporting | Month/Year | _____ Other (specify below)
Final Avenida La Salle, Edificio | Person, if an entity | |
Venevision, Urb. Colina De Los Caobos, | (Voluntary) | December 2000 |
----------------------------------------| |-------------------------| Chairman of the Board
(Street) | | 5. If Amendment, |
| | Date of Original |---------------------------------------
Caracas, Venezuela | | (Month/Year) |
| | | 7. Individual or Joint/Group Filing
| | | (Check Applicable Line)
| | | __X__ Form filed by One Reporting
| | | Person
| | | _____ Form filed by More than One
| | | Reporting Person
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(City) (State) (Zip) | TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security | 2. Transaction|3. Transaction |4. Securities Acquired(A)|5. Amount of |6. Owner-|7. Nature
(Instr. 3) | Date | Code | or Disposed of (D) | Securities | ship | of
| | (Instr. 8) | (Instr. 3, 4 and 5) | Beneficially| Form: | Indirect
| | | | Owned at End| Direct | Bene-
| | --------------|-------------------------| of Month | (D) or | ficial
| | | | | | | | Indirect| Owner-
| (Month/ | | | | (A) | | | (I) | ship
| Day/ | | | | or | | (Instr. 3 | |
| Year) | Code | V | Amount | (D) | Price | and 4) |(Instr.4)|(Instr.4)
----------------------------------------|---------------|-------|-------|---------|-----|---------|-------------|---------|---------
Class A Common Stock | 12/28/00 | J (1) | |2,000,000| D | | 2,000,000 | I | Held by
| | | | | | | | | Aspen
| | | | | | | | | Invest-
| | | | | | | | | ments
| | | | | | | | | LLC
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION (Over)
CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM Sec 1474 (3-99)
DISPLAYS A CURRENTLY VALID OMB CONTROL NUMBER.
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FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative |2. Conversion |3. Transaction |4. Transaction |5. Number of |6. Date Exer- |7. Title and Amount
Securities | or Exercise | Date | Code | Derivative | cisable and | of Underlying
(Instr. 3) | Price of | | (Instr. 8) | Securities | Expiration Date | Securities
| Derivative | (Month/Day/ | | Acquired (A) | (Month/Day/Year) | (Instr. 3 and 4)
| Security | Year) | | or Disposed | |
| | | | of (D) |--------------------------------------
| | | | (Instr. 3, | Date | Expir- | | Amount or
| | | | 4, and 5) | Exer- | ation | Title | Number of
| | |---------------|-----------------| cisable | Date | | Shares
| | | Code | V | (A) | (D) | | | |
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Series C Convertible Stock | (2) | 12/28/00 | J | | |48,649,203| (2) | (2) | Class A|48,649,203
| | | | | | | | | Common |
| | | | | | | | | Stock |
| | | | | | | | | |
| | | | | | | | | |
----------------------------|--------------|---------------|-------|-------|------|----------|---------|--------|--------|----------
| | | | | | | | | |
----------------------------|--------------|---------------|-------|-------|------|----------|---------|--------|--------|----------
| | | | | | | | | |
----------------------------|--------------|---------------|-------|-------|------|----------|---------|--------|--------|----------
| | | | | | | | | |
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8. Price of |9. Number of | 10. Ownership |11. Nature of |
Derivative | Derivative | Form of | Indirect |
Security | Securities | Derivative | Beneficially|
(Instr. 5) | Beneficially | Security: | Ownership |
| Owned at End | Direct (D) or | (Instr. 4) |
| of Month | Indirect (I) | |
| (Instr. 4) | (Instr. 4) | |
-------------------------------------------------------------------|
| | | |
--------------|----------------|-------------------|---------------|
| | | Held by Aspen |
| | | Investments |
| | | LLC |
| | | |
| | | |
--------------|----------------|-------------------|---------------|
| | | |
--------------|----------------|-------------------|---------------|
| | | |
--------------|----------------|-------------------|---------------|
| | | |
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EXPLANATION OF RESPONSES:
(1) GUSTAVO A. CISNEROS (THE "REPORTING PERSON") PREVIOUSLY HAD INDIRECT
OWNERSHIP OF 4,000,000 SHARES OF CLASS A COMMON STOCK OF THE ISSUER,
WHICH WERE DIRECTLY OWNED BY RIVERVIEW MEDIA CORP. ("RIVERVIEW"), A
HOLDING COMPANY BENEFICIALLY OWNED ONE-HALF BY THE REPORTING PERSON AND
ONE-HALF BY HIS BROTHER, RICARDO J. CISNEROS ("RJC"). PURSUANT TO AN
INTERNAL REORGANIZATION OF A CHAIN OF ENTITIES, (i) 2,000,000 SHARES OF
CLASS A COMMON STOCK WERE TRANSFERRED TO ASPEN INVESTMENTS LLC, A
HOLDING COMPANY WHICH IS WHOLLY BENEFICIALLY OWNED BY THE REPORTING
PERSON AND (ii) 2,000,000 SHARES OF CLASS A COMMON STOCK WERE
TRANSFERRED TO ATLANTIS INVESTMENTS LLC, A HOLDING COMPANY WHICH IS
WHOLLY BENEFICIALLY OWNED BY RJC. SUCH TRANSACTIONS DID NOT CHANGE THE
NET BENEFICIAL INTEREST OF THE REPORTING PERSON IN THE SHARES BEING
REPORTED ON.
(2) THE REPORTING PERSON, AS OWNER OF SERIES C PREFERRED STOCK, HAS THE
RIGHT, AT ANY TIME, TO CONVERT HIS SHARES INTO SHARES OF CLASS B COMMON
STOCK ON A ONE FOR ONE BASIS. THE REPORTING PERSON THEN HAS THE RIGHT TO
CONVERT HIS SHARES OF CLASS B COMMON STOCK INTO SHARES OF CLASS A COMMON
STOCK ON A ONE FOR ONE BASIS AT ANY TIME. PURSUANT TO AN INTERNAL
REORGANIZATION OF A CHAIN OF ENTITIES, (i) 48,649,203 SHARES OF CLASS A
COMMON STOCK WERE TRANSFERRED TO ASPEN INVESTMENTS LLC, A HOLDING
COMPANY WHICH IS WHOLLY BENEFICIALLY OWNED BY THE REPORTING PERSON AND
(ii) 48,649,203 SHARES OF CLASS A COMMON STOCK WERE TRANSFERRED TO
ATLANTIS INVESTMENTS LLC, A HOLDING COMPANY WHICH IS WHOLLY BENEFICIALLY
OWNED BY RJC. SUCH TRANSACTIONS DID NOT CHANGE THE NET BENEFICIAL
INTEREST OF THE REPORTING PERSON IN THE SHARES BEING REPORTED ON.
** INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS.
By: /s/ Gustavo A. Cisneros January 10, 2001
--------------------------------- ----------------
Signature of the Reporting Person
SEE 18 U.S.C. 1001 AND 15 U.S.C. 78ff(a).
NOTE: FILE THREE COPIES OF THIS FORM, ONE OF WHICH MUST BE MANUALLY SIGNED.
IF SPACE IS INSUFFICIENT, SEE INSTRUCTION 6 FOR PROCEDURE.
POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED
IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY
VALID OMB NUMBER.
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