U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
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
|_| Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person*
Segal Susan L.
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(Last) (First) (Middle)
c/o Chase Venture Capital Associates, LLC ("CVCA, LLC") (FN 1)
380 Madison Avenue-12th Floor
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(Street)
New York New York 10017
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
StarMedia Network, Inc. ("STRM")
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3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
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4. Statement for Month/Year
January 2000
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5. If Amendment, Date of Original (Month/Year)
May 1999
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
|X| Director |_| 10% Owner
|_| Officer (give title below) |_| Other (specify below)
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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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* If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ---------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 5/26/99 P 360,000 A $15.00 11,738,333 I (FNs 2,3)
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
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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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<TABLE>
<CAPTION>
9. 10.
Number Owner-
of ship
2. Deriv- Form of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
of Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Options (right $.86 5/27/95 A A Immed. 5/27/05 Common 3,478 0.00 3,478 D (FN 2)
to buy) Stock
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Options (right $7.625 2/2/97 A A Immed. 2/2/07 Common 20,000 0.00 20,000 D (FN 2)
to buy) Stock
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</TABLE>
Explanation of Responses:
(1) The amounts shown represent the beneficial ownership of the Issuer's
securities by CVCA, LLC, a portion of which may be deemed attributable to the
reporting person because the reporting person is a partner of CCP, which is (i)
the sole managing member of CCP-SBIC Manager, LLC, the managing member of CVCA,
LLC, (ii) the managing member of CCP-CMC Consolidating, LLC the non-managing
member of CVCA, LLC, and (iii) the manager, by delegation, of CVCA, LLC. The
actual pro rata portion of such beneficial ownership that may be deemed
attributable to the reporting person is not readily determinable because it is
subject to several variables, including CVCA, LLC's and CCP's internal rate of
return and vesting.
(2) Flatiron Associates LLC (f/k/a Friends of Flatiron, LLC), Flatiron Fund
1998/99, LLC and Flatiron Partners LLC (collectively, the "Flatiron Investors")
and/or affiliates of the Flatiron Investors (collectively, the "Flatiron Group")
are parties to certain co-investment arrangements with affiliates of CVCA, LLC
(the "Chase Entities"). The parties to such arrangements have agreed to a
venture capital investment program for the purpose of making private investments
primarily in the equity and equity-related securities of early stage Internet
companies (the "Program"). In substance, the Program is similar to a typical
venture capital investment firm, with certain Flatiron Investors receiving the
equivalent of a standard carried interest from the Chase Entities. Upon the
occurrence of certain contingencies that are outside the control of the Chase
Entities, certain Chase Entities may acquire a pecuniary interest in the
investments made by the Flatiron Investors. None of the Chase Entities presently
has any beneficial or pecuniary interest in the shares of the Issuer held by the
Flatiron Investors. Notwithstanding the foregoing, each of the Chase Entities,
CVCA, LLC and Ms. Segal disclaims beneficial ownership of the Issuer's
securities held by the Flatiron Group; accordingly, the filing of this form
shall not be construed as an admission that the Chase Entities, CVCA, LLC or Ms.
Segal are the beneficial owners of such securities.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ Susan L. Segal 02/ /2000
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Susan L. Segal Date
Note: File three copies of this Form, one of which must be manually signed. If
space provided is insufficient, see Instruction 6 for procedure.
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