<PAGE> 1
------------------------------
OMB APPROVAL
------------------------------
OMB NUMBER: 3235-0104
Expires: September 30, 1998
Estimated average burden
hours per response ....... 0.5
------------------------------
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3
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
(Print or Type Responses)
- --------------------------------------------------------------------------------
1. Name and Address of Reporting Person*
Friedensohn David
- --------------------------------------------------------------------------------
(Last) (First) (Middle)
c/o BigStar Entertainment, Inc.
19 Fulton Street, 5th Floor
- --------------------------------------------------------------------------------
(Street)
New York New York 10038
- --------------------------------------------------------------------------------
(City) (State) (Zip)
- --------------------------------------------------------------------------------
2. Date of Event Requiring Statement (Month/Day/Year)
8/2/99
- --------------------------------------------------------------------------------
3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)
- --------------------------------------------------------------------------------
4. Issuer Name and Ticker or Trading Symbol
BigStar Entertainment, Inc./BGST
- --------------------------------------------------------------------------------
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[X] Director [_] 10% Owner
[X] Officer (give title below) [_] Other (specify below)
Chief Executive Officer
- --------------------------------------------------------------------------------
6. If Amendment, Date of Original (Month/Day/Year)
- --------------------------------------------------------------------------------
7. Individual or Joint/Group Filing (Check Application Line)
[X] Form filed by One Reporting Person
[_] Form filed by More than One Reporting Person
================================================================================
Table I -- Non-Derivative Securities Beneficially Owned
================================================================================
<TABLE>
<CAPTION>
3. Ownership Form:
2. Amount of Securities Direct (D) or
1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr. 5)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Common Stock 1,018,500 D
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 48,500 1 By The Friedensohn 1999 Annuity Trust
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
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
5(b)(v).
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 CONTROL NUMBER.
(OVER)
SEC 1473(7-97)
<PAGE> 2
FORM 3 (continued)
Table II -- Derivative Securities Beneficially Owned (e.g., puts,
calls, warrants, options, convertible securities)
================================================================================
<TABLE>
<CAPTION>
5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 6. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Derivative Exer- tion of Derivative (I) Ownership
Security (Instr. 4) cisable Date Title Shares Security (Instr. 5) (Instr. 5)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Stock Options 4/15/99 3/15/04(1) Common Stock 194,000(2) $4.12 D
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
Explanation of Responses:
/s/ David Friedensohn July 28, 1999
- --------------------------------------------- -----------------------
**Signature of Reporting Person Date
Explanation of Responses:
1. The stock options granted to Mr. David Friedensohn are exercisable at any
time until the earlier of five years or ninety days after Mr. Friedensohn's
termination of employment with BigStar Entertainment, Inc.
2. An aggregate of 194,000 options were granted to Mr. David Friedensohn on
March 15, 1999, of which 4,073 stock options vested on April 15, 1999,
4,041 stock options vested on the 15th of each month from May 15, 1999
through July 15, 1999 and 4,041 vest on the 15th of each month thereafter
for forty-four successive months.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
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.
Page 2
SEC 1473 (7-97)
