UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------------------------
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)
Net2Phone, Inc.
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(Name of Issuer)
Common Stock, Par Value $.01 Per Share 64108N106
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(Title of Class of Securities) (CUSIP Number)
Richard Cotton, Esq., National Broadcasting Company, Inc., 30 Rockefeller
Plaza, New York, New York, 10112 (212) 664-4000
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(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
September 21, 1999
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f), or 13d-1(g), check the following
box [ ].
<PAGE>
SCHEDULE 13D
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CUSIP No. 64108N106 PAGE 2 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
GE Capital Equity Investments, Inc. 06-1268495
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- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP* (a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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- ---------------------- ------- -------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
------- ------------------------------------------------
------- ------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH 2,332,333
------- ------------------------------------------------
------- ------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH
0
------- ------------------------------------------------
------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,285,833
- ----------------------- ------- ------------------------------------------------
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,637,581
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- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.1%**
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
** Represents the Reporting Person's ownership percentage of the outstanding
shares of Common Stock of the Issuer. The Reporting Person's ownership
percentage of the aggregate outstanding shares of Common Stock and Class A Stock
of the Issuer is 5.5%. The foregoing percentages are based upon the number of
shares of Common Stock and Class A Stock outstanding as of July 29, 1999 as
reported in the Issuer's Form S-1/A dated as of July 29, 1999.
<PAGE>
SCHEDULE 13D
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CUSIP No. 64108N106 PAGE 3 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
General Electric Capital Corporation 13-1500700
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP* (a) [ ]
(b) [x]
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3 SEC USE ONLY
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- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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- ---------------------- ------- -------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
------- ------------------------------------------------
------- ------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH 2,322,333
------- ------------------------------------------------
------- ------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH
0
------- ------------------------------------------------
------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,285,833
- ---------------------- ------- -------------------------------------------------
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,637,581
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- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.1%**
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- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
** Represents the Reporting Person's ownership percentage of the outstanding
shares of Common Stock of the Issuer. The Reporting Person's ownership
percentage of the aggregate outstanding shares of Common Stock and Class A Stock
of the Issuer is 5.5%. The foregoing percentages are based upon the number of
shares of Common Stock and Class A Stock outstanding as of July 29, 1999 as
reported in the Issuer's Form S-1/A dated as of July 29, 1999.
<PAGE>
SCHEDULE 13D
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CUSIP No. 64108N106 PAGE 4 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
National Broadcasting Company, Inc. 14-1682529
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A (a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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- ---------------------- ------- -------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
------- ------------------------------------------------
------- ------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH 2,332,333
------- ------------------------------------------------
------- ------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH
0
------- ------------------------------------------------
------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,046,500
- ----------------------- ------- ------------------------------------------------
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,637,581
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.1%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
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CUSIP No. 64108N106 PAGE 5 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
General Electric Capital Services, Inc. 06-1095035
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP* (a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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- ----------------------- ------- ------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF Disclaimed (See 11 below)
------- ------------------------------------------------
------- ------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH 0
------- ------------------------------------------------
------- ------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH
Disclaimed (See 11 below)
------- ------------------------------------------------
------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ----------------------- ------- ------------------------------------------------
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Beneficial ownership of all shares disclaimed by General Electric
Capital Services Inc.
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Not Applicable (See 11 above)
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
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CUSIP No. 64108N106 PAGE 6 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
General Electric Company 14-0689340
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP* (a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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7 SOLE VOTING POWER
NUMBER OF Disclaimed (See 11 above)
------- ------------------------------------------------
------- ------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH 0
------- ------------------------------------------------
------- ------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH
Disclaimed (See 11 above)
------- ------------------------------------------------
------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ----------------------- ------- ------------------------------------------------
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Beneficial ownership of all shares disclaimed by General Electric
Company.
- --------- ----------------------------------------------------------------------
- --------- ----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Not Applicable
- --------- ----------------------------------------------------------------------
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
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CUSIP No. 64108N106 PAGE 7 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Snap! LLC 74-2883162
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP* (a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
NUMBER OF 305,248
------- ------------------------------------------------
------- ------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH 0
------- ------------------------------------------------
------- ------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH
305,248
------- ------------------------------------------------
------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ----------------------- ------- ------------------------------------------------
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
305,248
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------- ----------------------------------------------------------------------
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.8%**
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
** Represents the Reporting Person's ownership percentage of the outstanding
shares of Common Stock of the Issuer. The Reporting Person's ownership
percentage of the aggregate outstanding shares of Common Stock and Class A Stock
of the Issuer is 0.6%. The foregoing percentages are based upon the number of
shares of Common Stock and Class A Stock outstanding as of July 29, 1999 as
reported in the Issuer's Form S-1/A dated as of July 29, 1999.
<PAGE>
SCHEDULE 13D
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CUSIP No. 64108N106 PAGE 8 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NBC-NTOP Holding, Inc. 13-4078683
- --------- ----------------------------------------------------------------------
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP* (a) [ ]
(b) [x]
- ---------
- --------- ----------------------------------------------------------------------
3 SEC USE ONLY
- --------- ----------------------------------------------------------------------
- --------- ----------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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- ----------------------- ------- ------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
------- ------------------------------------------------
------- ------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH 2,332,333
------- ------------------------------------------------
------- ------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH
0
------- ------------------------------------------------
------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,046,500
- ----------------------- ------- ------------------------------------------------
- --------- ----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,637,581
- --------- ----------------------------------------------------------------------
- --------- ----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------- ----------------------------------------------------------------------
- --------- ----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.1%**
- --------- ----------------------------------------------------------------------
- --------- ----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------- ----------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
** Represents the Reporting Person's ownership percentage of the outstanding
shares of Common Stock of the Issuer. The Reporting Person's ownership
percentage of the aggregate outstanding shares of Common Stock and Class A Stock
of the Issuer is 5.5%. The foregoing percentages are based upon the number of
shares of Common Stock and Class A Stock outstanding as of July 29, 1999 as
reported in the Issuer's Form S-1/A dated as of July 29, 1999.
<PAGE>
SCHEDULE 13D
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CUSIP No. 64108N106 PAGE 9 OF 13 PAGES
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
National Broadcasting Company Holding, Inc. 13-3448662
- --------- ----------------------------------------------------------------------
- --------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP* (a) [ ]
(b) [x]
- --------- ----------------------------------------------------------------------
3 SEC USE ONLY
- --------- ----------------------------------------------------------------------
- --------- ----------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
- --------- ----------------------------------------------------------------------
- --------- ----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- --------- ----------------------------------------------------------------------
- --------- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------- ----------------------------------------------------------------------
- ----------------------- ------- ------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF Disclaimed (See 11 below)
------- ------------------------------------------------
------- ------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY
EACH 0
------- ------------------------------------------------
------- ------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH
Disclaimed (See 11 below)
------- ------------------------------------------------
------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ----------------------- ------- ------------------------------------------------
- --------- ----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Beneficial ownership of all shares disclaimed by National Broadcasting
Company Holding, Inc.
- --------- ----------------------------------------------------------------------
- --------- ----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------- ----------------------------------------------------------------------
- --------- ----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Not Applicable (See 11 above)
- --------- ----------------------------------------------------------------------
- --------- ----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
AMENDMENT NO. 1
TO
SCHEDULE 13D
This Amendment No. 1 (this "Amendment") amends the Schedule 13D filed
on August 9, 1999, (the "Schedule 13D"), which relates to shares of common
stock, par value $0.01 per share of Net2Phone, Inc., a Delaware corporation.
Capitalized terms used herein but not defined herein shall have the meanings
attributed to them in the original Schedule 13D.
ITEM 2. IDENTITY AND BACKGROUND.
This statement is filed by GECEI, for and on behalf of, in addition to
the Reporting Persons listed in the Schedule 13D, NBC-NTOP Holding, Inc.
("NBC-NTOP"). For purposes of this Amendment and any future amendments to the
Schedule 13D, NBC-NTOP shall be included in the definition "Reporting Persons".
NBC-NTOP is a wholly-owned subsidiary of NBC. A new agreement among the
Reporting Persons with respect to the filing of this Amendment and any further
amendments to the Schedule 13D is attached hereto as Exhibit 1.
NBC-NTOP is a California corporation with its principal executive
offices located at 30 Rockefeller Plaza, New York, New York 10112. NBC-NTOP is a
holding company.
The name, business address, present principal occupation or employment,
and citizenship of each director and executive officer of NBC-NTOP are set forth
on Schedule I attached hereto.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
On September 21, 1999, NBC contributed its ownership interests in the
1,041,500 shares of Class A Stock to NBC-NTOP.
ITEM 4. PURPOSE OF THE TRANSACTION.
NBC-NTOP holds the shares in the ordinary course of business as an
investment and not with the purpose or effect of changing the control of the
issuer.
Each of GECEI, NBC-NTOP, NBC, GE Capital and Snap intends to review its
investment on a regular basis and as a result thereof may at any time or from
time to time, acquire additional securities of the Issuer or dispose of all or a
portion of any securities of the Issuer in the open market or otherwise. Any
such acquisition or disposition would be made in compliance with all applicable
laws and regulations.
In accordance with the rights granted under the Subscription Agreement,
on September 21, 1999, Martin Yudkovitz ("Yudkovitz") was elected to the Board
of Directors of the Issuer as a representative of NBC. In connection therewith,
Yudkovitz entered into an agreement with NBC on even date therewith (the
"Nominee Agreement") whereby Yudkovitz agreed to hold as a nominee of NBC all
current and future stock options granted by the Issuer to Yudkovitz ("Director
Options") in his capacity as a non-employee Board member of the Issuer. Pursuant
to the Nominee Agreement Yudkovitz agreed to act upon the instructions of NBC
with regard to such options. The Nominee Agreement is attached hereto as Exhibit
2.
ITEM 5. INTEREST IN THE SECURITIES OF THE ISSUER.
(a) The responses of the Reporting Persons to Rows (11) through (13) of
the cover pages of this Amendment are incorporated herein by reference. As of
the date hereof, NBC, GE Capital, GECEI and NBC-NTOP beneficially own in the
aggregate 2,637,581 shares of Common Stock of the Issuer, (i) representing
approximately 24.1% of the outstanding shares of Common Stock of the Issuer
(based on the number of shares of Common Stock outstanding as of July 29, 1999
as reported in the Issuer's Form S-1/A dated as of July 29, 1999) and (ii)
representing approximately 5.5% of the combined outstanding shares of Common
Stock and Class A Stock of the Issuer (based on the number of shares of Common
Stock and Class A Stock outstanding as of July 29, 1999 as reported in the
Issuer's Form S-1/A dared as of July 29, 1999).
Except as disclosed in this Item 5(a), none of the Reporting Persons
nor, to the best of their knowledge, any of their directors or executive
officers, beneficially owns any shares of Common Stock of the Issuer.
(b) The responses of the Reporting Persons to (i) Rows (7) through (10)
of the cover pages of this Amendment and (ii) Item 5(a) hereof are incorporated
herein by reference. As further described in Item 6, GECEI and NBC-NTOP have
entered into an arrangement with respect to the voting and disposition of the
Class A Stock and Common Stock acquired under the Purchase Agreement, those
acquired upon the exercise of the warrants acquired under the Purchase Agreement
and the Director Options.
Except as disclosed in this Item 5(b), none of the Reporting Persons,
nor to the best of their knowledge, any of their directors or executive
officers, presently has the power to vote or to direct the vote or to dispose or
direct the disposition of any of the shares of Common Stock of the Issuer which
the may be deemed to beneficially own.
(c) Except as disclosed in Item 3 and Item 4 hereof, none of the
Reporting Persons nor, to the best of their knowledge, any of their directors or
executive officers, has effected any transaction in the common stock of the
Issuer during the past 60 days.
(d) Not applicable.
(e) Not applicable.
Neither the filing of the Schedule 13D, this Amendment or any further
amendments thereto, nor anything contained herein is intended as, or should be
construed as, an admission that GECS, NBC Holding, or GE is the "beneficial
owner" of any shares of Common Stock.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
The responses to Items 3 and 4 are incorporated herein by reference.
An agreement among the Reporting Persons with respect to the filing of
this Amendment and any further amendments to the Schedule 13D is attached hereto
as Exhibit 1.
GECEI and NBC-NTOP have entered into an oral agreement, superseding the
prior oral agreement between GECEI and NBC, with respect to the shares of Common
Stock acquired under the Purchase Agreement, the warrants and the directed stock
offering. Pursuant to the arrangement, GECEI and NBC-NTOP have agreed, with
respect to the shares to share voting power with respect to all of such shares
and to allocate sole dispositive power in the manner set forth on the cover
pages of this Amendment.
Except as disclosed in this Item 6, none of the Reporting Persons, nor,
to the best of their knowledge, any of their directors or executive officers,
are parties to any contract, arrangement, understanding or relationship (legal
or otherwise) with respect to the securities of the Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 1 Joint Filing Agreement by and among GE Capital Equity
Investments, Inc., General Electric Capital Corporation,
General Electric Capital Services, Inc., General Electric
Company, National Broadcasting Company, Inc., National
Broadcasting Company Holding, Inc., NBC-NTOP Holding, Inc.,
and Snap! LLC, dated September 30, 1999.
Exhibit 2 Nominee Agreement by and between National Broadcasting
Company, Inc. and Martin Yudkovitz, dated September 21,
1999.
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this Amendment is true, complete and
correct.
Dated: September 30, 1999
GE CAPITAL EQUITY INVESTMENTS, INC.
By: /s/ Micheal B. Pralle
Micheal B. Pralle
President
GENERAL ELECTRIC CAPITAL CORPORTION
By: /s/ Michael B. Pralle
Micheal B. Pralle
Vice President
GENERAL ELECTRIC CAPITAL SERVICES, INC.
By: /s/ Michael B. Pralle
Michael B. Pralle
Attorney-in-Fact*
GENERAL ELECTRIC COMPANY
By: /s/ Michael B. Pralle
Michael B. Pralle
Attorney-in-Fact*
NATIONAL BROADCASTING COMPANY, INC.
By: /s/ Mark Begor
Mark Begor
Executive Vice President
NATIONAL BROADCASTING COMPANY HOLDING, INC.
By: /s/ Mark Begor
Mark Begor
Vice President
NBC-NTOP HOLDING, INC.
By: /s/ Mark Begor
Mark Begor
Vice President
<PAGE>
SCHEDULE I TO SCHEDULE 13D
Filed by NBC-NTOP Holding, Inc.
PRESENT PRESENT
NAME BUSINESS ADDRESS PRINCIPAL OCCUPATION
DIRECTORS:
Mark Begor 30 Rockefeller Plaza Director
New York, NY 10112
Richard Cotton 30 Rockefeller Plaza Director
New York, NY 10112
Thomas Rogers 30 Rockefeller Plaza Director
New York, NY 10112
EXECUTIVE OFFICERS:
Thomas Rogers 30 Rockefeller Plaza President
New York, NY 10112
Mark Begor 30 Rockefeller Plaza Vice President
New York, NY 10112
<PAGE>
Exhibit 1
JOINT FILING AGREEMENT
This will confirm the agreement by and among all the
undersigned that the Amendment filed on or about this date and any further
amendments to the Schedule 13D with respect to beneficial ownership by the
undersigned of shares of the Common Stock, par value $0.01 per share, of
Net2Phone, Inc., is being filed on behalf of each of the undersigned in
accordance with Rule 13D-1 (k) (1) under the Securities Exchange Act of 1934.
This agreement may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the
same instrument.
Dated: September 30, 1999
GE CAPITAL EQUITY INVESTMENTS, INC. NBC-NTOP HOLDING, INC.
By: /s/ Micheal B. Pralle By: /s/ Mark Begor
Micheal B. Pralle Mark Begor
President Vice President
GENERAL ELECTRIC CAPITAL CORPORTION
By: /s/ Michael B. Pralle
Micheal B. Pralle
Vice President
GENERAL ELECTRIC CAPITAL SERVICES, INC.
By: /s/ Michael B. Pralle
Michael B. Pralle
Attorney-in-Fact*
GENERAL ELECTRIC COMPANY
By: /s/ Michael B. Pralle
Michael B. Pralle
Attorney-in-Fact*
NATIONAL BROADCASTING COMPANY, INC.
By: /s/ Mark Begor
Mark Begor
Executive Vice President
NATIONAL BROADCASTING COMPANY HOLDING, INC.
By: /s/ Mark Begor
Mark Begor
Vice President
Exhibit 2
NOMINEE AGREEMENT
THIS NOMINEE AGREEMENT is entered into as of September 21, 1999 , by
and between NATIONAL BROADCASTING COMPANY, INC. ("NBC") and MARTIN YUDKOVITZ
("Yudkovitz").
RECITALS
WHEREAS, Yudkovitz has received an option, a copy of which is attached
hereto as EXHIBIT A, to purchase 10,000 shares of the Common Stock of NET2PHONE,
INC. ("Net2Phone") pursuant to the Net2Phone 1999 Non-Employee Directors' Stock
Option Plan (the "Plan"), and Yudkovitz will automatically receive annual
options under the Plan as long as he is serving as a non-employee director of
Net2Phone (collectively the "Options");
WHEREAS, Net2Phone has granted, and will grant, the Options to
Yudkovitz in connection with his service to Net2Phone as a non-employee
director;
WHEREAS, Yudkovitz has provided, and will provide, such services to
Net2Phone solely in his capacity as an employee of NBC and, accordingly, the
Options are the property of NBC;
WHEREAS, merely for convenience, Yudkovitz has acquired, and will
acquire, legal title to the Options;
WHEREAS, NBC wishes that Yudkovitz hold the Options merely as nominee
for NBC; and
WHEREAS, Yudkovitz agrees to hold the Options merely as nominee for
NBC.
NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which is acknowledged hereby, the parties hereto agree as follows:
AGREEMENT
I. Yudkovitz agrees that he will hold the Options merely as nominee for NBC.
Yudkovitz agrees that he has no discretionary duties with respect to the Options
but must act only on explicit instructions of NBC. Yudkovitz agrees to act upon
such instructions.
II. Yudkovitz agrees to hold the Options for convenience only and acknowledges
that he will not have and agrees that he will not assert ownership of the
Options (except in his capacity as an equity holder of NBC).
III. Yudkovitz agrees to fully account to NBC as to the Options.
IV. This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original, that all of which together shall constitute one and
the same instrument.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the date first above written.
NATIONAL BROADCASTING COMPANY, INC.
By: /s/ Martin Yudkovitz
------------------------
Name: Martin Yudkovitz
Title: President of NBC Interactive
/s/ Martin Yudkovitz
--------------------
MARTIN YUDKOVITZ
