<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. _)/1/
Intelect Communications, Inc.
(Name of Issuer)
Common Stock, $.001 par value
(Title of Class of Securities)
458144-10-2
(CUSIP Number)
June 27, 1999
(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)
/1/ 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 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>
CUSIP No. 458144-10-2 13G Page 2 of 35
1. NAMES OF REPORTING PERSONS
I.R.S IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY)
Citadel Limited Partnership
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -------------------------------------------------------------------------------
3. SEC USE ONLY
- -------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware limited liability company
U.S.A.
- -------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY -------------------------------------------------------
OWNED BY EACH 6. SHARED VOTING POWER
REPORTING 0 (1)
PERSON WITH -------------------------------------------------------
7. SOLE DISPOSITIVE POWER
0
-------------------------------------------------------
8. SHARED DISPOSITIVE POWER
2,211,405 shares of Common Stock (2)
- -------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Item 8 above.
- -------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*(2) [X]
- -------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.2 % as of the date of the filing of this statement. Based on
38,257,965 shares of Common Stock issued and outstanding as of May 14,
1999, plus 3,925,806 shares of Common Stock issued pursuant to the
Settlement Agreement referred to below.
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
PN; HC
- ------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Pursuant to a Settlement Agreement dated June 27, 1999, the holders have
granted to the Issuer or its designee an irrevocable proxy to vote all
their shares of Common Stock.
(2) Does not include certain shares. See Item 4.
<PAGE>
CUSIP No. 458144-10-2 13G Page 3 of 35
1. NAMES OF REPORTING PERSONS
I.R.S IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY)
Citadel Investment Group, L.L.C.
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -------------------------------------------------------------------------------
3. SEC USE ONLY
- -------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OR ORGANIZATION
Illinois limited partnership
U.S.A.
- -------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------
OWNED BY EACH 6. SHARED VOTING POWER
REPORTING 0 (1)
PERSON WITH --------------------------------------------------------
7. SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
8. SHARED DISPOSITIVE POWER
2,211,405 shares of Common Stock (2)
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Item 8.
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* (2) [X]
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.2 % as of the date of the filing of this statement. Based on
38,257,965 shares of Common Stock issued and outstanding as of May 14,
1999, plus 3,925,806 shares of Common Stock issued pursuant to the
Settlement Agreement referred to below.
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
OO; HC
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Pursuant to a Settlement Agreement dated June 27, 1999, the holders have
granted to the Issuer or its designee an irrevocable proxy to vote all
their shares of Common Stock.
(2) Does not include certain shares. See Item 4.
<PAGE>
CUSIP No. 458144-10-2 13G Page 4 of 35
1. NAMES OF REPORTING PERSONS
I.R.S IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY)
GLB Partners, L.P.
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -------------------------------------------------------------------------------
3. SEC USE ONLY
- -------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware limited partnership
U.S.A.
- -------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY ------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 0 (1)
REPORTING PERSON ------------------------------------------------
WITH 7. SOLE DISPOSITIVE POWER
0
------------------------------------------------
8. SHARED DISPOSITIVE POWER
2,211,405 shares of Common Stock (2)
- -------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Item 8 above
- -------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* (2) [X]
- -------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.2% as of the date of the filing of this statement. Based on 38,257,965
shares of Common Stock issued and outstanding as of May 14, 1999, plus
3,925,8 06 shares of Common Stock issued pursuant to the Settlement
Agreement referred to below.
- -------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
PN; HC
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Pursuant to a Settlement Agreement dated June 27, 1999, the holders have
granted to the Issuer or its designee an irrevocable proxy to vote all
their shares of Common Stock.
(2) Does not include certain shares. See Item 4.
<PAGE>
CUSIP No. 458144-10-2 13G Page 5 of 35
1. NAMES OF REPORTING PERSONS
I.R.S IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY)
Kenneth Griffin
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OR ORGANIZATION
U.S. citizen
U.S.A.
- --------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY -------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 0 (1)
REPORTING -------------------------------------------------
PERSON WITH 7. SOLE DISPOSITIVE POWER
0
-------------------------------------------------
8. SHARED DISPOSITIVE POWER
2,211,405 shares of Common Stock (2)
- -------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Item 8.
- -------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* (2) [X]
- -------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.2 % as of the date of the filing of this statement. Based on
38,257,965 shares of Common Stock issued and outstanding as of May 14,
1999, plus 3,925,806 shares of Common Stock issued pursuant to the
Settlement Agreement referred to below.
- ------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Pursuant to a Settlement Agreement dated June 27,1999, the holders have
granted to the Issuer or its designee an irrevocable proxy to vote all
their shares of Common Stock.
(2) Does not include certain shares. See Item 4.
<PAGE>
CUSIP No. 458144-10-2 13G Page 6 of 35
1. NAMES OF REPORTING PERSONS
I.R.S IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY)
Wellington Partners Limited Partnership
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OR ORGANIZATION
Illinois limited partnership
U.S.A.
- ------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY
OWNED BY ----------------------------------------------
EACH 6. SHARED VOTING POWER
REPORTING 0 (1)
PERSON WITH ----------------------------------------------
7. SOLE DISPOSITIVE POWER
0
----------------------------------------------
8. SHARED DISPOSITIVE POWER
672,443 shares of Common Stock (2)
- ------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Item 8.
- ------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* (2) [X]
- ------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
1.6 % as of the date of the filing of this statement. Based on
38,257,965 shares of Common Stock issued and outstanding as of May 14,
1999, plus 3,925,806 shares of Common Stock issued pursuant to the
Settlement Agreement referred to below.
- ------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
PN; HC
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Pursuant to a Settlement Agreement dated June 27, 1999, the holders have
granted to the Issuer or its designee an irrevocable proxy to vote all
their shares of Common Stock.
(2) Does not include certain shares. See Item 4.
<PAGE>
CUSIP No. 458144-10-2 13G Page 7 of 35
1. NAMES OF REPORTING PERSONS
I.R.S IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
WNPH, L.L.C.
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware limited liability company
U.S.A.
- -------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY ------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 0 (1)
REPORTING ------------------------------------------------
PERSON WITH 7. SOLE DISPOSITIVE POWER
0
-------------------------------------------------
8. SHARED DISPOSITIVE POWER
0 (2)
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Item 8.
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* (2) [X]
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0 % as of the date of the filing of this statement. Based on 38,257,965
shares of Common Stock issued and outstanding as of May 14, 1999, plus
3,925,806 shares of Common Stock issued pursuant to the Settlement
Agreement referred to below.
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
OO; HC
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Pursuant to a Settlement Agreement dated June 27, 1999, the holders have
granted to the Issuer or its designee an irrevocable proxy to vote all
their shares of Common Stock.
(2) Does not include certain shares. See Item 4.
<PAGE>
CUSIP No. 458144-10-2 13G Page 8 of 35
1. NAMES OF REPORTING PERSONS
I.R.S IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
WCH, L.L.C.
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware limited liability company
U.S.A.
- ------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY -----------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 0 (1)
REPORTING ------------------------------------------------
PERSON WITH 7. SOLE DISPOSITIVE POWER
0
-----------------------------------------------
8. SHARED DISPOSITIVE POWER
0 (2)
- ------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Item 8.
- ------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* (2) [X]
- ------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0 % as of the date of the filing of this statement. Based on 38,257,965
shares of Common Stock issued and outstanding as of May 14, 1999, plus
3,925,806 shares of Common Stock issued pursuant to the Settlement
Agreement referred to below.
- ------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
OO; HC
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Pursuant to a Settlement Agreement dated June 27, 1999, the holders have
granted to the Issuer or its designee an irrevocable proxy to vote all
their shares of Common Stock.
(2) Does not include certain shares. See Item 4.
<PAGE>
CUSIP No. 458144-10-2 13G Page 9 of 35
1. NAMES OF REPORTING PERSONS
I.R.S IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
NP Partners
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OR ORGANIZATION
Bermuda general partnership
- -------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY -----------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 0 (1)
REPORTING -----------------------------------------------
PERSON WITH 7. SOLE DISPOSITIVE POWER
0
----------------------------------------------
8. SHARED DISPOSITIVE POWER
0 (2)
- -------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Item 8.
- -------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* (2) [X]
- -------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0 % as of the date of the filing of this statement. Based on
38,257,965 shares of Common Stock issued and outstanding as of May 14,
1999, plus 3,925,806 shares of Common Stock issued pursuant to the
Settlement Agreement referred to below.
- -------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Pursuant to a Settlement Agreement dated June 27, 1999, the holders have
granted to the Issuer or its designee an irrevocable proxy to vote all
their shares of Common Stock.
(2) Does not include certain shares. See Item 4.
<PAGE>
CUSIP No. 458144-10-2 13G Page 10 of 35
1. NAMES OF REPORTING PERSONS
I.R.S IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY)
Wingate Capital Ltd.
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OR ORGANIZATION
Cayman Islands company
- -------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY -----------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 0 (1)
REPORTING -----------------------------------------------
PERSON WITH 7. SOLE DISPOSITIVE POWER
0
-----------------------------------------------
8. SHARED DISPOSITIVE POWER
672,443 shares of Common Stock (2)
- -------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Item 8.
- -------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* (2) [X]
- -------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
1.6 % as of the date of the filing of this statement. Based on
38,257,965 shares of Common Stock issued and outstanding as of May 14,
1999, plus 3,925,806 shares of Common Stock issued pursuant to the
Settlement Agreement referred to below.
- -------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
CO
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Pursuant to a Settlement Agreement dated June 27, 1999, the holders have
granted to the Issuer or its designee an irrevocable proxy to vote all
their shares of Common Stock.
(2) Does not include certain shares. See Item 4.
<PAGE>
CUSIP No. 458144-10-2 13G Page 11 of 35
1. NAMES OF REPORTING PERSONS
I.R.S IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY)
Kensington Global Strategies Fund, Ltd.
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OR ORGANIZATION
Bermuda company
- -------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
- -------------------------------------------------------------------------------
6. SHARED VOTING POWER
0 (1)
- ------------------------------------------------------------------------------
7. SOLE DISPOSITIVE POWER
0
- ------------------------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
1,383,170 shares of Common Stock (2)
- ------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Item 8
- ------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* (2) [X]
- ------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.3 % as of the date of the filing of this statement. Based on
38,257,965 shares of Common Stock issued and outstanding as of May
14, 1999, plus 3,925,806 shares of Common Stock issued pursuant to
the Settlement Agreement referred to below.
- ------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
CO; HC
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Pursuant to a Settlement Agreement dated June 27, 1999, the holders have
granted to the Issuer or its designee an irrevocable proxy to vote all
their shares of Common Stock.
(2) Does not include certain shares. See Item 4.
<PAGE>
CUSIP No. 458144-10-2 13G Page 12 of 35
1. NAMES OF REPORTING PERSONS
I.R.S IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY)
Fisher Capital Ltd.
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OR ORGANIZATION
Cayman Islands company
- ------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY ----------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 0 (1)
REPORTING ----------------------------------------------
PERSON WITH 7. SOLE DISPOSITIVE POWER
0
----------------------------------------------
8. SHARED DISPOSITIVE POWER
1,383,170 shares of Common Stock (2)
- ------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Item 8.
- ------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* (2) [X]
- ------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.3% as of the date of the filing of this statement. Based on
38,257,965 shares of Common Stock issued and outstanding as of May 14,
1999, plus 3,925,806 shares of Common Stock issued pursuant to the
Settlement Agreement referred to below.
- ------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Pursuant to a Settlement Agreement dated June 27, 1999, the holders have
granted to the Issuer or its designee an irrevocable proxy to vote all
their shares of Common Stock.
(2) Does not include certain shares. See Item 4.
<PAGE>
CUSIP No. 458144-10-2 13G Page 13 of 35
1. NAMES OF REPORTING PERSONS
I.R.S IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Olympus Securities, Ltd.
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -------------------------------------------------------------------------------
3. SEC USE ONLY
- -------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OR ORGANIZATION
Bermuda company
- -------------------------------------------------------------------------------
5. SOLE VOTING POWER
0
NUMBER OF ---------------------------------------------------------
SHARES 6. SHARED VOTING POWER
BENEFICIALLY 0 (1)
OWNED BY ---------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
PERSON WITH ---------------------------------------------------------
8. SHARED DISPOSITIVE POWER
0 shares of Common Stock (2)
- -------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Item 8.
- -------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* (2) [X]
- -------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0 % as of the date of the filing of this statement. Based on 38,257,965
shares of Common Stock issued and outstanding as of May 14, 1999, plus
3,925,806 shares of Common Stock issued pursuant to the Settlement
Agreement referred to below.
- -------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
CO
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Pursuant to a Settlement Agreement dated June 27, 1999, the holders have
granted to the Issuer or its designee an irrevocable proxy to vote all
their shares of Common Stock.
(2) Does not include certain shares. See Item 4.
<PAGE>
CUSIP No. 458144-10-2 13G Page 14 of 35
1. NAMES OF REPORTING PERSONS
I.R.S IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Orchard Investment Partners, L.P.
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -------------------------------------------------------------------------------
3. SEC USE ONLY
- -------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware limited partnership U.S.A.
- -------------------------------------------------------------------------------
5. SOLE VOTING POWER
0
NUMBER OF ---------------------------------------------------------
SHARES 6. SHARED VOTING POWER
BENEFICIALLY 0 (1)
OWNED BY ---------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
PERSON WITH ---------------------------------------------------------
8. SHARED DISPOSITIVE POWER
39,692 shares of Common Stock (2)
- -------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Item 8.
- -------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* (2) [X]
- -------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.1 % as of the date of the filing of this statement. Based on 38,257,965
shares of Common Stock issued and outstanding as of May 14, 1999, plus
3,925,806 shares of Common Stock issued pursuant to the Settlement
Agreement referred to below.
- -------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Pursuant to a Settlement Agreement dated June 27, 1999, the holders have
granted to the Issuer or its designee an irrevocable proxy to vote all
their shares of Common Stock.
(2) Does not include certain shares. See Item 4.
<PAGE>
CUSIP No. 458144-10-2 13G Page 15 of 35
1. NAMES OF REPORTING PERSONS
I.R.S IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Midway Capital Ltd.
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -------------------------------------------------------------------------------
3. SEC USE ONLY
- -------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OR ORGANIZATION
Cayman Islands company
- -------------------------------------------------------------------------------
5. SOLE VOTING POWER
0
NUMBER OF ---------------------------------------------------------
SHARES 6. SHARED VOTING POWER
BENEFICIALLY 0 (1)
OWNED BY ---------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
PERSON WITH ---------------------------------------------------------
8. SHARED DISPOSITIVE POWER
39,692 shares of Common Stock (2)
- -------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Item 8.
- -------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* (2) [X]
- -------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.1 % as of the date of the filing of this statement. Based on 38,257,965
shares of Common Stock issued and outstanding as of May 14, 1999, plus
3,925,806 shares of Common Stock issued pursuant to the Settlement
Agreement referred to below.
- -------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
CO
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Pursuant to a Settlement Agreement dated June 27, 1999, the holders have
granted to the Issuer or its designee an irrevocable proxy to vote all
their shares of Common Stock.
(2) Does not include certain shares. See Item 4.
<PAGE>
CUSIP No. 458144-10-2 13G Page 16 of 35
1. NAMES OF REPORTING PERSONS
I.R.S IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
CCG Capital Fund L.P.
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -------------------------------------------------------------------------------
3. SEC USE ONLY
- -------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware limited partnership
U.S.A.
- -------------------------------------------------------------------------------
5. SOLE VOTING POWER
0
NUMBER OF ---------------------------------------------------------
SHARES 6. SHARED VOTING POWER
BENEFICIALLY 0 (1)
OWNED BY ---------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
PERSON WITH ---------------------------------------------------------
8. SHARED DISPOSITIVE POWER
58,050 shares of Common Stock (2)
- -------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Item 8.
- -------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* (2) [X]
- -------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.1 % as of the date of the filing of this statement. Based on 38,257,965
shares of Common Stock issued and outstanding as of May 14, 1999, plus
3,925,806 shares of Common Stock issued pursuant to the Settlement
Agreement referred to below.
- -------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
PN; HC
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Pursuant to a Settlement Agreement dated June 27, 1999, the holders have
granted to the Issuer or its designee an irrevocable proxy to vote all
their shares of Common Stock.
(2) Does not include certain shares. See Item 4.
<PAGE>
CUSIP No. 458144-10-2 13G Page 17 of 35
1. NAMES OF REPORTING PERSONS
I.R.S IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
CCG Capital Ltd.
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -------------------------------------------------------------------------------
3. SEC USE ONLY
- -------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OR ORGANIZATION
Cayman Islands Company
- -------------------------------------------------------------------------------
5. SOLE VOTING POWER
0
NUMBER OF ---------------------------------------------------------
SHARES 6. SHARED VOTING POWER
BENEFICIALLY 0 (1)
OWNED BY ---------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
PERSON WITH ---------------------------------------------------------
8. SHARED DISPOSITIVE POWER
58,050 shares of Common Stock (2)
- -------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Item 8.
- -------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* (2) [X]
- -------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.1 % as of the date of the filing of this statement. Based on 38,257,965
shares of Common Stock issued and outstanding as of May 14, 1999, plus
3,925,806 shares of Common Stock issued pursuant to the Settlement
Agreement referred to below.
- -------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
CO
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Pursuant to a Settlement Agreement dated June 27, 1999, the holders have
granted to the Issuer or its designee an irrevocable proxy to vote all
their shares of Common Stock.
(2) Does not include certain shares. See Item 4.
<PAGE>
CUSIP No. 458144-10-2 13G Page 18 of 35
1. NAMES OF REPORTING PERSONS
I.R.S IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
CCG Investment Fund Ltd.
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- -------------------------------------------------------------------------------
3. SEC USE ONLY
- -------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OR ORGANIZATION
Cayman Islands Company
- -------------------------------------------------------------------------------
5. SOLE VOTING POWER
0
NUMBER OF ---------------------------------------------------------
SHARES 6. SHARED VOTING POWER
BENEFICIALLY 0 (1)
OWNED BY ---------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
PERSON WITH ---------------------------------------------------------
8. SHARED DISPOSITIVE POWER
58,050 shares of Common Stock (2)
- -------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Item 8.
- -------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* (2) [X]
- -------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.1 % as of the date of the filing of this statement. Based on 38,257,965
shares of Common Stock issued and outstanding as of May 14, 1999, plus
3,925,806 shares of Common Stock issued pursuant to the Settlement
Agreement referred to below.
- -------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
CO
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Pursuant to a Settlement Agreement dated June 27, 1999, the holders have
granted to the Issuer or its designee an irrevocable proxy to vote all
their shares of Common Stock.
(2) Does not include certain shares. See Item 4.
<PAGE>
CUSIP No. 458144-10-2 13G Page 19 of 35
Item 1(a). Name of Issuer:
Intelect Communications, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
1100 Executive Drive
Richardson, Texas 75081
Item 2(a). Name of Person Filing:
Item 2(b). Address of Principal Business Office or, if none, Residence:
Item 2(c). Citizenship:
Citadel Limited Partnership
225 W. Washington
9th Floor
Chicago, Illinois 60604
Illinois limited partnership
Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Delaware limited liability company
GLB Partners, L.P.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Delaware limited partnership
Kenneth Griffin
225 W. Washington
9th Floor
Chicago, Illinois 60604
U.S. citizen
<PAGE>
CUSIP No. 458144-10-2 13G Page 20 of 35
Wellington Partners Limited Partnership
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Illinois limited partnership
WNPH, L.L.C.
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Delaware limited liability company
WCH L.L.C.
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Delaware limited liability company
NP Partners
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Bermuda general partnership
Wingate Capital Ltd.
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Cayman Islands company
Acquirer of securities being reported on
Kensington Global Strategies Fund, Ltd.
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Bermuda company
<PAGE>
CUSIP No. 458144-10-2 13G Page 21 of 35
Fisher Capital Ltd.
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Cayman Islands company
Acquirer of securities being reported on
Olympus Securities, Ltd.
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Bermuda company
Orchard Investment Partners, L.P.
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Delaware limited partnership
Midway Capital Ltd.
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Cayman Islands company
Acquirer of securities being reported on
CCG Capital Fund L.P.
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Delaware limited partnership
<PAGE>
CUSIP No. 458144-10-2 13G Page 22 of 35
CCG Capital Ltd.
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Cayman Islands company
Acquirer of securities being reported on
CCG Investment Fund Ltd.
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Cayman Islands company
Acquirer of securities being reported on
Item 2(d). Title of Class of Securities:
Common Stock
Item 2(e). CUSIP Number:
458144-10-2
<PAGE>
CUSIP No. 458144-10-2 13G Page 23 of 35
Item 3. If This Statement is Filed Pursuant to Rule 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 adviser in accordance with Rule
13d-1(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)(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 3(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.
CITADEL INVESTMENT GROUP, L.L.C.
GLB PARTNERS L.P.
CITADEL LIMITED PARTNERSHIP
KENNETH GRIFFIN
(a) Amount Beneficially Owned:
2,211,405 shares of Common Stock (2)
<PAGE>
CUSIP No. 458144-10-2 13G Page 24 of 35
(b) Percent of Class:
5.2 %. Based on 38,257,965 shares of Common Stock
issued and outstanding as of May 14, 1999, plus
3,925,806 shares of Common Stock issued pursuant
to the Settlement Agreement referred to below.
(c) Number of shares as to which persons filing statement have:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
0 (1)
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition
of:
See Item (a) above.
WELLINGTON PARTNERS LIMITED PARTNERSHIP
WINGATE CAPITAL LTD.
(a) Amount Beneficially Owned:
672,443 shares of Common Stock (2)
(b) Percent of Class:
1.6%. Based on 38,257,965 shares of Common Stock
issued and outstanding as of May 14, 1999, plus
3,925,806 shares of Common Stock issued pursuant
to the Settlement Agreement referred to below.
(c) Number of shares as to which persons filing statement have:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
0 (1)
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition
of:
<PAGE>
CUSIP No. 458144-10-2 13G Page 25 of 35
See Item (a) above.
<PAGE>
CUSIP No. 458144-10-2 13G Page 26 of 35
WNPH, L.L.C.
WCH, L.L.C
NP PARTNERS
(a) Amount Beneficially Owned:
0 shares of Common Stock (2)
(b) Percent of Class:
0%. Based on 38,257,965 shares of Common Stock
issued and outstanding as of May 14, 1999, plus
3,925,806 shares of Common Stock issued pursuant
to the Settlement Agreement referred to below.
(c) Number of shares as to which persons filing statement have:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
0 (1)
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition
of:
See Item (a) above.
<PAGE>
CUSIP No. 458144-10-2 13G Page 27 of 35
KENSINGTON GLOBAL STRATEGIES FUND, LTD.
FISHER CAPITAL LTD.
(a) Amount Beneficially Owned:
1,383,170 shares of Common Stock (2)
(b) Percent of Class:
3.3%. Based on 38,257,965 shares of Common Stock
issued and outstanding as of May 14, 1999, plus
3,925,806 shares of Common Stock issued pursuant
to the Settlement Agreement referred to below.
(c) Number of shares as to which persons filing statement have:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
0 (1)
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition
of:
See Item (a) above.
OLYMPUS SECURITIES LTD.
(a) Amount Beneficially Owned:
0 shares of Common Stock (2)
<PAGE>
CUSIP No. 458144-10-2 13G Page 28 of 35
(b) Percent of Class:
0%. Based on 38,257,965 shares of Common Stock issued and
outstanding as of May 14, 1999, plus 3,925,806 shares of
Common Stock issued pursuant to the Settlement Agreement
referred to below.
(c) Number of shares as to which persons filing statement have:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
0 (1)
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition
of:
See Item (a) above.
ORCHARD INVESTMENT PARTNERS, L.P.
MIDWAY CAPITAL LTD.
(a) Amount Beneficially Owned:
39,692 shares of Common Stock (2)
(b) Percent of Class:
0.1%. Based on 38,257,965 shares of Common Stock
issued and outstanding as of May 14, 1999, plus
3,925,806 shares of Common Stock issued pursuant
to the Settlement Agreement referred to below.
(c) Number of shares as to which persons filing statement have:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
0 (1)
(iii) Sole power to dispose or to direct the disposition of:
0
<PAGE>
CUSIP No. 458144-10-2 13G Page 29 of 35
(iv) Shared power to dispose or to direct the disposition
of:
See Item (a) above.
CCG CAPITAL FUND L.P.
CCG CAPITAL LTD.
(a) Amount Beneficially Owned:
58,050 shares of Common Stock (2)
(b) Percent of Class:
0.1%. Based on 38,257,965 shares of Common Stock
issued and outstanding as of May 14, 1999, plus
3,925,806 shares of Common Stock issued pursuant
to the Settlement Agreement referred to below.
(c) Number of shares as to which persons filing statement have:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
0 (1)
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition
of:
See Item (a) above.
CCG INVESTMENT FUND LTD.
(a) Amount Beneficially Owned:
58,050 shares of Common Stock
(b) Percent of Class:
<PAGE>
CUSIP No. 458144-10-2 13G Page 30 of 35
0.1%. Based on 38,257,965 shares of Common Stock
issued and outstanding as of May 14, 1999, plus
3,925,806 shares of Common Stock issued pursuant
to the Settlement Agreement referred to below.
(c) Number of shares as to which persons filing statement have:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
0 (1)
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition
of:
See Item (a) above.
(1) Pursuant to a Settlement Agreement dated June 27, 1999, the holders have
granted to the Issuer or its designee an irrevocable proxy to vote all of their
shares of Common Stock.
(2) Does not include shares issuable on exercise of warrants to purchase Common
Stock, as set forth below. None of the holders has the right to exercise
Warrants for a number of shares of Common Stock (i) in excess of the number of
shares that, upon giving effect to such exercise would cause the aggregate
number of shares of Common Stock beneficially owned (as defined in the
applicable instruments) by the holder and its affiliates to exceed 5% of the
outstanding shares of Common Stock following the exercise, or (ii) to the extent
that, after giving effect to such exercise, such holder would have acquired
beneficial ownership (as defined in the applicable instruments) of a number of
shares of Common Stock during the 60-day period ending on and including the date
such exercise was implemented (the "60-Day Period") which, when added to the
number of shares of Common Stock beneficially owned at the beginning of the 60-
Day Period, is in excess of 10% of the shares of Common Stock outstanding
immediately after giving effect to such conversion or exercise. Wingate Capital
Ltd., Fisher Capital Ltd., NP Partners, Olympus Securities, Ltd.; CCG Capital
Ltd. and CCG Investment Fund Ltd. hold Warrants to purchase 34,200, 66,400,
68,800, 122,800, 3,900 and 3,900 shares of Common Stock, respectively. At such
time as the Common Stock underlying such Warrants is beneficially owned by the
Reporting Persons within the meaning of Rule 13d-3 promulgated under the
Securities Exchange Act of 1933, as amended ("Rule 13d-3"), the other Reporting
Persons will have beneficial ownership of these shares as follows: Citadel
Investment Group, L.L.C., GLB Partners L.P., Citadel Limited Partnership and
Kenneth C. Griffin: 300,000 shares; Wellington Partners Limited Partnership:
103,000 shares; WNPH, L.L.C. and WCH, L.L.C.: 68,800 shares; Kensington Global
Strategies Fund, Ltd.: 189,200 shares; and CCG Capital Fund L.P.: 3,900 shares.
This Schedule shall not be construed as an admission that any of the Reporting
Persons is
<PAGE>
CUSIP No. 458144-10-2 13G Page 31 of 35
a "beneficial owner" of the Common Stock underlying such Warrants
within the meaning of Rule 13d-3 as of the date of filing of this Schedule 13-G.
Does not include 3,526,822 shares of Common Stock to be acquired on September
10, 1999 pursuant to a Settlement Agreement among the Issuer and the Reporting
Persons in exchange for 4,642 shares, in the aggregate, of the Issuer's Series D
Convertible Preferred Stock plus certain amounts due from the Issuer. These
shares will be acquired as follows: Wingate Capital Fund: 1,117,992 shares;
Fisher Capital Ltd.: 2,067,945 shares; Midway Capital Ltd.: 79,240 shares; CCG
Capital Ltd.: 131,249 shares; CCG Investment Fund Ltd.: 130,396 shares. At
such time as these shares are beneficially owned by the Reporting Persons within
the meaning of Rule 13d-3, the following other Reporting Persons will have
beneficial ownership of these shares as follows: Citadel Investment Group
L.L.C., GLB Partners L.P., Citadel Limited Partnership and Kenneth C. Griffin:
3,526,822 shares; Wellington Partners Limited Partnership: 1,117,992 shares;
Kensington Global Strategies Fund, Ltd.: 2,067,945 shares; Orchard Investment
Partners, L.P.: 79,240 shares; and CCG Capital Fund L.P.: 131,249 shares.
This Schedule shall not be construed as an admission that any of the Reporting
Persons is a "beneficial owner" of such Common Stock within the meaning of Rule
13d-3 as of the date of filing of this Schedule 13-G.
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following [ ].
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company.
See Item 2.
Item 8. Identification and Classification of Members of the Group.
Not Applicable.
Item 9. Notice of Dissolution of Group.
Not Applicable.
<PAGE>
CUSIP No. 458144-10-2 13G Page 32 of 35
Item 10. Certification.
By signing below I certify that, to the best of my 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 that purpose or effect.
<PAGE>
CUSIP No. 458144-10-2 13G Page 33 of 35
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.
Date: July 7, 1999
/s/ Kenneth Griffin
- -------------------------------------------
Kenneth Griffin
CITADEL INVESTMENT GROUP, L.L.C.
By: /s/ Kenneth Griffin
--------------------------------------
Kenneth Griffin, President
GLB PARTNERS, L.P.
By: Citadel Investment Group, L.L.C., its general partner
By: /s/ Kenneth Griffin
--------------------------------------
Kenneth Griffin, President
CITADEL LIMITED PARTNERSHIP
By: GLB Partners, L.P., its general partner
By: Citadel Investment Group, L.L.C., its general partner
By: /s/ Kenneth Griffin
--------------------------------------
Kenneth Griffin, President
WELLINGTON PARTNERS LIMITED PARTNERSHIP
By: Citadel Limited Partnership, its general partner
By: GLB Partners, L.P., its general partner
By: Citadel Investment Group, L.L.C., its general partner
By: /s/ Kenneth Griffin
--------------------------------------
Kenneth Griffin, President
<PAGE>
CUSIP No. 458144-10-2 13G Page 34 of 35
WNPH, L.L.C.
By: Wellington Partners Limited Partnership, its sole member
By: Citadel Limited Partnership, its general partner
By: GLB Partners, L.P., its general partner
By: Citadel Investment Group, L.L.C., its general partner
By: /s/ Kenneth Griffin
--------------------------------------
Kenneth Griffin, President
WCH L.L.C.
By: Citadel Limited Partnership, its sole member
By: GLB Partners, L.P., its general partner
By: Citadel Investment Group, L.L.C., its general partner
By: /s/ Kenneth Griffin
--------------------------------------
Kenneth Griffin, President
NP PARTNERS
By: WCH L.L.C., its general partner
By: Citadel Limited Partnership, its sole member
By: GLB Partners, L.P., its general partner
By: Citadel Investment Group, L.L.C., its general partner
By: /s/ Kenneth Griffin
--------------------------------------
Kenneth Griffin, President
WINGATE CAPITAL LTD.
By: Citadel Limited Partnership, its trading manager
By: GLB Partners, L.P., its general partner
By: Citadel Investment Group, L.L.C., its general partner
By: /s/ Kenneth Griffin
--------------------------------------
Kenneth Griffin, President
KENSINGTON GLOBAL STRATEGIES FUND, LTD.
By: Citadel Limited Partnership, its trading manager
By: GLB Partners, L.P., its general partner
By: Citadel Investment Group, L.L.C., its general partner
By: /s/ Kenneth Griffin
--------------------------------------
Kenneth Griffin, President
<PAGE>
CUSIP No. 458144-10-2 13G Page 35 of 35
FISHER CAPITAL LTD.
By: Citadel Limited Partnership, its trading manager
By: GLB Partners, L.P., its general partner
By: Citadel Investment Group, L.L.C., its general partner
By: /s/ Kenneth Griffin
--------------------------------------
Kenneth Griffin, President
OLYMPUS SECURITIES, LTD.
By: Citadel Limited Partnership, its trading manager
By: GLB Partners, L.P., its general partner
By: Citadel Investment Group, L.L.C., its general partner
By: /s/ Kenneth Griffin
--------------------------------------
Kenneth Griffin, President
ORCHARD INVESTMENT PARTNERS, L.P.
By: Citadel Limited Partnership, its general partner
By: GLB Partners, L.P., its general partner
By: Citadel Investment Group, L.L.C., its general partner
By: /s/ Kenneth Griffin
--------------------------------------
Kenneth Griffin, President
MIDWAY CAPITAL LTD.
By: Citadel Limited Partnership, its trading manager
By: GLB Partners, L.P., its general partner
By: Citadel Investment Group, L.L.C., its general partner
By: /s/ Kenneth Griffin
--------------------------------------
Kenneth Griffin, President
CCG CAPITAL FUND L.P.
By: Citadel Limited Partnership, its general partner
By: GLB Partners, L.P., its general partner
By: Citadel Investment Group, L.L.C., its general partner
By: /s/ Kenneth Griffin
--------------------------------------
Kenneth Griffin, President
CCG CAPITAL LTD.
By: Citadel Limited Partnership, its trading manager
By: GLB Partners, L.P., its general partner
By: Citadel Investment Group, L.L.C., its general partner
By: /s/ Kenneth Griffin
--------------------------------------
Kenneth Griffin, President
CCG INVESTMENT FUND LTD.
By: Citadel Limited Partnership, its trading manager
By: GLB Partners, L.P., its general partner
By: Citadel Investment Group, L.L.C., its general partner
By: /s/ Kenneth Griffin
--------------------------------------
Kenneth Griffin, President
