FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instructions 1(b).
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
_______________________________________________________________________________
1. Name and Address of Reporting Person
SJMB, LLC
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(Last) (First) (Middle)
777 POST OAK BLVD., SUITE 950
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(Street)
HOUSTON, TX 77056
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
INTELECT COMMUNICATIONS, INC. (ICOM)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
_______________________________________________________________________________
4. Statement for Month/Year
JUNE/2000
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5. If Amendment, Date of Original (Month/Year)
_______________________________________________________________________________
6. Relationship of Reporting Person to Issuer
(Check all applicable)
[X] 10% Owner
[ ] Director
[ ] Officer (give title below)
[ ] Other (specify below)
7.Individual or Joint Group Filing (check applicable line)
[X] Form filed by one reporting person
[ ] Form Filed by more than one reporting person
_______________________________________________________________________________
TABLE I--Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
<TABLE>
<S> <C>
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1. 2. 3. 4. 5. 6. 7.
--------------------- -------- ---------- ------------------------------ ----------- ---------- ----------
Amount of Owner-
Securities ship
Trans- Trans- Securities Acquired (A) Beneficially Form:
action action or Disposed of (D) Owned at Direct Nature of
Date Code (Instr. 3, 4 and 5) End of (D) or Indirect
Title of (Month/ (Instr. 8) ---------------------------- Month Indirect Beneficial
Security Day/ ---------- Amount (A) or Price (Instr. (I) Ownership
(Instr. 3) Year) Code V (D) 3 and 4) (Instr. 4) (Instr. 4)
--------------------- -------- ---- ---- ----------- ------ --------- ----------- ---------- ----------
Common Stock 9/20/99 C 1,055,393 $0.67 D (1)
Common Stock 12/1/99 S 318,756 $1.11 D (1)
Common Stock 12/2/99 S 731,846 $1.55 D (1)
Common Stock 1/19/00 C 3,280,848 $1.65 D (1)
Common Stock 3/21/00 S 190,800 $6.84 D (1)
Common Stock 3/24/00 S 36,720 $7.65 D (1)
Common Stock 3/28/00 S 160,110 $7.06 D (1)
Common Stock 3/29/00 S 120,420 $6.14 D (1)
Common Stock 3/30/00 S 70,200 $6.00 D (1)
Common Stock 3/31/00 S 306,450 $5.53 D (1)
Common Stock 4/18/00 S 16,020 $4.70 D (1)
Common Stock 4/24/00 C 690,797 $1.95 D (1)
Common Stock 5/5/00 S 130,230 $2.96 D (1)
Common Stock 5/8/00 S 144,000 $2.95 D (1)
Common Stock 6/2/00 S 242,730 $2.99 D (1)
Common Stock 6/6/00 S 54,000 $2.96 D (1)
Common Stock 6/8/00 S 45,000 $2.96 D (1)
Common Stock 6/9/00 S 28,170 $2.96 D (1)
Common Stock 6/12/00 S 31,500 $2.96 D (1)
Common Stock 6/20/00 C 401,115 $1.80 D (1)
Common Stock 6/27/00 S 47,394 $2.33 D (1)
Common Stock 6/29/00 S 132,660 $2.44 D (1)
Common Stock 6/30/00 S 64,948 $2.49 2,150,293 D (1,2)
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly. (Print or Type Responses)
<PAGE>
Page 2
FORM 4 (continued)
TABLE II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g. puts, calls, warrants, options, convertible securities)
<TABLE>
<S> <C>
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1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
---------- -------- -------- -------- ---------- ------------ -------------- ------ ---------- --------- ----------
Title and Ownership
Number of Date Exer- Amount of Form of
Derivative cisable and Underlying Number of Deriv-
Securities Expiration Securities Price Derivative ative
Conver- Trans- Acquired (A) Date (Month/ (Instr. 3 of Securities Security:
sion or Trans- action or Disposed Day/Year) and 4) Deriv- Benefi- Direct
Exercise action Code of (D) -------------- -------------- ative cially (D) or Nature of
Title of Price of Date (Instr. (Instr. 3, Date Amount Secur- Owned at Indirect Indirect
Derivative Deriv- (Month/ 8) 4 and 5) Exer- Expir- or Num- ity End of (I) Beneficial
Security ative Day/ -------- ---------- cis- ation ber of (Instr. Month (Instr. Ownership
(Instr. 3) Security Year) Code V (A) (D) able Date Title Shares 5) (Instr. 4) 4) (Instr. 4)
---------- -------- -------- ---- --- ---- ---- ------- ----- ----- ------ ------ ---------- -------- ----------
Convertible Common
Note $0.67 9/20/99 C 1,055,393 D 8/13/99 7/31/00 Stock 1,055,393 $0.67 D (1)
Convertible Common
Note $1.65 1/19/00 C 3,280,848 D 8/13/99 7/31/00 Stock 3,280,848 $1.65 D (1)
Convertible Common
Note $1.95 4/24/00 C 690,797 D 8/13/99 7/31/00 Stock 690,797 $1.95 D (1)
Convertible Common
Note $1.80 6/20/00 C 401,115 D 8/13/99 7/31/00 Stock 401,115 $1.80 3,084,301 D (1,2)
</TABLE>
Explanation of Responses:
INTELECT COMMUNICATIONS, INC.
EXPLANATION OF RESPONSES FOR FORM 4
(1) Directly owned by SJMB, L.P., of which Reporting Person is sole general
partner. Does not include any shares which are beneficially owned by Falcon
Seabord Investment Co. through a participation agreement with SJMB, L.P. SJMB,
L.P. disclaims ownership of all shares subject to the participation agreement.
(2) As of June 30, 2000, all of the Convertible note and related accrued
interest has been converted into common stock. The number of derivative
securities beneficially owned at June 30, 2000 relates to warrants to acquire
common stock. The warrants, which were filed with the Securities and Exchange
Commission on March 31, 1998 as Exhibit 10.70 in Intelect Communications, Inc.'s
10-K for the year ended 1997, require Intelect Communications, Inc. to inform
SJMB, L.P. of events that trigger the warrant anti-dilution provisions and the
impact of such events. Intelect Communications, Inc. has not formally informed
SJMB, L.P. of any such events subsequent to November 10, 1998. However, SJMB,
L.P. believes that several events have occurred that trigger the warrant
anti-dilution provisions and the foregoing does not include additional shares
that will be issued to SJMB, L.P. nor any adjustment to the exercise price as
the result of such subsequent events. SJMB, L.P. has requested Intelect
Communications, Inc. clarify the details of any such subsequent events and is
currently waiting for such clarification. Once Intelect Communications, Inc., in
compliance with the anti-dilution provisions of the warrants, informs SJMB, L.P.
of the additional warrants to be issued as a result of the subsequent event,
SJMB, L.P. will further amend to reflect the additional shares to which it is a
beneficial owner and the adjustment to the exercise price thereof.
Does not include shares of common stock issuable upon the exercise of warrants
which are beneficially owned by Falcon Seaboard Investment Co. through a
participation agreement with SJMB, L.P. SJMB, L.P. disclaims ownership of all
shares subject to the participation agreement.
/s/ JAMES H. HARRISON, CFO 6/30/00
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** Signature of Reporting Person Date
** 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 provided is insufficient, see Instruction 6 for procedure.
