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
-----------------------------------------------------
(Last) (First) (Middle)
777 POST OAK BLVD., SUITE 950
-----------------------------------------------------
(Street)
HOUSTON, TX 77056
-----------------------------------------------------
(City) (State) (Zip)
-------------------------------------------------------------------------------
2. Issuer Name and Ticker or Trading Symbol
INTELECT COMMUNICATIONS INC. (ICOM)
-------------------------------------------------------------------------------
3. IRS or Social Security Number of Reporting Person (Voluntary)
-------------------------------------------------------------------------------
4. Statement for Month/Year
NOVEMBER/2000
-------------------------------------------------------------------------------
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
<PAGE>
FORM 4 (continued)
--------------------------------------------------------------------------------
TABLE I--Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
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)
--------------------- -------- ---- ---- ----------- ------ --------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Common Stock 10/20/00 S 247,500 (D) $1.11 D (1)
Common Stock 10/24/00 S 436,500 (D) $1.07 D (1)
Common Stock 10/26/00 S 113,886 (D) $0.95 -0- D (1,2)
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly. (Print or Type Responses)
TABLE II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g. puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
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)
---------- -------- -------- ---- --- ---- ---- ------- ----- ----- ------ ------ ---------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Warrant $7.50 11/30/00 J 1,080,000 (D) 04/02/98 02/12/01 common 1,080,000 D (3)
Warrant $3.20 11/30/00 J 382,500 (D) 01/13/99 02/12/01 common 382,500 D (3)
Warrant $0.75 11/30/00 J 3,102,683 (A) 11/30/00 06/30/02 common 3,102,683 D (3)
Warrant $0.75 11/30/00 J 5,704,622 (A) 04/15/01 09/30/02 common 5,704,622 D (3)
Warrant $0.75 11/30/00 J 5,654,082 (A) 10/15/01 09/30/02 common 5,654,082 14,461,387 D (3)
</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
Seaboard 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.
(3) Effective November 30, 2000, SJMB, L.P. and Intelect Communications, Inc.
entered into a Settlement Agreement and Mutual Release, pursuant to which SJMB,
L.P. returned the warrants it held and received new warrants to purchase common
shares of Intelect Communications, Inc. Pursuant to the Settlement Agreement and
Mutual Release, SJMB, L.P. received warrants to purchase 14,461,387 shares of
common stock. (Does not include shares of common stock issuable upon the
exercise of warrants which are beneficially owned by Falcon Seaboard Investment
Co., L.P. through a participation agreement with SJMB, L.P.)
Page 2
<PAGE>
FORM 4 (continued)
SJMB, L.P. disclaims ownership of all shares subject to the participation
agreement with Falcon Seaboard Investment Co., L.P.
/s/ JAMES H. HARRISON, CFO 01/10/01
---------------------------------------- --------------------
** 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.
