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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )*
INCOMNET, INC.
- --------------------------------------------------------------------------------
(NAME OF ISSUER)
Common Stock, No Par Value
- --------------------------------------------------------------------------------
(TITLE OF CLASS OF SECURITIES)
453365-20-7
- --------------------------------------------------------------------------------
(CUSIP NUMBER)
Aaron A. Grunfeld, Esq., Resch Polster Alpert & Berger LLP
10390 Santa Monica Blvd., 4th Floor, Los Angeles, CA 90025-5058
310/277-8300
- --------------------------------------------------------------------------------
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON
AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS)
May 5, 1997
- --------------------------------------------------------------------------------
(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(b)(3) or (4), check the following box [ ].
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*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
disclosures provided in a prior cover page.
The information required on 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 ("Act") 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> 2
SCHEDULE 13D
CUSIP No. 453365-20-70 PAGE OF PAGES
--- ----
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
David Wilstein (SS# ###-##-####)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
454,971*
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 454,971*
PERSON ----------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
454,971*
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Approximately 3.37% based upon total number of shares shown
outstanding on most recent Annual Report.
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
* (Includes stock of adult daughter and additional shares held in trust.)
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 3
SCHEDULE 13D
CUSIP No. 453365-20-7 PAGE OF PAGES
--- ----
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Leonard Wilstein (SS# ###-##-####)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
98,588*
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 98,588*
PERSON ----------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
98,588*
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Approximately 0.73% based upon total number of shares shown
outstanding on most recent Annual Report.
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
* (Excluding stock held by two adult sons.)
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 4
SCHEDULE 13D
CUSIP No. 453365-20-7 PAGE OF PAGES
--- ----
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jack Gilbert (SS# ###-##-####)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
205,000
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 205,000
PERSON ----------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
205,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Approximately 1.52% based upon total number of shares shown
outstanding on most recent Annual Report.
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 5
SCHEDULE 13D
CUSIP No. 453365-20-7 PAGE OF PAGES
--- ----
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Richard M. Horowitz (SS# ###-##-####)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
360,535*
NUMBER OF ----------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 360,535*
PERSON ----------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
360,535*
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Approximately 2.67% based upon total number of shares
outstanding on most recent Annual Report.
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
* (Excludes 16,500 shares owned by two adult children and excludes 14,095
owned by wife, Beverly.)
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 6
ITEM 1. SECURITY AND ISSUER.
Security - Common Stock, No Par Value
Issuer - INCOMNET, INC., a California corporation
21031 Ventura Boulevard, Suite 1100
Woodland Hills, California 91364
(818) 887-3400
ITEM 2. IDENTITY AND BACKGROUND.
Preliminary Statement
Although the individuals named below have not entered into any
written agreement relating to voting of their shares or relating to
any particular course of action concerning the voting of their shares,
pursuant to Rule 13d-5(b)(1), the following persons may be deemed to
be a group who have acquired beneficial ownership, for purposes of
Sections 13(d) and 13(g) of the Act, of all equity securities of
INCOMNET beneficially owned by the following persons.
<TABLE>
<S> <C> <C> <C>
1. a. Name: David Wilstein
b. Residence or Business 2080 Century Park East,
Address: Penthouse
Los Angeles, CA 90067
c. Present Principal Chairman and President
Occupation or Employment of REALTECH, a land
and the name, principal development company (same
business and address of address as above).
any corporation or other
organization in which such
employment is conducted:
d. Current conviction during
the last 5 years: None
e. Securities Laws Proceedings: None
f. Citizenship: United States of America
2. a. Name: Leonard Wilstein
b. Residence or Business 11201 Hindry Avenue
Address: Los Angeles, CA 90045
c. Present Principal President and owner of
Occupation or Employment Aero Products Research,
and the name, principal Inc., a manufacturer of
business and address of pilots' equipment and
any corporation or other credit cards (same
organization in which such address as above).
</TABLE>
<PAGE> 7
<TABLE>
<S> <C> <C> <C>
employment is conducted:
d. Current conviction during
the last 5 years: None
e. Securities Laws Proceedings: None
f. Citizenship: United States of America
3. a. Name: Jack Gilbert
b. Residence or Business 15456 Coutolenc Road
Address: Magalia, CA 95954
c. Present Principal Stockbroker with J.
Occupation or Employment Alexander Securities, Inc.,
and the name, principal a N.A.S.D. registered
business and address of brokerage firm
any corporation or other 523 W. Sixth Street,
organization in which such Suite 606, Los Angeles,
employment is conducted: CA 90014
d. Current Conviction during
the last 5 years: None
e. Securities Laws Proceedings: None
f. Citizenship: United States of America
4. a. Name: Richard M. Horowitz
b. Residence or Business 9301 Wilshire Boulevard,
Address: Suite 206
Beverly Hills, CA 90210
c. Present Principal Insurance broker with
Occupation or Employment M.B.I., Inc., an insurance
and the name, principal brokerage firm (same address
business and address of as above).
any corporation or other
organization in which such
employment is conducted:
d. Current conviction during
the last 5 years: None
e. Securities Laws Proceedings: None
f. Citizenship: United States of America
</TABLE>
ITEM 3. SOURCE AND AMOUNT OF FUNDS AND OTHER CONSIDERATION.
1. David Wilstein - Personal funds aggregating
$2,005,815.
<PAGE> 8
2. Leonard Wilstein - Personal funds aggregating
$445,843.
3. Jack Gilbert - Personal funds aggregating
$765,000.
4. Richard M. Horowitz - Personal funds aggregating
approximately $1,080,000.
ITEM 4. PURPOSE OF TRANSACTION.
Each of the individuals for whom this filing is being made
acquired most of his shares in open market transactions for purposes of
investment. As of this date, the reporting persons are considering
various courses of action with respect to their investment in the hope
of increasing shareholder value. These actions may include but are not
necessarily limited to any or all of the following: acquiring
additional securities of the issuer and/or seeking representation on
INCOMNET's Board of Directors by proposing nominees for election to the
Board of Directors at INCOMNET's annual meeting or otherwise.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
<TABLE>
<CAPTION>
1. Aggregate Number
of Shares
Name Beneficially Owned Percentage(a)
---- ------------------ -----------
<S> <C> <C>
David Wilstein 454,971(b) 3.37%
Leonard Wilstein 98,588(c) 0.73%
Jack Gilbert 205,000 1.52%
Richard M. Horowitz 360,535(d) 2.67%
</TABLE>
____________
(a) Based upon total outstanding shares stated in 1996 Annual
Report.
(b) Includes stock of adult daughter and additional shares
held in trust.
(c) Excludes 32,000 shares owned by Leonard Wilstein's two
adult children, which shares he disclaims any beneficial
ownership or voting rights relating thereto.
(d) Excludes 16,500 shares owned by two adult children and
excludes 14,095 owned by wife, Beverly.
2. Each of the foregoing persons has sole power to vote or to
direct a vote and sole power to dispose or direct the
disposition of securities listed next to his name.
3. Shares of INCOMNET's stock acquired or sold within past 60
days, identifying date of transaction, amount of securities
involved, and price per share, as well as where and how each
transaction was effected.
David Wilstein - Last acquired 2,500 shares on
3/31/97 at a price of $3.25 per share on the
Open Market.
Leonard Wilstein - None within last 60 days.
Jack Gilbert - From 4/7 - 5/14/97, a total of
14,200 shares were acquired at a price ranging
from $2 3/4 to $3 7/8 per share on the Open
Market. On 4/22 and 4/24/97, a total of 13,000
shares were sold at a price ranging from $3 1/2
to $3 7/8 per share on the Open Market.
<PAGE> 9
Richard M. Horowitz - From 3/25 - 4/30/97, a total of
16,000 shares were acquired at a price ranging from
$2.75 to $3.13 per share through J. Alexander
Securities, Inc., on the open market.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Except as described in Items 3, 4 and 5 above, inapplicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
None.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information concerning the undersigned set forth in this
statement is complete and accurate.
Dated: May 15, 1997 /s/ David Wilstein
------------------------------
David Wilstein
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information concerning the undersigned set forth in this
statement is complete and accurate.
Dated: May 15, 1997 /s/ Leonard Wilstein
------------------------------
Leonard Wilstein
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information concerning the undersigned set forth in this
statement is complete and accurate.
Dated: May 15, 1997 /s/ Jack Gilbert
------------------------------
Jack Gilbert
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information concerning the undersigned set forth in this
statement is complete and accurate.
Dated: May 15, 1997 /s/ Richard M. Horowitz
------------------------------
Richard M. Horowitz
