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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. 1 )*
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NATIONAL MEDIA CORPORATION
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
636919102
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(CUSIP Number)
11 Penn Center, Suite 1100, 1835 Market Street, Philadelphia, PA 19103
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
August 26, 1998
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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(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).
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CUSIP No. 636919102 13D Page 2 of 10 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
NM ACQUISITION CO., LLC 95-4696564
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(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
WC
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(5) Check 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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Number of Shares (7) Sole Voting
Beneficially Owned Power -0-
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 10,311,520
--------------------------------------------------
(9) Sole Dispositive
Power -0-
--------------------------------------------------
(10) Shared Dispositive
Power 10,311,520
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
10,311,520
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
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(13) Percent of Class Represented by Amount in Row (11)
28.83%
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(14) Type of Reporting Person*
00
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 636919102 13D Page 3 of 10 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
TEMPORARY MEDIA CO., LLC
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(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
00
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(5) Check 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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Number of Shares (7) Sole Voting
Beneficially Owned Power -0-
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 10,382,354
--------------------------------------------------
(9) Sole Dispositive
Power -0-
--------------------------------------------------
(10) Shared Dispositive
Power 10,382,354
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
10,382,354
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
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(13) Percent of Class Represented by Amount in Row (11)
28.97%
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(14) Type of Reporting Person*
00
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 636919102 13D Page 4 of 10 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
DANIEL M. YUKELSON
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(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
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(5) Check 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
UNITED STATES OF AMERICA
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Number of Shares (7) Sole Voting
Beneficially Owned Power -0-
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 10,382,354
--------------------------------------------------
(9) Sole Dispositive
Power -0-
--------------------------------------------------
(10) Shared Dispositive
Power 10,382,354
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
10,382,354
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
28.97%
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(14) Type of Reporting Person*
IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 636919102 13D Page 5 of 10 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
ERIC R. WEISS
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(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
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(5) Check 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
UNITED STATES OF AMERICA
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Number of Shares (7) Sole Voting
Beneficially Owned Power -0-
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 10,382,354
--------------------------------------------------
(9) Sole Dispositive
Power -0-
--------------------------------------------------
(10) Shared Dispositive
Power 10,382,354
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
10,382,354
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
28.97%
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(14) Type of Reporting Person*
IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 636919102 13D Page 6 of 10 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
TRUE-DB, INC.
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(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
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(5) Check 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
NEVADA
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Number of Shares (7) Sole Voting
Beneficially Owned Power -0-
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 10,382,354
--------------------------------------------------
(9) Sole Dispositive
Power -0-
--------------------------------------------------
(10) Shared Dispositive
Power 10,382,354
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
10,382,354
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
28.97%
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(14) Type of Reporting Person*
CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 636919102 13D Page 7 of 10 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
STEPHEN C. LEHMAN
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(2) Check the Appropriate Box if a Member (a) /X/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
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(5) Check 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
UNITED STATES OF AMERICA
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Number of Shares (7) Sole Voting
Beneficially Owned Power -0-
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 10,382,354
--------------------------------------------------
(9) Sole Dispositive
Power -0-
--------------------------------------------------
(10) Shared Dispositive
Power 10,382,354
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
10,382,354
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
28.97%
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(14) Type of Reporting Person*
IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 636919102 13D Page 8 of 10 Pages
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ITEM 1. SECURITY AND ISSUER
This statement relates to Common Stock, $.01 par value per share (Common
Stock"), issued by National Media Corporation, a Delaware Corporation ("NMC").
The address of the principal executive offices NMC is Eleven Penn Center,
Suite 1100, 1835 Market Street, Philadelphia, Pennsylvania 19103.
ITEM 2. IDENTITY AND BACKGROUND
This statement is filed on behalf of the following persons:
NM Acquisition Co., LLC, a Delaware limited liability company ("ACO"), of
15821 Ventura Boulevard, Suite 570, Encino, California 91436. ACO's principal
business is the acquisition of equity securities issued by NMC.
Temporary Media Co., LLC, a Delaware limited liability company ("TMC"), of
15821 Ventura Boulevard, Suite 570, Encino, California 91436. TMC's principal
business is the provision of management consulting services to NMC.
Stephen C. Lehman, of 15821 Ventura Boulevard, Suite 570, Encino,
California 91436. Mr. Lehman is the acting Chief Executive Officer of NMC and a
managing member of TMC.
True-DB, Inc., a Nevada corporation ("True-DB"), of 15821 Ventura
Boulevard, Suite 570, Encino, California 91436. True-DB's principal business is
investment.
Eric R. Weiss, of 15821 Ventura Boulevard, Suite 570, Encino, California
91436. Mr. Weiss is a managing member of TMC.
Daniel M. Yukelson, of 15821 Ventura Boulevard, Suite 570, Encino,
California 91436. Mr. Yukelson is a managing member of TMC.
None of the above persons has, during the last five years, been either (a)
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (b) a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction, as the result of such proceedings
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activity subject to, federal or state
securities laws or finding any violation with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
ACO purchased the Series D Stock (as defined below) and the ACO Warrants
(as defined below) for $10,000,000, the source of which was ACO's working
capital.
TMC received the TMC Options (as defined below) in consideration of its
agreement to provide management consulting services to NMC.
ITEM 4. PURPOSE OF TRANSACTION
The purpose of the transactions described below is to cause ACO to acquire
a controlling interest in NMC. Subject to the satisfaction of the conditions
applicable to such transactions, including NMC stockholder approval, ACO would
be the beneficial owner of approximately 53,044,443 shares of Common Stock,
representing approximately 52% of the outstanding Common Stock on a fully
diluted basis. At such time, ACO intends, pursuant to the terms of its
Operating Agreement, to dissolve and distribute in kind the NMC equity
securities held by it to its members in proportion to their membership
interests. Such dissolution and distribution are subject to the agreement of
the proposed recipients of such equity securities to enter into a voting
agreement, granting TMC an irrevocable proxy over all such NMC securities, and
an agreement restricting their rights to transfer such voting securities.
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CUSIP No. 636919102 13D Page 9 of 10 Pages
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On August 11, 1998, ACO entered into a Stock Purchase Agreement with
NMC, pursuant to which ACO will, subject to the satisfaction of certain
conditions including NMC stockholder approval, purchase from NMC up to 22,000
shares of Series E Convertible Preferred Stock ("Series E Stock"). Each share
of Series E Stock is to be convertible into 667 shares of Common Stock, and
each share of Series E Stock is to have voting power equal to 667 shares of
Common Stock. This transaction would result in: (i) ACO acquiring additional
NMC securities; (ii) NMC adopting a Certificate of Designations, Preferences
and Rights of Series E Stock; (iii) ACO having the right to appoint a
majority of NMC's Directors and a reduction in the number of NMC's Directors
to seven; (iv) the appointment of Mr. Lehman as NMC's Chief Executive
Officer; and (v) an increase in NMC's issued and authorized capital to allow
for the issuance and conversion of the Series E Stock.
On August 11, 1998, TMC entered into a Consulting Agreement with NMC,
pursuant to which TMC was granted: (i) warrants to purchase up to 2,612,500
shares of Common Stock (the "TMC Warrants"), subject to the satisfaction of
certain conditions including NMC stockholder approval of the transactions
contemplated by the Stock Purchase Agreement; and (ii) an option (the "TMC
Options") to purchase up to 212,500 shares of Common Stock, vesting over a
six month period from August 11, 1998, and subject to certain cancellation
conditions including NMC stockholder disapproval of the transactions
contemplated by the Stock Purchase Agreement.
On August 11, 1998, ACO entered into a Letter Agreement with Capital
Ventures International, a Cayman Islands partnership, and RGC International
Investors, LDC, a Cayman Islands limited duration company, pursuant to which ACO
purchased: (i) 10,000 shares of Series D Convertible Preferred Stock of NMC
("Series D Stock"); and (b) warrants to purchase up to 992,942 shares of Common
Stock. See Item 5, below.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
The aggregate number of shares of outstanding Common Stock is 25,453,752,
based on NMC's Annual Report on Form 10K, filed with the SEC as of July 8, 1998,
for the fiscal year ended March 31, 1998. For the purposes of percentage
calculations under this Item 5, the number of outstanding shares is increased to
reflect the relevant issuances of Common Stock on a fully diluted basis.
ACO is the beneficial owner of 10,311,520 shares of Common Stock
representing 28.23% of the outstanding Common Stock on a fully diluted basis
and each of the other persons identified in Item 2 is the beneficial owner of
10,382,354 shares of Common Stock, representing 28.97% of the outstanding
Common Stock on a fully diluted basis, as a result of the following:
On August 11, 1998, ACO purchased 10,000 shares of Series D Stock and the
ACO Warrants. On August 25, 1998, ACO waived certain conversion and exercise
limitations affecting the Series D Stock and the ACO Warrants. As a result of
such waivers, ACO became entitled to acquire up to 9,318,578 shares of Common
Stock by conversion of the Series D Stock and up to 992,942 shares of Common
Stock by exercise of the ACO Warrants. Pursuant to Rule 13d-3-(d)(1)(i) under
the Securities Exchange Act of 1934 (the "Exchange Act"), ACO became the
beneficial owner of such 10,311,520 shares of Common Stock on August 26, 1998,
being the first date upon which ACO was entitled to acquire such 10,311,520
shares within 60 days.
TMC is the Manager of ACO. Pursuant to Rule 13d-3(a) of the Exchange Act,
TMC is the beneficial owner of the 10,311,520 shares of Common Stock described
above because TMC has the power to direct the voting and disposition of such
shares. On August 11, 1998, NMC issued the TMC Options to TMC. Within 60 days
after the date of this statement, TMC is entitled to acquire up to 70,834 shares
of Common Stock by exercise of the TMC Options and therefore is the beneficial
owner of such 70,834 shares pursuant to Rule 13d-3-(d)(1)(i) under the Exchange
Act.
Stephen C. Lehman, True-DB and Daniel M. Yukelson are the managing
members of TMC. Each of Messrs. Lehman, Weiss and Yukelson and True-DB is
the beneficial owner of the 10,311,520 shares of Common Stock direct owned by
ACO and the 70,834 shares of Common Stock directly owned by TMC because each
has shared power to direct the voting and disposition of the shares directly
held by TMC and, through their control of TMC, the shares over which TMC has
the power to direct voting and disposition. Eric R. Weiss is the controlling
stockholder of True-DB.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
See Item 4.
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CUSIP No. 636919102 13D Page 10 of 10 Pages
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ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A -- Limited Power of Attorney for Section 16(a) and Section 13(d)
Filings.
Exhibit B -- Stock Purchase Agreement, dated August 11, 1998, by and
between NMC and ACO, incorporated by reference to Exhibit 10.1 to the Form
8-K of NMC dated August 18, 1998 (File No. 001-06715).
Exhibit C -- Letter Agreement, dated August 12, 1998, by and between
NMC, ACO, RGC International Investors, LDC and Capital Ventures
International, incorporated by reference to Exhibit 10.4 to the Form 8-K of
NMC dated August 18, 1998 (File No. 001-06715).
Exhibit D -- Consulting Agreement, dated August 11, 1998, by and between
NMC and TMC, incorporated by reference to Exhibit 10.2 to the Form 8-K of NMC
dated August 18, 1998 (File No. 001-06715).
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)
NM ACQUISITION CO., LLC, TEMPORARY MEDIA CO., LLC
a Delaware limited liability company a Delaware limited liability company
by its Manager,
Temporary Media Co., LLC By
a Delaware limited liability company
Daniel M. Yukelson
Managing Member
By
Daniel M. Yukelson STEPHEN C. LEHMAN,
Managing Member ERIC R. WEISS and
TRUE-DB, INC, a Nevada corporation
- -------------------------- By
DANIEL M. YUKELSON
Daniel M. Yukelson,
Attorney in fact
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LIMITED POWER OF ATTORNEY
FOR
SECTION 16(a) AND SECTION 13(d) FILINGS
Know all be these presents, that the undersigned hereby constitutes and
appoints Daniel M. Yukelson, the undersigned's true and lawful
attorney-in-fact to:
(1) Execute for and on behalf of the undersigned, on its own
behalf and in the undersigned's capacity as a Member of NM Acquisition Co.,
LLC, Forms 3, 4 and 5 and amendments thereto in accordance with Section 16(a)
of the Securities Exchange Act of 1934 (the "Exchange Act") and the rules
thereunder, and Schedule 13D and amendments thereto in accordance with
Section 13(d) of the Exchange Act and the rules thereunder; and
(2) Do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to complete and execute any
such Form 3, 4 or 5 or amendment thereto, or Schedule 13D or amendment
thereto, and timely file such form or schedule with the United States
Securities and Exchange Commission (the "SEC"), the New York Stock Exchange
and the Philadelphia Stock Exchange and any other stock exchange or similar
authority.
The undersigned hereby grants to each such attorney-in-fact full power
and authority to do and perform any and every act and thing whatsoever
requisite, necessary, or proper to be done in the exercise of any of the
rights and powers herein granted, as fully to all intents and purposes as the
undersigned might or could do if personally present, with full power of
substitution or revocation, hereby ratifying and confirming all that each
such attorney-in-fact, or such attorney-in-fact's substitute or substitutes,
shall lawfully do or cause to be done by virtue of this Power of Attorney and
the rights and powers herein granted. The undersigned acknowledges that the
foregoing attorney-in-fact, in serving in such capacity at the request of the
undersigned, is not assuming any of the undersigned's responsibilities to
comply with Sections 13 or 16 of the Exchange Act.
This Power of Attorney shall remain in full force and effect until
revoked by the undersigned in a signed writing delivered to the foregoing
attorney-in-fact. This Power of Attorney may be filed with the SEC as a
confirming statement of the authority granted herein.
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IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to
be executed as of this 3 day of September, 1998.
Print Name Below:
- --------------------------- -------------------------
ERIC R. WEISS STEPHEN C. LEHMAN
TRUE-DB, INC.
A Nevada corporation
- ---------------------
By: Eric R. Weiss
