<PAGE>
OMB APPROVAL
OMB NUMBER: 3235-0145
EXPIRES: AUGUST 31, 1999
ESTIMATED AVERAGE BURDEN
HOURS PER RESPONSE . . . . . . . . 14.90
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 6)*
Nestor, Inc.
- -----------------------------------------------------------------------------
Common Stock, Par Value $.01
- -----------------------------------------------------------------------------
64107410
- -----------------------------------------------------------------------------
(CUSIP Number)
Bruce W. Schnitzer, Wand (Nestor) Inc.,
630 Fifth Avenue, Suite 2435, New York, NY 10011
(212) 632-3795
- -----------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
April 28, 1998
- -----------------------------------------------------------------------------
(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 l3D, 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 l3d-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).
* Copy to: Skadden, Arps, Slate, Meagher & Flom LLP
1440 New York Avenue, N.W.
Washington, DC 20005
(202) 371-7000 Attn: Michael Rogan
SEC 1746 (10-97)
Page 1 of 17
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<PAGE>
CUSIP No 6410740
- -----------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
WAND/NESTOR INVESTMENTS L.P.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
3. SEC Use Only . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
4. Source of Funds (See Instructions) N/A . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e)
- -----------------------------------------------------------------------------
6. Citizenship or Place of Organization DELAWARE . . . . . . . . . . . .
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Number of 7. Sole Voting Power 4,133,011 . . . . . . . . . . .
Shares Bene- --------------------------------------------------------------
ficially by 8. Shared Voting Power . . . . . . . . . . . . . . . . . . .
Owned by --------------------------------------------------------------
Each 9. Sole Dispositive Power 4,133,011 . . . . . . . . . . .
Reporting --------------------------------------------------------------
Person With 10. Shared Dispositive Power . . . . . . . . . . . . . . . .
--------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
4,133,011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions ) . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (Il)
23.68% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
PN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Page 2 of 17
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<PAGE>
CUSIP No 64107410
- -----------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
WAND/NESTOR INVESTMENTS II L.P.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
3. SEC Use Only . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
4. Source of Funds (See Instructions) N/A . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e )
- -----------------------------------------------------------------------------
6. Citizenship or Place of Organization DELAWARE . . . . . . . . . .
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Number of 7. Sole Voting Power 440,923 . . . . . . . . . . .
Shares Bene- --------------------------------------------------------------
ficially by 8. Shared Voting Power
Owned by --------------------------------------------------------------
Each 9. Sole Dispositive Power 440,923 . . . . . . . . . . .
Reporting --------------------------------------------------------------
Person With 10. Shared Dispositive Power . . . . . . . . . . . . . . . .
--------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
440,923 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions ) . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (Il) 2.70% . . . . . .
- -----------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
PN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Page 3 of 17
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<PAGE>
CUSIP No 64107410
- -----------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
WAND/NESTOR INVESTMENTS III L.P.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
3. SEC Use Only . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
4. Source of Funds (See Instructions) N/A . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e )
- -----------------------------------------------------------------------------
6. Citizenship or Place of Organization DELAWARE . . . . . . . . . .
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Number of 7. Sole Voting Power 2,027,218 . . . . . . . . . .
Shares Bene- --------------------------------------------------------------
ficially by 8. Shared Voting Power
Owned by --------------------------------------------------------------
Each 9. Sole Dispositive Power 2,027,218 . . . . . . . . . .
Reporting --------------------------------------------------------------
Person With 10. Shared Dispositive Power . . . . . . . . . . . . . . . .
--------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
2,027,218 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions ) . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (Il) 35.99% . . . . . .
- -----------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
PN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Page 4 of 17
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<PAGE>
CUSIP No 64107410
- -----------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
WAND (NESTOR) INC.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
3. SEC Use Only . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
4. Source of Funds (See Instructions) N/A . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e )
- -----------------------------------------------------------------------------
6. Citizenship or Place of Organization DELAWARE . . . . . . . . . .
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Number of 7. Sole Voting Power 6,601,152 . . . . . . . . .
Shares Bene- --------------------------------------------------------------
ficially by 8. Shared Voting Power
Owned by --------------------------------------------------------------
Each 9. Sole Dispositive Power 6,601,152 . . . . . . . . .
Reporting --------------------------------------------------------------
Person With 10. Shared Dispositive Power . . . . . . . . . . . . . . . .
--------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
6,601,152 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions ) . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (Il) 36.02% . . . . .
- -----------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
CO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Page 5 of 17
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<PAGE>
CUSIP No 64107410
- -----------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
MR. BRUCE W. SCHNITZER . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
3. SEC Use Only . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
4. Source of Funds (See Instructions) N/A. . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e )
- -----------------------------------------------------------------------------
6. Citizenship or Place of Organization UNITED STATES OF AMERICA . . .
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Number of 7. Sole Voting Power 6,813,652 . . . . . . . . . .
Shares Bene- --------------------------------------------------------------
ficially by 8. Shared Voting Power
Owned by --------------------------------------------------------------
Each 9. Sole Dispositive Power 6,813,652 . . . . . . . . . .
Reporting --------------------------------------------------------------
Person With 10. Shared Dispositive Power . . . . . . . . . . . . . . . .
--------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
6,183,652 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions ) . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (Il) 36.76% . . . . .
- -----------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
IN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Page 6 of 17
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<PAGE>
CUSIP No 64107410
- -----------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
WAND PARTNERS L.P.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
3. SEC Use Only . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
4. Source of Funds (See Instructions) N/A . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e )
- -----------------------------------------------------------------------------
6. Citizenship or Place of Organization DELAWARE . . . . . . . . . .
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Number of 7. Sole Voting Power 207,500 . . . . . . . . . . .
Shares Bene- --------------------------------------------------------------
ficially by 8. Shared Voting Power
Owned by --------------------------------------------------------------
Each 9. Sole Dispositive Power 207,500 . . . . . . . . . . .
Reporting --------------------------------------------------------------
Person With 10. Shared Dispositive Power . . . . . . . . . . . . . . . .
--------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
207,500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions ) . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (Il)
1.27% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
IN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Page 7 of 17
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<PAGE>
CUSIP No 64107410
- -----------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
WAND PARTNERS (S.C.) INC.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
3. SEC Use Only . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
4. Source of Funds (See Instructions) N/A . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e )
- -----------------------------------------------------------------------------
6. Citizenship or Place of Organization DELAWARE . . . . . . . . . .
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Number of 7. Sole Voting Power 207,500 . . . . . . . . . . .
Shares Bene- --------------------------------------------------------------
ficially by 8. Shared Voting Power
Owned by --------------------------------------------------------------
Each 9. Sole Dispositive Power 207,500 . . . . . . . . . . .
Reporting --------------------------------------------------------------
Person With 10. Shared Dispositive Power . . . . . . . . . . . . . . . .
--------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
207,500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions ) . . . . . . . . . . . . . . . . . . . . . . . . . .
- -----------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (Il) 1.27% . . . . .
- -----------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
CO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Page 8 of 17
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<PAGE>
The Statement on Schedule 13D filed on August 15, 1994, and amended on
April 18, 1995, July 12, 1995, October 5, 1995, February 13, 1996 and March
12, 1996, with respect to the common stock, par value $.01 per share (the
"Common Stock") of Nestor, Inc., a Delaware corporation (the "Company"), is
hereby further amended as follows:
Item 5. Interest in Securities of the Issuer.
- ------------------------------------------------
Item 5(a) is hereby amended as follows:
(a) As of the date hereof, as a result of the consummation on April
28, 1998 of the conversion of their shares of Series E, F, G and H
Preferred Stock, the Wand/Nestor Partnership, the Wand Nestor II
Partnership and the Wand/Nestor III Partnership may each be deemed pursuant
to the Exchange Act and the rules and regulations promulgated thereunder to
beneficially own, respectively, approximately 23.68%, 2.70%, and 35.99% of
the outstanding shares of Common Stock of the Company. In addition, WPI
which owns, as general partner, a 49.99% interest in Wand Partners L.P.
("WPLP"), and WPLP, which holds a .1% interest in each of Wand/Nestor
Partnership, the Wand Nestor II Partnership and the Wand/Nestor III
Partnership, may each be deemed pursuant to the Exchange Act and the rules
and regulations promulgated thereunder, by reason of the securities of the
Company held directly be WPLP, to beneficially own, respectively,
approximately 1.27% of the outstanding shares of Common Stock of the
Company. As of the date hereof, as a result of the relationships and stock
ownership discussed above, the General Partner and Mr. Schnitzer may each
be deemed, pursuant to the Exchange Act and the rules and regulations
promulgated thereunder, to beneficially own, respectively, approximately
36.02% and 36.76% of the outstanding shares of Common Stock of the Company.
Item 5(b) is hereby amended as follows:
(b) The Wand/Nestor Partnership, the Wand/Nestor II Partnership and
the Wand/Nestor III Partnership each has sole power to vote or to direct
the vote and sole power to dispose or to direct the disposition of the
shares of Company Common Stock beneficially owned by it as a consequence of
its ownership, of record and beneficially, of Common Stock, Series D
Preferred Stock and the several warrants to acquire Common Stock. By
virtue of their relationship to the Wand/Nestor Partnership, the
Wand/Nestor II Partnership and the Wand/Nestor III Partnership, the General
Partner and Mr. Schnitzer may each be deemed to have concurrent indirect
power to vote or to direct the vote and to dispose or to direct the
disposition of all such shares. In addition, WPI and WPLP may be deemed to
have shared voting and dispositive power over the shares underlying the
207,500 warrants owned by WPLP. By virtue of Mr. Schnitzer's relationship
to WPI and WPLP, Mr. Schnitzer may be deemed to have concurrent indirect
power to vote or to direct the vote and to dispose or to direct the
disposition of all such shares beneficially owned by WPLP. Holders of
Series D Preferred Stock are entitled to vote on all matters as to which
shareholders of the Company are entitled to vote, with each holder entitled
to cast a number of votes equal to the greatest number of whole shares of
Common Stock into which such holder's shares of Series D Preferred Stock
could be converted.
Page 9 of 17
- --
<PAGE>
Item 5(c) is hereby amended as follows:
(c) In connection with the issuance on April 28, 1998 by the Company
of equity securities to a third party, on such date, the Wand/Nestor
Partnership, the Wand/Nestor II Partnership, and the Wand/Nestor III
Partnership converted the following Series of Preferred Stock into shares
of Common Stock. Wand/Nestor Partnership converted 527 shares of Series F
Preferred Stock into 506,158 shares of Common Stock; 777 shares of Series G
Preferred Stock into 739,838 shares of Common Stock; and 1,776 shares of
Series H Preferred Stock into 1,510,749 shares of Common Stock.
Wand/Nestor II Partnership converted 72 shares of Series F Preferred Stock
into 69,152 shares of Common Stock; and 250 shares of Series H Preferred
Stock into 212,661 shares of Common Stock. Wand/Nestor III Partnership
converted 1,444 shares of Series E Preferred Stock into 1,228,334 shares of
Common Stock.
The stated value of the Series E, F, G and H Preferred Stock is
$1,000 per share; and the conversion price and per annum rate of dividend
of: (i) the Series E and Series H Preferred Stock is $1.50 per share and
7% per annum and (ii) the Series F and Series G Preferred Stock is $1.25
per share and 9% per annum. Dividends accrued and unpaid on the shares of
Preferred Stock through March 31, 1998 were added to the stated value of
such shares. Holders of the Preferred Stock obtained additional shares of
Common Stock upon conversion based on an agreed upon premium of 31/2%. In
such transaction, holders of Series E, F, G, and H Preferred Stock received
from the Company cash for dividends accrued from March 31, 1998 through
April 28, 1998. Except for the above-stated transaction, none of the
Filing Persons has effected any transactions in Common Stock of the Company
during the past 60 days.
Page 10 of 17
-- --
<PAGE>
SIGNATURE
---------
After reasonable inquiry and to the best of its knowledge and belief,
the undersigned certifies that the information set forth in this Statement
is true, complete and correct.
Dated: May 11, 1998
WAND/NESTOR INVESTMENTS L.P.
By: Wand (Nestor) Inc.,
as general partner
By: /s/ Bruce W. Schnitzer
----------------------
Name: Bruce W. Schnitzer
Title: Chairman
Page 11 of 17
-- --
<PAGE>
SIGNATURE
---------
After reasonable inquiry and to the best of its knowledge and belief,
the undersigned certifies that the information set forth in this Statement
is true, complete and correct.
Dated: May 11, 1998
WAND/NESTOR INVESTMENTS II L.P.
By: Wand (Nestor) Inc.,
as general partner
By: /s/ Bruce W. Schnitzer
----------------------
Name: Bruce W. Schnitzer
Title: Chairman
Page 12 of 17
-- --
<PAGE>
SIGNATURE
---------
After reasonable inquiry and to the best of its knowledge and belief,
the undersigned certifies that the information set forth in this Statement
is true, complete and correct.
Dated: May 11, 1998
WAND/NESTOR INVESTMENTS III L.P.
By: Wand (Nestor) Inc.,
as general partner
By: /s/ Bruce W. Schnitzer
----------------------
Name: Bruce W. Schnitzer
Title: Chairman
Page 13 of 17
-- --
<PAGE>
SIGNATURE
---------
After reasonable inquiry and to the best of its knowledge and belief,
the undersigned certifies that the information set forth in this Statement
is true, complete and correct.
Dated: May 11, 1998
WAND (NESTOR) INC.
By: /s/ Bruce W. Schnitzer
----------------------
Name: Bruce W. Schnitzer
Title: Chairman
Page 14 of 17
-- --
<PAGE>
SIGNATURE
---------
After reasonable inquiry and to the best of its knowledge and belief,
the undersigned certifies that the information set forth in this Statement
is true, complete and correct.
Dated: May 11, 1998
By: /s/ Bruce W. Schnitzer
----------------------
Name: Bruce W. Schnitzer
Page 15 of 17
-- --
<PAGE>
SIGNATURE
---------
After reasonable inquiry and to the best of its knowledge and belief,
the undersigned certifies that the information set forth in this Statement
is true, complete and correct.
Dated: May 11, 1998
WAND PARTNERS (S.C.) INC.
By: /s/ Bruce W. Schnitzer
----------------------
Name: Bruce W. Schnitzer
Title: Chairman and Treasurer
Page 16 of 17
-- --
<PAGE>
SIGNATURE
---------
After reasonable inquiry and to the best of its knowledge and belief,
the undersigned certifies that the information set forth in this Statement
is true, complete and correct.
Dated: May 11, 1998
WAND PARTNERS L.P.
By: Wand Partners (S.C.) Inc.
as general partner
By: /s/ Bruce W. Schnitzer
----------------------
Name: Bruce W. Schnitzer
Title: Chairman and Treasurer
Page 17 of 17
-- --
