<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
Information Statement Pursuant to Rules 13d-1 and 13d-2
Under the Securities Exchange Act of 1934
(Amendment No. _____)*
IMAGING TECHNOLOGIES CORP.
------------------------------------------------------------------
(Name of Issuer)
Common Stock, Par Value $0.005
------------------------------------------------------------------
(Title of Class of Securities)
45244U104
--------------------------------------
(CUSIP Number)
July 27, 1999
----------------------------------------------------
Date of Event Which Requires Filing of the Statement
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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>
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Cusip No. 45244U104 13G Page 2 of 25 Pages
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Name Citadel Limited Partnership
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2. (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3.
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4. Illinois Limited Partnership
U.S.A.
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5. 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6. 19,996 Shares of Common Stock
1,150,000 New Warrants (as defined) (exercisable
OWNED BY into 1,150,000 Shares of Common Stock)
70 Shares of Series E Convertible Preferred Stock
EACH (convertible into 827,586 Shares of Common Stock)
REPORTING -----------------------------------------------------------
SOLE DISPOSITIVE POWER
PERSON 7. 0
WITH
-----------------------------------------------------------
SHARED DISPOSITIVE POWER
8. See Item 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9. See Item 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10.
CERTAIN SHARES* [X]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11. Up to 7.3% as of the date of filing of this statement. (Based on
23,700,886 Shares of Common Stock issued and outstanding as of July 27,
1999, plus the Common Stock previously issued and issuable upon the
conversion of the Convertible Preferred Stock and exercise of the Warrants
referred to in item 6 above.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12. PN; HC
- ------------------------------------------------------------------------------
<PAGE>
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Cusip No. 45244U104 13G Page 3 of 25 Pages
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Name GLB Partners. L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2. (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3.
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4. Delaware Limited Partnership
U.S.A.
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5. 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6. 19,996 Shares of Common Stock
1,150,000 New Warrants (as defined) (exercisable into
OWNED BY 1,150,000 Shares of Common Stock)
70 Shares of Series E Convertible Preferred Stock
EACH (convertible into 827,586 Shares of Common Stock)
REPORTING -----------------------------------------------------------
SOLE DISPOSITIVE POWER
PERSON 7. 0
WITH
-----------------------------------------------------------
SHARED DISPOSITIVE POWER
8. See Item 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9. See Item 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10.
CERTAIN SHARES* [X]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11. Up to 7.3% as of the date of filing of this statement. (Based on
23,700,886 Shares of Common Stock issued and outstanding as of July 27,
1999, plus the Common Stock previously issued and issuable upon the
conversion of the Convertible Preferred Stock and exercise of the Warrants
referred to in item 6 above.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12. PN; HC
- ------------------------------------------------------------------------------
<PAGE>
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Cusip No. 45244U104 13G Page 4 of 25 Pages
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Name Citadel Investment Group, L.L.C.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2. (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3.
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4. Delaware Limited Liability Company
U.S.A.
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5. 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6. 19,996 Shares of Common Stock
1,150,000 New Warrants (as defined) (exercisable into
OWNED BY 1,150,000 Shares of Common Stock)
70 Shares of Series E Convertible Preferred Stock
EACH (convertible into 827,586 Shares of Common Stock)
REPORTING -----------------------------------------------------------
SOLE DISPOSITIVE POWER
PERSON 7. 0
WITH
-----------------------------------------------------------
SHARED DISPOSITIVE POWER
8. See Item 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9. See Item 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10.
CERTAIN SHARES* [X]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11. Up to 7.3% as of the date of filing of this statement. (Based on
23,700,886 Shares of Common Stock issued and outstanding as of July 27,
1999, plus the Common Stock previously issued and issuable upon the
conversion of the Convertible Preferred Stock and exercise of the Warrants
referred to in item 6 above.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12. OO; HC
- ------------------------------------------------------------------------------
<PAGE>
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Cusip No. 45244U104 13G Page 5 of 25 Pages
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Name Kenneth Griffin
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2. (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3.
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4. U.S. Citizen
U.S.A.
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5. 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6. 19,996 Shares of Common Stock
1,150,000 New Warrants (as defined) (exercisable into
OWNED BY 1,150,000 Shares of Common Stock)
70 Shares of Series E Convertible Preferred Stock
EACH (convertible into 827,586 Shares of Common Stock)
REPORTING -----------------------------------------------------------
SOLE DISPOSITIVE POWER
PERSON 7. 0
WITH
-----------------------------------------------------------
SHARED DISPOSITIVE POWER
8. See Item 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9. See Item 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10.
CERTAIN SHARES* [X]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11. Up to 7.3% as of the date of filing of this statement. (Based on
23,700,886 Shares of Common Stock issued and outstanding as of July 27,
1999, plus the Common Stock previously issued and issuable upon the
conversion of the Convertible Preferred Stock and exercise of the Warrants
referred to in item 6 above.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12. IN
- ------------------------------------------------------------------------------
<PAGE>
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Cusip No. 45244U104 13G Page 6 of 25 Pages
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Name Wellington Partners Limited Partnership
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2. (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3.
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4. Illinois Limited Partnership
U.S.A.
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5. 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6. 9,998 Shares of Common Stock
575,000 New Warrants (as defined) (exercisable into
OWNED BY 575,000 Shares of Common Stock)
35 Shares of Series E Convertible Preferred Stock
EACH (convertible into 413,793 Shares of Common Stock)
REPORTING -----------------------------------------------------------
SOLE DISPOSITIVE POWER
PERSON 7. 0
WITH
-----------------------------------------------------------
SHARED DISPOSITIVE POWER
8. See Item 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9. See Item 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10.
CERTAIN SHARES* [X]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11. Up to 3.8% as of the date of filing of this statement. (Based on
23,700,886 Shares of Common Stock issued and outstanding as of July 27,
1999, plus the Common Stock previously issued and issuable upon the
conversion of the Convertible Preferred Stock and exercise of the Warrants
referred to in item 6 above.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12. PN; HC
- ------------------------------------------------------------------------------
<PAGE>
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Cusip No. 45244U104 13G Page 7 of 25 Pages
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Name WNPH, L.L.C.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2. (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3.
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4. Delaware Limited Liability Company
U.S.A.
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5. 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6. 9,998 Shares of Common Stock
575,000 New Warrants (as defined) (exercisable into
OWNED BY 575,000 Shares of Common Stock)
35 Shares of Series E Convertible Preferred Stock
EACH (convertible into 413,793 Shares of Common Stock)
REPORTING -----------------------------------------------------------
SOLE DISPOSITIVE POWER
PERSON 7. 0
WITH
-----------------------------------------------------------
SHARED DISPOSITIVE POWER
8. See Item 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9. See Item 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10.
CERTAIN SHARES* [X]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11. Up to 3.8% as of the date of filing of this statement. (Based on
23,700,886 Shares of Common Stock issued and outstanding as of July 27,
1999, plus the Common Stock previously issued and issuable upon the
conversion of the Convertible Preferred Stock and exercise of the Warrants
referred to in item 6 above.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12. OO; HC
- ------------------------------------------------------------------------------
<PAGE>
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Cusip No. 45244U104 13G Page 8 of 25 Pages
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Name WCH, L.L.C.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2. (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3.
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4. Delaware Limited Liability Company
U.S.A.
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5. 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6. 9,998 Shares of Common Stock
575,000 New Warrants (as defined) (exercisable into
OWNED BY 575,000 Shares of Common Stock)
35 Shares of Series E Convertible Preferred Stock
EACH (convertible into 413,793 Shares of Common Stock)
REPORTING -----------------------------------------------------------
SOLE DISPOSITIVE POWER
PERSON 7. 0
WITH
-----------------------------------------------------------
SHARED DISPOSITIVE POWER
8. See Item 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9. See Item 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10.
CERTAIN SHARES* [X]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11. Up to 3.8% as of the date of filing of this statement. (Based on
23,700,886 Shares of Common Stock issued and outstanding as of July 27,
1999, plus the Common Stock previously issued and issuable upon the
conversion of the Convertible Preferred Stock and exercise of the Warrants
referred to in item 6 above.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12. OO; HC
- ------------------------------------------------------------------------------
<PAGE>
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Cusip No. 45244U104 13G Page 9 of 25 Pages
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Name NP Partners
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2. (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3.
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4. Bermuda General Partnership
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5. 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6. 9,998 Shares of Common Stock
575,000 New Warrants (as defined) (exercisable into
OWNED BY 575,000 Shares of Common Stock)
35 Shares of Series E Convertible Preferred Stock
EACH (convertible into 413,793 Shares of Common Stock)
REPORTING -----------------------------------------------------------
SOLE DISPOSITIVE POWER
PERSON 7. 0
WITH
-----------------------------------------------------------
SHARED DISPOSITIVE POWER
8. See Item 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9. See Item 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10.
CERTAIN SHARES* [X]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11. Up to 3.8% as of the date of filing of this statement. (Based on
23,700,886 Shares of Common Stock issued and outstanding as of July 27,
1999, plus the Common Stock previously issued and issuable upon the
conversion of the Convertible Preferred Stock and exercise of the Warrants
referred to in item 6 above.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12. PN
- ------------------------------------------------------------------------------
<PAGE>
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Cusip No. 45244U104 13G Page 10 of 25 Pages
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Name Kensington Global Strategies Fund, Ltd.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2. (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3.
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4. Bermuda Company
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5. 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6. 9,998 Shares of Common Stock
575,000 New Warrants (as defined) (exercisable into
OWNED BY 575,000 Shares of Common Stock)
35 Shares of Series E Convertible Preferred Stock
EACH (convertible into 413,793 Shares of Common Stock)
REPORTING -----------------------------------------------------------
SOLE DISPOSITIVE POWER
PERSON 7. 0
WITH
-----------------------------------------------------------
SHARED DISPOSITIVE POWER
8. See Item 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9. See Item 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10.
CERTAIN SHARES* [X]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11. Up to 3.8% as of the date of filing of this statement. (Based on
23,700,886 Shares of Common Stock issued and outstanding as of July 27,
1999, plus the Common Stock previously issued and issuable upon the
conversion of the Convertible Preferred Stock and exercise of the Warrants
referred to in item 6 above.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12. CO; HC
- ------------------------------------------------------------------------------
<PAGE>
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Cusip No. 45244U104 13G Page 11 of 25 Pages
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Name Olympus Securities, Ltd.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2. (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3.
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4. Bermuda Company
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5. 0
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6. 9,998 Shares of Common Stock
575,000 New Warrants (as defined) (exercisable into
OWNED BY 575,000 Shares of Common Stock)
35 Shares of Series E Convertible Preferred Stock
EACH (convertible into 413,793 Shares of Common Stock)
REPORTING -----------------------------------------------------------
SOLE DISPOSITIVE POWER
PERSON 7. 0
WITH
-----------------------------------------------------------
SHARED DISPOSITIVE POWER
8. See Item 6 above.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9. See Item 6 above.
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10.
CERTAIN SHARES* [X]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11. Up to 3.8% as of the date of filing of this statement. (Based on
23,700,886 Shares of Common Stock issued and outstanding as of July 27,
1999, plus the Common Stock previously issued and issuable upon the
conversion of the Convertible Preferred Stock and exercise of the Warrants
referred to in item 6 above.)
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12. CO
- ------------------------------------------------------------------------------
<PAGE>
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Cusip No. 45244U104 13G Page 12 of 25 Pages
- ----------------------- ---------------------
Item 1(a) Name of Issuer: IMAGING TECHNOLOGIES CORP.
1(b) Address of Issuer's Principal Executive Offices:
11031 Via Frontera
Suite 100
San Diego, California 92127
Item 2(a) Name of Person Filing
Item 2(b) Address of Principal Business Office
Item 2(c) Citizenship
Citadel Limited Partnership
225 W. Washington
9th Floor
Chicago, Illinois 60604
Illinois Limited Partnership
GLB Partners, L.P.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Delaware Limited Partnership
Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Delaware Limited Liability Company
Kenneth Griffin
225 W. Washington
9th Floor
Chicago, Illinois 60604
U.S. Citizen
<PAGE>
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Cusip No. 45244U104 13G Page 13 of 25 Pages
- ----------------------- ---------------------
Wellington Partners Limited Partnership
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Illinois limited partnership
WNPH, L.L.C.
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Delaware limited liability company
WCH, L.L.C.
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Delaware limited liability company
NP Partners
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Bermuda general partnership
Kensington Global Strategies Fund, Ltd.
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Bermuda company
Olympus Securities, Ltd.
c/o Citadel Investment Group, L.L.C.
225 W. Washington
9th Floor
Chicago, Illinois 60604
Bermuda company
<PAGE>
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Cusip No. 45244U104 13G Page 14 of 25 Pages
- ----------------------- ---------------------
2(d) Title of Class of Securities:
Common Stock, par value $0.005 per share
2(e) CUSIP Number: 45244U104
Item 3 If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b):
Not applicable.
Item 4 Ownership:
CITADEL LIMITED PARTNERSHIP
(a) Amount beneficially owned:
19,996 Shares of Common Stock
1,150,000 New Warrants (as defined) (exercisable into 1,150,000 Shares of Common
Stock)*
70 Shares of Series E Convertible Preferred Stock (convertible into 827,586
Shares of Common Stock)*
(b) Percent of Class:
Up to 7.3% as of the date of filing of this statement. (Based on 23,700,886
Shares of Common Stock issued and outstanding as of July 27, 1999, plus the
Common Stock previously issued and issuable upon the conversion of the
Convertible Preferred Stock and exercise of the Warrants referred to in item (a)
above.)
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See item (a) above.
(iii) sole power to dispose or to direct the disposition of:
0
<PAGE>
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Cusip No. 45244U104 13G Page 15 of 25 Pages
- ----------------------- ---------------------
(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
GLB PARTNERS, L.P.
(a) Amount beneficially owned:
19,996 Shares of Common Stock
1,150,000 New Warrants (as defined) (exercisable into 1,150,000 Shares of Common
Stock)*
70 Shares of Series E Convertible Preferred Stock (convertible into 827,586
Shares of Common Stock)*
(b) Percent of Class:
Up to 7.3% as of the date of filing of this statement. (Based on 23,700,886
Shares of Common Stock issued and outstanding as of July 27, 1999, plus the
Common Stock previously issued and issuable upon the conversion of the
Convertible Preferred Stock and exercise of the Warrants referred to in item (a)
above.)
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See item (a) above.
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
CITADEL INVESTMENT GROUP, L.L.C.
(a) Amount beneficially owned:
19,996 Shares of Common Stock
1,150,000 New Warrants (as defined) (exercisable into 1,150,000 Shares of Common
Stock)*
<PAGE>
- ----------------------- ---------------------
Cusip No. 45244U104 13G Page 16 of 25 Pages
- ----------------------- ---------------------
70 Shares of Series E Convertible Preferred Stock (convertible into 827,586
Shares of Common Stock)*
(b) Percent of Class:
Up to 7.3% as of the date of filing of this statement. (Based on 23,700,886
Shares of Common Stock issued and outstanding as of July 27, 1999, plus the
Common Stock previously issued and issuable upon the conversion of the
Convertible Preferred Stock and exercise of the Warrants referred to in item (a)
above.)
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See item (a) above.
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
KENNETH GRIFFIN
(a) Amount beneficially owned:
19,996 Shares of Common Stock
1,150,000 New Warrants (as defined) (exercisable into 1,150,000 Shares of Common
Stock)*
70 Shares of Series E Convertible Preferred Stock (convertible into 827,586
Shares of Common Stock)*
(b) Percent of Class:
Up to 7.3% as of the date of filing of this statement. (Based on 23,700,886
Shares of Common Stock issued and outstanding as of July 27, 1999, plus the
Common Stock previously issued and issuable upon the conversion of the
Convertible Preferred Stock and exercise of the Warrants referred to in item (a)
above.)
<PAGE>
- ----------------------- ---------------------
Cusip No. 45244U104 13G Page 17 of 25 Pages
- ----------------------- ---------------------
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See item (a) above.
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
WELLINGTON PARTNERS LIMITED PARTNERSHIP
(a) Amount beneficially owned:
9,998 Shares of Common Stock
575,000 New Warrants (as defined) (exercisable into 575,000 Shares of Common
Stock)*
35 Shares of Series E Convertible Preferred Stock (convertible into 413,793
Shares of Common Stock)*
(b) Percent of Class:
Up to 3.8% as of the date of filing of this statement. (Based on 23,700,886
Shares of Common Stock issued and outstanding as of July 27, 1999, plus the
Common Stock previously issued and issuable upon the conversion of the
Convertible Preferred Stock and exercise of the Warrants referred to in item (a)
above.)
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See item (a) above.
<PAGE>
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Cusip No. 45244U104 13G Page 18 of 25 Pages
- ----------------------- ---------------------
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
WNPH, L.L.C.
(a) Amount beneficially owned:
9,998 Shares of Common Stock
575,000 New Warrants (as defined) (exercisable into 575,000 Shares of Common
Stock)*
35 Shares of Series E Convertible Preferred Stock (convertible into 413,793
Shares of Common Stock)*
(b) Percent of Class:
Up to 3.8% as of the date of filing of this statement. (Based on 23,700,886
Shares of Common Stock issued and outstanding as of July 27, 1999, plus the
Common Stock previously issued and issuable upon the conversion of the
Convertible Preferred Stock and exercise of the Warrants referred to in item (a)
above.)
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See item (a) above.
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
<PAGE>
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Cusip No. 45244U104 13G Page 19 of 25 Pages
- ----------------------- ---------------------
WCH, L.L.C.
(a) Amount beneficially owned:
9,998 Shares of Common Stock
575,000 New Warrants (as defined) (exercisable into 575,000 Shares of Common
Stock)*
35 Shares of Series E Convertible Preferred Stock (convertible into 413,793
Shares of Common Stock)*
(b) Percent of Class:
Up to 3.8% as of the date of filing of this statement. (Based on 23,700,886
Shares of Common Stock issued and outstanding as of July 27, 1999, plus the
Common Stock previously issued and issuable upon the conversion of the
Convertible Preferred Stock and exercise of the Warrants referred to in item (a)
above.)
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See item (a) above.
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
NP PARTNERS
(a) Amount beneficially owned:
9,998 Shares of Common Stock
575,000 New Warrants (as defined) (exercisable into 575,000 Shares of Common
Stock)*
35 Shares of Series E Convertible Preferred Stock (convertible into 413,793
Shares of Common Stock)*
<PAGE>
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Cusip No. 45244U104 13G Page 20 of 25 Pages
- ----------------------- ---------------------
(b) Percent of Class:
Up to 3.8% as of the date of filing of this statement. (Based on 23,700,886
Shares of Common Stock issued and outstanding as of July 27, 1999, plus the
Common Stock previously issued and issuable upon the conversion of the
Convertible Preferred Stock and exercise of the Warrants referred to in item (a)
above.)
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See item (a) above.
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
KENSINGTON GLOBAL STRATEGIES FUND, LTD.
(a) Amount beneficially owned:
9,998 Shares of Common Stock
575,000 New Warrants (as defined) (exercisable into 575,000 Shares of Common
Stock)*
35 Shares of Series E Convertible Preferred Stock (convertible into 413,793
Shares of Common Stock)*
(b) Percent of Class:
Up to 3.8% as of the date of filing of this statement. (Based on 23,700,886
Shares of Common Stock issued and outstanding as of July 27, 1999, plus the
Common Stock previously issued and issuable upon the conversion of the
Convertible Preferred Stock and exercise of the Warrants referred to in item (a)
above.)
<PAGE>
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Cusip No. 45244U104 13G Page 21 of 25 Pages
- ----------------------- ---------------------
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See item (a) above.
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
OLYMPUS SECURITIES, LTD.
(a) Amount beneficially owned:
9,998 Shares of Common Stock
575,000 New Warrants (as defined) (exercisable into 575,000 Shares of Common
Stock)*
35 Shares of Series E Convertible Preferred Stock (convertible into 413,793
Shares of Common Stock)*
(b) Percent of Class:
Up to 3.8% as of the date of filing of this statement. (Based on 23,700,886
Shares of Common Stock issued and outstanding as of July 27, 1999, plus the
Common Stock previously issued and issuable upon the conversion of the
Convertible Preferred Stock and exercise of the Warrants referred to in item (a)
above.)
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See item (a) above.
<PAGE>
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Cusip No. 45244U104 13G Page 22 of 25 Pages
- ----------------------- ---------------------
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See item (a) above.
* The securities reported herein include securities that the holders may
acquire in the future through (i) the conversion of shares of the Company's
Series E Convertible Preferred Stock ("Series E Preferred Stock"), which may be
converted into shares of Common Stock at a conversion price equal to the lesser
of $.50 or an amount equal to 70% of the average of the three lowest closing bid
prices of the Common over the 30 trading days prior to conversion, and (ii) the
exercise of certain warrants to purchase shares of common stock at $.8750 per
share (the "New Warrants").
As a consequence of the variable conversion price of the Series E Preferred
Stock, the number of shares of Common Stock into which the Series E Preferred
Stock may be converted, and consequently the number of shares of such securities
which the holders of such securities may be deemed to beneficially own, may
fluctuate on a daily basis based solely on the Common Stock's market price and
without any action taken by the holders of such securities.
The beneficial ownership reported by the Reporting Persons does not include
shares of Common Stock issuable upon the exercise of certain warrants to
purchase shares of Common Stock at various exercise prices (the "Old Warrants"),
as set forth below. None of the holders has the right to exercise Old Warrants
for a number of shares of Common Stock in excess of the number of shares that,
upon giving effect to such exercise, would cause the aggregate number of shares
of Common Stock beneficially owned (as defined in Rule 13d-3, but excluding the
Old Warrants other than those with respect to which such determination is made)
by the holder and its affiliates to exceed 4.9% of the outstanding shares of
Common Stock following such exercise. Accordingly, no Reporting Person can be a
"beneficial owner" of the shares underlying the Old Warrants so long as the
Reporting Persons, together with their affiliates, beneficially own more than
4.9% of the securities of Issuer, and this Schedule shall not be construed as an
admission that such holders of the securities reported herein are "beneficial
owners" to such extent. Each of NP Partners and Olympus Securities Ltd. owns
190,000 Old Warrants. At such time as the Common Stock underlying the Old
Warrants is beneficially owned by the Reporting Persons within the meaning of
Rule 13d-3, the other Reporting Persons will have beneficial ownership of these
shares as follows: Citadel Investment Group, L.L.C., GLB Partners L.P., Citadel
Limited Partnership and Kenneth C. Griffin: 380,000 shares; Wellington Partners
Limited Partnership, WNPH, L.L.C. and WCH, L.L.C.: 190,000 shares; Kensington
Global Strategies Fund, Ltd.: 190,000 shares.
None of the holders has the right to convert Series E Preferred Stock or
exercise New Warrants for a number of shares of Common Stock (i) in excess of
the number of shares that, upon giving effect to such conversion or exercise,
would cause the aggregate number of shares of Common Stock
<PAGE>
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Cusip No. 45244U104 13G Page 23 of 25 Pages
- ----------------------- ---------------------
beneficially owned (as defined in Rule 13d-3, but excluding Series E Preferred
Stock and New Warrants other than those with respect to which such determination
is made) by the holder and its affiliates to exceed 10% of the outstanding
shares of Common Stock following such conversion or exercise, or (ii) to the
extent that, after giving effect to such conversion or exercise, such holder
would have acquired beneficial ownership (as defined in Rule 13d-3, but
excluding Series E Preferred Stock and New Warrants other than those with
respect to which such determination is made) of a number of shares of Common
Stock during the 60-day period ending on and including the date such conversion
or exercise was implemented (the "60-Day Period") which, when added to the
number of shares of Common Stock beneficially owned at the beginning of the
60-Day Period, is in excess of 10% of the shares of Common Stock outstanding
immediately after giving effect to such conversion or exercise. Accordingly, no
Reporting Person can be a "beneficial owner" of more than 10% of the securities
of Issuer as a result of the ownership of Series E Preferred Stock or New
Warrants to the extent that the prohibitions in the foregoing sentence apply,
and this Schedule shall not be construed as an admission that such holders of
the securities reported herein are "beneficial owners" to such extent.
Item 5 Ownership of Five Percent or Less of a Class:
Not Applicable.
Item 6 Ownership of More than Five Percent on Behalf of Another Person:
Not Applicable.
Item 7 Identification and Classification of the Subsidiary which Acquired the
Security Being Reported on by the Parent Holding Company:
See Item 2 above.
Item 8 Identification and Classification of Members of the Group:
Not Applicable.
Item 9 Notice of Dissolution of Group:
Not Applicable.
Item 10 Certification:
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
<PAGE>
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Cusip No. 45244U104 13G Page 24 of 25 Pages
- ----------------------- ---------------------
After reasonable inquiry and to the best of its knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated this 6th day of August, 1999
/s/ Kenneth Griffin
---------------------------------
Kenneth Griffin
CITADEL LIMITED PARTNERSHIP
By: GLB Partners, L.P.,
its General Partner
By: Citadel Investment Group, L.L.C.,
its General Partner
By: /s/ Kenneth Griffin
---------------------------------
Kenneth Griffin, President
GLB PARTNERS, L.P.
By: Citadel Investment Group, L.L.C.,
its General Partner
By: /s/ Kenneth Griffin
---------------------------------
Kenneth Griffin, President
WELLINGTON PARTNERS LIMITED
PARTNERSHIP
By: Citadel Limited Partnership,
its General Partner
By: GLB Partners, L.P.,
its General Partner
By: Citadel Investment Group, L.L.C.,
its General Partner
By: /s/ Kenneth Griffin
---------------------------------
Kenneth Griffin, President
CITADEL INVESTMENT GROUP, L.L.C.
By: /s/ Kenneth Griffin
---------------------------------
Kenneth Griffin, President
NP PARTNERS
By: Citadel Limited Partnership,
its Managing General Partner
By: GLB Partners, L.P.,
its General Partner
By: Citadel Investment Group, L.L.C.,
its General Partner
By: /s/ Kenneth Griffin
---------------------------------
Kenneth Griffin, President
WCH, L.L.C.
By: Citadel Limited Partnership,
its Sole Member
By: GLB Partners, L.P.,
its General Partner
By: Citadel Investment Group, L.L.C.,
its General Partner
By: /s/ Kenneth Griffin
---------------------------------
Kenneth Griffin, President
<PAGE>
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Cusip No. 45244U104 13G Page 25 of 25 Pages
- ----------------------- ---------------------
WNPH, L.L.C.
By: Wellington Partners Limited Partnership,
its Sole Member
By: Citadel Limited Partnership,
its General Partner
By: GLB Partners, L.P.,
its General Partner
By: Citadel Investment Group, L.L.C.,
its General Partner
By: /s/ Kenneth Griffin
----------------------------------
Kenneth Griffin, President
OLYMPUS SECURITIES, LTD.
By: Citadel Limited Partnership,
its Trading Manager
By: GLB Partners, L.P.,
its General Partner
By: Citadel Investment Group, L.L.C.,
its General Partner
By: /s/ Kenneth Griffin
----------------------------------
Kenneth Griffin, President
KENSINGTON GLOBAL STRATEGIES FUND, LTD.
By: Citadel Limited Partnership,
its Trading Manager
By: GLB Partners, L.P.,
its General Partner
By: Citadel Investment Group, L.L.C.,
its General Partner
By: /s/ Kenneth Griffin
----------------------------------
Kenneth Griffin, President
