------------------------------
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. 3)*
IMAGING TECHNOLOGIES CORPORATION
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
45244U104
(CUSIP Number)
E.C. Morgan
Morgan Capital Management
One Embarcadero Center, Suite 2830
San Francisco, California 94111
(415) 788-3232
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
February 1, 1999
(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 that is the subject of this Schedule 13D, and is filing this
schedule because of "240.13d-1(d), 240.13d-1(f) or 240.13d-1(g), check the
following box. [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See '240.13d-7 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).
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB control number.
<PAGE>
<TABLE>
SCHEDULE 13D
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
CUSIP NO. 45244U104 Page 2 of 16 Pages
- -------------------------------------------------------------------------------------------------------------------
<S> <C>
- -------- -----------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Ellison Christopher Morgan, SSN ###-##-####
Morgan Capital Management
- -------- -----------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(SEE INSTRUCTIONS) (b) [ ]
- -------- -----------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -------- -----------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
WC
- -------- -----------------------------------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- -------- -----------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- -------- -----------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 29,340
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
------- ---------------------------------------------------------------------------------
8 SHARED VOTING POWER
------- ---------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
29,340
------- ---------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- -------------------------- ------- ---------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
29,340
- --------- ----------------------------------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
- --------- ----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.23%
- --------- ----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
- --------- ----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
SCHEDULE 13D
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
CUSIP NO. 45244U104 Page 3 of 16 Pages
- -------------------------------------------------------------------------------------------------------------------
<S> <C>
- -------- -----------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Ellison Carl Morgan, SSN ###-##-####
- -------- -----------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(SEE INSTRUCTIONS) (b) [ ]
- -------- -----------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -------- -----------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
PF
- -------- -----------------------------------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- -------- -----------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- -------- -----------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 100,000
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
------- ---------------------------------------------------------------------------------
8 SHARED VOTING POWER
0
------- ---------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
100,000
------- ---------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------------------------- ------- ---------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
100,000
- --------- ----------------------------------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
- --------- ----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.78%
- --------- ----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
- --------- ----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
SCHEDULE 13D
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
CUSIP NO. 45244U104 Page 4 of 16 Pages
- -------------------------------------------------------------------------------------------------------------------
<S> <C>
- -------- -----------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY).
MCM Partners, L.P.
- -------- -----------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(SEE INSTRUCTIONS) (b) [ ]
- -------- -----------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -------- -----------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
WC; BK
- -------- -----------------------------------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- -------- -----------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- -------- -----------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
------- ---------------------------------------------------------------------------------
8 SHARED VOTING POWER
214,000
------- ---------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
------- ---------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
214,000
- -------------------------- ------- ---------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
214,000
- --------- ----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
- --------- ----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.67%
- --------- ----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
- --------- ----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
SCHEDULE 13D
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
CUSIP NO. 45244U104 Page 5 of 16 Pages
- -------------------------------------------------------------------------------------------------------------------
<S> <C>
- -------- -----------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY).
Ellison C. Morgan Revocable Trust
- -------- -----------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(SEE INSTRUCTIONS) (b) [ ]
- -------- -----------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -------- -----------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
PF
- -------- -----------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- -------- -----------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- -------- -----------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
------- ---------------------------------------------------------------------------------
8 SHARED VOTING POWER
0
------- ---------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
------- ---------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------------------------- ------- ---------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------- ----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
- --------- ----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------- ----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
- --------- ----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
SCHEDULE 13D
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
CUSIP NO. 45244U104 Page 6 of 16 Pages
- -------------------------------------------------------------------------------------------------------------------
<S> <C>
- -------- -----------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
2030 Investors, LLC
- -------- -----------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(SEE INSTRUCTIONS) (b) [ ]
- -------- -----------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -------- -----------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
WK
- -------- -----------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- -------- -----------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- -------- -----------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
------- ---------------------------------------------------------------------------------
8 SHARED VOTING POWER
0
------- ---------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
------- ---------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------------------------- ------- ---------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------- ----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
- --------- ----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------- ----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
- --------- ----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
SCHEDULE 13D
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
CUSIP NO. 45244U104 Page 7 of 16 Pages
- -------------------------------------------------------------------------------------------------------------------
<S> <C>
- -------- -----------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
2030 Investors 401K
- -------- -----------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(SEE INSTRUCTIONS) (b) [ ]
- -------- -----------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- -------- -----------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
BK
- -------- -----------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
- -------- -----------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- -------- -----------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
------- ---------------------------------------------------------------------------------
8 SHARED VOTING POWER
0
------- ---------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
------- ---------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- -------------------------- ------- ---------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------- ----------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ]
- --------- ----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------- ----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
- --------- ----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 45244U104 Page 8 of 16 Pages
- --------------------------------------------------------------------------------
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION
This statement is the third amendment to a statement on Schedule 13D
filed in respect of the Common Stock of Imaging Technologies Corporation, a
Delaware corporation (the "Company"), formerly named "PCPI Technologies", by a
group currently consisting of Ellison Christopher Morgan, MCM Partners, L.P.
("MCM Partners"), Ellison C. Morgan Revocable Trust ("E.C. Morgan Revocable
Trust"), 2030 Investors LLC ("2030 Investors"), 2030 Investors 401K ("2030
Investors 401K") and Ellison Carl Morgan, as trustee (collectively, the
"Reporting Persons").
Item 1. Security and Issuer.
Common Stock, par value $.01 per share
Imaging Technologies Corporation
11031 Via Frontera, Suite 100
San Diego, California 92127
Item 2. Identity and Background.
Name: MCM Partners, L.P.
Place of Organization: California
Principal Business: Investments
Address of Principal
Business and Office: One Embarcadero Center, Suite 2830
San Francisco, CA 94111
Criminal Proceedings: None
Applicable Civil, Judicial,
or Administrative
Proceedings: None
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 45244U104 Page 9 of 16 Pages
- --------------------------------------------------------------------------------
Name: Ellison C. Morgan Revocable Trust
Place of Organization: Oregon
Principal Business: Investments
Address of Principal
Business and Office: 121 S.W. Salmon Street, Suite 1400
Portland, OR 97204
Criminal Proceedings: None
Applicable Civil, Judicial,
or Administrative
Proceedings: None
Citizenship: USA
Name: 2030 Investors, LLC
Place of Organization: Oregon
Principal Business: Investments
Address of Principal
Business and Office: 121 S.W. Salmon Street, Suite 1400
Portland, OR 97204
Criminal Proceedings: None
Applicable Civil, Judicial,
or Administrative
Proceedings: None
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 45244U104 Page 10 of 16 Pages
- --------------------------------------------------------------------------------
Name: 2030 Investors 401K
Place of Organization: Oregon
Principal Business: Investments
Address of Principal
Business and Office: 121 S.W. Salmon Street, Suite 1400
Portland, OR 97204
Criminal Proceedings: None
Applicable Civil, Judicial,
or Administrative
Proceedings: None
Ellison Christopher Morgan and Morgan Capital Management are the
general partners of MCM Partners, L.P. Ellison Christopher Morgan is the sole
stockholder, director and officer of Morgan Capital Management.
Ellison Carl Morgan is the sole trustee of the Ellison C. Morgan
Revocable Trust dated 9/9/82 (the "Trust"). The business address of Ellison Carl
Morgan is 121 S.W. Salmon Street, Suite 1400, Portland, Oregon 97204. Mr.
Morgan's present principal occupation is President of 2030 Investors LLC, 121
S.W. Salmon Street, Suite 1400, Portland, Oregon 97204. Except as described
below, none of the reporting parties has been, during the past five years,
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
Ellison Christopher Morgan and Ellison Carl Morgan are citizens of the United
States.
On September 30, 1998, Ellison Carl Morgan entered into a settlement
agreement with the Securities and Exchange Commission (the "Commission")
pursuant to which, without admitting or denying the Commission's allegations,
Mr. Morgan consented to the issuance of a permanent injunction prohibiting him
from violating in the future Section 10(b) of the Securities Exchange Act of
1934 and Rule 10b-5 thereunder. The Commission alleged Mr. Morgan engaged in one
or more transactions in 1996 involving the securities of Portland General
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 45244U104 Page 11 of 16 Pages
- --------------------------------------------------------------------------------
Corporation while in possession of material non-public information regarding its
pending acquisition by Enron Group. In settlement of the Commission's lawsuit,
Mr. Morgan also agreed to disgorge certain trading profits, and pay civil
penalties and pre-judgment interest, in an aggregate amount of $229,808.02.
Securities and Exchange Commission v. Ellison C. Morgan and Peter J. Brix,
United States District Court for the Southern District of New York, Civil Action
No. 98 CIV 6905 (DC).
Item 3. Source and Amount of Funds or Other Consideration.
No purchases of Company's common stock have transpired since the last
Schedule 13D amendment was filed.
Item 4. Purpose of Transaction.
The shares originally were purchased by the Reporting Persons for
investment purposes, and are now being disposed of for the same reason.
The Reporting Persons are reviewing their alternatives and intend to
closely monitor developments relating to and affecting the Company.
Subject to availability at prices deemed favorable, the Reporting
Persons may acquire additional shares of Common Stock from time to time in the
open market, in privately negotiated transactions or otherwise. The Reporting
Persons also may dispose of shares of Common Stock from time to time in the open
market, in privately negotiated transactions or otherwise.
Although the foregoing represents the range of activities presently
contemplated by the Reporting Persons with respect to the Company and the Common
Stock, it should be noted that the possible activities of the Reporting Persons
are subject to change at any time.
Except as set forth above, the Reporting Persons have no present plans
or intentions that relate to or that would result in any of the transactions
described in clauses (a) through (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer.
(a) As of February 4, 1999, the Reporting Persons beneficially owned the
following number of shares of the Company's Common Stock (the approximate
percentage of the shares of Common Stock owned as indicated in parentheses below
is based on 12,801,078 shares of Common Stock outstanding by the Company on
October 9, 1998 according to the Company's Form 10-K Annual Report for the year
ended June 30, 1998).
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 45244U104 Page 12 of 16 Pages
- --------------------------------------------------------------------------------
(i) Ellison Christopher Morgan, Morgan Capital Management, owned
29,340 shares (0.23%)
(ii) Ellison Carl Morgan owned 100,000 shares (0.78%)
(iii) MCM Partners, LP owned 214,000 shares (1.67%)
(iv) Ellison C. Morgan Revocable Trust owned 0 shares (0%)
(v) 2030 Investors, LLC owned 0 shares (0%)
(vi) 2030 Investors 401K owned 0 shares (0%)
(vii) Total of the above is 343,340 shares (2.68%)
(b) The responses of the Reporting Persons to Items 7 through 11 of the portions
of the cover page of this Amendment No. 3 to the Schedule 13D which relate to
beneficial ownership of shares of the Common Stock are incorporated herein by
reference.
(c) See Schedule A for a listing of transactions in shares of Common Stock or
other securities of the Company by the Reporting Persons not previously reported
on this Schedule 13D. All such transactions were effected in open market
transactions.
(d) Not applicable.
(e) As of February 1, 1999, the Reporting Persons ceased to be the beneficial
owner of more than 5% of the Company's common stock.
Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer.
As set forth under Item 5, Ellison Christopher Morgan makes voting and
dispositive decisions for MCM Partners, L.P. and Morgan Capital Management.
On or about September 17, 1998, Ellison Carl Morgan entered into the
following agreements with the Company involving securities of the Company:
(a) Purchased 100,000 shares of the Company's Common Stock at a
purchase price of $2.50 per share, pursuant to the terms of a
Common Stock Purchase Agreement dated September 17, 1998.
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 45244U104 Page 13 of 16 Pages
- --------------------------------------------------------------------------------
(b) Received a Convertible Subordinated Promissory Note in the
amount of $237,500 maturing September 16, 2000. The
Convertible Note is convertible into the issuer's Common Stock
at any time prior to maturity at a purchase price (subject to
adjustment) of $2.025 per share.
(c) Entered into a Registration Rights Agreement pursuant to which
the Company agreed to cause to be registered with the
Securities and Exchange Commission certain shares of its
Common Stock purchased, or which may be purchased, by Mr.
Morgan pursuant to the above agreement.
Item 7. Matter to be filed as Exhibits
Not applicable.
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 45244U104 Page 14 of 16 Pages
- --------------------------------------------------------------------------------
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: February 8, 1999
By: /s/ Ellison Christopher Morgan By: /s/ Ellison Carl Morgan
------------------------------ ------------------------------
Ellison Christopher Morgan Ellison Carl Morgan
MCM PARTNERS, L.P.
By: /s/ E. C. Morgan
------------------------------
E.C. Morgan, General Partner
ELLISON C. MORGAN REVOCABLE TRUST
By: /s/ Ellison C. Morgan
------------------------------
Ellison C. Morgan, Trustee
<PAGE>
SCHEDULE 13D
- --------------------------------------------------------------------------------
CUSIP NO. 45244U104 Page 15 of 16 Pages
- --------------------------------------------------------------------------------
2030 INVESTORS, LLC
By: /s/ Ellison Carl Morgan
------------------------------
Ellison Carl Morgan
2030 INVESTORS 401K
By: /s/ Ellison Carl Morgan
------------------------------
Ellison Carl Morgan
<PAGE>
<TABLE>
SCHEDULE 13D
- ----------------------------------------------------------------------------------------------------------------------------
CUSIP NO. 45244U104 Page 16 of 16 Pages
- ----------------------------------------------------------------------------------------------------------------------------
SCHEDULE A
TRANSACTIONS IN COMMON STOCK
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Bought Average
Party Date (Sold) Price Aggregate Price
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
2030 Investors LLC 01/25/99 (12,030) 1.3770 $ 16,274.45
- ----------------------------------------------------------------------------------------------------------------------------
Ellison C. Morgan Revocable Trust 01/26/99 (11,100) 1.2900 $ 14,156.90
- ----------------------------------------------------------------------------------------------------------------------------
Ellison C. Morgan Revocable Trust 01/27/99 (20,000) 1.2570 $ 24,750.40
- ----------------------------------------------------------------------------------------------------------------------------
Ellison C. Morgan Revocable Trust 01/28/99 (48,900) 1.3000 $ 62,199.23
- ----------------------------------------------------------------------------------------------------------------------------
Ellison C. Morgan Revocable Trust 01/29/99 (115,000) 2.8240 $ 321,315.36
- ----------------------------------------------------------------------------------------------------------------------------
2030 Investors LLC 01/29/99 (10,000) 3.8200 $ 37,679.96
- ----------------------------------------------------------------------------------------------------------------------------
2030 Investors LLC 01/29/99 (20,000) 3.1000 $ 61,407.28
- ----------------------------------------------------------------------------------------------------------------------------
Ellison C. Morgan Revocable Trust 02/01/99 (40,000) 4.3480 $ 172,326.69
- ----------------------------------------------------------------------------------------------------------------------------
2030 Investors LLC 02/01/99 (41,000) 4.9000 $ 199,348.29
- ----------------------------------------------------------------------------------------------------------------------------
MCM Partners, L.P. 02/01/99 (360,000) 4.0190 $ 1,432,463.76
- ----------------------------------------------------------------------------------------------------------------------------
2030 Investors LLC 02/02/99 (10,000) 2.9200 $ 28,812.77
- ----------------------------------------------------------------------------------------------------------------------------
MCM Partners, L.P. 02/02/99 (186,000) 3.3450 $ 614,820.85
- ----------------------------------------------------------------------------------------------------------------------------
Ellison C. Morgan Revocable Trust 02/04/99 (15,000) 2.0937 $ 31,405.50
- ----------------------------------------------------------------------------------------------------------------------------
Ellison C. Morgan Revocable Trust 02/04/99 (12,500) 2.6250 $ 32,812.50
- ----------------------------------------------------------------------------------------------------------------------------
Total (901,530) $ 3,049,773.94
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
