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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)
Intrenet Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
461190100
(CUSIP Number)
Benjamin L. Douglas, Esq.
Shartsis Friese & Ginsburg LLP
One Maritime Plaza, 18th Floor
San Francisco, CA 94111
(415) 421-6500
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
March 18, 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 which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 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 Rule 13d-7(b) 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.
SEC 1746 (10-97)
<PAGE>
CUSIP No. 461190100 Page 2 of 22 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Vincent Andrew Carrino
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, 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
United States of America
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 83,800
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,288,113
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 83,800
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,288,113
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,371,913
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
32.3
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
<PAGE>
CUSIP No. 461190100 Page 3 of 22 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Brookhaven Capital Management, LLC
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,288,113
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,288,113
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,288,113
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
31.6
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO, IA
<PAGE>
CUSIP No. 461190100 Page 4 of 22 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Brookhaven Capital Management Co., Ltd.
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 58,200
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
58,200
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
58,200
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.4
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO, IA
<PAGE>
CUSIP No. 461190100 Page 5 of 22 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Watershed Partners, L.P.
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ---------------------------------------------------------------------------
5 CHECK BOX 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
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,440,258
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,440,258
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,440,258
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.6
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
<PAGE>
CUSIP No. 461190100 Page 6 of 22 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Piton Partners, L.P.
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ---------------------------------------------------------------------------
5 CHECK BOX 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
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 250,010
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
250,010
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
250,010
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.8
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
<PAGE>
CUSIP No. 461190100 Page 7 of 22 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Watershed (Cayman) Ltd.
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,128,725
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,128,725
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,128,725
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
<PAGE>
CUSIP No. 461190100 Page 8 of 22 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Robert B. Fagenson
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 52,000
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 25,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 52,000
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
25,000
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
77,000
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/X/
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.6
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
<PAGE>
CUSIP No. 461190100 Page 9 of 22 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Gerald Anthony Ryan
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 155,000
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 155,000
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
155,000
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/X/
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.1
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
<PAGE>
CUSIP No. 461190100 Page 10 of 22 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of Common Stock (the "Stock") of Intrenet
Inc. (the "Issuer"). The principal executive office of the Issuer is
located at 400 TechneCenter Drive, Suite 200, Milford, OH 45150.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this statement and the persons enumerated in Instruction
C of Schedule 13D and, where applicable, their respective places of
organization, general partners, directors, executive officers and
controlling persons, and the information regarding them, are as follows:
(a) Brookhaven Capital Management Co., Ltd. ("BCM Co."), Brookhaven
Capital Management, LLC ("BCM, LLC"), Vincent Andrew Carrino ("Carrino"),
Watershed Partners, L.P. ("WP"), Piton Partners, L.P. ("PP"), Watershed
(Cayman) Ltd. ("WCL"), Robert B. Fagenson ("Fagenson") and Gerald Anthony
Ryan ("Ryan") (collectively, the "Filers").
(b) The business address of BCM Co., BCM, LLC, Carrino, WP and PP is
3000 Sandhill Road, Building 3, Suite 105, Menlo Park, CA 94025. The
business address of WCL is c/o Hemisphere Fund Managers Limited, 3rd Floor,
Harbour Centre, P.O. Box 30362, SMB, George Town, Cayman Islands. The
business address of Fagenson is 19 Rector Street, New York, NY 10006. The
business address of Ryan is 3230 W. Lake Road, Erie, PA 16505.
(c) Carrino is the president and sole shareholder of BCM Co. and the
manager and principal member of BCM, LLC. Fagenson is the chairman of
Fagenson & Company, Inc., a registered broker-dealer. Ryan is the chairman
of Rent-Way, Inc. See Item 6 for an additional description of the
relationships among the Filers.
(d) During the last five years, none of the Filers has been convicted
in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) During the last five years, none of the Filers was 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.
(f) Carrino, Fagenson and Ryan are citizens of the United States of
America. BCM Co. is a New York corporation. BCM, LLC is a California
limited liability company. WP and PP are Delaware limited partnerships.
WCL is a Cayman Islands exempted company.
<PAGE>
CUSIP No. 461190100 Page 11 of 22 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used in purchasing the Stock were as
follows:
Purchaser Source of Funds Amount
BCM, LLC Funds under Management* $11,734,009
BCM Co. Working Capital $ 159,346
WP Working Capital $ 3,996,687
PP Working Capital $ 688,811
WCL Working Capital $ 3,138,738
Carrino Personal Funds $ 212,262
Fagenson Personal Funds $ 213,715
Ryan Personal Funds $ 426,250
*Includes funds of WP, PP, WCL and other advisory clients used to purchase
the Stock.
ITEM 4. PURPOSE OF TRANSACTION.
The Filers have discussed, and intend to continue to discuss, with
management and members of the Board of Directors of the Issuer, the
strategies the Issuer plans to employ to maximize shareholder value,
including, but not limited to, corporate acquisitions and expansion of its
existing operations.
The Filers entered into an agreement with the Issuer and certain other
shareholders of the Issuer dated as of March 18, 1999 (the "Shareholders
Agreement"), pursuant to which the parties agreed to vote the shares of
Common Stock over which they have voting power and take certain other
actions described in the Shareholders Agreement, a copy of which is
attached hereto as Exhibit B and incorporated herein by reference. The
parties to the Shareholders Agreement have not agreed to vote or act as a
group with respect to any matters other than those addressed in the
Shareholders Agreement. The Filers understand that the other parties to
the Shareholders Agreement intend to file a Schedule 13D reflecting their
participation in the Shareholders Agreement. The Filers specifically
disclaim beneficial ownership of the shares of Common Stock owned by the
other parties to the Shareholders Agreement.
Subject to the Shareholders Agreement, the Filers may buy or sell
additional shares of Stock in the open market from time to time.
<PAGE>
CUSIP No. 461190100 Page 12 of 22 Pages
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The beneficial ownership of the Stock by each Filer at the date hereof is
reflected on that Filer's cover page. The Filers have effected the
following open market transaction in the Stock since January 29, 1999:
Purchase Number Price
Name or Sale Date of Shares per Share
WP P 2/02/99 7,000 $4.00
BCM, LLC P 2/03/99 10,000 $4.00
WP P 2/05/99 5,000 $4.00
BCM, LLC P 2/11/99 3,000 $3.75
WCL P 2/11/99 2,000 $3.75
BCM, LLC P 2/12/99 6,500 $3.75
WP P 2/16/99 1,000 $3.75
BCM, LLC P 2/17/99 5,000 $3.75
WCL P 2/17/99 4,875 $3.75
WP P 2/17/99 1,600 $3.85
WP P 2/18/99 500 $3.8125
WP P 2/18/99 500 $3.875
WP P 2/18/99 2,860 $3.75
BCM, LLC P 2/19/99 500 $3.875
BCM, LLC P 2/24/99 1,000 $3.78
WP P 2/26/99 545 $3.3125
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
BCM, LLC is a registered investment adviser whose clients, including WP, PP
and WCL, have the right to receive or the power to direct the receipt of
dividends from, or the proceeds from the sale of, the Stock. BCM, LLC is
the general partner of WP and PP, which are investment limited
partnerships. Carrino is the sole shareholder of BCM Co. and the sole
manager and majority member of BCM, LLC. No single client of BCM, LLC,
other than WP and WCL, holds more than 5 percent of the Stock.
The Filers have agreed to vote their shares of the Stock in support of the
policies and plans discussed in Item 4.
<PAGE>
CUSIP No. 461190100 Page 13 of 22 Pages
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G
(previously filed).
B. Agreement Among the Issuer, the Filers and Certain Other Shareholders
of the Issuer.
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I certify
that the information set forth in this statement is true, complete and
correct.
DATED: March 25, 1999
BROOKHAVEN CAPITAL MANAGEMENT /s/ Vincent Andrew Carrino
CO., LTD. Vincent Andrew Carrino
By: /s/ Vincent Andrew Carrino /s/ Robert B. Fagenson
Vincent Andrew Carrino Robert B. Fagenson
President
BROOKHAVEN CAPITAL MANAGEMENT, LLC /s/ Gerald Anthony Ryan
Gerald Anthony Ryan
By: /s/ Vincent Andrew Carrino
Vincent Andrew Carrino
Manager WATERSHED (CAYMAN) LTD.
WATERSHED PARTNERS, L.P. By: Brookhaven Capital
Management, LLC
By: Brookhaven Capital Management, LLC Attorney-in-Fact
General Partner By: /s/ Vincent Andrew Carrino
By: /s/ Vincent Andrew Carrino Vincent Andrew Carrino
Vincent Andrew Carrino Manager
Manager
PITON PARTNERS, L.P.
By: Brookhaven Capital Management, LLC
General Partner
By: /s/ Vincent Andrew Carrino
Vincent Andrew Carrino
Manager
<PAGE>
CUSIP No. 461190100 Page 14 of 22 Pages
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G
The undersigned agree to file jointly with the Securities and Exchange
Commission (the "SEC") any and all statements on Schedule 13D or Schedule
13G (and any amendments or supplements thereto) required under section
13(d) of the Securities Exchange Act of 1934, as amended, in connection
with purchases by the undersigned of Common Stock of Intrenet Inc. For
that purpose, the undersigned hereby constitute and appoint Brookhaven
Capital Management, LLC, a California limited liability company, as their
true and lawful agent and attorney-in-fact, with full power and authority
for and on behalf of the undersigned to prepare or cause to be prepared,
sign, file with the SEC and furnish to any other person all certificates,
instruments, agreements and documents necessary to comply with section
13(d) and section 16(a) of the Securities Exchange Act of 1934, as amended,
in connection with said purchases, and to do and perform every act
necessary and proper to be done incident to the exercise of the foregoing
power, as fully as the undersigned might or could do if personally present.
DATED: January 8, 1999
BROOKHAVEN CAPITAL MANAGEMENT /s/ Vincent Andrew Carrino
CO., LTD. Vincent Andrew Carrino
By: /s/ Vincent Andrew Carrino /s/ Robert B. Fagenson
Vincent Andrew Carrino Robert B. Fagenson
President
BROOKHAVEN CAPITAL MANAGEMENT, LLC /s/ Gerald Anthony Ryan
Gerald Anthony Ryan
By: /s/ Vincent Andrew Carrino
Vincent Andrew Carrino
Manager WATERSHED (CAYMAN) LTD.
WATERSHED PARTNERS, L.P. By: Brookhaven Capital
Management, LLC
By: Brookhaven Capital Management, LLC Attorney-in-Fact
General Partner By: /s/ Vincent Andrew Carrino
By: /s/ Vincent Andrew Carrino Vincent Andrew Carrino
Vincent Andrew Carrino Manager
Manager
PITON PARTNERS, L.P.
By: Brookhaven Capital Management, LLC
General Partner
By: /s/ Vincent Andrew Carrino
Vincent Andrew Carrino
Manager
<PAGE>
CUSIP No. 461190100 Page 15 of 22 Pages
EXHIBIT B
AGREEMENT
THIS AGREEMENT (the "Agreement") has been made and entered into as of
this 18th day of March, 1999, by and among Intrenet, Inc., an Indiana
corporation (the "Corporation"), and the undersigned shareholders of the
Corporation (individually, a "Shareholder" and, collectively, the
"Shareholders").
Recitals
A. The Brookhaven Group has acquired the right to vote an aggregate
of 4,603,913 Shares or approximately 33.7% of the outstanding Shares.
B. The Board believes that the acquisition by the Brookhaven Group
constitutes a "control share acquisition" within the meaning of the IBCL.
C. Prior to the execution of this Agreement, the Board has adopted
resolutions by which the Board has agreed to: (a) submit a resolution to
the Corporation's shareholders to grant voting rights to "control shares"
as defined in the IBCL owned by the Brookhaven Group as of the date hereof
at the Corporation's 1999 annual meeting of shareholders; (b) recommend
that the Corporation's shareholders approve such resolution; (c) amend the
Corporation's By-laws to provide that the control share chapter of the IBCL
shall not apply to any control share acquisition resulting from the
execution or operation of this Agreement; (d) adopt a resolution to
increase the size of the Board to nine (9) members and to elect Vincent A.
Carrino, Robert B. Fagenson and Gerald Anthony Ryan to fill the vacancies
created thereby; and (e) amend the Corporation's By-laws to create the
office of Vice Chairman and to elect Robert B. Fagenson to such office.
D. The Brookhaven Group has not determined whether its share
acquisition is a "control share acquisition" as defined in the IBCL due to
its uncertainty as to whether the control share chapter of the IBCL is
applicable to the Corporation. It is understood that the Brookhaven
Group's execution of this Agreement does not constitute the Brookhaven
Group's acquiescence or other agreement as to the applicability of the
control share chapter of the IBCL to its share acquisition.
E. The parties intend to enter into certain agreements regarding the
acquisition of Shares, the election of directors of the Corporation and
other matters, all on the terms and conditions set forth herein.
Agreement
In consideration of the foregoing and of the mutual covenants and
undertakings set forth herein, the parties hereby agree as follows.
1. Definitions. The following definitions apply to this Agreement:
(a) "Board" means the Board of Directors of the Corporation.
<PAGE>
CUSIP No. 461190100 Page 16 of 22 Pages
(b) "Brookhaven Group" means Brookhaven Capital Management Co.,
Ltd., Brookhaven Capital Management, LLC, Vincent Andrew Carrino,
Watershed Partners, L.P., Piton Partners, L.P., Watershed (Cayman)
Ltd., Robert B. Fagenson and Gerald Anthony Ryan.
(c) "Exchange Act" means the Securities Exchange Act of 1934, as
amended.
(d) "IBCL" means the Indiana Business Corporation Law.
(e) "Majority in Interest of the Other Shareholders" means
approval by the Other Shareholders who own a majority of the Shares
then held by all Other Shareholders.
(f) "Other Shareholders" means the Shareholders who are parties
to this Agreement and are not members of the Brookhaven Group.
(g) "Shares" means shares of Common Stock of the Corporation.
2. Vote to Restore Voting Rights. Each Other Shareholder agrees to
vote in favor of and otherwise use his or its best efforts to support the
resolution to be submitted at the Corporation's 1999 annual meeting of
shareholders to grant voting rights to "control shares" owned by the
Brookhaven Group as of the date of this Agreement. This Agreement should
not be construed as permitting the vote of any "control shares" or
"interested shares", each as defined by the IBCL, on such resolution.
3. Standstill Agreements by the Brookhaven Group. Each member of
the Brookhaven Group agrees that it will not during the term of this
Agreement, without the prior written consent of a Majority in Interest of
the Other Shareholders:
(a) offer to acquire, or agree to acquire, directly or
indirectly, by purchase or otherwise, any Shares or other securities
(including debt claims) or direct or indirect rights to acquire any
securities (including debt claims) of the Corporation, or any
subsidiary thereof, or of any successor to or person in control of the
Corporation, or any assets of the Corporation or any subsidiary or
division thereof or of any such successor or controlling person;
(b) make, or in any way participate, directly or indirectly, in
any "solicitation" of "proxies" to vote (as such terms are used in the
rules of the Securities and Exchange Commission) other than as part of
a solicitation made by the Board, or seek to advise or influence any
person or entity with respect to the voting of any Shares or other
voting securities of the Corporation;
(c) make any public announcement with respect to, or submit a
proposal for, or offer of (with or without conditions) any
extraordinary transaction involving the Corporation or any of its
securities or assets;
(d) form, join or in any way participate with any person in a
"group" (other than with a person who is a member of the Brookhaven
Group or by reason of this Agreement) as defined in Section 13(d)(3)
of the Exchange Act, in connection with any of the foregoing; or
<PAGE>
CUSIP No. 461190100 Page 17 of 22 Pages
(e) enter into any discussions, negotiations, arrangements or
undertakings with any third party with respect to any of the
foregoing.
4. Management of the Corporation. Each Shareholder, during the
term of this Agreement, shall vote the respective Shares held by each and
shall undertake or cause to be undertaken any and all of the actions
necessary, if such actions are required, so as to provide for all the
events described in the following provisions:
(a) Except as provided in Section (d), the Board shall continue
to consist of nine (9) members of a single class, to be nominated as
provided herein. The Brookhaven Group will have the right to
designate three (3) persons for election to the Board and the Other
Shareholders, acting by a Majority in Interest of the Other
Shareholders, shall have the right to designate six (6) persons for
election to the Board.
(b) If the Board fails to nominate any person designated by
Section (a) or if the shareholders of the Corporation fail to elect
any such person so nominated, the Shareholders agree to request a
special meeting of shareholders for the purpose of removing as a
director any person not designated in accordance with Section (a) and
electing the designated person as a director of the Corporation.
(c) If at any time a vacancy is created on the Board by reason
of the death, resignation or removal of any person designated in
accordance with Section (a), the group which nominated the person
shall meet as soon as possible after the date such vacancy occurs for
the purpose of designating a person to fill such vacancy. If the
group fails to designate a person to fill such vacancy within a
reasonable period, or if the Board fills such vacancy otherwise than
with such person, the Shareholders agree to request a special meeting
of shareholders for the purpose of filling such vacancy with a person
designated in accordance with Section (a).
(d) With the consent of the Brookhaven Group (which consent may
not be unreasonably withheld), the size of the Board may be increased
to more than nine (9) members in the event the Corporation hereafter
acquires or merges with another entity which would be a "significant
subsidiary" under the rules of the Securities and Exchange Commission
provided that the persons who are elected directors to fill any
vacancies created by such action are initially representatives of or
designated by such entity or its owners.
5. Transfer of the Brookhaven Group's Shares. Each member of the
Brookhaven Group agrees not to transfer any Shares to any person who is not
a member of the Brookhaven Group if such transfer would constitute a
"control share acquisition" by such person within the meaning of I.C. 23-1-
42-2(a) but for the application of I.C. 23-1-42-2(e), unless the transferee
first agrees to (a) on a prospective basis, accept all of the obligations
of a member of the Brookhaven Group under this Agreement, and (b) on a
prospective basis, become a party to this Agreement. The foregoing
provision shall not apply to (i) a sale of the Brookhaven Group's Shares
which is made pursuant to an offering registered under the Securities
<PAGE>
CUSIP No. 461190100 Page 18 of 22 Pages
Exchange Act of 1933, as amended, (ii) a distribution approved in advance
by a Majority in Interest of the Other Shareholders, (iii) over-the-counter
sales on the National Association of Securities Dealers, Inc. Automated
Quotations System Over-the-Counter Markets - Small Cap Issues or a similar
market, and (iv) any other transfer that does not have as its purpose or
effect a circumvention of Section 3 of this Agreement.
6. Notices. All notices shall be in writing and shall be delivered
in person or by certified mail, postage prepaid, to the Corporation and to
the other Shareholders. Notice to the Corporation shall be addressed to
its principal office, attention: President. Notices to the Shareholders
shall be delivered to their addresses set opposite their names below. Any
of the Shareholders may establish a different address for delivery of
notices to him by giving written notice of such address to all parties to
this Agreement. Notice shall be deemed to be given at the time of personal
delivery or three (3) business days after deposit in the United States
mail.
7. Binding Effect. This Agreement shall be binding upon and inure
to the benefit of the parties and their respective successors, assigns,
heirs, executors, administrators and legal representatives.
8. Termination. This Agreement shall terminate upon the earlier of:
(a) Eighteen (18) months from the date hereof;
(b) The acquisition of beneficial ownership by any person or
group within the meaning of Rule 13d-3 promulgated under the Exchange
Act of fifty percent (50%) or more of the Shares; provided such
acquisition is not in violation of this Agreement;
(c) The sale of all or substantially all of the assets or
dissolution of the Corporation; or
(d) The effectiveness of any merger or share exchange to which
the Corporation is a party, if the Corporation is not the surviving or
issuing corporation.
Notwithstanding the foregoing, this Agreement shall not terminate earlier
than the vote to grant voting rights contemplated by Section 2.
9. Modification. This Agreement may be modified or amended only by
the written agreement of all of the parties to this Agreement.
10. Counterparts. This Agreement may be executed in multiple
counterparts, with each counterpart deemed to be an original instrument and
all counterparts together constituting the same agreement.
11. Specific Enforcement. The parties acknowledge that money damages
would be both incalculable and an insufficient remedy for any breach of
this Agreement and that any such breach would cause immediate and
irreparable injury, loss or damage. In the event of any such breach or
threatened breach of this Agreement, the party or parties who are not in
breach of their obligations under this Agreement, in addition to any other
<PAGE>
CUSIP No. 461190100 Page 19 of 22 Pages
remedies at law or in equity they may have, shall be entitled, without the
requirement of posting a bond or other security, to equitable relief,
including injunctive relief and specific performance.
12. Delay. No failure or delay by a party in exercising any right,
power or privilege hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any right, power or privilege
hereunder.
13. Partial Invalidity. The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability
of any other provisions of this Agreement, which shall remain in full force
and effect.
14. Jurisdiction and Governing Law. All parties consent to personal
jurisdiction, service of process and venue in any federal or state court
within the State of Indiana having venue and subject matter jurisdiction
for the purposes of any action, suit or proceeding arising out of or
relating to this Agreement. This Agreement shall be governed by and
construed in accordance with the laws of the State of Indiana, without
regard to its conflicts of law provision.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date written above.
INTRENET, INC.
By: /s/ John P. Delavan
John P. Delavan, President
BROOKHAVEN CAPITAL MANAGEMENT Address:
CO. LTD.
3000 Sand Hill Road, Bldg 3, Suite 105
By:/s/ Vincent A. Carrino Menlo Park, CA 94025
Vincent A. Carrino, President
BROOKHAVEN CAPITAL
MANAGEMENT, LLC
By:/s/ Vincent Andrew Carrino ________________________________________
Vincent Andrew Carrino, Manager
/s/ Vincent Andrew Carrino ________________________________________
Vincent Andrew Carrino
<PAGE>
CUSIP No. 461190100 Page 20 of 22 Pages
WATERSHED PARTNERS, L.P.
By: BROOKHAVEN CAPITAL MANAGEMENT,
LLC, General Partner
By:/s/ Vincent Andrew Carrino ________________________________________
Vincent Andrew Carrino, Manager
PITON PARTNERS, L.P.
By: BROOKHAVEN CAPITAL MANAGEMENT,
LLC, General Partner
By:/s/ Vincent Andrew Carrino ________________________________________
Vincent Andrew Carrino, Manager
WATERSHED (CAYMAN) LTD.
By: BROOKHAVEN CAPITAL
MANAGEMENT, LLC, General Partner
By:/s/ Vincent Andrew Carrino ________________________________________
Vincent Andrew Carrino, Manager
/s/ Robert B. Fagenson ________________________________________
Robert B. Fagenson
/s/ Gerald Anthony Ryan ________________________________________
Gerald Anthony Ryan
MORGENS, WATERFALL, VINTIADIS
& COMPANY, INC.
By: /s/ Edwin H. Morgens ________________________________________
Edwin H. Morgens, Chairman
PHOENIX PARTNERS
By: MW MANAGEMENT LLC
General Partner
By: /s/ Edwin H. Morgens ________________________________________
Edwin H. Morgens, Managing Member
General Partner
<PAGE>
CUSIP No. 461190100 Page 21 of 22 Pages
BETJE PARTNERS
By: MORGENS WATAERFALL VINTIADIS & CO. INC.,
Investment Advisor to Betje Partners
By: /s/ Edwin H. Morgens ________________________________________
Edwin H. Morgens, Managing Member
PHAETON INTERNATIONAL, N.V.
By: MORGENS WATERFALL VINTIADIS & CO. INC.
Investment Advisor to Phaeton International
By: /s/ Edwin H. Morgens ________________________________________
Edwin H. Morgens, Chairman
MORGENS WATERFALL VINTIADIS N.C.
By: /s/ Edwin H. Morgens ________________________________________
,
RESTART PARTNERS, L.P.
By: PRIME INC.
General Partner of Prime Group, L.P.
General Partner of Restart Partners, L.P.
By: /s/ Edwin H. Morgens ________________________________________
Edwin H. Morgens, Chairman
RESTART PARTNERS II, L.P.
By: PRIME INC.
General Partner of Prime Group II, L.P.
General Partner of Restart Partners II, L.P.
By: /s/ Edwin H. Morgens ________________________________________
Edwin H. Morgens, Chairman
<PAGE>
CUSIP No. 461190100 Page 22 of 22 Pages
MORGENS WATERFALL INCOME PARTNERS
By: MW CAPITAL, LLC
General Partner, Morgens Waterfall Income Partners
By: /s/ Edwin H. Morgens ________________________________________
Edwin H. Morgens, Managing Member
ALLEN HOLDING, INC.
By: /s/ Howard Felson ________________________________________
Howard Felson, Vice President
ALLEN & COMPANY, INC.
By: /s/ Howard Felson ________________________________________
Howard Felson, Vice President
ALLEN VALUE PARTNERS, L.P.
By: ALLEN VALUE INC., G.P.
Allen Philton, L.P.
By: /s/ Philip Scaturro ________________________________________
Philip Scaturro, President
ALLEN VALUE LIMITED
By: /s/ Philip Scaturro ________________________________________
______________,___________
/s/ Philip Scaturro ________________________________________
Philip Scaturro
/s/ Ned N. Fleming, III ________________________________________
Ned N. Fleming, III
/s/ Eric C. Jackson ________________________________________
Eric C. Jackson
/s/ Thomas J. Noonan, Jr. ________________________________________
Thomas J. Noonan, Jr.
4193\017\1036152
