<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 10)*
CIMETRIX INCORPORATED
---------------------
(Name of Issuer)
Common Stock, $0.0001 par value
-------------------------------
(Title of Class of Securities)
17185E100
--------------
(CUSIP NUMBER)
Geoffrey Todd Hodges, Esq., c/o Agliano, Hodges & Whittemore, P.A., 400
North Tampa Street, Suite 2630, Tampa, FL 33602;
(813) 225-1515
-----------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 14, 1998
----------------------------
(Date of Event which Requires
Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ]
Check the following box if a fee is being paid with the statement [ ]A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies
are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
"filed" for purposes 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)
(Continued on following page(s))
<PAGE> 2
CUSIP NO. 171853100 13D
---------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Paul A. Bilzerian
---------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ X ]
(b) [ ]
---------------------------------------------------------------------
(3) SEC USE ONLY
---------------------------------------------------------------------
(4) SOURCE OF FUNDS*
00
---------------------------------------------------------------------
(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
---------------------------------------------------------------------
(7) SOLE VOTING POWER
NUMBER OF None
SHARES --------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY 1,978,162
EACH --------------------------------------------------------
REPORTING (9) SOLE DISPOSITIVE POWER
PERSON WITH None
--------------------------------------------------------
(10) SHARED DISPOSITIVE POWER
None
--------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,380,000, plus proxies to vote 1,978,162
---------------------------------------------------------------------
(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ X ]
---------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.7%, plus proxies to vote 8.0%
---------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IN
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 3
CUSIP NO. 17185E100 13D
---------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Terri L. Steffen
---------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ X ]
(b) [ ]
---------------------------------------------------------------------
(3) SEC USE ONLY
---------------------------------------------------------------------
(4) SOURCE OF FUNDS*
00
---------------------------------------------------------------------
(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
---------------------------------------------------------------------
(7) SOLE VOTING POWER
NUMBER OF None
SHARES --------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY None
EACH --------------------------------------------------------
REPORTING (9) SOLE DISPOSITIVE POWER
PERSON WITH None
--------------------------------------------------------
(10) SHARED DISPOSITIVE POWER
None
--------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,380,000
---------------------------------------------------------------------
(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ X ]
---------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.7%
---------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IN
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 4
CUSIP NO. 17185E100 13D
---------------------
(1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Bicoastal Holding Company
---------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ X ]
(b) [ ]
---------------------------------------------------------------------
(3) SEC USE ONLY
---------------------------------------------------------------------
(4) SOURCE OF FUNDS*
00
---------------------------------------------------------------------
(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
---------------------------------------------------------------------
(7) SOLE VOTING POWER
480,000
NUMBER OF --------------------------------------------------------
SHARES (8) SHARED VOTING POWER
BENEFICIALLY
OWNED BY None
EACH --------------------------------------------------------
REPORTING (9) SOLE DISPOSITIVE POWER
PERSON WITH
480,000
--------------------------------------------------------
(10) SHARED DISPOSITIVE POWER
None
--------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
480,000
---------------------------------------------------------------------
(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
---------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.9%
---------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
CO
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 5
CUSIP NO. 17185E100 13D
---------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Overseas Holdings Limited Partnership
---------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ X ]
(b) [ ]
---------------------------------------------------------------------
(3) SEC USE ONLY
---------------------------------------------------------------------
(4) SOURCE OF FUNDS*
00
---------------------------------------------------------------------
(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
---------------------------------------------------------------------
(7) SOLE VOTING POWER
NUMBER OF 2,900,000
SHARES --------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY None
EACH --------------------------------------------------------
REPORTING (9) SOLE DISPOSITIVE POWER
PERSON WITH 2,900,000
--------------------------------------------------------
(10) SHARED DISPOSITIVE POWER
None
--------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,900,000
---------------------------------------------------------------------
(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
---------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.7%
---------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
PN
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 6
CUSIP NO. 17185E100 13D
---------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
The Paul A. Bilzerian and Terri L. Steffen Family Trust of 1995
---------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ X ]
(b) [ ]
---------------------------------------------------------------------
(3) SEC USE ONLY
---------------------------------------------------------------------
(4) SOURCE OF FUNDS*
00
---------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS [ ]
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
---------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Cook Islands
---------------------------------------------------------------------
(7) SOLE VOTING POWER
NUMBER OF None
SHARES --------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY None
EACH --------------------------------------------------------
REPORTING (9) SOLE DISPOSITIVE POWER
PERSON WITH None
--------------------------------------------------------
(10) SHARED DISPOSITIVE POWER
None
--------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,380,000
---------------------------------------------------------------------
(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
---------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.7%
---------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
00
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 7
CUSIP NO. 17185E100 13D
---------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Overseas Holding Company
---------------------------------------------------------------------
(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
Cayman Islands
---------------------------------------------------------------------
(7) SOLE VOTING POWER
NUMBER OF None
SHARES --------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY None
EACH --------------------------------------------------------
REPORTING (9) SOLE DISPOSITIVE POWER
PERSON WITH None
--------------------------------------------------------
(10) SHARED DISPOSITIVE POWER
None
--------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,900,000
---------------------------------------------------------------------
(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
---------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.7%
---------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
CO
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 8
CUSIP NO. 17185E100 13D
---------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
The Paul A. Bilzerian and Terri L. Steffen 1994 Irrevocable Trust
---------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ X ]
(b) [ ]
---------------------------------------------------------------------
(3) SEC USE ONLY
---------------------------------------------------------------------
(4) SOURCE OF FUNDS*
00
---------------------------------------------------------------------
(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
---------------------------------------------------------------------
(7) SOLE VOTING POWER
NUMBER OF 2,320,000
SHARES --------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY None
EACH --------------------------------------------------------
REPORTING (9) SOLE DISPOSITIVE POWER
PERSON WITH 2,320,000
--------------------------------------------------------
(10) SHARED DISPOSITIVE POWER
None
--------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,320,000
---------------------------------------------------------------------
(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
---------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.4%
---------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
00
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 9
CUSIP NO. 17185E100 13D
---------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Adam J. Bilzerian
---------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ X ]
(b) [ ]
---------------------------------------------------------------------
(3) SEC USE ONLY
---------------------------------------------------------------------
(4) SOURCE OF FUNDS*
00
---------------------------------------------------------------------
(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
---------------------------------------------------------------------
(7) SOLE VOTING POWER
NUMBER OF None
SHARES --------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY None
EACH --------------------------------------------------------
REPORTING (9) SOLE DISPOSITIVE POWER
PERSON WITH None
--------------------------------------------------------
(10) SHARED DISPOSITIVE POWER
None
--------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,160,000
---------------------------------------------------------------------
(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
---------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.7%
---------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IN
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 10
CUSIP NO. 17185E100 13D
---------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Dan B. Bilzerian
---------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ X ]
(b) [ ]
---------------------------------------------------------------------
(3) SEC USE ONLY
---------------------------------------------------------------------
(4) SOURCE OF FUNDS*
00
---------------------------------------------------------------------
(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
---------------------------------------------------------------------
(7) SOLE VOTING POWER
NUMBER OF None
SHARES --------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY None
EACH --------------------------------------------------------
REPORTING (9) SOLE DISPOSITIVE POWER
PERSON WITH None
--------------------------------------------------------
(10) SHARED DISPOSITIVE POWER
None
--------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,160,000
---------------------------------------------------------------------
(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
---------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.7%
---------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IN
---------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 11
ATTACHMENT TO FORM 13D COVER SHEET
All calculations on the Form 13D cover sheets have been made on the
basis that 24,743,928 shares are presently outstanding.
<PAGE> 12
Item 1. Security and Issuer.
The class of security to which this Amendment to Schedule 13D relates
is common stock, $0.0001 par value per share (the "Shares") of Cimetrix
Incorporated, a Nevada corporation (the "Company"). The Company's principal
executive offices are located at 6979 South High Tech Drive, Midvale, Utah
84047.
Item 2. Identity and Background.
This Amendment to Schedule 13D is being filed by Paul A.
Bilzerian, Terri L. Steffen, Bicoastal Holding Company, Overseas
Holdings Limited Partnership, The Paul A. Bilzerian and Terri L.
Steffen Family Trust of 1995, Overseas Holding Company, the Paul A.
Bilzerian and Terri L. Steffen 1994 Irrevocable Trust, Adam J.
Bilzerian, and Dan B. Bilzerian, hereafter collectively referred to
as the "Reporting Persons."
(a)-(f). The following sets forth as to each of the Reporting Persons
his (a) name; (b) residence or business address; (c) present principal
occupation or employment and the name, principal business, and address of any
corporation or other organization in which such employment is conducted; (d)
whether or not, during the last five years, such person has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) and,
if so, the dates, nature of conviction, name and location of court, any penalty
imposed, or other disposition of the case; (e) whether or not, during the last
five years, such person 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, and,
if so, identify and describe such proceedings and summarize the terms of such
judgment, decree, or final order; and (f) citizenship.
1. (a) Paul A. Bilzerian.
(b) 16229 Villarreal de Avila
Tampa, FL 33613.
(c) President, Cimetrix, Incorporated
6979 South High Tech Drive
Midvale, Utah 84047.
(d) None.
(e) None.
(f) United States.
<PAGE> 13
2. (a) Terri L. Steffen.
(b) 16229 Villarreal de Avila
Tampa, FL 33613.
(c) None.
(d) None.
(e) None.
(f) United States.
3. (a) Bicoastal Holding Company, a Nevada corporation
(b) 16229 Villarreal de Avila
Tampa, FL 33613.
(c) Investments.
(d) None.
(e) None.
4. (a) Overseas Holdings Limited Partnership, a Nevada
limited partnership
(b) 16229 Villarreal de Avila
Tampa, FL 33613.
(c) Investments.
(d) None.
(e) None.
5. (a) The Paul A Bilzerian and Terri L. Steffen Family Trust of
1995, a Cook Islands International Trust.
(b) 16229 Villarreal de Avila
Tampa, FL 33613.
(c) Estate planning trust.
(d) None.
(e) None.
6. (a) Overseas Holding Company, a Cayman Islands
corporation
(b) 16229 Villarreal de Avila
Tampa, FL 33613.
(c) Investments.
(d) None.
(e) None.
7. (a) The Paul A Bilzerian and Terri L. Steffen 1994
Irrevocable Trust, a Florida Trust.
(b) 400 North Tampa Street, Suite 2630
Tampa, FL 33613.
(c) Children's trust.
(d) None.
(e) None.
<PAGE> 14
8. (a) Adam J. Bilzerian.
(b) 16229 Villarreal de Avila
Tampa, FL 33613.
(c) None.
(d) None.
(e) None.
(f) United States.
9. (a) Dan B. Bilzerian.
(b) 16229 Villarreal de Avila
Tampa, FL 33613.
(c) None.
(d) None.
(e) None.
(f) United States.
Item 3. Source and Amount of Funds or Other Consideration.
Overseas Holding Company borrowed $90,000 from Bicoastal Holding
Company to complete the transactions reported on this Schedule 13D.
Item 4. Purpose of Transaction. Seven transactions are reported hereby. The
purpose of the transactions is to repay consideration used by Bicoastal Holding
Company for the exercise of warrants, as previously reported, to amend previous
filings to clarify the use of securities by Bicoastal Holding Company in the
exercise of those warrants, to correct the domicile of Bicoastal Holding Company
previously reported, to complete estate planning purposes of Paul A. Bilzerian
and Terri L. Steffen, and to report the pending expiration of certain proxies
held by Paul A. Bilzerian.
(a) On April 29, 1997, Bicoastal Holding Company transferred to the Company
200,000 shares of the Company's common stock as payment of the $1,000,000
exercise price of warrants to purchase 6,000,000 shares of the Company's common
stock, as previously reported. Those warrants were held by Bicoastal Holding
Company, (600,000); by Overseas Holdings Limited Partnership (3,000,000) and by
the Paul A. Bilzerian and Terri L. Steffen 1994 Irrevocable Trust (2,400,000),
as previously reported. The transaction was previously reported as a sale of
shares by Bicoastal to the Company, followed by a contribution of the exercise
price to the Company, but no cash actually changed hands, and the transaction is
more accurately described as a contribution of 200,000 shares, or warrants to
purchase 200,000 shares, to the Company in payment of the exercise price for the
warrants.
<PAGE> 15
(b) On April 29, 1997, Bicoastal Holding Company transferred to the Company
200,000 shares of the Company's common stock as payment of the $1,000,000
exercise price of warrants to purchase 6,000,000 shares of the Company's common
stock, as previously reported. Those warrants were held by Bicoastal Holding
Company, (600,000); by Overseas Holdings Limited Partnership (3,000,000) and by
the Paul A. Bilzerian and Terri L. Steffen 1994 Irrevocable Trust (2,400,000),
as previously reported. On December 10, 1998, the trustees of the Paul A.
Bilzerian and Terri L. Steffen Irrevocable Trust proposed that they reform the
trust's agreement with Bicoastal relating to the warrant consideration, by
transferring to Bicoastal Holding Company 80,000 shares of the Company's stock
(the trust's share of the warrant exercise consideration) in lieu of cash.
Bicoastal Holding Company agreed to the reformation. On December 14, 1998, the
Paul A. Bilzerian and Terri L. Steffen 1994 Irrevocable Trust transferred 80,000
shares of the Company's stock to Bicoastal Holding Company as an accord and
satisfaction of the trust's prior agreements with Bicoastal.
(c) On April 29, 1997, Bicoastal Holding Company transferred to the Company
200,000 shares of the Company's common stock as payment of the $1,000,000
exercise price of warrants to purchase 6,000,000 shares of the Company's common
stock, as previously reported. Those warrants were held by Bicoastal Holding
Company, (600,000); by Overseas Holdings Limited Partnership (3,000,000) and by
the Paul A. Bilzerian and Terri L. Steffen 1994 Irrevocable Trust (2,400,000),
as previously reported. On December 14, 1998, Overseas Holdings Limited
Partnership proposed to reform the partnership's agreement with Bicoastal
relating to the warrant consideration, by transferring to Bicoastal Holding
Company 100,000 shares of the Company's stock (the partnership's share of the
warrant exercise consideration) in lieu of cash. Bicoastal Holding Company
agreed to the reformation. On December 14, 1998, Overseas Holdings Limited
Partnership transferred 100,000 shares of the Company's stock to Bicoastal
Holding Company as an accord and satisfaction of the partnership's prior
agreements with Bicoastal.
(d) On December 5, 1998, Paul A. Bilzerian and Terri L. Steffen were removed as
trustees of the Paul A Bilzerian and Terri L. Steffen Family Trust of 1995, and
replaced with Harry A. Steffen and Lois L. Steffen.
(e) On December 14, 1998, Overseas Holding Company, a Cayman Islands
corporation, acquired from Bicoastal Holding Company, a Nevada corporation, the
1% general partner's interest in Overseas Holdings Limited Partnership, a Nevada
limited partnership, for a price of $90,000. Overseas Holding Company gave
Bicoastal Holding Company a promissory note to complete the acquisition.
<PAGE> 16
(f) Bicoastal Holding Company, a Nevada corporation, had previously been
reported as a Cayman Islands corporation. At the end of 1996, the Board of
Directors of Bicoastal had approved a plan to reincorporate in the Cayman
Islands; however, the plan was never completed and the Company has now elected
to abandon the plan to reincorporate. Bicoastal Holding Company, therefore,
remains as a Nevada corporation.
(g) On March 22, 1994, W. Keith Seolas, Robert K. Seolas, Suzette Seolas, and
Helene S. Seolas granted to Paul A. Bilzerian proxies to purchase 2,367,871
shares of the Company's common stock, as previously reported. After transfers of
shares by the holders thereof, the proxies covered fewer shares, so that, at
present, Mr. Bilzerian holds proxies to vote 1,978,162 shares owned by members
of the Seolas family. After amendment to extend the terms of the proxies, as
previously reported, the proxies will expire on December 31, 1998. Following
that date, Mr. Bilzerian will no longer have any voting rights or other
beneficial interest in those shares.
Item 5. Interest in Securities of the Issuer.
(a) As of December 14, 1998, Overseas Holdings Limited Partnership was the owner
of 2,900,000 shares of the Company's common stock, representing 11.7% of the
Company's outstanding stock. As of December 14, 1998, Bicoastal Holding Company
was the owner of 480,000 shares of the Company's common stock, representing 1.9%
of the Company's outstanding stock. As of December 14, 1998, Overseas Holding
Company is the beneficial owner of 29,000 shares of the Company's common stock
by virtue of its 1% interest in Overseas Holdings Limited Partnership. This
represents 0.1% of the Company's outstanding stock. As of December 14, 1998,
Overseas Holding Company may also be deemed the beneficial owner of the other
2,871,000 shares of the Company's common stock owned by Overseas Holdings
Limited Partnership because as the sole general partner of the partnership, it
has the right to vote those shares. This represents 11.7% of the Company's
outstanding stock. As of December 14, 1998, the Paul A Bilzerian and Terri L.
Steffen Family Trust of 1995 is the beneficial owner of 3,380,000 shares of the
Company's stock because it is the 99% limited partner of Overseas Holdings
Limited Partnership, the owner of 100% of the stock of Overseas Holding Company,
and the owner of 100% of the stock of Bicoastal Holding Company. This represents
13.7% of the Company's outstanding stock. Paul A. Bilzerian and Terri L. Steffen
are the beneficial owners of 3,380,000 shares of the Company's stock because
they are the beneficiaries of the Paul A Bilzerian and Terri L. Steffen Family
Trust of 1995. This represents 13.7% of the Company's outstanding stock. As of
December 14, 1998, the Paul A Bilzerian and Terri L. Steffen 1994
<PAGE> 17
Irrevocable Trust was the owner of 2,320,000 shares of the Company's common
stock. This represents 9.4% of the Company's outstanding stock. As of December
14, 1998, Adam J. Bilzerian may be deemed the beneficial owner of 1,160,000
shares of the Company's common stock because he is the owner of a 50% beneficial
interest in the Paul A Bilzerian and Terri L. Steffen 1994 Irrevocable Trust.
This represents 4.7% of the Company's outstanding stock. As of December 14,
1998, Dan B. Bilzerian may be deemed the beneficial owner of 1,160,000 shares of
the Company's common stock because he is the owner of a 50% beneficial interest
in the Paul A Bilzerian and Terri L. Steffen 1994 Irrevocable Trust. This
represents 4.7% of the Company's outstanding stock. Paul A. Bilzerian and Terri
L. Steffen may also be deemed beneficial owners of 2,320,000 shares of stock
owned by the Paul A. Bilzerian and Terri L. Steffen 1994 Irrevocable Trust
because the principal beneficiaries of the trust are their children, Adam J.
Bilzerian and Dan B. Bilzerian. This represents 9.4% of the Issuer's outstanding
stock. Mr. Bilzerian and Ms. Steffen, however, disclaim any beneficial ownership
of those shares. As of December 14, 1998, Mr. Bilzerian holds proxies to share
voting power of 1,978,162 shares of stock by virtue of proxies from W. Keith
Seolas and members of his family, representing 8.0% of the Company's outstanding
stock. Such proxies will expire on December 31, 1998, and after that date, Mr.
Bilzerian will have no voting rights or other beneficial interest in any of the
proxied shares. Except as provided herein, this Amendment to Schedule 13D does
not amend the beneficial ownership of shares beneficially owned by Mr.
Bilzerian, members of his family, or related entities, as reflected in Schedule
13D and amendments previously filed on behalf of Paul A. Bilzerian, Terri L.
Steffen, Bicoastal Holding Company, the Paul A. Bilzerian and Terri L. Steffen
Family Trust of 1995, the Paul A. Bilzerian and Terri L. Steffen Irrevocable
Trust of 1994, Overseas Holdings Limited Partnership, Overseas Holding Company,
Adam J. Bilzerian, and Dan B. Bilzerian.
(b) The responses of the Reporting Persons to items (7) through (11) of the
portions of the cover page relating to beneficial ownership of Shares are
incorporated herein by reference.
(c) Except as provided herein, there have been no transactions in Shares or
other securities of the Company by any of the Reporting Persons within the past
60 days or since the most recent Amendment to Schedule 13D was filed.
(d) None.
(e) None.
<PAGE> 18
Item 6. Contracts, Arrangements, Understandings, or Relationships with respect
to Securities of the Issuer.
None.
Item 7. Material to be Filed as Exhibits.
None.
<PAGE> 19
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete, and
correct.
Date: 12-14-98 /s/ PAUL A. BILZERIAN
---------------- -----------------------------
PAUL A. BILZERIAN
<PAGE> 20
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete, and
correct.
Date: 12-14-98 /s/ PAUL A. BILZERIAN
---------------- -----------------------------
PAUL A. BILZERIAN, President,
Bicoastal Holding Company
<PAGE> 21
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete, and
correct.
Date: December 15, 1998 /s/ TERRI L. STEFFEN
----------------- -------------------------------
TERRI L. STEFFEN
<PAGE> 22
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: 12/15/98 /s/ TERRI L. STEFFEN
- - -------------- -------------------------------------
Terri L. Steffen
President of Overseas Holding Company
<PAGE> 23
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: 12/15/98 /s/ TERRI L. STEFFEN
- - -------------- ---------------------------------------
Terri L. Steffen
President of Overseas Holding
Company, as General Partner of Overseas
Holdings Limited Partnership
<PAGE> 24
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: December 15, 1998 /s/ TERRI L. STEFFEN
----------------- ----------------------------------------
TERRI L. STEFFEN, as Natural Guardian of
Adam J. Bilzerian
<PAGE> 25
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: December 15, 1998 /s/ TERRI L. STEFFEN
----------------- ----------------------------------------
TERRI L. STEFFEN, as Natural Guardian of
Dan B. Bilzerian
<PAGE> 26
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: December 15, 1998 /s/ HARRY A. STEFFEN
----------------- -------------------------------------------
HARRY A. STEFFEN, Co-Trustee of the Paul A.
Bilzerian and Terri L. Steffen Family
Trust of 1995
<PAGE> 27
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete, and
correct.
Date: 12-15-98 /s/ GEOFFREY TODD HODGES
---------------- ------------------------------------------
GEOFFREY TODD HODGES, Co-Trustee of the
Paul A. Bilzerian and Terri L. Steffen 1994
Irrevocable Trust
