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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13D
under the Securities Exchange Act of 1934 (Amendment No. 05 )
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Metro Global Media, Inc.
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(formerly known as South Pointe Enterprises, Inc.)
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(Name of Issuer)
Common Stock, par value $.0001 per share
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(Title and Class of Securities)
591917109
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(CUSIP Number)
Dennis Nichols, Zeon Corporation, 1060 Park Avenue,
Cranston, Rhode Island 02910 (401) 942-7876.
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
February 5, 1997
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(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 this statement [ ]
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CUSIP No. 591917109
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<S> <C>
1) Names of Reporting Persons S.S. or I.R.S.
Identification Nos. of Above Persons
Zeon Corporation
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2) Check the Appropriate Box if a Member of a Group
(See Instructions) n/a ........................
(a) ...........................................
(b) ...........................................
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3) SEC Use Only ..................................
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4) Source of Funds (See Instructions) 00 See Item 3
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5) Check if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) ..n/a..
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6) Citizenship or Place of Organization ..........
Zeon Corporation, a Rhode Island corporation
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Number of (7) Sole Voting Power
shares Bene- 0
ficially --------------------------------------------------------
Owned by (8) Shared Voting Power
Each Report- 742,365
ing Person --------------------------------------------------------
With (9) Sole Dispositive Power
0
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(10) Shared Dispositive Power
742,365
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11) Aggregate Amount Beneficially Owned by Each
Reporting Person Zeon Corporation 742,365
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12) Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions)
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13) Percent of Class Represented by Amount in
Row (11) ........ Zeon Corporation 20.94%
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14) Type of Reporting Person
Zeon Corporation CO
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CUSIP No. 591917109
<TABLE>
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<S> <C>
1) Names of Reporting Persons S.S. or I.R.S.
Identification Nos. of Above Persons
Greystone Associates, L.P.
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2) Check the Appropriate Box if a Member of a Group
(See Instructions) n/a ........................
(a) ...........................................
(b) ...........................................
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3) SEC Use Only ..................................
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4) Source of Funds (See Instructions) 00 See Item 3
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5) Check if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) ..n/a..
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6) Citizenship or Place of Organization ..........
Greystone Associates, L.P., a Rhode Island
limited partnership
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Number of (7) Sole Voting Power
shares Bene- 0
ficially --------------------------------------------------
Owned by (8) Shared Voting Power
Each Report- 742,365
ing Person --------------------------------------------------
With (9) Sole Dispositive Power
0
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(10) Shared Dispositive power
742,365
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11) Aggregate Amount Beneficially Owned by Each
Reporting Person Greystone Assoc. L.P. 742,365
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12) Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions)
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13) Percent of Class Represented by Amount in
Row (11) ........ Greystone Assoc. L.P. 20.94%
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14) Type of Reporting Person
Greystone Associates, L.P. PN
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CUSIP No. 591917109
<TABLE>
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<S> <C>
1) Names of Reporting Persons S.S. or I.R.S.
Identification Nos. of Above Persons
Colby Development Corp.
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2) Check the Appropriate Box if a Member of a Group
(See Instructions) n/a ........................
(a) ...........................................
(b) ...........................................
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3) SEC Use Only ..................................
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4) Source of Funds (See Instructions) 00 See Item 3
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5) Check if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) ..n/a..
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6) Citizenship or Place of Organization ..........
Colby Development Corp., a Rhode Island
corporation
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Number of (7) Sole Voting Power
shares Bene- 0
ficially --------------------------------------------------
Owned by (8) Shared Voting Power
Each Report- 742,365
ing Person --------------------------------------------------
With (9) Sole Dispositive Power
0
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(10) Shared Dispositive Power
742,365
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11) Aggregate Amount Beneficially Owned by Each
Reporting Person Colby Develop. Corp. 742,365
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12) Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions)
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13) Percent of Class Represented by Amount in
Row (11) ........ Colby Develop. Corp. 20.94%
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14) Type of Reporting Person
Colby Development Corp. CO
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CUSIP No. 591917109
<TABLE>
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<S> <C>
1) Names of Reporting Persons S.S. or I.R.S.
Identification Nos. of Above Persons
Kenneth F. Guarino
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2) Check the Appropriate Box if a Member of a Group
(See Instructions) n/a ........................
(a) ...........................................
(b) ...........................................
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3) SEC Use Only ..................................
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4) Source of Funds (See Instructions) 00 See Item 3
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5) Check if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) ..n/a..
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6) Citizenship or Place of Organization ..........
Kenneth F. Guarino, a United States citizen
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Number of (7) Sole Voting Power
shares Bene- 1,824,765
ficially --------------------------------------------------
Owned by (8) Shared Voting Power
Each Report- 41,315
ing Person --------------------------------------------------
With (9) Sole Dispositive Power
1,824,765
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(10) Shared Dispositive Power
41,315
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11) Aggregate Amount Beneficially Owned by Each
Reporting Person Kenneth F. Guarino 1,866,080
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12) Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions) x
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13) Percent of Class Represented by Amount in
Row (11) ........ Kenneth F. Guarino 49.82 %
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14) Type of Reporting Person
Kenneth F. Guarino IN
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CUSIP No. 591917109
<TABLE>
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<S> <C>
1) Names of Reporting Persons S.S. or I.R.S.
Identification Nos. of Above Persons
Capital Video Corporation
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2) Check the Appropriate Box if a Member of a Group
(See Instructions) n/a ........................
(a) ...........................................
(b) ...........................................
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3) SEC Use Only ..................................
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4) Source of Funds (See Instructions) 00 See Item 3
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5) Check if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) ..n/a..
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6) Citizenship or Place of Organization ..........
Capital Video Corporation, a Rhode Island
corporation
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Number of (7) Sole Voting Power
shares Bene- 730,863
ficially ------------------------------------------------------------
Owned by (8) Shared Voting Power
Each Report- 0
ing Person ------------------------------------------------------------
With (9) Sole Dispositive Power
730,863
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(10) Shared Dispositive Power
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11) Aggregate Amount Beneficially Owned by Each
Reporting Person Capital Video Corp 730,863
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12) Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions)
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13) Percent of Class Represented by Amount in
Row (11) ........ Capital Video Corp 20.61 %
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14) Type of Reporting Person
Capital Video Corporation CO
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Item 1. Security and Issuer
This statement relates to the Common Stock, par value $.0001, of Metro
Global Media, Inc. (formerly known as South Pointe Enterprises, Inc., a
Delaware corporation. The address of the Issuer's principal executive
office is 1060 Park Avenue, Cranston, RI 02910.
Item 2. Identity and Background
(a) - (c) Zeon Corporation, a Rhode Island corporation
1060 Park Avenue
Cranston, Rhode Island 02910
Greystone Associates, L.P., a Rhode Island limited
partnership and 100% shareholder of Zeon Corporation
1060 Park Avenue
Cranston, RI 02910
Colby Development Corp., a Rhode Island
corporation and sole general partner of
Greystone Associates, L.P.
1060 Park Avenue
Cranston, RI 02910
Kenneth F. Guarino, sole shareholder
of Colby Development Corp.
1060 Park Avenue
Cranston, RI 02910
Capital Video Corporation, a Rhode Island
corporation of which Kenneth F. Guarino owns 100% of
the outstanding capital stock
1060 Park Avenue
Cranston, RI 02910
(d) Neither Zeon Corporation, Greystone Associates, L.P., Colby
Development Corp., nor Capital Video Corporation have, during the
last five years, been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors).
On January 10, 1997, Mr. Guarino pled guilty in U.S. District Court
for the District of Nevada to participating in a conspiracy to
impeding the Internal Revenue Service in the assessment and
collection of taxes owned by another individual, in violation of 18
USC Section 371. Pursuant to a plea agreement, the U.S. Attorney's
office will recommend that Mr. Guarino pay a fine and serve 5
month's incarceration and 11 months community confinement.
Sentencing has been set for April 25, 1997.
(e) Neither Zeon Corporation, Greystone Associates, L.P., Colby
Development Corp., Mr. Guarino nor Capital Video Corporation have,
during the past five years, been a party to a civil proceeding of a
judicial or
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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) Mr. Guarino is a citizens of the United States of America.
Item 3. Source and Amount of Funds or Other Consideration.
Not applicable.
Item 4. Purpose of Transaction
See Item 5.
Item 5. Interest in Securities of the Issuer
(a) Zeon Corporation is the beneficial owner of 742,365 shares of Common
Stock of the Issuer, representing 20.94% of the shares of the
Issuer's Common Stock issued and outstanding at January 31, 1997.
Greystone Associates, L.P., Colby Development Corp., and Mr. Guarino
are beneficial owners of the 742,365 shares of Common Stock of the
Issuer beneficially owned by Zeon Corporation.
Kenneth F. Guarino is the beneficial owner of an additional
1,141,715 shares of Common Stock of the Issuer not beneficially
owned by Zeon Corporation, representing 30.48% of the shares of the
Issuer's Common Stock issued and outstanding at January 31, 1997.
Said total includes 730,863 shares held of record by Capital Video
Corporation as well as 200,000 shares for which Mr. Guarino has the
right to acquire within 60 days. Said total also includes 18,000
shares owned of record by Mr. Guarino's wife, for which Mr. Guarino
expressly disclaims beneficial ownership. Said total also includes
41,000 shares owned of record by a charitable non-profit corporation
of which Mr. Guarino and his wife serve as 2 of 3 members of the
Board of Directors, for which Mr. Guarino expressly disclaims
beneficial ownership.
(b) With respect to the shares beneficially owned by Zeon Corporation,
Kenneth Guarino has the sole power to vote, or to direct the vote,
and the sole power to dispose, or direct the disposition.
With respect to the additional shares beneficially owned Kenneth
Guarino, Mr. Guarino has the sole power to vote, or to direct the
vote, and the sole power to dispose, or direct the disposition
(other than the shares held of record by his wife and by a
charitable non-profit corporation of which Mr. Guarino and his
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wife serve as 2 of 3 members of the Board of Directors, for which
Mr. Guarino expressly disclaims beneficial ownership).
(c) On February 5, 1997, Zeon Corporation, formerly the record owner of
1,236,750 shares of the Issuer's Common Stock, redeemed Mr. Nichols'
40% interest in Zeon Corporation in consideration of 40% (494,700)
of the shares of the Issuer held of record by Zeon Corporation. The
purpose of the transaction was to terminate Mr. Nichols' ownership
interest in Zeon Corporation. As a result of the transaction,
Dennis Nichols became the record holder of 494,700 shares of
Common Stock of the Issuer, and Greystone Associates, L.P became
the record owner of 100% of Zeon Corporation (which is the record
owner of 742,050 shares of the Issuer's Common Stock). As a result
of the transaction, Mr. Nichols will no longer be included in the
Zeon Corporation / Greystone Associates, L.P. / Colby Development
Corporation / Kenneth F. Guarino / Capital Video Corporation
Schedule 13D.
Item 6. Contracts, Arrangements, Understanding, or
Relationships with Respect to Securities of the Issuer.
There are no contracts, arrangements, understandings or relationships
among the persons named in Item 2 and between such persons and any other
person with respect to any securities of the Issuer, except as previously
disclosed.
Item 7. Material to be Filed as Exhibits
None.
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After reasonable inquiry and to the best of the undersigned's knowledge
and belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
February 17, 1996
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Date
Zeon Corporation, by: /s/ Dennis Nichols
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Signature
Dennis Nichols, President
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Name/Title
Greystone Associates, L.P., by: Colby Development Corp.,
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its general partner, by: /s/ Anthony E. Nota, Pres.
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Signature
Anthony E. Nota, President
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Name/Title
Colby Development Corp., by: /s/ Anthony E. Nota, Pres.
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Signature
Anthony E. Nota, President
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Name/Title
/s/ Kenneth F. Guarino
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Signature
Kenneth F. Guarino, individually
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Name/Title
Capital Video Corporation, by: /s/ A. Daniel Geribo
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Signature
A. Daniel Geribo, President
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Name/Title
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