<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 10)
SHOP AT HOME, INC.
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
825066 30 1
CUSIP Number)
C. Michael Norton, Esq.
Wyatt, Tarrant & Combs
Suite 1500
511 Union Street
Nashville, TN 37219
(615) 244-0020
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 1, 1997
October 21, 1997
(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. - 825066 30 1
<TABLE>
<S> <C> <C>
(1) Name of reporting person . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SAH Holdings, L.P.
S.S. or I.R.S. No. of
above person . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62-1539757
(2) Check the appropriate box
if a member of a group
(see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (a) X
(b)
(3) SEC use only. . . . . . . . . . . . .
(4) Source of funds (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
(5) Check box if disclosure
of legal proceedings is
required pursuant to
Items 2(d) or 2(e). . . . . . . . . .
(6) Citizenship or place
of organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tennessee
Number of shares beneficially
owned by each reporting person
with:
(7) Sole voting power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(8) Shared voting power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(9) Sole dispositive power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(10) Shared dispositive power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(11) Aggregate amount beneficially
owned by each reporting person . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(12) Check box if the aggregate amount
in Row (11) excludes certain
shares (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . X
(13) Percent of class represented
by amount in Row (11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(14) Type of reporting person . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PN
</TABLE>
*See Item 5 below.
2
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CUSIP NO. - 825066 30 1
<TABLE>
<S> <C> <C>
(1) Name of reporting person . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . J.D. Clinton
S.S. or I.R.S. No. of
above person . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SSN ###-##-####
(2) Check the appropriate box
if a member of a group
(see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (a) X
(b)
(3) SEC use only. . . . . . . . . . . . .
(4) Source of funds (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
(5) Check box if disclosure
of legal proceedings is
required pursuant to
Items 2(d) or 2(e). . . . . . . . . .
(6) Citizenship or place
of organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USA
Number of shares beneficially
owned by each reporting person
with:
(7) Sole voting power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(8) Shared voting power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(9) Sole dispositive power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(10) Shared dispositive power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(11) Aggregate amount beneficially
owned by each reporting person . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(12) Check box if the aggregate amount
in Row (11) excludes certain
shares (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . X
(13) Percent of class represented
by amount in Row (11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(14) Type of reporting person . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IN
</TABLE>
*See Item 5 below.
3
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CUSIP NO. - 825066 30 1
<TABLE>
<S> <C> <C>
(1) Name of reporting person . . . . . . . . . . . . . . . . . . . . . . . . . . . . Global Network Television, Inc.
S.S. or I.R.S. No. of
above person . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62-1539759
(2) Check the appropriate box
if a member of a group
(see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (a) X
(b)
(3) SEC use only. . . . . . . . . . . . .
(4) Source of funds (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
(5) Check box if disclosure
of legal proceedings is
required pursuant to
Items 2(d) or 2(e). . . . . . . . . .
(6) Citizenship or place
of organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tennessee
Number of shares beneficially
owned by each reporting person
with:
(7) Sole voting power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(8) Shared voting power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(9) Sole dispositive power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(10) Shared dispositive power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(11) Aggregate amount beneficially
owned by each reporting person . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(12) Check box if the aggregate amount
in Row (11) excludes certain
shares (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . X
(13) Percent of class represented
by amount in Row (11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(14) Type of reporting person . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CO
</TABLE>
*See Item 5 below.
4
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CUSIP NO. - 825066 30 1
<TABLE>
<S> <C> <C>
(1) Name of reporting person . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . W. Paul Cowell
S.S. or I.R.S. No. of
above person . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SSN ###-##-####
(2) Check the appropriate box
if a member of a group
(see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (a) X
(b)
(3) SEC use only. . . . . . . . . . . . .
(4) Source of funds (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
(5) Check box if disclosure
of legal proceedings is
required pursuant to
Items 2(d) or 2(e). . . . . . . . . .
(6) Citizenship or place
of organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USA
Number of shares beneficially
owned by each reporting person
with:
(7) Sole voting power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(8) Shared voting power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(9) Sole dispositive power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(10) Shared dispositive power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(11) Aggregate amount beneficially
owned by each reporting person . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(12) Check box if the aggregate amount
in Row (11) excludes certain
shares (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . X
(13) Percent of class represented
by amount in Row (11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . *
(14) Type of reporting person . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IN
</TABLE>
*See Item 5 below.
5
<PAGE> 6
The purpose of this amendment is to report the sale and assignment of
a convertible note issued by Shop at Home, Inc., and previously held by Global
Network Television, Inc. Items 4 and 5 of the Schedule 13D are amended and
restated in their entirety as follows.
CUSIP No. 825066 30 1
Item 4. Purpose of Transaction
See Item 5 below concerning the rights of the reporting persons to
acquire shares of the common stock of the Issuer, which rights may be exercised
in the future to acquire securities of the Issuer.
On October 1, 1997, Global Network Television, Inc., sold and assigned
its entire interest in a convertible note (the "Note") of the Issuer to FBR
Private Equity Fund, L.P., a Delaware limited partnership. The Note, dated
August 16, 1995, was in the original principal amount of $2,000,000. The Note
is convertible into shares of Common Stock of the Issuer at the rate of one (1)
share of stock for each $3.00 of the principal balance of the Note. Upon its
acquisition of the Note, FBR Private Equity Fund, L.P., immediately converted
the Note to Common Stock of the Issuer. At that time, the principal balance of
the Note was $1,333,532 and was converted to 444,177 shares of Common Stock of
the Issuer.
On October 21, 1997, SAH Holdings, L.P., distributed a total of
382,100 shares of Common Stock of the Issuer to its partners on a pro rata
basis according to the number of units owned by each partner. This
distribution reduced the number of shares of Common Stock held by SAH Holdings,
L.P., from 2,781,940 (24.1% of those outstanding) to 2,399,840 (20.8% of those
outstanding). Of the 382,100 distributed to the partners, a total of 154,200
shares (1.3% of those outstanding) were distributed to J.D. Clinton and his
related interests.
SAH Holdings, L.P., and its affiliates intend to sell approximately
100,000 shares into the public market for the purpose of increasing the public
float of Issuer's stock. In addition, SAH Holdings, L.P. and its affiliates plan
to exercise existing warrants to purchase 200,000 shares of the Issuer.
Except as stated above, or as disclosed in Item 5 below, none of the
reporting persons has any present plans or proposals which relate to or would
result in: (i) the acquisition by any person of additional securities of the
Issuer, or the disposition of securities of the Issuer, (ii) an extraordinary
corporate transaction, such as a merger, reorganization or liquidation
involving the Issuer or any of its subsidiaries, (iii) a sale or transfer of a
material amount of assets of the Issuer or any of its subsidiaries, (iv) any
change in the present board of directors or management of the Issuer, including
any plans or proposals to change the number
6
<PAGE> 7
or term of directors or to fill any existing vacancies on the board, (v) any
material change in the present capitalization or dividend policy of the Issuer,
(vi) any other material change in the Issuer's business or corporate structure,
(vii) changes in the Issuer's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control of the
Issuer by any person, (viii) causing a class of securities of the Issuer to be
delisted from a national securities exchange or cease to be authorized to be
quoted in an inter-dealer quotation system of a registered national securities
association, (ix) a class of equity securities of the Issuer becoming eligible
for termination of registration pursuant to Section 12(g)(4) of the Securities
Exchange Act of 1934, or (x) any action similar to any of those enumerated
above.
Item 5. Interest in Securities of the Issuer
<TABLE>
<CAPTION>
a. Beneficial Interest: SAH Holdings, L.P.
Global Network Television, Inc.
J.D. Clinton(1)
<S> <C> <C> <C>
i. Owned 2,659,640(2) (23.1%)
Right to Acquire 2,870,560(3) (24.9%)
ii. Sole Voting Power 985,000(4) ( 8.0%)
Shared Voting Power 5,103,600(5) (38.7%)
Sole Dispositive Power 5,034.840(6) (38.2%)
Shared Dispositive Power 495,360(7) ( 4.3%)
</TABLE>
(1) J.D. Clinton ("Clinton") is the sole shareholder of Global Network
Television, Inc. ("Global"), and Global is the sole general partner of SAH
Holdings, L.P. ("SAH"), a limited partnership. Clinton, Global, and SAH are
reported as a group hereunder.
(2) SAH is the owner of 2,399,840 shares; 126,500 are held by Clinton in his
individual name; 6,800 shares are owned by Clinton's wife; 100,000 shares are
owned by Mortgage Funding Corporation ("MFC"), a corporation solely owned by
Clinton; 6,000 shares are owned by Global; and 20,500 are held by two Clinton
family trusts.
(3) SAH holds warrants to purchase a total of 1,650,000 shares. Global holds
warrants to purchase a total of 742,500 shares. SAH has an option to acquire
468,060 shares from W. Paul Cowell ("Cowell"). Clinton has an option to
acquire 10,000 shares from the Issuer.
(4) These shares are made up of the following: 742,500 shares which would be
owned by Global if it exercises its warrants, 100,000 shares owned by MFC,
6,000 shares owned by Global, 126,500 shares owned by Clinton, and 10,000
shares owned by Clinton if he exercises his option.
7
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(5) Pursuant to a Stock Purchase Agreement, dated June 9, 1993, SAH and Cowell
have agreed to vote their shares together for the election of Clinton as a
director of the Issuer, for the election of a slate of one-half of the number
of the remaining directors designated by SAH, and for the election of the
remaining one-half designated by Cowell. The shares subject to this joint
voting agreement are made up of the following: 2,399,840 shares owned by SAH,
1,650,000 shares which would be owned by SAH if it exercises its warrants,
881,516 shares owned by Cowell, 134,944 shares owned by a charitable remainder
trust ("Trust") established by Cowell and for which he is the current income
beneficiary, and 10,000 shares owned by Cowell if he exercises an option issued
by the Issuer to purchase such shares. This joint voting agreement terminates
upon the purchase of the 468,060 shares from Cowell by SAH pursuant to its
option. In addition, Mr. Clinton shares the right to vote 6,800 shares owned
by his wife and 20,500 shares owned by the Clinton family trusts.
(6) These shares are made up of the following: 2,399,840 shares owned by SAH,
1,650,000 shares which would be owned by SAH if it exercises its warrants,
742,500 shares which would be owned by Global if it exercises its warrants,
100,000 shares owned by MFC, 6,000 shares owned by Global, 126,500 shares owned
by Clinton, and 10,000 shares owned by Clinton if he exercises his option.
(7) Shares owned by Cowell for which an option has been granted to SAH, and
shares held by Clinton's wife and the family trusts.
<TABLE>
<S> <C> <C> <C> <C>
b. Beneficial Interest: W. Paul Cowell
i. Owned 1,026,460(8) ( 9.2%)
Right to Acquire 0 ( 0.0%)
ii. Sole Voting Power 0 ( 0.0%)
Shared Voting Power 5,076,300(9) (38.5%)
Sole Dispositive Power 423,456(10) ( 3.7%)
Shared Dispositive Power 603,004(11) ( 5.2%)
</TABLE>
(8) Made up of 881,516 owned by Cowell and 134,944 owned by the Trust, and
10,000 shares owned by Cowell if he exercises an option issued by the Issuer.
(9) All shares described in Note 5 above with the exception of the shares
owned by Clinton's wife and the Clinton family trusts.
(10) Made up of the 881,516 shares owned by Cowell less the 468,060 shares
subject to the option of SAH to purchase.
8
<PAGE> 9
(11) Made up of the 468,060 shares subject to the option of SAH to purchase
and 134,944 shares owned by the Trust in which Cowell has a limited ability to
change one of the beneficiaries.
c. None of the Reporting Parties, or their affiliates, have engaged
in any transactions with respect to Issuer's stock in the past sixty days,
except with respect to the disposition of the Note described in Item 4.
Item 7. Material to be Filed as Exhibits
Attached as Exhibit N is a copy of the Note Transfer and Conversion
Agreement dated October 1, 1997, by and between the Issuer, Global, and FBR
Private Equity Fund, L.P.
9
<PAGE> 10
Signature
After reasonable inquiry and to the best of my knowledge and belief,
I certify that their information set forth in this statement is true complete
and correct.
SAH HOLDINGS, L.P.
By: GLOBAL NETWORK TELEVISION, INC.
Date: November 5, 1997 By: /s/ Dan Jackson
--------------------------------
Dan Jackson, President
10
<PAGE> 11
Signature
After reasonable inquiry and to the best of my knowledge and belief,
I certify that their information set forth in this statement is true complete
and correct.
GLOBAL NETWORK TELEVISION, INC.
Date: November 5, 1997 By: /s/ Dan Jackson
-----------------------------
Dan Jackson, President
11
<PAGE> 12
Signature
After reasonable inquiry and to the best of my knowledge and belief,
I certify that their information set forth in this statement is true complete
and correct.
Date: November 6, 1997 /s/ W. Paul Cowell
-----------------------------------
W. Paul Cowell
12
<PAGE> 13
Signature
After reasonable inquiry and to the best of my knowledge and belief,
I certify that their information set forth in this statement is true complete
and correct.
Date: November 5, 1997 /s/ J. D. Clinton
---------------------------------
J. D. Clinton
13
