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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. 6)*
Delphi Information Systems, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $.10 par value
- --------------------------------------------------------------------------------
(Title of Class of Securities)
247171101
---------------------------------------------------------------
(CUSIP Number)
Mark C. Headrick (612) 335-8683
Coral Group, Inc. / 60 South 6th Street, Suite 3510, Minneapolis, MN 55402
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
6/14/99
---------------------------------------------------------------
(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 [X]. (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
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).
<PAGE>
===============================================================================
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 247171101 PAGE 2 OF 11 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Coral Partners II, a limited partnership
(formerly IAI Venture Partners II, a limited partnership)
0000924591
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
1,282,623
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
1,282,623
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,282,623
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
12.95%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN & IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 247171101 PAGE 3 OF 11 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Coral Management Partners II, Limited Partnership
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
1,282,623
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
1,282,623
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,282,623
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
12.95%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN & IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
===============================================================================
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 247171101 PAGE 4 OF 11 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Yuval Almog
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Minnesota
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
58,800
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,282,623
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
58,800
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,282,623
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,341,423
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
13.52%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN & IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
===============================================================================
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 247171101 PAGE 5 OF 11 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Peter H. McNerney
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Minnesota
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,282,623
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,282,623
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,282,623
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
12.95%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN & IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 247171101 PAGE 6 OF 11 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Linda L. Watchmaker
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Minnesota
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 1,282,623
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,282,623
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,282,623
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
12.95%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN & IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
<PAGE>
Item 1. Security and Issuer
- ---------------------------
Security: This amended Schedule 13D, originally filed under the reporting
person of IAI Venture Partners II, a limited partnership, and now filed under
the reporting person of Coral Partners II, a limited partnership, reflects
beneficial ownership of the issuer's Common Stock, par value $.10 per share,
converted from Series D Preferred Stock, par value $.10 per share (the "PS D
Stock")(formerly Series A Preferred Stock), Series C Preferred Stock, par value
$.10 per share (the "PS C Stock") and Convertible Promissory Note (the "Note")
and Non-Qualified Stock Option Plan for Directors, par value $.10 per share (the
"Plan") owned by a general partner of Coral Partners II.
Issuer: Delphi Information Systems, Inc.
3501 Algonquin Road, Suite 500
Rolling Meadows, IL 60008
Item 2. Identity and Background
- -------------------------------
Coral Partners II, a limited partnership ("CP II") (formerly named IAI
Venture Partners II, a limited partnership), with principal offices at 60 South
Sixth Street, Suite 3510, Minneapolis, MN 55402, is in the business of making
venture capital investments in operating companies. The general partner of Coral
Partners II is Coral Management Partners II, Limited Partnership ("CMP II"),
with principal offices at 60 South Sixth Street, Suite 3510, Minneapolis, MN
55402. The general partners of CMP II are Yuval Almog, Peter McNerney and Linda
Watchmaker.
The following sets forth the names, business addresses, and principal occupation
of each General Partner within CMP II:
<TABLE>
<CAPTION>
Name Address Principal Occupation
- ---- ------- --------------------
<S> <C> <C>
*Yuval Almog 60 South Sixth Street Managing General Partner
Suite 3510
Minneapolis, MN 55402
Peter McNerney 60 South Sixth Street General Partner
Suite 3510
Minneapolis, MN 55402
Linda Watchmaker 60 South Sixth Street General Partner
Suite 3510
Minneapolis, MN 55402
</TABLE>
The following sets forth employees of Coral Group, Inc. ("Coral"), a Delaware
corporation, shareholders of the issuer:
7 of 11
<PAGE>
<TABLE>
<CAPTION>
Name Address Principal Occupation
- ---- ------- --------------------
<S> <C> <C>
** William Baumel 60 South Sixth Street Partner
Suite 3510
Minneapolis, MN 55402
Mark Headrick 60 South Sixth Street Senior Associate
Suite 3510
Minneapolis, MN 55402
</TABLE>
All such individuals are United States citizens.
To the best of the undersigned's knowledge, during the past five years
neither CP II, a partner of CMP II, nor an employee of Coral Group, Inc. has
been convicted in a criminal proceeding (other than traffic violations or
similar misdemeanors) nor been a party to a civil proceeding of a judicial or
administrative body that resulted in judgment or final order regarding
violations of federal or state securities laws.
* Yuval Almog, a General Partner in Coral Management Partners II, Limited
Partnership, with principal offices at 60 South Sixth Street, Suite 3510,
Minneapolis, MN 55402; was elected a non-employee Director of Delphi Information
Systems, Inc. on September 9, 1991, and became Chairman of the Board on
September 17, 1993.
** William Baumel was elected a non-employee Director of Delphi Information
Systems, Inc. on July 15, 1996.
Item 3. Source and Amount of Funds or Other Consideration
- ---------------------------------------------------------
<TABLE>
<CAPTION>
Name Amount of Funds Source
- ---- --------------- ------
<S> <C> <C>
Coral Partners II, $6,913,114.80 * Contribution to
a limited partnership capital by limited
partnership
Employee of Coral: Contribution to capital
by personal funds of
Yuval Almog $ 135,718.75** employee
Contribution to capital
William Baumel $ 38,093.75 ** by personal funds of
employee
Mark Headrick $ 7,035.80 *** Contribution to capital
by personal funds of
employee
</TABLE>
8 of 11
<PAGE>
* Includes Common Stock acquired upon the conversion of Series D Preferred
Stock, Series C Preferred Stock, Convertible Promissory Note, and Redeemable
Warrants.
** Includes Common Stock and Redeemable Warrants acquired upon the purchase of
units sold by the Issuer and open market purchases.
*** Includes Common Stock acquired upon conversion of Series D Preferred Stock
investment and open market purchases.
None of the funds used in purchasing the shares were borrowed or otherwise
obtained for the purpose of acquiring, holding, trading or voting the
securities.
Item 4. Purpose of Transaction
- ------------------------------
All the entities identified in item No. 3 (the "Investors") (except Mark
Headrick who does not own Redeemable Warrants) purchased the Common Stock and
Redeemable Warrants for investment purposes. The entities acquired the Common
Stock and Redeemable Warrants through the conversion of: i) PS D Stock purchased
pursuant to the Series A Stock Purchase Agreements dated May 29, 1991, and
January 8, 1993, subsequently exchanged for Series D Preferred Stock on May 19,
1994; ii) the PS C Stock purchased pursuant to Stock Purchase Agreement dated
December 21, 1993; iii) the Note purchased pursuant to the Note Purchase
Agreement dated March 15, 1994 (collectively the "Purchase Agreements"), iv) the
purchase of units (consisting of common stock and Redeemable Warrants) offered
by the Issuer on January 16, 1997, and v) various open market purchases. The PS
D, PS C and Note were converted to Common Stock on April 19, 1996. Upon the
conversion of the Note, in addition to the Common Stock issued, Redeemable
Warrants to buy common stock at $7.50 (on a post split basis) per share were
also issued. CP II exercised the Redeemable Warrants on June 14, 1999.
Item 5. Interest in Securities of the Issuer
- --------------------------------------------
Coral Partners II currently owns 1,282,623 shares of common stock converted
from 13,054 shares of Series D Preferred Stock, 14,603 shares of Series C
Preferred Stock, the Convertible Promissory Note and 200,000 Redeemable Warrants
exercised at $7.50 per share on June 14, 1999. The Common Stock represents 12.95
% of the Issuer. The following percentage interest represents the total shares
indirectly owned by each general partner whose individual percentage interest in
the company remains less than 5%; Yuval Almog 1.38%, Peter McNerney .48%, and
Linda Watchmaker .04%. Coral Partners II has sole voting power and power of
disposition of its shares. CMP II exercises such power as general partner of
Coral Partners II.
The following individuals are employees of Coral Group, Inc.: William
Baumel 7,900 of Common Stock, 4,000 Redeemable Warrants and 22,800 options to
buy Common Stock - .35%,
9 of 11
<PAGE>
and Mark Headrick 1,407 of Common Stock and .001%. These individuals have sole
voting and dispositive power over their respective shares. Coral Partners II
disclaims beneficial ownership over all such shares presented in this paragraph.
Yuval Almog, the Managing General Partner of CMP II and a non-employee
Director and Chairman of the Board of Delphi Information Systems, Inc., has been
granted a non qualified option pursuant to the Company's Non Qualified Stock
Option Plan for Directors to purchase 22,800 shares of the Company's common
stock. The stock is priced at various ex various excise prices. To the extent
exercisable, these options shall be exercisable in whole or in part at any time
or in part from time to time. This individual has sole voting and dispositive
power over these shares.
William Baumel, an employee of Coral Group, Inc. and a non-employee
Director of the Board of Delphi Information Systems, Inc., has been granted a
non qualified option pursuant to the Company's Non Qualified Stock Option Plan
for Directors to purchase 22,800 shares of the Company's common stock. The stock
is priced at various exercise prices. To the extent exercisable, these options
shall be exercisable in whole or in part at any time or in part from time to
time. This individual has sole voting and dispositive power over these shares.
Item 6. Contracts, Arrangements, Understandings or relationships with respect
- -----------------------------------------------------------------------------
to Securities of the Issuer
- ---------------------------
Coral Partners II purchased Series D Preferred Stock pursuant to the Series
A Preferred Stock Purchase Agreements dated May 29, 1991, and January 8, 1993,
subsequently exchanged for Series D Preferred Stock on May 19, 1994, purchased
Series C Preferred Stock pursuant to Stock Purchase Agreement dated December 21,
1993, and purchased the Convertible Promissory Note pursuant the Note Purchase
Agreement dated March 15, 1994 (the "Purchase Agreements"). Purchased the
Redeemable Warrants pursuant to an offering of units (consisting of common stock
and Redeemable Warrants) by the Company on January 16, 1997. These Purchase
Agreements contain representations and warranties of the issuer and certain
ongoing obligations and limitations. The investors have certain registration
rights as described more fully in the Purchase Agreements attached as exhibits
to the previously filed 13D and first amendment. The PS C Stock, PS D Stock, the
Note and the Redeemable Warrants were converted into Common Stock.
Pursuant to the provisions of the Non Qualified Stock Option Agreement, the
options are not transferable by the Optionee otherwise than by will or the laws
of descent and distribution, and are exercisable, during the lifetime of the
Optionee, only by him or by his guardian or legal representative.
Item 7. Material to Be Filed as Exhibit
- ---------------------------------------
Not applicable.
10 of 11
<PAGE>
SIGNATURES
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.
June 24, 1999 Coral Partners II, a limited partnership
By Coral Management Partners II,
Limited Partnership, Its: General Partner
/s/ Linda Watchmaker
------------------------
Linda Watchmaker
General Partner
Individual Reporting Persons:
By /s/ Yuval Almog
---------------------------------
Yuval Almog, General Partner
By /s/ Peter H. McNerney
---------------------------------
Peter H. McNerney, General Partner
By /s/ Linda Watchmaker
------------------------
Linda Watchmaker, General Partner
11 of 11
