U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
|_| Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person*
Commonwealth Associates L.P.
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(Last) (First) (Middle)
830 Third Avenue
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(Street)
New York, NY 10022
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
PICK Communications Corp. (PICKD)
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3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
13-3467952
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4. Statement for Month/Year
07/99
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
|_| Director |X| 10% Owner
|_| Officer (give title below) |_| Other (specify below)
________________________________________
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7. Individual or Joint/Group Filing (Check Applicable Line)
|_| Form filed by one Reporting Person
|X| Form filed by more than one Reporting Person
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* If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ---------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 07/30/99 X 50,000 (A) $0.0000 (I) (2)
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Common Stock 07/29/99 X 15,790 (A) $0.0000 (I) (2)
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Common Stock 07/30/99 S 50,790 (D) $3.5474 (I) (2)
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Common Stock 07/29/99 S 15,000 (D) $3.6792 63,271 (4) (I) (2)
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Common Stock 43,392 (4) (I) (1)
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Common Stock 158,674 (4) (D)
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
<PAGE>
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
9. 10.
Number Owner-
of ship
2. Deriv- Form of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
of Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ------------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Convertible Notes $1.000 immed. -- Common Stock 25,025(4) 25,025(4) (D)
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Convertible Notes $1.000 immed. -- Common Stock 15,000(4) 15,000(4) (I) (1)
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Convertible Notes $1.000 immed. -- Common Stock 50,000(4) 50,000(4) (I) (2)
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Convertible
Preferred
Stock $0.100 immed. -- Common Stock 31,800(4) 318,000(4) (D)
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Convertible
Preferred
Stock $0.100 immed. -- Common Stock 7,000(4) 70,000(4) (I) (1)
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Convertible
Preferred
Stock $0.100 immed. -- Common Stock 8,000(4) 80,000(4) (I) (2)
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Warrants to
Purchase Common
Stock $0.000 immed. 07/03 Common Stock 25,025(4) 25,025(4) (D)
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Warrants to
Purchase Common
Stock $0.000 immed. 07/03 Common Stock 15,000(4) 15,000(4) (I) (1)
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Warrants to
Purchase Common
Stock $0.000 07/30/99 X 50,000 immed. 07/03 Common Stock 50,000(4) (3) 19,202(4) (I) (2)
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Warrants to
Purchase Common
Stock $0.000 immed. 01/04 Common Stock 6,256(4) 6,256(4) (D)
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Warrants to
Purchase Common
Stock $0.000 immed. 01/04 Common Stock 3,750(4) 3,750(4) (I) (1)
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Warrants to
Purchase Common
Stock $0.000 immed. 01/04 Common Stock 12,500(4) 12,500(4) (I) (2)
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Warrants to
Purchase Common
Stock $1.000 immed. 07/03 Common Stock 67,119(4) 67,119(4) (D)
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Warrants to
Purchase Common
Stock $1.000 immed. 07/03 Common Stock 10,454(4) 10,454(4) (I) (1)
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Warrants to
Purchase Common
Stock $1.000 immed. 07/03 Common Stock 6,702(4) 6,702(4) (I) (2)
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Warrants to
Purchase Common
Stock $13.750 immed. 05/04 Common Stock 24,438(4) 24,438(4) (D)
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Warrants to
Purchase Common
Stock $13.750 immed. 05/04 Common Stock 5,607(4) 5,607(4) (I) (1)
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Warrants to
Purchase Common
Stock $13.750 immed. 05/04 Common Stock 1,853(4) 1,853(4) (I) (2)
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Warrants to
Purchase Common
Stock $1.00 07/15/99 A 16,780 immed. 07/03 Common Stock 16,780(4) $0.00 16,780(4) (D)
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Warrants to
Purchase Common
Stock $1.00 07/15/99 A 2,613 immed. 07/03 Common Stock 2,613(4) $0.00 2,613(4) (I) (1)
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Warrants to
Purchase Common
Stock $1.00 07/15/99 A 1,314 immed. 07/03 Common Stock 1,314(4) $0.00 1,314(4) (I) (2)
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Warrants to
Purchase Common
Stock $0.00 07/15/99 A 9,879 immed. 07/03 Common Stock 9,879(4) $0.00 9,879(4) (D)
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Warrants to
Purchase Common
Stock $0.00 07/15/99 A 5,921 immed. 07/03 Common Stock 5,921(4) $0.00 5,921(4) (I) (1)
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Warrants to
Purchase Common
Stock $0.00 07/15/99 A 19,738 immed. 07/03 Common Stock 19,738(4) $0.00 (I) (2)
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Warrants to
Purchase Common
Stock $0.00 07/29/99 X 15,000 immed. -- Common Stock 15,000 $0.00 (I) (2)
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Warrants to
Purchase Common
Stock $0.00 07/30/99 X 790 immed. -- Common Stock 790 $0.00 5,262 (I) (2)
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</TABLE>
Explanation of Responses:
(1) Owned directly by Michael S. Falk, the Chairman, CEO and principal
stockholder of Commonwealth Associates Management Corp. ("CAMC"), the
general partner of Commonwealth Associates ("CA").
(2) Owned directly by one or more of the following individuals: Robert Priddy,
Keith Rosenbloom, Basil Asciutto or Robert Beuret, directors and
stockholders of CAMC. All of such individuals disclaim beneficial
ownership of the shares held by CA, other than that portion which
corresponds with their equity ownership in CAMC.
(3) The reported securities were included in Units purchased by the reporting
persons for $100,000 per Unit. At the time of purchase, each Unit
consisted of warrants to purchase 100,000 shares of common stock, and one
10% Convertible Note in the face amount of $100,000.
(4) Amount reflects a 1-for-10 reverse split effected July 26, 1999.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
By: Commonwealth Associates Management Corp.
/s/ Joseph Wynne 8/10/99
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** Signature of Reporting Person Date
By: Joseph Wynne, Chief Financial Officer
Note: File three copies of this Form, one of which must be manually signed. If
space provided is insufficient, see Instruction 6 for procedure.
Page 2
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JOINT FILER INFORMATION
Name: Commonwealth Associates L.P.
830 Third Avenue
New York, NY 10022
Designated Filer: Commonwealth Associates L.P.
Issuer & Ticker Symbol: PICK Communications Corp. (PICKD)
Date of Event Requiring Statement: July 15, 1999
Signature: By: Commonwealth Associates Management
Corp., its general partner
By: /s/ Joseph Wynne
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Joseph Wynne
Chief Financial Officer
Name: Commonwealth Associates Management
Corp.
830 Third Avenue
New York, NY 10022
Designated Filer: Commonwealth Associates L.P.
Issuer & Ticker Symbol: PICK Communications Corp. (PICKD)
Date of Event Requiring Statement: July 15, 1999
Signature: By: /s/ Joseph Wynne
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Joseph Wynne
Chief Financial Officer
<PAGE>
Name: Michael S. Falk
830 Third Avenue
New York, NY 10022
Designated Filer: Commonwealth Associates L.P.
Issuer & Ticker Symbol: PICK Communications Corp. (PICKD)
Date of Event Requiring Statement: July 15, 1999
Signature: /s/ Michael S. Falk
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Michael S. Falk
Name: Keith Rosenbloom
830 Third Avenue
New York, NY 10022
Designated Filer: Commonwealth Associates L.P.
Issuer & Ticker Symbol: PICK Communications Corp. (PICKD)
Date of Event Requiring Statement: July 15, 1999
Signature: /s/ Keith Rosenbloom
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Keith Rosenbloom
Name: Basil Asciutto
830 Third Avenue
New York, NY 10022
Designated Filer: Commonwealth Associates L.P.
Issuer & Ticker Symbol: PICK Communications Corp. (PICKD)
Date of Event Requiring Statement: July 15, 1999
Signature: /s/ Basil Asciutto
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Basil Asciutto
<PAGE>
Name: Robert Beuret
830 Third Avenue
New York, NY 10022
Designated Filer: Commonwealth Associates L.P.
Issuer & Ticker Symbol: PICK Communications Corp. (PICKD)
Date of Event Requiring Statement: July 15, 1999
Signature: /s/ Robert Beuret
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Robert Beuret
Name: Robert Priddy
RMC Capital
1640 Powers Ferry, Suite 125
Marietta, Georgia 30067
Designated Filer: Commonwealth Associates L.P.
Issuer & Ticker Symbol: PICK Communications Corp. (PICKD)
Date of Event Requiring Statement: July 15, 1999
Signature: /s/ Robert Priddy
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Robert Priddy
