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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. 8 )*
Individual Investor Group, Inc. (Formerly Financial Data Systems, Inc.)
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
455907105
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(CUSIP Number)
Howard E. Steinberg, Senior Vice President and General Counsel
Reliance Financial Services Corporation
Park Avenue Plaza, New York, New York 10055 (212) 909-1100
(Name, Address and Telephone Number of Person Authorized
to Receive Notice and Communications)
See Item 5
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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 [ ].
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.
3
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The information required in 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).
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SCHEDULE 13D
CUSIP No. 455907105 Page 2 of 6 Pages
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1. NAME OF REPORTING PERSON
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Reliance Financial Services Corporation
I.R.S. Employer Identification No.: 50-0113548
2. CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
3. SEC USE ONLY
4. SOURCE OF FUNDS
Not Applicable
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [x]
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
7. SOLE VOTING POWER
NUMBER OF 666,666
SHARES
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY
EACH 9. SOLE DISPOSITIVE POWER
REPORTING 666,666
PERSON
WITH 10. SHARED DISPOSITIVE POWER
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
666,666
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.3%
14. TYPE OF REPORTING PERSON*
HC
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SCHEDULE 13D
CUSIP No. 455907105 Page 3 of 6 Pages
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1. NAME OF REPORTING PERSON
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Saul P. Steinberg
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
3. SEC USE ONLY
4. SOURCE OF FUNDS
Not Applicable
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [x]
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
7. SOLE VOTING POWER
NUMBER OF 621,424
SHARES
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY
EACH 9. SOLE DISPOSITIVE POWER
REPORTING 621,424
PERSON
WITH 10. SHARED DISPOSITIVE POWER
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
621,424
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.7%
14. TYPE OF REPORTING PERSON*
IN
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The following information amends or supplements, as the case
may be, the information previously filed by Reliance Financial Services
Corporation ("Reliance Financial") relating to the ownership by its
subsidiaries of the class of securities (the "Security") listed on the
cover of this Schedule 13D.
The following information also amends or supplements, as the
case may be, the information previously filed by Saul P. Steinberg
relating to his ownership of the Security.
ITEM 2. Identity and Background.
The information in Item 2 with respect to Bernard L. Schwartz
is amended to read in its entirety as follows:
Bernard L. Schwartz Director, Reliance Financial
Loral Space & Communications Ltd. and RGH; Chairman of the
600 Third Avenue Board, Chief Executive
New York, New York 10016 Officer, Loral Space &
Communications Ltd., a
high-technology company
concentrating on satellite
manufacturing and
satellite-based services
The information in Item 2 with respect to Thomas J. Stanton,
Jr. is hereby deleted in its entirety.
ITEM 5. Interest in Securities of the Issuer.
The information in Item 5 is amended to read in its entirety
as follows:
According to information obtained by the filing persons, the
number of shares of the Security outstanding has increased to 7,146,071
shares. As a result, the 666,666 shares of the Security beneficially
owned by Reliance Financial comprise, to the best knowledge of Reliance
Financial, approximately 9.3% of the Securities outstanding. RIC has
sole voting and dispositive power over the Securities beneficially
owned by Reliance Financial.
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As a result of the increase in the number of shares of the
Security outstanding, the Securities beneficially owned by Saul P.
Steinberg, which total 621,424 shares, to the best knowledge of Saul P.
Steinberg, comprise 8.7% of the Securities outstanding. Subject to the
Security Agreement disclosed in Item 6 herein, Saul P. Steinberg has
sole voting and dispositive power over the Securities beneficially
owned by him.
To the best knowledge of Reliance Financial, the other persons
named in Item 2 hereof do not own in the aggregate more than 5,000
shares of the Security except for Bruce L. Sokoloff who, to the best
knowledge of Reliance Financial, beneficially owns 36,000 shares of the
Security, including 20,000 shares which Mr. Sokoloff has the right to
acquire pursuant to currently exercisable options. Except as set forth
in Item 6 below, neither Reliance Financial nor Saul P. Steinberg, nor
to Reliance Financial's knowledge, any of the other persons named in
Item 2 hereof has effected any transaction in the Security during the
60 days preceding the date of this filing.
ITEM 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the
Issuer.
The last paragraph of Item 6 is amended to read in its
entirety as follows:
Pursuant to a Guaranty and Security Agreement, dated December 30, 1997
(the "Security Agreement"), in favor of Republic National Bank of New
York ("Republic"), Saul P. Steinberg and Jonathan L. Steinberg, jointly
and severally, guaranteed a $9,000,000 demand grid note, dated December
30, 1997, of Wise Partners, L.P., a Delaware limited partnership of
which Saul P. Steinberg is the limited partner and Jonathan L.
Steinberg is the general partner, and Saul P. Steinberg pledged to
Republic 500,000 shares of the Securities and Jonathan L. Steinberg
pledged to Republic 55,000 shares of the Securities as partial security
for such guaranty. Upon an event of default under the Security
Agreement, Republic may, with notice, exercise all voting rights and
foreclose upon and sell such pledged shares. Except for the foregoing
or as previously disclosed, Saul P. Steinberg does not have any
contract, arrangement, understanding or relationship with any person
with respect to any of the Securities.
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ITEM 7. Material to Be Filed as Exhibits.
1. Security Agreement (incorporated by reference to Exhibit 10.9
of Amendment No. 6 to the Schedule 13D of Jonathan Steinberg
relating to the Issuer)
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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.
Dated: January 15, 1998
RELIANCE FINANCIAL SERVICES CORPORATION
By: /s/ James E. Yacobucci
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James E. Yacobucci
Senior Vice President-Investments
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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.
Dated: January 15, 1998
By: /s/ Saul P. Steinberg
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Saul P. Steinberg
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EXHIBIT INDEX
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Exhibit No. Exhibit Name Page No.
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1. Security Agreement
dated December 30, 1997
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Joint Filing Agreement
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Reliance Financial Services Corporation and Saul P. Steinberg hereby agree that
the Schedule 13D to which this Joint Filing Agreement is attached is filed on
behalf of each of them.
Dated: January 15, 1998
RELIANCE FINANCIAL SERVICES CORPORATION
By: /s/ James E. Yacobucci
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James E. Yacobucci
Senior Vice President-Investments
/s/ Saul P. Steinberg
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Saul P. Steinberg
