<PAGE>1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 5)
Under the Securities Exchange Act of 1934
C-Phone Corporation
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, Par Value $0.01
- --------------------------------------------------------------------------------
(Title of Class of Securities)
87612N106
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(CUSIP Number of Class of Securities)
Scot A. Rosenblum
WisdomTree Associates, L.P.
1633 Broadway, 38th Floor
New York, New York 10019
(212) 843-2782
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
Copies to:
Roger D. Blanc
Willkie Farr & Gallagher
153 East 53rd Street
New York, NY 10022
(212) 821-8000
September 17, 1996
- --------------------------------------------------------------------------------
(Date of Event which Requires
Filing of this Schedule)
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: |_|
Check the following box if a fee is being paid with
this statement: |_|
<PAGE>2
SCHEDULE 13D
- -------------------------------- ------------------------------
CUSIP No. 87612N106 Page 2 of 12 Pages
---------------------- ------- -------
- -------------------------------- ------------------------------
- ---- ---------------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
WisdomTree Capital Management, Inc. I.D. #13-3729429
- ---- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
- ---- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ---- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- -------------- --------- -------------------------------------------------------
7 SOLE VOTING POWER
0 shares of Common Stock
--------- -------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 187,500 shares of Common Stock
OWNED BY
EACH --------- -------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
0 shares of Common Stock
--------- -------------------------------------------------------
10 SHARED DISPOSITIVE POWER
187,500 shares of Common Stock
- ---- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
187,500 shares of Common Stock
- ---- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- ---- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.31%
- ---- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ---- ---------------------------------------------------------------------------
*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>3
SCHEDULE 13D
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CUSIP No. 87612N106 Page 3 of 12 Pages
---------------------- ------- -------
- -------------------------------- -----------------------------
- ---- ---------------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
WisdomTree Associates, L.P. ID#13-3729430
- ---- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
- ---- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ---- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)
- ---- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- -------------- --------- -------------------------------------------------------
7 SOLE VOTING POWER
0 shares of Common Stock
--------- -------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 157,000 shares of Common Stock
OWNED BY
EACH --------- -------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
0 shares of Common Stock
--------- -------------------------------------------------------
10 SHARED DISPOSITIVE POWER
157,000 shares of Common Stock
- ---- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
157,000 shares of Common Stock
- ---- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- ---- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.61%
- ---- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ---- ---------------------------------------------------------------------------
*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>4
SCHEDULE 13D
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CUSIP No. 87612N106 Page 4 of 12 Pages
--------------------- ------- -------
- ------------------------------- --------------------------------
- ---- ---------------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
WisdomTree Offshore, Ltd.
- ---- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
- ---- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ---- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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7 SOLE VOTING POWER
0 shares of Common Stock
--------- -------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 30,500 shares of Common Stock
OWNED BY
EACH --------- -------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
0 shares of Common Stock
--------- -------------------------------------------------------
10 SHARED DISPOSITIVE POWER
30,500 shares of Common Stock
- ---- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
30,500 shares of Common Stock
- ---- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- ---- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.70%
- ---- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- ---- ---------------------------------------------------------------------------
*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>5
SCHEDULE 13D
- ---------------------------------- ----------------------------------
CUSIP No. 87612N106 Page 5 of 12 Pages
------------------------ ------- -------
- ---------------------------------- ----------------------------------
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1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jonathan L. Steinberg I.D. ####-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
- ---- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ---- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- ---- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -------------- --------- -------------------------------------------------------
7 SOLE VOTING POWER
0 shares of Common Stock
--------- -------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 187,500 shares of Common Stock
OWNED BY
EACH --------- -------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
0 shares of Common Stock
--------- -------------------------------------------------------
10 SHARED DISPOSITIVE POWER
187,500 shares of Common Stock
- ---- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
187,500 shares of Common Stock
- ---- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- ---- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.31%
- ---- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
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>6
Item 1. Security and Issuer.
Item 1 is hereby amended and restated in its entirety to read as follows:
This Amendment No. 5, dated September 27, 1996, to the Schedule 13D, dated March
20, 1996, as amended by Amendment No. 1, dated April 23, 1996, Amendment No. 2,
dated April 29, 1996, Amendment No. 3, dated August 9, 1996, and Amendment No.
4, dated September 10, 1996, relates to the Common Stock, par value $0.01 per
share (the "Common Stock") of C-Phone Corporation, a New York corporation (the
"Company"), and is being filed pursuant to Rule 13d-2 under the Securities
Exchange Act of 1934, as amended. The address of the principal executive offices
of the Company is 6714 Netherlands Drive, Wilmington, North Carolina 28405.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is hereby amended and restated in its entirety to read as follows:
The 157,000 shares of Common Stock acquired by the Partnership (the
"Partnership Purchases") were acquired in over-the-counter transactions for an
aggregate purchase price of $1,051,828.25. The 30,500 shares of Common Stock
purchased by WisdomTree Offshore (the "Offshore Purchases") were acquired in
over-the-counter transactions for an aggregate purchase price of $92,789.50 The
source of funds for the Partnership Purchases was investment capital contributed
by the Partnership.
The source of funds for the Offshore Purchases was investment capital
contributed by WisdomTree Offshore.
<PAGE>7
Item 5. Interest in Securities of the Issuer.
Item 5 is hereby amended and restated in its entirety to read
as follows:
(a) As of September 26, 1996, the Partnership beneficially owned a total of
157,000 shares of the Common Stock of the Company, the General Partner
beneficially owned a total of 187,500 shares of the Common Stock of the Company,
WisdomTree Offshore beneficially owned a total of 30,500 shares of the Common
Stock of the Company and Mr. Steinberg beneficially owned a total of 187,500
shares of the Common Stock of the Company, constituting 3.61%, 4.31%, 0.70% and
4.31%, respectively, of the shares of Common Stock then outstanding, based on
4,347,293 shares of Common Stock reported to be outstanding on July 12, 1996 as
disclosed in the Company's quarterly report on Form 10-QSB for the quarter ended
May 31, 1996. As of September 26, 1996, the Reporting Entities beneficially
owned a total of 187,500 shares of the Common Stock of the Company, constituting
4.31% of the shares of Common Stock then outstanding. To the best of the
knowledge of the Reporting Entities, none of the individuals listed on Schedule
A, with the exception of Mr. Steinberg, beneficially owns any shares of the
Common Stock of the Company, except pursuant to their interests in the
Partnership, the General Partner and WisdomTree Offshore.
<PAGE>8
(b) The Partnership, the General Partner, Mr. Steinberg and Russell Anmuth,
a Vice President of the Investment Manager, co-manager of the Partnership and
co-manager of WisdomTree Offshore, share voting and dispositive power with
respect to 157,000 shares of Common Stock. WisdomTree Offshore, the General
Partner, Mr. Steinberg and Mr. Anmuth share voting and dispositive power with
respect to 30,500 shares of Common Stock. To the best of the knowledge of the
Reporting Entities, none of the individuals listed on Schedule A, with the
exception of Mr. Steinberg and Mr. Anmuth, has any voting or dispositive power
with respect to shares of Common Stock.
(c) Information concerning transactions in the Common Stock effected by
the Reporting Entities since the filing of Amendment No. 4 to the Schedule 13D
on September 10, 1996 is set forth in Schedule B hereto and is incorporated by
reference. Except as set forth in Schedule B, no transactions in the Common
Stock have been effected by any of the Reporting Entities or, to the best of the
knowledge of the Reporting Entities, by any of the persons identified in
Schedule A, since the filing of Amendment No. 4 to the Schedule 13D on September
10, 1996.
(d) Not applicable.
(e) Not applicable.
<PAGE>9
SCHEDULE A
The following table sets forth the name and principal employment of
each of the officers and directors of WisdomTree Capital Management, Inc. and
Individual Investor Group, Inc., as well as the business address of each
director of such entities not employed by such entities.
WisdomTree Capital
- ------------------
Management, Inc. Position
- ---------------- --------
Jonathan L. Steinberg Chairman, Chief Executive
Officer and Director
Robert Schmidt President and Director
Scot A. Rosenblum Vice President, Secretary and
Director
Russell Anmuth Vice President
Individual Investor
- -------------------
Group, Inc. Position
- ----------- --------
Jonathan L. Steinberg Chairman, Chief Executive Officer
and Director
Robert Schmidt President, Chief Operating Officer
and Director
Scot A. Rosenblum Vice President, Secretary and
Director
Henry Clark Controller and Assistant
Secretary
Peter M. Ziemba Assistant Secretary
Bruce Sokoloff Director; Executive Vice
President, Reliance Group
Holdings, Inc., 55 East 52nd
Street, New York, New York
10055
<PAGE>10
WisdomTree Offshore, Ltd. Position
- ------------------------- --------
Jonathan L. Steinberg Vice President
Scot A. Rosenblum Chairman, Vice President and
Director
Christopher Wetherhill President and Director; Chief
Executive Officer, The
Hemisphere Group Limited,
Hemisphere House, 9 Church
Street, Hamilton, Bermuda
Charles Quin Director; Partner, Quin &
Hampson, George Town, Grand
Cayman, Cayman Islands.
<PAGE>11
SCHEDULE B
The Partnership
- ---------------
1. On September 9, 1996, the Partnership sold 10,000 shares of Common
Stock of the Company in over-the-counter transactions at a price of
$6.00 per share.
2. On September 16, 1996, the Partnership sold 10,000 shares of Common
Stock of the Company in over-the-counter transactions at a price of
$4.83 per share.
3. On September 17, 1996, the Partnership sold 11,250 shares of Common
Stock of the Company in over-the-counter transactions at a price of
$4.91 per share.
4. On September 17, 1996, the Partnership purchased 1,250 shares of Common
Stock of the Company in over-the-counter transactions at a price of
$4.98 per share.
5. On September 18, 1996, the Partnership sold 6,000 shares of Common
Stock of the Company in over-the-counter transactions at a price of
$4.43 per share.
6. On September 24, 1996, the Partnership sold 5,000 shares of Common
Stock of the Company in over-the-counter transactions at a price of
$3.87 per share.
WisdomTree Offshore
- -------------------
1. On September 16, 1996, WisdomTree Offshore sold 5,000 shares of Common
Stock of the Company in over-the-counter transactions at a price of
$4.83 per share.
2. On September 17, 1996, WisdomTree Offshore sold 5,000 shares of Common
Stock of the Company in over-the-counter transactions at a price of
$4.90 per share.
3. On September 18, 1996, WisdomTree Offshore sold 2,000 shares of Common
Stock of the Company in over-the-counter transactions at a price of
$4.43 per share.
4. On September 24, 1996, WisdomTree Offshore sold 2,500 shares of Common
Stock of the Company in over-the-counter transactions at a price of
$3.87 per share.
<PAGE>12
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: September 27, 1996 WISDOMTREE ASSOCIATES, L.P.
By: WisdomTree Capital
Management, Inc.,
General Partner
By:/s/ Scot A. Rosenblum
Name: Scot A. Rosenblum
Title: Vice President
Dated: September 27, 1996 WISDOMTREE CAPITAL
MANAGEMENT, INC.
By:/s/ Scot A. Rosenblum
Name: Scot A. Rosenblum
Title: Vice President
Dated: September 27, 1996 WISDOMTREE OFFSHORE, LTD.
By:/s/ Scot A. Rosenblum
Name: Scot A. Rosenblum
Title: Director
Dated: September 27, 1996 By:/s/ Jonathan L. Steinberg
Jonathan L. Steinberg
