SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)(1)
IBIS TECHNOLOGY CORPORATION
- --------------------------------------------------------------------------------
(Name of issuer)
COMMON STOCK $.008 PAR VALUE
- --------------------------------------------------------------------------------
(Title of class of securities)
450909 10 6
- --------------------------------------------------------------------------------
(CUSIP number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME & ROSENZWEIG LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
- --------------------------------------------------------------------------------
(Name, address and telephone number of person
authorized to receive notices and communications)
April 17, 1998
- --------------------------------------------------------------------------------
(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.
(Continued on following pages)
(Page 1 of 15 Pages)
- --------
(1) 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 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>
- ---------------------------- -------------------------------
CUSIP No. 450909 10 6 13D Page 2 of 15 Pages
- ---------------------------- -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Wheatley Partners, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 191,315 shares
OWNED BY
EACH
REPORTING
ERSON WITH
---------------------------------------------------------------
8 SHARED VOTING POWER
8,685(1) shares
---------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
191,315 shares
---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,685(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
200,000(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 8,685 shares of Common Stock held by Wheatley Foreign
Partners, L.P. Wheatley Partners, L.P. disclaims beneficial ownership
of these shares.
<PAGE>
- ---------------------------- -------------------------------
CUSIP No. 450909 10 6 13D Page 3 of 15 Pages
- ---------------------------- -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Barry Rubenstein
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
------------------------------------------------------------------
8 SHARED VOTING POWER
200,000(1) shares
------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
200,000(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
200,000(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 191,315 shares of Common Stock held by Wheatley
Partners, L.P. and (ii) 8,685 shares of Common Stock held by Wheatley
Foreign Partners, L.P. Mr. Rubenstein disclaims beneficial ownership of
these shares except to the extent of his respective equity interest
therein.
<PAGE>
- ---------------------------- -------------------------------
CUSIP No. 450909 10 6 13D Page 4 of 15 Pages
- ---------------------------- -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Irwin Lieber
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
200,000(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
200,000(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
200,000(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 191,315 shares of Common Stock held by Wheatley
Partners, L.P. and (ii) 8,685 shares of Common Stock held by Wheatley
Foreign Partners, L.P. Mr. Lieber disclaims beneficial ownership of
these shares except to the extent of his respective equity interest
therein.
<PAGE>
- ---------------------------- -------------------------------
CUSIP No. 450909 10 6 13D Page 5 of 15 Pages
- ---------------------------- -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Barry Fingerhut
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
200,000(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
200,000(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
200,000(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 191,315 shares of Common Stock held by Wheatley
Partners, L.P. and (ii) 8,685 shares of Common Stock held by Wheatley
Foreign Partners, L.P. Mr. Fingerhut disclaims beneficial ownership of
these shares except to the extent of his respective equity interest
therein.
<PAGE>
- ---------------------------- -------------------------------
CUSIP No. 450909 10 6 13D Page 6 of 15 Pages
- ---------------------------- -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Wheatley Partners, LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
200,000(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
200,000(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
200,000(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 191,315 shares of Common Stock held by Wheatley
Partners, L.P. and (ii) 8,685 shares of Common Stock held by Wheatley
Foreign Partners, L.P. Wheatley Partners, LLC disclaims beneficial
ownership of these shares except to the extent of its respective equity
interest therein.
<PAGE>
- ---------------------------- -------------------------------
CUSIP No. 450909 10 6 13D Page 7 of 15 Pages
- ---------------------------- -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Seth Lieber
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
200,000(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
200,000(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
200,000(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 191,315 shares of Common Stock held by Wheatley
Partners, L.P. and (ii) 8,685 shares of Common Stock held by Wheatley
Foreign Partners, L.P. Mr. Lieber disclaims beneficial ownership of
these shares except to the extent of his respective equity interest
therein.
<PAGE>
- ---------------------------- -------------------------------
CUSIP No. 450909 10 6 13D Page 8 of 15 Pages
- ---------------------------- -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Jonathan Lieber
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
200,000(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
200,000(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
200,000(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 191,315 shares of Common Stock held by Wheatley
Partners, L.P. and (ii) 8,685 shares of Common Stock held by Wheatley
Foreign Partners, L.P. Mr. Lieber disclaims beneficial ownership of
these shares except to the extent of his respective equity interest
therein.
<PAGE>
- ---------------------------- -------------------------------
CUSIP No. 450909 10 6 13D Page 9 of 15 Pages
- ---------------------------- -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Matthew A. Smith
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
200,000(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
200,000(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
200,000(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of (i) 191,315 shares of Common Stock held by Wheatley
Partners, L.P. and (ii) 8,685 shares of Common Stock held by Wheatley
Foreign Partners, L.P. Mr. Smith disclaims beneficial ownership of
these shares except to the extent of his respective equity interest
therein.
<PAGE>
- ---------------------------- -------------------------------
CUSIP No. 450909 10 6 13D Page 10 of 15 Pages
- ---------------------------- -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Wheatley Management Ltd.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Cayman Islands, B.W.I.
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
8,685(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,685(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
8,685(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Consists of 8,685 shares of Common Stock held by Wheatley Foreign
Partners, L.P. Wheatley Management, Ltd. disclaims beneficial ownership
of these shares, except to the extent of its equity interest therein.
<PAGE>
- ---------------------------- -------------------------------
CUSIP No. 450909 10 6 13D Page 11 of 15 Pages
- ---------------------------- -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Wheatley Foreign Partners, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 8,685 shares
OWNED BY
EACH
REPORTING
PERSON WITH
----------------------------------------------------------------
8 SHARED VOTING POWER
191,315(1) shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
8,685 shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
191,315(1) shares
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
200,000(1) shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 191,315 shares of Common Stock held by Wheatley Partners, L.P.
Wheatley Foreign Partners, L.P. disclaims beneficial ownership of these
shares.
<PAGE>
- ---------------------------- -------------------------------
CUSIP No. 450909 10 6 13D Page 12 of 15 Pages
- ---------------------------- -------------------------------
The following constitutes Amendment No. 2 ("Amendment No. 2")
to Schedule 13D filed by the undersigned. As a result of the filing of this
Amendment No. 2, the Reporting Persons no longer beneficially own more than 5%
of the outstanding shares of Common Stock of the Issuer. This Amendment No. 2
amends the Schedule 13D as specifically set forth.
Item 5. is hereby amended to read in its entirety as follows:
Item 5. Interest in Securities of the Issuer.
(a) The following table sets forth the aggregate number and
percentage (based on 6,705,340 shares of Common Stock outstanding as of March
11, 1998 as reported by the Issuer in its Form 10-K for the fiscal year ended
December 31, 1997) of Common Stock beneficially owned by each Reporting Person
named in Item 2 of Schedule 13D.
Percentage of
Shares of Common Shares of Common
Stock Stock
Name Beneficially Owned Beneficially Owned
- ---- ------------------ ------------------
Wheatley Partners, L.P.(1) 200,000 3.0%
Barry Rubenstein(2) 200,000 3.0%
Irwin Lieber(2) 200,000 3.0%
Barry Fingerhut(2) 200,000 3.0%
Wheatley Partners, LLC(2) 200,000 3.0%
Seth Lieber(2) 200,000 3.0%
Jonathan Lieber(2) 200,000 3.0%
Matthew A. Smith(2) 200,000 3.0%
Wheatley Management Ltd.(2) 8,685 0.1%
Wheatley Foreign Partners, L.P.(3) 200,000 3.0%
- ---------------------
(1) Includes 8,685 shares of Common Stock held by Wheatley Foreign.
Wheatley disclaims beneficial ownership of these shares.
(2) The Reporting Person disclaims beneficial ownership of these shares
except to the extent of his or its respective equity interest in
Wheatley and/or Wheatley Foreign.
(3) Includes 191,315 shares of Common Stock held by Wheatley. Wheatley
Foreign disclaims beneficial ownership of these shares.
(b) Wheatley has sole power to vote and dispose of 191,315
shares of Common Stock, representing approximately 2.9% of the outstanding
shares of Common Stock and may be deemed to have shared power to vote and
dispose of 8,685 shares of Common Stock, representing less than 1% of the
outstanding shares of Common Stock.
By virtue of being the general partner of Wheatley and a
general partner of Wheatley Foreign, Wheatley LLC may be deemed to have shared
power to vote and dispose of 200,000 shares of Common Stock, representing
approximately 3.0% of the outstanding shares of Common Stock.
By virtue of each being a member and an officer of Wheatley
LLC, each of Barry Rubenstein, Irwin Lieber, Barry Fingerhut, Seth Lieber,
Jonathan Lieber and
<PAGE>
- ---------------------------- -------------------------------
CUSIP No. 450909 10 6 13D Page 13 of 15 Pages
- ---------------------------- -------------------------------
Matthew A. Smith may be deemed to have shared power to vote and dispose of
200,000 shares of Common Stock, representing approximately 3.0% of the
outstanding shares of Common Stock.
Wheatley Foreign has sole power to vote and dispose of 8,685
shares of Common Stock representing less than 1% of the outstanding shares of
Common Stock and may be deemed to have shared power to vote and dispose of
191,315 shares of Common Stock, representing approximately 2.9% of the
outstanding shares of Common Stock.
By virtue of being a general partner of Wheatley Foreign,
Wheatley Management may be deemed to have shared power to vote and dispose of
8,685 shares of Common Stock representing less than 1% of the outstanding shares
of Common Stock.
(c) The following table sets forth a description of all
transactions in shares of Common Stock of the Issuer by the Reporting Persons
identified in Item 2 of this Schedule 13D effected in the last sixty days.
Number of Per Share
Reporting Person Sale Date Shares Sold Sale Price
---------------- --------- ----------- ----------
Wheatley 4/17/98 27,651 11.1875
4/17/98 31,061 11.125
4/20/98 9,217 10.9375
4/21/98 23,964 11.000
4/22/98 27,651 10.75
4/22/98 5,530 10.875
4/23/98 29,033 11.00
Wheatley Foreign 4/17/98 2,349 11.1875
4/17/98 2,639 11.125
4/20/98 783 10.9375
4/21/98 2,036 11.00
4/22/98 2,349 10.75
4/22/98 470 10.875
4/23/98 2,467 11.00
Wheatley and Wheatley Foreign sold the shares of Common Stock
in open market transactions.
(d) No person other than the Reporting Persons is known to
have the right to receive, or the power to direct the receipt of dividends from,
or proceeds from the sale of, such shares of Common Stock.
(e) The Reporting Persons ceased to be holders of more than
five percent of the outstanding shares of Common Stock on April 17, 1998.
<PAGE>
- ---------------------------- -------------------------------
CUSIP No. 450909 10 6 13D Page 14 of 15 Pages
- ---------------------------- -------------------------------
SIGNATURES
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: May 5, 1998 WHEATLEY PARTNERS, L.P.
By: Wheatley Partners, LLC,
General Partner
By: /s/ Barry Rubenstein
---------------------------------
Barry Rubenstein, Chief Executive
Officer
WHEATLEY PARTNERS, LLC
By: /s/ Barry Rubenstein
---------------------------------
Barry Rubenstein, Chief Executive
Officer
/s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein
/s/ Irwin Lieber
--------------------------------------
Irwin Lieber
/s/ Barry Fingerhut
--------------------------------------
Barry Fingerhut
/s/ Seth Lieber
--------------------------------------
Seth Lieber
/s/ Jonathan Lieber
--------------------------------------
Jonathan Lieber
/s/ Matthew A. Smith
--------------------------------------
Matthew A. Smith
<PAGE>
- ---------------------------- -------------------------------
CUSIP No. 450909 10 6 13D Page 15 of 15 Pages
- ---------------------------- -------------------------------
WHEATLEY MANAGEMENT LTD.
By: /s/ Irwin Lieber
---------------------------------
Irwin Lieber, President
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners, LLC, General
Partner
By: /s/ Barry Rubenstein
----------------------------------
Barry Rubenstein, Chief Executive
Officer
