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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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AMENDMENT NO. 1
TO
SCHEDULE 13D
(RULE 13D-101)
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Odyssey Pictures Corporation
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(Name of Issuer)
Common Stock, par value $.01 per share
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(Title of Class of Securities)
676121-10-6
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(CUSIP Number)
William S. Haft, Esq.
Watson, Farley & Williams
380 Madison Avenue
New York, NY 10017
212-922-2264
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 23, 1998
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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.
(CONTINUED ON FOLLOWING PAGES)
(PAGE 1 OF 9 PAGES)
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CUSIP NO. 676121-10-6 13D PAGE 2 OF 9 PAGES
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1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS
Lecoutere Finance S.A. ("Lecoutere"), formerly known as Flanders Film S.A.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Luxembourg
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NUMBER OF 7 SOLE VOTING POWER 792,648 shares of Common Stock,
SHARES Warrants to purchase 151,600 shares of Common Stock
and 66,093 additional shares of Common Stock which
would result from the conversion of $36,351
principal amount of deferred compensation notes
assuming an exercise price of $.55, the closing bid
price on August 18, 1998 (1,010,341 shares in the
aggregate)
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
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EACH REPORTING 9 SOLE DISPOSITIVE POWER 792,648 shares of Common
Stock, Warrants to purchase 151,600 shares of Common
Stock and 66,093 additional shares of Common Stock
which would result from the conversion of $36,351
principal amount of deferred compensation notes
assuming an exercise price of $.55, the closing bid
price on August 18, 1998 (1,010,341 shares in the
aggregate)
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PERSON WITH 10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
792,648 shares of Common Stock, Warrants to purchase 151,600 shares of
Common Stock and 66,093 additional shares of Common Stock which would
result from the conversion of $36,351 principal amount of deferred
compensation notes assuming an exercise price of $.55, the closing bid
price on August 18, 1998 (1,010,341 shares in the aggregate)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.6%
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14 TYPE OF REPORTING PERSON
OO
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2
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CUSIP NO. 676121-10-6 13D PAGE 3 OF 9 PAGES
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1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS
Chardonnay Enterprises, Ltd. ("Chardonnay")
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Luxembourg
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NUMBER OF
SHARES 7 SOLE VOTING POWER
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BENEFICIALLY
OWNED BY 8 SHARED VOTING POWER
0
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EACH
REPORTING 9 SOLE DISPOSITIVE POWER
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PERSON WITH 10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
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14 TYPE OF REPORTING PERSON
OO
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3
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CUSIP NO. 676121-10-6 13D PAGE 4 OF 9 PAGES
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1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS
A Hero From Zero N.V. ("Hero")
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Luxembourg NUMBER OF
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NUMBER OF
SHARES 7 SOLE VOTING POWER 125,000 shares of Common Stock and
125,000 Warrants to purchase Common Stock (250,000
shares in the aggregate)
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BENEFICIALLY
OWNED BY 8 SHARED VOTING POWER
0
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EACH REPORTING 9 SOLE DISPOSITIVE POWER 125,00 shares of Common Stock
and 125,000 Warrants to purchase Common Stock
(250,000 shares in the aggregate)
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PERSON WITH 10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
125,000 shares of Common Stock and 125,000 Warrants to purchase Common
Stock (250,000 shares in the aggregate)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4%
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14 TYPE OF REPORTING PERSON
OO
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4
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CUSIP NO. 676121-10-6 13D PAGE 5 OF 9 PAGES
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1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS
Gold Leaf Pictures Belgium b.v.b.a. ("Gold Leaf")
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Belgium
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NUMBER OF
SHARES 7 SOLE VOTING POWER 125,000 shares of Common Stock and
125,000 Warrants to purchase Common Stock (250,000
shares in the aggregate)
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BENEFICIALLY
OWNED BY 8 SHARED VOTING POWER
0
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EACH REPORTING 9 SOLE DISPOSITIVE POWER 125,00 shares of Common Stock
and 125,000 Warrants to purchase Common Stock
(250,000 shares in the aggregate)
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PERSON WITH 10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
125,000 shares of Common Stock and 125,000 Warrants to purchase Common
Stock (250,000 shares in the aggregate)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4%
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14 TYPE OF REPORTING PERSON
OO
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5
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CUSIP NO. 676121-10-6 13D PAGE 6 OF 9 PAGES
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1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS
Johan Schotte (individual)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Belgium
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NUMBER OF
SHARES 7 SOLE VOTING POWER 125,000 shares of Common Stock and
125,000 Warrants to purchase Common Stock (250,000
shares in the aggregate)
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BENEFICIALLY
OWNED BY 8 SHARED VOTING POWER
0
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EACH REPORTING 9 SOLE DISPOSITIVE POWER 125,00 shares of Common Stock
and 125,000 Warrants to purchase Common Stock
(250,000 shares in the aggregate)
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PERSON WITH 10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
125,000 shares of Common Stock and 125,000 Warrants to purchase Common
Stock (250,000 shares in the aggregate)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4%
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14 TYPE OF REPORTING PERSON
IN
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6
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ITEM 1. SECURITY AND ISSUER.
This statement relates to deferred compensation Notes convertible into
equity securities (the "Convertible Notes") of Odyssey Pictures Corporation,
1875 Century Park East, Los Angeles, California 90067, (the "Issuer") which were
purchased on March 23, 1998, a portion of which were converted into common
stock, par value $.01 ("Common Stock") of the Issuer on April 23, 1998 and April
30, 1998, respectively, and Common Stock and warrants to purchase Common Stock
("Warrants") of the Issuer which were purchased by Lecoutere (as defined) from
Chardonnay (as defined) on April 2, 1998 and July 1, 1998, respectively.
The information in this statement which applies to the above transactions
relates to the purchase of Common Stock and Warrants of the Issuer by each of
Hero, Gold Leaf and Johan Schotte (each as defined) on May 22, 1997, and for
which a Schedule 13 D filing was made on May 23, 1997.
ITEM 2. IDENTITY AND BACKGROUND.
(a) and (b)
(i) Lecoutere Finance S.A. ("Lecoutere"), formerly known as Flanders
Film S.A., 39 route de Remich, L-5650 Mondorf-les-Bains, Luxembourg;
(ii) Chardonnay Enterprises, Ltd. ("Chardonnay"), 124 bd. De la
Petrusse, L-2330 Luxembourg;
(iii) A Hero From Zero N.V. ("Hero"), 124 bd. De la Petrusse L-2330
Luxembourg;
(iv) Gold Leaf Pictures Belgium b.v.b.a. ("Gold Leaf"), Serruyslaan
42, B-8400 Oostende, Belgium; and
(v) Johan Schotte, 39 route de Remich, L-5650 Mondorf-les-Bains,
Luxembourg;
(c) Each of Lecoutere, Chardonnay, Hero, Gold Leaf and Johan Schotte, is
involved in the film industry. Johan Schotte acts as a director for various
companies and is the Chief Executive Officer and Chairman of the Board of the
Issuer;
(d) None of Lecoutere, Chardonnay, Hero, Gold Leaf or Johan Schotte, during
the last five years, has been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors);
(e) None of Lecoutere, Chardonnay, Hero, Gold Leaf or Johan Schotte, during
the last five years, was a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, Federal or
State securities laws or finding any violation with respect to such laws; and
(f) Johan Schotte is a citizen of Belgium, resident in Luxembourg.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source of funds for Lecoutere for the purchase of the Convertible Notes
was working capital. The source of funds for Lecoutere for the purchase of the
Common Stock and Warrants to purchase Common Stock was also working capital.
The source of funds for each of Chardonnay, Hero and Gold Leaf for the purchase
of the Common Stock and Warrants to purchase Common Stock was working capital.
7
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Lecoutere paid $230,000 for the Convertible Notes, $93,750 for the Common
Stock acquired from Chardonnay and $60,000 for the Warrants to purchase Common
Stock acquired from Chardonnay.
No part of the amount of funds or other consideration used in making the
purchases described herein is represented by borrowed funds.
ITEM 4. PURPOSE OF TRANSACTION.
Each of Lecoutere, Chardonnay, Hero, Gold Leaf and Johan Schotte is
involved in the film industry, and invested in the Issuer to expand its
respective holdings in such industry. None of Lecoutere, Chardonnay, Hero, Gold
Leaf or Johan Schotte has any present plans which relate to, or would result in:
(a) the acquisition by any person of additional securities of the Issuer or
the disposition of securities of the Issuer, OTHER THAN, the shares which will
be acquired upon conversion of the Convertible Notes;
(b) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any of its subsidiaries;
(c) a sale or transfer of a material amount of assets of the Issuer or of
any of its subsidiaries;
(d) any change in the present board of directors or management of the
Issuer, including any plans or proposals to change the number or term of
directors or to fill any existing vacancies on the board, EXCEPT that Stephen
Greenwald, former Chief Executive Officer of the Issuer, resigned and Johan
Schotte was named as his replacement in such position and as Chairman of the
Board of Directors. Mr. Greenwald will continue to serve as a Director. Also,
Ira Smith, former President and a Director of the Issuer, resigned and Pierre
Koshakji has been named as his replacement in such positions. Mr. Dominique
Verhaegen also has been appointed as a Director;
(e) any material change in the present capitalization or dividend policy of
the Issuer;
(f) any other material change in the Issuer's business or corporate
structure;
(g) changes in the Issuer's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control of the
Issuer by any person;
(h) causing a class of securities of the Issuer to be delisted from a
national securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities association;
(i) a class of equity securities of the Issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Act; or
(j) any action similar to any of those enumerated above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
<TABLE>
<CAPTION>
(a) INDIVIDUAL INVESTOR Number of Shares Individual Maximum
BENEFICIALLY OWNED PERCENTAGE* AGGREGATE PERCENTAGE*
<S> <C> <C> <C>
Lecoutere 1,010,341 17.6% 17.6%
Chardonnay 0 0% 0%
Hero 250,000 4.4% 4.4%
Gold Leaf 250,000 4.4% 4.4%
Johan Schotte 250,000 4.4% 4.4%
</TABLE>
8
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* THE PERCENTAGES ARE BASED ON THE FOLLOWING SHARE CALCULATION: 5,735,378
SHARES OF COMMON STOCK OUTSTANDING, INCLUDING 500,000 SHARES OF COMMON STOCK
(INTO WHICH THE WARRANTS OWNED BY LECOUTERE, HERO, GOLD LEAF AND JOHAN SCHOTTE
CONVERT), AND 66,093 SHARES OF COMMON STOCK WHICH WOULD RESULT FROM THE
CONVERSION OF THE $36,351 PRINCIPAL AMOUNT BALANCE OF THE CONVERTIBLE NOTES
OWNED BY LECOUTERE.
Each of Hero, Gold Leaf and Johan Schotte expressly disclaims beneficial
ownership of the Convertible Notes, and the shares of Common Stock and Warrants
of the Issuer beneficially owned by shareholders other than itself. Lecoutere
expressly disclaims beneficial ownership of the shares of Common Stock and
Warrants of the Issuer beneficially owned by any of Hero, Gold Leaf or Johan
Schotte.
(b) Each of Lecoutere, Hero, Gold Leaf and Johan Schotte has sole power to
direct the voting of their respective shares.
(c) Lecoutere purchased the Convertible Notes in connection with the change
in executive officers of the Issuer as of March 2, 1998 (closing on March 23,
1998). At the closing, Lecoutere acquired $100,000 face value of the
Convertible Notes due Ira Smith and $130,000 face value of the Convertible Notes
due Stephen Greenwald for an aggregate of $115,000 (or $.04 per share, based on
the average closing bid price of Odyssey's Common Stock as of February 23,
1998). On April 23, 1998, Lecoutere converted the $130,000 of the Convertible
Notes into 515,866 shares of Common Stock at a conversion price of $.26 per
share. On April 30, 1998, Lecoutere converted $42,499 of the Convertible Notes
into 151,782 shares of Common Stock at a conversion price of $.28 per share.
Lecoutere acquired the Common Stock from Chardonnay on April 2, 1998 for a
purchase price of $93,750 and acquired the Warrants to purchase Common Stock
from Chardonnay on July 1, 1998 for a purchase price of $60,000.
(d) No person other than Lecoutere, Hero, Gold Leaf or Johan Schotte is
known to have the right to receive or the power to direct the receipt of
dividends from, or the proceeds from the sale of, their respective securities.
(e) N/A
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Each of Lecoutere, Hero, Gold Leaf and Johan Schotte retain sole investment
power and voting power with respect to their respective shareholdings in the
Issuer, although they each may (and Hero and Gold Leaf historically have)
consider and follow the views and voting decisions of Johan Schotte when making
their own investment and voting decisions.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
None.
9
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SIGNATURE
After reasonable inquiry and the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
/s/ Johan Schotte
------------------------------
By: JOHAN SCHOTTE
Date: August 28, 1998
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SIGNATURE
After reasonable inquiry and the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
A HERO FROM ZERO N.V.
/s/ Johan Schotte
------------------------------
By: JOHAN SCHOTTE
Title: Managing Director
Date: August 28, 1998
2
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SIGNATURE
After reasonable inquiry and the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
CHARDONNAY ENTERPRISES, LTD.
/s/ Johan Schotte
------------------------------
By: JOHAN SCHOTTE
Title: Attorney-in-Fact
Date: August 28, 1998
3
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SIGNATURE
After reasonable inquiry and the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
GOLD LEAF PICTURES BELGIUM bvba
/s/ Johan Schotte
------------------------------
By: JOHAN SCHOTTE
Title: Gedelegeerd Bestuurder
Date: August 28, 1998
4
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SIGNATURE
After reasonable inquiry and the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
LECOUTERE FINANCE S.A.
/s/ Johan Schotte
------------------------------
By: JOHAN SCHOTTE
Title: Administrateur Delegue
Date: August 28, 1998
5
