UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
Information Statement Pursuant to Rules 13d-1 and 13d-2
Under the Securities Exchange Act of 1934*
Platinum Entertainment, Inc.
______________________________________________________________________________
(Name of Issuer)
Common Stock, par value $.001 per share
______________________________________________________________________________
(Title of Class of Securities)
727909-10-3
______________________________________________________________________________
(CUSIP Number)
April 15, 1999
______________________________________________________________________________
(Date of Event which requires filing of this statment)
*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 ("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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CUSIP No. 727909-10-3 SCHEDULE 13G Page 2 of 5 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Craig J. Duchossois
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) | |
Not Applicable (b) | |
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5 SOLE VOTING POWER 484,667(a)(b)
SHARES --------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY --------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER 484,667(a)(b)
REPORTING --------------------------------------------------------
PERSON WITH 8 SHARED DISPOSITIVE POWER
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
484,667(a)(b)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* | |
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.9%
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12 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
(a) Includes 33,000 shares that Mr. Duchossois has the right to acquire
pursuant to the exercise of stock options that are exercisable within 60 days.
(b) Includes 201,667 shares of Common Stock Mr. Duchossois has the right to
acquire pursuant to the exercise of a warrant to purchase Common Stock
(the "Warrant") that is exercisable within 60 days. If the Company's Series D
Convertible Preferred Stock is redeemed in full during the twelve month period
commencing on April 15, 1999, and ending on April 15, 2000, Mr. Duchossois will
be required to return that portion of the Warrant (or the equivalent shares of
Common Stock representing shares received upon exercise of the Warrant)
exercisable into that number of shares equal to (i) 2,016.66 shares, multiplied
by (ii) the number of months remaining in such twelve month period. In no event
shall Mr. Duchossois be required to return greater than that portion of the
Warrant exercisable into an aggregate 24,200 shares of Common Stock.
<PAGE>
CUSIP No. 727909-10-3 SCHEDULE 13G Page 3 of 5 Pages
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Item 1(a) Name of Issuer:
Platinum Entertainment, Inc.
Item 1(b) Address of Issuer's Principal Executive Offices:
2001 Butterfield Road
Downers Grove, Illinois 60515
Item 2(a) Name of Person Filing:
Craig J. Duchossois
Item 2(b) Address of Principal Business Office or, if None, Residence:
845 Larch Avenue
Elmhurst, Illinois 60126
Item 2(c) Citizenship:
United States
Item 2(d) Title of Class of Securities:
Common Stock, par value $.001 per share
Item 2(e) CUSIP Number:
727909-10-3
Item 3. Type of Person:
Individual
Item 4. Ownership:
(a) Amount Beneficially Owned:
484,667(1)(2)
(b) Percent of Class:
6.9%
(c) Number of shares as to which person has:
(i) Sole power to vote or to direct the vote:
484,667(1)(2)
(ii) Shared power to vote or to direct the vote:
None
(iii) Sole power to dispose or to direct the disposition of:
484,667(1)(2)
(iv) Shared power to dispose or to direct the disposition of:
None
_________________
(1) Includes 33,000 shares of Common Stock that Mr. Duchossois has the right to
acquire pursuant to the exercise of stock options that are exercisable within
60 days.
(2) Includes 201,667 shares of Common Stock Mr. Duchossois has the right to
acquire pursuant to the exercise of a warrant to purchase Common Stock
(the "Warrent") that is exercisable within 60 days. If the Company's Series D
Convertible Preferred Stock is redeemed in full during the twelve month
period commencing on April 15,1999, and ending on April 15, 2000,
Mr. Duchossois will be required to return that portion of the Warrant (or the
equivalent shares of Common Stock representing shares received upon exercise
of the Warrant) exercisable into that number of shares equal to (i) 2,016.66
shares, multiplied by (ii) the number of months remaining in such twelve month
period. In no event shall Mr. Duchossois be required to return greater
than that portion of the Warrant exercisable into an aggregate 24,200 shares
of Common Stock.
<PAGE>
CUSIP No. 727909-10-3 SCHEDULE 13G Page 4 of 5 Pages
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Item 5. Ownership of Five Percent or less of a Class:
Not Applicable
Item 6. Ownership of More than Five Percent on Behalf of
Another Person:
Not Applicable
Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on By
the Parent Holding Company:
Not Applicable
Item 8. Identification and Classification of Members of the
Group:
Not Applicable
Item 9. Notice of Dissolution of Group:
Not Applicable
Item 10. Certification:
Not Applicable
<PAGE>
CUSIP No. 727909-10-3 SCHEDULE 13G Page 5 of 5 Pages
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SIGNATURE
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.
Date: May 17, 1999
/s/ CRAIG J. DUCHOSSOIS
Craig J. Duchossois
