SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Orion Network Systems, Inc.
-----------------------------------------------------
(Name of Issuer)
Common Stock
-----------------------------------------------------
(Title of Class of Securities)
68628K104
-----------------------------------------------------
(CUSIP Number)
*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.
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).
<PAGE>
SCHEDULE 13G
CUSIP No. 68628K104 Page 2 of 17
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fleet Ventures Resources, Inc.
TIN#: 05-0315508
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Rhode Island
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF None.
SHARES --------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 420,881
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
None.
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
420,881
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
420,881
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.6%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
SCHEDULE 13G
CUSIP No. 68628K104 Page 3 of 17
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fleet Equity Partners VI, L.P.
TIN#: 05-0481063
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF None.
SHARES --------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 180,391
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
None.
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
180,391
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
180,391
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.5%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
SCHEDULE 13G
CUSIP No. 68628K104 Page 4 of 17
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fleet Growth Resources II, Inc.
TIN#: 05-0481064
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF None.
SHARES --------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 180,391
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
None.
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
180,391
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
180,391
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.5%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
SCHEDULE 13G
CUSIP No. 68628K104 Page 5 of 17
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fleet Growth Resources, Inc.
TIN#: 05-0401134
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Rhode Island
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF None.
SHARES --------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 180,391
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
None.
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
180,391
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
180,391
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.5%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
SCHEDULE 13G
CUSIP No. 68628K104 Page 6 of 17
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Silverado IV Corp.
TIN#: 05-0481110
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF None.
SHARES --------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 180,391
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
None.
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
180,391
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
180,391
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.5%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
SCHEDULE 13G
CUSIP No. 68628K104 Page 7 of 17
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fleet Private Equity Co., Inc.
TIN#: 05-0471718
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Rhode Island
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF None.
SHARES --------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 601,272
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
None.
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
601,272
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
601,272
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.1%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
SCHEDULE 13G
CUSIP No. 68628K104 Page 8 of 17
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Chisholm Partners II, L.P.
TIN#: 05-0474058
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF None.
SHARES --------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 142,156
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
None.
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
142,156
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
142,156
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.2%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
SCHEDULE 13G
CUSIP No. 68628K104 Page 9 of 17
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Silverado II Corp.
TIN#: 05-0474043
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF None.
SHARES --------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 142,156
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
None.
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
142,156
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
142,156
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.2%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
SCHEDULE 13G
CUSIP No. 68628K104 Page 10 of 17
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Silverado II, L.P.
TIN#: 05-0474036
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF None.
SHARES --------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 142,156
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
None.
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
142,156
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
142,156
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.2%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
SCHEDULE 13G
CUSIP No. 68628K104 Page 11 of 17
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fleet Financial Group, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Rhode Island
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF None.
SHARES --------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 605,272
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
None.
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
605,272
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
605,272
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.2%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
SCHEDULE 13G
CUSIP No. 68628K104 Page 12 of 17
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert M. Van Degna
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Rhode Island
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 10,000
SHARES --------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 743,428
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
10,000
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
743,428
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,000
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[X]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.1%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
SCHEDULE 13G
CUSIP No. 68628K104 Page 13 of 17
Item 1a) Name of Issuer: Orion Network Systems, Inc.
Item 1b) Address of Issuer's Principal Executive Offices:
2440 Research Blvd., Suite 400
Rockville, MD 20850
Item 2a) Name of Person Filing: 1) Fleet Venture Resources, Inc.
2) Fleet Equity Partners VI, L.P.
3) Fleet Growth Resources II, Inc.
4) Fleet Growth Resources, Inc.
5) Silverado IV Corp.
6) Fleet Private Equity Co., Inc.
7) Chisholm Partners II, L.P.
8) Silverado II Corp.
9) Silverado II, L.P.
10) Fleet Financial Group, Inc.
11) Robert M. Van Degna
Item 2b) Principal Business Office: For all entities cited in Item 2(a)
except as noted:
50 Kennedy Plaza
Providence, RI 02903
10) One Federal Street
Boston, MA 02110
11) Principal Residence of Robert M. Van Degna
355 Kent Drive
East Greenwich, RI 02818
Item 2c) Citizenship: as cited in Item 2(a):
1) RI Corporation
2) DE Partnership
3) DE Corporation
4) RI Corporation
5) DE Corporation
6) RI Corporation
7) DE Partnership
8) DE Corporation
9) DE Partnership
10) RI Corporation
11) United States citizen
Item 2d) Class of Securities: Common Stock
Item 2e) CUSIP Number: 68628K104
<PAGE>
SCHEDULE 13G
CUSIP No. 68628K104 Page 14 of 17
Item 3) Not Applicable
Item 4) Ownership
Fleet Venture Resources, Inc. owns of record 2,800 shares of Series A
Preferred Stock and 933 shares of Series B Preferred Stock, which in aggregate
are convertible into 420,881 shares of Common Stock. In addition, Fleet Venture
Resources, Inc. owns 329,411 Contingent Common Stock Warrants which are
exercisable only if the Series A Preferred Stock is not converted into shares
of Common Stock, and 91,470 Contingent Common Stock Warrants which are
exercisable only if the Series B Preferred Stock is not converted into shares
of Common Stock.
Fleet Equity Partners VI, L.P. owns of record 1,200 shares of Series A
Preferred Stock and 400 shares of Series B Preferred Stock, which in aggregate
are convertible into 180,391 shares of Common Stock. In addition, Fleet Equity
Partners VI, L.P. owns 141,176 Contingent Common Stock Warrants which are
exercisable only if the Series A Preferred Stock is not converted into shares
of Common Stock, and 39,215 Contingent Common Stock Warrants which are
exercisable only if the Series B Preferred stock is not converted into shares
of Common Stock.
Fleet Growth Resources II, Inc. is a General Partner of Fleet Equity
Partners VI, L.P., and as such may be deemed to possess indirect beneficial
ownership of the shares of Common Stock deemed beneficially held by Fleet Equity
Partners VI, L.P.
Fleet Growth Resources, Inc. owns all of the outstanding Common Stock of
Fleet Growth Resources II, Inc. and as such may be deemed to possess indirect
beneficial ownership of the shares of Common Stock deemed beneficially held by
Fleet Equity Partners VI, L.P.
Silverado IV Corp. is a General Partner of Fleet Equity Partners VI, L.P.,
and as such may be deemed to possess indirect beneficial ownership of the shares
of Common Stock deemed beneficially held by Fleet Equity Partners VI, L.P.
Fleet Private Equity Co., Inc. owns all of the outstanding Common Stock of
Fleet Venture Resources, Inc. and Fleet Growth Resources, Inc., and as such may
be deemed to possess indirect beneficial ownership of the shares of Common Stock
deemed beneficially held by Fleet Venture Resources, Inc. and Fleet Equity
Partners VI, L.P.
Chisholm Partners II, L.P. owns of record 1,000 shares of Series A
Preferred Stock which is convertible into 117,647 shares of Common Stock and
333.33 Options which are exercisable into 24,509 shares of Common Stock. In
addition, Chisholm Parnters II, L.P. owns 117,647 Contingent Common Stock
Warrants which are exercisable only if the Serise A Preferred Stock is not
converted into shares of Common Stock.
Silverado II Corp. is the General Partner of Silverado II, L.P. which is
the General Partner of Chisholm Partners II, L.P., and as such may be deemed to
possess indirect beneficial ownership of the shares of Common Stock deemed
beneficially held by Chisholm Partners II, L.P.
Silverado II, L.P. is the General Partner of Chisholm Partners II, L.P.,
and as such may be deemed to possess indirect beneficial ownership of the shares
of Common Stock deemed beneficially held by Chisholm Partners II, L.P.
Fleet Financial Group, Inc. owns all of the outstanding Common Stock of
Fleet Private Equity Co., Inc., which owns all of the outstanding stock of Fleet
Venture Resources, Inc. and Fleet Growth Resources, Inc., and by virtue of the
relationships previously described, may thus be deemed to possess indirect
beneficial ownership of the shares of Common Stock deemed beneficially held by
Fleet Venture Resources, Inc. and Fleet Growth Resources, Inc. Fleet Financial
Group, Inc. also owns all of the outstanding Common Stock of Fleet National
Bank, which owns 4,000 shares of Orion Network Systems, Inc. Common Stock as
trustee, and by virtue of such relationship may thus be deemed to possess
indirect beneficial ownership of these shares owned by Fleet National Bank.
<PAGE>
SCHEDULE 13G
CUSIP No. 68628K104 Page 15 of 17
Robert M. Van Degna owns of record 10,000 Non-Employee Director Stock
Options which are currently exercisable into 10,000 shares of Common Stock. In
addition, Robert M. Van Degna owns 10,000 Non-Employee Director Stock Options
which are not exercisable until June 17, 1997. Mr. Van Degna also has shared
investment and voting power with respect to the 743,428 Common Stock shares
issuable to Fleet Venture Resources, Inc., Fleet Equity Partners VI, L.P. and
Chisholm Partners II, L.P. upon the conversion of their Series A Preferred
Stock, Series B Preferred Stock and options as previously described above. Mr.
Van Degna disclaims beneficial ownership of the shares of Common Stock issuable
to these entities, except for his limited partnership interest in Fleet Equity
Partners VI, L.P. and in the general partner of Chisholm Partners II, L.P.
Item 5) Not Applicable
Item 6) Not Applicable
Item 7) Not Applicable
Item 8) See Exhibit A
Item 9) Not Applicable
Item 10) Not Applicable
<PAGE>
SCHEDULE 13G
CUSIP No. 68628K104 Page 16 of 17
EXHIBIT A
Identification and Classification of Members of the Group:
Fleet Venture Resources, Inc. CO
Fleet Equity Partners VI, L.P. PN
Fleet Growth Resources II, Inc. CO
Fleet Growth Resources, Inc. CO
Silverado IV Corp. CO
Fleet Private Equity Co., Inc. CO
Chisholm Partners II, L.P. PN
Silverado II Corp. CO
Silverado II, L.P. PN
Fleet Financial Group, Inc. CO
Robert M. Van Degna IN
<PAGE>
SCHEDULE 13G
CUSIP No. 68628K104 Page 17 of 17
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.
February 13, 1997 FLEET VENTURE RESOURCES, INC.
/s/ Robert M. Van Degna
------------------------------
By Robert M. Van Degna
Its Chairman & CEO
