SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
S C H E D U L E 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
YES! ENTERTAINMENT CORPORATION
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
- --------------------------------------------------------------------------------
(Title of Class of Securities)
985834100
------------------------------
(CUSIP Number)
Copy to:
Applewood Associates, L.P Stephen A. Cohen, Esq.
68 Wheatley Road Morrison Cohen Singer & Weinstein, LLP
Brookville, New York 11545 750 Lexington Avenue
Telephone (212) 626-3070 New York, New York 10022
Telephone (212) 735-8600
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
June 8, 1995
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing 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 space .
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.
*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).
(Continued on following page(s))
Page 1 of 30
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Applewood Associates, 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 |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 595,488 shares 6.8%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 0 shares 0%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 595,488 shares 6.8%
With -----------------------------------------------------------------
10 Shared Dispositive Power
0 shares 0%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
595,488 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
6.8%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 30
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Barry Rubenstein
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* PF, WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 21,137 shares 0.2%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,985,352 shares 20.8%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 21,137 shares 0.2%
With -----------------------------------------------------------------
10 Shared Dispositive Power
1,985,352 shares 20.8%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
2,006,489 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
21.0%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 30
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Irwin Lieber
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* PF, WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 21,137 shares 0.2%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,378,820 shares 15.0%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 21,137 shares 0.2%
With -----------------------------------------------------------------
10 Shared Dispositive Power
1,378,820 shares 15.0%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,399,957 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
15.3%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 30
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Barry Fingerhut
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* PF, WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 21,137 shares 0.2%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,378,820 shares 15.0%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 21,137 shares 0.2%
With -----------------------------------------------------------------
10 Shared Dispositive Power
1,378,820 shares 15.0%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,399,957 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
15.3%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 30
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Woodland Partners
- --------------------------------------------------------------------------------
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 |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 112,500 shares 1.3%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 340,169 shares 3.9%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 112,500 shares 1.3%
With -----------------------------------------------------------------
10 Shared Dispositive Power
340,169 shares 3.9%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
452,669 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
5.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 30
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Woodland Venture Fund
- --------------------------------------------------------------------------------
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 |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 140,766 shares 1.6%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 311,903 shares 3.5%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 140,766 shares 1.6%
With -----------------------------------------------------------------
10 Shared Dispositive Power
311,903 shares 3.5%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
452,669 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
5.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 30
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Seneca Ventures
- --------------------------------------------------------------------------------
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 |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 140,766 shares 1.6%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 311,903 shares 3.5%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 140,766 shares 1.6%
With -----------------------------------------------------------------
10 Shared Dispositive Power
311,903 shares 3.5%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
452,669 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
5.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 30
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Marilyn Rubenstein
- --------------------------------------------------------------------------------
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 |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 452,669 shares 5.1%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------------
10 Shared Dispositive Power
452,669 shares 5.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
452,669 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
5.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 30
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Seth Lieber
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 595,488 shares 6.8%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------------
10 Shared Dispositive Power
595,488 shares 6.8%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
595,488 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
6.8%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 30
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Jonathan Lieber
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 595,488 shares 6.8%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------------
10 Shared Dispositive Power
595,488 shares 6.8%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
595,488 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
6.8%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 30
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Woodland Services Corp.
- --------------------------------------------------------------------------------
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 |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 452,669 shares 5.1%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------------
10 Shared Dispositive Power
452,669 shares 5.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
452,669 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
5.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 12 of 30
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
The Marilyn and Barry Rubenstein Family Foundation
- --------------------------------------------------------------------------------
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 |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 37,500 shares 0.4%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 415,169 shares 4.7%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 37,500 shares 0.4%
With -----------------------------------------------------------------
10 Shared Dispositive Power
415,169 shares 4.7%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
452,669 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
5.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 13 of 30
<PAGE>
This statement, dated June 8, 1995, relates to the reporting persons
ownership of certain securities of YES! Entertainment Corporation (the
"Issuer").
ITEM 1. Security and Issuer
(a) Common Stock, $0.01 par value per share (CUSIP No. 985834100).
(b) Redeemable Common Stock Purchase Warrant ("Warrant"), expiring on
June 7, 2000, entitling the holder thereof to purchase one share of Common Stock
at $4.00 per share, exercisable as of June 7, 1995 (CUSIP No. 985834118).
(c) Bridge Financing Warrant ("Bridge Warrant"), expiring on June 7,
2000, entitling the holder thereof to purchase one share of Common Stock at
$4.00 per share, exercisable as of June 7, 1995.
(d) Warrants, ("A Warrants"), expiring on July 16, 1998, entitling the
holder thereof to purchase one share of Common Stock at $15.30 per share.
(e) Warrants ("B Warrants"), expiring on July 16, 1999, entitling the
holder thereof to purchase one share of Common Stock at $16.32 per share.
(f) Warrants ("C Warrants"), expiring on September 16, 1999,
entitling the holder thereof to purchase one share of Common Stock at $7.50 per
share.
The A Warrants, the B Warrants and the C Warrants are hereinafter
referred to collectively as the "Private Placement Warrants".
(g) Yes! Entertainment Corporation
3875 Hopyard Road
Pleasanton, California 94588
ITEM 2. Identity and Background
1. (a) Applewood Associates, L.P. ("Applewood"), a limited partnership
organized under the laws of the State of New York.
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments.
(d) No.
(e) No.
The general partners of Applewood are Applewood Capital Corp. ("AC
Corp."), Barry Rubenstein, Irwin Lieber, and Barry Fingerhut.
Page 14 of 30
<PAGE>
2. (a) Barry Rubenstein, a shareholder, President and director of InfoMedia
Associates, Ltd. ("InfoMedia"), one of the general partners of 21st Century
Communications Partners, L.P., 21st Century Communications T-E Partners, L.P.,
and 21st Century Communications Foreign Partners, L.P., a general partner of
Applewood, a shareholder, an officer and a director of AC Corp., a general
partner of Applewood, shareholder and an officer of Dalewood Associates, Inc.,
the general partner of Dalewood Associates, L.P., a general partner of Woodland
Partners, Woodland Venture Fund (the "Fund"), Seneca Ventures ("Seneca"), and a
Trustee of The Marilyn and Barry Rubenstein Family Foundation (the
"Foundation").
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Occupation: General Partner of partnerships and limited
partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
Sandler Investment Partners, L.P. and InfoMedia are the general
partners of 21st Century Communications Partners, L.P. ("21st
Century"), 21st Century Communications T-E Partners, L.P. ("T-E"),
and 21st Century Communications Foreign Partners, L.P.
("Foreign"). 21st Century, T-E and Foreign (sometimes hereinafter
referred to as the "21st Funds") and certain general partners, are
filing a Schedule 13D under separate cover.
3. (a) Irwin Lieber, a shareholder, Secretary and Treasurer and a
director of InfoMedia, a general partner of Applewood, and a shareholder, an
officer and director of AC Corp.
(b) Address:
767 Fifth Avenue
New York, New York 10153
(c) Principal Occupation: Investment adviser.
(d) No.
(e) No.
(f) Citizenship: United States.
4. (a) Barry Fingerhut, a shareholder, Executive Vice President and
director of InfoMedia, a general partner of Applewood, and a shareholder, an
officer and director of AC Corp.
(b) Address:
767 Fifth Avenue
New York, New York 10153
Page 15 of 30
<PAGE>
(c) Principal Occupation: Investment adviser.
(d) No.
(e) No.
(f) Citizenship: United States.
5. (a) Woodland Partners, a general partnership organized under the laws
of New York.
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments.
(d) No.
(e) No.
The general partners of Woodland Partners are Barry Rubenstein and
Marilyn Rubenstein (husband and wife).
6. (a) Woodland Venture Fund, a limited partnership organized under the
laws of New York (the "Fund").
Page 16 of 30
<PAGE>
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments.
(d) No.
(e) No.
Woodland Services Corp. ("Services") and Barry Rubenstein are the
general partners of the Fund. The limited partners of the Fund include certain
other investors.
7. (a) Seneca Ventures, a limited partnership organized under the laws of
New York ("Seneca").
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments.
(d) No.
(e) No.
The general partners of Seneca are Barry Rubenstein and Services. The
limited partners of Seneca include Marilyn Rubenstein and certain other
investors.
8. (a) Marilyn Rubenstein, a general partner of Woodland Partners.
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal occupation: Housewife.
(d) No.
(e) No.
(f) Citizenship: United States.
Marilyn Rubenstein is the wife of Barry Rubenstein.
Page 17 of 30
<PAGE>
9. (a) Seth Lieber, is an officer of AC Corp.
(b) Address:
767 Fifth Avenue
New York, New York 10153
(c) Principal Occupation: Officer of corporate General Partner of
partnerships and limited partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
10. (a) Jonathan Lieber, is an officer of AC Corp.
(b) Address:
767 Fifth Avenue
New York, New York 10153
(c) Principal Occupation: Officer of corporate General Partner of
partnerships and limited partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
11. (a) The Marilyn and Barry Rubenstein Family Foundation, an
organization which is exempt from Federal Income Taxation pursuant to Section
501(a) of the Internal Revenue Code of 1986, as amended (the "Foundation").
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Charitable Foundation
(d) No.
Page 18 of 30
<PAGE>
(e) No.
Barry Rubenstein, Marilyn Rubenstein, and Brian Rubenstein are the
Trustees of the Foundation.
12. (a) Woodland Services Corp., a corporation organized under the laws of
the State of New York ("Services").
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments.
(d) No.
(e) No.
Mr. Rubenstein is the President and sole director of Services, and
Marilyn Rubenstein, his wife, is the Secretary and Treasurer of Services. Mr.
Rubenstein owns all of Service's outstanding shares of common stock, no par
value.
ITEM 3. Source and Amounts of Funds or Other Consideration
The individual reporting person obtained funds for the purchase of the
shares of Common Stock and the Private Placement Warrants from personal funds,
working capital and other funds. The partnerships and the corporations obtained
funds for the purchase of the shares of Common Stock, the Warrants, the
Preferred Stock and the Preferred Warrants, from their respective working
capital and other funds.
In April 1995, the Foundation and Woodland Partners provided bridge
financing to the Issuer, for which each received a promissory note and Bridge
Warrants. The Foundation and Woodland Partners have agreed not to sell the
Bridge Warrants or the underlying shares from June 7, 1995 to June 7, 1997
without the consent of the underwriter ("Underwriter") of the Issuer's June 1995
initial public offering (the "IPO").
From October 1993 to May 1994, Barry Rubenstein, Irwin Lieber, Barry
Fingerhut, Applewood, Seneca and the Fund acquired preferred stock ("Preferred
Stock") and warrants exercisable to purchase preferred stock ("Preferred
Warrants") from the Issuer in private placements. The Preferred Stock and the
Preferred Warrants were exchanged for shares of Common Stock and Private
Placement Warrants, respectively, in the IPO. The Common Stock issued in
exchange for the Preferred Stock cannot be sold, assigned or transferred from
June 7, 1995 to June 7, 1997 without the consent of GKN Securities Corp., and
the Private Placement Warrants and
Page 19 of 30
<PAGE>
the underlying Common Stock cannot be transferred from June 7, 1995 until
December 1995.
Applewood, Seneca and the Fund acquired their respective securities of
the Issuer from the IPO and in the over-the-counter market.
The amount of funds used in acquiring the shares of Common Stock and
the Warrants are set forth below:
Name Amount of Consideration
---- -----------------------
Applewood Associates, L.P. $ 3,929,188
Barry Rubenstein $ 528,334
Irwin Lieber $ 178,333
Barry Fingerhut $ 178,334
Seneca Ventures $ 824,375
Woodland Venture Fund $ 824,375
Woodland Partners $ 225,000
The Marilyn and Barry Rubenstein
Family Foundation $ 75,000
ITEM 4. Purpose of Transaction.
The reporting persons acquired their securities for purposes of
investment. The reporting persons do not have any plans or proposals which
relate to or would result in any of the actions set forth in subparagraphs (a)
through (j) of Item 4 of Schedule 13D.
ITEM 5. Interests in Securities of the Issuer.
(a) The following list sets forth the aggregate number and percentage
(based on 8,644,872 shares of Common Stock outstanding as reported in the
Issuer's Prospectus dated June 7, 1995) of outstanding shares of Common Stock
owned beneficially by each reporting person named in Item 2, as of June 8, 1995:
Page 20 of 30
<PAGE>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(1) Beneficially Owned(1)
- ---- --------------------- ---------------------
Applewood Associates, L.P. 595,488(2) 6.8%
Barry Rubenstein 2,006,489(2), (3), (4) 21.0%
Irwin Lieber 1,399,957(2), (3), (5) 15.3%
Barry Fingerhut 1,399,957(2), (3), (6) 15.3%
Woodland Partners 452,669(2) 5.1%
Woodland Venture Fund 452,669(2) 5.1%
Seneca Ventures 452,669(2) 5.1%
Marilyn Rubenstein 452,669(2) 5.1%
Woodland Services Corp. 452,669(2) 5.1%
The Marilyn and Barry
Rubenstein Family Foundation 452,669(2) 5.1%
Seth Lieber 595,488(2) 6.8%
Jonathan Lieber 595,488(2) 6.8%
- --------
(1) Includes shares of Common Stock issuable upon the exercise of the
Bridge Warrants and the Private Placement Warrants.
(2) The reporting person disclaims beneficial ownership of these
securities, except to the extent of his, her or its equity interest
therein.
(3) Includes 299,462 shares of Common Stock and 231,659 shares of Common
Stock issuable upon the exercise of the Warrants and the Private
Placement Warrants owned by 21st Century, 40,315 shares of Common
Stock owned by Foreign, 31,187 shares of Common Stock issuable upon
the exercise of the Warrants and the Private Placement Warrants owned
by Foreign, 101,889 shares of Common Stock owned by T-E, and 78,820
shares of Common Stock issuable upon the exercise of the Warrants and
the Private Placement Warrants owned by T-E. Includes 475,857 shares
of Common Stock and 119,631 shares of Common Stock issuable upon the
exercise of the Warrants and the Private Placement Warrants owned by
Applewood.
(4) Includes 18,380 shares of Common Stock and 2,757 shares of Common
Stock issuable upon the exercise of the Private Placement Warrants
owned by Barry Rubenstein. Includes 105,809 shares and 105,809 shares
of Common Stock and 34,957 shares and 34,957 shares of Common Stock
issuable upon the exercise of the Warrants and the Private Placement
Warrants owned by the Fund and Seneca, respectively. Includes 175,000
shares, 37,500 shares and 112,500 shares of Common Stock issuable upon
the exercise of the Bridge Warrants owned by Dalewood, the Foundation,
and Woodland Partners, respectively.
(5) Includes 18,380 shares of Common Stock and 2,757 shares of Common
Stock issuable upon the exercise of the Private Placement Warrants
owned by Irwin Lieber.
(6) Includes 18,380 shares of Common Stock and 2,757 shares of Common
Stock issuable upon the exercise of the Private Placement Warrants
owned by Barry Fingerhut.
Page 21 of 30
<PAGE>
By virtue of being a shareholder, officer and director of InfoMedia, a
general partner of Applewood, of Seneca, the Fund, and Woodland Partners, a
shareholder and an officer of Dalewood Associates, Inc., the general partner of
Dalewood Associates, L.P. and a Trustee of the Foundation, Barry Rubenstein may
be deemed to have shared power to vote and to dispose of 1,985,352 shares of
Common Stock (which includes shares issuable upon the exercise of the Warrants,
the Private Placement Warrants and the Bridge Warrants), representing
approximately 20.8% of the outstanding Common Stock. Barry Rubenstein has sole
power to vote and to dispose of 18,380 shares of Common Stock and 2,757 shares
of Common Stock issuable upon the exercise of the Private Placement Warrants,
representing approximately 0.2% of the outstanding Common Stock.
By virtue of being a shareholder, officer and director of InfoMedia
and a general partner of Applewood, Irwin Lieber may be deemed to have shared
power to vote and to dispose of 1,378,820 shares of Common Stock (which includes
shares issuable upon the exercise of the Warrants and the Private Placement
Warrants), representing approximately 15% of the outstanding Common Stock. Irwin
Lieber has sole power to vote and to dispose of 18,380 shares of Common Stock
and 2,757 shares of Common Stock issuable upon the exercise of the Private
Placement Warrants, representing approximately 0.2% of the outstanding Common
Stock.
By virtue of being a shareholder, officer and director of InfoMedia
and a general partner of Applewood, Barry Fingerhut may be deemed to have shared
power to vote and to dispose of 1,378,820 shares of Common Stock (which includes
shares issuable upon the exercise of the Warrants and the Private Placement
Warrants), representing approximately 15% of the outstanding Common Stock. Barry
Fingerhut has sole power to vote and to dispose of 18,380 shares of Common Stock
and 2,757 shares of Common Stock issuable upon the exercise of the Private
Placement Warrants, representing approximately 0.2% of the outstanding Common
Stock.
Applewood has sole power to vote and to dispose of 595,488 shares of
Common Stock (which includes shares issuable upon the exercise of the Warrants
and the Private Placement Warrants), representing approximately 6.8% of the
outstanding Common Stock.
Woodland Partners has sole power to vote and to dispose of 112,500
shares of Common Stock (which includes shares issuable upon the exercise of the
Bridge Warrants), representing approximately 1.3% of the outstanding Common
Stock, and may be deemed to have shared power to vote and to dispose of 340,169
shares of Common Stock (which includes shares issuable upon the exercise of the
Warrants, the Private Placement Warrants and the Bridge Warrants), representing
approximately 3.9% of the outstanding Common Stock.
The Fund has sole power to vote and to dispose of 140,766 shares of
Common Stock (which includes shares issuable upon the exercise of the Warrants
and the Private Placement Warrants), representing approximately 1.6% of the
outstanding Common Stock, and may be deemed to have shared
Page 22 of 30
<PAGE>
power to vote and to dispose of 311,903 shares of Common Stock (which includes
shares issuable upon the exercise of the Warrants, the Private Placement
Warrants and the Bridge Warrants), representing approximately 3.5% of the
outstanding Common Stock.
Seneca has sole power to vote and to dispose of 140,766 shares of
Common Stock (which includes shares issuable upon the exercise of the Warrants
and the Private Placement Warrants), representing approximately 1.6% of the
outstanding Common Stock, and may be deemed to have shared power to vote and to
dispose of 311,903 shares of Common Stock (which includes shares issuable upon
the exercise of the Warrants, and the Private Placement Warrants and the Bridge
Warrants), representing approximately 3.5% of the outstanding Common Stock.
The Foundation has sole power to vote and to dispose of 37,500 shares
of Common Stock (which includes shares issuable upon the exercise of the Bridge
Warrants), representing approximately 0.4% of the outstanding Common Stock.
By virtue of being a general partner of Seneca and the Fund, Services
may be deemed to have shared power to vote and to dispose of 452,669 shares of
Common Stock (which includes shares issuable upon the exercise of the Warrants
and the Private Placement Warrants), representing approximately 5.1% of the
outstanding Common Stock.
By virtue of being a general partner of Woodland Partners, a trustee
of the Foundation and wife of Barry Rubenstein, Marilyn Rubenstein may be deemed
to have shared power to vote and to dispose of 452,669 shares of Common Stock
(which includes shares issuable upon the exercise of the Warrants, the Private
Placement Warrants and the Bridge Warrants), representing approximately 5.1% of
the outstanding Common Stock.
By virtue of being an officer of Applewood Capital Corp., Seth Lieber
may be deemed to have shared power to vote and to dispose of 595,488 shares of
Common Stock (which includes shares issuable upon the exercise of the Warrants
and the Private Placement Warrants), representing approximately 6.8% of the
outstanding Common Stock.
By virtue of being an officer of Applewood Capital Corp., Jonathan
Lieber may be deemed to have shared power to vote and to dispose of 595,488
shares of Common Stock (which includes shares issuable upon the exercise of the
Warrants and the Private Placement Warrants), representing approximately 6.8% of
the outstanding Common Stock.
(c) The following is a description of all transactions in the
securities of the Issuer by the persons identified in Item 2 of this Schedule
13D effected from April 8, 1995 to June 8, 1995, inclusive:
Page 23 of 30
<PAGE>
Number of
Shares (S) or
Purchase Warrants (W) Purchase
or Purchased or
Name of Shareholder Sale Date or (Sold) Sales Price
- ------------------- --------- --------- -----------
Applewood Associates, L.P. 6/8/95 70,000(S) $ 4.75
6/8/95 70,000(W) $ .10
6/8/95 75,000(S) $ 5.0625
Seneca Ventures 6/8/95 25,000(S) $ 4.75
6/8/95 25,000(W) $ .10
6/8/95 10,000(S) $ 5.0625
Woodland Venture Fund 6/8/95 25,000(S) $ 4.75
6/8/95 25,000(W) $ .10
6/8/95 10,000(S) $ 5.0625
(d) No other person has the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of such securities.
(e) Not applicable.
ITEM 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities
of the Issuer
(a) Applewood is a limited partnership established and governed by New
York law and a partnership agreement. Pursuant to such agreement, voting and
investment power over the shares of Common Stock held by Applewood is vested in
Page 24 of 30
<PAGE>
its general partners - Applewood Capital Corp., Barry Rubenstein, Irwin Lieber,
and Barry Fingerhut. The limited partners have no voting or investment power
over the shares of Common Stock held by Applewood.
(b) Woodland Partners is a general partnership established and
governed by New York law and a partnership agreement. Pursuant to such
agreement, voting and investment power is vested in its general partners - Barry
Rubenstein and Marilyn Rubenstein.
(c) The Fund is a limited partnership established and governed by New
York law and a partnership agreement. Pursuant to such agreement, voting and
investment power over the shares of Common Stock held by the Fund is vested in
its general partners - Barry Rubenstein and Services. The limited partners have
no voting or investment power over the Issuer's shares held by the Fund.
(d) Seneca is a limited partnership established and governed by New
York law and a partnership agreement. Pursuant to such agreement, voting and
investment power over the shares of Common Stock held by the Fund is vested in
its general partners - Barry Rubenstein and Services. The limited partners have
no voting or investment power over the Issuer's shares held by the Fund.
(e) The Foundation is a charitable trust organized under the laws of
the State of New York. It is exempt from Federal income taxation pursuant to
Section 501(a) of the Code as an organization described in Section 501(c)(3) of
the Code. Pursuant to a trust agreement, voting and investment power over the
shares of the Issuer held by the Foundation is vested in its trustees -Barry
Rubenstein, Marilyn Rubenstein, and Brian Rubenstein.
(f) The reporting persons entered into a lock-up agreement with GKN
Securities ("GKN") on June 7, 1995. Pursuant to this agreement, until June 7,
1997, the reporting persons shall not sell, assign or transfer their shares of
Common Stock, any of the Bridge Warrants, or the underlying shares, without the
consent of GKN.
(g) Except for the circumstances discussed or referred to in
paragraphs (a) through (f) above, there are no contracts, arrangements,
understandings, or relationships with respect to the securities of the Issuer
among any of the persons reporting in this Schedule 13D.
Page 25 of 30
<PAGE>
ITEM 7. Material to be Filed as Exhibits
Exhibit A - Agreement, dated November 12, 1996, among the reporting
persons by which they have agreed to file this Schedule 13D and all necessary
amendments, as required by Rule 13d-1(f).
Page 26 of 30
<PAGE>
Signature
After reasonable inquiry and to the best of their knowledge and
belief, each of the undersigned hereby certifies that the information set forth
in this Schedule is true, complete, and correct.
Date: November 12, 1996
APPLEWOOD ASSOCIATES, L.P.
By: S/Irwin Lieber
----------------------------------------
Irwin Lieber, A General Partner
WOODLAND PARTNERS
By: S/Barry Rubenstein
----------------------------------------
Barry Rubenstein, A General Partner
SENECA VENTURES
By: S/Barry Rubenstein
----------------------------------------
Barry Rubenstein, A General Partner
WOODLAND VENTURE FUND
By: S/Barry Rubenstein
----------------------------------------
Barry Rubenstein, A General Partner
WOODLAND SERVICES CORP.
By: S/Barry Rubenstein
----------------------------------------
Barry Rubenstein, President
THE MARILYN AND BARRY RUBENSTEIN FAMILY
FOUNDATION
By: S/Barry Rubenstein
----------------------------------------
Barry Rubenstein, Trustee
Page 27 of 30
<PAGE>
S/Barry Rubenstein
----------------------------------------
Barry Rubenstein, Individually
S/Irwin Lieber
----------------------------------------
Irwin Lieber, Individually
S/Barry Fingerhut
----------------------------------------
Barry Fingerhut, Individually
S/Marilyn Rubenstein
----------------------------------------
Marilyn Rubenstein, Individually
S/Seth Lieber
----------------------------------------
Seth Lieber, Individually
S/Jonathan Lieber
----------------------------------------
Jonathan Lieber, Individually
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
Page 28 of 30
<PAGE>
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act, as
amended, the undersigned hereby agree to the joint filing on behalf of each of
them on a statement on Schedule 13D (including amendments thereto) with respect
to the Common Stock, par value $.01 per shares, and certain securities
convertible into Common Stock of YES! ENTERTAINMENT CORPORATION and that this
Agreement be included as an Exhibit to such joint filing.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement this 12th
day of November, 1996.
APPLEWOOD ASSOCIATES, L.P.
By: S/Irwin Lieber
--------------------------------------
Irwin Lieber, A General Partner
WOODLAND PARTNERS
By: S/Barry Rubenstein
--------------------------------------
Barry Rubenstein, A General Partner
SENECA VENTURES
By: S/Barry Rubenstein
--------------------------------------
Barry Rubenstein, A General Partner
WOODLAND VENTURE FUND
By: S/Barry Rubenstein
--------------------------------------
Barry Rubenstein, A General Partner
WOODLAND SERVICES CORP.
By: S/Barry Rubenstein
--------------------------------------
Barry Rubenstein, President
THE MARILYN AND BARRY RUBENSTEIN FAMILY
FOUNDATION
By: S/Barry Rubenstein
--------------------------------------
Barry Rubenstein, A Trustee
Page 29 of 30
<PAGE>
S/Barry Rubenstein
--------------------------------------
Barry Rubenstein, Individually
S/Irwin Lieber
--------------------------------------
Irwin Lieber, Individually
S/Barry Fingerhut
--------------------------------------
Barry Fingerhut, Individually
S/Marilyn Rubenstein
--------------------------------------
Marilyn Rubenstein, Individually
S/Seth Lieber
--------------------------------------
Seth Lieber, Individually
S/Jonathan Lieber
--------------------------------------
Jonathan Lieber, Individually
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
Page 30 of 30
