SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
S C H E D U L E 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 2)(1)
YES! ENTERTAINMENT CORPORATION
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
- --------------------------------------------------------------------------------
(Title of Class of Securities)
985834100
- --------------------------------------------------------------------------------
(CUSIP Number)
Copy to: Stephen A. Cohen, Esq.
<TABLE>
<S> <C>
Applewood Associates, L.P. Morrison Cohen Singer & Weinstein, LLP
68 Wheatley Road 750 Lexington Avenue
Brookville, New York 11545 New York, New York 10022
Telephone (516) 626-3070 Telephone (212) 735-8600
</TABLE>
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
May 19, 1998
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [ ].
Note: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7(b)
for other parties to whom copies are to be sent.
(Continued on following pages)
- ----------
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 19 Pages
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
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
Pursuant to Item 2(d) or 2(e)
================================================================================
6 Citizenship or Place of Organization New York
================================================================================
7 Sole Voting Power
Number of 49,631 shares 0.3%
Shares ==============================================================
Beneficially 8 Shared Voting Power
Owned By 0 shares 0%
Each ==============================================================
Reporting 9 Sole Dispositive Power
Person 49,631 shares 0.3%
With ==============================================================
10 Shared Dispositive Power
0 shares 0%
================================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
49,631 shares
================================================================================
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ]
================================================================================
13 Percent of Class Represented by Amount in Row (11)
0.3%
================================================================================
14 Type of Reporting Person*
PN
===============================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 19 Pages
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Barry Rubenstein
================================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ ]
================================================================================
3 SEC Use Only
================================================================================
4 Source of Funds* PF, WC, OO
================================================================================
5 Check Box if Disclosure of Legal Proceedings is Required [ ]
Pursuant to Item 2(d) or 2(e)
================================================================================
6 Citizenship or Place of Organization United States
================================================================================
7 Sole Voting Power
Number of 21,137 shares 0.1%
Shares ==============================================================
Beneficially 8 Shared Voting Power
Owned By 852,877 shares 5.1%
Each ==============================================================
Reporting 9 Sole Dispositive Power
Person 21,137 shares 0.1%
With ==============================================================
10 Shared Dispositive Power
852,877 shares 5.1%
================================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
874,014 shares
================================================================================
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ]
================================================================================
13 Percent of Class Represented by Amount in Row (11)
5.2%
================================================================================
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 19 Pages
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Barry Fingerhut
================================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ ]
================================================================================
3 SEC Use Only
================================================================================
4 Source of Funds* PF, WC, OO
================================================================================
5 Check Box if Disclosure of Legal Proceedings is Required [ ]
Pursuant to Item 2(d) or 2(e)
================================================================================
6 Citizenship or Place of Organization United States
================================================================================
7 Sole Voting Power
Number of 21,137 shares 0.1%
Shares ==============================================================
Beneficially 8 Shared Voting Power
Owned By 832,963 shares 5.0%
Each ==============================================================
Reporting 9 Sole Dispositive Power
Person 21,137 shares 0.1%
With ==============================================================
10 Shared Dispositive Power
832,963 shares 5.0%
================================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
854,100 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 4 of 19 Pages
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Irwin Lieber
================================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ ]
================================================================================
3 SEC Use Only
================================================================================
4 Source of Funds* PF, WC, OO
================================================================================
5 Check Box if Disclosure of Legal Proceedings is Required [ ]
Pursuant to Item 2(d) or 2(e)
================================================================================
6 Citizenship or Place of Organization United States
================================================================================
7 Sole Voting Power
Number of 21,137 shares 0.1%
Shares ==============================================================
Beneficially 8 Shared Voting Power
Owned By 832,963 shares 5.0%
Each ==============================================================
Reporting 9 Sole Dispositive Power
Person 21,137 shares 0.1%
With ==============================================================
10 Shared Dispositive Power
832,963 shares 5.0%
================================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
854,100 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 5 of 19 Pages
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
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 [ ]
Pursuant to Item 2(d) or 2(e)
================================================================================
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 0 shares 0%
Each ==============================================================
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With ==============================================================
10 Shared Dispositive Power
0 shares 0%
================================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
0 shares
================================================================================
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ]
================================================================================
13 Percent of Class Represented by Amount in Row (11)
0%
================================================================================
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 19 Pages
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
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 [ ]
Pursuant to Item 2(d) or 2(e)
================================================================================
6 Citizenship or Place of Organization New York
================================================================================
7 Sole Voting Power
Number of 9,957 shares 0.1%
Shares ==============================================================
Beneficially 8 Shared Voting Power
Owned By 9,957 shares 0.1%
Each ==============================================================
Reporting 9 Sole Dispositive Power
Person 9,957 shares 0.1%
With ==============================================================
10 Shared Dispositive Power
9,957 shares 0.1%
================================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
19,914 shares
================================================================================
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ]
================================================================================
13 Percent of Class Represented by Amount in Row (11)
0.1%
================================================================================
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 19 Pages
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Seneca Ventures
================================================================================
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 [ ]
Pursuant to Item 2(d) or 2(e)
================================================================================
6 Citizenship or Place of Organization New York
================================================================================
7 Sole Voting Power
Number of 9,957 shares 0.1%
Shares ==============================================================
Beneficially 8 Shared Voting Power
Owned By 9,957 shares 0.1%
Each ==============================================================
Reporting 9 Sole Dispositive Power
Person 9,957 shares 0.1%
With ==============================================================
10 Shared Dispositive Power
9,957 shares 0.1%
================================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
19,914 shares
================================================================================
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ]
================================================================================
13 Percent of Class Represented by Amount in Row (11)
0.1%
================================================================================
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 19 Pages
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
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 [ ]
Pursuant to Item 2(d) or 2(e)
================================================================================
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 41,051 shares 0.2%
Each ==============================================================
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With ==============================================================
10 Shared Dispositive Power
41,051 shares 0.2%
================================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
41,051 shares
================================================================================
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ]
================================================================================
13 Percent of Class Represented by Amount in Row (11)
0.2%
================================================================================
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 19 Pages
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Seth Lieber
================================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ ]
================================================================================
3 SEC Use Only
================================================================================
4 Source of Funds* WC
================================================================================
5 Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e)
================================================================================
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 49,631 shares 0.3%
Each ==============================================================
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With ==============================================================
10 Shared Dispositive Power
49,631 shares 0.3%
================================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
49,631 shares
================================================================================
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ]
================================================================================
13 Percent of Class Represented by Amount in Row (11)
0.3%
================================================================================
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 19 Pages
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Jonathan Lieber
================================================================================
2 Check the Appropriate Box if a Member of a Group* (a) [ ]
(b) [ ]
================================================================================
3 SEC Use Only
================================================================================
4 Source of Funds* WC
================================================================================
5 Check Box if Disclosure of Legal Proceedings is Required [ ]
Pursuant to Item 2(d) or 2(e)
================================================================================
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 49,631 shares 0.3%
Each ==============================================================
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With ==============================================================
10 Shared Dispositive Power
49,631 shares 0.3%
================================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
49,631 shares
================================================================================
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ]
================================================================================
13 Percent of Class Represented by Amount in Row (11)
0.3%
================================================================================
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 19 Pages
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
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 [ ]
Pursuant to Item 2(d) or 2(e)
================================================================================
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 19,914 shares 0.1%
Each ==============================================================
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With ==============================================================
10 Shared Dispositive Power
19,914 shares 0.1%
================================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
19,914 shares
================================================================================
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ]
================================================================================
13 Percent of Class Represented by Amount in Row (11)
0.1%
================================================================================
14 Type of Reporting Person*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 12 of 19 Pages
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
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
Pursuant to Item 2(d) or 2(e)
================================================================================
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 0 shares 0%
Each ==============================================================
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With ==============================================================
10 Shared Dispositive Power
0 shares 0%
================================================================================
11 Aggregate Amount Beneficially Owned By Each Reporting Person
0 shares
================================================================================
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ]
================================================================================
13 Percent of Class Represented by Amount in Row (11)
0%
================================================================================
14 Type of Reporting Person*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 13 of 19 Pages
<PAGE>
This Statement, dated May 19, 1998, constitutes Amendment No. 2 to the
Schedule 13D, dated June 8, 1995, regarding the reporting persons ownership of
certain securities of YES! Entertainment Corporation (the "Issuer").
The Schedule 13D is hereinafter referred to as the "Schedule." All
capitalized terms used herein and otherwise undefined shall have the meanings
ascribed in the Schedule.
This Amendment No. 2 to the Schedule is filed in accordance with Rule 13d-2
of the Securities Exchange Act of 1934, as amended, by the reporting persons. It
shall refer only to information which has materially changed since the filing of
the Schedule.
ITEM 4. Purpose of Transaction.
Certain reporting persons have filed Form 144's, Notice of Proposed Sale of
Securities Pursuant to Rule 144 Under The Securities Act of 1933, indicating an
intention to sell additional securities of the Issuer from time to time.
ITEM 5. Interests in Securities of the Issuer.
(a) The following list sets forth the aggregate number and percentage
(based on 16,440,733 shares of Common Stock outstanding as reported in the
Issuer's Form 10-K for the year ended December 31, 1997) of outstanding shares
of Common Stock owned beneficially by each reporting person named in Item 2, as
of May 19, 1998:
<TABLE>
<CAPTION>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(2) Beneficially Owned(2)
- ---- --------------------- ---------------------
<S> <C> <C>
Applewood Associates, L.P. 49,631 0.3%
Barry Rubenstein 874,014(3,4,5,6,7) 5.2%
</TABLE>
- ----------
(2) Includes shares of Common Stock issuable upon the exercise of the Private
Placement Warrants.
(3) The reporting person disclaims beneficial ownership of these securities,
except to the extent of his/her/its equity interest therein.
(4) Includes 350,314 shares of Common Stock and 180,807 shares of Common Stock
issuable upon the exercise of the Private Placement Warrants owned by 21st
Century, 47,161 shares of Common Stock owned by Foreign, 24,341 shares of
Common Stock issuable upon the exercise of the Private Placement Warrants
owned by Foreign, 119,191 shares of Common Stock owned by T-E, and 61,518
shares of Common Stock issuable upon the exercise of the Private Placement
Warrants owned by T-E.
(5) Includes 49,631 shares of Common Stock issuable upon the exercise of the
Private Placement Warrants owned by Applewood.
(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
Rubenstein.
(7) Includes 9,957 shares and 9,957 shares of Common Stock issuable upon the
exercise of the Private Placement Warrants owned by the Fund and Seneca,
respectively.
Page 14 of 19 Pages
<PAGE>
<TABLE>
<CAPTION>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(2) Beneficially Owned(2)
- ---- --------------------- ---------------------
<S> <C> <C>
Barry Fingerhut 854,100(3,4,5,8) 5.1%
Irwin Lieber 854,100(3,4,5,9) 5.1%
Woodland Partners 0 0%
Woodland Venture Fund 19,914(3,7) 0.1%
Seneca Ventures 19,914(3,7) 0.1%
Woodland Services Corp. 19,914(3,7) 0.1%
The Marilyn and Barry Rubenstein Family
Foundation 0 0%
Marilyn Rubenstein 41,051(3,6,7) 0.2%
Seth Lieber 49,631(3,5) 0.3%
Jonathan Lieber 49,631(3,5) 0.3%
</TABLE>
(b) Applewood has sole power to vote and to dispose of 49,631 shares of
Common Stock (which represents shares issuable upon the exercise of the Private
Placement Warrants), representing approximately 0.3% of the outstanding Common
Stock.
By virtue of being a shareholder, officer and director of InfoMedia, a
general partner of Applewood, of Seneca, and the Fund, Barry Rubenstein may be
deemed to have shared power to vote and to dispose of 852,877 shares of Common
Stock (which includes shares issuable upon the exercise of the Private Placement
Warrants), representing approximately 5.1% 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 0.1% 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 832,963 shares of Common Stock (which includes
shares issuable upon the exercise of the Private Placement Warrants),
representing approximately 5.0% 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 0.1% 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 832,963 shares of Common Stock (which includes shares
issuable upon the exercise of the Private Placement Warrants), representing
approximately 5.0% 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 0.1% of the outstanding Common Stock.
- ----------
(8) 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.
(9) 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.
Page 15 of 19 Pages
<PAGE>
The Fund has sole power to vote and to dispose of 9,957 shares of
Common Stock (which represents shares issuable upon the exercise of the Private
Placement Warrants), representing approximately 0.1% of the outstanding Common
Stock, and may be deemed to have shared power to vote and to dispose of 9,957
shares of Common Stock (which includes shares issuable upon the exercise of the
Private Placement Warrants), representing approximately 0.1% of the outstanding
Common Stock.
Seneca has sole power to vote and to dispose of 9,957 shares of Common
Stock (which represents shares issuable upon the exercise of the Private
Placement Warrants), representing approximately 0.1% of the outstanding Common
Stock, and may be deemed to have shared power to vote and to dispose of 9,957
shares of Common Stock (which includes shares issuable upon the exercise of the
Private Placement Warrants), representing approximately 0.1% 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 19,914 shares of
Common Stock (which includes shares issuable upon the exercise of the Private
Placement Warrants), representing approximately 0.1% of the outstanding Common
Stock.
By virtue of being wife of Barry Rubenstein, Marilyn Rubenstein may be
deemed to have shared power to vote and to dispose of 41,051 shares of Common
Stock (which includes shares issuable upon the exercise of the Private Placement
Warrants), representing approximately 0.2% 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 49,631 shares of
Common Stock (which represents shares issuable upon the exercise of the Private
Placement Warrants), representing approximately 0.3% 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 49,631
shares of Common Stock (which represents shares issuable upon the exercise of
the Private Placement Warrants), representing approximately 0.3% 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 March 19, 1998 to May 19, 1998, inclusive:
Page 16 of 19 Pages
<PAGE>
<TABLE>
<CAPTION>
Purchase Number of Purchase
or Warrants or
Name of Shareholder Sale Date Purchased or (Sold) Sales Price
- ------------------- --------- ------------------- -----------
<S> <C> <C> <C>
Applewood Associates, L.P. 4/20/98 (50,000) $ 0.625
5/19/98 (425,857) $ 0.625
Seneca Ventures 5/19/98 (105,809) $ 0.625
Woodland Venture Fund 5/19/98 (105,809) $ 0.625
</TABLE>
The reporting persons made their sales of securities in the
over-the-counter market.
(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) On January 5, 1996, Woodland Partners, the Fund, Seneca, Marilyn
Rubenstein, Services and the Foundation ceased to be the beneficial owners of
more than five percent (5%) of the Common Stock. As of April 1, 1996, Applewood
Associates, L.P., Seth Lieber and Jonathan Lieber ceased to be the beneficial
owners of more than five percent (5%) of the Common Stock.
Page 17 of 19 Pages
<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: May 27, 1998
APPLEWOOD ASSOCIATES, L.P.
By: /s/ Barry Rubenstein
-----------------------------------------------
Barry Rubenstein, 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
Page 18 of 19 Pages
<PAGE>
THE MARILYN AND BARRY RUBENSTEIN FAMILY
FOUNDATION
By: /s/ Barry Rubenstein
-----------------------------------------------
Barry Rubenstein, Trustee
/s/ Barry Rubenstein
---------------------------------------------------
Barry Rubenstein
/s/ Irwin Lieber
---------------------------------------------------
Irwin Lieber
/s/ Barry Fingerhut
---------------------------------------------------
Barry Fingerhut
/s/ Marilyn Rubenstein
---------------------------------------------------
Marilyn Rubenstein
/s/ Seth Lieber
---------------------------------------------------
Seth Lieber
/s/ Jonathan Lieber
---------------------------------------------------
Jonathan Lieber
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
Page 19 of 19 Pages
