UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. __ )*
Internet Commerce Corporation
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(Name of Issuer)
Class A Common Stock, $.01 par value per share
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(Title of Class of Securities)
46059F 10 9
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(CUSIP Number)
April 20, 1999
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(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed
[ ] Rule 13d - 1(b)
[x] Rule 13d - 1(c)
[ ] Rule 13d - 1(d)
*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).
<PAGE>
SCHEDULE 13G
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CUSIP NO. 46059F 109 PAGE 2 OF 5 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Benny Shabtai
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Citizen of the United States of America and of Israel
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NUMBER OF 5 SOLE VOTING POWER
SHARES 123,500
BENEFICIALLY ------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH REPORT- -0-
ING PERSON ------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
123,500
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8 SHARED DISPOSITIVE POWER
-0-
------------------------------------
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
123,500
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES (See Instructions)
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.8%
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12 TYPE OF REPORTING PERSON
IN
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<PAGE>
SCHEDULE 13G
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CUSIP NO. 46059F 109 PAGE 3 OF 5 PAGES
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ITEM 1(a) NAME OF ISSUER:
Internet Commerce Corporation
ITEM 1(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
805 Third Avenue
New York, New York 10022
ITEM 2(a) NAME OF PERSON FILING:
Benny Shabtai
ITEM 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE, OR, IF NONE,
RESIDENCE:
587 Fifth Avenue, New York, New York 10007
ITEM 2(c) CITIZENSHIP:
Citizen of the United States of America and of Israel
ITEM 2(d) TITLE OF CLASS OF SECURITIES:
Class A Common Stock, $.01 par value per share
ITEM 2(e) CUSIP NUMBER:
46059F 10 9
ITEM 3 IF THIS STATEMENT IS FILED PURSUANT TO 13D-1(b), OR
13D-2(b), CHECK WHETHER THE PERSON FILING IS A:
Not applicable.
<PAGE>
SCHEDULE 13G
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CUSIP NO. 46059F 109 PAGE 4 OF 5 PAGES
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ITEM 4 OWNERSHIP:
(a) Amount Beneficially Owned:
123,500 shares(1)
(b) Percent of Class:
8.8%(2)
(c) Number of Shares as to which such person has:
(i) sole power to vote or direct the vote: 123,500
shares(1)
(ii) shared power to vote or direct the vote: 0 shares
(iii) sole power to dispose or to direct the
disposition of: 123,500 shares(1)
(iv) shared power to dispose or to direct the
disposition of: 0 shares
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(1) Includes 100,000 shares of Class A Common Stock
issuable on conversion of 500 shares of Series A
Convertible Redeemable Preferred Stock (the "Series A
Preferred Stock") held by the reporting person. The
number of shares of Class A Common Stock issuable on
conversion of the Series A Preferred Stock is subject
to adjustment in certain circumstances.
(2) Based on 1,305,283 outstanding shares of Class A Common
Stock, as last reported by the issuer, plus the number
of shares underlying the shares of Series A Preferred
Stock held by the reporting persons.
ITEM 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
Not applicable.
ITEM 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON:
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, the shares of Class A Common
Stock beneficially owned by Mr. Shabtai.
ITEM 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT
HOLDING COMPANY:
Not applicable.
ITEM 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:
Not applicable.
<PAGE>
SCHEDULE 13G
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CUSIP NO. 46059F 109 PAGE 5 OF 5 PAGES
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ITEM 9 NOTICE OF DISSOLUTION OF GROUP:
Not applicable.
ITEM 10 CERTIFICATION:
(a) Not applicable.
(b) By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above
were not acquired and are not held for the purpose of
or with the effect of changing or influencing the
control of the issuer of the securities and were not
acquired and not held in connection with a or as a
participant in any transaction having that purpose or
effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: April 26, 1999 /s/ BENNY SHABTAI
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Benny Shabtai
