<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
OPTI INC.
(Name of Issuer)
Common Stock, par value $.01 per share
(Title of Class of Securities)
683960-108
(CUSIP Number)
Roy M. Korins, Esq.
Esanu Katsky Korins & Siger, LLP
605 Third Avenue
New York, New York 10158
(212) 953-6000
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
April 30, 1998
(Date of Event which Requires Filing of 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
box. |_|
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).
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CUSIP No. 683960-108 SCHEDULE 13D Page 2 of 8 Pages
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
and I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
Schaenen Fox Capital Management, LLC
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |_|
(b) |X|
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) |_|
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES -0- 0%
BENEFICIALLY -----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 1,194,900 9.1%
PERSON -----------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-0- 0%
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,194,900 9.1%
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,194,900
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
|_|
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.1%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IA
- ------------------------------------------------------------------------------
<PAGE>
CUSIP No. 683960-108 SCHEDULE 13D Page 3 of 8 Pages
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
and I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
Emanon Partners, L.P.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |_|
(b) |X|
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) |_|
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES -0- 0%
BENEFICIALLY -----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 1,028,180 7.8%
PERSON -----------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-0- 0%
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,028,180 7.8%
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,028,180
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
|_|
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.8%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- ------------------------------------------------------------------------------
<PAGE>
CUSIP No. 683960-108 SCHEDULE 13D Page 4 of 8 Pages
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
and I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
Michael Schaenen
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |_|
(b) |X|
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) |_|
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES -0- 0%
BENEFICIALLY -----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 1,194,900 9.1%
PERSON -----------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-0- 0%
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,194,900 9.1%
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,194,900
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
|_|
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.1%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- ------------------------------------------------------------------------------
<PAGE>
CUSIP No. 683960-108 SCHEDULE 13D Page 5 of 8 Pages
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
and I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
Christopher Fox
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |_|
(b) |X|
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) |_|
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES -0- 0%
BENEFICIALLY -----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 1,194,900 9.1%
PERSON -----------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-0- 0%
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,194,900 9.1%
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,194,900
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
|_|
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.1%
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- ------------------------------------------------------------------------------
<PAGE>
Page 6 of 8 Pages
Item 1. Security and Issuer.
This statement, dated April 30, 1998, constitutes Amendment No. 1 to
the Schedule 13D, dated November 12, 1997, regarding the reporting persons
ownership of certain securities of Opti Inc. (the "Company").
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. 1 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 5. Interest in Securities of the Issuer.
(a) The following list sets forth the aggregate number and percentage
(based on 13,126,508 shares of Common Stock outstanding as reported in the
Company'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 16, 1998:
<TABLE>
<CAPTION>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned Beneficially Owned
- ---- ------------------ ------------------
<S> <C> <C>
Schaenen Fox Capital Management, LLC 1,194,900 /1 9.1%
Emanon Partners, L.P. 1,028,180 /2 7.8%
Michael Schaenen 1,194,900 /3 9.1%
Christopher Fox 1,194,900 /3 9.1%
</TABLE>
(b) By virtue of being an investment adviser to various managed
accounts (including the account of Emanon), SFCM may be deemed to have shared
power to vote and to dispose of 1,194,900 shares of Common Stock (including
shares of Common Stock acquirable pursuant to the Call Options), representing
approximately 9.1% of the outstanding Common Stock.
By virtue of having its accounts managed by SFCM, Emanon may be deemed
to have shared power to vote and to dispose of 1,047,680 shares of Common Stock
(including shares of
- --------
/1 Consists solely of shares of Common Stock and Call Options held in accounts
which SFCM manages as an investment adviser. Includes 970,180 shares of
Common Stock and Call Options to acquire 58,000 shares of Common Stock held
in the account of Emanon Partners, L.P. and 166,720 shares of Common Stock
held in other accounts managed by SFCM. SFCM disclaims beneficial ownership
of these securities except to the extent of its equity interest therein.
/2 Represents 970,180 shares of Common Stock and Call Options to acquire
58,000 shares of Common Stock.
/3 Includes 970,180 shares of Common Stock and Call Options to acquire 58,000
shares of Common Stock owned by Emanon Partners, L.P. and 166,720 shares of
Common Stock held in other accounts managed by SFCM. The reporting person
disclaims beneficial ownership of these securities except to the extent of
his equity interest therein.
<PAGE>
Page 7 of 8 Pages
Common Stock acquirable pursuant to the Call Options), representing
approximately 7.9% of the outstanding Common Stock.
By virtue of being a member of Naima and a member of SFCM, Michael
Schaenen and Christopher Fox each may be deemed to have shared power to vote and
to dispose of 1,229,400 shares of Common Stock (including shares of Common Stock
acquirable pursuant to the Call Options), representing approximately 9.3% of the
outstanding Common Stock.
(c) The following is a description of all transactions in the shares of
Common Stock owned by the persons identified in Item 2 of the Schedule 13D
effected from March 6, 1998 through May 5, 1998, inclusive (but does not include
the expiration of Call Options in March 1998):
<TABLE>
<CAPTION>
Name of Shareholder Purchase Date Number of Shares Price Per Share
- ------------------- ------------- ---------------- ---------------
<S> <C> <C> <C>
Schaenen Fox Capital 03/17/98 10,500 $7.06
Management, LLC /1 03/19/98 1,680 $7.06
03/25/98 4,900 $7.19
03/31/98 1,500 $7.25
04/30/98 18,400 $6.81
05/01/98 5,280 $6.81
Emanon Partners, L.P. 03/17/98 14,500 $7.06
03/19/98 13,320 $7.06
03/25/98 70,100 $7.19
04/30/98 51,600 $6.81
05/01/98 20,720 $6.81
05/05/98 34,000 $6.81
</TABLE>
- --------
/1 On behalf of managed accounts other than Emanon.
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Page 8 of 8 Pages
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.
Dated: May __, 1998
SCHAENEN FOX CAPITAL MANAGEMENT, LLC
By:
------------------------------------
Michael Schaenen, a Member
EMANON PARTNERS, L.P.
By: Naima Associates, LLC, its General Partner
By:
------------------------------------
Michael Schaenen, a Member
--------------------------------------
MICHAEL SCHAENEN
--------------------------------------
CHRISTOPHER FOX
