UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
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)
JULY 27, 1999
(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).
Page 1 of 11 pages
<PAGE>
Page 2 of 9 Pages
CUSIP No. 683960-108 SCHEDULE 13D
===============================================================================
1 NAME OF REPORTING PERSON
and I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)
Schaenen 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
New York
- -------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES -0- 0%
BENEFICIALLY ------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 517,930 4.7%
PERSON ------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-0- 0%
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
517,930 4.7%
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
517,930
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
| |
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.7%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IA
===============================================================================
<PAGE>
Page 3 of 9 Pages
CUSIP No. 683960-108 SCHEDULE 13D
===============================================================================
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 404,420 3.7%
PERSON ------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-0- 0%
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
404,420 3.7%
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
404,420
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
| |
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.7%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
===============================================================================
<PAGE>
Page 4 of 9 Pages
CUSIP No. 683960-108 SCHEDULE 13D
===============================================================================
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 517,930 4.7%
PERSON ------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-0- 0%
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
517,930 4.7%
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
517,930
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
| |
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.7%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
===============================================================================
<PAGE>
Page 5 of 9 Pages
ITEM 1. SECURITY AND ISSUER.
This statement, dated July 27, 1999, constitutes Amendment No. 3 (this
"Amendment") 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
defined in the Schedule.
This Amendment 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 2. IDENTITY AND BACKGROUND.
Mr. Christopher Fox was a reporting person under the Schedule. On April
28, 1999, Mr. Fox's membership interest in Naima Associates, LLC, a New York
limited liability company, and Schaenen Capital Management, LLC, a New York
limited liability company formerly known as Schaenen Fox Capital Management, LLC
("SCM"), were each retired and redeemed by Naima, and Mr. Fox withdrew as a
member of Naima and SCM. Accordingly, Mr. Fox is no longer a reporting person
for the Schedule. In connection with the termination of Mr. Fox's interest in
SCM, the name of SCM was changed from Schaenen Fox Capital Management, LLC to
Schaenen Capital Management, LLC.
At all times during the period from April 28, 1999 through August 5,
1999, when SCM ceased to be a 5% holder of the Company's common stock, Mr.
Michael Schaenen was the sole member of SCM and Naima. Subsequent to August 5,
1999, another individual became a member of Naima and SCM, effective April 28,
1999. Such individual is not considered a reporting person under this Schedule.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The following list sets forth the aggregate number and percentage
(based on 10,937,349 shares of common stock outstanding as reported in the
Company's Form 10-Q for the quarter ended June 30, 1999) of outstanding shares
of common stock owned beneficially by each reporting person as of August 5,
1999:
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned Beneficially Owned
- ---- ------------------ ------------------
Schaenen Capital Management, LLC 517,930(1) 4.7%
Emanon Partners, L.P. 404,420 3.7%
Michael Schaenen 517,930(2) 4.7%
- ----------------------
1 Consists of shares of common stock held in accounts which SCM manages as an
investment adviser, of which 404,420 shares are held in the account of Emanon
Partners,
<PAGE>
Page 6 of 9 Pages
L.P. and 113,510 shares are held in other accounts managed by SCM. SCM
disclaims beneficial ownership of these securities except to the extent
of its equity interest therein.
2 Represents 404,420 shares of common stock owned by Emanon Partners,
L.P. and 113,510 shares of common stock held in other accounts managed
by SCM. Mr. Schaenen person disclaims beneficial ownership of these
securities except to the extent of his equity interest therein.
(b) By virtue of being an investment adviser to various managed
accounts (including the account of Emanon), SCM may be deemed to have shared
power to vote and to dispose of 517,930 shares of common stock, representing
approximately 4.7% of the outstanding common stock.
By virtue of being a member of Naima and a member of SCM, Michael
Schaenen may be deemed to have shared power to vote and to dispose of 517,930
shares of common stock, representing approximately 4.7% of the outstanding
common stock.
(c) On May 3, 1999, Emanon Partners, L.P. and SCM ceased to be 5%
holders of the Company's common stock on May 3, 1999 and August 5, 1999,
respectively. Transactions by any of the filing parties subsequent to August 5,
1999 are not reported on this Schedule.
(d) 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 (as
amended) effected from July 27, 1999 through August 5, 1999. None of the
reporting persons purchased or sold any shares of the Company's common stock
during the sixty days prior to July 27, 1999.
<TABLE>
<CAPTION>
Sale or Number of Shares
Name of Shareholder Purchase Date Purchase or Sole Price Per Share
- ------------------- ------------- ---------------- ---------------
<S> <C> <C> <C>
Schaenen Capital
Management, LLC(1) 07/27/99 (15,100) $6.46
07/29/99 (900) $7.00
08/02/99 (1,000) $7.00
08/05/99 (7,950) $6.81
08/05/99 (1,400) $6.87
Emanon Partners, L.P. 07/27/99 (33,300) $6.50
07/27/99 (33,300) $6.4375
07/29/99 (8,200) $7.00
08/02/99 (2,000) $7.00
08/04/99 (1,000) $6.75
08/04/99 (2,700) $6.875
08/04/99 (2,000) $6.8125
08/05/99 (28,550) $6.8125
08/05/99 (2,600) $6.875
- -----------------
1 Sales on behalf of managed accounts other than Emanon Partners, L.P.
</TABLE>
<PAGE>
Page 7 of 9 Pages
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
(a) Exhibit 1 - Joint Filing Agreement.
<PAGE>
Page 8 of 9 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: September 8, 1999
SCHAENEN CAPITAL MANAGEMENT, LLC
By:/s/ Michael Schaenen
----------------------------
Michael Schaenen, a Member
EMANON PARTNERS, L.P.
By: Naima Associates, LLC,
its General Partner
By: /s/ Michael Schaenen
---------------------------
Michael Schaenen, a Member
/s/ Michael Schaenen
---------------------------
Michael Schaenen
Page 9 of 9 Pages
Exhibit 1
JOINT FILING AGREEMENT
Pursuant to Rule 13d-1(f) promulgated under the Securities
Exchange Act of 1934, as amended, the parties hereby agree to the joint filing
of an Amendment Number 3 to the Statement on Schedule 13D with respect to the
shares of common stock, par value $.01 per share, of Opti Inc., with the
Securities and Exchange Commission and any other applicable authorities or
parties. The parties hereto further agree that this Joint Filing Agreement
("Agreement") be included as an Exhibit thereto. In addition, each party to this
Agreement agrees to file jointly any and all subsequent amendments to such
Statement on Schedule 13D and expressly authorizes each other party hereto to
file the same on its behalf as such filing party deems necessary or appropriate,
until such time as a party hereto shall notify the others in writing of its
desire to terminate this Agreement. This Agreement may be executed in multiple
counterparts, each of which shall constitute one and the same instrument.
Date: September 8, 1999
SCHAENEN CAPITAL MANAGEMENT, LLC
By: /s/ Michael Schaenon
--------------------------
Michael Schaenen, a Member
EMANON PARTNERS, L.P.
By: Naima Associates, LLC,
its General Partner
By: /s/ Michael Schaenon
---------------------------
Michael Schaenen, a Member
/s/ Michael Schaenen
---------------------------
Michael Schaenen
