UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
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)
MARCH 11, 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>
CUSIP No. 683960-108 SCHEDULE 13D
================================================================================
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
EACH
REPORTING
PERSON
WITH
------------------------------------------------------------
8 SHARED VOTING POWER
735,230 6.9%
------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0- 0%
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
735,230 6.9%
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
735,230
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |-|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IA
================================================================================
<PAGE>
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
EACH
REPORTING
PERSON
WITH
------------------------------------------------------------
8 SHARED VOTING POWER
564,670 5.3%
------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0- 0%
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
564,670 5.3%
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
564,670
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |-|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
================================================================================
<PAGE>
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
EACH
REPORTING
PERSON
WITH
------------------------------------------------------------
8 SHARED VOTING POWER
735,230 6.9%
------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0- 0%
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
735,230 6.9%
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
735,230
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |-|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
================================================================================
<PAGE>
CUSIP No. 683960-108 SCHEDULE 13D
================================================================================
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
EACH
REPORTING
PERSON
WITH
------------------------------------------------------------
8 SHARED VOTING POWER
735,230 6.9%
------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0- 0%
------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
735,230 6.9%
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
735,230
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |-|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
================================================================================
<PAGE>
ITEM 1. SECURITY AND ISSUER.
This statement, dated March 11, 1999, constitutes Amendment No. 2 to
the Schedule 13D, dated November 12, 1997 (the "Schedule"), regarding the
reporting persons ownership of certain securities of Opti Inc. (the "Company").
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 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The following list sets forth the aggregate number and
percentage (based on 10,717,661 shares of Common Stock outstanding as reported
in the Company's Form 10-K for the year ended December 31, 1998) of outstanding
shares of Common Stock owned beneficially by each reporting person named in Item
2, as of April 5, 1999:
Shares of Percentage of Shares
Common Stock of Common Stock
NAME BENEFICIALLY OWNED BENEFICIALLY OWNED
- ---- ------------------ ------------------
Schaenen Fox Capital Management, LLC 735,230/1 6.9%
Emanon Partners, L.P. 564,670/2 5.3%
Michael Schaenen 735,230/3 6.9%
Christopher Fox 735,230/3 6.9%
(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 735,230 shares of Common Stock, representing
approximately 6.9% 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 564,670 shares of Common
Stock, representing approximately 5.3% of the outstanding Common Stock.
- ----------
1 Consists solely of shares of Common Stock held in accounts which
SFCM manages as an investment adviser. Includes 564,670 shares of
Common Stock held in the account of Emanon Partners, L.P. and
170,560 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 564,670 shares of Common Stock owned by Emanon Partners,
L.P.
3 Includes 564,670 shares of Common Stock owned by Emanon Partners,
L.P. and 170,560 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>
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 735,230 shares of Common Stock, representing approximately 6.9% 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 January 11, 1999 through March 24, 1999, inclusive:
Sale or NUMBER OF SHARES
NAME OF SHAREHOLDER PURCHASE DATE PURCHASED OR (SOLD) PRICE PER SHARE
- ------------------- ------------- ------------------ ---------------
Schaenen Fox Capital 02/17/99 10,400 $4.75
Management, LLC/1 03/19/99 (11,800) $5.28
03/19/99 (2,900) $5.25
03/23/99 (14,500) $5.31
03/24/99 (7,540) $5.87
Emanon Partners, L.P. 03/01/99 (20,000) $4.87
03/02/99 (2,500) $4.81
03/05/99 (17,500) $4.75
03/08/99 (10,000) $4.75
03/11/99 (75,000) $4.71
03/17/99 (50,000) $4.75
03/18/99 (50,000) $5.06
03/19/99 (82,340) $5.28
03/19/99 (22,960) $5.25
03/23/99 (85,500) $5.31
03/24/99 (42,460) $5.87
- ----------
1 On behalf of managed accounts other than Emanon.
<PAGE>
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: April 9, 1999
SCHAENEN FOX 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
/s/ CHRISTOPHER FOX
----------------------------------------------
CHRISTOPHER FOX
