SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 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. 6)(1)
OPTI, Inc.
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(Name of Issuer)
Common Stock, $0.01 par value
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(Title of Class of Securities)
683960108
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(CUSIP Number)
Scott B. Bernstein, Esq.,
Caxton Corporation,
315 Enterprise Drive
Plainsboro, New Jersey 08536
(609) 936-2580
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
July 7, 2000
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(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 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)
(Page 1 of 13 Pages)
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(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 ("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. 683960108 SCHEDULE 13D Page 2 of 13 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Caxton International Limited
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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 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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7 SOLE VOTING POWER
0
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 611,272
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
611,272
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
611,272
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.2%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 683960108 SCHEDULE 13D Page 3 of 13 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Caxton Equity Growth LLC
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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 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
0
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 20,311
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
20,311
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,311
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 683960108 SCHEDULE 13D Page 4 of 13 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Caxton Equity Growth (BVI) Ltd
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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 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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7 SOLE VOTING POWER
0
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 45,317
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
45,317
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
45,317
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.4%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 683960108 SCHEDULE 13D Page 5 of 13 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Caxton Associates, L.L.C. 22-3430173
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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 SOURCE OF FUNDS*
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
0
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 676,900
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
676,900
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
676,900
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.8%
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 683960108 SCHEDULE 13D Page 6 of 13 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Bruce S. Kovner
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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 SOURCE OF FUNDS*
Not Applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 676,900
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
676,900
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
676,900
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.8%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
This Amendment 6 to Schedule 13D relates to the Common Stock, par value
$.01 per share (the "Common Stock"), of OPTi, Inc., a California corporation
(the "Company"), 888 Tasman Drive, Milpitas, CA 95035.
Item 2: Identity and Background
Item 2 of the Schedule 13D is hereby amended and replaced by the following:
"(a) This statement is filed by Caxton International Limited, a British Virgin
Islands corporation ("Caxton International"), Caxton Equity Growth LLC, a
Delaware limited liability company ("Caxton Equity Growth"), Caxton Equity
Growth (BVI) Ltd., a British Virgin Islands corporation ("Caxton Equity
Growth (BVI)"), Caxton Associates, L.L.C., a Delaware limited liability
company ("Caxton Associates"), and Mr. Bruce Kovner.
"(b)
(i) The address of Caxton International is c/o Prime Management Limited,
Mechanics Building, 12 Church Street, Hamilton HM11, Bermuda.
(ii) The address of Caxton Equity Growth is c/o Caxton Corporation, 315
Enterprise Drive, Plainsboro, New Jersey 08536.
(iii) The address of Caxton Equity Growth (BVI) is c/o Prime Management
Limited, Mechanics Building, 12 Church Street, Hamilton HM11,
Bermuda.
(iv) The address of Caxton Associates is c/o Caxton Corporation, 315
Enterprise Drive, Plainsboro, New Jersey 08536.
(v) The business address of Mr. Kovner is 667 Madison Avenue, New York,
NY 10021.
"(c)
(i) The principal business of Caxton International is engaging in the
trading and investing in international currency, financial and
commodity interests and securities, as well as other investments.
(ii) The principal business of Caxton Equity Growth is engaging in the
trading and investing of primarily U.S. Exchange traded securities
of U.S. issuers and, to a lesser extent, foreign issuers.
(iii) The principal business of Caxton Equity Growth (BVI) is engaging in
the trading and investing of primarily U.S. Exchange traded
securities of U.S. issuers and, to a lesser extent, foreign issuers.
(iv) Caxton Associates is the trading advisor to Caxton International and
Caxton Equity Growth (BVI) and the managing members of Caxton Equity
Growth.
(v) The principal occupation of Mr. Kovner is Chairman of Caxton
Corporation, a Delaware corporation, the address of which is 667
Madison Avenue, New York, NY 10021. Caxton Corporation is the
manager and majority owner of Caxton Associates.
<PAGE>
"(d) No person filing this statement has during the past five years, been
convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanor).
"(e) No person filing this statement has during the last five years, been
a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction and as a result of such a proceeding was
or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to
Federal or state securities laws or finding any violation with
respect to such laws.
"(f) Mr. Kovner is a United States citizen."
Item 3: Source and Amount of Fund or Other Consideration.
Item 3 of the Schedule 13D is hereby amended and supplemented by inserting
the following paragraphs at the end thereof:
"A net aggregate of $1,042,685.08 (excluding commissions, if any) was
received in a series of transactions pursuant to which Caxton International sold
shares (of Common Stock) since February 2, 2000.
"A net aggregate of $94,083.85 (excluding commissions, if any) was paid in
a series of transactions pursuant to which Caxton Equity Growth LLC acquired and
sold shares (of Common Stock) since February 2, 2000. The purchase price was
paid out of Caxton Equity Growth's working capital."
"A net aggregate of $215,445.18 (excluding commissions, if any) was paid
in a series of transactions pursuant to which Caxton Equity Growth (BVI) Ltd.
acquired shares (of Common Stock) since February 2, 2000. The purchase price was
paid out of Caxton Equity Growth (BVI)'s working capital."
Item 4: Purpose of Transaction.
Item 4 of the Schedule 13D is hereby amended by replacing it with the following
two paragraphs:
"The persons filing this Report have supported recent actions taken
by the Company to restore its profitability but, (a) continue to believe
that the Common Stock is under-valued, and (b) are concerned about how
management has indicated it may deploy available cash, and (c) believe
that management should take further steps to enhance shareholder value,
which should include considering the following: (i) the sale of the
company in its entirety, (ii) the distribution of any publicly traded
equity securities held by the company to its shareholders, (iii) the
distribution of all cash not needed for operations and current liabilities
to the shareholders, and (iv) the establishment of a liquidating trust
into which all the assets of the corporation will be contributed. The
persons filing this Report are also examining all of their options with
respect to the possibility of taking actions, which they believe will
enhance shareholder value. Any such actions could relate to or result in
one or more of the matters referred to in paragraphs (a) through (j) of
Item 4 of Schedule 13D.
<PAGE>
"Each of the persons filing this Report also reserves the right to
purchase or otherwise acquire additional Common Stock or to sell or
otherwise dispose of Common Stock owned by it, in each case in open market
or privately negotiated transactions or otherwise."
Item 5: Interest in Securities of the Issuer.
Subparagraph (a) of Item 5 of the Schedule 13D is hereby amended and
replaced by the following:
"(i) Caxton International beneficially owns 611,272 shares of Common Stock
(the "Shares"), approximately 5.2% of the total shares of Common Stock issued
and outstanding. This percentage reflects the acquisition of the additional
Shares and sale of Shares being reported hereunder.
"(ii) Caxton Equity Growth beneficially owns 20,311 shares of Common Stock
(the "Shares"), approximately 0.2% of the total shares of Common Stock issued
and outstanding. This percentage reflects the acquisition of the additional
Shares and sale of Shares being reported hereunder.
"(iii) Caxton Equity Growth (BVI) beneficially owns 45,317 shares of
Common Stock (the "Shares"), approximately 0.4% of the total shares of Common
Stock issued and outstanding. This percentage reflects the acquisition of the
additional Shares being reported hereunder."
Subparagraph (b) of Item 5 of the Schedule 13D is hereby amended and
supplemented by adding the following paragraph:
"Caxton Associates is the trading advisor to Caxton International and Caxton
Equity Growth (BVI), and the managing member of Caxton Equity Growth (together
with Caxton International, Caxton Equity Growth and Caxton Equity Growth (BVI),
the "Caxton Accounts") and, as such, has voting and dispositive power with
respect to the investments of the Caxton Accounts.
"Mr. Kovner is the Chairman and sole shareholder of Caxton Corporation. Caxton
Corporation is the manager and majority owner of Caxton Associates. As a result
of the foregoing, Mr. Kovner may be deemed beneficially to own the securities of
the Issuer owned by the Caxton Accounts.
Subparagraph (c) of Item 5 of the Schedule 13D is hereby amended and
supplemented by adding the following paragraph at the end thereof:
"Caxton International, Caxton Equity Growth and Caxton Equity Growth (BVI)
acquired additional shares and sold shares of Common Stock in a series of open
market transactions effected primarily with independent brokers and, to a lesser
extent, directly with market makers utilizing the NASDAQ System, between
February 2, 2000 and July 11, 2000. See Schedule A for disclosure of (1) the
date, (2) the price and (3) the amount of shares purchased or sold by Caxton
International, Caxton Equity Growth and Caxton Equity Growth (BVI) during the
past sixty (60) days".
<PAGE>
After reasonable inquiry and to the best of the undersigned's knowledge
and belief, the undersigned certify that the information set forth in this
statement is true, complete and correct.
July 14, 2000 CAXTON INTERNATIONAL LIMITED
By:
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Name: Joseph Kelly
Title: Vice President and Treasurer
By:
-------------------------------------------
Name: Maxwell Quin
Title: Secretary
CAXTON EQUITY GROWTH LLC
By:
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Name: Scott B. Bernstein
Title: Secretary, Caxton Associates, Manager
CAXTON EQUITY GROWTH (BVI) LTD.
By:
-------------------------------------------
Name: Maxwell Quin
Title: Secretary
By:
-------------------------------------------
Name: Scott B. Bernstein
Title: Director
CAXTON ASSOCIATES, L.L.C.
By:
-------------------------------------------
Name: Scott B. Bernstein
Title: Secretary
-----------------------------------------------
Bruce S. Kovner, by Scott B. Bernstein as
Attorney-In-Fact
<PAGE>
Schedule A
Caxton International Limited
No of Shares Price Per Share
Trade Date (Sold) (Excluding Commission)
5/1/00 (13,100) 4.625
6/13/00 (3,500) 5.4375
6/14/00 (10,900) 5.4375
6/15/00 (100) 5.4375
7/5/00 (2,728) 5.5
7/6/00 (12,700) 6
7/7/00 (19,900) 6.62742
7/11/00 (10,000) 6.65
Caxton Equity Growth L.L.C.
No of Shares Price Per Share
Trade Date Purchased (Sold) (Excluding Commission)
5/1/00 4,440 4.625
7/5/00 (972) 5.5
Caxton Equity Growth (BVI) Ltd.
No of Shares Price Per Share
Trade Date Purchased (Excluding Commission)
5/1/00 8,660 4.625
7/5/00 3,700 5.5
<PAGE>
Exhibit Index
Exhibit 1 - Joint Acquisition Statement Pursuant To Rule 13d-1(k)(1).
