<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
S C H E D U L E 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
RESTRUCTURING ACQUISITION CORPORATION
(Name of Issuer)
COMMON STOCK, $0.001 PAR VALUE
(Title of Class of Securities)
76126P103
(CUSIP Number)
Copy to:
Stephen A. Cohen, Esq.
Seneca Ventures Morrison Cohen Singer & Weinstein, LLP
68 Wheatley Road 750 Lexington Avenue,
Brookville, New York 11545 New York, New York 10022
Telephone (516) 626-3070 Telephone (212) 735-8600
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
July 9, 1996
(Date of Event which Requires Filing 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 space ____.
Check the following space if a fee is being paid with the statement ____. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
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).
(Continued on following page(s))
- 1 of 19 -
<PAGE>
CUSIP
No. 76126P103 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Woodland Partners
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required / /
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
0 shares 0%
Number of
Shares ---------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 0 shares 0%
Each ---------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With ---------------------------------------------------------
10 Shared Dispositive Power
0 shares 0%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
0 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain
Shares* / /
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
0%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 2 of 19 -
<PAGE>
CUSIP
No. 76126P103 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Barry Rubenstein
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* PF, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required / /
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization
United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares
Beneficially ---------------------------------------------------------
Owned By 8 Shared Voting Power
Each 0 shares 0%
Reporting ---------------------------------------------------------
Person 9 Sole Dispositive Power
With 0 shares 0%
---------------------------------------------------------
10 Shared Dispositive Power
0 shares 0%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
0 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes
Certain Shares* / /
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
0%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 3 of 19 -
<PAGE>
CUSIP
No. 76126P103 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Marilyn Rubenstein
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required / /
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization
United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares
Beneficially ---------------------------------------------------------
Owned By 8 Shared Voting Power
Each 0 shares 0%
Reporting ---------------------------------------------------------
Person 9 Sole Dispositive Power
With 0 shares 0%
---------------------------------------------------------
10 Shared Dispositive Power
0 shares 0%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
0 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes
Certain Shares* / /
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
0%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 4 of 19 -
<PAGE>
CUSIP
No. 76126P103 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
The Marilyn and Barry Rubenstein Family Foundation
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required / /
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization
New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares
Beneficially ---------------------------------------------------------
Owned By 8 Shared Voting Power
Each 0 shares 0%
Reporting ---------------------------------------------------------
Person 9 Sole Dispositive Power
With 0 shares 0%
---------------------------------------------------------
10 Shared Dispositive Power
0 shares 0%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
0 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes
Certain Shares* / /
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
0%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 5 of 19 -
<PAGE>
CUSIP
No. 76126P103 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Woodland Venture Fund
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required / /
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization
New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares
Beneficially ---------------------------------------------------------
Owned By 8 Shared Voting Power
Each 0 shares 0%
Reporting ---------------------------------------------------------
Person 9 Sole Dispositive Power
With 0 shares 0%
---------------------------------------------------------
10 Shared Dispositive Power
0 shares 0%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
0 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes
Certain Shares* / /
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
0%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 6 of 19 -
<PAGE>
CUSIP
No. 76126P103 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Seneca Ventures
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required / /
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization
New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares
Beneficially ---------------------------------------------------------
Owned By 8 Shared Voting Power
Each 0 shares 0%
Reporting ---------------------------------------------------------
Person 9 Sole Dispositive Power
With 0 shares 0%
---------------------------------------------------------
10 Shared Dispositive Power
0 shares 0%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
0 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes
Certain Shares* / /
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
0%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 7 of 19 -
<PAGE>
CUSIP
No. 76126P103 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Woodland Services Corp.
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required / /
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization
New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares
Beneficially ---------------------------------------------------------
Owned By 8 Shared Voting Power
Each 0 shares 0%
Reporting ---------------------------------------------------------
Person 9 Sole Dispositive Power
With 0 shares 0%
---------------------------------------------------------
10 Shared Dispositive Power
0 shares 0%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
0 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes
Certain Shares* / /
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
0%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 8 of 19 -
<PAGE>
CUSIP
No. 76126P103 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Brian Rubenstein
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required / /
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization
United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares
Beneficially ---------------------------------------------------------
Owned By 8 Shared Voting Power
Each 0 shares 0%
Reporting ---------------------------------------------------------
Person 9 Sole Dispositive Power
With 0 shares 0%
---------------------------------------------------------
10 Shared Dispositive Power
0 shares 0%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
0 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes
Certain Shares* / /
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
0%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 9 of 19 -
<PAGE>
CUSIP
No. 76126P103 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
The Rubenstein Family Limited Partnership
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required / /
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization
New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares
Beneficially ---------------------------------------------------------
Owned By 8 Shared Voting Power
Each 0 shares 0%
Reporting ---------------------------------------------------------
Person 9 Sole Dispositive Power
With 0 shares 0%
---------------------------------------------------------
10 Shared Dispositive Power
0 shares 0%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
0 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes
Certain Shares* / /
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
0%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 10 of 19 -
<PAGE>
This statement, dated July 9, 1996, constitutes Amendment No. 1 to the
Schedule 13D, dated May 5, 1994, regarding the reporting persons' ownership of
certain securities of Restructuring Acquisition Corporation (the "Issuer"). On
May 5, 1994, the Issuer offered 1,500,000 Units to the public in an initial
public offering (the "IPO"), each Unit consisted of one share of common stock,
$.001 par value per share (the "Common Stock"), and two redeemable common stock
purchase warrants (the "Warrants").
At a Special Meeting of Stockholders of the Issuer held on June 21,
1996, the holders of the Issuer's Common Stock approved a proposal to dissolve
and liquidate the Issuer.
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. The entire text of
the Schedule is restated herein, in accordance with Rule 13d-2(c).
ITEM 1. Security and Issuer
(a) Common Stock, $.001 par value per share (CUSIP
No. 76126P103).
(b) Redeemable Common Stock Purchase Warrant, entitling the
holder thereof to purchase one share of Common Stock at $5.00 per share,
exercisable as of the later of (i) the consummation of a Business Combination
(as defined in the Issuer's prospectus, dated May 4, 1994 (the "Prospectus")) by
the Issuer, or (ii) May 4, 1995, and expiring May 4, 2001 (CUSIP No. 76126P111).
(c) Unit, consisting of one (1) share of Common Stock and
two (2) Warrants (CUSIP No. 76126P202).
Restructuring Acquisition Corporation
555 Madison Avenue, 17th Floor
New York, New York 10022
ITEM 2. Identity and Background
1. (a) Woodland Partners, a general partnership organized
under the laws of New York.
- 11 of 19 -
<PAGE>
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments.
(d) No.
(e) No.
The general partners of Woodland Partners are Barry Rubenstein
and Marilyn Rubenstein (husband and wife).
2. (a) Barry Rubenstein, a general partner of Woodland
Partners, Seneca Ventures, Woodland Venture Fund, and The Rubenstein Family
Limited Partnership, one of the Trustees of The Marilyn and Barry Rubenstein
Family Foundation, and the President and sole director of Woodland Services
Corp.
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Occupation: General partner of
partnerships and limited partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
Barry Rubenstein is the husband of Marilyn Rubenstein
and the father of Brian Rubenstein.
3. (a) Marilyn Rubenstein, a general partner of Woodland
Partners and The Rubenstein Family Limited Partnership, one of the Trustees of
The Marilyn and Barry Rubenstein Family Foundation, Secretary and Treasurer of
Woodland Services Corp., and a limited partner of Seneca Ventures.
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal occupation: Housewife
- 12 of 19 -
<PAGE>
(d) No.
(e) No.
(f) Citizenship: United States.
Marilyn Rubenstein is the wife of Barry Rubenstein
and the mother of Brian Rubenstein.
4. (a) Brian Rubenstein, one of the Trustees of The Marilyn
and Barry Rubenstein Family Foundation and a limited partner of The Rubenstein
Family Limited Partnership.
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Occupation: Student
(d) No.
(e) No.
(f) Citizenship: United States
Brian Rubenstein is the son of Barry Rubenstein and Marilyn
Rubenstein.
5. (a) Rebecca Rubenstein. On October 17, 1994, Rebecca
Rubenstein resigned as a trustee of the Foundation.
6. (a) The Marilyn and Barry Rubenstein Family Foundation,
an organization which is exempt from Federal Income Taxation pursuant to Section
501(a) of the Internal Revenue Code of 1986, as amended (the "Foundation").
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Charitable Foundation
(d) No.
(e) No.
- 13 of 19 -
<PAGE>
Barry Rubenstein, Marilyn Rubenstein and Brian Rubenstein are
the Trustees of the Foundation.
7. (a) Woodland Venture Fund, a limited partnership
organized under the laws of New York (the "Fund").
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments.
(d) No.
(e) No.
Woodland Services Corp. and Mr. Barry Rubenstein are
the general partners of the Fund. The limited partners of the Fund include
certain other investors.
8. (a) Woodland Services Corp., a corporation organized
under the laws of the State of New York ("Services").
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments.
(d) No.
(e) No.
Mr. Rubenstein is the President and sole director of
Services, and Marilyn Rubenstein, is the Secretary and Treasurer of Services.
Mr. Rubenstein owns all of Service's outstanding shares of common stock.
9. (a) Seneca Ventures, a limited partnership organized
under the laws of New York ("Seneca").
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments.
- 14 of 19 -
<PAGE>
(d) No.
(e) No.
The general partners of Seneca are Barry Rubenstein and
Services. The limited partners of Seneca include Marilyn Rubenstein and certain
other investors.
10. (a) The Rubenstein Family Limited Partnership, a
partnership organized under the laws of the State of New York (the "Rubenstein
Partnership").
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Business: Investments
(d) No.
(e) No.
Barry Rubenstein and Marilyn Rubenstein are the two general
partners of the Rubenstein Partnership, and Brian Rubenstein is a limited
partner of the Rubenstein Partnership.
ITEM 3. Source and Amounts of Funds or Other Consideration
Barry Rubenstein obtained funds for the purchase of the
Issuer's shares from his personal funds and other funds, the partnerships
obtained funds for the purchase of the Issuer's shares from their respective
working capital and others funds, and The Foundation obtained funds for the
purchase of the Issuer's shares from its other funds.
On July 9, 1993, Woodland Partners loaned $50,000 to the Issuer and was
issued two $25,000 promissory notes bearing interest at the rate of 10% per
annum and payable at the consummation of the IPO, and 100,000 warrants (the
"Bridge Warrants"). The Bridge Warrants are identical to the Warrants, except
that they are not redeemable or exercisable until ninety (90) days after the
consummation of a Business Combination.
The amount of funds used in making the purchases of the Units
in connection with the IPO and in the over-the-counter market are set forth
below:
- 15 of 19 -
<PAGE>
Name Amount of
Consideration
Woodland Partners $300,000
Barry Rubenstein Rollover IRA $300,000
The Marilyn and Barry
Rubenstein Family Foundation $ 90,000
Seneca Ventures $156,250
Woodland Venture Fund $156,250
The Rubenstein Family
Limited Partnership $ 60,000
ITEM 4. Purpose of Transaction.
The reporting persons acquired their shares for purposes of
investment.
ITEM 5. Interests in Securities of Issuer.
(a) The following list sets forth the aggregate number and
percentage (based on 1,875,000 shares of Common Stock outstanding as reported by
the Issuer in the Prospectus) of outstanding shares of Common Stock owned
beneficially by each reporting person named in Item 2, as of May 10, 1996:
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(1) Beneficially Owned(1)
Woodland Partners 0 0%
Barry Rubenstein 0 0%
Marilyn Rubenstein 0 0%
Seneca Ventures 0 0%
Woodland Venture Fund 0 0%
The Marilyn and Barry Rubenstein
Family Foundation 0 0%
Woodland Services Corp. 0 0%
The Rubenstein Family
Limited Partnership 0 0%
Brian Rubenstein 0 0%
- --------
1 Does not include shares of Common Stock issuable upon the exercise of
the Warrants or the Bridge Warrants.
- 16 of 19 -
<PAGE>
(b) As of July 9, 1996, the reporting persons no longer
owned shares of the Common Stock of the Issuer.
(c) The following is a description of all transactions in
shares of the Issuer by the persons identified in Item 2 of this Schedule 13D
effected from May 10, 1996 through July 9, 1996 inclusive.
<TABLE>
<CAPTION>
Purchase or Number of Shares Purchase or
Name of Shareholder Sale Date Purchased or (Sold) Sale Price
- ------------------- ----------- ------------------- -----------
<S> <C> <C> <C>
Woodland Partners 7/11/96 (50,000) $ 5.39
Barry Rubenstein -
Rollover IRA 7/9/96 (50,000) $ 5.39
Seneca Ventures 7/9/96 (25,000) $ 5.39
Woodland Venture Fund 7/9/96 (26,000) $ 5.39
The Marilyn and Barry Rubenstein
Family Foundation 7/9/96 (15,000) $ 5.39
The Rubenstein Family Limited
Partnership 7/9/96 (10,000) $ 5.39
</TABLE>
Woodland Partners, Barry Rubenstein Rollover IRA, the
Foundation, and the Rubenstein Partnership acquired the Units in the IPO. Seneca
and the Fund acquired the Units in the over-the-counter market.
(d) 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 such
securities.
(e) All of the reporting persons, except for Woodland
Partners, ceased to be the beneficial owner of more than five percent of the
Issuer's Common Stock on July 9, 1996. Woodland Partners ceased to be the
beneficial owner of more than five percent of the Issuer's Common Stock on July
11, 1996.
ITEM 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities
of the Issuer
(a) Woodland Partners is a general partnership established and
governed by New York law and a partnership agreement. Pursuant to such
agreement, voting and investment power is vested in its general partners - Barry
Rubenstein and Marilyn Rubenstein.
(b) The Foundation is a charitable trust organized under the
laws of the State of New York. It is exempt from Federal income taxation
pursuant to Section 501(a) of the Code as an organization described in Section
501(c)(3) of the Code. Pursuant to a trust agreement,
- 17 of 19 -
<PAGE>
voting and investment power over the shares of the Issuer held by the Foundation
is vested in its trustees - Barry Rubenstein, Marilyn Rubenstein and Brian
Rubenstein.
(c) The Fund is a limited partnership established and governed
by New York law and a partnership agreement. Pursuant to such agreement, voting
and investment power over the shares of Common Stock held by the Fund is vested
in its general partners - Barry Rubenstein and Services. The limited partners
have no voting or investment power over the Issuer's shares held by the Fund.
(d) Seneca is a limited partnership established and governed
by New York law and a partnership agreement. Pursuant to such agreement, voting
and investment power over the shares of Common Stock held by the Fund is vested
in its general partners - Barry Rubenstein and Services. The limited partners
have no voting or investment power over the Issuer's shares held by the Fund.
(e) The Rubenstein Partnership is a partnership established
and governed by New York law and a partnership agreement. Pursuant to such
agreement, voting and investment power over the shares of Common Stock held by
the Rubenstein Partnership is vested in its general partners - Barry Rubenstein
and Marilyn Rubenstein. The limited partners have no voting or investment power
over the Issuer's shares held by the Rubenstein Partnership.
(f) Woodland Partners agreed not to transfer its Bridge
Warrants until after the consummation of a Business Combination and not to
exercise them until ninety (90) days after such Business Combination. The Issuer
agreed to register the Bridge Warrants and the shares of Common Stock underlying
the Bridge Warrants (the "Bridge Shares") under the Registration Statement of
which the Prospectus is a part, and granted piggyback registrations rights for
the Bridge Warrants and the Bridge Shares.
(g) Except for the circumstances discussed or referred to in
paragraph (a) and (f) above, there are no contracts, arrangements,
understandings, or relationships with respect to the securities of the Issuer
among any of the persons reporting in this Schedule 13D.
ITEM 7. Material to be Filed as Exhibits
Exhibit A - Agreement dated May 5, 1994, among the reporting
persons by which they have agreed to file this and all necessary amendments, as
required by Rule 13d-1(f)(1).
- 18 of 19 -
<PAGE>
Signature
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.
Date: July 18, 1996
s/ Barry Rubenstein
-------------------------------------------
Barry Rubenstein, individually, as General
Partner on behalf of Woodland Partners,
Seneca Ventures, The Rubenstein Family
Limited Partnership and Woodland Venture
Fund, as President of Woodland Services
Corp., and as Trustee of The Marilyn and
Barry Rubenstein Family Foundation
s/ Marilyn Rubenstein
-------------------------------------------
Marilyn Rubenstein
s/ Brian Rubenstein
-------------------------------------------
Brian Rubenstein
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT
CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
- 19 of 19 -
