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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
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Video Update, Inc.
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(Name of Issuer)
Common Stock, $0.01 par value per share
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(Title of Class of Securities)
92657V104
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(CUSIP Number)
Todd D. Peterson, 2740 W. Lake of the Isles Parkway, Minneapolis
MN, 55416 (612)889-8900
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
December 14, 2000
--------------------------------------------------------
(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(e), Rule 13d-1(f) or Rule
13d-1(g), check the following box / /.
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See RULE 13d-7(b) 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))
Page 1 of 4 Pages
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CUSIP No. 92657V104 13D Page 2 of 4 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
Todd D. Peterson
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(2) Check the Appropriate Box if a Member (a) /x/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
PF
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
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(6) Citizenship or Place of Organization
United States
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Number of Shares (7) Sole Voting
Beneficially Owned Power 791,478
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
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(9) Sole Dispositive
Power 791,478
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(10) Shared Dispositive
Power 0
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
791,478
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
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(13) Percent of Class Represented by Amount in Row (11)
2.703%
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(14) Type of Reporting Person*
IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 92657V104 13D Page 3 of 4 Pages
---------
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
Healthy American Products, Inc. 41-1704472
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(2) Check the Appropriate Box if a Member (a) /x/
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
WC
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
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(6) Citizenship or Place of Organization
Minnesota
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Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
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(9) Sole Dispositive
Power 0
--------------------------------------------------
(10) Shared Dispositive
Power 0
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
0
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
-------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
0%
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(14) Type of Reporting Person*
CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 92657V104 13D Page 4 of 4 Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
Rodney P. Burwell
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(2) Check the Appropriate Box if a Member (a) /x/
of a Group* (b) / /
-------------------------------------------------------------------------------
(3) SEC Use Only
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(4) Source of Funds*
PF
-------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
-------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
United States
-------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
--------------------------------------------------
(9) Sole Dispositive
Power 0
--------------------------------------------------
(10) Shared Dispositive
Power 0
-------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
0
-------------------------------------------------------------------------------
(12) Check 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 INSTRUCTION BEFORE FILLING OUT!
<PAGE>
ITEM 1. SECURITY AND ISSUER.
This statement relates to the Common Stock, par value $0.01 per share
of Video Update, Inc., a Delaware corporation ("Issuer"). The Issuer's
principal executive office is located at 3100 World Trade Center, 30
East Seventh Street, St. Paul, Minnesota 55101.
ITEM 2. IDENTITY AND BACKGROUND.
A. (a) The name of the reporting person is Todd Peterson ("Reporting
Person 1").
(b) Reporting Person 1's business address is 2740 West Lake of the
Isles Parkway, Minneapolis, MN 55416.
(c) Reporting Person 1 is the principal of Spring House Capital,
LLC at 2740 West Lake of the Isles Parkway, Minneapolis, MN
55416.
(d) Reporting Person 1 has not, during the last five years, been
convicted in a criminal proceeding.
(e) Reporting Person 1 has not, during the past five years, been a
party to a civil proceeding of a judicial or administrative
body of competent jurisdiction and as a result of such
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) Reporting Person 1 is a citizen of the United States.
B. (a) The name of the reporting person is Healthy American Products,
Inc. ("Reporting Person 2").
(b) Reporting Person 2's principal executive and business office
is located at 7901 Xerxes Avenue South, Suite 201,
Minneapolis, Minnesota 55431.
(c) Reporting Person 2 is a corporation which is a holding
company.
(d) Reporting Person 2 has not, during the last five years, been
convicted in a criminal proceeding.
(e) Reporting Person 2 has not, during the past five years, been a
party to a civil proceeding of a judicial or administrative
body of competent jurisdiction and as a result of such
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) Reporting Person 2 was incorporated under the laws of the
State of Minnesota.
C. (a) The name of the reporting person is Rodney P. Burwell
("Reporting Person 3").
(b) Reporting Person 3's business address is 7901 Xerxes Avenue
South, Suite 201, Minneapolis, Minnesota 55431.
(c) Reporting Person 3 is Chairman of Healthy American Products
Inc. identified in Item 2B as Reporting Person 2.
(d) Reporting Person 3 has not, during the last five years, been
convicted in a criminal proceeding.
(e) Reporting Person 3 has not, during the past five years, been a
party to a civil proceeding of a judicial or administrative
body of competent jurisdiction and as a result of such
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) Reporting Person 3 is a citizen of the United States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Not Applicable
ITEM 4. PURPOSE OF TRANSACTION.
Except as described below, Reporting Persons have no current plans or
proposals that would result in any of the transactions listed in Item
4(b) through 4(j), except that such persons may, depending on market
conditions and other considerations, dispose of or acquire additional
securities of the Issuer, for investment purposes only.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) According to the information provided by the Issuer in its
Quarterly Report on Form 10-Q for the quarterly period ended
January 31, 2000, there were 29,278,457 shares of the Issuer's
common stock outstanding. At the present time:
(1) Reporting Person 1 beneficially owns an aggregate of
791,478 shares of the Issuer's common stock
constituting approximately 2.703% of the Issuer's
outstanding shares.
(2) Reporting Person 2 beneficially owns no shares of
the Issuer's common stock.
(3) Reporting Person 3 beneficially owns no shares of
the Issuer's common stock.
(b) (1) Reporting Person 1 has sole voting and sole
dispositive power with respect to 791,478 shares.
(2) Reporting Person 2 has voting and dispositive
power with respect to 0 shares.
2
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(3) Reporting Person 3 has voting and dispositive power
with respect to 0 shares.
The filing of this statement shall not be construed as an admission
that Reporting Persons 1 and 3 are, for the purpose of Section 13(d) or
13(g) of the Exchange Act or for any other purposes, the beneficial
owners of securities held by or for the benefit of their spouses or
children, and any ownership interest in said securities is disclaimed.
(c) The following table sets forth the transactions effected by
each of the Reporting Persons during the last sixty days. Each
of the transactions set forth below reflects a disposition
effected (unless otherwise noted) by means of trades on The
Nasdaq Stock Market.
<TABLE>
<CAPTION>
REPORTING PERSON DATE SHARES DISPOSED OF PRICE PER SHARE
<S> <C> <C> <C>
1. November 20, 2000 50,000 shares $.011
December 5, 2000 70,000 shares $.01
December 14, 2000 151,922 shares $.01
December 20, 2000 70,000 shares $.01
December 28, 2000 100,000 shares $.008
2. December 22, 2000 528,500 shares $.0096
3. December 22, 2000 50,000 shares $.0096
</TABLE>
(d) No one, other than the Reporting Persons, has the right to
receive dividends from, or the proceeds from the sale of, the
shares held by the Reporting Persons or for their benefit.
(e) As of December 22, 2000, the Reporting Persons ceased to be
the beneficial owners of more than 5% of the Common Stock of
the Issuer.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
None.
3
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SIGNATURE
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
Date: 1-11-01 /s/ Todd D. Peterson
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Todd D. Peterson
Date: 1-11-01 HEALTHY AMERICAN PRODUCTS INC.
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By: /s/ Rodney P. Burwell
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Rodney P.Burwell, CEO
Date: 1-11-01 /s/ Rodney P. Burwell
-------------------------- ---------------------------
Rodney P.Burwell
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