SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
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. 8)(1)
CORNERSTONE INTERNET SOLUTIONS CO.
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
- --------------------------------------------------------------------------------
(Title of Class of Securities)
293636106
-----------------
(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)
November 6, 1998
- --------------------------------------------------------------------------------
(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(e, 13d-1(f) or 13d-(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 page(s))
- --------
(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 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. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Barry Rubenstein
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) WC, OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 473,000 shares 1.8%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 14,177,726 shares 53.2%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 473,000 shares 4.0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 2,634,686 shares 22.0%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 3,107,686 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 25.6%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| IN
================================================================================
Page 2 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Woodland Venture Fund
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) WC, OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization New York
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 624,575 shares 2.4%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 1,553,467 shares 5.9%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 214,415 shares 1.9%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 756,587 shares 6.4%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 971,002 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 8.3%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| PN
================================================================================
Page 3 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Seneca Ventures
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) WC, OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization New York
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 417,076 shares 1.6%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 1,760,966 shares 6.7%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 143,636 shares 1.2%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 827,366 shares 7.0%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 971,002 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 8.3%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| PN
================================================================================
Page 4 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Woodland Services Corp.
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization New York
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 2,178,042 shares 8.2%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 971,002 shares 8.3%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 971,002 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 8.3%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| CO
================================================================================
Page 5 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| 21st Century Communications Partners, L.P.
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) WC, OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization Delaware
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 3,696,573 shares 14.1%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 1,754,378 shares 6.7%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 701,169 shares 6.1%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 331,782 shares 2.9%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,032,951 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 8.9%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| PN
================================================================================
Page 6 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| 21st Century Communications T-E Partners, L.P.
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) WC, OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization Delaware
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 1,262,046 shares 4.8%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 4,188,905 shares 15.9%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 242,172 shares 2.1%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 790,779 shares 6.8%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,032,951 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 8.9%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| PN
================================================================================
Page 7 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| 21st Century Communications Foreign Partners, L.P.
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) WC, OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization Delaware
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 492,332 shares 1.9%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 4,958,619 shares `18.9%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 89,610 shares 0.8%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 943,341 shares 8.1%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,032,951 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 8.9%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| PN
================================================================================
Page 8 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Michael J. Marocco
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 5,450,951 shares 20.7%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,032,951 shares 8.9%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,032,951 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 8.9%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| IN
================================================================================
Page 9 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| John Kornreich
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 5,450,951 shares 20.7%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,032,951 shares 8.9%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,032,951 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 8.9%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| IN
================================================================================
Page 10 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Harvey Sandler
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 5,450,951 shares 20.7%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,032,951 shares 8.9%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,032,951 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 8.9%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| IN
================================================================================
Page 11 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Andrew Sandler
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 5,450,951 shares 20.7%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,032,951 shares 8.9%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,032,951 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 8.9%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| IN
================================================================================
Page 12 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Barry Fingerhut
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) WC, OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 1,000 shares 0.01%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 12,072,684 shares 46.0%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 1,000 shares 0.01%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,736,684 shares 15.0%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,737,684 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 15.0%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| IN
================================================================================
Page 13 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Irwin Lieber
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) WC, OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 23,000 shares 0.1%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 12,072,684 shares 46.0%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 23,000 shares 0.2%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 1,736,684 shares 15.0%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 1,759,684 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 15.2%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| IN
================================================================================
Page 14 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Woodland Partners
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) WC, OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization New York
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 559,154 shares 2.1%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 1,618,888 shares 6.1%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 35,714 shares 0.3%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 935,288 shares 8.0%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 971,002 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 8.3%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| PN
================================================================================
Page 15 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Applewood Associates, L.P.
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) WC, OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization New York
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 6,621,733 shares 25.2%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 0 shares 0%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 703,733 shares 6.1%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 0 shares 0%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 703,733 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 6.1%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| PN
================================================================================
Page 16 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Applewood Capital Corp.
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization New York
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 6,621,733 shares 25.2%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 703,733 shares 6.1%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 703,733 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 6.1%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| CO
================================================================================
Page 17 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Seth Lieber
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 6,621,733 shares 25.2%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 703,733 shares 6.1%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 703,733 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 6.1%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| IN
================================================================================
Page 18 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Jonathan Lieber
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 6,621,733 shares 25.2%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 703,733 shares 6.1%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 703,733 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 6.1%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| IN
================================================================================
Page 19 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Marilyn Rubenstein
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 2,178,042 shares 8.2%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 971,002 shares 8.3%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 971,002 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 8.3%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| IN
================================================================================
Page 20 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| The Marilyn and Barry Rubenstein Family Foundation
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 104,237 shares 0.4%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 2,073,805 shares 7.8%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 104,237 shares 0.9%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 866,765 shares 7.4%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 971,002 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 8.3%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| OO
================================================================================
Page 21 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Brian Rubenstein
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 104,237 shares 0.4%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 104,237 shares 0.9%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 104,237 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 0.9%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| IN
================================================================================
Page 22 of 36
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 | Names of Reporting Persons
| I.R.S. Identification Nos. of Above Persons (Entities Only)
| Rebecca Rubenstein
|
- --------------------------------------------------------------------------------
2 | Check the Appropriate Box if a Member of a Group (See Instructions)(a) |_|
| (b) |_|
- --------------------------------------------------------------------------------
3 | SEC Use Only
|
- --------------------------------------------------------------------------------
4 | Source of Funds (See Instructions) OO
|
- --------------------------------------------------------------------------------
5 |Check Box if Disclosure of Legal Proceedings is Required |_|
|Pursuant to Item 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 | Citizenship or Place of Organization United States
|
- --------------------------------------------------------------------------------
| 7 | Sole Voting Power
| | 0 shares 0%
Number of |-----------------------------------------------------------
Shares | 8 | Shared Voting Power
Beneficially | | 104,237 shares 0.4%
Owned By |-----------------------------------------------------------
Each | 9 | Sole Dispositive Power
Reporting | | 0 shares 0%
Person |-----------------------------------------------------------
With | 10 | Shared Dispositive Power
| | 104,237 shares 0.9%
- --------------------------------------------------------------------------------
11 | Aggregate Amount Beneficially Owned By Each Reporting Person
| 104,237 shares
|
- --------------------------------------------------------------------------------
12 | Check Box if the Aggregate Amount in Row (11) excludes Certain Shares |_|
| (See Instructions)
- --------------------------------------------------------------------------------
13 | Percent of Class Represented by Amount in Row (11)
| 0.9%
|
- --------------------------------------------------------------------------------
14 | Type of Reporting Person (See Instructions)
| IN
================================================================================
Page 23 of 36
<PAGE>
This statement, dated November 6, 1998, constitutes Amendment No. 8 to the
Schedule 13D, dated September 11, 1995, regarding the reporting persons
ownership of certain securities of Cornerstone Internet Solutions Co. (the
"Issuer").
The 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. 8 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 1. Security and Issuer
Class D Convertible Preferred Stock, $.01 par value (the "Class D
Preferred Stock"). The holders of the Class D Preferred Stock shall be entitled
upon the earlier of (i) June 30, 2000, or (ii) at any time after the closing
price of the Common Stock shall have been at least $1.50 per share (subject to
adjustment in the event of subdivision or combination of the shares of Common
Stock) on 15 trading days during any 20 trading day period, to convert each
share of Class D Preferred Stock into such whole number of shares of Common
Stock as is equal to the aggregate stated value of the Class D Preferred Stock
divided by $1.00. Each share of Class D Preferred Stock has a stated value equal
to $1,250.
For purposes of calculating the number of voting rights for the Class D
Preferred Stock, the stated value of the Class D Preferred Stock was divided by
$1.00.
In the event of any voluntary or involuntary liquidation, dissolution,
winding up of the Issuer or a change of control (as defined in the Issuer's
Certificate of Designations, Preferences and Other Rights and Qualifications of
Class D Preferred Stock), the Class D Preferred Stock is entitled to receive
prior to any distribution to certain other holders an amount equal to the stated
value of the Class D Preferred Stock ($1,250 per share) multiplied by 1.1 for
each share of Class D Preferred Stock then outstanding.
For purposes of calculating the number of voting rights for the Preferred
Stock, the Stated Value of the Preferred Stock was divided by $0.73125, or 50%
of the average closing sale price for the Common Stock for the last ten trading
days in the fiscal quarter prior to September 1, 1998.
For purposes of calculating the number of voting rights for the Class B
Preferred Stock, the Stated Value of the Preferred Stock was divided by $1.00.
Page 24 of 36
<PAGE>
ITEM 3. Source and Amount of Funds or Other Consideration
On November 6, 1998, each of Applewood Associates, L.P., 21st Century, T-E
and Foreign acquired 800, 542.4, 184.8 and 72.8 shares of Class D Preferred
Stock, respectively, in a private placement.
The amount of cash used in acquiring the shares of Class D Preferred Stock
is set forth below:
<TABLE>
<CAPTION>
Purchase Price
--------------
<S> <C>
Applewood Associates, L.P. $1,000,000
21st Century Communications 678,000
Partners, L.P.
21st Century Communications 231,000
T-E Partners, L.P.
21st Century Communications 91,000
Foreign Partners, L.P.
</TABLE>
The source of funds for the acquisition of the Class D Preferred Stock was
the general working capital of each of Applewood Associates, L.P., 21st Century,
T-E and Foreign.
ITEM 4. Purpose of Transaction.
The reporting persons acquired their securities for purposes of
investment. The reporting persons do not have any present plan or proposal which
would relate to or result in any of the actions set forth in subparagraphs (a)
through (j) of Item 4 of Schedule 13D except as set forth herein.
ITEM 5. Interests in Securities of the Issuer.
a) ( The following list sets forth the aggregate number and percentage
(based on 11,574,895 shares of Common Stock, outstanding as of August 31, 1998,
as reported by the Issuer in its Form 10-Q for the quarter ended August 31,
1998) of outstanding shares of Common Stock owned beneficially by each reporting
person named in Item 2, as of November 6, 1998:
Page 25 of 36
<PAGE>
<TABLE>
<CAPTION>
Shares of Percentage of Shares
Common Stock Percent of of Common Stock
Name Beneficially Owned(2) Voting Control(3) Beneficially Owned(2)
- -------------------------- --------------------- ---------------- ---------------------
<S> <C> <C> <C>
Barry Rubenstein 3,107,686(4)(5)(6)(7) 54.6% 25.6%
Woodland Venture Fund 971,002(4) 8.2% 8.3%
Seneca Ventures 971,002(4) 8.2% 8.3%
Woodland Services Corp. 971,002(4) 8.2% 8.3%
21st Century 1,032,951(4)(8) 20.7% 8.9%
Communications Partners, L.P.
21st Century 1,032,951(4)(9) 20.7% 8.9%
Communications T-E
Partners, L.P.
21st Century 1,032,951(4)(10) 20.7% 8.9%
Communications Foreign
Partners, L.P.
Michael Marocco 1,032,951(4)(7) 20.7% 8.9%
John Kornreich 1,032,951(4)(7) 20.7% 8.9%
</TABLE>
- --------------------
(2) Includes shares of Common Stock issuable upon the exercise of the warrants
and the Rev-Wood Option.
(3) Includes voting rights from the Preferred, voting rights from the Class B
Preferred Stock and voting rights from the Class D Preferred Stock.
(4) The reporting person disclaims beneficial ownership of these securities,
except to the extent of his/her/its equity interest therin.
(5) Includes 400,000 shares of Common Stock issuable upon the exercise of the
Rev-Wood Warrant, and 160,500 shares of Common Stock held in Barry
Rubenstein's Rollover IRA account.
(6) Includes 703,733 shares of Common Stock owned by Applewood.
(7) Includes 1,032,951 shares of Common Stock owned by 21st Century, T-E and
Foreign.
(8) Includes 701,169 shares of Common Stock. 21st Century disclaims beneficial
ownership of 242,172 shares of Common Stock owned by T-E and 89,610 shares
of Common Stock owned by Foreign.
(9) Includes 242,172 shares of Common Stock. T-E disclaims beneficial
ownership of 701,169 shares of Common Stock owned by 21st Century and
89,610 shares of Common Stock owned by Foreign.
(10) Includes 89,610 shares of Common Stock. Foreign disclaims beneficial
ownership of 701,169 shares of Common Stock owned by 21st Century and
242,172 shares of Common Stock owned by T-E.
Page 26 of 36
<PAGE>
<TABLE>
<CAPTION>
Shares of Percentage of Shares
Common Stock Percent of of Common Stock
Name Beneficially Owned(2) Voting Control(3) Beneficially Owned(2)
- -------------------------- --------------------- ---------------- ---------------------
<S> <C> <C> <C>
Harvey Sandler 1,032,951(4)(7) 20.7% 8.9%
Andrew Sandler 1,032,951(4)(7) 20.7% 8.9%
Barry Fingerhut 1,737,684(4)(6)(7) 46.0% 15.0%
Irwin Lieber 1,759,684(4)(6)(7) 46.0% 15.2%
Woodland Partners 971,002(4) 8.2% 8.3%
Applewood Associates, 703,733(6) 25.2% 6.1%
L.P
Applewood Capital Corp. 703,733(4)(6) 25.2% 6.1%
Seth Lieber 703,733(4)(6) 25.2% 6.1%
Jonathan Lieber 703,733(4)(6) 25.2% 6.1%
Marilyn Rubenstein 971,002(4) 8.2% 8.3%
The Marilyn and Barry 971,002(4) 8.2% 8.3%
Rubenstein Family
Foundation
Brian Rubenstein 104,237(4) 0.4% 0.9%
Rebecca Rubenstein 104,237(4) 0.4% 0.9%
</TABLE>
(b) Barry Rubenstein has sole power to vote and to dispose of 473,000
shares of Common Stock (including 125,000 shares issuable upon the exercise of
the Non-Qualified Option and 50,000 shares issuable upon the exercise of the
Option), representing approximately 1.8% and 4.0%, respectively, of the
outstanding Common Stock. By virtue of being a shareholder, officer and director
of InfoMedia, a Trustee of the Foundation and a general partner of Applewood,
Seneca, the Fund, Woodland Partners and Rev-Wood, Barry Rubenstein may be deemed
to have shared power to vote 14,177,726 shares of Common Stock (including
7,793,040 voting rights from the Preferred Stock, 400,000 shares issuable upon
the exercise of the Rev-Wood Warrant, 1,750,000 voting rights from the Class B
Preferred Stock and 2,000,000 voting rights from the Class D Preferred Stock),
representing approximately 53.2% of the outstanding Common Stock, and may be
deemed to have shared power to dispose of 2,634,686 shares of Common Stock
(including 400,000 shares issuable upon the exercise of the Rev-Wood Warrant),
representing approximately 22.0% of the outstanding Common Stock.
The Fund has sole power to vote 624,575 shares of Common Stock,
representing approximately 2.4% of the outstanding Common Stock (including
410,160 voting rights from the
Page 27 of 36
<PAGE>
Preferred Stock), and may be deemed to have shared power to vote 1,553,467
shares of Common Stock (including 546,880 voting rights from the Preferred
Stock, 125,000 shares issuable upon the exercise of the Non-Qualified Option,
50,000 shares issuable upon the exercise of the Option and 250,000 voting rights
from the Class B Preferred Stock), representing approximately 5.9% of the
outstanding Common Stock. The Fund has the sole power to dispose of 214,415
shares of Common Stock, representing approximately 1.9% of the outstanding
Common Stock, and shared power to dispose of 756,587 shares of Common Stock
(including 125,000 shares issuable upon the exercise of the Non-Qualified Option
and 50,000 shares issuable upon the exercise of the Option), representing
approximately 6.4% of the outstanding Common Stock.
Seneca has sole power to vote 417,076 shares of Common Stock, representing
approximately 1.6% of the outstanding Common Stock (including 273,440 voting
rights from the Preferred Stock), and may be deemed to have shared power to vote
1,760,966 shares of Common Stock (including 683,600 voting rights from the
Preferred Stock, 125,000 shares issuable upon the exercise of the Non-Qualified
Option, 50,000 shares issuable upon the exercise of the Option and 250,000
voting rights from the Class B Preferred Stock), representing approximately 6.7%
of the outstanding Common Stock. Seneca has sole power to dispose of 143,636
shares of Common Stock, representing approximately 1.2% of the outstanding
Common Stock, and shared power to dispose of 827,366 shares of Common Stock
(including 125,000 shares issuable upon the exercise of the Non-Qualified Option
and 50,000 shares issuable upon the exercise of the Option), representing
approximately 7.0% of the outstanding Common Stock.
Woodland Services Corp. has shared power to vote 2,178,042 shares of
Common Stock (including 957,040 voting rights from the Preferred Stock, 125,000
shares issuable upon the exercise of the Non-Qualified Option, 50,000 shares
issuable upon the exercise of the Option and 250,000 voting rights from the
Class B Preferred Stock), representing approximately 8.2% of the outstanding
Common Stock, and may be deemed to have shared power to dispose of 971,002
shares of Common Stock (125,000 shares issuable upon the exercise of the
Non-Qualified Option and 50,000 shares issuable upon the exercise of the
Option), representing approximately 8.3% of the outstanding Common Stock.
21st Century has sole power to vote 3,696,573 shares of Common Stock
(including 2,317,404 voting rights from the Preferred Stock and 678,000 voting
rights from the Class D Preferred Stock), representing approximately 14.1% of
the outstanding Common Stock, and may be deemed to have shared power to vote
1,754,378 shares of Common Stock (including 1,100,596 voting rights from the
Preferred Stock and 322,000 voting rights from the Class D Preferred Stock),
representing approximately 6.7% of the outstanding Common Stock. 21st Century
has sole power to dispose of 701,169 shares of Common Stock, representing
approximately 6.1% of the outstanding shares of Common Stock, and may be deemed
to have shared power to dispose of 331,782 shares of Common Stock, representing
approximately 2.9% of the outstanding Common Stock.
T-E has sole power to vote 1,262,046 shares of Common Stock (including
788,874 voting rights from the Preferred Stock and 231,000 voting rights from
the Class D Preferred Stock),
Pafe 28 of 36
<PAGE>
representing approximately 4.8% of the outstanding Common Stock, and may be
deemed to have shared power to vote 4,188,905 shares of Common Stock (including
2,629,126 voting rights from the Preferred Stock and 769,000 voting rights from
the Class D Preferred Stock), representing approximately 15.9% of the
outstanding Common Stock. T-E has sole power to dispose of 242,172 shares of
Common Stock, representing approximately 2.1% of the outstanding Common Stock,
and may be deemed to have shared power to dispose of 790,779 shares of Common
Stock, representing approximately 6.8% of the outstanding Common Stock.
Foreign has sole power to vote 492,332 shares of Common Stock (including
311,722 voting rights from the Preferred Stock and 91,000 voting rights from the
Class D Preferred Stock), representing approximately 1.9% of the outstanding
Common Stock. Foreign may be deemed to have shared power to vote 4,958,619
shares of Common Stock (including 3,106,278 voting rights from the Preferred
Stock and 909,000 voting rights from the Class D Preferred Stock), representing
approximately 18.9% of the outstanding Common Stock. Foreign has sole power to
dispose of 89,610 shares of Common Stock, representing approximately 0.8% of the
outstanding Common Stock, and may be deemed to have shared power to dispose of
943,341 shares of Common Stock, representing approximately 8.1% of the
outstanding Common Stock.
By virtue of being the sole shareholder of MJDM Corp., Michael J. Marocco
may be deemed to have shared power to vote 5,450,951 shares of Common Stock,
representing approximately 20.7% of the outstanding Common Stock (including
3,418,000 voting rights from the Preferred Stock and 1,000,000 voting rights
from the Class D Preferred Stock), and may be deemed to have shared power to
dispose of 1,032,951 shares of Common Stock, representing approximately 8.9% of
the outstanding Common Stock.
By virtue of being the majority shareholder of Four JK Corp., John
Kornreich may be deemed to have shared power to vote 5,450,951 shares of Common
Stock, representing approximately 20.7% of the outstanding Common Stock
(including 3,418,000 voting rights from the Preferred Stock and 1,000,000 voting
rights from the Class D Preferred Stock), and may be deemed to have shared power
to dispose of 1,032,951 shares of Common Stock, representing approximately 8.9%
of the outstanding Common Stock.
By virtue of being the sole shareholder of ARH Corp., Harvey Sandler may
be deemed to have shared power to vote 5,450,951 shares of Common Stock,
representing approximately 20.7% of the outstanding Common Stock (including
3,418,000 voting rights from the Preferred Stock and 1,000,000 voting rights
from the Class D Preferred Stock), and may be deemed to have shared power to
dispose of 1,032,951 shares of Common Stock, representing approximately 8.9% of
the outstanding Common Stock.
By virtue of being the sole shareholder of ALCR Corp., Andrew Sandler may
be deemed to have shared power to vote 5,450,951 shares of Common Stock,
representing approximately 20.7% of the outstanding Common Stock (including
3,418,000 voting rights from the Preferred Stock and 1,000,000 voting rights
from the Class D Preferred Stock), and may be deemed to have shared power
Page 29 of 36
<PAGE>
to dispose of 1,032,951 shares of Common Stock, representing approximately 8.9%
of the outstanding Common Stock.
Barry Fingerhut has sole power to vote and dispose of 1,000 shares of
Common Stock, representing approximately 0.01% and 0.01%, respectively of the
outstanding Common Stock. By virtue of being a shareholder, officer and director
of InfoMedia and a general partner of Applewood, Barry Fingerhut may be deemed
to have shared power to vote 12,072,684 shares of Common Stock (including
6,836,000 voting rights from the Preferred Stock, 1,500,000 voting rights from
the Class B Preferred Stock and 2,000,000 voting rights from the Class D
Preferred Stock), representing approximately 46.0% of the outstanding Common
Stock, and may be deemed to have shared power to dispose of 1,736,684 shares of
Common Stock, representing approximately 15.0% of the outstanding Common Stock.
Irwin Lieber has sole power to vote and dispose of 23,000 shares of Common
Stock (including 17,000 shares issuable upon the exercise of the warrants),
representing approximately 0.1% and 0.2%, respectively of the outstanding Common
Stock. By virtue of being a shareholder, officer and director of InfoMedia and a
general partner of Applewood, Irwin Lieber may be deemed to have shared power to
vote 12,072,684 shares of Common Stock (including 6,836,000 voting rights from
the Preferred Stock, 1,500,000 voting rights from the Class B Preferred Stock
and 2,000,000 voting rights from the Class D Preferred Stock), representing
approximately 46.0% of the outstanding Common Stock, and may be deemed to have
shared power to dispose of 1,736,684 shares of Common Stock, representing
approximately 15.0% of the outstanding Common Stock.
Applewood has sole power to vote 6,621,733 shares of Common Stock
(including 3,418,000 voting rights from the Preferred Stock, 1,500,000 voting
rights from the Class B Preferred Stock and 1,000,000 voting rights from the
Class D Preferred Stock), representing approximately 25.2% of the outstanding
Common Stock, and has sole power to dispose of 703,733 shares of Common Stock,
representing approximately 6.1% of the outstanding Common Stock.
AC Corp. may be deemed to have shared power to vote 6,621,733 shares of
Common Stock (including 3,418,000 voting rights from the Preferred Stock,
1,500,000 voting rights from the Class B Preferred Stock and 1,000,000 voting
rights from the Class D Preferred Stock), representing approximately 25.2% of
the outstanding Common Stock, and may be deemed to have shared power to dispose
of 703,733 shares of Common Stock, representing approximately 6.1% of the
outstanding Common Stock.
By virtue of being a general partner of Applewood and an officer of AC
Corp., Seth Lieber may be deemed to have shared power to vote 6,621,733 shares
of Common Stock (including 3,418,000 voting rights from the Preferred Stock,
1,500,000 voting rights from the Class B Preferred Stock and 1,000,000 voting
rights from the Class D Preferred Stock), representing approximately 25.2% of
the outstanding Common Stock, and may be deemed to have shared power to dispose
of 703,733 shares of Common Stock, representing approximately 6.1% of the
outstanding Common Stock.
Page 30 of 36
<PAGE>
By virtue of being a general partner of Applewood and an officer of AC
Corp., Jonathan Lieber may be deemed to have shared power to vote 6,621,733
shares of Common Stock (including 3,418,000 voting rights from the Preferred
Stock, 1,500,000 voting rights from the Class B Preferred Stock and 1,000,000
voting rights from the Class D Preferred Stock), representing approximately
25.2% of the outstanding Common Stock, and may be deemed to have shared power to
dispose of 703,733 shares of Common Stock, representing approximately 6.1% of
the outstanding Common Stock.
Woodland Partners has sole power to vote 559,154 shares of Common Stock,
representing approximately 2.1% of the outstanding Common Stock (including
273,440 voting rights from the Preferred Stock and 250,000 voting rights from
the Class B Preferred Stock), and may be deemed to have shared power to vote
1,618,888 shares of Common Stock (including 683,600 voting rights from the
Preferred Stock, 125,000 shares issuable upon the exercise of the Non-Qualified
Option and 50,000 shares issuable upon the exercise of the Option), representing
approximately 6.1% of the outstanding Common Stock. Woodland Partners has sole
power to dispose of 35,714 shares of Common Stock, representing approximately
0.3% of the outstanding Common Stock, and may be deemed to have shared power to
dispose of 935,288 shares of Common Stock (including 125,000 shares issuable
upon the exercise of the Non-Qualified Option and 50,000 shares issuable upon
the exercise of the Option), representing approximately 8.0% of the outstanding
Common Stock.
By virtue of being a general partner of Woodland Partners, a Trustee of
the Foundation, an officer of Woodland Services Corp. and the wife of Barry
Rubenstein, Marilyn Rubenstein may be deemed to have shared power to vote
2,178,042 shares of Common stock (including 957,040 voting rights from the
Preferred Stock, 125,000 shares issuable upon the exercise of the Non-Qualified
Option, 50,000 shares issuable upon the exercise of the Option and 250,000
voting rights from the Class B Preferred Stock), representing approximately 8.2%
of the outstanding Common Stock, and may be deemed to have shared power to
dispose of 971,002 shares of Common Stock (including 125,000 shares issuable
upon the exercise of the Non-Qualified Option and 50,000 shares issuable upon
the exercise of the Option), representing approximately 8.3% of the outstanding
Common Stock.
The Foundation has sole power to vote 104,237 shares of Common Stock,
representing approximately 0.4% of the outstanding Common Stock, and may be
deemed to have shared power to vote 2,073,805 shares of Common Stock (including
957,040 voting rights from the Preferred Stock, 125,000 shares issuable upon the
exercise of the Non-Qualified Option, 50,000 shares issuable upon the exercise
of the Option and 250,000 voting rights from the Class B Preferred Stock),
representing approximately 7.8% of the outstanding Common Stock. The Foundation
has sole power to dispose of 104,237 shares of Common Stock, representing
approximately 0.9% of the outstanding Common Stock, and may be deemed to have
shared power to dispose of 866,765 shares of Common Stock (including 125,000
shares issuable upon the exercise of the Non-Qualified Option and 50,000 shares
issuable upon the exercise of the Option), representing approximately 7.4% of
the outstanding Common Stock.
Page 31 of 36
<PAGE>
By virtue of being a Trustee of the Foundation, Brian Rubenstein may be
deemed to have shared power to vote 104,237 shares of Common Stock, representing
approximately 0.4% of the outstanding Common Stock, and may be deemed to have
shared power to dispose of 104,237 shares of Common Stock, representing
approximately 0.9% of the outstanding Common Stock.
By virtue of being a Trustee of the Foundation, Rebecca Rubenstein may be
deemed to have shared power to vote 104,237 shares of Common Stock, representing
approximately 0.4% of the outstanding Common Stock, and may be deemed to have
shared power to dispose of 104,237 shares of Common Stock, representing
approximately 0.9% of the outstanding Common Stock.
(c) The following is a description of all transactions in the
securities of the Issuer by the persons identified in Item 2 of this Schedule
13D effected from October 8, 1998 through November 6, 1998, inclusive:
<TABLE>
<CAPTION>
Number of Shares of Class
Purchase or Sale D Preferred Stock Purchase or Sale Price
Name of Shareholder Date Purchased or (Sold) Per Share
- ------------------- ---------------- ------------------------- ----------------------
<S> <C> <C> <C>
Applewood Associates, L.P. 11/6/98 800 $1,250.00
21st Century Communications 11/6/98 542.4 $1,250.00
Partners, L.P.
21st Century Communications 11/6/98 184.8 $1,250.00
T-E Partners, L.P.
21st Century Communications Foreign 11/6/98 72.8 $1,250.00
Partners, L.P.
</TABLE>
(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) Not applicable.
Page 32 of 36
<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: November 20, 1998 SENECA VENTURES
Barry Rubenstein
----------------------------
Barry Rubenstein,
A General Partner
WOODLAND VENTURE FUND
Barry Rubenstein
----------------------------
Barry Rubenstein,
A General Partner
WOODLAND SERVICES CORP.
Barry Rubenstein
----------------------------
Barry Rubenstein,
President
WOODLAND PARTNERS
Barry Rubenstein
----------------------------
Barry Rubenstein,
A General Partner
APPLEWOOD ASSOCIATES, L.P.
Irwin Lieber
----------------------------
Irwin Lieber,
A General Partner
APPLEWOOD CAPITAL CORP.
Barry Rubenstein
----------------------------
Barry Rubenstein,
President
Barry Rubenstein
----------------------------
Barry Rubenstein
Barry Fingerhut
----------------------------
Barry Fingerhut
Page 33 of 36
<PAGE>
Irwin Lieber
----------------------------
Irwin Lieber
Jonathan Lieber
----------------------------
Jonathan Lieber
Seth Lieber
----------------------------
Seth Lieber
Marilyn Rubenstein
----------------------------
Marilyn Rubenstein
THE MARILYN AND BARRY
RUBENSTEIN FAMILY
FOUNDATION
By: Barry Rubenstein
---------------------------
Barry Rubenstein, a Trustee
*
----------------------------
Brian Rubenstein
*
----------------------------
Rebecca Rubenstein
* By: Barry Rubenstein
----------------------
Barry Rubenstein
Attorney-in-Fact
Page 34 of 36
<PAGE>
21ST CENTURY COMMUNICATIONS PARTNERS, L.P.
By: Sandler Investment Partners, L.P., general partner
By: Sandler Capital Management, general partner
By: ARH Corp., general partner
By: Edward Grinacoff
----------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
21ST CENTURY COMMUNICATIONS T-E PARTNERS, L.P.
By: Sandler Investment Partners, L.P., general partner
By: Sandler Capital Management, general partner
By: ARH Corp., general partner
By: Edward Grinacoff
----------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
21ST CENTURY COMMUNICATIONS FOREIGN PARTNERS, L.P.
By: Sandler Investment Partners, L.P., general partner
By: Sandler Capital Management, general partner
By: ARH Corp., general partner
By: Edward Grinacoff
----------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
Page 35 of 36
<PAGE>
Michael J. Marocco
----------------------------
Michael J. Marocco
John Kornreich
----------------------------
John Kornreich
Harvey Sandler
----------------------------
Harvey Sandler
Andrew Sandler
----------------------------
Andrew Sandler
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
Page 36 of 36
