SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
S C H E D U L E 1 3 D
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. 10)(1)
CORNERSTONE INTERNET SOLUTIONS CO.
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
- --------------------------------------------------------------------------------
(Title of Class of Securities)
293636106
--------------
(CUSIP Number)
Copy to:
<TABLE>
<S> <C>
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
</TABLE>
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
January 19, 1999
- --------------------------------------------------------------------------------
(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 1 of 35
<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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 473,000 shares 2.0%
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 12,127,486 shares 50.2%
Each -----------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 473,000 shares 4.0%
With -----------------------------------------------------------
10 Shared Dispositive Power
12,127,486 shares 56.5%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
12,600,486 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) 58.3%
- --------------------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 35
<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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
514,415 shares 2.2%
Number of -----------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 1,406,587 shares 5.9%
Owned By -----------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 514,415 shares 4.3%
Person -----------------------------------------------------------
With 10 Shared Dispositive Power
1,406,587 shares 11.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,921,002 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) 15.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 35
<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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 343,636 shares 1.4 %
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,577,366 shares 6.6%
Each -----------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 343,636 shares 3.0%
With -----------------------------------------------------------
10 Shared Dispositive Power
1,577,366 shares 12.4%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,921,002 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) 15.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person(See Instructions)
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 35
<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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,921,002 shares 8.0%
Each -----------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------
10 Shared Dispositive Power
1,921,002 shares 15.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,921,002 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) 15.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 35
<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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization Delaware
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 3,074,169 shares 12.9%
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,458,782 shares 6.1%
Each -----------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 3,074,169 shares 22.0%
With -----------------------------------------------------------
10 Shared Dispositive Power
1,458,782 shares 9.7%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
4,532,951 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) 30.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 35
<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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization Delaware
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 1,050,172 shares 4.4%
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 3,482,779 shares 14.7%
Each -----------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 1,050,172 shares 8.5%
With -----------------------------------------------------------
10 Shared Dispositive Power
3,482,779 shares 23.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
4,532,951 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) 30.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person(See Instructions)
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 35
<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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization Delaware
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 408,610 shares 1.7%
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 4,124,341 shares 17.4%
Each -----------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 408,610 shares 3.4%
With -----------------------------------------------------------
10 Shared Dispositive Power
4,124,341 shares 27.4%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
4,532,951 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) 30.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person(See Instructions)
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 35
<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 Items 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 4,532,951 shares 19.1%
Owned By -----------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person -----------------------------------------------------------
With 10 Shared Dispositive Power
4,532,951 shares 30.1 %
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
4,532,951 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) 30.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 35
<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 Items 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 4,532,951 shares 19.1%
Owned By -----------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person -----------------------------------------------------------
With 10 Shared Dispositive Power
4,532,951 shares 30.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
4,532,951 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) 30.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person(See Instructions)
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 35
<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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 4,532,951 shares 19.1%
Each -----------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------
10 Shared Dispositive Power
4,532,951 shares 30.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
4,532,951 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) 30.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person(See Instructions)
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 35
<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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 4,532,951 shares 19.1%
Each -----------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------
10 Shared Dispositive Power
4,532,951 shares 30.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
4,532,951 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) 30.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 12 of 35
<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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 1,000 shares 0.01%
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 10,279,484 shares 43.2%
Each -----------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 1,000 shares 0.01%
With -----------------------------------------------------------
10 Shared Dispositive Power
10,279,484 shares 51.2%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
10,280,484 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) 51.2%
- --------------------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 13 of 35
<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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 23,000 shares 0.1%
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 10,279,484 shares 43.2%
Each -----------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 23,000 shares 0.2%
With -----------------------------------------------------------
10 Shared Dispositive Power
10,279,484 shares 51.2%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
10,302,484 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) 51.3%
- --------------------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 14 of 35
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons
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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 485,714 shares 2.0%
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,435,288 shares 6.0%
Each -----------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 485,714 shares 4.0%
With -----------------------------------------------------------
10 Shared Dispositive Power
1,435,288 shares 11.3%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,921,002 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) 15.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 15 of 35
<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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
5,746,533 shares 24.2%
Number of -----------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 0 shares 0%
Owned By -----------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 5,746,533 shares 34.7%
Person -----------------------------------------------------------
With 10 Shared Dispositive Power
0 shares 0%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
5,746,533 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) 34.7%
- --------------------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 16 of 35
<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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 5,746,533 shares 24.2%
Each -----------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------
10 Shared Dispositive Power
5,746,533 shares 34.7%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
5,746,533 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) 34.7%
- --------------------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
CO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 17 of 35
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons
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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 5,746,533 shares 24.2%
Each -----------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------
10 Shared Dispositive Power
5,746,533 shares 34.7%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
5,746,533 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) 34.7%
- --------------------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 18 of 35
<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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 5,746,533 shares 24.2%
Each -----------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------
10 Shared Dispositive Power
5,746,533 shares 34.7%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
5,746,533 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) 34.7%
- --------------------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 19 of 35
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons
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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,921,002 shares 8.0%
Each -----------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------
10 Shared Dispositive Power
1,921,002 shares 15.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,921,002 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) 15.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 20 of 35
<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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 104,237 shares 0.4%
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,816,765 shares 7.6%
Each -----------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 104,237 shares 0.9%
With -----------------------------------------------------------
10 Shared Dispositive Power
1,816,765 shares 14.3%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,921,002 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) 15.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person (See Instructions)
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 21 of 35
<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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 104,237 shares 0.4%
Each -----------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
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
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 22 of 35
<PAGE>
CUSIP
No. 293636106 13D
================================================================================
1 Names of Reporting Persons
I.R.S. Identification Nos. of Above Persons
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 Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 104,237 shares 0.4%
Each -----------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
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
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 23 of 35
<PAGE>
This statement, dated January 19, 1999, constitutes Amendment No. 10 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. 10 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. Effective January 19, 1999, the Class D Preferred Stock became
convertible into shares of Common Stock, since the closing price of the Common
Stock of the Issuer had been at least $1.50 per share for fifteen days during
the last twenty day trading period.
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.
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
November 30, 1998, as reported by the Issuer in its Form 10-Q for the quarter
ended November 30, 1998), of outstanding shares of Common Stock owned
beneficially by each reporting person named in Item 2, as of January 19, 1999.
Page 24 of 35
<PAGE>
<TABLE>
<CAPTION>
Shares of Percentage of Shares
Common Stock Percent of Voting of Common Stock
Name Beneficially Owned(2) Control(3) Beneficially Owned(2)
<S> <C> <C> <C>
Barry Rubenstein 12,600,486(4),(5),(6),(7) 51.8% 58.3%
Woodland Venture Fund 1,921,002(4) 8.0% 15.1%
Seneca Ventures 1,921,002(4) 8.0% 15.1%
Woodland Services Corp. 1,921,002(4) 8.0% 15.1%
21st Century 4,532,951(4),(8) 19.1% 30.1%
Communications
Partners, L.P.
21st Century 4,532,951(4),(9) 19.1% 30.1%
Communications T-E
Partners, L.P.
21st Century 4,532,951(4),(10) 19.1% 30.1%
Communications
Foreign Partners, L.P.
Michael Marocco 4,532,951(4),(7) 19.1% 30.1%
John Kornreich 4,532,951(4),(7) 19.1% 30.1%
</TABLE>
- --------
2 Includes shares of Common Stock issuable upon the exercise of the warrants
and the Rev-Wood Option and shares of Common Stock issuable upon the
conversion of the Class D Preferred Stock into Common Stock.
3 Includes 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 746,533 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 25 of 35
<PAGE>
<TABLE>
<CAPTION>
Shares of Percentage of Shares
Common Stock Percent of Voting of Common Stock
Name Beneficially Owned(2) Control(3) Beneficially Owned(2)
<S> <C> <C> <C>
Harvey Sandler 4,532,951(4),(7) 19.1% 30.1%
Andrew Sandler 4,532,951(4),(7) 19.1% 30.1%
Barry Fingerhut 10,280,484(4),(6),(7) 43.2% 51.2%
Irwin Lieber 10,302,484(4),(6),(7) 43.3% 51.3%
Woodland Partners 1,921,002(4) 8.0% 15.1%
Applewood Associates, 5,746,533(6) 24.2% 34.7%
L.P.
Applewood Capital Corp. 5,746,533(4),(6) 24.2% 34.7%
Seth Lieber 5,746,533(4),(6) 24.2% 34.7%
Jonathan Lieber 5,746,533(4),(6) 24.2% 34.7%
Marilyn Rubenstein 1,921,002(4) 8.0% 15.1%
The Marilyn and Barry 1,921,002(4) 8.0% 15.1%
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 2.0% 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 12,127,486 shares of Common Stock
(including 400,000 shares issuable upon the exercise of the Rev-Wood Warrant and
9,450,000 voting rights from the Class D Preferred Stock), representing
approximately 50.2% of the outstanding Common Stock, and may be deemed to have
shared power to dispose of 12,127,486 shares of Common Stock (including 400,000
shares issuable upon the exercise of the Rev-Wood Warrant and 9,450,000 shares
issuable upon the conversion of the Class D Preferred Stock), representing
approximately 56.5% of the outstanding Common Stock.
The Fund has sole power to vote 514,415 shares of Common Stock,
representing approximately 2.2% of the outstanding Common Stock (including
300,000 voting rights from the Class D Preferred Stock), and may be deemed to
have shared power to vote 1,406,587 shares of
Page 26 of 35
<PAGE>
Common Stock (including 125,000 shares issuable upon the exercise of the
Non-Qualified Option, 50,000 shares issuable upon the exercise of the Option and
650,000 voting rights from the Class D Preferred Stock), representing
approximately 5.9% of the outstanding Common Stock. The Fund has the sole power
to dispose of 514,415 shares of Common Stock (including 300,000 shares issuable
upon the conversion of the Class D Preferred Stock), representing approximately
4.3% of the outstanding Common Stock, and shared power to dispose of 1,406,587
shares of Common Stock (including 125,000 shares issuable upon the exercise of
the Non-Qualified Option, 50,000 shares issuable upon the exercise of the Option
and 650,000 shares issuable upon the conversion of the Class D Preferred Stock),
representing approximately 11.1% of the outstanding Common Stock.
Seneca has sole power to vote 343,636 shares of Common Stock,
representing approximately 1.4% of the outstanding Common Stock (including
200,000 voting rights from the Class D Preferred Stock), and may be deemed to
have shared power to vote 1,577,366 shares of Common Stock (including 125,000
shares issuable upon the exercise of the Non-Qualified Option, 50,000 shares
issuable upon the exercise of the Option and 750,000 voting rights from the
Class D Preferred Stock), representing approximately 6.6% of the outstanding
Common Stock. Seneca has sole power to dispose of 343,636 shares of Common Stock
(including 200,000 shares issuable upon the conversion of the Class D Preferred
Stock), representing approximately 3.0% of the outstanding Common Stock, and
shared power to dispose of 1,577,366 shares of Common Stock (including 125,000
shares issuable upon the exercise of the Non-Qualified Option, 50,000 shares
issuable upon the exercise of the Option and 750,000 shares issuable upon the
conversion of the Class D Preferred Stock), representing approximately 12.4% of
the outstanding Common Stock.
Woodland Services Corp. has shared power to vote 1,921,002 shares of
Common Stock (including 125,000 shares issuable upon the exercise of the
Non-Qualified Option, 50,000 shares issuable upon the exercise of the Option and
950,000 voting rights from the Class D Preferred Stock), representing
approximately 8.0% of the outstanding Common Stock, and may be deemed to have
shared power to dispose of 1,921,002 shares of Common Stock (including 125,000
shares issuable upon the exercise of the Non-Qualified Option, 50,000 shares
issuable upon the exercise of the Option, and 950,000 shares issuable upon the
conversion of the Class D Preferred Stock), representing approximately 15.1% of
the outstanding Common Stock.
21st Century has sole power to vote 3,074,169 shares of Common Stock
(including 2,373,000 voting rights from the Class D Preferred Stock),
representing approximately 12.9% of the outstanding Common Stock, and may be
deemed to have shared power to vote 1,458,782 shares of Common Stock (including
1,127,000 voting rights from the Class D Preferred Stock), representing
approximately 6.1% of the outstanding Common Stock. 21st Century has sole power
to dispose of 3,074,169 shares of Common Stock (including 2,373,000 shares
issuable upon the conversion of the Class D Preferred Stock), representing
approximately 22.0% of the outstanding Common Stock, and may be deemed to have
shared power to dispose of 1,458,782 shares of Common Stock (including 1,127,000
shares issuable upon the conversion of the Class D Preferred Stock),
representing approximately 9.7% of the outstanding Common Stock.
Page 27 of 35
<PAGE>
T-E has sole power to vote 1,050,172 shares of Common Stock (including
808,000 voting rights from the Class D Preferred Stock), representing
approximately 4.4% of the outstanding Common Stock, and may be deemed to have
shared power to vote 3,482,779 shares of Common Stock (including 2,692,000
voting rights from the Class D Preferred Stock), representing approximately
14.7% of the outstanding Common Stock. T-E has sole power to dispose of
1,050,172 shares of Common Stock (including 808,000 shares issuable upon the
conversion of the Class D Preferred Stock), representing approximately 8.5% of
the outstanding Common Stock, and may be deemed to have shared power to dispose
of 3,482,779 shares of Common Stock (including 2,692,000 shares issuable upon
the conversion of the Class D Preferred Stock), representing approximately 23.1%
of the outstanding Common Stock.
Foreign has sole power to vote 408,610 shares of Common Stock
(including 319,000 voting rights from the Class D Preferred Stock), representing
approximately 1.7% of the outstanding Common Stock. Foreign may be deemed to
have shared power to vote 4,124,341 shares of Common Stock (including 3,181,000
voting rights from the Class D Preferred Stock), representing approximately
17.4% of the outstanding Common Stock. Foreign has sole power to dispose of
408,610 shares of Common Stock (including 319,000 shares issuable upon the
conversion of the Class D Preferred Stock), representing approximately 3.4% of
the outstanding Common Stock, and may be deemed to have shared power to dispose
of 4,124,341 shares of Common Stock (including 3,181,000 shares issuable upon
the conversion of the Class D Preferred Stock), representing approximately 27.4%
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 4,532,951 shares of Common
Stock (including 3,500,000 voting rights from the Class D Preferred Stock),
representing approximately 19.1% of the outstanding Common Stock, and may be
deemed to have shared power to dispose of 4,532,951 shares of Common Stock
(including 3,500,000 shares issuable upon the conversion of the Class D
Preferred Stock), representing approximately 30.1% of the outstanding Common
Stock.
By virtue of being the majority shareholder and director of Four JK
Corp., John Kornreich may be deemed to have shared power to vote 4,532,951
shares of Common Stock (including 3,500,000 voting rights from the Class D
Preferred Stock), representing approximately 19.1% of the outstanding Common
Stock, and may be deemed to have shared power to dispose of 4,532,951 shares of
Common Stock (including 3,500,000 shares issuable upon the conversion of the
Class D Preferred Stock), representing approximately 30.1% 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 4,532,951 shares of Common Stock
(including 3,500,000 voting rights from the Class D Preferred Stock),
representing approximately 19.1% of the outstanding Common Stock, and may be
deemed to have shared power to dispose of 4,532,951 shares of Common Stock
(including 3,500,000 shares issuable upon the conversion of the Class D
Preferred Stock), representing approximately 30.1% of the outstanding Common
Stock.
Page 28 of 35
<PAGE>
By virtue of being the sole shareholder of ALCR Corp., Andrew Sandler
may be deemed to have shared power to vote 4,532,951 shares of Common Stock
(including 3,500,000 voting rights from the Class D Preferred Stock),
representing approximately 19.1% of the outstanding Common Stock, and may be
deemed to have shared power to dispose of 4,532,951 shares of Common Stock
(including 3,500,000 shares issuable upon the conversion of the Class D
Preferred Stock), representing approximately 30.1% 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 10,279,484 shares of Common Stock (including
8,500,000 voting rights from the Class D Preferred Stock), representing
approximately 43.2% of the outstanding Common Stock, and may be deemed to have
shared power to dispose of 10,279,484 shares of Common Stock (including
8,500,000 shares issuable upon the conversion of the Class D Preferred Stock),
representing approximately 51.2% 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 10,279,484 shares of Common Stock (including 8,500,000
voting rights from the Class D Preferred Stock), representing approximately
43.2% of the outstanding Common Stock, and may be deemed to have shared power to
dispose of 10,279,484 shares of Common Stock (including 8,500,000 shares
issuable upon the conversion of the Class D Preferred Stock), representing
approximately 51.2% of the outstanding Common Stock.
Applewood has sole power to vote 5,746,533 shares of Common Stock
(including 5,000,000 voting rights from the Class D Preferred Stock),
representing approximately 24.2% of the outstanding Common Stock, and has sole
power to dispose of 5,746,533 shares of Common Stock (including 5,000,000 shares
issuable upon the conversion of the Class D Preferred Stock), representing
approximately 34.7% of the outstanding Common Stock.
AC Corp. may be deemed to have shared power to vote 5,746,533 shares of
Common Stock (including 5,000,000 voting rights from the Class D Preferred
Stock), representing approximately 24.2% of the outstanding Common Stock, and
may be deemed to have shared power to dispose of 5,746,533 shares of Common
Stock (including 5,000,000 shares issuable upon the conversion of the Class D
Preferred Stock), representing approximately 34.7% 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 5,746,533 shares
of Common Stock (including 5,000,000 voting rights from the Class D Preferred
Stock), representing approximately 24.2% of the outstanding Common Stock
(including 5,000,000 shares issuable upon the conversion of the Class
Page 29 of 35
<PAGE>
D Preferred Stock), and may be deemed to have shared power to dispose of
5,746,533 shares of Common Stock, representing approximately 34.7% of the
outstanding Common Stock.
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 5,746,533
shares of Common Stock (including 5,000,000 voting rights from the Class D
Preferred Stock), representing approximately 24.2% of the outstanding Common
Stock, and may be deemed to have shared power to dispose of 5,746,533 shares of
Common Stock (including 5,000,000 shares issuable upon the conversion of the
Class D Preferred Stock), representing approximately 34.7% of the outstanding
Common Stock.
Woodland Partners has sole power to vote 485,714 shares of Common Stock
(including 450,000 voting rights from the Class D Preferred Stock), representing
approximately 2.0% of the outstanding Common Stock, and may be deemed to have
shared power to vote 1,435,288 shares of Common Stock (including 500,000 voting
rights from the Class D 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 6.0% of the outstanding
Common Stock. Woodland Partners has sole power to dispose of 485,714 shares of
Common Stock (including 450,000 shares issuable upon the conversion of the Class
D Preferred Stock), representing approximately 4.0% of the outstanding Common
Stock, and may be deemed to have shared power to dispose of 1,435,288 shares of
Common Stock (including 125,000 shares issuable upon the exercise of the
Non-Qualified Option, 50,000 shares issuable upon the exercise of the Option and
500,000 shares issuable upon the conversion of the Class D Preferred Stock),
representing approximately 11.3% 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
1,921,002 shares of Common stock (including 125,000 shares issuable upon the
exercise of the Non-Qualified Option, 50,000 shares issuable upon the exercise
of the Option and 950,000 voting rights from the Class D Preferred Stock),
representing approximately 8.0% of the outstanding Common Stock, and may be
deemed to have shared power to dispose of 1,921,002 shares of Common Stock
(including 125,000 shares issuable upon the exercise of the Non-Qualified
Option, 50,000 shares issuable upon the exercise of the Option, and 950,000
shares issuable upon the conversion of the Class D Preferred Stock),
representing approximately 15.1% 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 1,816,765 shares of Common Stock (including
125,000 shares issuable upon the exercise of the Non-Qualified Option, 50,000
shares issuable upon the exercise of the Option and 950,000 voting rights from
the Class D Preferred Stock), representing approximately 7.6% 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 1,816,765 shares of Common
Stock (including 125,000 shares issuable
Page 30 of 35
<PAGE>
upon the exercise of the Non-Qualified Option, 50,000 shares issuable upon the
exercise of the Option, and 950,000 shares issuable upon the conversion of the
Class D Preferred Stock), representing approximately 14.3% of the outstanding
Common Stock.
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 December 10, 1998 through January 19, 1999, inclusive.
<TABLE>
<CAPTION>
Purchase or Number of Shares Purchase or
Name of Shareholder Sale Date Purchased (Sold) Sale Price
------------------- --------- ---------------- ----------
<S> <C> <C> <C>
Applewood Associates, L.P. 12/31/98 42,800 $2.6086
</TABLE>
Effective January 19, 1999, the Class D Preferred Stock became
convertible into shares of Common Stock, since the closing price of the Common
Stock of the Issuer had been at least $1.50 per share for fifteen days during
the last twenty day trading period.
(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 31 of 35
<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: January 29, 1999 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.
Irwin Lieber
-------------------------
Irwin Lieber,
Secretary and Treasurer
Barry Rubenstein
-------------------------
Barry Rubenstein
Barry Fingerhut
-------------------------
Barry Fingerhut
Page 32 of 35
<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 33 of 35
<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 34 of 35
<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 35 of 35
