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OMB Number 3235-0104
Expires: December 31, 2001
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of
1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
Infinity Investors Limited
(designated filer of this group filing)
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(Last) (First) (Middle)
Hunkins Waterfront Plaza, Main Street, P.O. Box 556
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(Street)
Charlestown, Nevis, West Indies
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
05/24/1999
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3. IRS Identification Number of Reporting Person,
if an entity (voluntary)
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4. Issuer Name and Ticker or Trading Symbol
Equalnet Communications Corp. (ENETC)
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5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[ ] Director [ X ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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6. If Amendment, Date of Original (Month/Day/Year)
N/A
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7. Individual or Joint/Group Filing (Check Applicable Line)
[ ] Form filed by One Reporting Person
[ X ] Form filed by More than One Reporting Person
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<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Beneficially Owned
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2. 3.
1. Amount of Securities Ownership Form
Title of Security Beneficially Owned Direct (D) or 4.
(Instr. 4) (Instr. 4) Indirect (I) Nature of Indirect Beneficial Ownership
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<S> <C> <C> <C>
Common Stock 833,333(1) D
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Common Stock 833,333(2) D
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(1) These securities are owned solely by Infinity Investors Limited, which may
by a member of a "group" with IEO Holdings Limited and Mr. Barrett Wissman
for purposes of Section 13(d) of the Exchange Act.
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(2) These securities are owned solely by IEO Holdings Limited, which may
by a member of a "group" with Infinity Investors Limited and Mr. Barrett
Wissman for purposes of Section 13(d) of the Exchange Act.
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, See Instruction
5(b)(v).
</TABLE>
PAGE 1 OF 5
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FORM 3 (continued)
<TABLE>
<CAPTION>
Table II -- Derivative Securities Beneficially Owned (e.g., puts, calls, warrants,
options, convertible securities)
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3.
Title and Amount
2. of Securities
Date Exercisable and Underlying 5.
Expiration Date Derivative Security 4. Ownership
(Month/Day/Year) (Instr. 4) Conversion Form of 6.
1. -------------------- ------------------- or Exercise Derivative Nature
Title of Date Expira- Amount or Price of Security: of Indirect
Derivative Security Exer- tion Number of Derivative Direct (D) Beneficial
(Instr. 4) cisable Date Title Shares Security or Indirect (I) Ownership
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<S> <C> <C> <C> <C> <C> <C> <C>
Immed. 6/3/99 Common 1,250,000(1) $.60 D
Stock
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Immed. 6/3/99 Common 1,250,000(2) $.60 D
Stock
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(1) These securities are owned by Infinity Investors Limited, which may be a
member a "group" with IEO Holdings Limited and Mr. Barrett Wissman for
purposes of Section 13(d) of the Exchange Act.
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(2) These securities are owned by IEO Holdings Limited, which may be a member
of a "group" with Infinity Investors Limited and Mr. Barrett Wissman for
purposes of Section 13(d) of the Exchange Act.
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</TABLE>
Explanation of Responses:
Infinity Investors Limited is making this joint filing on Form 3 on its behalf
and on behalf of the entities listed on Annex A hereto in accordance with
Instruction 5(b)(v) to this Form 3 on their behalf. The relationship to the
Issuer of each such entity is described on Annex B hereto. The signatures of
each of the entities on whose behalf Infinity Investors Limited is making this
joint filing appear on Annex C hereto.
Infinity Investors Limited
By: /s/ JAMES A. LOUGHRAN JUNE 4, 1999
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Name: James A. Loughran Date
Title: Director
**Signature of Reporting Person
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually
signed. If space provided is insufficient, see Instruction 6
for procedures.
PAGE 2 OF 5
<PAGE>
ANNEX A to FORM 3
Infinity Investors Limited is making this joint filing on Form 3 on its
own behalf and on behalf of the following entities:
1. IEO Holdings Limited
Hunkins Waterfront Plaza
Main Street
P.O. Box 556
Charestown, Nevis, West Indies
2. Mr. Barrett Wissman
1601 Elm Street, Suite 4000
Dallas, Texas 75201
PAGE 3 OF 5
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ANNEX B to FORM 3
Infinity Investors Limited ("Infinity") is making this joint filing on
Form 3 on behalf of the entities listed below, each of which may be a
member of a "group" with Infinity Investors Limited for purposes of Section
13(d) of the Exchange Act.
1. IEO Holdings Limited ("IEO") is the direct beneficial owner of 833,333
shares of Common Stock and the direct beneficial owner of a stock option
to purchase 1,250,000 shares of Common Stock at an exercise price of $.60
per share. IEO hereby disclaims beneficial ownership of the securities
reported on Form 3 of which Infinity has direct beneficial ownership.
2. Mr. Barrett Wissman ("Wissman") became the Co-Chief Executive Officer
of the Issuer on May 24, 1999. Wissman beneficially owns no securities
of the Issuer either directly or indirectly, but may be deemed to be a
member of a "group" with Infinity and IEO for purposes of Section 13(d)
of the Exchange Act.
PAGE 4 OF 5
<PAGE>
ANNEX C to FORM 3
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
Date: June 4, 1999
IEO Holdings Limited
By: /s/ SUZANNE SHEEHY
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Name: Suzanne Sheehy
Title: Director
/s/ BARRETT WISSMAN
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Barrett Wissman
PAGE 5 OF 5
