SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
S C H E D U L E 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
YES! ENTERTAINMENT CORPORATION
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
- --------------------------------------------------------------------------------
(Title of Class of Securities)
985834100
------------------------------
(CUSIP Number)
Copy to:
21st Century Communications Stephen A. Cohen, Esq.
Partners, L.P. Morrison Cohen Singer & Weinstein, LLP
767 Fifth Avenue, 45th Floor 750 Lexington Avenue
New York, New York 10153 New York, New York 10022
Telephone (212) 754-8100 Telephone (212) 735-8600
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
June 8, 1995
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following space .
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(Continued on following page(s))
Page 1 of 34
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
21st Century Communications Partners, L.P.
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization Delaware
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 531,121 shares 6.0%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 252,211 shares 2.9%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 531,121 shares 6.0%
With -----------------------------------------------------------------
10 Shared Dispositive Power
252,211 shares 2.9%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
783,332 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
8.7%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 34
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
21st Century Communications T-E Partners, L.P.
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization Delaware
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 180,709 shares 2.1%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 602,623 shares 6.8%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 180,709 shares 2.1%
With -----------------------------------------------------------------
10 Shared Dispositive Power
602,623 shares 6.8%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
783,332 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
8.7%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 34
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
21st Century Communications Foreign Partners, L.P.
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization Delaware
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 71,502 shares 0.8%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 711,830 shares 7.9%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 71,502 shares 0.8%
With -----------------------------------------------------------------
10 Shared Dispositive Power
711,830 shares 7.9%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
783,332 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
8.7%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 34
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Sandler Mezzanine Partnership, L.P.
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization Delaware
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 380,488 shares 4.4%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 253,657 shares 2.9%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 380,488 shares 4.4%
With -----------------------------------------------------------------
10 Shared Dispositive Power
253,657 shares 2.9%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
634,145 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
7.3%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 34
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Sandler Mezzanine T-E Partnership, L.P.
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization Delaware
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 171,219 shares 2%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 462,926 shares 5.3%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 171,219 shares 2%
With -----------------------------------------------------------------
10 Shared Dispositive Power
462,926 shares 5.3%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
634,145 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
7.3%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 34
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Sandler Mezzanine Foreign Partnership, L.P.
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization Delaware
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 82,438 shares 1%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 551,707 shares 6.3%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 82,438 shares 1%
With -----------------------------------------------------------------
10 Shared Dispositive Power
551,707 shares 6.3%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
634,145 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
7.3%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 34
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Harvey Sandler
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,417,477 shares 15.6%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------------
10 Shared Dispositive Power
1,417,477 shares 15.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,417,477 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
15.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 34
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Barry Lewis
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,417,477 shares 15.6%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------------
10 Shared Dispositive Power
1,417,477 shares 15.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,417,477 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
15.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 34
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Michael J. Marocco
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,417,477 shares 15.6%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------------
10 Shared Dispositive Power
1,417,477 shares 15.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,417,477 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
15.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 34
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
John Kornreich
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,417,477 shares 15.6%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------------
10 Shared Dispositive Power
1,417,477 shares 15.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,417,477 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
15.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 34
<PAGE>
CUSIP
No. 985834100 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Andrew Sandler
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC, OO
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 1,417,477 shares 15.6%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------------
10 Shared Dispositive Power
1,417,477 shares 15.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,417,477 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
15.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 12 of 34
<PAGE>
This statement, dated June 8, 1995, relates to the reporting persons
ownership of certain securities of YES! Entertainment Corporation (the
"Issuer").
ITEM 1. Security and Issuer
(a) Common Stock, $0.01 par value per share (CUSIP No. 985834100).
(b) Redeemable Common Stock Purchase Warrant ("Warrant"), expiring on
June 7, 2000, entitling the holder thereof to purchase one share of Common Stock
at $4.00 per share, exercisable as of June 7, 1995 (CUSIP No. 985834118).
(c) Warrants ("A Warrants"), expiring on July 16, 1998, entitling the
holder thereof to purchase one share of Common Stock at $15.30 per share.
(d) Warrants ("B Warrants"), expiring on July 16, 1999, entitling the
holder thereof to purchase one share of Common Stock at $16.32 per share.
(e) Warrants ("C Warrants"), expiring on September 16, 1999, entitling
the holder thereof to purchase one share of Common Stock at $7.50 per share.
The A Warrants, the B Warrants and the C Warrants are hereinafter
referred to collectively as the "Private Placement Warrants."
(f) Yes! Entertainment Corporation
3875 Hopyard Road
Pleasanton, California 94588
ITEM 2. Identity and Background
1. (a) 21st Century Communications Partners, L.P., a limited partnership
organized under the laws of the State of Delaware ("21st Century").
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Occupation: Investments.
(d) No.
(e) No.
Sandler Investment Partners, L.P. ("SIP") and InfoMedia Associates,
Ltd. ("InfoMedia") are the general partners of 21st Century. The limited
partners of 21st Century include certain other investors. The officers,
directors and shareholders of InfoMedia are filing a Schedule 13D under separate
cover.
2. (a) 21st Century Communications T-E Partners, L.P., a limited
partnership organized under the laws of the State of Delaware ("T-E").
Page 13 of 34
<PAGE>
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Occupation: Investments.
(d) No.
(e) No.
SIP and InfoMedia are the general partners of T-E. The limited
partners of T-E include certain other investors.
3. (a) 21st Century Communications Foreign Partners, L.P., a limited
partnership organized under the laws of the State of Delaware ("Foreign").
(b) Address:
c/o Fiduciary Trust (Cayman) Limited
P.O. Box 1062
Grand Cayman, B.W.I.
(c) Principal Occupation: Investments.
(d) No.
(e) No.
SIP, 21st Century Management Ltd. and InfoMedia are the general
partners of Foreign. The limited partners of Foreign include certain other
investors.
4. (a) Sandler Mezzanine Partnership, L.P., a limited partnership
organized under the laws of the State of Delaware ("Mezzanine").
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Occupation: Investments.
(d) No.
(e) No.
Page 14 of 34
<PAGE>
Sandler Mezzanine General Partnership ("SMGP") is the general partner
of Mezzanine. The limited partners of Mezzanine include certain other investors.
5. (a) Sandler Mezzanine T-E Partnership, L.P., a limited partnership
organized under the laws of the State of Delaware ("Mezzanine T-E").
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Occupation: Investments.
(d) No.
(e) No.
SMGP is the general partner of Mezzanine T-E. The limited partners of
Mezzanine T-E include certain other investors.
6. (a) Sandler Mezzanine Foreign Partnership, L.P., a limited partnership
organized under the laws of the State of Delaware ("Mezzanine Foreign").
(b) Address:
c/o Fiduciary Trust (Cayman) Limited
P.O. Box 1062
Grand Cayman, B.W.I.
(c) Principal Occupation: Investments.
(d) No.
(e) No.
SMGP is the general partner of Mezzanine Foreign. The limited partners
of Mezzanine Foreign include certain other investors.
7. (a) Harvey Sandler, sole shareholder of ARH Corp. ("ARH") and a
majority shareholder of ARPH Media Corp. ("ARPH").
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Occupation: General Partner of partnerships and limited
partnerships engaged in the investment business.
Page 15 of 34
<PAGE>
(d) No.
(e) No.
(f) Citizenship: United States.
ARH Corp. is a general partner of Sandler Capital Management ("SCM"),
which is the general partner of SIP, a general partner of 21st Century, T-E, and
Foreign. ARPH Corp. is a general partner of SMGP, the general partner of
Mezzanine, Mezzanine T-E and Mezzanine Foreign.
8. (a) Barry Lewis, director and majority shareholder of EMEBE Corp.
("EMEBE") and a director, officer and majority shareholder of EMEBE Media Corp.
("EMEBE Media").
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Occupation: General Partner of partnerships and limited
partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
EMEBE Corp. is a general partner of SCM, which is the general
partner of SIP, a general partner of 21st Century, T-E and Foreign. EMEBE Media
is a general partner of SMGP, the general partner of Mezzanine, Mezzanine
T-E and Mezzanine Foreign.
9. (a) Michael J. Marocco, is a director of the Issuer and a director,
officer and sole shareholder of MJM Media Corp.
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Business: General Partner of partnerships and limited
partnerships engaged in the investment business.
(d) No.
(e) No.
Page 16 of 34
<PAGE>
(f) Citizenship: United States.
MJM Media is a general partner of SCM, which is the general
partner of SIP, a general partner of 21st Century, T-E and Foreign, and a
general partner of SMGP, the general partner of Mezzanine, Mezzanine T-E and
Mezzanine Foreign.
10. (a) John Kornreich, director and majority shareholder of Four JK Corp.
and a director, officer and sole shareholder of Kornreich Media Corp.
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Business: General Partner of partnerships and limited
partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
Four JK Corp. is a general partner of SCM, which is the general
partner of SIP, a general partner of 21st Century, T-E and Foreign. Kornreich
Media Corp. is a general partner of SMGP, the general partner of Mezzanine,
Mezzanine T-E and Mezzanine Foreign.
11. (a) Andrew Sandler, a manager and majority member of ALSI, LLC, and a
director of ARPH.
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Occupation: General Partner of partnerships and limited
partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
ALSI, LLC is a general partner of SCM, which is the general partner of
SIP, a general partner of 21st Century, T-E and Foreign. ARPH is a general
partner of SMGP, the general partner of Mezzanine, Mezzanine T-E and Mezzanine
Foreign.
Page 17 of 34
<PAGE>
ITEM 3. Source and Amounts of Funds or Other Consideration
The partnerships obtained funds for the purchase of the shares of
Common Stock, the Warrants, the Preferred Stock and Preferred Warrants, from
their respective working capital and other funds.
From October 1993 to September 1994, 21st Century, T-E, Foreign,
Mezzanine, Mezzanine T-E, and Mezzanine Foreign acquired preferred stock
("Preferred Stock") and warrants exercisable to purchase preferred stock
("Preferred Warrants") from the Issuer in private placements. The Preferred
Stock and the Preferred Warrants were exchanged for shares of Common Stock and
Private Placement Warrants, respectively, in the IPO. The Common Stock issued in
exchange for the Preferred Stock cannot be sold, assigned or transferred from
June 7, 1995 to June 7, 1997 without the consent of GKN Securities Corp., and
the Private Placement Warrants and
Page 18 of 34
<PAGE>
the underlying Common Stock cannot be transferred from June 7, 1995 to December
1995.
21st Century, T-E, and Foreign acquired their respective securities of
the Issuer from the Issuer's initial public offering and in the over-the-counter
market.
The amount of funds used in acquiring the shares of Common Stock, the
Warrants, the Preferred Stock and the Preferred Warrants are set forth below:
Name Amount of Consideration
---- -----------------------
21st Century $ 2,147,268
T-E $ 730,578
Foreign $ 289,074
Mezzanine $ 3,210,000
Mezzanine T-E $ 1,444,500
Mezzanine Foreign $ 695,000
ITEM 4. Purpose of Transaction.
The reporting persons acquired their securities for purposes of
investment. The reporting persons do not have any plans or proposals which
relate to or would result in any of the actions set forth in subparagraphs (a)
through (j) of Item 4 of Schedule 13D.
ITEM 5. Interests in Securities of the Issuer.
(a) The following list sets forth the aggregate number and percentage
(based on 8,644,872 shares of Common Stock outstanding as reported in
the Issuer's Prospectus dated June 7, 1995) of outstanding shares of Common
Stock owned beneficially by each reporting person named in Item 2, as of June 8,
1995:
Page 19 of 34
<PAGE>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(1) Beneficially Owned(1)
- ---- --------------------- ---------------------
21st Century Communications
Partners, L.P. 783,332(2) 8.7%
21st Century Communications
T-E Partners, L.P. 783,332(3) 8.7%
21st Century Communications
Foreign Partners, L.P. 783,332(4) 8.7%
- --------
(1) Includes shares of Common Stock issuable upon the exercise of the
Warrants and Private Placement Warrants.
(2) Includes 299,462 shares of Common Stock and 231,659 shares of Common
Stock issuable upon the exercise of the Warrants and Private
Placement Warrants owned by 21st Century. 21st Century disclaims
beneficial ownership of 40,315 shares of Common Stock owned by
Foreign, 31,187 shares of Common Stock issuable upon the exercise of
the Warrants and Private Placement Warrants owned by Foreign,
101,889 shares of Common Stock owned by T-E, and 78,820 shares of
Common Stock issuable upon the exercise of the Warrants and Private
Placement Warrants owned by T-E.
(3) Includes 101,889 shares of Common Stock and 78,820 shares of Common
Stock issuable upon the exercise of the Warrants and Private Placement
Warrants owned by T-E. T-E disclaims beneficial ownership of 40,315
shares of Common Stock owned by Foreign, 31,187 shares of Common Stock
issuable upon the exercise of the Warrants and Private Placement
Warrants owned by Foreign, 299,462 shares of Common Stock owned by
21st Century, and 231,659 shares of Common Stock issuable upon the
exercise of the Warrants and Private Placement Warrants owned by 21st
Century.
(4) Includes 40,315 shares of Common Stock and 31,187 shares of Common
Stock issuable upon the exercise of the Warrants and Private Placement
Warrants owned by Foreign. Foreign disclaims beneficial ownership of
299,462 shares of Common Stock owned by 21st Century, 231,659 shares
of Common Stock issuable upon the exercise of the Warrants and Private
Placement Warrants owned by 21st Century, 101,889 shares of Common
Stock owned by T-E, and 78,820 shares of Common Stock issuable upon
the exercise of the Warrants and Private Placement Warrants owned by
T-E.
Page 20 of 34
<PAGE>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(1) Beneficially Owned(1)
- ---- --------------------- ---------------------
Sandler Mezzanine 634,145(5) 7.3%
Partnership, L.P.
Sandler Mezzanine T-E 634,145(6) 7.3%
Partnership, L.P.
Sandler Mezzanine Foreign 634,145(7) 7.3%
Partnership, L.P.
- ----------
(5) Includes 330,857 shares of Common Stock and 49,631 shares of Common
Stock issuable upon the exercise of the Private Placement Warrants
owned by Mezzanine. Mezzanine disclaims beneficial ownership of 71,685
shares of Common Stock owned by Mezzanine Foreign, 10,753 shares of
Common Stock issuable upon the exercise of the Private Placement
Warrants owned by Mezzanine Foreign, 148,885 shares of Common Stock
owned by Mezzanine T-E, and 22,334 shares of Common Stock issuable
upon the exercise of the Private Placement Warrants owned by Mezzanine
T-E.
(6) Includes 148,885 shares of Common Stock and 22,334 shares of Common
Stock issuable upon the exercise of the Private Placement Warrants
owned by Mezzanine T-E. Mezzanine T-E disclaims beneficial ownership
of 71,685 shares of Common Stock owned by Mezzanine Foreign, 10,753
shares of Common Stock issuable upon the exercise of the Private
Placement Warrants owned by Mezzanine Foreign, 330,857 shares of
Common Stock owned by Mezzanine, and 49,631 shares of Common Stock
issuable upon the exercise of the Private Placement Warrants owned by
Mezzanine.
(7) Includes 71,685 shares of Common Stock and 10,753 shares of Common
Stock issuable upon the exercise of the Private Placement Warrants
owned by Mezzanine Foreign. Mezzanine Foreign disclaims beneficial
ownership of 330,857 shares of Common Stock owned by Mezzanine, 49,631
shares of Common Stock issuable upon the exercise of the Private
Placement Warrants owned by Mezzanine, 148,885 shares of Common Stock
owned by Mezzanine T-E, and 22,334 shares of Common Stock issuable
upon the exercise of the Private Placement Warrants owned by Mezzanine
T-E.
Page 21 of 34
<PAGE>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(1) Beneficially Owned(1)
- ---- --------------------- ---------------------
Harvey Sandler 1,417,477(8) 15.6%
Barry Lewis 1,417,477(8) 15.6%
Michael J. Marocco 1,417,477(8) 15.6%
John Kornreich 1,417,477(8) 15.6%
Andrew Sandler 1,417,477(8) 15.6%
(b) By virtue of being the sole shareholder of ARH, and the majority
shareholder of ARPH, Harvey Sandler may be deemed to have shared power to vote
and to dispose of 1,417,477 shares of Common Stock (which includes shares
issuable upon the exercise of the Warrants and the Private Placement Warrants),
representing approximately 15.6% of the outstanding Common Stock.
By virtue of being the majority shareholder and a director of EMEBE,
and the majority shareholder, a director and officer of EMEBE Media, Barry Lewis
may be deemed to have shared power to vote and to dispose of 1,417,477 shares of
Common Stock (which includes shares issuable upon the exercise of the Warrants
and Private Placement Warrants), representing approximately 15.6% of the
outstanding Common Stock.
By virtue of being the sole shareholder, officer and director of MJM
Media Corp., Michael J. Marocco may be deemed to have shared power to vote and
to dispose of 1,417,477 shares of Common Stock (which includes shares issuable
upon the exercise of the Warrants and Private Placement Warrants), representing
approximately 15.6% of the outstanding Common Stock.
By virtue of being the majority shareholder and director of Four JK
Corp., and the sole shareholder, a director and officer of Kornreich Media
Corp., John Kornreich may be deemed to have shared power to vote and to dispose
of 1,417,477 shares of Common Stock (which includes shares issuable upon the
exercise of the Warrants and Private Placement Warrants), representing
approximately 15.6% of the outstanding Common Stock.
- ----------
(8) The reporting person disclaims beneficial ownership of these
securities, except to the extent of his equity interest therein.
Page 22 of 34
<PAGE>
By virtue of being a manager and majority member of ALSI, LLC, and a
director of ARPH, Andrew Sandler may be deemed to have shared power to vote and
to dispose of 1,417,477 shares of Common Stock (which includes shares issuable
upon the exercise of the Warrants and Private Placement Warrants), representing
approximately 15.6% of the outstanding Common Stock.
Page 23 of 34
<PAGE>
(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 April 8, 1995 to June 8, 1995, inclusive:
Page 24 of 34
<PAGE>
Number of
Shares (S) or
Purchase Warrants (W) Purchase
or Purchased or
Name of Shareholder Sale Date or (Sold) Sales Price
- ------------------- --------- --------- -----------
21st Century Communications 6/8/95 50,852(S) $ 4.75
Partners, L.P. 6/8/95 50,852(W) $ .10
6/8/95 67,803(S) $ 5.0317
21st Century Communications T-E 6/8/95 17,302(S) $ 4.75
Partners, L.P. 6/8/95 17,302(W) $ .10
6/8/95 23,609(S) $ 5.0317
21st Century Communications Foreign 6/8/95 6,846(S) $ 4.75
Partners, L.P. 6/8/95 6,846(W) $ .10
6/8/95 9,128(S) $ 5.0317
(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.
ITEM 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities
of the Issuer
(a) 21st Century is a limited partnership established and governed by
Delaware law and a partnership agreement. Pursuant to such agreement, voting and
investment power
Page 25 of 34
<PAGE>
over the shares of Common Stock held by 21st Century is vested in its general
partners - SIP and InfoMedia. The limited partners have no voting or investment
power over the shares of Common Stock held by 21st Century.
(b) T-E is a limited partnership established and governed by Delaware
law and a partnership agreement. Pursuant to such agreement, voting and
investment power over the shares of Common Stock held by 21st Century is vested
in its general partners - SIP and InfoMedia. The limited partners have no voting
or investment power over the shares of Common Stock held by T-E.
(c) Foreign is a limited partnership established and governed by
Delaware law and a partnership agreement. Pursuant to such agreement, voting and
investment power over the shares of Common Stock held by Foreign is vested in
its general partners - SIP and InfoMedia. The limited partners have no voting or
investment power over the shares of Common Stock held by Foreign.
(d) Mezzanine is a limited partnership established and governed by
Delaware law and a partnership agreement. Pursuant to such agreement, voting and
investment power over the shares of Common Stock held by Mezzanine is vested in
its general partner - SMGP. The limited partners have no voting or investment
power over the shares of Common Stock held by Mezzanine.
(e) Mezzanine T-E is a limited partnership established and governed by
Delaware law and a partnership agreement. Pursuant to such agreement, voting and
investment power over the shares of Common Stock held by Mezzanine T-E is vested
in its general partner - SMGP. The limited partners have no voting or investment
power over the shares of Common Stock held by Mezzanine T-E.
(f) Mezzanine Foreign is a limited partnership established and
governed by Delaware law and a partnership agreement. Pursuant to such
agreement, voting and investment power over the shares of Common Stock held by
Mezzanine Foreign is vested in its general partner SMGP. The limited partners
have no voting or investment power over the shares of Common Stock held by
Mezzanine Foreign.
Page 26 of 34
<PAGE>
(g) The reporting persons entered into a lock-up agreement with GKN
Securities Corp. ("GKN") on June 7, 1995. Pursuant to this agreement, until June
7, 1997, the reporting persons shall not sell, assign or transfer their shares
of Common Stock, without the consent of GKN.
(h) Except for the circumstances discussed or referred to in
paragraphs (a) through (g) above, there are no contracts, arrangements,
understandings, or relationships with respect to the securities of the Issuer
among any of the persons reporting in this Schedule 13D.
ITEM 7. Material to be Filed as Exhibits
Exhibit A - Agreement, dated November 12, 1996, among the reporting
persons by which they have agreed to file this Schedule 13D and all necessary
amendments, as required by Rule 13d-1(f).
Page 27 of 34
<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 12, 1996
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: S/Harvey Sandler
----------------------------------------
Name:
Title:
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: S/Harvey Sandler
----------------------------------------
Name:
Title:
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: S/Harvey Sandler
----------------------------------------
Name:
Title:
Page 28 of 34
<PAGE>
SANDLER MEZZANINE PARTNERSHIP, L.P.
By: Sandler Mezzanine General Partnership, general partner
By: ARPH Corp., general partner
By: S/Harvey Sandler
----------------------------------------
Name:
Title:
SANDLER MEZZANINE T-E PARTNERSHIP, L.P.
By: Sandler Mezzanine General Partnership, general partner
By: ARPH Corp., general partner
By: S/Harvey Sandler
----------------------------------------
Name:
Title:
SANDLER MEZZANINE FOREIGN PARTNERSHIP, L.P.
By: Sandler Mezzanine General Partnership, general partner
By: ARPH Corp., general partner
By: S/Harvey Sandler
----------------------------------------
Name:
Title:
Page 29 of 34
<PAGE>
S/Michael J. Marocco
----------------------------------------
Michael J. Marocco, Individually
S/Barry Lewis
----------------------------------------
Barry Lewis, Individually
S/John Kornreich
----------------------------------------
John Kornreich, Individually
S/Harvey Sandler
----------------------------------------
Harvey Sandler, Individually
S/Andrew Sandler
----------------------------------------
Andrew Sandler, Individually
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
Page 30 of 34
<PAGE>
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act, as
amended, the undersigned hereby agree to the joint filing on behalf of each of
them on a statement on Schedule 13D (including amendments thereto) with respect
to the Common Stock, par value $.01 per shares, and certain securities
convertible into Common Stock of YES! ENTERTAINMENT CORPORATION and that this
Agreement be included as an Exhibit to such joint filing.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement this 12th
day of November, 1996.
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: S/Harvey Sandler
----------------------------------------
Name:
Title:
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: S/Harvey Sandler
----------------------------------------
Name:
Title:
Page 31 of 34
<PAGE>
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: S/Harvey Sandler
----------------------------------------
Name:
Title:
Page 32 of 34
<PAGE>
SANDLER MEZZANINE PARTNERSHIP, L.P.
By: Sandler Mezzanine General Partnership, general partner
By: ARPH Corp., general partner
By: S/Harvey Sandler
----------------------------------------
Name:
Title:
SANDLER MEZZANINE T-E PARTNERSHIP L.P.
By: Sandler Mezzanine General Partnership, general partner
By: ARPH Corp., general partner
By: S/Harvey Sandler
----------------------------------------
Name:
Title:
SANDLER MEZZANINE FOREIGN PARTNERSHIP, L.P.
By: Sandler Mezzanine General Partnership, general partner
By: ARPH Corp., general partner
By: S/Harvey Sandler
----------------------------------------
Name:
Title:
Page 33 of 34
<PAGE>
S/Michael J. Marocco
--------------------------------------
Michael J. Marocco, Individually
S/Barry Lewis
--------------------------------------
Barry Lewis, Individually
S/John Kornreich
--------------------------------------
John Kornreich, Individually
S/Harvey Sandler
--------------------------------------
Harvey Sandler, Individually
S/Andrew Sandler
--------------------------------------
Andrew Sandler, Individually
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
Page 34 of 34
