<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 5)
Equalnet Communications Corp.
- --------------------------------------------------------------------------------
(Name of the Issuer)
Common Stock, par value $.01 per share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
294408109
- --------------------------------------------------------------------------------
(CUSIP Number)
Dean H. Fisher
1250 Wood Branch Park Dr.
Houston, Texas 77079
281/529-4648
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 19, 1998
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1 (b)(3) or (4), check the following box [ ].
Page 1 of 9 Pages
Exhibit Index on Page 9
<PAGE> 2
CUSIP No. 294408109 13D Page 2 of 9 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Willis Group, LLC (76-0537286)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
(b) x
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER 7,322,966
OF -----------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED -0-
BY -----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 7,322,966
WITH -----------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,322,966 shares of Common Stock beneficially owned or underlying
currently exercisable warrants.
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
39%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
- --------------------------------------------------------------------------------
<PAGE> 3
CUSIP No. 294408109 13D Page 3 of 9 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Michael T. Willis
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
(b) x
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
PF
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER 500,000
OF -----------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED 7,322,966
BY -----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 500,000
WITH -----------------------------------------------------
10 SHARED DISPOSITIVE POWER
7,322,966
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,822,966 shares of Common Stock beneficially owned or underlying
currently exercisable warrants.
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
40%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
<PAGE> 4
CUSIP No. 294408109 13D Page 4 of 9 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Mark Willis
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
(b) x
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER -0-
OF -----------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED 7,322,966
BY -----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON -0-
WITH -----------------------------------------------------
10 SHARED DISPOSITIVE POWER
7,322,966
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,322,966 shares of Common Stock beneficially owned or underlying
currently exercisable warrants.
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
39%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
<PAGE> 5
CUSIP No. 294408109 13D Page 5 of 9 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James T. Harris
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
(b) x
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS [ ]
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER 300,000
OF -----------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED 7,322,966
BY -----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 300,000
WITH -----------------------------------------------------
10 SHARED DISPOSITIVE POWER
7,322,966
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,622,966 shares of Common Stock beneficially owned or underlying
currently exercisable warrants.
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
40%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
<PAGE> 6
CUSIP No. 294408109 13D Page 6 of 9 Pages
ITEM 1. SECURITY AND ISSUER.
This Amendment No. 5 on Schedule 13D amends Items 1, 3 through 5 and 7
of Amendment No. 4 on Schedule 13D dated September 23, 1998 filed by the Filing
Persons. This Amendment No. 5 relates to the Common Stock, par value $.01 per
share (the "Common Stock") of Equalnet Communications Corp., a Texas corporation
(the "Issuer").
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
On October 19, 1998, Mr. Harris received 300,000 shares of Common Stock
(the "October Shares") from the Willis Group.
ITEM 4. PURPOSE OF TRANSACTION.
Mr. Harris acquired the October Shares as part of a distribution from
the Willis Group. Mr. Harris and the other Filing Persons currently do not
intend to acquire additional shares of the Common Stock materially above their
current ownership; however, the Filing Persons intend to review their investment
in the Issuer on a continuing basis and, depending upon the price of the Common
Stock, subsequent developments affecting the Issuer, the Issuer's business and
prospects, general stock market and economic conditions, tax considerations and
other factors deemed relevant, may decide to increase or decrease their
investment in the Common Stock of the Issuer.
Except as set forth above in this Item 4, none of the Filing Persons
nor, to the best of each Filing Person's knowledge, any of the executive
officers or directors of such Filing Persons, as applicable, has any plans or
proposal that relate to or would result in any of the actions specified in
clauses (a) through (j) of Item 4 to Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) At present, and as a result of the exchange of the 300,000 shares
of Common Stock described herein, the Filing Persons, other than Mike Willis and
James T. Harris, beneficially own or have the right to acquire in the form of
currently exercisable warrants, directly or indirectly, 7,322,966 shares of
Common Stock of the Issuer, which constitutes 39% of the Common Stock
outstanding, Mike Willis beneficially owns or has the right to acquire in the
form of currently exercisable warrants, directly or indirectly, 7,822,966 shares
of Common Stock of the Issuer, which constitutes 40% of the Common Stock
outstanding, and James T. Harris beneficially owns or has the right to acquire
in the form of currently exercisable warrants, directly or indirectly, 7,622,966
shares of Common Stock of the Issuer, which constitutes 40% of the Common Stock
outstanding, each based on the total number of shares outstanding (18,385,832)
as of November 20, 1998, as contained in the Issuer's filing on Form 10-Q for
the quarterly period ended September 30, 1998, filed with the Securities and
Exchange Commission on November 20, 1998, and including as outstanding the
600,000 shares and, in the case of Mike Willis, the additional 500,000 shares,
issuable to The Willis Group or Mike Willis, as the case may be, under currently
exercisable warrants. Such securities, or the rights thereto, were acquired (and
certain securities were disposed of) pursuant to the transactions described in
Item 3 hereof and in the initial filing of and Amendment No. 1, Amendment No. 2,
Amendment No. 3 and Amendment No. 4 to this Schedule 13D.
(b) Of the shares beneficially owned by the Filing Persons, The Willis
Group has, or will have, sole voting power and power to dispose of the
7,322,966, shares of Common Stock it owns or has the right to acquire under
currently exercisable warrants, and each of Messrs. Mike Willis, Mark Willis and
Harris, as 48.5%, 48.5% and 3% membership interest owners, respectively, of The
Willis Group, have shared voting and dispositive power with respect to all such
shares. Mr. Mike Willis will have sole voting power and power to dispose of the
500,000 shares of Common Stock he has the right to acquire under a currently
exercisable warrant. Mr. James T. Harris has sole voting power and power to
dispose of the 300,000 shares of Common Stock he acquired as described in Items
3 and 4 hereof.
<PAGE> 7
CUSIP No. 294408109 13D Page 7 of 9 Pages
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
1. Joint Filing Agreement, dated as of March 9, 1999, among
The Willis Group, Michael T. Willis, Mark Willis and James T.
Harris.
<PAGE> 8
CUSIP No. 294408109 13D Page 8 of 9 Pages
SIGNATURE
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.
THE WILLIS GROUP, LLC
Dated: March 9, 1999 By: /s/ MARK WILLIS
--------------------------------
Mark Willis, President
/s/ MICHAEL T. WILLIS
--------------------------------
Michael T. Willis
/s/ MARK WILLIS
--------------------------------
Mark Willis
/s/ JAMES T. HARRIS
--------------------------------
James T. Harris
The original statement shall be signed by each person on whose behalf
the statement is filed or his authorized representative. If the statement is
signed on behalf of a person by his authorized representative (other than an
executive officer or general partner of this filing person), evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature.
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS
OF FACT CONSTITUTE FEDERAL CRIMINAL VIOLATIONS
(SEE 18 U.S.C. 1001)
<PAGE> 9
CUSIP No. 294408109 13D Page 9 of 9 Pages
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Description
- ------- -----------
<S> <C>
1. Joint Filing Agreement, dated as of March 9, 1999, among The Willis
Group, Michael T. Willis, Mark Willis and James T. Harris.
</TABLE>
<PAGE> 1
EXHIBIT 1
JOINT FILING AGREEMENT
The undersigned, and each of them, do hereby agree and consent to the
filing of a single statement on behalf of all of them on Schedule 13D and
amendments thereto, in accordance with the provisions of Rule 13d-1(f)(1) of the
Securities Exchange Act of 1934, as amended.
Dated: March 9, 1999
THE WILLIS GROUP, LLC
By: /s/ MARK WILLIS
--------------------------------
Mark Willis, President
/s/ MICHAEL T. WILLIS
--------------------------------
Michael T. Willis
/s/ MARK WILLIS
--------------------------------
Mark Willis
/s/ JAMES T. HARRIS
--------------------------------
James T. Harris
