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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 8)
Equalnet Communications Corp.
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(Name of Issuer)
Common Stock, par value $0.01 per share
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(Title of Class of Securities)
294408-10-9
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(CUSIP Number)
Mark A. Willis
1250 Wood Branch Park Dr.
Houston, Texas 77079
281-529-4648
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(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
December 27, 2000
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(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(e), 13d-1(f) or 13d-1(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 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).
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CUSIP NO. 294408-10-9
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
The Willis Group, LLC (76-0537286)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
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7 SOLE VOTING POWER
NUMBER OF -0-
SHARES -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -0-
EACH -----------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON -0-
WITH -----------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
-0-
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14 TYPE OF REPORTING PERSON
CO
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- Page 2 of 9 Pages -
<PAGE> 3
CUSIP NO. 294408-10-9
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Michael T. Willis
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
NUMBER OF 500,000 shares
SHARES -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -0-
EACH -----------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 500,000 shares
WITH -----------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
500,000*
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.01%**
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14 TYPE OF REPORTING PERSON
IN
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* 500,000 shares of Equalnet covered by this item that are purchasable by
Michael T. Willis, upon exercise of warrants described in Item 5 of this
Statement.
** Beneficial ownership percentages set forth herein assume that at December
31, 2000, there were 40,944,341 shares of Common Stock outstanding. Pursuant to
Rule 13d-3 under the Securities Exchange Act of 1934, as amended, shares deemed
to be beneficially owned by the reporting person as a result of the options and
warrants are also deemed to be outstanding for purposes of computing these
percentages.
- Page 3 of 9 Pages -
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CUSIP NO. 294408-10-9
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Mark A. Willis
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
NUMBER OF 34,080 shares
SHARES -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -0-
EACH -----------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 34,080 shares
WITH -----------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
34,080*
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.01%**
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14 TYPE OF REPORTING PERSON
IN
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* Includes options to purchase an additional 3,333 shares of Common Stock
issuable within 60 days upon the exercise of options owned directly by such
person.
- Page 4 of 9 Pages -
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CUSIP NO. 294408-10-9
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
James T. Harris
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(D) OR 2(E) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
NUMBER OF -0-
SHARES -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -0-
EACH -----------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON -0-
WITH -----------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
-0-
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14 TYPE OF REPORTING PERSON
IN
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- Page 5 of 9 Pages -
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SCHEDULE 13D
OF
THE WILLIS GROUP, LLC
ITEM 1: SECURITY AND ISSUER
This Amendment No. 8 on Schedule 13D relates to the common stock, par
value $0.01 per share ("Common Stock"), of Equalnet Communications Corp., a
Texas corporation ("Equalnet" or the "Issuer"). This Amendment amends Items 1,
3, 4, 5 and 7 of Amendments No. 7 on Schedule 13D filed on September 21, 2000.
ITEM 3: SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Not applicable.
ITEM 4: PURPOSE OF TRANSACTION
The Reporting Persons disposed of direct and indirect beneficial
ownership of 9,865,000 shares of Common Stock of the Issuer, some of which were
beneficially owned indirectly in the form of preferred stock and warrants, in
the dispositions reported below as part of their ongoing investment strategy.
The Reporting Persons currently do not intend to acquire additional shares of
Common Stock above their current ownership.
None of the Reporting Persons nor, to the best of each Reporting
Person's knowledge, any of the executive officers or directors of such
Reporting 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, other than motions that may be made by such Reporting Person
as a creditor in connection with the filing by the Issuer and two of its
subsidiaries for reorganization under Chapter 11 of the Bankruptcy Code.
ITEM 5: INTEREST IN SECURITIES OF THE ISSUER
(a) - (b)
(c) Since the filing of the Amendment No. 7 and the transactions
described therein, The Willis Group, LLC sold an aggregate of 9,865,000 shares
of Common Stock of the Issuer, some of which were beneficially owned indirectly
in the form of preferred stock and warrants. This sale included all of the
shares of common stock, warrants (including warrants issued on September 4,
1998), Series D Preferred Stock and Series F Preferred Stock owned by The Willis
Group, LLC. These sales were made on December 27, 2000, in a private sale to
Michael Foran in exchange for an unsecured promissory note in the principal
amount of $5,000, representing a price per share of less than $.001.
(d) At present, and as a result of the transactions described herein:
(i) The Willis Group does not beneficially own or
have the right to acquire, in the form of currently
exercisable options, warrants or convertible preferred
stock, directly or indirectly, any shares of Common Stock of
the Issuer;
(ii) Michael T. Willis beneficially owns or has the
right to acquire, in the form of currently exercisable
warrants, 500,000 shares of Common Stock of the Issuer,
which constitutes .01% of the Common Stock outstanding;
(iii) Mark A. Willis beneficially owns or has the
right to acquire in the form of currently exercisable
options, 34,080 shares of Common Stock of the Issuer,
which constitutes .001% of the Common Stock outstanding; and
- Page 6 of 9 Pages -
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(iv) James T. Harris does not beneficially own or
have the right to acquire in the form of currently
exercisable warrants or convertible preferred stock,
directly or indirectly, any shares of Common Stock of the
Issuer,
in each case based on:
- 40,944,341 shares of Common Stock outstanding, the total
number of shares outstanding as of May 15, 2000, as
contained in the Issuer's filing on Form 10-Q for the
quarterly period ended March 31, 2000, filed with the
Securities and Exchange Commission on May 22, 2000 (the most
recently filed report containing this information);
- in the case of Michael T. Willis, an additional 500,000
shares under currently exercisable warrants; and
- in the case of Mark A. Willis, 3,333 shares under currently
exercisable options.
Such securities, or the rights thereto, were acquired, (and certain securities
were disposed of) pursuant to the transactions described in Item 3 and 5 of
Amendment No. 7 and in the initial filing of and Amendment No. 1, Amendment No.
2, Amendment No. 3, Amendment No. 4, Amendment No. 5, Amendment No. 6 of this
Schedule 13D. All of the securities of The Willis Group, LLC have been disposed
of pursuant to the transaction described in Item 5 of this Amendment No. 8 to
this Schedule 13D.
Beneficial ownership described above does not include 1,667 director
stock options issued to Mark A. Willis that will vest on March 6, 2001.
(e) Each of The Willis Group, LLC, Mark A. Willis, Michael T. Willis
and James T. Harris ceased to be the beneficial owner of more than five percent
of the class of securities described on December 27, 2000.
ITEM 7: MATERIAL TO BE FILED AS EXHIBITS
1. Joint Filing Agreement
[SIGNATURE PAGE TO FOLLOW]
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After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, correct and
complete.
THE WILLIS GROUP, LLC
Date: January 15, 2001 By: /s/ Mark A. Willis
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Mark A. Willis, President
Date: January 15, 2001 /s/ Mark A. Willis
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Mark A. Willis
Date: January 15, 2001 /s/ Michael T. Willis
-----------------------------------
Michael T. Willis
Date: January 15, 2001 /s/ James T. Harris
-----------------------------------
James T. Harris
[SIGNATURE PAGE TO SCHEDULE 13D]
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EXHIBIT INDEX
1. Joint Filing Agreement
