UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
PSINet Inc.
(Name of Issuer)
Common Stock, Par Value $0.01 Per Share
(Title of Class of Securities)
74437C101
(CUSIP Number)
*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 the
disclosures provided in a prior cover page.
The information required in 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).
Page 1 of 5 pages
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CUSIP No. 74437C101 Page 2 of 5 pages
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(1) NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
William L. Schrader
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) / /
(b) / /
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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(5) SOLE VOTING POWER
5,649,240 (See Item 4)
----------------------------------------
NUMBER OF SHARES (6) SHARED VOTING POWER
BENEFICIALLY OWNED BY Not Applicable
EACH REPORTING PERSON ----------------------------------------
WITH (7) SOLE DISPOSITIVE POWER
5,649,240 (See Item 4)
----------------------------------------
(8) SHARED DISPOSITIVE POWER
Not Applicable
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,649,240 (See Item 4)
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(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES (See Instructions) /X/
(See Item 4)
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.0% (See Item 4)
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(12) TYPE OF REPORTING PERSON (See Instructions)
IN
- ------------------------------------------------------------------
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Item 1(a). Name of Issuer:
PSINet Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
510 Huntmar Park Drive
Herndon, VA 20170
Item 2(a). Name of Person Filing:
William L. Schrader
Item 2(b). Address of principal business office:
510 Huntmar Park Drive
Herndon, VA 20170
Item 2(c). Citizenship:
United States of America
Item 2(d). Title of Class of Securities:
Common Stock, Par Value $0.01 Per Share
Item 2(e). CUSIP Number:
74437C101
Item 3. Not Applicable
Page 3 of 5 pages
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Item 4. Ownership.
(a) Total Amount Beneficially Owned
as of December 31, 1996: 5,649,240*
(b) Percent of Class: 14.0%
(c) Number of shares as to which such person has:
(i) sole power to vote or to
direct the vote 5,649,240
(ii) shared power to vote or to
direct the vote Not Applicable
(iii) sole power to dispose or to
direct the disposition of 5,649,240
(iv) shared power to dispose or to
direct the disposition of Not Applicable
Item 5. Ownership of Five Percent or Less of a Class.
Not Applicable
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
Not Applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company.
Not Applicable
Item 8. Identification and Classification of Members of the Group.
Not Applicable
Item 9. Notice of Dissolution of Group.
Not Applicable
Item 10. Certification.
Not Applicable
* Includes 296,800 shares issuable upon the exercise of vested options. Does
not include 1,203,012 shares beneficially owned by Mr. Schrader's wife, as to
which Mr. Schrader disclaims beneficial ownership.
Page 4 of 5 pages
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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.
Date: February 10, 1997 /S/ WILLIAM L. SCHRADER
William L. Schrader
Page 5 of 5 pages
