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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
Washington, D.C. 20549
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OMB Number: 3235-0145
Expires: October 31, 1997
Estimated average burden
hours per response... 14.90
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SCHEDULE 13G
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
PSINet Inc.
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(Name of Issuer)
Common Stock, Par Value $0.01 Per Share
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(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).
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CUSIP No. 74437C101 13G 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
NUMBER OF 5,690,877 (See Item 4)
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
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6 SHARED VOTING POWER
1,000
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7 SOLE DISPOSITIVE POWER
5,690,877 (See Item 4)
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8 SHARED DISPOSITIVE POWER
1,000
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,691,877 (See Item 4)
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |X|
(See Instructions)
(See Item 4)
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.1% (See Item 4)
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12 TYPE OF REPORTING PERSON (See Instructions)
IN
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This Information Statement on Schedule 13G is being filed by the
undersigned pursuant to Securities and Exchange Commission Rule 13d-1(c).
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, 1997: 5,691,877*
(b) Percent of Class: 14.1%
(c) Number of shares as to which such person has:
(i) sole power to vote or to
direct the vote 5,690,877
(ii) shared power to vote or to
direct the vote 1,000
(iii) sole power to dispose or to
direct the disposition of 5,690,877
(iv) shared power to dispose or to
direct the disposition of 1,000
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
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* Includes 361,400 shares issuable upon the exercise of vested options.
Does not include 65,600 shares issuable upon exercise of options which have
not vested or 1,215,435 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.
Dated: February 17, 1998
/s/ William L. Schrader
William L. Schrader
Page 5 of 5 pages
