UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Schrader, William L.
c/o PSINet Inc.
44983 Knoll Square
Ashburn, VA 20147
USA
2. Issuer Name and Ticker or Trading Symbol
PSINet Inc.
PSIX
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
December 31, 2000
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Chairman and Chief Executive Officer
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock, par value $.0|12/07/|P | |2,000 |A |$1.00 | | | |
1 per share |00 | | | | | | | | |
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Common Stock, par value $.0|12/16/|P | |1,500 |A |$1.25 | | | |
1 per share |00 | | | | | | | | |
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Common Stock, par value $.0|12/20/|P | |5,000 |A |$1.00 | | | |
1 per share |00 | | | | | | | | |
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Common Stock, par value $.0|12/21/|P | |3,000 |A |$.6875 |2,150,224 (1) |I |By Spouse |
1 per share |00 | | | | | | | | |
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Common Stock, par value $.0| | | | | | |5,255 (2) |I |By Son |
1 per share | | | | | | | | | |
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Common Stock, par value $.0| | | | | | |2,555 (2) |I |By Son |
1 per share | | | | | | | | | |
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Common Stock, par value $.0| | | | | | |112,682 (3) |I |By Trust |
1 per share | | | | | | | | | |
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Common Stock, par value $.0| | | | | | |112,682 (3) |I |By Trust |
1 per share | | | | | | | | | |
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Common Stock, par value $.0| | | | | | | 2,000 (4) |D | |
1 per share | | | | | | | | | |
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Common Stock, par value $.0| | | | | | |92,200 (5) |I |By Trust |
1 per share | | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Series C Convertible P|$31.1837|12/19|P | |5,000 |A |Immed|N/A |Common Stock|8,017 |$3.0625|5,000 (6) |I |By Spouse |
referred Stock | |/00 | | | | | | | | | | | | |
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| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
(1) The Reporting Person disclaims beneficial ownership of these shares, and
this report shall not be deemed an admission that the Reporting Person
is the beneficial owner of such shares for purposes of Section 16 or for any
other purpose.
(2) These shares are held by the children of the Reporting Person. The
Reporting Person disclaims beneficial ownership of these shares, and this
report shall not be deemed an admission that the Reporting Person is the
beneficial owner of such shares for purposes of Section 16 or any other
purpose.
(3) These shares are held in a trust for the benefit of one of the Reporting
Person's children, of which the Reporting Person's wife is trustee. The
Reporting Person disclaims beneficial ownership of these shares, and this
report shall not be deemed an admission that the Reporting Person is the
beneficial owner of such shares for purposes of Section 16 or for any other
purpose.
(4) These shares are held by the Reporting Person and his spouse as joint
tenants with the rights of survivorship.
(5) Shares held by the Duffy Schrader Foundation of which Mr. Schrader is the
Trustee and has shared voting power. The Reporting Person
disclaims beneficial ownership of these shares, and this report shall not be
deemed an admission that the Reporting Person is the beneficial owner of
such shares for purposes of Section 16 or any other
purpose.
(6) The Reporting Person disclaims beneficial ownership of these shares, and
this report shall not be deemed an admission that the Reporting
Person is the beneficial owner of such shares for purposes of Section 16 or for
any other purpose.
SIGNATURE OF REPORTING PERSON
William L. Schrader
DATE
January 8, 2000
