SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d-1(a) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13(d)-2(a)
(Amendment No. 3)
VCampus Corporation (f/k/a UOL Publishing, Inc.)
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(Name of issuer)
COMMON STOCK $.01 PAR VALUE
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(Title of class of securities)
92240C 10 0
--------------------------------------------------------------------------------
(CUSIP number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
--------------------------------------------------------------------------------
(Name, address and telephone number of person
authorized to receive notices and communications)
May 2, 2000
--------------------------------------------------------------------------------
(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(b) for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 30 Pages)
<PAGE>
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CUSIP No. 903196 10 3 13D Page 2 of 30 Pages
------------------------------ -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Wheatley Partners, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,018,901(1) shares
OWNED BY EACH
REPORTING -----------------------------------------------------------------
PERSON WITH
8 SHARED VOTING POWER
80,765(2) shares
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
1,018,901(1) shares
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
80,765(2) shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,099,666(1)(2) shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 903196 10 3 13D Page 3 of 30 Pages
------------------------------ -------------------------------
(1) Includes (i) 174,266 shares of Common Stock issuable upon exercise of
warrants, (ii) 211,231 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 335,162 shares of
Common Stock issuable upon conversion of shares of Series D Preferred
Stock, all of which is held by Wheatley Partners, L.P.
(2) Includes (i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Wheatley Foreign Partners, L.P. Wheatley
Partners, L.P. disclaims beneficial ownership of these securities.
<PAGE>
------------------------------ -------------------------------
CUSIP No. 903196 10 3 13D Page 4 of 30 Pages
------------------------------ -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Irwin Lieber
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 68,994(1) shares
OWNED BY EACH
REPORTING -----------------------------------------------------------------
PERSON WITH
8 SHARED VOTING POWER
1,107,508(2) shares
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
68,994(1) shares
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,107,508(2) shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,176,502(1)(2) shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 903196 10 3 13D Page 5 of 30 Pages
------------------------------ -------------------------------
(1) Includes (i) 14,771 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,904 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 18,181 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Mr. Lieber.
(2) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of warrants, (ii) 211,231 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock and (iii) 335,162
shares of Common Stock issuable upon conversion of shares of Series D
Preferred Stock, all of which is held by Wheatley Partners, L.P.,
(b)(i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of Series D Preferred Stock, all of
which is held by Wheatley Foreign Partners, L.P. and (c)(i) 3,545
shares of Common Stock issuable upon exercise of warrants and (ii)
4,297 shares of Common Stock issuable upon conversion of shares of
Series C Preferred stock, all of which is owned by one of Mr. Lieber's
children and whose shares may be deemed to be beneficially owned by Mr.
Lieber. Mr. Lieber disclaims beneficial ownership of these securities
(except to the extent of his respective equity interest, in respect of
the securities held by Wheatley Partners, L.P. and Wheatley Foreign
Partners, L.P.).
<PAGE>
------------------------------ -------------------------------
CUSIP No. 903196 10 3 13D Page 6 of 30 Pages
------------------------------ -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Barry Fingerhut
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 519,591 (1) shares
OWNED BY EACH
REPORTING -----------------------------------------------------------------
PERSON WITH
8 SHARED VOTING POWER
1,108,666 (2) shares
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
519,591 (1) shares
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,108,666(2) shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,628,257(1)(2) shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 903196 10 3 13D Page 7 of 30 Pages
------------------------------ -------------------------------
(1) Includes (a)(i) 37,814 shares of Common Stock issuable upon exercise of
warrants, (ii) 45,835 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock, (iii) 22,500 shares of Common
Stock issuable upon exercise of options, and (iv) 45,454 shares of
Common Stock issuable upon conversion of shares of Series D Preferred
Stock, all of which is held by Mr. Fingerhut, and (b)(i) 2,954 shares
of Common Stock issuable upon exercise of warrants and (ii) 3,580
shares of Common Stock issuable upon conversion of shares of Series C
Preferred Stock, all of which is held by an account for which Mr.
Fingerhut has sole voting and dispositive power.
(2) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of warrants, (ii) 211,231 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock and (iii) 335,162
shares of Common Stock issuable upon conversion of shares of Series D
Preferred Stock, all of which is held by Wheatley Partners, L.P., and
(b)(i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock
all of which is held by Wheatley Foreign Partners, L.P. Mr. Fingerhut
disclaims beneficial ownership of these securities, except to the
extent of his respective equity interest therein.
<PAGE>
------------------------------ -------------------------------
CUSIP No. 903196 10 3 13D Page 8 of 30 Pages
------------------------------ -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Seth Lieber
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 9,346(1) shares
OWNED BY EACH
REPORTING -----------------------------------------------------------------
PERSON WITH
8 SHARED VOTING POWER
1,099,666(2) shares
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
9,346(1) shares
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,099,666(2) shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,109,012 (1)(2) shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 903196 10 3 13D Page 9 of 30 Pages
------------------------------ -------------------------------
(1) Includes (i) 2,954 shares of Common Stock issuable upon conversion of
warrants and (ii) 3,580 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock, all of which is held by Mr.
Lieber.
(2) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of warrants, (ii) 211,231 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock and (iii) 335,162
shares of Common Stock issuable upon conversion of shares of Series D
Preferred Stock, all of which is held by Wheatley Partners, L.P., and
(b)(i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Wheatley Foreign Partners, L.P. Mr. Lieber
disclaims beneficial ownership of these securities, except to the
extent of his respective equity interest therein.
<PAGE>
------------------------------ -------------------------------
CUSIP No. 903196 10 3 13D Page 10 of 30 Pages
------------------------------ -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Jonathan Lieber
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 6,534(1) shares
OWNED BY EACH
REPORTING -----------------------------------------------------------------
PERSON WITH
8 SHARED VOTING POWER
1,099,666(2) shares
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
6,534(1) shares
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,099,666(2) shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,106,200(1)(2) shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP No. 903196 10 3 13D Page 11 of 30 Pages
------------------------------ -------------------------------
(1) Consists of (i) 2,954 shares of Common Stock issuable upon conversion
of warrants and (ii) 3,580 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock, all of which is held
by Mr. Lieber.
(2) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of warrants, (ii) 211,231 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock and (iii) 335,162
shares of Common Stock issuable upon conversion of shares of Series D
Preferred Stock, all of which is held by Wheatley Partners, L.P., and
(b)(i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Wheatley Foreign Partners, L.P. Mr. Lieber
disclaims beneficial ownership of these securities, except to the
extent of his respective equity interest therein.
<PAGE>
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CUSIP No. 903196 10 3 13D Page 12 of 30 Pages
------------------------------ -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Dana Lieber
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 7,842(1) shares
OWNED BY EACH
REPORTING ----------------------------------------------------------------
PERSON WITH
8 SHARED VOTING POWER
0 shares
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
7,842(1) shares
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,842(1) shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
(1) Consists of (i) 3,545 shares of Common Stock issuable upon conversion
of warrants and (ii) 4,297 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock, all of which is held
by Ms. Lieber.
<PAGE>
------------------------------ -------------------------------
CUSIP No. 903196 10 3 13D Page 13 of 30 Pages
------------------------------ -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Wheatley Foreign Partners, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 80,765(1) shares
OWNED BY EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
1,018,901(2) shares
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
80,765(1) shares
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,018,901(2) shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,099,666(1)(2) shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
------------------------------ -------------------------------
CUSIP No. 903196 10 3 13D Page 14 of 30 Pages
------------------------------ -------------------------------
(1) Includes (i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Wheatley Foreign Partners, L.P.
(2) Includes (i) 174,266 shares of Common Stock issuable upon exercise of
warrants, (ii) 211,231 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 335,162 shares of
Common Stock issuable upon conversion of shares of Series D Preferred
Stock, all of which is held by Wheatley Partners, L.P. Wheatley Foreign
Partners, L.P. disclaims beneficial ownership of these securities.
<PAGE>
------------------------------ -------------------------------
CUSIP No. 903196 10 3 13D Page 15 of 30 Pages
------------------------------ -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Seneca Ventures
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
New York
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 13,069 (1) shares
OWNED BY EACH
REPORTING -----------------------------------------------------------------
PERSON WITH
8 SHARED VOTING POWER
0 shares
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
13,069 (1) shares
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,069(1)shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
(1) Includes (i) 7,161 shares of Common Stock issuable upon conversion of
shares of Series C Preferred Stock and (ii) 5,908 shares of Common
Stock issuable upon exercise of warrants, all of which is held by
Seneca Ventures.
<PAGE>
------------------------------ -------------------------------
CUSIP No. 903196 10 3 13D Page 16 of 30 Pages
------------------------------ -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Woodland Partners
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
New York
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 75,528(1) shares
OWNED BY EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
0 shares
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
75,528(1) shares
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
75,528(1) shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
<PAGE>
------------------------------ -------------------------------
CUSIP No. 903196 10 3 13D Page 17 of 30 Pages
------------------------------ -------------------------------
(1) Includes (i) 17,725 shares of Common Stock issuable upon exercise of
warrants, (ii) 21,484 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 18,181 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Woodland Partners.
<PAGE>
------------------------------ -------------------------------
CUSIP No. 903196 10 3 13D Page 18 of 30 Pages
------------------------------ -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Woodland Venture Fund
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
New York
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 13,069(1) shares
OWNED BY EACH
REPORTING -----------------------------------------------------------------
PERSON WITH
8 SHARED VOTING POWER
0 shares
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
13,069(1) shares
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,069(1) shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
(1) Includes (i) 7,161 shares of Common Stock issuable upon conversion of
shares of Series C Preferred Stock and (iii) 5,908 shares of Common
Stock issuable upon exercise of warrants, all of which is held by
Woodland Venture Fund.
<PAGE>
------------------------------ -------------------------------
CUSIP No. 903196 10 3 13D Page 19 of 30 Pages
------------------------------ -------------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Pamela Fingerhut
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF, OO
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 9,000 shares
OWNED BY EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
0 shares
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
9,000 shares
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,000 shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
------------------------------ -------------------------------
CUSIP No. 903196 10 3 13D Page 20 of 30 Pages
------------------------------ -------------------------------
The following constitutes Amendment No. 3 ("Amendment No. 3") to
Schedule 13D filed by the undersigned. This Amendment No. 3 amends the Schedule
13D as specifically set forth.
Item 2 is hereby amended to add the following:
Item 2. Identity and Background.
16. (a) Pamela Fingerhut
(b) Address: 80 Cuttermill Road
Suite 311
Great Neck, NY 11021
(c) Principal Business: Investments
(f) Citizenship: United States
Item 3 is hereby amended to add the following:
Item 3. Source and Amount of Funds or Other Consideration.
The aggregate purchase price of the 213,400 shares of Common Stock
purchased by Barry Fingerhut since the filing of Amendment No. 2 of this
Schedule 13D with the Securities and Exchange Commission on September 15, 1999
is $1,242,488 and were acquired with his personal funds and other funds.
The aggregate purchase price of the 9,000 shares of Common Stock held
by Pamela Fingerhut is $79,352.80 and were acquired with her personal funds and
her other funds.
Item 5. (a) and (b) are hereby amended to read in their
entirety as follows:
Item 5. Interest in Securities of the Issuer.
(a) The following table sets forth the aggregate number and
percentage (based on 8,075,575 shares of Common Stock outstanding as of May 12,
2000 as reported in the Company's report for the quarter ended March 31, 2000 on
Form 10-Q filed with the Securities and Exchange Commission on May 15, 2000) of
Common Stock beneficially owned by each person named in Item 2 of this Schedule
13D, as amended.
<TABLE>
<CAPTION>
Shares of Common Percentage of Shares
Stock of Common Stock
Name Beneficially Owned Beneficially Owned
---- ------------------ ------------------
<S> <C> <C>
Wheatley Partners, L.P.(1) 1,099,666 12.4
Barry Rubenstein(2) 1,201,332 13.4
Irwin Lieber(3) 1,176,502 13.2
Barry Fingerhut(4) 1,628,257 18.0
</TABLE>
<PAGE>
------------------------------ -------------------------------
CUSIP No. 903196 10 3 13D Page 21 of 30 Pages
------------------------------ -------------------------------
<TABLE>
<CAPTION>
Shares of Common Percentage of Shares
Stock of Common Stock
Name Beneficially Owned Beneficially Owned
---- ------------------ ------------------
<S> <C> <C>
Wheatley Partners, LLC(5) 1,099,666 12.4
Seth Lieber(6) 1,109,012 12.5
Jonathan Lieber(7) 1,106,200 12.5
Wheatley Management Ltd.(8) 80,765 1.0
Wheatley Foreign Partners, L.P.(9) 1,099,666 12.4
Woodland Partners(10) 75,528 0.9
Marilyn Rubenstein(11) 101,666 1.2
Seneca Ventures(12) 13,069 0.2
Woodland Venture Fund(13) 13,069 0.2
Woodland Services Corp.(14) 26,138 0.3
Dana Lieber(15) 7,842 0.1
Pamela Fingerhut 9,000 0.1
</TABLE>
---------------------
(1) Includes (i) 174,266 shares of Common Stock issuable upon exercise of
warrants, (ii) 211,231 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 335,162 shares of
Common Stock issuable upon conversion of shares of Series D Preferred
Stock, all of which is held by Wheatley Partners, L.P. Also includes
(i) 14,805 shares of Common Stock issuable upon exercise of warrants,
(ii) 17,945 shares of Common Stock issuable upon conversion of shares
of Series C Preferred Stock and (iii) 28,474 shares of Common Stock
issuable upon conversion of shares of Series D Preferred Stock, all of
which is held by Wheatley Foreign Partners, L.P. Wheatley Partners,
L.P. disclaims beneficial ownership of these securities.
(2) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of warrants, (ii) 211,231 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock and (iii) 335,162
shares of Common Stock issuable upon conversion of shares of Series D
Preferred Stock, all of which is held by Wheatley Partners, L.P.,
(b)(i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Wheatley Foreign Partners, L.P., (c)(i) 17,725
shares of Common Stock issuable upon exercise of warrants, (ii) 21,484
shares of Common Stock issuable upon conversion of shares of Series C
Preferred Stock and (iii) 18,181 shares of Common Stock issuable upon
conversion of shares of Series D Preferred Stock, all of which is held
<PAGE>
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CUSIP No. 903196 10 3 13D Page 22 of 30 Pages
------------------------------ -------------------------------
by Woodland Partners and (d)(i) 11,816 shares of Common Stock issuable
upon exercise of warrants and (ii) 14,322 shares of Common Stock
issuable upon conversion of shares of Series C Preferred Stock,
one-half of which is held by each of the Woodland Venture Fund and
Seneca Ventures. Mr. Rubenstein disclaims beneficial ownership of these
securities, except to the extent of his respective equity interest
therein.
(3) Includes (i) 14,771 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,904 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 18,181 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Mr. Lieber. Also includes (a)(i) 174,266 shares
of Common Stock issuable upon exercise of warrants, (ii) 211,231 shares
of Common Stock issuable upon conversion of shares of Series C
Preferred Stock and (iii) 335,162 shares of Common Stock issuable upon
conversion of shares of Series D Preferred Stock, all of which is held
by Wheatley Partners, L.P., (b)(i) 14,805 shares of Common Stock
issuable upon exercise of warrants, (ii) 17,945 shares of Common Stock
issuable upon conversion of shares of Series C Preferred Stock and
(iii) 28,474 shares of Common Stock issuable upon conversion of Series
D Preferred Stock, all of which is held by Wheatley Foreign Partners,
L.P. and (c)(i) 3,545 shares of Common Stock issuable upon exercise of
warrants and (ii) 4,297 shares of Common Stock issuable upon conversion
of shares of Series C Preferred stock, all of which is owned by one of
Mr. Lieber's children and whose shares may be deemed to be beneficially
owned by Mr. Lieber. Mr. Lieber disclaims beneficial ownership of these
securities, except to the extent of his respective equity interest
therein.
(4) Includes (a)(i) 37,814 shares of Common Stock issuable upon exercise of
warrants, (ii) 45,835 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock, (iii) 22,500 shares of Common
Stock issuable upon exercise of options and (iv) 45,454 shares of
Common Stock issuable upon conversion of shares of Series D Preferred
Stock, all of which is held by Mr. Fingerhut, and (b)(i) 2,954 shares
of Common Stock issuable upon exercise of warrants and (ii) 3,580
shares of Common Stock issuable upon conversion of shares of Series C
Preferred Stock, all of which is held by an account for which Mr.
Fingerhut has sole voting and dispositive power. Also includes (a)(i)
174,266 shares of Common Stock issuable upon exercise of warrants, (ii)
211,231 shares of Common Stock issuable upon conversion of shares of
Series C Preferred Stock and (iii) 335,162 shares of Common Stock
issuable upon conversion of shares of Series D Preferred Stock, all of
which is held by Wheatley Partners, L.P., and (b)(i) 14,805 shares of
Common Stock issuable upon exercise of warrants, (ii) 17,945 shares of
Common Stock issuable upon conversion of shares of Series C Preferred
Stock and (iii) 28,474 shares of Common Stock issuable upon conversion
of shares of Series D Preferred Stock, all of which is held by Wheatley
Foreign Partners, L.P. Mr. Fingerhut disclaims beneficial ownership of
these securities, except to the extent of his respective equity
interest therein.
(5) Includes (a)(i) 174,266 shares of Common Stock issuable upon exercise
of warrants, (ii) 211,231 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock and (iii) 335,162
shares of Common Stock issuable upon conversion of shares of Series D
Preferred Stock, all of which is held by Wheatley Partners, L.P., and
(b)(i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Wheatley Foreign Partners, L.P.
<PAGE>
------------------------------ -------------------------------
CUSIP No. 903196 10 3 13D Page 23 of 30 Pages
------------------------------ -------------------------------
Wheatley Partners, LLC disclaims beneficial ownership of these
securities, except to the extent of its respective equity interest
therein.
(6) Includes (i) 2,954 shares of Common Stock issuable upon conversion of
warrants and (ii) 3,580 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock, all of which is held by Mr.
Lieber. Also includes (a)(i) 174,266 shares of Common Stock issuable
upon exercise of warrants, (ii) 211,231 shares of Common Stock issuable
upon conversion of shares of Series C Preferred Stock and (iii) 335,162
shares of Common Stock issuable upon conversion of shares of Series D
Preferred Stock, all of which is held by Wheatley Partners, L.P., and
(b)(i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Wheatley Foreign Partners, L.P. Mr. Lieber
disclaims beneficial ownership of these securities, except to the
extent of his respective equity interest therein.
(7) Consists of (i) 2,954 shares of Common Stock issuable upon conversion
of warrants and (ii) 3,580 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock, all of which is held
by Mr. Lieber. Also includes (a)(i) 174,266 shares of Common Stock
issuable upon exercise of warrants, (ii) 211,231 shares of Common Stock
issuable upon conversion of shares of Series C Preferred Stock and
(iii) 335,162 shares of Common Stock issuable upon conversion of shares
of Series D Preferred Stock, all of which is held by Wheatley Partners,
L.P., and (b)(i) 14,805 shares of Common Stock issuable upon exercise
of warrants, (ii) 17,945 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock and (iii) 28,474
shares of Common Stock issuable upon conversion of shares of Series D
Preferred Stock, all of which is held by Wheatley Foreign Partners,
L.P. Mr. Lieber disclaims beneficial ownership of these securities,
except to the extent of his respective equity interest therein.
(8) Includes (i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Wheatley Foreign Partners, L.P. Wheatley
Management, Ltd. disclaims beneficial ownership of these securities,
except to the extent of its equity interest therein.
(9) Includes (i) 14,805 shares of Common Stock issuable upon exercise of
warrants, (ii) 17,945 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 28,474 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Wheatley Foreign Partners, L.P. Also includes
(i) 174,266 shares of Common Stock issuable upon exercise of warrants,
(ii) 211,231 shares of Common Stock issuable upon conversion of shares
of Series C Preferred Stock and (iii) 335,162 shares of Common Stock
issuable upon conversion of shares of Series D Preferred Stock, all of
which is held by Wheatley Partners, L.P. Wheatley Foreign Partners,
L.P. disclaims beneficial ownership of these securities.
(10) Includes (i) 17,725 shares of Common Stock issuable upon exercise of
warrants, (ii) 21,484 shares of Common Stock issuable upon conversion
of
<PAGE>
------------------------------ -------------------------------
CUSIP No. 903196 10 3 13D Page 24 of 30 Pages
------------------------------ -------------------------------
shares of Series C Preferred Stock and (iii) 18,181 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Woodland Partners.
(11) Includes (a)(i) 17,725 shares of Common Stock issuable upon exercise of
warrants, (ii) 21,484 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock and (iii) 18,181 shares of Common
Stock issuable upon conversion of shares of Series D Preferred Stock,
all of which is held by Woodland Partners and (b)(i) 11,816 shares of
Common Stock issuable upon exercise of warrants and (ii) 14,322 shares
of Common Stock issuable upon conversion of shares of Series C
Preferred Stock, one-half of which is held by each of the Woodland
Venture Fund and Seneca Ventures. Mrs. Rubenstein disclaims beneficial
ownership of these securities, except to the extent of her respective
equity interest therein.
(12) Consists of (i) 5,908 shares of Common Stock issuable upon exercise of
warrants and (ii) 7,161 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock, all of which is held by Seneca
Ventures.
(13) Consists of (i) 5,908 shares of Common Stock issuable upon exercise of
warrants and (ii) 7,161 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock, all of which is held by Woodland
Venture Fund.
(14) Consists of (i) 11,816 shares of Common Stock issuable upon exercise of
warrants and (ii) 14,322 shares of Common Stock issuable upon
conversion of shares of Series C Preferred Stock, one-half of which is
held by each of the Woodland Venture Fund and Seneca Ventures. Woodland
Services Corp. disclaims beneficial ownership of these securities,
except to the extent of its respective equity interest therein.
(15) Consists of (i) 3,545 shares of Common Stock issuable upon exercise of
warrants and (ii) 4,297 shares of Common Stock issuable upon conversion
of shares of Series C Preferred Stock, all of which is held by Ms.
Lieber.
(b) Wheatley has sole power to vote and dispose of 1,018,901
shares of Common Stock, representing approximately 11.5% of the outstanding
shares of Common Stock and may be deemed to have shared power to vote and
dispose of 80,765 shares of Common Stock, representing approximately 1.0% of the
outstanding shares of Common Stock.
Wheatley Foreign has sole power to vote and dispose of 80,765 shares of
Common Stock, representing approximately 1.0% of the outstanding shares of
Common Stock and may be deemed to have shared power to vote and dispose of
1,018,901 shares of Common Stock, representing approximately 11.5% of the
outstanding shares of Common Stock.
By virtue of being a general partner of Wheatley Foreign, Wheatley
Management, Ltd. may be deemed to have shared power to vote and dispose of
80,765 shares of Common Stock, representing approximately 1.0% of the
outstanding shares of Common Stock.
By virtue of being the general partner of Wheatley and a general
partner of Wheatley Foreign, Wheatley Partners, LLC ("Wheatley LLC") may be
deemed to have shared power to vote and dispose of 1,099,666 shares of Common
Stock, representing approximately 12.4% of the outstanding shares of Common
Stock.
<PAGE>
------------------------------ -------------------------------
CUSIP No. 903196 10 3 13D Page 25 of 30 Pages
------------------------------ -------------------------------
By virtue of his being a member and Chief Executive Officer of Wheatley
LLC, a general partner of Woodland Partners, Seneca Ventures and Woodland
Venture Fund and the President and sole shareholder of Woodland Services Corp.,
Barry Rubenstein may be deemed to have shared power to vote and dispose of
1,201,332 shares of Common Stock, representing approximately 13.4% of the
outstanding shares of Common Stock.
Irwin Lieber has sole power to vote and dispose of 68,994 shares of
Common Stock, representing less than 1.0% of the outstanding shares of Common
Stock and by virtue of his being a member and President, Secretary and Treasurer
of Wheatley LLC and Ms. Dana Lieber's father, Mr. Lieber may be deemed to have
shared power to vote and dispose of 1,107,508 shares of Common Stock,
representing approximately 12.4% of the outstanding shares of Common Stock.
Barry Fingerhut has sole power to vote and dispose of 519,591 shares of
Common Stock, representing approximately 6.3% of the outstanding shares of
Common Stock and by virtue of his being a member and Executive Vice President of
Wheatley LLC, Mr. Fingerhut may be deemed to have shared power to vote and
dispose of 1,108,666 shares of Common Stock, representing approximately 12.5% of
the outstanding shares of Common Stock.
Jonathan Lieber has sole power to vote and dispose of 6,534 shares of
Common Stock, representing less than 1.0% of the outstanding shares of Common
Stock and by virtue of his being a member and Vice President of Wheatley LLC,
Mr. Lieber may be deemed to have shared power to vote and dispose of 1,099,666
shares of Common Stock, representing approximately 12.4% of the outstanding
shares of Common Stock.
Seth Lieber has sole power to vote and dispose of 9,346 shares of
Common Stock, representing less than 1.0% of the outstanding shares of Common
Stock and by virtue of his being a member and Vice President of Wheatley LLC,
Mr. Lieber may be deemed to have shared power to vote and dispose of 1,099,666
shares of Common Stock, representing approximately 12.4% of the outstanding
shares of Common Stock.
Woodland Partners has sole power to vote and dispose of 75,528 shares
of Common Stock, representing less than 1.0% of the outstanding shares of Common
Stock.
By virtue of her being a general partner of Woodland Partners and the
Secretary and Treasurer of Woodland Services Corp., a general partner of Seneca
Ventures and Woodland Venture Fund, Marilyn Rubenstein may be deemed to have
shared power to vote and dispose of 101,666 shares of Common Stock, representing
approximately 1.2% of the outstanding shares of Common Stock.
Seneca Ventures has sole power to vote and dispose of 13,069 shares of
Common Stock, representing less than 1.0% of the outstanding shares of Common
Stock.
Woodland Venture Fund has sole power to vote and dispose of 13,069
shares of Common Stock, representing less than 1.0% of the outstanding shares of
Common Stock.
By virtue of its being a general partner of Seneca Ventures and
Woodland Venture Fund, Woodland Services Corp. may be deemed to have shared
power to vote and dispose of 26,138 shares of Common Stock, representing less
than 1.0% of the outstanding shares of Common Stock.
Dana Lieber has sole power to vote and dispose of 7,842 shares of
Common Stock, representing less than 1.0% of the outstanding shares of Common
Stock.
<PAGE>
------------------------------ -------------------------------
CUSIP No. 903196 10 3 13D Page 26 of 30 Pages
------------------------------ -------------------------------
Pamela Fingerhut has sole power to vote and dispose of 9,000 shares of
Common Stock, representing less than 1.0% of the outstanding shares of Common
Stock.
Item 5(c) is supplemented as follows:
(c) The following transactions occurred within the last 60
days of the filing of this Schedule 13 Amendment No. 3. All the transactions
were open market purchases.
Reporting
Person Date Buy/Sell Quantity Price
------ ---- -------- -------- -----
Barry Fingerhut May 2, 2000 Buy 46,000 $8.2167
Barry Fingerhut May 3, 2000 Buy 22,500 $8.3692
Barry Fingerhut May 4, 2000 Buy 17,500 $8.4643
Barry Fingerhut May 5, 2000 Buy 12,500 $9.0925
Barry Fingerhut May 8, 2000 Buy 17,200 $9.1199
Barry Fingerhut May 9, 2000 Buy 2,500 $8.5000
Barry Fingerhut May 10, 2000 Buy 4,200 $8.3512
Barry Fingerhut May 11, 2000 Buy 11,000 $8.9290
Pamela Fingerhut May 16, 2000 Buy 3,000 $8.9092
Pamela Fingerhut May 17, 2000 Buy 1,000 $8.5000
Pamela Fingerhut May 18, 2000 Buy 4,000 $8.7813
Pamela Fingerhut May 19, 2000 Buy 1,000 $9.0000
Item 7 is hereby amended to read as follows:
Item 7. Material to be Filed as Exhibits.
1. Joint Filing Agreement, as amended, dated June 5, 2000.
<PAGE>
------------------------------ -------------------------------
CUSIP No. 903196 10 3 13D Page 27 of 30 Pages
------------------------------ -------------------------------
SIGNATURES
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: June 5, 2000 WHEATLEY PARTNERS, L.P.
By: Wheatley Partners, LLC,
a General Partner
By: /s/ Irwin Lieber
-----------------------------------
Irwin Lieber, President
/s/ Irwin Lieber
-----------------------------------------
Irwin Lieber
/s/ Barry Fingerhut
-----------------------------------------
Barry Fingerhut
/s/ Pamela Fingerhut
-----------------------------------------
Pamela Fingerhut
/s/ Seth Lieber
-----------------------------------------
Seth Lieber
/s/ Jonathan Lieber
-----------------------------------------
Jonathan Lieber
/s/ Dana Lieber
-----------------------------------------
Dana Lieber
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners, LLC, a General
Partner
By: /s/ Irwin Lieber
--------------------------------------
Irwin Lieber, President
SENECA VENTURES
By: /s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein, a General Partner
WOODLAND PARTNERS
By: /s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein, a General Partner
WOODLAND VENTURE FUND
By: /s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, a General Partner
<PAGE>
------------------------------ -------------------------------
CUSIP No. 903196 10 3 13D Page 28 of 30 Pages
------------------------------ -------------------------------
EXHIBIT INDEX
Exhibit Page
------- ----
A. Joint Filing Agreement, as amended 29
<PAGE>
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CUSIP No. 903196 10 3 13D Page 29 of 30 Pages
------------------------------ -------------------------------
EXHIBIT A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f)(1)(iii) under the Securities
Exchange Act of 1934, as amended, the persons named below agree to the joint
filing on behalf of each of them of an amendment to a Statement on Schedule 13D
dated June 5, 2000 (including amendments thereto) with respect to the Common
Stock of VCampus Corporation (f/k/a UOL Publishing, Inc.). This Joint Filing
Agreement shall be filed as an Exhibit to such statement.
Dated: June 5, 2000 WHEATLEY PARTNERS, L.P.
By: Wheatley Partners, LLC,
a General Partner
By: /s/ Irwin Lieber
-----------------------------------
Irwin Lieber, President
WHEATLEY PARTNERS LLC
/s/ Irwin Lieber
-----------------------------------------
Irwin Lieber, President
/s/ Barry Rubenstein
-----------------------------------------
Barry Rubenstein
/s/ Irwin Lieber
-----------------------------------------
Irwin Lieber
/s/ Barry Fingerhut
-----------------------------------------
Barry Fingerbut
/s/ Pamela Fingerhut
-----------------------------------------
Pamela Fingerhut
/s/ Seth Lieber
-----------------------------------------
Seth Lieber
/s/ Jonathan Lieber
-----------------------------------------
Jonathan Lieber
/s/ Marilyn Rubenstein
-----------------------------------------
Marilyn Rubenstein
/s/ Dana Lieber
-----------------------------------------
Dana Lieber
WHEATLEY MANAGEMENT LTD.
By: /s/ Irwin Lieber
--------------------------------------
Irwin Lieber, President
<PAGE>
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CUSIP No. 903196 10 3 13D Page 30 of 30 Pages
------------------------------ -------------------------------
WHEATLEY FOREIGN PARTNERS, L.P.
By: Wheatley Partners, LLC, a General
Partner
By:/s/ Irwin Lieber
--------------------------------------
Irwin Lieber, President
SENECA VENTURES
By:/s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein, a General Partner
WOODLAND PARTNERS
By: /s/ Barry Rubenstein
-------------------------------------
Barry Rubenstein, a General Partner
WOODLAND VENTURE FUND
By: /s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, a General Partner
WOODLAND SERVICES CORP.
By: /s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein, President
