UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person*
(Last, First Middle): Glacier Capital Limited
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(Street): Hunkins Waterfront Plaza, Main Street, P.O. Box 556
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(City, State, Zip) Charlestown, Nevis, West Indies
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2. Issuer Name and Ticker or Trading Symbol
YES! Entertainment Corporation (YESS)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year October 1998
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[ ] Director [ X ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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7. Individual or Joint/Group Filing (Check applicable line)
[X ] Form filed by one Reporting Person
[ ] Form filed by more than one Reporting Person
* If the form is filed by more than one reporting person,
see Instruction 4(b)(v).
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
4.
Securities Acquired (A) or
3. Disposed of (D)
Transaction (Instr. 3, 4 and 5)
2. Code -----------------------------
1. Transaction (Instr. 8) (A)
Title of Security Date ------------ Amount or Price
(Instr. 3) (mm/dd/yy) Code V (D)
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<S> <C> <C> <C> <C> <C> <C>
(1)
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<PAGE>
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Table I (cont.) -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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5. 6. Owner-
Amount of ship
Securities Form: 7.
Beneficially Direct Nature of
Owned at End (D) or Indirect
1. of Month Indirect Beneficial
Title of Security (Instr. 3 (I) Ownership
(Instr. 3) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C>
(1)
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
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Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
6.
Date
5. Exercisable and
2. 4. Number of Derivative Expiration Date
1. Conversion or Transaction Securities Acquired (A) (Month/Day/Year)
Title of Exercise 3. Code or Disposed of (D) ----------------
Derivative Price of Transaction (Instr. 8) (Instr. 3, 4 and 5) Date Expira-
Security Derivative Date (Month/ ------ ----------------------- Exer- tion
(Instr. 3) Security Day/Year) Code V (A) (D) cisable Date
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
(1)Series B Convertible
Preferred Stock (1) 9/2/98 S 38,061 Immed. (5) 4/30/02
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(2)Series C Convertible
Preferred Stock (2) 9/2/98 P 35,216 Immed. (6) 4/30/02
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(3)5% Convertible (3) 9/2/98 S 190,831.72 Immed. (7) 4/30/02
Debentures due
April 30, 2002
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(4)5% Convertible
Debentures due
April 30, 2002 (4) 9/2/98 P 189,494.20 Immed. (8) 4/30/02
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<PAGE>
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Table II (cont.) -- Derivative Securities Acquired, Disposed of, or Beneficially
Owned (e.g., puts, calls, warrants, options, convertible securities)
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7.
Title and Amount
of Underlying
Securities 9. 10.
(Instr. 3 and 4) Number of Ownership
---------------- Derivative Form of 11.
1. Amount 8. Securities Derivative Nature of
Title of or Price of Beneficially Security: Indirect
Derivative Number Derivative Owned Direct (D) Beneficial
Security of Security at End of Month or Indirect Ownership
(Instr. 3) Title Shares (Instr. 5) (Instr.4) (I) (Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C>
(1)Series B Convertible
Preferred Stock Common Stock (9) (13) 0 D
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(2)Series C Convertible
Preferred Stock Common Stock (10) (14) 35,216.00 D
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(3)5% Convertible
Debentures due
April 30, 2002 Common Stock (11) (15) 0 D
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(4)5% Convertible
Debentures due
April 30, 2002 Common Stock (12) (16) 189,494.20 D
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</TABLE>
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Explanation of Responses:
(1) See definition of Conversion Price set forth in the Certificate of
Designation of Series B Convertible Preferred Stock of YES! Entertainment
Corporation.
(2) See definition of Conversion Price set forth in the Amended Certificate of
Designation of Series C Convertible Preferred Stock of YES! Entertainment
Corporation.
(3) See definition of Conversion Price set forth in the YES! Entertainment
Corporation 5% Convertible Debenture due April 30, 2002 (See column 1(3)).
(4) See definition of Conversion Price set forth in the YES! Entertainment
Corporation 5% Convertible Debenture due April 30, 20002 (See column 1(4)).
(5) Conversion is subject to an Issuable Maximum (as defined in the Certificate
of Designation of Series B Convertible Preferred Stock of YES! Entertain-
ment Corporation).
(6) Conversion is subject to an Issuable Maximum (as defined in the Amended
Certificate of Designation of Series C Perferred Stock of YES! Entertain-
ment Corporation).
(7) Conversion is subject to an Issuable Maximum (as defined in the YES!
Entertainment Corporation 5% Convertible Debenture due April 30, 2002
(See column 1(3)).
(8) Conversion is subject to an Issuable Maximum (as defined in the YES
Entertainment Corporation 5% Convertible Debenture due April 30, 2002
(See column 1(4)).
(9) Amount of underlying shares fluctuates according to the Conversion Ratio
(as defined in the Certificate of Designation of Series B Convertible
Preferred Stock of YES! Entertrainment Corporation).
(10) Amount of underlying shares fluctuates according to the Conversion Ratio
(as defined in the Amended Certificate of Designation of Series C Converti-
ble Preferred Stock of YES! Entertainment Corporation).
(11) Amount of underlying shares fluctuates according to the Conversion Ratio
(as defined in the YES! Entertainment Corporation 5% Convertible Debenture
due April 30, 2002 (see column 1(3)).
(12) Amount of underlying shares fluctuates according to the Conversion Ratio
(as defined in the YES! Entertainment Corporation 5% Convertible Debenture
due April 30, 2002 (see column 1(4).
(13) Exchanged for 35,216 shares of Series C Convertible Preferred Stock.
(14) Received in exchange for 38,061 shares of Series B Convertible Preferred
Stock.
(15) Exchanged for 5% Convertible Debentures due April 30, 2002 (see column
1(3)).
(16) Received in exchange for 5% Convertible Debentures due April 30, 2002
(see column 1(4)).
/s/Stuart J. Chasanoff October 9, 1998
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**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, see Instruction 6 for procedures.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB number.
