-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Mh2bDJEvEv18kjaZUby+ipI7G1DtwnpyKq5hBOYl1Uz6o/erXqEQmsPOkZ97GvIX uJBLmcGoxO2G4rj4XhIatg== 0001169232-07-001626.txt : 20070329 0001169232-07-001626.hdr.sgml : 20070329 20070329171846 ACCESSION NUMBER: 0001169232-07-001626 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070329 DATE AS OF CHANGE: 20070329 GROUP MEMBERS: NICHOLAS C. STIASSNI GROUP MEMBERS: STIASSNI CAPITAL, LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: NARROWSTEP INC CENTRAL INDEX KEY: 0001232951 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATION SERVICES, NEC [4899] IRS NUMBER: 331010941 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-81646 FILM NUMBER: 07728522 BUSINESS ADDRESS: STREET 1: 60 PARSONS GREEN LANE CITY: LONDON UK STATE: X0 ZIP: SW6 4HU BUSINESS PHONE: 011442077314242 MAIL ADDRESS: STREET 1: 60 PARSONS GREEN LANE CITY: LONDON STATE: X0 ZIP: SW6 4HU FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: STIASSNI CAPITAL PARTNERS, L.P. CENTRAL INDEX KEY: 0001358323 IRS NUMBER: 550900784 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 3400 PALOS VERDES DR. W CITY: RANCHO PALOS VERDES STATE: CA ZIP: 90275 BUSINESS PHONE: 310-544-0849 MAIL ADDRESS: STREET 1: 3400 PALOS VERDES DR. W CITY: RANCHO PALOS VERDES STATE: CA ZIP: 90275 SC 13G 1 d71447_sc13g.txt SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. __) NARROWSTEP INC. (Name of Issuer) Common Stock (Title of Class of Securities) 631082203 (CUSIP Number) March 2, 2006 (Date of Event Which Requires Filing of this Statement) |_| Rule 13d-1(b) |X| Rule 13d-1(c) |_| Rule 13d-1(d) SCHEDULE 13G - ---------------------------------- ---------------------------------- CUSIP No. 631082203 Page 2 of 10 Pages - ---------------------------------- ---------------------------------- - -------------------------------------------------------------------------------- NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 1 Stiassni Capital Partners, LP EIN: 55-0900784 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |X| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION California - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 0 NUMBER OF ------------------------------------------------------- SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED BY 2,361,000 EACH ------------------------------------------------------- REPORTING 7 SOLE DISPOSITIVE POWER PERSON WITH 0 ------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 2,361,000 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,361,000 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.20% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON PN - -------------------------------------------------------------------------------- SCHEDULE 13G - ---------------------------------- ---------------------------------- CUSIP No. 631082203 Page 3 of 10 Pages - ---------------------------------- ---------------------------------- - -------------------------------------------------------------------------------- NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 1 Stiassni Capital, LLC EIN: 55-0900777 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |X| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION California - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 0 NUMBER OF ------------------------------------------------------- SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED BY 2,361,000, all of which are held by Stiassni EACH Capital Partners, LP (the "Fund"). Stiassni REPORTING Capital, LLC ("LLC") is the general partner of PERSON the Fund. WITH ------------------------------------------------------- 7 SOLE DISPOSITIVE POWER 0 ------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 2,361,000, all of which are held by the Fund. - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,361,000 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.20% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON IA - -------------------------------------------------------------------------------- SCHEDULE 13G - ---------------------------------- ---------------------------------- CUSIP No. 631082203 Page 4 of 10 Pages - ---------------------------------- ---------------------------------- - -------------------------------------------------------------------------------- NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 1 Nicholas C. Stiassni - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |X| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION USA - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 0 NUMBER OF ------------------------------------------------------- SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED BY 2,361,000, all of which are held by the Fund. EACH Nicholas C. Stiassni is Managing Member of LLC, REPORTING which is the general partner of the Fund. PERSON WITH ------------------------------------------------------- 7 SOLE DISPOSITIVE POWER 0 ------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 2,361,000, all of which are held by the Fund. Nicholas C. Stiassni is Managing Member of LLC, which is the general partner of the Fund. - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,361,000 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.20% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON IN - -------------------------------------------------------------------------------- SCHEDULE 13G - ---------------------------------- ---------------------------------- CUSIP No. 631082203 Page 5 of 10 Pages - ---------------------------------- ---------------------------------- Item 1. Issuer. (a) The name of the issuer is Narrowstep Inc. (the "Issuer"). (b) The address of the Issuer's principal executive office is Battersea Studios, 80 Silverthorne Road, London SW8 3HE, United Kingdom. Item 2. Reporting Person and Security. (a) Stiassni Capital Partners, LP (the "Fund") is a private investment limited partnership organized under California law. The general partner of the Fund is Stiassni Capital, LLC ("LLC"), a California limited liability company. Nicholas C. Stiassni is the Managing Member of LLC. The Fund, LLC and Nicholas C. Stiassni are referred to herein as the "Reporting Persons." (b) The business address of the Fund, LLC and Nicholas C. Stiassni is 3400 Palos Verdes Drive West, Rancho Palos Verdes, California 90275. (c) The Fund is a California limited partnership. LLC, its general partner, is a California limited liability company. (d) The title of the class of securities to which this statement relates is the common stock of the Issuer, par value $0.000001 per share (the "Common Stock"). (e) The CUSIP number is 631082203. Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b) or 13d-2(b) or (c), Check Whether the Person Filing is a: (a) [ ] Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o). (b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c). (c) [ ] Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c). (d) [ ] Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) [ ] An investment adviser in accordance with ss. 240.13d-1(b)(1)(ii)(E). (f) [ ] An employee benefit plan or endowment fund in accordance with ss. 240.13d-1(b)(1)(ii)(F). (g) [ ] A parent holding company or control person in accordance with ss. 240.13d-1(b)(1)(ii)(G). SCHEDULE 13G - ---------------------------------- ---------------------------------- CUSIP No. 631082203 Page 6 of 10 Pages - ---------------------------------- ---------------------------------- (h) [ ] A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813). (i) [ ] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3). (j) [ ] Group, in accordance with ss. 240.13d-1(b)(1)(ii)(J). Not Applicable. Item 4. Ownership. On March 2, 2007, the Fund acquired a warrant to purchase 175,000 shares of Common Stock and a 12% Mandatorily Convertible Note of the Issuer. The Fund has beneficial ownership of the shares underlying the warrant but not the shares underlying the note. The Fund also held 2,186,000 shares of Common Stock that it had acquired in the open market. LLC owned no securities of the Issuer directly. Nicholas C. Stiassni owned no securities of the Issuer directly. The right to vote and the right to dispose of the shares beneficially owned by the Fund are shared among the Fund and both LLC and Nicholas C. Stiassni. Assuming that the Issuer had 45,248,974 shares of Common Stock outstanding as of March 2, 2007, which is the number represented by the Issuer as outstanding as of November 30, 2006, as reported on its Form 10-QSB filed on January 16, 2007, the individual Reporting Persons had beneficial ownership of the following numbers of shares of Common Stock which represented the following percentages of the Common Stock outstanding: Shares Owned Percentage* ------------ ----------- The Fund 2,361,000 5.20% LLC 2,361,000 5.20% Nicholas C. Stiassni 2,361,000 5.20% *Calculated as if 175,000 shares covered by the warrant referred to above were outstanding. SCHEDULE 13G - ---------------------------------- ---------------------------------- CUSIP No. 631082203 Page 7 of 10 Pages - ---------------------------------- ---------------------------------- Item 5. Ownership of Five Percent or Less of a Class. If this Schedule is being filed to report the fact that as of the date hereof the Reporting Person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [__] 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 or Control Person. 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. Certifications. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. SCHEDULE 13G - ---------------------------------- ---------------------------------- CUSIP No. 631082203 Page 8 of 10 Pages - ---------------------------------- ---------------------------------- 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: March 28, 2007 STIASSNI CAPITAL PARTNERS, LP By: STIASSNI CAPITAL, LLC, its general partner By: /s/ Nicholas C.Stiassni ----------------------- Nicholas C. Stiassni, Managing Member Dated: March 28, 2007 STIASSNI CAPITAL, LLC By: /s/ Nicholas C.Stiassni ----------------------- Nicholas C. Stiassni, Managing Member Dated: March 28, 2007 /s/ Nicholas C.Stiassni ----------------------- Nicholas C. Stiassni SCHEDULE 13G - ---------------------------------- ---------------------------------- CUSIP No. 631082203 Page 9 of 10 Pages - ---------------------------------- ---------------------------------- EXHIBIT INDEX Exhibit A Agreement of Joint Filing SCHEDULE 13G - ---------------------------------- ---------------------------------- CUSIP No. 631082203 Page 10 of 10 Pages - ---------------------------------- ---------------------------------- EXHIBIT A AGREEMENT OF JOINT FILING The undersigned hereby agree that they are filing jointly pursuant to Rule 13d-1 of the Securities Exchange Act of 1934 a report on Schedule 13G, containing the information required by Schedule 13G, for shares of the common stock of Narrowstep Inc. beneficially owned by Stiassni Capital Partners, LP, Stiassni Capital, LLC and Nicholas C. Stiassni and such other holdings as may be reported therein. Dated: March 28, 2007 STIASSNI CAPITAL PARTNERS, LP By: STIASSNI CAPITAL, LLC, its general partner By: /s/ Nicholas C.Stiassni ----------------------- Nicholas C. Stiassni, Managing Member STIASSNI CAPITAL, LLC By: /s/ Nicholas C.Stiassni ----------------------- Nicholas C. Stiassni, Managing Member /s/ Nicholas C.Stiassni - ----------------------- Nicholas C. Stiassni -----END PRIVACY-ENHANCED MESSAGE-----