-----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, TRBvcOTBC0aI9v7YBuJT9C0zjUQ96KisxTPDscVWAZRD1T8TFVjcpmG+nmvO+I82 cKZANrwXeDPQ2yJCPi+lMg== 0000921895-98-000382.txt : 19980506 0000921895-98-000382.hdr.sgml : 19980506 ACCESSION NUMBER: 0000921895-98-000382 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19980505 SROS: NONE SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: IBIS TECHNOLOGY CORP CENTRAL INDEX KEY: 0000855182 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 042987600 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-47263 FILM NUMBER: 98610507 BUSINESS ADDRESS: STREET 1: 32 CHERRY HILL DR CITY: DANVERS STATE: MA ZIP: 01923 BUSINESS PHONE: 5087774247 MAIL ADDRESS: STREET 1: 32 CHERRY HILL DR STREET 2: 32 CHERRY HILL DR CITY: DANVERS STATE: MA ZIP: 01923 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: WHEATLEY PARTNERS L P CENTRAL INDEX KEY: 0001019868 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 80 CUTTERMILL ROAD STREET 2: SUITE 311 CITY: GREAT NECK STATE: NY ZIP: 11021 BUSINESS PHONE: 5167730991 SC 13D/A 1 AMENDMENT NO. 5 SCHEDULE 13D SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 -------------- SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 2)(1) IBIS TECHNOLOGY CORPORATION - -------------------------------------------------------------------------------- (Name of issuer) COMMON STOCK $.008 PAR VALUE - -------------------------------------------------------------------------------- (Title of class of securities) 450909 10 6 - -------------------------------------------------------------------------------- (CUSIP number) STEVEN WOLOSKY, ESQ. OLSHAN GRUNDMAN FROME & ROSENZWEIG 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) April 17, 1998 - -------------------------------------------------------------------------------- (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(b)(3) or (4), check the following box / /. Note. six copies of this statement, including all exhibits, should be filed with the Commission. See Rule 13d-1(a) for other parties to whom copies are to be sent. (Continued on following pages) (Page 1 of 15 Pages) - -------- (1) 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 disclosures provided in a prior cover page. The information required on 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 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). - ---------------------------- ------------------------------- CUSIP No. 450909 10 6 13D Page 2 of 15 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 191,315 shares OWNED BY EACH REPORTING ERSON WITH --------------------------------------------------------------- 8 SHARED VOTING POWER 8,685(1) shares --------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 191,315 shares --------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 8,685(1) shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 200,000(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) 3.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! (1) Includes 8,685 shares of Common Stock held by Wheatley Foreign Partners, L.P. Wheatley Partners, L.P. disclaims beneficial ownership of these shares. - ---------------------------- ------------------------------- CUSIP No. 450909 10 6 13D Page 3 of 15 Pages - ---------------------------- ------------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Barry Rubenstein - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* 00 - -------------------------------------------------------------------------------- 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 0 shares OWNED BY EACH REPORTING PERSON WITH ------------------------------------------------------------------ 8 SHARED VOTING POWER 200,000(1) shares ------------------------------------------------------------------ 9 SOLE DISPOSITIVE POWER 0 shares ------------------------------------------------------------------ 10 SHARED DISPOSITIVE POWER 200,000(1) shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 200,000(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) 3.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! (1) Consists of (i) 191,315 shares of Common Stock held by Wheatley Partners, L.P. and (ii) 8,685 shares of Common Stock held by Wheatley Foreign Partners, L.P. Mr. Rubenstein disclaims beneficial ownership of these shares except to the extent of his respective equity interest therein. - ---------------------------- ------------------------------- CUSIP No. 450909 10 6 13D Page 4 of 15 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* 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 0 shares OWNED BY EACH REPORTING PERSON WITH ---------------------------------------------------------------- 8 SHARED VOTING POWER 200,000(1) shares ---------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 shares ---------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 200,000(1) shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 200,000(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) 3.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! (1) Consists of (i) 191,315 shares of Common Stock held by Wheatley Partners, L.P. and (ii) 8,685 shares of Common Stock held by Wheatley Foreign Partners, L.P. Mr. Lieber disclaims beneficial ownership of these shares except to the extent of his respective equity interest therein. - ---------------------------- ------------------------------- CUSIP No. 450909 10 6 13D Page 5 of 15 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* 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 0 shares OWNED BY EACH REPORTING PERSON WITH ---------------------------------------------------------------- 8 SHARED VOTING POWER 200,000(1) shares ---------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 shares ---------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 200,000(1) shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 200,000(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) 3.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! (1) Consists of (i) 191,315 shares of Common Stock held by Wheatley Partners, L.P. and (ii) 8,685 shares of Common Stock held by Wheatley Foreign Partners, L.P. Mr. Fingerhut disclaims beneficial ownership of these shares except to the extent of his respective equity interest therein. - ---------------------------- ------------------------------- CUSIP No. 450909 10 6 13D Page 6 of 15 Pages - ---------------------------- ------------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Wheatley Partners, LLC - -------------------------------------------------------------------------------- 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 0 shares OWNED BY EACH REPORTING PERSON WITH ---------------------------------------------------------------- 8 SHARED VOTING POWER 200,000(1) shares ---------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 shares ---------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 200,000(1) shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 200,000(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) 3.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! (1) Consists of (i) 191,315 shares of Common Stock held by Wheatley Partners, L.P. and (ii) 8,685 shares of Common Stock held by Wheatley Foreign Partners, L.P. Wheatley Partners, LLC disclaims beneficial ownership of these shares except to the extent of its respective equity interest therein. - ---------------------------- ------------------------------- CUSIP No. 450909 10 6 13D Page 7 of 15 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* 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 0 shares OWNED BY EACH REPORTING PERSON WITH ---------------------------------------------------------------- 8 SHARED VOTING POWER 200,000(1) shares ---------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 shares ---------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 200,000(1) shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 200,000(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) 3.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! (1) Consists of (i) 191,315 shares of Common Stock held by Wheatley Partners, L.P. and (ii) 8,685 shares of Common Stock held by Wheatley Foreign Partners, L.P. Mr. Lieber disclaims beneficial ownership of these shares except to the extent of his respective equity interest therein. - ---------------------------- ------------------------------- CUSIP No. 450909 10 6 13D Page 8 of 15 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* 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 0 shares OWNED BY EACH REPORTING PERSON WITH ---------------------------------------------------------------- 8 SHARED VOTING POWER 200,000(1) shares ---------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 shares ---------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 200,000(1) shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 200,000(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) 3.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! (1) Consists of (i) 191,315 shares of Common Stock held by Wheatley Partners, L.P. and (ii) 8,685 shares of Common Stock held by Wheatley Foreign Partners, L.P. Mr. Lieber disclaims beneficial ownership of these shares except to the extent of his respective equity interest therein. - ---------------------------- ------------------------------- CUSIP No. 450909 10 6 13D Page 9 of 15 Pages - ---------------------------- ------------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Matthew A. Smith - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* 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 0 shares OWNED BY EACH REPORTING PERSON WITH ---------------------------------------------------------------- 8 SHARED VOTING POWER 200,000(1) shares ---------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 shares ---------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 200,000(1) shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 200,000(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) 3.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! (1) Consists of (i) 191,315 shares of Common Stock held by Wheatley Partners, L.P. and (ii) 8,685 shares of Common Stock held by Wheatley Foreign Partners, L.P. Mr. Smith disclaims beneficial ownership of these shares except to the extent of his respective equity interest therein. - ---------------------------- ------------------------------- CUSIP No. 450909 10 6 13D Page 10 of 15 Pages - ---------------------------- ------------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Wheatley Management Ltd. - -------------------------------------------------------------------------------- 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 Cayman Islands, B.W.I. - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 0 shares OWNED BY EACH REPORTING PERSON WITH ---------------------------------------------------------------- 8 SHARED VOTING POWER 8,685(1) shares ---------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 0 shares ---------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 8,685(1) shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,685(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* OO ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! (1) Consists of 8,685 shares of Common Stock held by Wheatley Foreign Partners, L.P. Wheatley Management, Ltd. disclaims beneficial ownership of these shares, except to the extent of its equity interest therein. - ---------------------------- ------------------------------- CUSIP No. 450909 10 6 13D Page 11 of 15 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 8,685 shares OWNED BY EACH REPORTING PERSON WITH ---------------------------------------------------------------- 8 SHARED VOTING POWER 191,315(1) shares ---------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 8,685 shares ---------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 191,315(1) shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 200,000(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) 3.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! (1) Includes 191,315 shares of Common Stock held by Wheatley Partners, L.P. Wheatley Foreign Partners, L.P. disclaims beneficial ownership of these shares. - ---------------------------- ------------------------------- CUSIP No. 450909 10 6 13D Page 12 of 15 Pages - ---------------------------- ------------------------------- The following constitutes Amendment No. 2 ("Amendment No. 2") to Schedule 13D filed by the undersigned. As a result of the filing of this Amendment No. 2, the Reporting Persons no longer beneficially own more than 5% of the outstanding shares of Common Stock of the Issuer. This Amendment No. 2 amends the Schedule 13D as specifically set forth. Item 5. is hereby amended to read in its entirety as follows: Item 5. Interest in Securities of the Issuer. (a) The following table sets forth the aggregate number and percentage (based on 6,705,340 shares of Common Stock outstanding as of March 11, 1998 as reported by the Issuer in its Form 10-K for the fiscal year ended December 31, 1997) of Common Stock beneficially owned by each Reporting Person named in Item 2 of Schedule 13D. Percentage of Shares of Common Shares of Common Stock Stock Name Beneficially Owned Beneficially Owned - ---- ------------------ ------------------ Wheatley Partners, L.P.(1) 200,000 3.0% Barry Rubenstein(2) 200,000 3.0% Irwin Lieber(2) 200,000 3.0% Barry Fingerhut(2) 200,000 3.0% Wheatley Partners, LLC(2) 200,000 3.0% Seth Lieber(2) 200,000 3.0% Jonathan Lieber(2) 200,000 3.0% Matthew A. Smith(2) 200,000 3.0% Wheatley Management Ltd.(2) 8,685 0.1% Wheatley Foreign Partners, L.P.(3) 200,000 3.0% - --------------------- (1) Includes 8,685 shares of Common Stock held by Wheatley Foreign. Wheatley disclaims beneficial ownership of these shares. (2) The Reporting Person disclaims beneficial ownership of these shares except to the extent of his or its respective equity interest in Wheatley and/or Wheatley Foreign. (3) Includes 191,315 shares of Common Stock held by Wheatley. Wheatley Foreign disclaims beneficial ownership of these shares. (b) Wheatley has sole power to vote and dispose of 191,315 shares of Common Stock, representing approximately 2.9% of the outstanding shares of Common Stock and may be deemed to have shared power to vote and dispose of 8,685 shares of Common Stock, representing less than 1% of the outstanding shares of Common Stock. By virtue of being the general partner of Wheatley and a general partner of Wheatley Foreign, Wheatley LLC may be deemed to have shared power to vote and dispose of 200,000 shares of Common Stock, representing approximately 3.0% of the outstanding shares of Common Stock. By virtue of each being a member and an officer of Wheatley LLC, each of Barry Rubenstein, Irwin Lieber, Barry Fingerhut, Seth Lieber, Jonathan Lieber and - ---------------------------- ------------------------------- CUSIP No. 450909 10 6 13D Page 13 of 15 Pages - ---------------------------- ------------------------------- Matthew A. Smith may be deemed to have shared power to vote and dispose of 200,000 shares of Common Stock, representing approximately 3.0% of the outstanding shares of Common Stock. Wheatley Foreign has sole power to vote and dispose of 8,685 shares of Common Stock representing less than 1% of the outstanding shares of Common Stock and may be deemed to have shared power to vote and dispose of 191,315 shares of Common Stock, representing approximately 2.9% of the outstanding shares of Common Stock. By virtue of being a general partner of Wheatley Foreign, Wheatley Management may be deemed to have shared power to vote and dispose of 8,685 shares of Common Stock representing less than 1% of the outstanding shares of Common Stock. (c) The following table sets forth a description of all transactions in shares of Common Stock of the Issuer by the Reporting Persons identified in Item 2 of this Schedule 13D effected in the last sixty days. Number of Per Share Reporting Person Sale Date Shares Sold Sale Price ---------------- --------- ----------- ---------- Wheatley 4/17/98 27,651 11.1875 4/17/98 31,061 11.125 4/20/98 9,217 10.9375 4/21/98 23,964 11.000 4/22/98 27,651 10.75 4/22/98 5,530 10.875 4/23/98 29,033 11.00 Wheatley Foreign 4/17/98 2,349 11.1875 4/17/98 2,639 11.125 4/20/98 783 10.9375 4/21/98 2,036 11.00 4/22/98 2,349 10.75 4/22/98 470 10.875 4/23/98 2,467 11.00 Wheatley and Wheatley Foreign sold the shares of Common Stock in open market transactions. (d) No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, such shares of Common Stock. (e) The Reporting Persons ceased to be holders of more than five percent of the outstanding shares of Common Stock on April 17, 1998. - ---------------------------- ------------------------------- CUSIP No. 450909 10 6 13D Page 14 of 15 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: May 5, 1998 WHEATLEY PARTNERS, L.P. By: Wheatley Partners, LLC, General Partner By: /s/ Barry Rubenstein --------------------------------- Barry Rubenstein, Chief Executive Officer WHEATLEY PARTNERS, LLC By: /s/ Barry Rubenstein --------------------------------- Barry Rubenstein, Chief Executive Officer /s/ Barry Rubenstein -------------------------------------- Barry Rubenstein /s/ Irwin Lieber -------------------------------------- Irwin Lieber /s/ Barry Fingerhut -------------------------------------- Barry Fingerhut /s/ Seth Lieber -------------------------------------- Seth Lieber /s/ Jonathan Lieber -------------------------------------- Jonathan Lieber /s/ Matthew A. Smith -------------------------------------- Matthew A. Smith - ---------------------------- ------------------------------- CUSIP No. 450909 10 6 13D Page 15 of 15 Pages - ---------------------------- ------------------------------- WHEATLEY MANAGEMENT LTD. By: /s/ Irwin Lieber --------------------------------- Irwin Lieber, President WHEATLEY FOREIGN PARTNERS, L.P. By: Wheatley Partners, LLC, General Partner By: /s/ Barry Rubenstein ---------------------------------- Barry Rubenstein, Chief Executive Officer -----END PRIVACY-ENHANCED MESSAGE-----