SC 13D/A 1 dsc13da.htm AMENDMENT NO. 1 TO SCHEDULE 13D Amendment No. 1 to Schedule 13D

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

 

SCHEDULE 13D

(Rule 13d-101)

 

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a)

AND AMENDMENTS THERETO FILED PURSUANT RULE 13d-2(a)

(Amendment No. 1)

 

 

 

 

Innotrac Corporation

(Name of Issuer)

 

 

Common Stock

(Title of Class of Securities)

 

 

45767M109

(CUSIP Number)

 

 

Steven L. Wasserman, Chernett Wasserman Yarger Pasternak L.L.C.

1301 East 9th Street, Suite 3300, Cleveland, OH 44114, (216) 737-5000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

 

 

August 18, 2003

(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.

 

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).

 

 

 

Page 1 of 8

SCHEDULE 13D

 

CUSIP No. 45767M109    Page 2 of 8
      
1   

NAME OF REPORTING PERSON

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

 

IPOF Fund

2   

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)    ¨

(b)    ¨

3    SEC USE ONLY
4    SOURCE OF FUNDS
5   

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)

¨

6   

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Ohio

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

    7   

SOLE VOTING POWER

 

2,969,000

   8    SHARED VOTING POWER
   9   

SOLE DISPOSITIVE POWER

 

2,969,000

   10    SHARED DISPOSITIVE POWER
11   

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

2,969,000

12   

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) SHARES EXCLUDES CERTAIN

¨

13   

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

25.5%

14   

TYPE OF REPORTING PERSON*

 

PN

SCHEDULE 13D

 

CUSIP No. 45767M109    Page 3 of 8
      
1   

NAME OF REPORTING PERSON

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

 

David Dadante

2   

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)    ¨

(b)    ¨

3    SEC USE ONLY
4    SOURCE OF FUNDS
5   

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)

¨

6   

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States of America

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

    7    SOLE VOTING POWER
   8   

SHARED VOTING POWER

 

2,969,000

   9    SOLE DISPOSITIVE POWER
   10   

SHARED DISPOSITIVE POWER

 

2,969,000

11   

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

2,969,000

12   

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) SHARES EXCLUDES CERTAIN

¨

13   

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

25.5%

14   

TYPE OF REPORTING PERSON*

 

IN

CUSIP No. 45767M109   Page 4 of 8

 

 

This Schedule 13D is filed on behalf of IPOF Fund (the “Fund”), an Ohio limited partnership, and David Dadante, the general partner of IPOF Fund, relating to shares of common stock, par value $0.10 per share, of Innotrac Corporation, a Georgia corporation (“Innotrac”).

 

Item 3.    Source and Amount of Funds or Other Consideration.

 

Item 3 of Schedule 13D is amended and supplemented as follows:

 

The shares of common stock reported herein as having been acquired by IPOF Fund were acquired for the aggregate purchase price of approximately $5,459,653 (excluding commissions) with working capital of IPOF Fund.

 

Item 5.    Interest in Securities of the Issuer.

 

Items 5(a) and 5(c) of Schedule 13D are amended and supplemented as follows:

 

(a)  According to the most recently available filing with the Securities and Exchange Commission by Innotrac, there are 11,662,030 shares of common stock outstanding.

 

IPOF Fund beneficially owns 2,969,000 shares of common stock, or 25.5% of the outstanding shares of common stock. As general partner of IPOF Fund, Mr. Dadante may be deemed to beneficially own all shares of common stock held by IPOF Fund.

 

(c)  Since the filing of Schedule 13D dated July 30, 2003, IPOF Fund has acquired 708,412 shares of common stock in open market transactions as follows:

 

 

Date

    Number of Shares   

Approximate Per Share Price

(Excluding Commissions)

12/08/2003

    5,700                                $9.50

12/05/2003

    400                                $9.45

12/04/2003

    2,200                                $9.48

12/02/2003

    1,900                                $9.35

12/01/2003

    8,100                                $9.25

11/28/2003

    10,300                                $9.10

11/25/2003

    13,600                                $8.46

11/25/2003

    100                                $9.00

11/21/2003

    4,100                                $8.41

11/20/2003

    2,500                                $8.41

11/20/2003

    1,800                                $8.39

11/18/2003

    400                                $8.44

11/17/2003

    16,500                                $8.40

11/14/2003

    2,900                                $8.39

11/13/2003

    6,000                                $8.39

11/13/2003

    5,400                                $8.34

11/12/2003

    600                                $8.40

CUSIP No. 45767M109   Page 5 of 8

 

 

Date

    Number of Shares   

Approximate Per Share Price

(Excluding Commissions)

11/11/2003

    1,000                                $8.40

11/10/2003

    4,700                                $8.35

11/07/2003

    1,200                                $8.39

11/06/2003

    2,100                                $8.37

11/05/2003

    8,400                                $8.35

11/04/2003

    2,200                                $8.35

11/03/2003

    4,000                                $8.35

10/30/2003

    14,200                                $8.24

10/29/2003

    6,600                                $8.27

10/28/2003

    1,800                                $8.27

10/27/2003

    13,400                                $8.41

10/23/2003

    2,700                                $8.45

10/22/2003

    21,156                                $8.43

10/21/2003

    32,444                                $8.38

10/20/2003

    3,400                                $8.41

10/17/2003

    2,700                                $8.40

10/16/2003

    800                                $8.43

10/15/2003

    300                                $8.49

10/15/2003

    10,300                                $8.44

10/14/2003

    100                                $8.48

10/13/2003

    3,350                                $8.48

10/10/2003

    3,100                                $8.48

10/09/2003

    700                                $8.48

10/09/2003

    7,520                                $8.47

10/08/2003

    16,000                                $8.45

10/06/2003

    100                                $8.36

10/03/2003

    4,131                                $8.35

10/02/2003

    62,719                                $8.24

10/01/2003

    4,953                                $8.15

10/01/2003

    27,977                                $8.16

09/30/2003

    850                                $8.10

09/26/2003

    17,200                                $7.99

09/25/2003

    8,000                                $8.07

09/25/2003

    33,950                                $8.04

09/23/2003

    5,000                                $8.00

09/22/2003

    5,000                                $7.98

09/19/2003

    3,500                                $7.95

09/18/2003

    6,900                                $7.94

09/16/2003

    800                                $7.84

09/15/2003

    1,750                                $7.79

09/12/2003

    700                                $7.68

09/11/2003

    100                                $7.45

09/10/2003

    3,800                                $7.38

09/09/2003

    10,900                                $7.19

09/05/2003

    800                                $7.25

CUSIP No. 45767M109   Page 6 of 8

 

 

Date

    Number of Shares   

Approximate Per Share Price

(Excluding Commissions)

09/04/2003

    7,600                                $7.27

09/03/2003

    4,700                                $7.28

09/02/2003

    51,500                                $7.25

08/29/2003

    250                                $7.17

08/29/2003

    3,900                                $7.15

08/27/2003

    100                                $7.12

08/26/2003

    750                                $6.93

08/25/2003

    3,700                                $6.80

08/22/2003

    8,300                                $6.57

08/21/2003

    800                                $6.53

08/21/2003

    1,000                                $6.59

08/20/2003

    3,900                                $6.58

08/20/2003

    7,800                                $6.55

08/18/2003

    42,900                                $6.45

08/18/2003

    102,512                                $6.53

08/07/2003

    14,900                                $6.45

08/06/2003

    8,000                                $6.45

 

Since the filing of Schedule 13D, IPOF Fund has sold 102,200 shares of common stock in open market transactions as follows:

 

 

Date

    Number of Shares   

Approximate Per Share Price

(Excluding Commissions)

11/10/2003

    10,000                                $8.38

10/29/2003

    7,900                                $8.28

10/20/2003

    2,600                                $8.50

10/15/2003

    10,000                                $8.48

10/14/2003

    3,000                                $8.48

09/25/2003

    25,000                                $8.04

08/21/2003

    43,700                                $6.58

 

 

Item 6.    Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

 

Item 6 of Schedule 13D is amended and supplemented as follows:

 

On November 21, 2003, Innotrac amended its Rights Agreement with Suntrust Bank to provide that IPOF Fund and Mr. Dadante will not trigger the poison pill under the Rights Agreement unless or until IPOF Fund acquires more that 40% of Innotrac’s outstanding stock or ceases to hold its common stock without any intention of changing or influencing control of Innotrac. Innotrac’s prior amendment to the Rights Agreement had increased the trigger percentage applicable to IPOF Fund and Mr. Dadante to 25%.

CUSIP No. 45767M109    Page 7 of 8

 

 

In connection with the amendment to the Rights Agreement, on November 24, 2003, Innotrac amended its agreement with Mr. Dadante and IPOF Fund. This amendment is attached as Exhibit 7.3.

 

Item 7.    Material to be Filed as Exhibits.

 

  7.1 Joint Filing Agreement, incorporated by reference to Exhibit 7.1 to Schedule 13D Statement, dated July 30, 2003, filed on behalf of IPOF Fund and David Dadante

 

  7.2 Amendment No. 3 dated November 24, 2003 to the Rights Agreement dated as of December 31, 1997 between Innotrac Corporation and Suntrust Bank, incorporated by reference to Exhibit 4.2(D) of Form 8-A/A of Innotrac Corporation filed on November 25, 2003

 

  7.3 Amendment No. 1 dated as of November 24, 2003 to the Agreement entered into as of August 14, 2003 between IPOF Fund, David Dadante and Innotrac Corporation

 

CUSIP No. 45767M109    Page 8 of 8

 

 

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.

 

Date: December 9, 2003

 

IPOF FUND

/S/    DAVID DADANTE

By:   David Dadante
Its:   General Partner

/S/    DAVID DADANTE

DAVID DADANTE