-----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, TB4w1FeAZeySsuS1e7rzGDuhQ9qu0fExRCJODo7nAvjCIACcRq3L+E9zwsLzAC+5 VeL7GxUTGparm11Abepgqw== 0000950172-98-000463.txt : 19980512 0000950172-98-000463.hdr.sgml : 19980512 ACCESSION NUMBER: 0000950172-98-000463 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19980511 SROS: NASD GROUP MEMBERS: MR. BRUCE W. SCHNITZER GROUP MEMBERS: WAND (NESTOR) INC. GROUP MEMBERS: WAND NESTOR INC GROUP MEMBERS: WAND PARTNERS (S.C.) INC. GROUP MEMBERS: WAND PARTNERS L.P. GROUP MEMBERS: WAND/NESTOR INVESTMENTS II L.P. GROUP MEMBERS: WAND/NESTOR INVESTMENTS III L.P. GROUP MEMBERS: WAND/NESTOR INVESTMENTS L.P. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: NESTOR INC CENTRAL INDEX KEY: 0000720851 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 133163744 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-35599 FILM NUMBER: 98615584 BUSINESS ADDRESS: STREET 1: ONE RICHMOND SQ CITY: PROVIDENCE STATE: RI ZIP: 02906 BUSINESS PHONE: 4013319640 MAIL ADDRESS: STREET 1: 1 RICHMOND SQUARE CITY: PROVIDENCE STATE: RI ZIP: 02906 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: WAND NESTOR INC CENTRAL INDEX KEY: 0001061414 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: WAND NESTOR INC STREET 2: 630 FIFTH AVENUE SUITE 2435 CITY: NEW YORK STATE: NY ZIP: 10111 BUSINESS PHONE: 2126323795 MAIL ADDRESS: STREET 1: WAND NESTOR INC STREET 2: 630 FIFTH AVENUE SUITE 2435 CITY: NEW YORK STATE: NY ZIP: 10111 SC 13D/A 1 SCHEDULE 13D - AMENDMENT NO. 6 OMB APPROVAL OMB NUMBER: 3235-0145 EXPIRES: AUGUST 31, 1999 ESTIMATED AVERAGE BURDEN HOURS PER RESPONSE . . . . . . . . 14.90 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 6)* Nestor, Inc. - ----------------------------------------------------------------------------- Common Stock, Par Value $.01 - ----------------------------------------------------------------------------- 64107410 - ----------------------------------------------------------------------------- (CUSIP Number) Bruce W. Schnitzer, Wand (Nestor) Inc., 630 Fifth Avenue, Suite 2435, New York, NY 10011 (212) 632-3795 - ----------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) April 28, 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 l3D, 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 l3d-1(a) 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 ("Act") 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). * Copy to: Skadden, Arps, Slate, Meagher & Flom LLP 1440 New York Avenue, N.W. Washington, DC 20005 (202) 371-7000 Attn: Michael Rogan SEC 1746 (10-97) Page 1 of 17 - -- CUSIP No 6410740 - ----------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). WAND/NESTOR INVESTMENTS L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 3. SEC Use Only . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 4. Source of Funds (See Instructions) N/A . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) - ----------------------------------------------------------------------------- 6. Citizenship or Place of Organization DELAWARE . . . . . . . . . . . . - ----------------------------------------------------------------------------- - ----------------------------------------------------------------------------- Number of 7. Sole Voting Power 4,133,011 . . . . . . . . . . . Shares Bene- -------------------------------------------------------------- ficially by 8. Shared Voting Power . . . . . . . . . . . . . . . . . . . Owned by -------------------------------------------------------------- Each 9. Sole Dispositive Power 4,133,011 . . . . . . . . . . . Reporting -------------------------------------------------------------- Person With 10. Shared Dispositive Power . . . . . . . . . . . . . . . . -------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 4,133,011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions ) . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (Il) 23.68% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) PN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 2 of 17 - -- CUSIP No 64107410 - ----------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). WAND/NESTOR INVESTMENTS II L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 3. SEC Use Only . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 4. Source of Funds (See Instructions) N/A . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e ) - ----------------------------------------------------------------------------- 6. Citizenship or Place of Organization DELAWARE . . . . . . . . . . - ----------------------------------------------------------------------------- - ----------------------------------------------------------------------------- Number of 7. Sole Voting Power 440,923 . . . . . . . . . . . Shares Bene- -------------------------------------------------------------- ficially by 8. Shared Voting Power Owned by -------------------------------------------------------------- Each 9. Sole Dispositive Power 440,923 . . . . . . . . . . . Reporting -------------------------------------------------------------- Person With 10. Shared Dispositive Power . . . . . . . . . . . . . . . . -------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 440,923 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions ) . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (Il) 2.70% . . . . . . - ----------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) PN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 3 of 17 - -- CUSIP No 64107410 - ----------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). WAND/NESTOR INVESTMENTS III L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 3. SEC Use Only . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 4. Source of Funds (See Instructions) N/A . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e ) - ----------------------------------------------------------------------------- 6. Citizenship or Place of Organization DELAWARE . . . . . . . . . . - ----------------------------------------------------------------------------- - ----------------------------------------------------------------------------- Number of 7. Sole Voting Power 2,027,218 . . . . . . . . . . Shares Bene- -------------------------------------------------------------- ficially by 8. Shared Voting Power Owned by -------------------------------------------------------------- Each 9. Sole Dispositive Power 2,027,218 . . . . . . . . . . Reporting -------------------------------------------------------------- Person With 10. Shared Dispositive Power . . . . . . . . . . . . . . . . -------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 2,027,218 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions ) . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (Il) 35.99% . . . . . . - ----------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) PN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 4 of 17 - -- CUSIP No 64107410 - ----------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). WAND (NESTOR) INC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 3. SEC Use Only . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 4. Source of Funds (See Instructions) N/A . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e ) - ----------------------------------------------------------------------------- 6. Citizenship or Place of Organization DELAWARE . . . . . . . . . . - ----------------------------------------------------------------------------- - ----------------------------------------------------------------------------- Number of 7. Sole Voting Power 6,601,152 . . . . . . . . . Shares Bene- -------------------------------------------------------------- ficially by 8. Shared Voting Power Owned by -------------------------------------------------------------- Each 9. Sole Dispositive Power 6,601,152 . . . . . . . . . Reporting -------------------------------------------------------------- Person With 10. Shared Dispositive Power . . . . . . . . . . . . . . . . -------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 6,601,152 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions ) . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (Il) 36.02% . . . . . - ----------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) CO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 5 of 17 - -- CUSIP No 64107410 - ----------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). MR. BRUCE W. SCHNITZER . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 3. SEC Use Only . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 4. Source of Funds (See Instructions) N/A. . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 5. Check 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 7. Sole Voting Power 6,813,652 . . . . . . . . . . Shares Bene- -------------------------------------------------------------- ficially by 8. Shared Voting Power Owned by -------------------------------------------------------------- Each 9. Sole Dispositive Power 6,813,652 . . . . . . . . . . Reporting -------------------------------------------------------------- Person With 10. Shared Dispositive Power . . . . . . . . . . . . . . . . -------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 6,183,652 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions ) . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (Il) 36.76% . . . . . - ----------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) IN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 6 of 17 - -- CUSIP No 64107410 - ----------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). WAND PARTNERS L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 3. SEC Use Only . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 4. Source of Funds (See Instructions) N/A . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e ) - ----------------------------------------------------------------------------- 6. Citizenship or Place of Organization DELAWARE . . . . . . . . . . - ----------------------------------------------------------------------------- - ----------------------------------------------------------------------------- Number of 7. Sole Voting Power 207,500 . . . . . . . . . . . Shares Bene- -------------------------------------------------------------- ficially by 8. Shared Voting Power Owned by -------------------------------------------------------------- Each 9. Sole Dispositive Power 207,500 . . . . . . . . . . . Reporting -------------------------------------------------------------- Person With 10. Shared Dispositive Power . . . . . . . . . . . . . . . . -------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 207,500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions ) . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (Il) 1.27% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) IN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 7 of 17 - -- CUSIP No 64107410 - ----------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). WAND PARTNERS (S.C.) INC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 3. SEC Use Only . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 4. Source of Funds (See Instructions) N/A . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e ) - ----------------------------------------------------------------------------- 6. Citizenship or Place of Organization DELAWARE . . . . . . . . . . - ----------------------------------------------------------------------------- - ----------------------------------------------------------------------------- Number of 7. Sole Voting Power 207,500 . . . . . . . . . . . Shares Bene- -------------------------------------------------------------- ficially by 8. Shared Voting Power Owned by -------------------------------------------------------------- Each 9. Sole Dispositive Power 207,500 . . . . . . . . . . . Reporting -------------------------------------------------------------- Person With 10. Shared Dispositive Power . . . . . . . . . . . . . . . . -------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 207,500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions ) . . . . . . . . . . . . . . . . . . . . . . . . . . - ----------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (Il) 1.27% . . . . . - ----------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) CO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 8 of 17 - -- The Statement on Schedule 13D filed on August 15, 1994, and amended on April 18, 1995, July 12, 1995, October 5, 1995, February 13, 1996 and March 12, 1996, with respect to the common stock, par value $.01 per share (the "Common Stock") of Nestor, Inc., a Delaware corporation (the "Company"), is hereby further amended as follows: Item 5. Interest in Securities of the Issuer. - ------------------------------------------------ Item 5(a) is hereby amended as follows: (a) As of the date hereof, as a result of the consummation on April 28, 1998 of the conversion of their shares of Series E, F, G and H Preferred Stock, the Wand/Nestor Partnership, the Wand Nestor II Partnership and the Wand/Nestor III Partnership may each be deemed pursuant to the Exchange Act and the rules and regulations promulgated thereunder to beneficially own, respectively, approximately 23.68%, 2.70%, and 35.99% of the outstanding shares of Common Stock of the Company. In addition, WPI which owns, as general partner, a 49.99% interest in Wand Partners L.P. ("WPLP"), and WPLP, which holds a .1% interest in each of Wand/Nestor Partnership, the Wand Nestor II Partnership and the Wand/Nestor III Partnership, may each be deemed pursuant to the Exchange Act and the rules and regulations promulgated thereunder, by reason of the securities of the Company held directly be WPLP, to beneficially own, respectively, approximately 1.27% of the outstanding shares of Common Stock of the Company. As of the date hereof, as a result of the relationships and stock ownership discussed above, the General Partner and Mr. Schnitzer may each be deemed, pursuant to the Exchange Act and the rules and regulations promulgated thereunder, to beneficially own, respectively, approximately 36.02% and 36.76% of the outstanding shares of Common Stock of the Company. Item 5(b) is hereby amended as follows: (b) The Wand/Nestor Partnership, the Wand/Nestor II Partnership and the Wand/Nestor III Partnership each has sole power to vote or to direct the vote and sole power to dispose or to direct the disposition of the shares of Company Common Stock beneficially owned by it as a consequence of its ownership, of record and beneficially, of Common Stock, Series D Preferred Stock and the several warrants to acquire Common Stock. By virtue of their relationship to the Wand/Nestor Partnership, the Wand/Nestor II Partnership and the Wand/Nestor III Partnership, the General Partner and Mr. Schnitzer may each be deemed to have concurrent indirect power to vote or to direct the vote and to dispose or to direct the disposition of all such shares. In addition, WPI and WPLP may be deemed to have shared voting and dispositive power over the shares underlying the 207,500 warrants owned by WPLP. By virtue of Mr. Schnitzer's relationship to WPI and WPLP, Mr. Schnitzer may be deemed to have concurrent indirect power to vote or to direct the vote and to dispose or to direct the disposition of all such shares beneficially owned by WPLP. Holders of Series D Preferred Stock are entitled to vote on all matters as to which shareholders of the Company are entitled to vote, with each holder entitled to cast a number of votes equal to the greatest number of whole shares of Common Stock into which such holder's shares of Series D Preferred Stock could be converted. Page 9 of 17 - -- Item 5(c) is hereby amended as follows: (c) In connection with the issuance on April 28, 1998 by the Company of equity securities to a third party, on such date, the Wand/Nestor Partnership, the Wand/Nestor II Partnership, and the Wand/Nestor III Partnership converted the following Series of Preferred Stock into shares of Common Stock. Wand/Nestor Partnership converted 527 shares of Series F Preferred Stock into 506,158 shares of Common Stock; 777 shares of Series G Preferred Stock into 739,838 shares of Common Stock; and 1,776 shares of Series H Preferred Stock into 1,510,749 shares of Common Stock. Wand/Nestor II Partnership converted 72 shares of Series F Preferred Stock into 69,152 shares of Common Stock; and 250 shares of Series H Preferred Stock into 212,661 shares of Common Stock. Wand/Nestor III Partnership converted 1,444 shares of Series E Preferred Stock into 1,228,334 shares of Common Stock. The stated value of the Series E, F, G and H Preferred Stock is $1,000 per share; and the conversion price and per annum rate of dividend of: (i) the Series E and Series H Preferred Stock is $1.50 per share and 7% per annum and (ii) the Series F and Series G Preferred Stock is $1.25 per share and 9% per annum. Dividends accrued and unpaid on the shares of Preferred Stock through March 31, 1998 were added to the stated value of such shares. Holders of the Preferred Stock obtained additional shares of Common Stock upon conversion based on an agreed upon premium of 31/2%. In such transaction, holders of Series E, F, G, and H Preferred Stock received from the Company cash for dividends accrued from March 31, 1998 through April 28, 1998. Except for the above-stated transaction, none of the Filing Persons has effected any transactions in Common Stock of the Company during the past 60 days. Page 10 of 17 -- -- SIGNATURE --------- After reasonable inquiry and to the best of its knowledge and belief, the undersigned certifies that the information set forth in this Statement is true, complete and correct. Dated: May 11, 1998 WAND/NESTOR INVESTMENTS L.P. By: Wand (Nestor) Inc., as general partner By: /s/ Bruce W. Schnitzer ---------------------- Name: Bruce W. Schnitzer Title: Chairman Page 11 of 17 -- -- SIGNATURE --------- After reasonable inquiry and to the best of its knowledge and belief, the undersigned certifies that the information set forth in this Statement is true, complete and correct. Dated: May 11, 1998 WAND/NESTOR INVESTMENTS II L.P. By: Wand (Nestor) Inc., as general partner By: /s/ Bruce W. Schnitzer ---------------------- Name: Bruce W. Schnitzer Title: Chairman Page 12 of 17 -- -- SIGNATURE --------- After reasonable inquiry and to the best of its knowledge and belief, the undersigned certifies that the information set forth in this Statement is true, complete and correct. Dated: May 11, 1998 WAND/NESTOR INVESTMENTS III L.P. By: Wand (Nestor) Inc., as general partner By: /s/ Bruce W. Schnitzer ---------------------- Name: Bruce W. Schnitzer Title: Chairman Page 13 of 17 -- -- SIGNATURE --------- After reasonable inquiry and to the best of its knowledge and belief, the undersigned certifies that the information set forth in this Statement is true, complete and correct. Dated: May 11, 1998 WAND (NESTOR) INC. By: /s/ Bruce W. Schnitzer ---------------------- Name: Bruce W. Schnitzer Title: Chairman Page 14 of 17 -- -- SIGNATURE --------- After reasonable inquiry and to the best of its knowledge and belief, the undersigned certifies that the information set forth in this Statement is true, complete and correct. Dated: May 11, 1998 By: /s/ Bruce W. Schnitzer ---------------------- Name: Bruce W. Schnitzer Page 15 of 17 -- -- SIGNATURE --------- After reasonable inquiry and to the best of its knowledge and belief, the undersigned certifies that the information set forth in this Statement is true, complete and correct. Dated: May 11, 1998 WAND PARTNERS (S.C.) INC. By: /s/ Bruce W. Schnitzer ---------------------- Name: Bruce W. Schnitzer Title: Chairman and Treasurer Page 16 of 17 -- -- SIGNATURE --------- After reasonable inquiry and to the best of its knowledge and belief, the undersigned certifies that the information set forth in this Statement is true, complete and correct. Dated: May 11, 1998 WAND PARTNERS L.P. By: Wand Partners (S.C.) Inc. as general partner By: /s/ Bruce W. Schnitzer ---------------------- Name: Bruce W. Schnitzer Title: Chairman and Treasurer Page 17 of 17 -- -- -----END PRIVACY-ENHANCED MESSAGE-----