-----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, EVWwtYX11K/sZNU+aQ5Bh+PNLALPQRRKzxyJrbAsHMFtmDEkqY3d+rJR4dLjitp8 Vmv5fU+6Nrshf6+AmzfUWA== 0000889812-96-000939.txt : 19960724 0000889812-96-000939.hdr.sgml : 19960724 ACCESSION NUMBER: 0000889812-96-000939 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19960723 SROS: NONE GROUP MEMBERS: BARRY RUBENSTEIN GROUP MEMBERS: BRIAN RUBENSTEIN GROUP MEMBERS: MARILYN AND BARRY RUBENSTEIN FAMILY FOUNDATION GROUP MEMBERS: MARILYN RUBENSTEIN GROUP MEMBERS: RUBENSTEIN FAMILY LIMITED PARTNERSHIP GROUP MEMBERS: SENECA VENTURES GROUP MEMBERS: WOODLAND PARTNERS GROUP MEMBERS: WOODLAND SERVICES CORP. GROUP MEMBERS: WOODLAND VENTURE FUND SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: RESTRUCTURING ACQUISITION CORP CENTRAL INDEX KEY: 0000907333 STANDARD INDUSTRIAL CLASSIFICATION: TELEGRAPH & OTHER MESSAGE COMMUNICATIONS [4822] IRS NUMBER: 133717829 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-46477 FILM NUMBER: 96597742 BUSINESS ADDRESS: STREET 1: 555 MADISON AVE 17TH FLR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2128384173 MAIL ADDRESS: STREET 1: 555 MADSION AVENUE CITY: NEW YORK STATE: NY ZIP: 10019 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SENECA VENTURES CENTRAL INDEX KEY: 0001014876 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 68 WHEATLEY RD CITY: BROOKVILLE STATE: NY ZIP: 11545 BUSINESS PHONE: 2127358600 SC 13D 1 GENERAL STATEMENT OF BENEFICIAL OWNERSHIP SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 S C H E D U L E 13D Under the Securities Exchange Act of 1934 (Amendment No. 1)* RESTRUCTURING ACQUISITION CORPORATION (Name of Issuer) COMMON STOCK, $0.001 PAR VALUE (Title of Class of Securities) 76126P103 (CUSIP Number) Copy to: Stephen A. Cohen, Esq. Seneca Ventures Morrison Cohen Singer & Weinstein, LLP 68 Wheatley Road 750 Lexington Avenue, Brookville, New York 11545 New York, New York 10022 Telephone (516) 626-3070 Telephone (212) 735-8600 (Name, Address and Telephone Number of Persons Authorized to Receive Notices and Communications) July 9, 1996 (Date of Event which Requires Filing 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 space ____. Check the following space if a fee is being paid with the statement ____. (A fee is not required only if the reporting person: (1) has a previous statement on file reporting beneficial ownership of more than five percent of the class of securities described in Item 1; and (2) has filed no amendment subsequent thereto reporting beneficial ownership of five percent or less of such class.) (See Rule 13d-7.) 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. *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). (Continued on following page(s)) - 1 of 19 - CUSIP No. 76126P103 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Woodland Partners - -------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group* (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source of Funds* WC, OO - -------------------------------------------------------------------------------- 5 Check Box if Disclosure of Legal Proceedings is Required / / - -------------------------------------------------------------------------------- 6 Citizenship or Place of Organization New York - -------------------------------------------------------------------------------- 7 Sole Voting Power 0 shares 0% Number of Shares --------------------------------------------------------- Beneficially 8 Shared Voting Power Owned By 0 shares 0% Each --------------------------------------------------------- Reporting 9 Sole Dispositive Power Person 0 shares 0% With --------------------------------------------------------- 10 Shared Dispositive Power 0 shares 0% - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 0 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% - -------------------------------------------------------------------------------- 14 Type of Reporting Person* PN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - 2 of 19 - CUSIP No. 76126P103 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Barry Rubenstein - -------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group* (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source of Funds* PF, OO - -------------------------------------------------------------------------------- 5 Check Box if Disclosure of Legal Proceedings is Required / / - -------------------------------------------------------------------------------- 6 Citizenship or Place of Organization United States - -------------------------------------------------------------------------------- 7 Sole Voting Power Number of 0 shares 0% Shares Beneficially --------------------------------------------------------- Owned By 8 Shared Voting Power Each 0 shares 0% Reporting --------------------------------------------------------- Person 9 Sole Dispositive Power With 0 shares 0% --------------------------------------------------------- 10 Shared Dispositive Power 0 shares 0% - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 0 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% - -------------------------------------------------------------------------------- 14 Type of Reporting Person* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - 3 of 19 - CUSIP No. 76126P103 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Marilyn Rubenstein - -------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group* (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source of Funds* OO - -------------------------------------------------------------------------------- 5 Check Box if Disclosure of Legal Proceedings is Required / / - -------------------------------------------------------------------------------- 6 Citizenship or Place of Organization United States - -------------------------------------------------------------------------------- 7 Sole Voting Power Number of 0 shares 0% Shares Beneficially --------------------------------------------------------- Owned By 8 Shared Voting Power Each 0 shares 0% Reporting --------------------------------------------------------- Person 9 Sole Dispositive Power With 0 shares 0% --------------------------------------------------------- 10 Shared Dispositive Power 0 shares 0% - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 0 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% - -------------------------------------------------------------------------------- 14 Type of Reporting Person* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - 4 of 19 - CUSIP No. 76126P103 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person The Marilyn and Barry Rubenstein Family Foundation - -------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group* (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source of Funds* OO - -------------------------------------------------------------------------------- 5 Check Box if Disclosure of Legal Proceedings is Required / / - -------------------------------------------------------------------------------- 6 Citizenship or Place of Organization New York - -------------------------------------------------------------------------------- 7 Sole Voting Power Number of 0 shares 0% Shares Beneficially --------------------------------------------------------- Owned By 8 Shared Voting Power Each 0 shares 0% Reporting --------------------------------------------------------- Person 9 Sole Dispositive Power With 0 shares 0% --------------------------------------------------------- 10 Shared Dispositive Power 0 shares 0% - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 0 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% - -------------------------------------------------------------------------------- 14 Type of Reporting Person* OO ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - 5 of 19 - CUSIP No. 76126P103 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Woodland Venture Fund - -------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group* (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source of Funds* WC, OO - -------------------------------------------------------------------------------- 5 Check Box if Disclosure of Legal Proceedings is Required / / - -------------------------------------------------------------------------------- 6 Citizenship or Place of Organization New York - -------------------------------------------------------------------------------- 7 Sole Voting Power Number of 0 shares 0% Shares Beneficially --------------------------------------------------------- Owned By 8 Shared Voting Power Each 0 shares 0% Reporting --------------------------------------------------------- Person 9 Sole Dispositive Power With 0 shares 0% --------------------------------------------------------- 10 Shared Dispositive Power 0 shares 0% - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 0 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% - -------------------------------------------------------------------------------- 14 Type of Reporting Person* PN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - 6 of 19 - CUSIP No. 76126P103 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Seneca Ventures - -------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group* (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source of Funds* WC, OO - -------------------------------------------------------------------------------- 5 Check Box if Disclosure of Legal Proceedings is Required / / - -------------------------------------------------------------------------------- 6 Citizenship or Place of Organization New York - -------------------------------------------------------------------------------- 7 Sole Voting Power Number of 0 shares 0% Shares Beneficially --------------------------------------------------------- Owned By 8 Shared Voting Power Each 0 shares 0% Reporting --------------------------------------------------------- Person 9 Sole Dispositive Power With 0 shares 0% --------------------------------------------------------- 10 Shared Dispositive Power 0 shares 0% - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 0 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% - -------------------------------------------------------------------------------- 14 Type of Reporting Person* PN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - 7 of 19 - CUSIP No. 76126P103 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Woodland Services Corp. - -------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group* (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source of Funds* OO - -------------------------------------------------------------------------------- 5 Check Box if Disclosure of Legal Proceedings is Required / / - -------------------------------------------------------------------------------- 6 Citizenship or Place of Organization New York - -------------------------------------------------------------------------------- 7 Sole Voting Power Number of 0 shares 0% Shares Beneficially --------------------------------------------------------- Owned By 8 Shared Voting Power Each 0 shares 0% Reporting --------------------------------------------------------- Person 9 Sole Dispositive Power With 0 shares 0% --------------------------------------------------------- 10 Shared Dispositive Power 0 shares 0% - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 0 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% - -------------------------------------------------------------------------------- 14 Type of Reporting Person* CO ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - 8 of 19 - CUSIP No. 76126P103 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person Brian Rubenstein - -------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group* (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source of Funds* OO - -------------------------------------------------------------------------------- 5 Check Box if Disclosure of Legal Proceedings is Required / / - -------------------------------------------------------------------------------- 6 Citizenship or Place of Organization United States - -------------------------------------------------------------------------------- 7 Sole Voting Power Number of 0 shares 0% Shares Beneficially --------------------------------------------------------- Owned By 8 Shared Voting Power Each 0 shares 0% Reporting --------------------------------------------------------- Person 9 Sole Dispositive Power With 0 shares 0% --------------------------------------------------------- 10 Shared Dispositive Power 0 shares 0% - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 0 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% - -------------------------------------------------------------------------------- 14 Type of Reporting Person* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - 9 of 19 - CUSIP No. 76126P103 13D ================================================================================ 1 Name of Reporting Person S.S. or I.R.S. Identification No. of Above Person The Rubenstein Family Limited Partnership - -------------------------------------------------------------------------------- 2 Check the Appropriate Box if a Member of a Group* (a) /X/ (b) / / - -------------------------------------------------------------------------------- 3 SEC Use Only - -------------------------------------------------------------------------------- 4 Source of Funds* WC, OO - -------------------------------------------------------------------------------- 5 Check Box if Disclosure of Legal Proceedings is Required / / - -------------------------------------------------------------------------------- 6 Citizenship or Place of Organization New York - -------------------------------------------------------------------------------- 7 Sole Voting Power Number of 0 shares 0% Shares Beneficially --------------------------------------------------------- Owned By 8 Shared Voting Power Each 0 shares 0% Reporting --------------------------------------------------------- Person 9 Sole Dispositive Power With 0 shares 0% --------------------------------------------------------- 10 Shared Dispositive Power 0 shares 0% - -------------------------------------------------------------------------------- 11 Aggregate Amount Beneficially Owned By Each Reporting Person 0 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% - -------------------------------------------------------------------------------- 14 Type of Reporting Person* PN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - 10 of 19 - This statement, dated July 9, 1996, constitutes Amendment No. 1 to the Schedule 13D, dated May 5, 1994, regarding the reporting persons' ownership of certain securities of Restructuring Acquisition Corporation (the "Issuer"). On May 5, 1994, the Issuer offered 1,500,000 Units to the public in an initial public offering (the "IPO"), each Unit consisted of one share of common stock, $.001 par value per share (the "Common Stock"), and two redeemable common stock purchase warrants (the "Warrants"). At a Special Meeting of Stockholders of the Issuer held on June 21, 1996, the holders of the Issuer's Common Stock approved a proposal to dissolve and liquidate the Issuer. Schedule 13D is hereinafter referred to as the "Schedule." All capitalized terms used herein and otherwise undefined shall have the meanings ascribed in the Schedule. This Amendment No. 1 to the Schedule is filed in accordance with Rule 13d-2 of the Securities Exchange Act of 1934, as amended. The entire text of the Schedule is restated herein, in accordance with Rule 13d-2(c). ITEM 1. Security and Issuer (a) Common Stock, $.001 par value per share (CUSIP No. 76126P103). (b) Redeemable Common Stock Purchase Warrant, entitling the holder thereof to purchase one share of Common Stock at $5.00 per share, exercisable as of the later of (i) the consummation of a Business Combination (as defined in the Issuer's prospectus, dated May 4, 1994 (the "Prospectus")) by the Issuer, or (ii) May 4, 1995, and expiring May 4, 2001 (CUSIP No. 76126P111). (c) Unit, consisting of one (1) share of Common Stock and two (2) Warrants (CUSIP No. 76126P202). Restructuring Acquisition Corporation 555 Madison Avenue, 17th Floor New York, New York 10022 ITEM 2. Identity and Background 1. (a) Woodland Partners, a general partnership organized under the laws of New York. - 11 of 19 - (b) Address: 68 Wheatley Road Brookville, New York 11545 (c) Principal Business: Investments. (d) No. (e) No. The general partners of Woodland Partners are Barry Rubenstein and Marilyn Rubenstein (husband and wife). 2. (a) Barry Rubenstein, a general partner of Woodland Partners, Seneca Ventures, Woodland Venture Fund, and The Rubenstein Family Limited Partnership, one of the Trustees of The Marilyn and Barry Rubenstein Family Foundation, and the President and sole director of Woodland Services Corp. (b) Address: 68 Wheatley Road Brookville, New York 11545 (c) Principal Occupation: General partner of partnerships and limited partnerships engaged in the investment business. (d) No. (e) No. (f) Citizenship: United States. Barry Rubenstein is the husband of Marilyn Rubenstein and the father of Brian Rubenstein. 3. (a) Marilyn Rubenstein, a general partner of Woodland Partners and The Rubenstein Family Limited Partnership, one of the Trustees of The Marilyn and Barry Rubenstein Family Foundation, Secretary and Treasurer of Woodland Services Corp., and a limited partner of Seneca Ventures. (b) Address: 68 Wheatley Road Brookville, New York 11545 (c) Principal occupation: Housewife - 12 of 19 - (d) No. (e) No. (f) Citizenship: United States. Marilyn Rubenstein is the wife of Barry Rubenstein and the mother of Brian Rubenstein. 4. (a) Brian Rubenstein, one of the Trustees of The Marilyn and Barry Rubenstein Family Foundation and a limited partner of The Rubenstein Family Limited Partnership. (b) Address: 68 Wheatley Road Brookville, New York 11545 (c) Principal Occupation: Student (d) No. (e) No. (f) Citizenship: United States Brian Rubenstein is the son of Barry Rubenstein and Marilyn Rubenstein. 5. (a) Rebecca Rubenstein. On October 17, 1994, Rebecca Rubenstein resigned as a trustee of the Foundation. 6. (a) The Marilyn and Barry Rubenstein Family Foundation, an organization which is exempt from Federal Income Taxation pursuant to Section 501(a) of the Internal Revenue Code of 1986, as amended (the "Foundation"). (b) Address: 68 Wheatley Road Brookville, New York 11545 (c) Principal Business: Charitable Foundation (d) No. (e) No. - 13 of 19 - Barry Rubenstein, Marilyn Rubenstein and Brian Rubenstein are the Trustees of the Foundation. 7. (a) Woodland Venture Fund, a limited partnership organized under the laws of New York (the "Fund"). (b) Address: 68 Wheatley Road Brookville, New York 11545 (c) Principal Business: Investments. (d) No. (e) No. Woodland Services Corp. and Mr. Barry Rubenstein are the general partners of the Fund. The limited partners of the Fund include certain other investors. 8. (a) Woodland Services Corp., a corporation organized under the laws of the State of New York ("Services"). (b) Address: 68 Wheatley Road Brookville, New York 11545 (c) Principal Business: Investments. (d) No. (e) No. Mr. Rubenstein is the President and sole director of Services, and Marilyn Rubenstein, is the Secretary and Treasurer of Services. Mr. Rubenstein owns all of Service's outstanding shares of common stock. 9. (a) Seneca Ventures, a limited partnership organized under the laws of New York ("Seneca"). (b) Address: 68 Wheatley Road Brookville, New York 11545 (c) Principal Business: Investments. - 14 of 19 - (d) No. (e) No. The general partners of Seneca are Barry Rubenstein and Services. The limited partners of Seneca include Marilyn Rubenstein and certain other investors. 10. (a) The Rubenstein Family Limited Partnership, a partnership organized under the laws of the State of New York (the "Rubenstein Partnership"). (b) Address: 68 Wheatley Road Brookville, New York 11545 (c) Principal Business: Investments (d) No. (e) No. Barry Rubenstein and Marilyn Rubenstein are the two general partners of the Rubenstein Partnership, and Brian Rubenstein is a limited partner of the Rubenstein Partnership. ITEM 3. Source and Amounts of Funds or Other Consideration Barry Rubenstein obtained funds for the purchase of the Issuer's shares from his personal funds and other funds, the partnerships obtained funds for the purchase of the Issuer's shares from their respective working capital and others funds, and The Foundation obtained funds for the purchase of the Issuer's shares from its other funds. On July 9, 1993, Woodland Partners loaned $50,000 to the Issuer and was issued two $25,000 promissory notes bearing interest at the rate of 10% per annum and payable at the consummation of the IPO, and 100,000 warrants (the "Bridge Warrants"). The Bridge Warrants are identical to the Warrants, except that they are not redeemable or exercisable until ninety (90) days after the consummation of a Business Combination. The amount of funds used in making the purchases of the Units in connection with the IPO and in the over-the-counter market are set forth below: - 15 of 19 - Name Amount of Consideration Woodland Partners $300,000 Barry Rubenstein Rollover IRA $300,000 The Marilyn and Barry Rubenstein Family Foundation $ 90,000 Seneca Ventures $156,250 Woodland Venture Fund $156,250 The Rubenstein Family Limited Partnership $ 60,000 ITEM 4. Purpose of Transaction. The reporting persons acquired their shares for purposes of investment. ITEM 5. Interests in Securities of Issuer. (a) The following list sets forth the aggregate number and percentage (based on 1,875,000 shares of Common Stock outstanding as reported by the Issuer in the Prospectus) of outstanding shares of Common Stock owned beneficially by each reporting person named in Item 2, as of May 10, 1996: Shares of Percentage of Shares Common Stock of Common Stock Name Beneficially Owned(1) Beneficially Owned(1) Woodland Partners 0 0% Barry Rubenstein 0 0% Marilyn Rubenstein 0 0% Seneca Ventures 0 0% Woodland Venture Fund 0 0% The Marilyn and Barry Rubenstein Family Foundation 0 0% Woodland Services Corp. 0 0% The Rubenstein Family Limited Partnership 0 0% Brian Rubenstein 0 0% - -------- 1 Does not include shares of Common Stock issuable upon the exercise of the Warrants or the Bridge Warrants. - 16 of 19 - (b) As of July 9, 1996, the reporting persons no longer owned shares of the Common Stock of the Issuer. (c) The following is a description of all transactions in shares of the Issuer by the persons identified in Item 2 of this Schedule 13D effected from May 10, 1996 through July 9, 1996 inclusive.
Purchase or Number of Shares Purchase or Name of Shareholder Sale Date Purchased or (Sold) Sale Price - ------------------- ----------- ------------------- ----------- Woodland Partners 7/11/96 (50,000) $ 5.39 Barry Rubenstein - Rollover IRA 7/9/96 (50,000) $ 5.39 Seneca Ventures 7/9/96 (25,000) $ 5.39 Woodland Venture Fund 7/9/96 (26,000) $ 5.39 The Marilyn and Barry Rubenstein Family Foundation 7/9/96 (15,000) $ 5.39 The Rubenstein Family Limited Partnership 7/9/96 (10,000) $ 5.39
Woodland Partners, Barry Rubenstein Rollover IRA, the Foundation, and the Rubenstein Partnership acquired the Units in the IPO. Seneca and the Fund acquired the Units in the over-the-counter market. (d) No other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of such securities. (e) All of the reporting persons, except for Woodland Partners, ceased to be the beneficial owner of more than five percent of the Issuer's Common Stock on July 9, 1996. Woodland Partners ceased to be the beneficial owner of more than five percent of the Issuer's Common Stock on July 11, 1996. ITEM 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer (a) Woodland Partners is a general partnership established and governed by New York law and a partnership agreement. Pursuant to such agreement, voting and investment power is vested in its general partners - Barry Rubenstein and Marilyn Rubenstein. (b) The Foundation is a charitable trust organized under the laws of the State of New York. It is exempt from Federal income taxation pursuant to Section 501(a) of the Code as an organization described in Section 501(c)(3) of the Code. Pursuant to a trust agreement, - 17 of 19 - voting and investment power over the shares of the Issuer held by the Foundation is vested in its trustees - Barry Rubenstein, Marilyn Rubenstein and Brian Rubenstein. (c) The Fund is a limited partnership established and governed by New York law and a partnership agreement. Pursuant to such agreement, voting and investment power over the shares of Common Stock held by the Fund is vested in its general partners - Barry Rubenstein and Services. The limited partners have no voting or investment power over the Issuer's shares held by the Fund. (d) Seneca is a limited partnership established and governed by New York law and a partnership agreement. Pursuant to such agreement, voting and investment power over the shares of Common Stock held by the Fund is vested in its general partners - Barry Rubenstein and Services. The limited partners have no voting or investment power over the Issuer's shares held by the Fund. (e) The Rubenstein Partnership is a partnership established and governed by New York law and a partnership agreement. Pursuant to such agreement, voting and investment power over the shares of Common Stock held by the Rubenstein Partnership is vested in its general partners - Barry Rubenstein and Marilyn Rubenstein. The limited partners have no voting or investment power over the Issuer's shares held by the Rubenstein Partnership. (f) Woodland Partners agreed not to transfer its Bridge Warrants until after the consummation of a Business Combination and not to exercise them until ninety (90) days after such Business Combination. The Issuer agreed to register the Bridge Warrants and the shares of Common Stock underlying the Bridge Warrants (the "Bridge Shares") under the Registration Statement of which the Prospectus is a part, and granted piggyback registrations rights for the Bridge Warrants and the Bridge Shares. (g) Except for the circumstances discussed or referred to in paragraph (a) and (f) above, there are no contracts, arrangements, understandings, or relationships with respect to the securities of the Issuer among any of the persons reporting in this Schedule 13D. ITEM 7. Material to be Filed as Exhibits Exhibit A - Agreement dated May 5, 1994, among the reporting persons by which they have agreed to file this and all necessary amendments, as required by Rule 13d-1(f)(1). - 18 of 19 - Signature After reasonable inquiry and to the best of their knowledge and belief, each of the undersigned hereby certifies that the information set forth in this Schedule is true, complete, and correct. Date: July 18, 1996 s/ Barry Rubenstein ------------------------------------------- Barry Rubenstein, individually, as General Partner on behalf of Woodland Partners, Seneca Ventures, The Rubenstein Family Limited Partnership and Woodland Venture Fund, as President of Woodland Services Corp., and as Trustee of The Marilyn and Barry Rubenstein Family Foundation s/ Marilyn Rubenstein ------------------------------------------- Marilyn Rubenstein s/ Brian Rubenstein ------------------------------------------- Brian Rubenstein ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001). - 19 of 19 - -----END PRIVACY-ENHANCED MESSAGE-----