-----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, CfxGluBTKq6pujmKBSWdrpNO/h8hMENR5RNH/hhW/K49tZajOp0W104IjpmWK819 6R2X2KJuvWVqMYXjrwqR2Q== 0001019056-08-000212.txt : 20080212 0001019056-08-000212.hdr.sgml : 20080212 20080212172648 ACCESSION NUMBER: 0001019056-08-000212 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080212 DATE AS OF CHANGE: 20080212 GROUP MEMBERS: ADAM BENOWITZ GROUP MEMBERS: VISION CAPITAL ADVISORS, LLC GROUP MEMBERS: VISION OPPORTUNITY MASTER FUND, LTD. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SILVERSTAR HOLDINGS LTD CENTRAL INDEX KEY: 0001003390 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 000000000 STATE OF INCORPORATION: B0 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-50469 FILM NUMBER: 08599668 BUSINESS ADDRESS: STREET 1: 1900 GLADES ROAD STREET 2: SUITE 435 CITY: BOCA RATON STATE: FL ZIP: 33431 BUSINESS PHONE: 561-479-0040 MAIL ADDRESS: STREET 1: 1900 GLADES ROAD STREET 2: SUITE 435 CITY: BOCA RATON STATE: FL ZIP: 33134 FORMER COMPANY: FORMER CONFORMED NAME: LEISUREPLANET HOLDINGS LTD DATE OF NAME CHANGE: 20000128 FORMER COMPANY: FORMER CONFORMED NAME: FIRST SOUTH AFRICA CORP LTD DATE OF NAME CHANGE: 19951114 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: VISION CAPITAL ADVISORS, LLC CENTRAL INDEX KEY: 0001411962 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 20 WEST 55TH STREET STREET 2: 5TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-849-8242 MAIL ADDRESS: STREET 1: 20 WEST 55TH STREET STREET 2: 5TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 SC 13G/A 1 silverstar_13ga1.txt SC 13G/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G (Amendment No. 1) Under the Securities Exchange Act of 1934 Silverstar Holdings, Ltd. ------------------------------------------------------- (Name of Issuer) Common Stock, par value $0.01 per share ------------------------------------------------------- (Title of Class of Securities) G81365101 -------------------------------------------------- (CUSIP Number) December 31, 2007 ------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] Rule 13d-1(b) [X] Rule 13d-1(c) [ ] Rule 13d-1(d) *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 the disclosures provided in a prior cover page. The information required in 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). - ------------------------- ----------------------- CUSIP No. G81365101 SCHEDULE 13G Page 2 of 9 Pages - ------------------------- ----------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Vision Opportunity Master Fund, Ltd. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED BY --------------------------------------------------- EACH 6 SHARED VOTING POWER REPORTING PERSON 0 WITH --------------------------------------------------- 7 SOLE DISPOSITIVE POWER 0 --------------------------------------------------- 8 SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES * [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0.0% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON * CO - -------------------------------------------------------------------------------- - ------------------------- ----------------------- CUSIP No. G81365101 SCHEDULE 13G Page 3 of 9 Pages - ------------------------- ----------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Vision Capital Advisors, LLC (formerly known as Vision Opportunity Capital Management, LLC) - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED BY --------------------------------------------------- EACH 6 SHARED VOTING POWER REPORTING PERSON 0 WITH --------------------------------------------------- 7 SOLE DISPOSITIVE POWER 0 --------------------------------------------------- 8 SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES * [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0.0% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON * IA - -------------------------------------------------------------------------------- - ------------------------- ----------------------- CUSIP No. G81365101 SCHEDULE 13G Page 4 of 9 Pages - ------------------------- ----------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Adam Benowitz - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION US Citizen - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED BY --------------------------------------------------- EACH 6 SHARED VOTING POWER REPORTING PERSON 0 WITH --------------------------------------------------- 7 SOLE DISPOSITIVE POWER 0 --------------------------------------------------- 8 SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES * [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0.0% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON * IN - -------------------------------------------------------------------------------- - ------------------------- ----------------------- CUSIP No. G81365101 SCHEDULE 13G Page 5 of 9 Pages - ------------------------- ----------------------- Item 1(a). Name of Issuer: Silverstar Holdings Ltd. Item 1(b). Address of Issuer's Principal Executive Offices: Clarendon House Church Street Hamilton HM CX Bermuda. Item 2(a). Name of Person Filing. Vision Opportunity Master Fund, Ltd. Vision Capital Advisors, LLC Adam Benowitz Item 2(b). Address of Principal Business Office or, if None, Residence. Vision Opportunity Master Fund, Ltd.: c/o Citi Hedge Fund Services (Cayman) Limited P.O. Box 1748 Cayman Corporate Centre 27 Hospital Road, 5th Floor Grand Cayman KY1-1109 Cayman Islands Vision Capital Advisors, LLC Adam Benowitz: 20 W. 55th Street, 5th Floor New York, New York 10019 USA Item 2(c). Citizenship. Vision Opportunity Master Fund, Ltd. - Cayman Islands Vision Capital Advisors, LLC - Delaware Adam Benowitz - US Citizen Item 2(d). Title of Class of Securities: Common Stock, par value $0.01 per share Item 2(e). CUSIP Number: G81365101 Item 3. If this statement is filed pursuant to ss.ss.240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: Not Applicable - ------------------------- ----------------------- CUSIP No. G81365101 SCHEDULE 13G Page 6 of 9 Pages - ------------------------- ----------------------- Item 4. Ownership. The following is information regarding the aggregate number and percentage of the class of securities of the Issuer identified in Item 1 as of December 31, 2007: (a) Vision Opportunity Master Fund, Ltd. - 0 Vision Capital Advisors, LLC - 0 Adam Benowitz - 0 (b) Percent of class: Vision Opportunity Master Fund, Ltd. - 0.0%* Vision Capital Advisors, LLC - 0.0%* Adam Benowitz - 0.0%* (c) Number of shares as to which the person has: Vision Opportunity Master Fund, Ltd. ------------------------------------ (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 0 (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 0 Vision Capital Advisors, LLC ---------------------------- (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 0 (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 0 Adam Benowitz ------------- (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 0 (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 0 * Percent of class based on 18,994,280 shares of Common Stock outstanding as of November 6, 2007 as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2007 filed on November 14, 2007. - ------------------------- ----------------------- CUSIP No. G81365101 SCHEDULE 13G Page 7 of 9 Pages - ------------------------- ----------------------- Item 5. Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that, as of the date hereof, each Reporting Person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [X]. Item 6. Ownership of More than Five Percent on Behalf of Another Person. Not Applicable Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company. Not Applicable Item 8. Identification and Classification of Members of the Group. Not Applicable Item 9. Notice of Dissolution of Group. Not Applicable - ------------------------- ----------------------- CUSIP No. G81365101 SCHEDULE 13G Page 8 of 9 Pages - ------------------------- ----------------------- Item 10. Certification. Certification pursuant to ss.240.13d-1(c): By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. - ------------------------- ----------------------- CUSIP No. G81365101 SCHEDULE 13G Page 9 of 9 Pages - ------------------------- ----------------------- SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: February 12, 2008 VISION OPPORTUNITY MASTER FUND, LTD.** By: /s/ ADAM BENOWITZ ------------------------------------- Name: Adam Benowitz Title: Director VISION CAPITAL ADVISORS, LLC** By: /s/ ADAM BENOWITZ ------------------------------------- Name: Adam Benowitz Title: Managing Member /s/ ADAM BENOWITZ ----------------------------------------- ADAM BENOWITZ** ** Vision Capital Advisors, LLC (the "Investment Manager") serves as investment manager to Vision Opportunity Master Fund, Ltd. (the "Master Fund"), the record owner of the subject securities. Adam Benowitz is the managing member of the Investment Manager and a Director of the Master Fund. Each Reporting Person disclaims beneficial ownership of all securities other than those owned of record by such Reporting Person. -----END PRIVACY-ENHANCED MESSAGE-----