-----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, C7GPnVoJJrGptiEbSo8pACB/8+nYNBDL2ElQaH9h79I8M5Rb2BxBlLSdOCaxDGyr O/oIxG6bOyAlUTUdwhhwnw== 0001123292-07-000796.txt : 20070907 0001123292-07-000796.hdr.sgml : 20070907 20070907143046 ACCESSION NUMBER: 0001123292-07-000796 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20070907 DATE AS OF CHANGE: 20070907 GROUP MEMBERS: CHARLES E. MCCARTHY GROUP MEMBERS: HENRY J. LAWLOR, JR. GROUP MEMBERS: KEVIN A. RICHARDSON GROUP MEMBERS: MURRAY A. INDICK SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: WHITNEY INFORMATION NETWORK INC CENTRAL INDEX KEY: 0001095276 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 841475486 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-61241 FILM NUMBER: 071105578 BUSINESS ADDRESS: STREET 1: 1612 EAST CAPE CORAL PARKWAY CITY: CAPE CORAL STATE: FL ZIP: 33904 BUSINESS PHONE: 239 542-0643 MAIL ADDRESS: STREET 1: 1612 EAST CAPE CORAL PARKWAY CITY: CAPE CORAL STATE: FL ZIP: 33904 FORMER COMPANY: FORMER CONFORMED NAME: WHITNEY INFORMATION SYSTEMS INC DATE OF NAME CHANGE: 19990917 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Prides Capital Partners, LLC CENTRAL INDEX KEY: 0001295315 IRS NUMBER: 200654530 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 200 HIGH STREET STREET 2: SUITE 700 CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 617 778 9200 MAIL ADDRESS: STREET 1: 200 HIGH STREET STREET 2: SUITE 700 CITY: BOSTON STATE: MA ZIP: 02110 SC 13D/A 1 russ13d09072007.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Amendment No.2)

Under the Securities Exchange Act of 1934

Whitney Information Network, Inc.

------------------------------------------

(Name of Issuer)

COMMON STOCK, No par value per share

-------------------------------------

(Title of Class of Securities)

966621104

---------

(CUSIP Number)

Murray A. Indick

Prides Capital Partners, L.L.C.

200 High Street, Suite 700

Boston, MA 02110

(617) 778-9200

-------------------

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

September 6, 2007

-----------------

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box o.

*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).

CUSIP NO. 966621104

SCHEDULE 13D

-----------------------------------------------------------------------

1. NAME OF REPORTING PERSON

Prides Capital Partners, L.L.C.

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

20-0654530

-----------------------------------------------------------------------

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a) []

(b) x

-----------------------------------------------------------------------

3. SEC USE ONLY

-----------------------------------------------------------------------

4. SOURCE OF FUNDS*

See Item 3

-----------------------------------------------------------------------

5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e)
o

-----------------------------------------------------------------------

6. CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

-----------------------------------------------------------------------

7. SOLE VOTING POWER

-0-

-----------------------------------------------------------------------

8. SHARED VOTING POWER

1,731,100**

-----------------------------------------------------------------------

9. SOLE DISPOSITIVE POWER

-0-

-----------------------------------------------------------------------

10. SHARED DISPOSITIVE POWER

1,731,100**

-----------------------------------------------------------------------

11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,731,100**

-----------------------------------------------------------------------

12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

CERTAIN SHARES
o

-----------------------------------------------------------------------

13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

14.7%**

-----------------------------------------------------------------------

14. TYPE OF REPORTING PERSON

OO ( Limited Liability Company)

-----------------------------------------------------------------------

** See Item 5

CUSIP NO. 966621104

SCHEDULE 13D

-----------------------------------------------------------------------

1. NAME OF REPORTING PERSON

Kevin A. Richardson, II

-----------------------------------------------------------------------

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a) []

(b) x

-----------------------------------------------------------------------

3. SEC USE ONLY

-----------------------------------------------------------------------

4. SOURCE OF FUNDS*

See Item 3

-----------------------------------------------------------------------

5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e)
o

-----------------------------------------------------------------------

6. CITIZENSHIP OR PLACE OF ORGANIZATION

USA

-----------------------------------------------------------------------

7. SOLE VOTING POWER

-0-

-----------------------------------------------------------------------

8. SHARED VOTING POWER

1,731,100**

-----------------------------------------------------------------------

9. SOLE DISPOSITIVE POWER

-0-

-----------------------------------------------------------------------

10. SHARED DISPOSITIVE POWER

1,731,100**

-----------------------------------------------------------------------

11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,731,100**

-----------------------------------------------------------------------

12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

CERTAIN SHARES
o

-----------------------------------------------------------------------

13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

14.7%**

-----------------------------------------------------------------------

14. TYPE OF REPORTING PERSON

-----------------------------------------------------------------------

** See Item 5

CUSIP NO. 966621104

SCHEDULE 13D

-----------------------------------------------------------------------

1. NAME OF REPORTING PERSON

Henry J. Lawlor, Jr.

-----------------------------------------------------------------------

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a) []

(b) x

-----------------------------------------------------------------------

3. SEC USE ONLY

-----------------------------------------------------------------------

4. SOURCE OF FUNDS*

See Item 3

-----------------------------------------------------------------------

5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e)
o

-----------------------------------------------------------------------

6. CITIZENSHIP OR PLACE OF ORGANIZATION

USA

-----------------------------------------------------------------------

7. SOLE VOTING POWER

-0-

-----------------------------------------------------------------------

8. SHARED VOTING POWER

1,731,100**

-----------------------------------------------------------------------

9. SOLE DISPOSITIVE POWER

-0-

-----------------------------------------------------------------------

10. SHARED DISPOSITIVE POWER

1,731,100**

-----------------------------------------------------------------------

11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,731,100**

-----------------------------------------------------------------------

12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

CERTAIN SHARES
o

-----------------------------------------------------------------------

13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

14.7%**

-----------------------------------------------------------------------

14. TYPE OF REPORTING PERSON

-----------------------------------------------------------------------

** See Item 5

CUSIP NO. 966621104

SCHEDULE 13D

-----------------------------------------------------------------------

1. NAME OF REPORTING PERSON

Murray A. Indick

-----------------------------------------------------------------------

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a) []

(b) x

-----------------------------------------------------------------------

3. SEC USE ONLY

-----------------------------------------------------------------------

4. SOURCE OF FUNDS*

See Item 3

-----------------------------------------------------------------------

5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e)
o

-----------------------------------------------------------------------

6. CITIZENSHIP OR PLACE OF ORGANIZATION

USA

-----------------------------------------------------------------------

7. SOLE VOTING POWER

-0-

-----------------------------------------------------------------------

8. SHARED VOTING POWER

1,731,100**

-----------------------------------------------------------------------

9. SOLE DISPOSITIVE POWER

-0-

-----------------------------------------------------------------------

10. SHARED DISPOSITIVE POWER

1,731,100**

-----------------------------------------------------------------------

11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,731,100**

-----------------------------------------------------------------------

12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

CERTAIN SHARES
o

-----------------------------------------------------------------------

13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

14.7%**

-----------------------------------------------------------------------

14. TYPE OF REPORTING PERSON

-----------------------------------------------------------------------

** See Item 5

CUSIP NO. 966621104

SCHEDULE 13D

-----------------------------------------------------------------------

1. NAME OF REPORTING PERSON

Charles E. McCarthy

-----------------------------------------------------------------------

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a) []

(b) x

-----------------------------------------------------------------------

3. SEC USE ONLY

-----------------------------------------------------------------------

4. SOURCE OF FUNDS*

See Item 3

-----------------------------------------------------------------------

5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e)
o

-----------------------------------------------------------------------

6. CITIZENSHIP OR PLACE OF ORGANIZATION

USA

-----------------------------------------------------------------------

7. SOLE VOTING POWER

-0-

-----------------------------------------------------------------------

8. SHARED VOTING POWER

1,731,100**

-----------------------------------------------------------------------

9. SOLE DISPOSITIVE POWER

-0-

-----------------------------------------------------------------------

10. SHARED DISPOSITIVE POWER

1,731,100**

-----------------------------------------------------------------------

11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,731,100

-----------------------------------------------------------------------

12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

CERTAIN SHARES
o

-----------------------------------------------------------------------

13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

14.7%**

-----------------------------------------------------------------------

14. TYPE OF REPORTING PERSON

-----------------------------------------------------------------------

** See Item 5

CUSIP NO. 966621104

SCHEDULE 13D

Item 1. Security and Issuer

----------------------------

This Amendment No. 2 amends the Statement on Schedule 13D (the "Schedule 13D") filed with the Securities and Exchange Commission (the "Commission") on September 15, 2006 by Prides Capital Partners, L.L.C. a Delaware limited liability company, Kevin A. Richardson, II, Henry J. Lawlor, Jr., Murray A. Indick, and Charles E. McCarthy. This amendment to the Schedule 13D relates to the shares of Common Stock, No par value per share (the “Common Stock") of Whitney Information Network, Inc., a Colorado corporation (the "Issuer"). The principal executive office and mailing address of the Issuer is 1612 East Cape Coral Parkway, Cape Coral, Florida 33904. The following amendments to the Schedule 13D are hereby made. Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed to them in the Schedule 13D.

Item 4. Purpose of Transaction

----------------------------------

On September 6, 2007, the Reporting Persons sent a letter to the Issuer (Exhibit B). In the letter, the Reporting Persons stated that pursuant to a Stockholders Agreement previously executed by the parties, the Reporting Persons have the right to designate a director to the board of directors of the Issuer, and that the Reporting Persons are designating Mr. Michael Blizter of Kingstown Capital Partners, LLC as a director of the Issuer.

CUSIP NO. 966621104 SCHEDULE 13D

Item 5. Interest in Securities of the Issuer

---------------------------------------------

(a),(b) According to the Issuer’s 8-K filed on August 24, 2007, there were 11,738,100 shares of Common Stock issued and outstanding as of June 30, 2007. Based on such information, after taking into account the transactions described in Item 5(c) below, the Reporting Persons report beneficial ownership of 1,731,100 shares of Common Stock, representing 14.7% of common stock outstanding, held by Prides Capital Partners, L.L.C. Voting and investment power concerning the above shares are held solely by Prides Capital Partners, L.L.C.

Although Kevin A. Richardson, II, Henry J. Lawlor, Jr., Murray A. Indick, and Charles E. McCarthy are joining in this Schedule as Reporting Persons, the filing of this Schedule shall not be construed as an admission that any of them are, for any purpose, the beneficial owner of any of the securities that are beneficially owned by Prides Capital Partners, L.L.C.

Item 7. Material to be Filed as Exhibits

-----------------------------------------

Exhibit A

Joint Filing Undertaking

Exhibit B

Letter Designating Director

CUSIP NO. 966621104 SCHEDULE 13D

SIGNATURES

After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

Dated: September 7, 2007

Prides Capital Partners, L.L.C.

By:	/s/ Murray A. Indick

------------------------

Murray A. Indick

Managing Member

Kevin A. Richardson, II

/s/ Murray A. Indick

By:

/s/ Murray A. Indick

------------------------

Murray A. Indick

Attorney-in-Fact

Henry J. Lawlor, Jr.

Charles E. McCarthy

By:

/s/ Murray A. Indick

By:

/s/ Murray A. Indick

------------------------

Murray A. Indick

By: Murray A. Indick

Attorney-in-Fact

CUSIP NO. 966621104

SCHEDULE 13D

	Exhibit A
	JOINT FILING UNDERTAKING

The undersigned, being duly authorized thereunto, hereby execute this agreement as an exhibit to this Schedule 13D to evidence the agreement of the below-named parties, in accordance with the rules promulgated pursuant to the Securities Exchange Act of 1934, to file this Schedule jointly on behalf of each such party.

Dated: September 7, 2007

Prides Capital Partners, L.L.C.

By:	/s/ Murray A. Indick

------------------------

Murray A. Indick

Managing Member

Kevin A. Richardson, II

/s/ Murray A. Indick

By:

/s/ Murray A. Indick

------------------------

Murray A. Indick

Attorney-in-Fact

Henry J. Lawlor, Jr.

Charles E. McCarthy

By:

/s/ Murray A. Indick

By:

/s/ Murray A. Indick

------------------------

Murray A. Indick

By: Murray A. Indick

Attorney-in-Fact

EX-99.B 2 exhibitb.htm LETTER DESIGNATING DIRECTOR

September 6, 2007

Whitney Information Network, Inc.

c/o Russell A. Whitney, Chairman & CEO

1612 Cape Coral Parkway East

Cape Coral, FL 33904

VIA FACSIMILE AND OVERNIGHT MAIL

Dear Mr. Whitney:

As you know, Prides Capital has been a significant shareholder of Whitney Information Network, Inc. (“the Company”) for almost two years, and presently owns beneficially in excess of 1.7 million shares of the Company, or 14.75% of the Company. Our firm made a significant investment in December 2005 in the Company as part of a PIPE transaction. At that time, as a condition to the investment, we and the Company executed various legally binding documents, one of which is a Stockholders Agreement. You will recall that you personally signed this contract as well, and undertook certain obligations as part of the contract. This agreement was publicly filed by our firm on Schedule 13D on December 21, 2005.

Your attention is drawn to Section 2.3 of the Stockholders Agreement. In Section 2.3(a), you personally agreed that you would vote your stock to elect to the Company’s board of directors one designee of Prides, as long as Prides owned beneficially 5% or more of the common stock of the Company. In addition, Section 2.3(d) provides as follows:

“If at any time any Purchaser [i.e., Prides] Designee ceases to serve on the Company Board or the EduTrades Board, as the case may be (whether by reason of death, resignation, removal or otherwise), Purchaser shall be entitled to designate a successor director to fill the vacancy created thereby, the Company and EduTrades shall use its best efforts without any undue delay to cause such successor to become a director of the Company and EduTrades, respectively, and Whitney shall vote all of the Voting Stock owned or held of record by Whitney so as to elect any such director.”

As part of our investment in December 2005, Prides designated Stephen L. Cootey to serve on the board. The Company appointed Mr. Cootey to the board and, in a securities filing on Form 8-K on January 5, 2006 (executed by Mr. Ronald S. Simon), stated that the Stockholders Agreement “requires the Company to nominate, and use its best efforts to elect, a representative of Prides to the Company’s Board of Directors.” Mr. Cootey served on the board of directors until he resigned earlier this year, on March 22, 2007.

At this time, Prides is exercising its contractual rights as set forth in the Stockholders Agreement to designate a successor director to fill the vacancy created by the resignation of Mr. Cootey.

We hereby designate Michael Blitzer of Kingstown Capital Partners LLC (“Kingstown Capital”), a shareholder of the Company. We believe Mr. Blitzer is the managing partner of Kingstown Partners, L.P., a private investment firm that focuses on special situation equity investments. Prior to founding Kingstown Partners, Mr. Blitzer held positions at Gotham Capital, a private investment partnership, and JP Morgan’s Investment Banking Group. Mr. Blitzer has a B.S. from Cornell University and a M.B.A. from Columbia Business School. We are aware that Mr. Blitzer has personally visited recently with you and another director of the Company (Mr. Ronald S. Simon), and has spoken with each of you this week to indicate his interest and willingness in joining the board immediately. If you do not have contact information for Mr. Blitzer for some reason, please let us know.

With only three directors on the board of the Company at this time, we believe it is essential and appropriate to add additional talent of the caliber of Mr. Blitzer immediately. Pursuant to the Stockholders Agreement (including the language set forth above), we ask that you welcome Mr. Blitzer to the board.

Mr. Blitzer is neither an affiliate nor associate of Prides Capital, and Mr. Blitzer will act on behalf of all of the Company’s stockholders and independently of Prides Capital, in accordance with his fiduciary duties, in his capacity as a director. There are no agreements, arrangements or understandings of any kind or nature between or among Prides Capital, Mr. Blitzer and Kingstown Capital in connection with Prides Capital’s designation of Mr. Blitzer as a successor director or otherwise, and Prides Capital will not seek to influence or recommend how Mr. Blitzer acts after he has been appointed to the Company’s Board.

We would request that you circulate this letter to your fellow directors, convene a meeting of the board within the next two business days, and fulfill the Company’s contractual obligations as set forth above.

If you have any questions or comments concerning this letter, please feel free to contact me or my partner, Murray Indick.

Sincerely,

/s/Kevin A. Richardson, II

Kevin A. Richardson, II

cc:	Marie Code, Esq.

Mr. Michael Blitzer

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