-----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, G/caAJDiDRkA78eDviAQMkG9ohFrYL0W+roMHdYNuQXDbnlhRAtoS0mj6BADocBf U7kyeOffRUTuS1Imxw+ArQ== 0001169232-02-002562.txt : 20021107 0001169232-02-002562.hdr.sgml : 20021107 20021107153730 ACCESSION NUMBER: 0001169232-02-002562 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20021107 GROUP MEMBERS: A.B. EDELMAN MANAGEMENT COMPANY, INC. GROUP MEMBERS: ASHER B. EDELMAN AND ASSOCIATES LLC GROUP MEMBERS: EDELMAN FAMILY PARTNERSHIP GROUP MEMBERS: EDELMAN VALUE FUND, LTD. GROUP MEMBERS: EDELMAN VALUE PARTNERS, LTD. GROUP MEMBERS: GERALD AGRANOFF GROUP MEMBERS: IRVING GARFINKEL GROUP MEMBERS: LT II PARTNERS, L.P. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: TREND MINING CO CENTRAL INDEX KEY: 0001115954 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 810304651 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-59667 FILM NUMBER: 02812596 BUSINESS ADDRESS: STREET 1: 401 FRONT AVENUE STREET 2: SUITE 1 CITY: COEUR D'ALENE STATE: ID ZIP: 83814 BUSINESS PHONE: 2086648095 MAIL ADDRESS: STREET 1: 410 FRONT AVENUE, SUITE 1 STREET 2: SUITE 1 CITY: COEUR D'ALENE STATE: ID ZIP: 83814 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: EDELMAN ASHER B CENTRAL INDEX KEY: 0000915696 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 717 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-371-7711 MAIL ADDRESS: STREET 1: 717 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 SC 13D/A 1 d52431_sc13-da.txt FORM SC 13D/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 2)* TREND MINING COMPANY (Name of Issuer) Common Stock, no par value per share (Title of Class of Securities) - -------------------------------------------------------------------------------- (CUSIP Number) Asher B. Edelman Todd J. Emmerman, Esq. c/o The Edelman Companies c/o Katten Muchin Zavis Rosenman 717 Fifth Avenue 575 Madison Avenue New York, New York 10022 New York, NY 10022 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) November 6, 2002 (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 that is the subject of this Schedule 13D, and is filing this schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. |_| * 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._______ ________________________________________________________________________________ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON Edelman Value Partners, L.P. ________________________________________________________________________________ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| ________________________________________________________________________________ 3 SEC USE ONLY ________________________________________________________________________________ 4 SOURCE OF FUNDS* WC ________________________________________________________________________________ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| ________________________________________________________________________________ 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ________________________________________________________________________________ 7 SOLE VOTING POWER 0 _________________________________________________________________ NUMBER OF 8 SHARED VOTING POWER SHARES 933,875 BENEFICIALLY OWNED BY _________________________________________________________________ EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON WITH _________________________________________________________________ 10 SHARED DISPOSITIVE POWER 933,875 ________________________________________________________________________________ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 933,875 ________________________________________________________________________________ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| ________________________________________________________________________________ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.65% ________________________________________________________________________________ 14 TYPE OF REPORTING PERSON* PN ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 2 of 13 CUSIP No._______ ________________________________________________________________________________ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON Edelman Value Fund, Ltd. ________________________________________________________________________________ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |x| (b) |_| ________________________________________________________________________________ 3 SEC USE ONLY ________________________________________________________________________________ 4 SOURCE OF FUNDS* WC ________________________________________________________________________________ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| ________________________________________________________________________________ 6 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands ________________________________________________________________________________ 7 SOLE VOTING POWER 0 _________________________________________________________________ NUMBER OF 8 SHARED VOTING POWER SHARES 1,158,225 BENEFICIALLY OWNED BY _________________________________________________________________ EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON WITH _________________________________________________________________ 10 SHARED DISPOSITIVE POWER 1,158,225 ________________________________________________________________________________ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,158,225 ________________________________________________________________________________ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| ________________________________________________________________________________ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.77% ________________________________________________________________________________ 14 TYPE OF REPORTING PERSON* CO ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 3 of 13 CUSIP No._______ ________________________________________________________________________________ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON Asher B. Edelman ________________________________________________________________________________ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| ________________________________________________________________________________ 3 SEC USE ONLY ________________________________________________________________________________ 4 SOURCE OF FUNDS* PF, AF ________________________________________________________________________________ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| ________________________________________________________________________________ 6 CITIZENSHIP OR PLACE OF ORGANIZATION U.S.A. ________________________________________________________________________________ 7 SOLE VOTING POWER 1,275,000 _________________________________________________________________ NUMBER OF 8 SHARED VOTING POWER SHARES 3,418,000 (comprised of shares, warrants and options owned BENEFICIALLY by Edelman Value Partners, L.P., Edelman Value Fund, Ltd., OWNED BY LT II Partners, L.P., Edelman Family Partnership and Asher EACH B. Edelman and Associates LLC) REPORTING _________________________________________________________________ PERSON 9 SOLE DISPOSITIVE POWER WITH 1,275,000 _________________________________________________________________ 10 SHARED DISPOSITIVE POWER 3,418,000 (comprised of shares, warrants and options owned by Edelman Value Partners, L.P., Edelman Value Fund, Ltd., LT II Partners, L.P., Edelman Family Partnership and Asher B. Edelman and Associates LLC) ________________________________________________________________________________ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,693,100 (comprised of shares, warrants and options owned by Asher B. Edelman, Edelman Value Partners, L.P., Edelman Value Fund, Ltd., LT II Partners, L.P., Edelman Family Partnership and Asher B. Edelman and Associates LLC) ________________________________________________________________________________ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| ________________________________________________________________________________ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 23.36% ________________________________________________________________________________ 14 TYPE OF REPORTING PERSON* IN ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 4 of 13 CUSIP No._______ ________________________________________________________________________________ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON LT II Partners, L.P. ________________________________________________________________________________ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| ________________________________________________________________________________ 3 SEC USE ONLY ________________________________________________________________________________ 4 SOURCE OF FUNDS* WC ________________________________________________________________________________ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| ________________________________________________________________________________ 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ________________________________________________________________________________ 7 SOLE VOTING POWER 0 _________________________________________________________________ NUMBER OF 8 SHARED VOTING POWER SHARES 926,000 BENEFICIALLY OWNED BY _________________________________________________________________ EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON WITH _________________________________________________________________ 10 SHARED DISPOSITIVE POWER 926,000 ________________________________________________________________________________ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 926,000 ________________________________________________________________________________ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| ________________________________________________________________________________ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.61% ________________________________________________________________________________ 14 TYPE OF REPORTING PERSON* PN ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 5 of 13 CUSIP No._______ ________________________________________________________________________________ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON Irving Garfinkel ________________________________________________________________________________ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |X| ________________________________________________________________________________ 3 SEC USE ONLY ________________________________________________________________________________ 4 SOURCE OF FUNDS* PF ________________________________________________________________________________ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| ________________________________________________________________________________ 6 CITIZENSHIP OR PLACE OF ORGANIZATION U.S.A. ________________________________________________________________________________ 7 SOLE VOTING POWER 275,000 (comprised of shares held by Mr. Garfinkel, personally, and as custodian of Christopher A. Edelman) _________________________________________________________________ NUMBER OF 8 SHARED VOTING POWER SHARES 0 BENEFICIALLY OWNED BY _________________________________________________________________ EACH 9 SOLE DISPOSITIVE POWER REPORTING 275,000 (comprised of shares held by Mr. Garfinkel, PERSON personally, and as custodian of Christopher A. Edelman) WITH _________________________________________________________________ 10 SHARED DISPOSITIVE POWER 0 ________________________________________________________________________________ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 275,000 (comprised of shares held by Mr. Garfinkel, personally, and as custodian of Christopher A. Edelman) ________________________________________________________________________________ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| ________________________________________________________________________________ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.18% ________________________________________________________________________________ 14 TYPE OF REPORTING PERSON* IN ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 6 of 13 CUSIP No._______ ________________________________________________________________________________ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON Gerald Agranoff ________________________________________________________________________________ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |X| ________________________________________________________________________________ 3 SEC USE ONLY ________________________________________________________________________________ 4 SOURCE OF FUNDS* PF ________________________________________________________________________________ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| ________________________________________________________________________________ 6 CITIZENSHIP OR PLACE OF ORGANIZATION U.S.A. ________________________________________________________________________________ 7 SOLE VOTING POWER 127,500 _________________________________________________________________ NUMBER OF 8 SHARED VOTING POWER SHARES 0 BENEFICIALLY OWNED BY _________________________________________________________________ EACH 9 SOLE DISPOSITIVE POWER REPORTING 127,500 PERSON WITH _________________________________________________________________ 10 SHARED DISPOSITIVE POWER 0 ________________________________________________________________________________ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 127,500 ________________________________________________________________________________ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| ________________________________________________________________________________ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.63% ________________________________________________________________________________ 14 TYPE OF REPORTING PERSON* IN ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 7 of 13 CUSIP No._______ ________________________________________________________________________________ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON Edelman Family Partnership ________________________________________________________________________________ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| ________________________________________________________________________________ 3 SEC USE ONLY ________________________________________________________________________________ 4 SOURCE OF FUNDS* PF ________________________________________________________________________________ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| ________________________________________________________________________________ 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware ________________________________________________________________________________ 7 SOLE VOTING POWER 0 _________________________________________________________________ NUMBER OF 8 SHARED VOTING POWER SHARES 300,000 BENEFICIALLY OWNED BY _________________________________________________________________ EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON WITH _________________________________________________________________ 10 SHARED DISPOSITIVE POWER 300,000 ________________________________________________________________________________ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 300,000 ________________________________________________________________________________ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| ________________________________________________________________________________ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.49% ________________________________________________________________________________ 14 TYPE OF REPORTING PERSON* PN ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 8 of 13 CUSIP No._______ ________________________________________________________________________________ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON Asher B. Edelman and Associates LLC ________________________________________________________________________________ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| ________________________________________________________________________________ 3 SEC USE ONLY ________________________________________________________________________________ 4 SOURCE OF FUNDS* N/A ________________________________________________________________________________ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| ________________________________________________________________________________ 6 CITIZENSHIP OR PLACE OF ORGANIZATION Turks and Caicos ________________________________________________________________________________ 7 SOLE VOTING POWER 0 _________________________________________________________________ NUMBER OF 8 SHARED VOTING POWER SHARES 2,184,225 (comprised of shares, warrants and options owned BENEFICIALLY by Edelman Value Fund, Ltd., LT II Partners, L.P. and Asher OWNED BY B. Edelman and Associates LLC) EACH REPORTING _________________________________________________________________ PERSON 9 SOLE DISPOSITIVE POWER WITH 0 _________________________________________________________________ 10 SHARED DISPOSITIVE POWER 2,184,225 (comprised of shares, warrants and options owned by Edelman Value Fund, Ltd., LT II Partners, L.P. and Asher B. Edelman and Associates LLC) ________________________________________________________________________________ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,184,225 (comprised of shares, warrants and options owned by Edelman Value Fund, Ltd., LT II Partners, L.P. and Asher B. Edelman and Associates LLC) ________________________________________________________________________________ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| ________________________________________________________________________________ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 10.87% ________________________________________________________________________________ 14 TYPE OF REPORTING PERSON* OO ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 9 of 13 CUSIP No._______ ________________________________________________________________________________ 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON A.B. Edelman Management Company, Inc. ________________________________________________________________________________ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| ________________________________________________________________________________ 3 SEC USE ONLY ________________________________________________________________________________ 4 SOURCE OF FUNDS* N/A ________________________________________________________________________________ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| ________________________________________________________________________________ 6 CITIZENSHIP OR PLACE OF ORGANIZATION New York ________________________________________________________________________________ 7 SOLE VOTING POWER 0 _________________________________________________________________ NUMBER OF 8 SHARED VOTING POWER SHARES 933,875 (comprised of shares, warrants and options BENEFICIALLY owned by Edelman Value Partners, L.P.) OWNED BY _________________________________________________________________ EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON WITH _________________________________________________________________ 10 SHARED DISPOSITIVE POWER 933,875 (comprised of shares, warrants and options owned by Edelman Value Partners, L.P.) ________________________________________________________________________________ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 933,875 (comprised of shares, warrants and options owned by Edelman Value Partners, L.P.) ________________________________________________________________________________ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| ________________________________________________________________________________ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.65% ________________________________________________________________________________ 14 TYPE OF REPORTING PERSON* CO ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 10 of 13 Item 1. Security and Issuer This Amendment No. 2 (the "Amendment") is being filed by (i) Mr. Asher B. Edelman, (ii) Edelman Value Partners, L.P., a Delaware limited partnership ("Edelman Value Partners"), (iii) Edelman Value Fund, Ltd., a British Islands corporation ("Edelman Value Fund"), (iv) Asher B. Edelman and Associates LLC, a Turks and Caicos limited liability company ("Edelman Associates"), (v) LT II Partners, L.P., a Delaware limited partnership ("LT II Partners"), (vi) Mr. Irving Garfinkel, an individual, (vii) Mr. Gerald Agranoff, an individual, (viii) Edelman Family Partnership, a Delaware partnership ("Edelman Family Partnership"), and (ix) A.B. Edelman Management Company, Inc., a New York corporation ("Edelman Management") (such entities and individuals are collectively referred to herein as the "Reporting Persons"), with respect to the common stock, no par value per share (the "Common Stock") of the of Trend Mining Company, a Montana corporation (the "Company"), including the shares of Common Stock issuable upon exercise of options and warrants to purchase shares of Common Stock. This Amendment No. 2 amends the Schedule 13D filed by the Reporting Persons on February 13, 2001 as amended by Amendment No. 1 filed by the Reporting Persons on June 18, 2001. The principal office of the Company is 410 Sherman Avenue, Suite 209, Coeur d'Alene, Idaho 83814. This Amendment No. 2 is being filed to reflect the fact that Gerald Agranoff and Irving Garfinkel are no longer Reporting Persons. Capitalized terms contained herein which are not otherwise defined herein shall have the meanings ascribed to terms in the Schedule 13D. Item 5. Interest in Securities of the Issuer The aggregate percentage of the outstanding shares of Common Stock reported owned by each Reporting Person is based upon 20,088,435 shares of Common Stock outstanding as reported in the Company's Form 10-QSB filed on August 14, 2002. (a) Item 5(a) is hereby amended and restated as follows: As of the close of business on November 6, 2002: (i) Edelman Value Partners beneficially owns 933,875 shares of Common Stock consisting of 627,500 shares of Common Stock and warrants and options to purchase 306,375 shares of Common Stock exercisable within 60 days hereof. Such shares of Common Stock, in the aggregate, constitute approximately 4.65% of the shares of Common Stock outstanding. (ii) Edelman Management owns no shares of Common Stock. However, as sole General Partner of Edelman Value Partners, Edelman Management may be deemed by the provisions of Rule 13d-3 of the rules promulgated under the Exchange Act of 1934 (the "Exchange Act Rules") to beneficially own the 933,875 shares of Common Stock held by Edelman Value Partners. Such shares of Common Stock constitute approximately 4.65% of the shares of Common Stock outstanding. (iii) Edelman Value Fund beneficially owns 1,158,225 shares of Common Stock consisting of 693,100 shares of Common Stock and warrants and options to purchase 465,125 shares of Common Stock exercisable within 60 days hereof. Such shares of Common Stock, in the aggregate, constitute approximately 5.77% of the shares of Common Stock outstanding. (iv) LT II Partners beneficially owns 926,000 shares of Common Stock consisting of 426,000 shares of Common Stock directly owned and warrants and options to purchase 500,000 shares of Common Stock exercisable within 60 days hereof. Such shares of Common Stock, in the aggregate, constitute approximately 4.61% of the shares of Common Stock outstanding. (v) Edelman Associates owns 100,000 shares of Common Stock comprised of options to purchase 100,000 shares of Common Stock held by Edelman Associates. In addition, as the Investment Manager of Edelman Value Fund and LT II Partners, Edelman Associates may be deemed under the provisions of Rule 13d-3 of the Exchange Act Rules to beneficially own the 1,158,225 shares of Common Stock that are held by Edelman Value Fund and the 926,000 shares that are held by LT II Partners. Such shares of Common Stock, in the aggregate, constitute approximately 10.87% of the shares of Common Stock outstanding. (vi) Edelman Family Partnership beneficially owns 300,000 shares of Common Page 11 of 13 Stock. Such shares of Common Stock constitute approximately 1.49% of the shares of Common Stock outstanding. (vii) Asher B. Edelman owns 900,000 shares of Common Stock and warrants to purchase 375,000 shares of Common Stock. In addition, (i) as the President and sole director of Edelman Management, which is the sole General Partner of Edelman Value Partners, (ii) as the Managing Member of Edelman Associates, which is the Investment Manager of Edelman Value Fund and LT II Partners, and (iii) as the General Partner of Jacobson Family Investments, Mr. Edelman may be deemed under the provisions of Rule 13d-3 of the Exchange Act Rules, to be the beneficial owner of (i) the 933,875 shares that are held by Edelman Value Partners, (ii) the 1,158,225 shares that are held by Edelman Value Fund, (iii) the 100,000 shares that are held by Edelman Associates, (iv) the 926,000 shares that are held by LT II Partners and (v) the 300,000 shares that are held by Edelman Family Partnership. Such shares, comprising a total of 4,693,100 shares of Common Stock in the aggregate (including the shares held directly by Mr. Edelman), constitute approximately 23.36% of the Common Stock outstanding. (viii) Mr. Garfinkel beneficially owns 237,500 shares of Common Stock consisting of 200,000 shares of Common Stock and warrants to purchase 37,500 shares of Common Stock. Such shares of Common Stock constitute approximately 1.18% of the shares of Common Stock outstanding. (ix) Mr. Agranoff beneficially owns 127,500 shares of Common Stock of the Company, consisting of 90,000 shares of Common Stock and warrants to purchase 37,500 shares of Common Stock. Such shares of Common Stock, in the aggregate, constitute approximately 0.63% of the shares of Common Stock outstanding. (c) Item 5(c) is hereby amended and restated as follows: On April 2, 2002, Edelman Associates distributed warrants to purchase 500,000 shares of Common Stock to its members, including, among others, 375,000 warrants to Mr. Edelman and 37,500 warrants each to Mr. Garfinkel and Mr. Agranoff. On September 24, 2002, Mr. Agranoff sold 10,000 shares on the open market at a price per share equal to $.25. (e) Item 5(e) is hereby amended as follows: As of November 6, 2002, Mr. Garfinkel and Mr. Agranoff ceased being Reporting Persons with respect to the Company's Common Stock. Page 12 of 13 Signature After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. Date: November 7, 2002 /s/ Sebastiano Andina - ----------------------- Signature Sebastiano Andina, as attorney-in-fact for each of Edelman Value Partners, L.P., Edelman Value Fund, Ltd., LT II Partners, L.P., Asher B. Edelman, Irving Garfinkel, Gerald Agranoff, Edelman Family Partnership, Asher B. Edelman & Associates LLC and A.B. Edelman Management Company, Inc. Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001) Page 13 of 13 -----END PRIVACY-ENHANCED MESSAGE-----