-----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, GrwBGJoa6t+UesxV3Tqut6fwWtYbp3FdlLlh48KJi10Q8iBt4B2+RrnTs/w96qTz 9gvVbRJApG/6e5O17fqA5g== 0000890163-08-000610.txt : 20080903 0000890163-08-000610.hdr.sgml : 20080903 20080903151902 ACCESSION NUMBER: 0000890163-08-000610 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20080903 DATE AS OF CHANGE: 20080903 GROUP MEMBERS: PAUL J. SOLIT GROUP MEMBERS: POTOMAC CAPITAL MANAGEMENT INC. GROUP MEMBERS: POTOMAC CAPITAL MANAGEMENT LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: American Community Newspapers Inc. CENTRAL INDEX KEY: 0001321544 STANDARD INDUSTRIAL CLASSIFICATION: NEWSPAPERS: PUBLISHING OR PUBLISHING & PRINTING [2711] IRS NUMBER: 202521288 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-80857 FILM NUMBER: 081053818 BUSINESS ADDRESS: STREET 1: 14875 LANDMARK BLVD. STREET 2: SUITE 110 CITY: ADDISON STATE: TX ZIP: 75254 BUSINESS PHONE: 972-628-4080 MAIL ADDRESS: STREET 1: 14875 LANDMARK BLVD. STREET 2: SUITE 110 CITY: ADDISON STATE: TX ZIP: 75254 FORMER COMPANY: FORMER CONFORMED NAME: Courtside Acquisition Corp DATE OF NAME CHANGE: 20050323 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: POTOMAC CAPITAL MANAGEMENT LLC CENTRAL INDEX KEY: 0001233369 IRS NUMBER: 133984298 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 825 THIRD AVENUE STREET 2: 33RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2125215115 MAIL ADDRESS: STREET 1: 825 THIRD AVENUE STREET 2: 33RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 SC 13G 1 s11-8728_13g.txt SCHEDULE 13G SEC 1745 Potential persons who are to respond to the collection of information (02-02) contained in this form are not required to respond unless the form displays a currently valid OMB control number. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G (Rule 13d-102) Information Statement Pursuant to Rules 13d-1 and 13d-2 Under the Securities Exchange Act of 1934 American Community Newspapers, Inc. (Name of Issuer) Common Stock, $0.0001 par value (Title of Class of Securities) 02520T103 (CUSIP Number) August 12, 2008 (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 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. 02520T103 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) Potomac Capital Management LLC 13-3984298 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [ ] 3. SEC Use Only 4. Citizenship or Place of Organization New York Number of 5. Sole Voting Power Shares 193,743 Beneficially Owned by 6. Shared Voting Power Each 0 Reporting Person With 7. Sole Dispositive Power 193,743 8. Shared Dispositive Power 0 9. Aggregate Amount Beneficially Owned by Each Reporting Person 193,743 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] 11. Percent of Class Represented by Amount in Row (9) 1.3%(1) 12. Type of Reporting Person (See Instructions) HC; OO (Limited Liability Company) ____________ (1) Based on 14,623,445 shares of common stock of American Community Newspapers, Inc. as of April 30, 2008. CUSIP No. 02520T103 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) Potomac Capital Management Inc. 13-3984786 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [ ] 3. SEC Use Only 4. Citizenship or Place of Organization Delaware Number of 5. Sole Voting Power Shares 289,130 Beneficially Owned by 6. Shared Voting Power Each 0 Reporting Person With 7. Sole Dispositive Power 289,130 8. Shared Dispositive Power 0 9. Aggregate Amount Beneficially Owned by Each Reporting Person 289,130 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] 11. Percent of Class Represented by Amount in Row (9) 1.97%(2) 12. Type of Reporting Person (See Instructions) HC; CO ____________ (2) Based on 14,623,445 shares of common stock of American Community Newspapers, Inc. as of April 30, 2008. CUSIP No. 02520T103 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) Paul J. Solit 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [ ] 3. SEC Use Only 4. Citizenship or Place of Organization Number of 5. Sole Voting Power Shares 0 Beneficially Owned by 6. Shared Voting Power Each 482,873 Reporting Person With 7. Sole Dispositive Power 0 8. Shared Dispositive Power 482,873 9. Aggregate Amount Beneficially Owned by Each Reporting Person 482,873 10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] 11. Percent of Class Represented by Amount in Row (9) 3.3%(3) 12. Type of Reporting Person (See Instructions) IN; HC ____________ (3) Based on 14,623,445 shares of common stock of American Community Newspapers, Inc. as of April 30, 2008. Item 1. (a) Name of Issuer American Community Newspapers, Inc. (b) Address of Issuer's Principal Executive Offices 14875 Landmark Blvd., Suite 110 Addison, TX 75254 Item 2. (a) Name of Person Filing (i) Potomac Capital Management LLC. (ii) Potomac Capital Management Inc. (iii) Paul J. Solit (b) Address of Principal Business Office or, if none, Residence 825 Third Avenue, 33rd Floor New York, New York 10022 (c) Citizenship (i) New York (ii) Delaware (iii) United States (d) Title of Class of Securities Common Stock, $0.0001 par value (e) CUSIP Number 02520T103 Item 3. Not Applicable Item 4. Ownership Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. Potomac Capital Management LLC (a) Amount beneficially owned: 193,743 (b) Percent of class: 1.3% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote 193,743 (ii) Shared power to vote or to direct the vote 0 (iii) Sole power to dispose or to direct the disposition of 193,743 (iv) Shared power to dispose or to direct the disposition of 0 Potomac Capital Management, Inc. (a) Amount beneficially owned: 2,647,400 (b) Percent of class: 15.7% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 2,647,400 (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 2,647,400 Paul J. Solit (a) Amount beneficially owned: 482,873 (b) Percent of class: 3.3% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 482,873 (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 482,873 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 the Reporting Persons have 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 or Control Person See Exhibit A attached hereto. Item 8. Identification and Classification of Members of the Group Not Applicable. Item 9. Notice of Dissolution of Group Not Applicable. Item 10. Certification 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. 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 this 3rd day of September, 2008 POTOMAC CAPITAL MANAGEMENT LLC By: /s/ Paul J. Solit ----------------- Paul J. Solit, Managing Member POTOMAC CAPITAL MANAGEMENT INC. By: /s/ Paul J. Solit ----------------- Paul J. Solit, President PAUL J. SOLIT By: /s/ Paul J. Solit ----------------- Paul J. Solit EXHIBIT INDEX The following exhibits are filed with this report on Schedule 13G: Exhibit A Identification of entities which acquired the shares which are the subject of this report on Schedule 13G. Exhibit B Joint Filing Agreement dated September 3, 2008 among Potomac Capital Management LLC, Potomac Capital Management, Inc. and Paul J. Solit EX-99 2 s11-8728_exa.txt EXHIBIT A Exhibit A Identification of entities which acquired the shares which are the subject of this report on Schedule 13G. (1) Potomac Capital Partners LP, a private investment partnership formed under the laws of State of Delaware. Potomac Capital Management LLC is the General Partner of Potomac Capital Partners LP. Mr. Paul J. Solit is the Managing Member of Potomac Capital Management LLC. (2) Potomac Capital International Ltd., an international business company formed under the laws of the British Virgin Islands. Potomac Capital Management Inc. is the Investment Manager of Potomac Capital International Ltd. Paul J. Solit is the President and sole owner of Potomac Capital Management Inc., and a Director of Potomac Capital International Ltd. (3) Pleiades Investment Partners-R, LP, a private investment partnership formed under the laws of the State of Delaware. Potomac Capital Management Inc. is the Investment Manager of a managed account of Pleiades Investment Partners-R, LP. Paul J. Solit is the President and sole owner of Potomac Capital Management Inc. EX-99 3 s11-8728_exb.txt EXHIBIT B Exhibit B JOINT FILING AGREEMENT This Agreement is filed as an exhibit to Schedule 13G being filed by Potomac Capital Management LLC, Potomac Capital Management Inc., and Paul J. Solit in compliance with Rule 13d-1(k) of the Securities and Exchange Commission, which requires an agreement in writing indicating that the Schedule 13G to which this Agreement is attached is filed on behalf of the below-named entities, that they are each responsible for the timely filing of the Schedule 13G and any amendments thereto and for the completeness and accuracy of the information concerning such persons contained therein. Dated: September 3, 2008 POTOMAC CAPITAL MANAGEMENT LLC By: /s/ Paul J. Solit ----------------- Paul J. Solit, Managing Member POTOMAC CAPITAL MANAGEMENT INC. By: /s/ Paul J. Solit ----------------- Paul J. Solit, President PAUL J. SOLIT By: /s/ Paul J. Solit ----------------- Paul J. Solit -----END PRIVACY-ENHANCED MESSAGE-----