-----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, BB2Myqudcw/UTUu8aXtqweW5nuSco+mX/JYvVQNDfmceT6uJzlekFHHbZ1dqC941 Wtg697tCPFhoWMTdFavpww== 0000950146-98-000705.txt : 19980430 0000950146-98-000705.hdr.sgml : 19980430 ACCESSION NUMBER: 0000950146-98-000705 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19980428 SROS: NONE GROUP MEMBERS: APPLEWOOD ASSOCIATES L P GROUP MEMBERS: APPLEWOOD ASSOCIATES, L.P. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: TRIDENT ROWAN GROUP INC CENTRAL INDEX KEY: 0000028367 STANDARD INDUSTRIAL CLASSIFICATION: MOTORCYCLES, BICYCLES & PARTS [3751] IRS NUMBER: 520466460 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: SEC FILE NUMBER: 005-08854 FILM NUMBER: 98602993 BUSINESS ADDRESS: STREET 1: 2 WORLDS FAIR DR STREET 2: 107 MONMOUTH ST CITY: SOMERSET STATE: NJ ZIP: 08873 BUSINESS PHONE: 9088427200 MAIL ADDRESS: STREET 1: 2 WORLDS FAIR DR STREET 2: 107 MONMOUTH ST CITY: SOMERSET STATE: NJ ZIP: 08873 FORMER COMPANY: FORMER CONFORMED NAME: DETOMASO INDUSTRIES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ROWAN INDUSTRIES INC DATE OF NAME CHANGE: 19731118 FORMER COMPANY: FORMER CONFORMED NAME: ROWAN CONTROLLER CO DATE OF NAME CHANGE: 19681017 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: APPLEWOOD ASSOCIATES L P CENTRAL INDEX KEY: 0000885787 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 SCHEDULE 13D SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 S C H E D U L E 13D (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) (Amendment No. 1)(1) TRIDENT ROWAN GROUP, INC. - -------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK, $0.01 PAR VALUE - -------------------------------------------------------------------------------- (Title of Class of Securities) 89614K-10-6 - -------------------------------------------------------------------------------- (CUSIP Number) Copy to: Stephen A. Cohen, Esq. Applewood Associates, L.P. 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) April 16, 1998 - -------------------------------------------------------------------------------- (Date of Event which Requires Filing 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 Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [ ]. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent. (Continued on following pages) - ----------------------- (1) 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 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). Page 1 of 18 Pages CUSIP No. 89614K-10-6 13D =============================================================================== 1 Name of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) Woodland Partners =============================================================================== 2 Check the Appropriate Box if a Member of a Group* (a) [ ] (b) [ ] =============================================================================== 3 SEC Use Only =============================================================================== 4 Source of Funds* WC, OO =============================================================================== 5 Check Box if Disclosure of Legal Proceedings is Required [ ] Pursuant to Item 2(d) or 2(e) =============================================================================== 6 Citizenship or Place of Organization New York ================================================================================ 7 Sole Voting Power 111,000 shares 2.2% Number of =================================================================== Shares 8 Shared Voting Power Beneficially 23,000 shares 0.5% Owned By =================================================================== Each 9 Sole Dispositive Power Reporting 111,000 shares 2.2% Person =================================================================== With 10 Shared Dispositive Power 23,000 shares 0.5% =============================================================================== 11 Aggregate Amount Beneficially Owned By Each Reporting Person 134,000 shares =============================================================================== 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ] =============================================================================== 13 Percent of Class Represented by Amount in Row (11) 2.7% =============================================================================== 14 Type of Reporting Person* PN =============================================================================== *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 2 of 18 Pages CUSIP No. 89614K-10-6 13D =============================================================================== 1 Name of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) Barry Rubenstein =============================================================================== 2 Check the Appropriate Box if a Member of a Group* (a) [ ] (b) [ ] =============================================================================== 3 SEC Use Only =============================================================================== 4 Source of Funds* WC, OO =============================================================================== 5 Check Box if Disclosure of Legal Proceedings is Required [ ] Pursuant to Item 2(d) or 2(e) =============================================================================== 6 Citizenship or Place of Organization United States ================================================================================ 7 Sole Voting Power 0 shares 0% Number of =================================================================== Shares 8 Shared Voting Power Beneficially 394,000 shares 7.7% Owned By =================================================================== Each 9 Sole Dispositive Power Reporting 0 shares 0% Person =================================================================== With 10 Shared Dispositive Power 394,000 shares 7.7% =============================================================================== 11 Aggregate Amount Beneficially Owned By Each Reporting Person 394,000 shares =============================================================================== 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ] =============================================================================== 13 Percent of Class Represented by Amount in Row (11) 7.7% =============================================================================== 14 Type of Reporting Person* IN =============================================================================== *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 3 of 18 Pages CUSIP No. 89614K-10-6 13D =============================================================================== 1 Name of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) Marilyn Rubenstein =============================================================================== 2 Check the Appropriate Box if a Member of a Group* (a) [ ] (b) [ ] =============================================================================== 3 SEC Use Only =============================================================================== 4 Source of Funds* WC, OO =============================================================================== 5 Check Box if Disclosure of Legal Proceedings is Required [ ] Pursuant to Item 2(d) or 2(e) =============================================================================== 6 Citizenship or Place of Organization United States ================================================================================ 7 Sole Voting Power 0 shares 0% Number of =================================================================== Shares 8 Shared Voting Power Beneficially 134,000 shares 2.7% Owned By =================================================================== Each 9 Sole Dispositive Power Reporting 0 shares 0% Person =================================================================== With 10 Shared Dispositive Power 134,000 shares 2.7% =============================================================================== 11 Aggregate Amount Beneficially Owned By Each Reporting Person 134,000 shares =============================================================================== 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ] =============================================================================== 13 Percent of Class Represented by Amount in Row (11) 2.7% =============================================================================== 14 Type of Reporting Person* IN =============================================================================== *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 4 of 18 Pages CUSIP No. 89614K-10-6 13D =============================================================================== 1 Name of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) The Rubenstein Family Limited Partnership =============================================================================== 2 Check the Appropriate Box if a Member of a Group* Group* (a) [ ] (b) [ ] =============================================================================== 3 SEC Use Only =============================================================================== 4 Source of Funds* WC, OO =============================================================================== 5 Check Box if Disclosure of Legal Proceedings is Required [ ] Pursuant to Item 2(d) or 2(e) =============================================================================== 6 Citizenship or Place of Organization New York ================================================================================ 7 Sole Voting Power 20,000 shares 0.4% Number of =================================================================== Shares 8 Shared Voting Power Beneficially 114,000 shares 2.3% Owned By =================================================================== Each 9 Sole Dispositive Power Reporting 20,000 shares 0.4% Person =================================================================== With 10 Shared Dispositive Power 114,000 shares 2.3% =============================================================================== 11 Aggregate Amount Beneficially Owned By Each Reporting Person 134,000 shares =============================================================================== 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ] =============================================================================== 13 Percent of Class Represented by Amount in Row (11) 2.7% =============================================================================== 14 Type of Reporting Person* PN =============================================================================== *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 5 of 18 Pages CUSIP No. 89614K-10-6 13D =============================================================================== 1 Name of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) Brian Rubenstein =============================================================================== 2 Check the Appropriate Box if a Member of a Group* (a) [ ] (b) [ ] =============================================================================== 3 SEC Use Only =============================================================================== 4 Source of Funds* PF, OO =============================================================================== 5 Check Box if Disclosure of Legal Proceedings is Required [ ] Pursuant to Item 2(d) or 2(e) =============================================================================== 6 Citizenship or Place of Organization United States ================================================================================ 7 Sole Voting Power 3,000 shares 0.1% Number of =================================================================== Shares 8 Shared Voting Power Beneficially 0 shares 0% Owned By =================================================================== Each 9 Sole Dispositive Power Reporting 3,000 shares 0.1% Person =================================================================== With 10 Shared Dispositive Power 0 shares 0% =============================================================================== 11 Aggregate Amount Beneficially Owned By Each Reporting Person 3,000 shares =============================================================================== 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ] =============================================================================== 13 Percent of Class Represented by Amount in Row (11) 0.1% =============================================================================== 14 Type of Reporting Person* IN =============================================================================== *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 6 of 18 Pages CUSIP No. 89614K-10-6 13D =============================================================================== 1 Name of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) Applewood Associates, L.P. =============================================================================== 2 Check the Appropriate Box if a Member of a Group* (a) [ ] (b) [ ] =============================================================================== 3 SEC Use Only =============================================================================== 4 Source of Funds* WC =============================================================================== 5 Check Box if Disclosure of Legal Proceedings is Required [ ] Pursuant to Item 2(d) or 2(e) =============================================================================== 6 Citizenship or Place of Organization New York ================================================================================ 7 Sole Voting Power 260,000 shares 5.2% Number of =================================================================== Shares 8 Shared Voting Power Beneficially 0 shares 0% Owned By =================================================================== Each 9 Sole Dispositive Power Reporting 260,000 shares 5.2% Person =================================================================== With 10 Shared Dispositive Power 0 shares 0% =============================================================================== 11 Aggregate Amount Beneficially Owned By Each Reporting Person 260,000 shares =============================================================================== 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ] =============================================================================== 13 Percent of Class Represented by Amount in Row (11) 5.2% =============================================================================== 14 Type of Reporting Person* PN =============================================================================== *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 7 of 18 Pages CUSIP No. 89614K-10-6 13D =============================================================================== 1 Name of Reporting Persons I.R.S. Identification Nos. of Above Person (Entities Only) Irwin Lieber =============================================================================== 2 Check the Appropriate Box if a Member of a Group* (a) [ ] (b) [ ] =============================================================================== 3 SEC Use Only =============================================================================== 4 Source of Funds* WC, PF =============================================================================== 5 Check Box if Disclosure of Legal Proceedings is Required [ ] Pursuant to Item 2(d) or 2(e) =============================================================================== 6 Citizenship or Place of Organization United States ================================================================================ 7 Sole Voting Power 20,000 shares 0.4% Number of =================================================================== Shares 8 Shared Voting Power Beneficially 260,000 shares 5.2% Owned By =================================================================== Each 9 Sole Dispositive Power Reporting 20,000 shares 0.4% Person =================================================================== With 10 Shared Dispositive Power 260,000 shares 5.2% =============================================================================== 11 Aggregate Amount Beneficially Owned By Each Reporting Person 280,000 shares =============================================================================== 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ] =============================================================================== 13 Percent of Class Represented by Amount in Row (11) 5.5% =============================================================================== 14 Type of Reporting Person* IN =============================================================================== *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 8 of 18 Pages CUSIP No. 89614K-10-6 13D =============================================================================== 1 Name of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) Barry Fingerhut =============================================================================== 2 Check the Appropriate Box if a Member of a Group* (a) [ ] (b) [ ] =============================================================================== 3 SEC Use Only =============================================================================== 4 Source of Funds* WC, PF =============================================================================== 5 Check Box if Disclosure of Legal Proceedings is Required [ ] Pursuant to Item 2(d) or 2(e) =============================================================================== 6 Citizenship or Place of Organization United States ================================================================================ 7 Sole Voting Power 20,000 shares 0.4% Number of =================================================================== Shares 8 Shared Voting Power Beneficially 260,000 shares 5.2% Owned By =================================================================== Each 9 Sole Dispositive Power Reporting 20,000 shares 0.4% Person =================================================================== With 10 Shared Dispositive Power 260,000 shares 5.2% =============================================================================== 11 Aggregate Amount Beneficially Owned By Each Reporting Person 280,000 shares =============================================================================== 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ] =============================================================================== 13 Percent of Class Represented by Amount in Row (11) 5.5% =============================================================================== 14 Type of Reporting Person* IN =============================================================================== *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 9 of 18 Pages CUSIP No. 89614K-10-6 13D =============================================================================== 1 Name of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) Applewood Capital Corp. =============================================================================== 2 Check the Appropriate Box if a Member of a Group* (a) [ ] (b) [ ] =============================================================================== 3 SEC Use Only =============================================================================== 4 Source of Funds* WC =============================================================================== 5 Check Box if Disclosure of Legal Proceedings is Required [ ] Pursuant to Item 2(d) or 2(e) =============================================================================== 6 Citizenship or Place of Organization New York ================================================================================ 7 Sole Voting Power 0 shares 0% Number of =================================================================== Shares 8 Shared Voting Power Beneficially 260,000 shares 5.2% Owned By =================================================================== Each 9 Sole Dispositive Power Reporting 0 shares 0% Person =================================================================== With 10 Shared Dispositive Power 260,000 shares 5.2% =============================================================================== 11 Aggregate Amount Beneficially Owned By Each Reporting Person 260,000 shares =============================================================================== 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ] =============================================================================== 13 Percent of Class Represented by Amount in Row (11) 5.2% =============================================================================== 14 Type of Reporting Person* CO =============================================================================== *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 10 of 18 Pages CUSIP No. 89614K-10-6 13D =============================================================================== 1 Name of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) Jonathan Lieber =============================================================================== 2 Check the Appropriate Box if a Member of a Group* (a) [ ] (b) [ ] =============================================================================== 3 SEC Use Only =============================================================================== 4 Source of Funds* WC =============================================================================== 5 Check Box if Disclosure of Legal Proceedings is Required [ ] Pursuant to Item 2(d) or 2(e) =============================================================================== 6 Citizenship or Place of Organization United States ================================================================================ 7 Sole Voting Power 0 shares 0% Number of =================================================================== Shares 8 Shared Voting Power Beneficially 260,000 shares 5.2% Owned By =================================================================== Each 9 Sole Dispositive Power Reporting 0 shares 0% Person =================================================================== With 10 Shared Dispositive Power 260,000 shares 5.2% =============================================================================== 11 Aggregate Amount Beneficially Owned By Each Reporting Person 260,000 shares =============================================================================== 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ] =============================================================================== 13 Percent of Class Represented by Amount in Row (11) 5.2% =============================================================================== 14 Type of Reporting Person* IN =============================================================================== *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 11 of 18 Pages CUSIP No. 89614K-10-6 13D =============================================================================== 1 Name of Reporting Persons S.S. or I.R.S. Identification Nos. of Above Persons (Entities Only) Seth Lieber =============================================================================== 2 Check the Appropriate Box if a Member of a Group* (a) [ ] (b) [ ] =============================================================================== 3 SEC Use Only =============================================================================== 4 Source of Funds* WC =============================================================================== 5 Check Box if Disclosure of Legal Proceedings is Required [ ] Pursuant to Item 2(d) or 2(e) =============================================================================== 6 Citizenship or Place of Organization United States ================================================================================ 7 Sole Voting Power 0 shares 0% Number of =================================================================== Shares 8 Shared Voting Power Beneficially 260,000 shares 5.2% Owned By =================================================================== Each 9 Sole Dispositive Power Reporting 0 shares 0% Person =================================================================== With 10 Shared Dispositive Power 260,000 shares 5.2% =============================================================================== 11 Aggregate Amount Beneficially Owned By Each Reporting Person 260,000 shares =============================================================================== 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [ ] =============================================================================== 13 Percent of Class Represented by Amount in Row (11) 5.2% =============================================================================== 14 Type of Reporting Person* IN =============================================================================== *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 12 of 18 Pages This statement, dated April 16, 1998, constitutes Amendment No. 1 to the Schedule 13D, dated June 6, 1997, regarding the reporting persons' ownership of certain securities of Trident Rowan Group, Inc. (the "Issuer"). The 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, by the reporting persons. It shall refer only to information which has materially changed since the filing of the Schedule. ITEM 5. Interests in Securities of Issuer. (a) The following list sets forth the aggregate number and percentage (based on 4,987,780 shares of Common Stock outstanding as reported by the Issuer in its Form 10-K for the period ended December 31, 1997) of outstanding shares of Common Stock beneficially owned by each reporting person named in Item 2, as of April 17, 1998: Page 13 of 18 Pages
Shares of Percentage of Shares Common Stock of Common Stock Name Beneficially Owned(1) Beneficially Owned(1) - ---- --------------------- --------------------- Woodland Partners 134,000(2)(3) 2.7% Barry Rubenstein 394,000(2)(4) 7.7% Marilyn Rubenstein 134,000(2)(3) 2.7% The Rubenstein Family Limited Partnership 134,000(2)(3) 2.7% Brian Rubenstein 3,000 0.1% Applewood Associates, L.P. 260,000(5) 5.2% Barry Fingerhut 280,000(2)(5)(6) 5.5% Irwin Lieber 280,000(2)(5)(6) 5.5% Applewood Capital Corp. 260,000(2)(5) 5.2% Seth Lieber 260,000(2)(5) 5.2% Jonathan Lieber 260,000(2)(5) 5.2%
------------------- 1 Includes shares of Common Stock issuable upon the exercise of the Warrants. 2 The reporting person disclaims beneficial ownership of these securities, except to the extent of his/hers/its equity interest therein. 3 Includes 74,000 shares of Common Stock and 60,000 shares of Common Stock issuable upon the exercise of the Warrants. 4 Includes 274,000 shares of Common Stock and 120,000 shares of Common Stock issuable upon the exercise of the Warrants. 5 Includes 200,000 shares of Common Stock and 60,000 shares of Common Stock issuable upon the exercise of the Warrants. 6 Includes 20,000 shares of Common Stock. (b) Woodland Partners has sole power to vote and to dispose of 61,000 shares of Common Stock and 50,000 shares of Common Stock issuable upon the exercise of the Warrants, representing approximately 2.2% of the outstanding Common Stock, and may be deemed to have shared power to vote and to dispose of 13,000 shares of Common Stock and 10,000 shares of Common Stock issuable upon the exercise of Warrants, representing approximately 0.5% of the outstanding Common Stock. Barry Rubenstein, by virtue of being a general partner of Woodland Partners, Applewood Associates, and the Rubenstein Partnership, husband of Marilyn Rubenstein, father of Brian Rubenstein and a shareholder, an officer and director of AC Corp., may be deemed to have shared power to vote and to dispose of 274,000 shares of Common Stock and 120,000 shares of Common Stock issuable upon the exercise of Warrants, representing approximately 7.7% of the outstanding Common Stock. Marilyn Rubenstein, by virtue of being a general partner of Woodland Partners and the Rubenstein Partnership, wife of Barry Rubenstein and mother of Brian Rubenstein, may be deemed to have shared power to vote and to dispose of 74,000 shares of Common Stock and 60,000 shares of Common Stock issuable upon the exercise of the Warrants, representing approximately 2.7% of the outstanding Common Stock. The Rubenstein Partnership has the sole power to vote and to dispose of 10,000 shares of Common Stock and 10,000 shares of Common Stock issuable upon the exercise of the Warrants representing approximately 0.4% of the outstanding Common Stock. The Rubenstein Partnership, may be deemed to have shared power to vote and to dispose of 64,000 shares of Page 14 of 18 Pages Common Stock and 50,000 shares of Common Stock issuable upon the exercise of the Warrants, representing approximately 2.3% of the outstanding Common Stock. Brian Rubenstein has the sole power to vote and to dispose of 3,000 shares of Common Stock, representing approximately 0.1% of the outstanding Common Stock. Applewood Associates, L.P. has sole power to vote and to dispose of 200,000 shares of Common Stock and 60,000 shares of Common Stock issuable upon the exercise of Warrants, representing approximately 5.2% of the outstanding Common Stock. Barry Fingerhut, by virtue of being a general partner of Applewood and a shareholder, shareholder, an officer and director of AC Corp., may be deemed to have shared power to vote and to dispose of 200,000 shares of Common Stock and 60,000 shares of Common Stock issuable upon the exercise of the Warrants, representing approximately 5.2% of the outstanding Common Stock. Barry Fingerhut has sole power to vote and to dispose of 20,000 shares of Common Stock, representing approximately 0.4% of the outstanding Common Stock. Irwin Lieber, by virtue of being a general partner of Applewood and a shareholder, an officer and director of AC Corp., may be deemed to have shared power to vote and to dispose of 200,000 shares of Common Stock and 60,000 shares of Common Stock issuable upon the exercise of the Warrants, representing approximately 5.2% of the outstanding Common Stock. Irwin Lieber has sole power to vote and to dispose of 20,000 shares of Common Stock, representing approximately 0.4% of the outstanding Common Stock. Applewood Capital may be deemed to have shared power to vote and to dispose of 200,000 shares of Common Stock, and 60,000 shares of Common Stock issuable upon the exercise of the Warrants, representing approximately 5.2% of the outstanding Common Stock. Jonathan Lieber, by virtue of being an officer of AC Corp., may be deemed to have shared power to vote and to dispose of 200,000 shares of Common Stock and 60,000 shares of Common Stock issuable upon the exercise of the Warrants, representing approximately 5.2% of the outstanding Common Stock. Seth Lieber, by virtue of being an officer of AC Corp., may be deemed to have shared power to vote and to dispose of 200,000 shares of Common Stock and 60,000 shares of Common Stock issuable upon the exercise of the Warrants, representing approximately 5.2% of the outstanding Common Stock. Page 15 of 18 Pages (c) The following is a description of all transactions in shares of Common Stock of the Issuer by the persons identified in Item 2 of this Schedule 13D effected from February 14, 1998 through April 17, 1998, inclusive:
Purchase or Number of shrares of Sales Price Purchase or Common Stock (C) Per Share or Name of Shareholder Sale Date Purchased or (Sold) Per Warrant - ------------------- --------- ------------------- ----------- Barry Rubenstein 4/15/98 (16,000) $5.75 R/O IRA 4/16/98 (15,000) $5.72 4/17/98 (19,000) $5.75
The shares of Common Stock were sold 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) Not applicable. Page 16 of 18 Pages 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 statement is true, correct and complete. Date: April 28, 1998 APPLEWOOD ASSOCIATES, L.P. By: /s/ Irwin Lieber ----------------------------------- Irwin Lieber, a General Partner APPLEWOOD CAPITAL CORP. By: /s/ Barry Rubenstein ----------------------------------- Barry Rubenstein, President /s/ Barry Rubenstein ----------------------------------- Barry Rubenstein /s/ Irwin Lieber ----------------------------------- Irwin Lieber /s/ Barry Fingerhut ----------------------------------- Barry Fingerhut /s/ Jonathan Lieber ----------------------------------- Jonathan Lieber /s/ Seth Lieber ----------------------------------- Seth Lieber ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001). Page 17 of 18 Pages WOODLAND PARTNERS By: /s/ Barry Rubenstein ------------------------------------ Barry Rubenstein, a General Partner THE RUBENSTEIN FAMILY LIMITED PARTNERSHIP By: /s/ Barry Rubenstein ------------------------------------- Barry Rubenstein, a General Partner /s/ Marilyn Rubenstein -------------------------------------- Marilyn Rubenstein * ------------------------------------- Brian Rubenstein */s/ Barry Rubenstein - ---------------------------------- Barry Rubenstein, Attorney-in-Fact ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001). Page 18 of 18 Pages -----END PRIVACY-ENHANCED MESSAGE-----