-----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, SM6Cuj85qp6y63AE30mjzu564H0ZNc2YVvT+p5fxARM3EBHH7Pq3fma+2Q27eic2 RrEMEQnDvtvd+v4ZPJVW5Q== 0000910680-04-000134.txt : 20040206 0000910680-04-000134.hdr.sgml : 20040206 20040206134249 ACCESSION NUMBER: 0000910680-04-000134 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20040206 GROUP MEMBERS: MR. STEVEN DERBY GROUP MEMBERS: SDS MANAGEMENT, LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: P COM INC CENTRAL INDEX KEY: 0000935493 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 770289371 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-44547 FILM NUMBER: 04573075 BUSINESS ADDRESS: STREET 1: 3175 S WINCHESTER BLVD CITY: CAMPBELL STATE: CA ZIP: 95008 BUSINESS PHONE: 4088663666 MAIL ADDRESS: STREET 1: 3175 S WINCHESTER BLVD STREET 2: C/O P-COM INC CITY: CAMPBELL STATE: CA ZIP: 95008 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SDS CAPITAL GROUP SPC LTD CENTRAL INDEX KEY: 0001277663 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: RK CONSULTING (CAYMAN) LTD PO BOX 174865 STREET 2: CAYMAN CORPORATE CENTER 27 HOSPITAL RD CITY: GRAND CAYMAN STATE: E9 ZIP: 00000 MAIL ADDRESS: STREET 1: C/O CAYMAN CORP P O BOX 174865 STREET 2: 27 HOSPITAL RD CITY: GRAND CAYMAN STATE: E9 ZIP: 00000 SC 13G 1 sc13g-pcom_100103.txt D/O/E: 10/01/2003 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G (RULE 13d-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b) (c), AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b) (AMENDMENT NO. )* P-COM, Inc. ------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $0.0001 per share ------------------------------------------------------------------------------- (Title of Class of Securities) 693262206 -------------------------------------------- (CUSIP Number) October 1, 2003 ------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) [ ] Rule 13d-1(b) [X] Rule 13d-1(c) [ ] Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 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. 693262206 13G Page 2 of 9 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON SDS Capital Group SPC, Ltd.(1) - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- NUMBER OF SHARES 5 SOLE VOTING POWER BENEFICIALLY 19,420,000(2) OWNED BY ------------------------------------------------------------- EACH 6 SHARED VOTING POWER REPORTING PERSON 0 WITH ------------------------------------------------------------- 7 SOLE DISPOSITIVE POWER 19,420,000(2) ------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 19,420,000(2) - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 8.4% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT - ---------- (1) On October 1, 2003, SDS Merchant Fund, L.P., a Delaware limited partnership, assigned and transferred all of the shares of common stock of the issuer beneficially owned by SDS Merchant Fund, L.P. to SDS Capital Group SPC, Ltd. (2) Represents the number of shares of common stock of the issuer issuable upon the conversion of preferred stock and upon the exercise of warrants held by SDS Capital Group SPC, Ltd. - -------------------------------------------------------------------------------- CUSIP No. 693262206 13G Page 3 of 9 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON SDS Management, LLC - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF SHARES 5 SOLE VOTING POWER BENEFICIALLY 0 OWNED BY ------------------------------------------------------------- EACH 6 SHARED VOTING POWER REPORTING PERSON 19,420,000 WITH ------------------------------------------------------------- 7 SOLE DISPOSITIVE POWER 0 ------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 19,420,000 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 19,420,000 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 8.4% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT - -------------------------------------------------------------------------------- CUSIP No. 693262206 13G Page 4 of 9 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Mr. Steven Derby - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- NUMBER OF SHARES 5 SOLE VOTING POWER BENEFICIALLY 0 OWNED BY ------------------------------------------------------------- EACH 6 SHARED VOTING POWER REPORTING PERSON 19,420,000 WITH ------------------------------------------------------------- 7 SOLE DISPOSITIVE POWER 0 ------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 19,420,000 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 19,420,000 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 8.4% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT - -------------------------------------------------------------------------------- CUSIP No. 693262206 13G Page 5 of 9 Pages - -------------------------------------------------------------------------------- ITEM 1(a). NAME OF ISSUER: P-COM, Inc. ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: 3175 S. Winchester Boulevard Campbell, California 95008 ITEM 2(a). NAME OF PERSON FILING. ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE. ITEM 2(c). CITIZENSHIP. SDS Capital Group SPC, Ltd. (the "Reporting Person") RK Consulting (Cayman) Ltd. P.O. Box 174865 Cayman Corporate Center 27 Hospital Road Georgetown, Grand Cayman Cayman Islands Cayman Islands corporation SDS Management, LLC (the "Investment Manager") 53 Forest Avenue, 2nd Floor Old Greenwich, CT 06870 Delaware limited liability company Mr. Steven Derby ("Mr. Derby") Sole Managing Member of the Investment Manager 53 Forest Avenue, 2nd Floor Old Greenwich, CT 06870 United States citizen ITEM 2(d). TITLE OF CLASS OF SECURITIES: Common Stock, par value $0.0001 per share ITEM 2(e). CUSIP NUMBER: 693262206 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b), OR 13d-2(b) OR (c) CHECK WHETHER THE PERSON FILING IS A: Not Applicable - -------------------------------------------------------------------------------- CUSIP No. 693262206 13G Page 6 of 9 Pages - -------------------------------------------------------------------------------- ITEM 4. OWNERSHIP. The following is information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1 as of February 5, 2004: 1. The Reporting Person. (a) Amount beneficially owned: 19,420,000 shares of common stock. (b) Percent of Class: 8.4% (c) Number of shares as to which such person has: (i) sole power to vote or direct the vote: 19,420,000 (ii) shared power to vote or direct the vote: 0 (iii) sole power to dispose or direct the disposition of: 19,420,000 (iv) shared power to dispose or direct the disposition of: 0 2. The Investment Manager - same as Mr. Derby, see below. 3. Mr. Derby. (a) Amount beneficially owned: 19,420,000 shares of common stock. (b) Percent of Class: 8.4% (c) Number of shares as to which such person has: (i) sole power to vote or direct the vote: 0 (ii) shared power to vote or direct the vote: 19,420,000 (iii) sole power to dispose or direct the disposition of: 0 (iv) shared power to dispose or direct the disposition of: 19,420,000 On October 1, 2003, SDS Merchant Fund, L.P., a Delaware limited partnership, assigned and transferred all of the shares of common stock of the issuer beneficially owned by SDS Merchant Fund, L.P. to the Reporting Person. The 19,420,000 shares of common stock of the issuer are issuable upon the conversion of preferred stock and the exercise of warrants held by the Reporting Person. - -------------------------------------------------------------------------------- CUSIP No. 693262206 13G Page 7 of 9 Pages - -------------------------------------------------------------------------------- ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS. Not Applicable 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. Not Applicable ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP. Not Applicable ITEM 9. NOTICE OF DISSOLUTION OF GROUP. Not Applicable ITEM 10. CERTIFICATION. Certification pursuant to Rule 13d-1(c): By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. - -------------------------------------------------------------------------------- CUSIP No. 693262206 13G Page 8 of 9 Pages - -------------------------------------------------------------------------------- SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: February 6, 2004 SDS CAPITAL GROUP SPC, LTD. By: SDS Management, LLC its Investment Manager By: /s/ Steven Derby --------------------------------- Name: Steven Derby Title: Managing Member SDS MANAGEMENT, LLC By: /s/ Steven Derby --------------------------------- Name: Steven Derby Title: Managing Member /s/ Steven Derby -------------------------------------- Steven Derby - -------------------------------------------------------------------------------- CUSIP No. 693262206 13G Page 9 of 9 Pages - -------------------------------------------------------------------------------- EXHIBIT A JOINT FILING AGREEMENT This Agreement is filed as an exhibit to this Schedule 13G being filed by SDS Capital Group SPC, Ltd., SDS Management, LLC and Mr. Steven Derby in compliance with Rule 13d-1(k) of the Securities and Exchange Commission, which requires an agreement in writing indicating that this Schedule 13G to which this Agreement is attached is filed on behalf of the below-named companies, 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. This Agreement may be executed in counterparts, each of which when so executed and delivered shall be deemed an original and all of which taken together shall constitute but one and the same instrument. Dated: February 6, 2004 SDS CAPITAL GROUP SPC, LTD. By: SDS Management, LLC its Investment Manager By: /s/ Steven Derby --------------------------------- Name: Steven Derby Title: Managing Member SDS MANAGEMENT, LLC By: /s/ Steven Derby --------------------------------- Name: Steven Derby Title: Managing Member /s/ Steven Derby -------------------------------------- Steven Derby -----END PRIVACY-ENHANCED MESSAGE-----