-----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, Dn6rgGYfeR4C4B2eu21PUtxzNVdN/lcCX5TwX8rdK8wRbndgX+St6d0PJGGi9Ho3 U5jOe81RBNIYuBvq2CPtxQ== 0001005150-98-000898.txt : 19980831 0001005150-98-000898.hdr.sgml : 19980831 ACCESSION NUMBER: 0001005150-98-000898 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19980828 SROS: NASD SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: TEL SAVE HOLDINGS INC CENTRAL INDEX KEY: 0000948545 STANDARD INDUSTRIAL CLASSIFICATION: RADIO TELEPHONE COMMUNICATIONS [4812] IRS NUMBER: 232827736 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: SEC FILE NUMBER: 005-45631 FILM NUMBER: 98700692 BUSINESS ADDRESS: STREET 1: 6805 ROUTE 202 CITY: NEW HOPE STATE: PA ZIP: 18938 BUSINESS PHONE: 2158621500 MAIL ADDRESS: STREET 1: 6805 RIYTE 202 CITY: NEW HOPE STATE: PA ZIP: 18938 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: TOBIAS SETH CENTRAL INDEX KEY: 0001069085 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 204547704 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 27 N SUNNYCREST DR CITY: LITTLE SILVER STATE: NJ ZIP: 07739 BUSINESS PHONE: 7329331932 MAIL ADDRESS: STREET 1: 27 N SUNNYCREST DR CITY: LITTLE SILVER STATE: NJ ZIP: 07739 SC 13G 1 SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 Tel-Save Holdings, Inc. ----------------------- (Name of Issuer) Common Stock, par value $.01 per share -------------------------------------- (Title of Class of Securities) 879176105 -------------- (CUSIP Number) August 18, 1998 ------------------------------------------------------ (Date of Even 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) (Page 1 of 7 Pages) CUSIP No. 879176105 13G Page 2 of 7 Pages - -------------------------------------------------------------------------------- 1) NAME OF REPORTING PERSON Seth Tobias - -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF MEMBER OF A GROUP (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3) SEC USE ONLY - -------------------------------------------------------------------------------- 4) CITIZENSHIP OR PLACE OF ORGANIZATION U.S. - -------------------------------------------------------------------------------- NUMBER OF 5) SOLE VOTING POWER 4,000,000 SHARES ------------------------------------------------------------------ BENEFICIALLY 6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------------ EACH 7) SOLE DISPOSITIVE POWER 4,000,000 REPORTING ------------------------------------------------------------------ PERSON WITH 8) SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 9) AGGREGATE AMOUNT BENEFICIALLY OWNED 4,000,000 BY EACH REPORTING PERSON - -------------------------------------------------------------------------------- 10) CHECK IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 7.0% - -------------------------------------------------------------------------------- 12) TYPE OF REPORTING PERSON: IN - -------------------------------------------------------------------------------- CUSIP No. 879176105 13D Page 3 of 7 Pages - -------------------------------------------------------------------------------- 1) NAME OF REPORTING PERSON The D& K Grantor Retained Annuity Trust II - -------------------------------------------------------------------------------- 2) CHECK THE APPROPRIATE BOX IF MEMBER OF A GROUP (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3) SEC USE ONLY - -------------------------------------------------------------------------------- 4) CITIZENSHIP OR PLACE OF ORGANIZATION Pennsylvania - -------------------------------------------------------------------------------- NUMBER OF 5) SOLE VOTING POWER 4,000,000 SHARES ------------------------------------------------------------------ BENEFICIALLY 6) SHARED VOTING POWER 0 OWNED BY ------------------------------------------------------------------ EACH 7) SOLE DISPOSITIVE POWER 4,000,000 REPORTING ------------------------------------------------------------------ PERSON WITH 8) SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 9) AGGREGATE AMOUNT BENEFICIALLY OWNED 4,000,000 BY EACH REPORTING PERSON - -------------------------------------------------------------------------------- 10) CHECK IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 7.0% - -------------------------------------------------------------------------------- 12) TYPE OF REPORTING PERSON: OO - -------------------------------------------------------------------------------- Item 1(a). Name of Issuer: Tel-Save Holdings, Inc. Item 1(b). Address of Issuer's Principal Executive Offices: 6805 Route 202, New Hope, PA 18938 Item 2(a). Name of Person Filing: Seth Tobias The D& K Grantor Retained Annuity Trust II Item 2(b). Address of Principal Business Office: 27 North Sunnycrest Drive Little Silver, NJ 07739 Item 2(c). Citizenship: United States Item 2(d). Title of Class of Securities: Common Stock Item 2(d). CUSIP Number: 879176105 Page 4 of 7 Pages If this statement is filed pursuant to Rule 13d-1(b) or 13d-2(b) or (c), Item 3. check whether the person filing is a: (a) [ ] Broker or dealer registered under Section 15 of the Exchange Act. (b) [ ] Bank as defined in Section 3(a)(6) of the Exchange Act. (c) [ ] Insurance company as defined in Section 3(a)(19) of the Exchange Act. (d) [ ] Investment company registered under Section 8 of the Investment Company Act. (e) [ ] An investment advisor in accordance with Rule 13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); (h) [ ] A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act; (i) [ ] A church plan that is excluded form the definition of an investment company under section 3(c)(14) of the Investment Company Act; (j) [ ] Group, in accordance with Rule 13d-1(b)1)(ii)(J). Item 4. Ownership. (a) Amount Beneficially Owned: 4,000,000 (b) Percent of Class: 7.0% (c) Number of Shares to which such person has: (i) Sole power to vote or direct the vote: 4,000,000 (ii) Shared power to vote or direct the vote: 0 (iii) Sole power to dispose or to direct the deposition of: 4,000,000 (iv) Shared power to dispose or to direct the disposition of: 0 Page 5 of 7 Pages 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 of the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ]. Item 6. Ownership of More than Five Percent on Behalf of Another Person On August 18, 1998, solely for estate tax planning purposes, Daniel Borislow (the "Grantor") transferred 4,000,000 shares of Common Stock to a trust (the "Trust"), the sole trustee of which is the Reporting Person. The Trust is required to make payments over a three year period to the Grantor and then distribute any remaining Trust assets to the Grantor's children. The Reporting Person has sole power to vote and dispose of the shares of Common Stock that the Grantor transferred to the Trust. The Grantor has no beneficial ownership of the shares held by the Trust. Item 7. Identification and Classification of the Subsidiary Which acquired the Security Being Reported on By the Parent Holding Company Not Applicable. Item 8. Identification and Classification of Members of the Group. Not Applicable. Item 9. Notice of Dissolution of the Group. Not Applicable. Page 6 of 7 Pages 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 reasonably 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. August 28, 1998 ------------------------------ Date /s/ Seth Tobias ------------------------------ Signature Seth Tobias ------------------------------ Name/Title Page 7 of 7 Pages -----END PRIVACY-ENHANCED MESSAGE-----