SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

TCG HOLDINGS LLC

(Last)

(First)

(Middle)

C/O THE CARLYLE GROUP

1001 PENNSYLVANIA AVE. NW

(Street)

WASHINGTON

20004

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
VARSITYBOOKS COM INC [ VSTY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/10/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/26/2003		S		6,050	D	$3.08	1,825,107	I	See Footnote⁽¹⁾⁽²⁾
Common Stock	08/26/2003		S		1,000	D	$3.12	1,824,107	I	See Footnote⁽¹⁾⁽²⁾
Common Stock	08/28/2003		S		2,000	D	$3.13	1,822,107	I	See Footnote⁽¹⁾⁽²⁾
Common Stock	08/29/2003		S		1,500	D	$3.11	1,820,607	I	See Footnote⁽¹⁾⁽²⁾
Common Stock	09/02/2003		S		11,574	D	$3	1,809,033	I	See Footnote⁽¹⁾⁽²⁾
Common Stock	09/04/2003		S		3,000	D	$3	1,806,033	I	See Footnote⁽¹⁾⁽²⁾
Common Stock	09/08/2003		S		3,320	D	$3.03	1,802,713	I	See Footnote⁽¹⁾⁽²⁾
Common Stock	09/09/2003		S		6,680	D	$3.03	1,796,033	I	See Footnote⁽¹⁾⁽²⁾
Common Stock	09/09/2003		S		15,000	D	$3.08	1,781,033	I	See Footnote⁽¹⁾⁽²⁾
Common Stock	09/10/2003		S		1,126	D	$3	1,779,907	I	See Footnote⁽¹⁾⁽²⁾
Common Stock	09/10/2003		S		8,300	D	$3.12	1,771,607	I	See Footnote⁽¹⁾⁽²⁾
Common Stock	01/23/2004		S		2,400	D	$4.45	1,878,728	I	See Footnote⁽¹⁾⁽²⁾
Common Stock	01/26/2004		S		43,500	D	$4.42	1,835,228	I	See Footnote⁽¹⁾⁽²⁾
Common Stock	01/27/2004		S		30,000	D	$4.4	1,805,228	I	See Footnote⁽¹⁾⁽²⁾
Common Stock	01/28/2004		S		300	D	$4.4	1,804,928	I	See Footnote⁽¹⁾⁽²⁾
Common Stock	02/04/2004		S		74,100	D	$4.4	1,730,828	I	See Footnote⁽¹⁾⁽²⁾
Common Stock	02/06/2004		S		14,700	D	$4.4	1,716,128	I	See Footnote⁽¹⁾⁽²⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Warrants	$2.33	07/10/2003		M			107,143	07/10/2003	07/10/2003	Common	2,251	$0.00	172,021	I	See Footnotes⁽¹⁾⁽²⁾
Warrants	$0.2	10/02/2003		M			50,000	10/02/2003	10/02/2003	Common	50,000	$10,000	122,021	I	See Footnotes⁽¹⁾⁽²⁾
Warrants	$2.33	12/08/2003		M			53,571	12/08/2003	12/08/2003	Common	53,571	$124,991.86	68,450	I	See Footnotes⁽¹⁾⁽²⁾
Warrants	$2.33	12/08/2003		M			5,950	12/08/2003	12/08/2003	Common	5,950	$13,882.54	62,500	I	See Footnotes⁽¹⁾⁽²⁾

Explanation of Responses:

1. B&T Enterprises, L.L.C.("B&T"), a Delaware limited liability company, Carlyle Venture Partners, L.P., a Cayman Islands limited partnership, C/S Venture Investors, L.P., a Cayman Islands limited partnership, Carlyle Venture Coinvestment, L.L.C., a Delaware limited liability company, and Carlyle U.S. Venture Partners, L.P., a Delaware limited partnership, all constitute the record owners of these shares. TCG Ventures,Ltd. is the sole general partner of Carlyle Venture Partners, L.P. and the general partner of C/S Venture Investors,L.P. TCG Ventures, L.L.C. owns 100% of the outstanding capital stock of TCG Ventures Ltd., is the sole general partner of Carlyle U.S. Venture Partners, L.P., and is the sole managing member of Carlyle Venture Coinvestment, L.L.C. TC Group, L.L.C. is the sole member of TCG Ventures, L.L.C. and the manager of B&T. As manager, TC Group, L.L.C. has sole voting control of the shares held by B&T. TCG Holdings, L.L.C. is the sole managing member of TC Group, L.L.C.

2. William E. Conway, Jr., Daniel A. D'Aniello and David M. Rubenstein, as the managing directors of TCG Holdings, L.L.C., may be deemed to share beneficial ownership of the shares shown as beneficially owned by each entity. Such persons disclaim such beneficial ownership.

	Daniel A. D'Aniello	02/25/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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