sec document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
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
NETWORK PERIPHERALS INC.
(Name of issuer)
COMMON STOCK, $.01 PAR VALUE PER SHARE
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(Title of class of securities)
64121R 10 0
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(CUSIP number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
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(Name, address and telephone number of person
authorized to receive notices and communications)
June 6, 2001
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(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which 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 /x /
Note. Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. SEE Rule 13d-7
for other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 9 Pages)
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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).
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CUSIP No. 64121R 10 0 13D Page 2 of 9 pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SENECA VENTURES
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
NEW YORK
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 70,300
OWNED BY EACH
REPORTING
PERSON WITH ----------------------------------------------------------------
8 SHARED VOTING POWER
0
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9 SOLE DISPOSITIVE POWER
70,300
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
70,300
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.5%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 64121R 10 0 13D Page 3 of 9 pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WOODLAND VENTURE FUND
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
NEW YORK
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 165,000
OWNED BY EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
0
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9 SOLE DISPOSITIVE POWER
165,000
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
165,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.3%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 64121R 10 0 13D Page 4 of 9 pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WOODLAND PARTNERS
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
NEW YORK
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 132,500
OWNED BY EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
0
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9 SOLE DISPOSITIVE POWER
132,500
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
132,500
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 64121R 10 0 13D Page 5 of 9 pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BARRY RUBENSTEIN
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
PF, OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
UNITED STATES
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 264,500
OWNED BY EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
368,300
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9 SOLE DISPOSITIVE POWER
264,500
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10 SHARED DISPOSITIVE POWER
368,300
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
632,800
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.9%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 64121R 10 0 13D Page 6 of 9 pages
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The following constitutes Amendment No. 1 to the Schedule 13D filed
by the undersigned (the "Schedule 13D"). Except as specifically amended by this
Amendment No. 1, the Schedule 13D remains in full force and effect. Capitalized
terms used in this Amendment No.1 but not defined herein shall have the meaning
set forth in the Schedule 13D.
Item 4 is hereby amended to add the following:
Item 4. Purpose of Transaction.
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The shares of Common Stock sold by the Reporting Persons, as
disclosed in this Amendment No. 1 in response to Item 5(c), were previously
acquired by such Reporting Persons for investment purposes. Such Reporting
Persons are also stockholders of FalconStor who, pursuant to the terms of the
Merger Agreement, shall receive shares of Common Stock of the Issuer upon
consummation of the merger contemplated therein, if it occurs. The Reporting
Persons have decided to reduce their positions in freely-tradable, publicly-held
securities of certain of their portfolio companies, including the Issuer, based
predominately on the size of each Reporting Person's position in a portfolio
company relative to such Reporting Person's entire investment portfolio. Each
Reporting Person has determined that, absent such sales, its position in the
Issuer upon completion of the merger contemplated by the Merger Agreement will
constitute a disproportionate percentage of such Reporting Person's entire
investment portfolio. Consequently, such Reporting Persons have reduced their
ownership in the Issuer.
Items 5(a) and 5(b) are hereby amended to read in their entity as
follows:
Item 5. Interest in Securities of the Issuer.
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(a) The following table sets forth the aggregate number and
percentage (based on 13,015,508 shares of Common Stock outstanding as of May 10,
2001, as reported by the Issuer in its Form 10-Q for the quarterly period ended
March 31, 2001) of Common Stock beneficially owned by each Reporting Person
named in Item 2 of Schedule 13D. The table does not reflect any shares of Common
Stock that any of the Reporting Persons may acquire as a result of the
consummation of the Merger Agreement since the number of shares of Common Stock
has not been fixed and approval by the stockholders of the Issuer has not been
obtained.
Shares of Common Percentage of Shares of
Stock Common Stock
Name Beneficially Owned Beneficially Owned
---- ------------------ ------------------
Seneca Ventures 70,300 0.5%
Woodland Venture Fund 165,500 1.3%
Woodland Partners 132,500 1.0%
Barry Rubenstein (1) 632,800 4.9%
Marilyn Rubenstein (2) 632,800 4.9%
Woodland Services Corp. (3) 235,800 1.8%
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CUSIP No. 64121R 10 0 13D Page 7 of 9 pages
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(1) Includes (a) 70,300 shares of Common Stock held by Seneca Ventures,
(b) 165,500 shares of Common Stock held by Woodland Venture and (c)
132,500 shares of Common Stock held by Woodland Partners. Mr.
Rubenstein disclaims beneficial ownership of these shares of Common
Stock except to the extent of his respective equity interest
therein.
(2) Consists of (a) 70,300 shares of Common Stock held by Seneca
Ventures, (b) 165,500 shares of Common Stock held by Woodland
Venture (c) 132,500 shares of Common Stock held by Woodland Partners
and (d) 264,500 shares of Common Stock held by Barry Rubenstein.
Mrs. Rubenstein disclaims beneficial ownership of these shares of
Common Stock except to the extent of her respective equity interest
therein.
(3) Consists of (a) 70,300 shares of Common Stock held by Seneca
Ventures and (b) 165,500 shares of Common Stock held by Woodland
Venture. Woodland Services Corp. disclaims beneficial ownership of
these shares of Common Stock except to the extent of its respective
equity interest therein.
(b) Barry Rubenstein has sole power to vote and dispose of 264,500
shares of Common Stock, representing approximately 2.0% of the outstanding
shares of Common Stock. By virtue of being a general partner of Seneca Ventures,
Woodland Partners, Woodland Venture, Barry Rubenstein may be deemed to have
shared power to vote and dispose of 368,300 shares of Common Stock, representing
approximately 2.8% of the outstanding shares of Common Stock.
Seneca Ventures has sole power to vote and dispose of 70,300 shares
of Common Stock, representing approximately 0.5% of the outstanding shares of
Common Stock.
Woodland Venture has sole power to vote and dispose of 165,500
shares of Common Stock, representing approximately 1.3% of the outstanding
shares of Common Stock.
Woodland Partners has sole power to vote and dispose of 132,500
shares of Common Stock, representing 1.0% of the outstanding shares of Common
Stock.
By virtue of being a general partner of Woodland Partners, an
officer of Woodland Services Corp., which is a general partner of Seneca and
Woodland Venture, and spouse of Barry Rubenstein, Marilyn Rubenstein may be
deemed to have shared power to vote and dispose of 632,800 shares of Common
Stock, representing approximately 4.9% of the outstanding shares of Common
Stock.
By virtue of being a general partner of Seneca and Woodland Venture,
Woodland Services Corp. may be deemed to have shared power to vote and dispose
of 235,800 shares of Common Stock, representing approximately 1.8% of the
outstanding shares of Common Stock.
Item 5(c) is hereby supplemented as follows:
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CUSIP No. 64121R 10 0 13D Page 8 of 9 pages
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(c) The following table sets forth a description for all
transactions in shares of Common Stock of the Issuer by the Reporting Persons
identified in Item 2 of this Schedule 13D effected since the initial filing of
the Schedule 13D.
Number of Per Share
Reporting Person Sale Date Shares Sold Sale Price
---------------- --------- ----------- ----------
Seneca Ventures 6/6/01 50,000 12.95
6/6/01 50,000 13.00
Woodland Partners 6/6/01 50,000 12.95
6/6/01 50,000 13.00
Woodland Venture 6/6/01 75,000 12.95
6/6/01 50,000 13.00
Seneca Ventures, Woodland Partners and Woodland Venture sold the
shares of Common Stock in open market transactions.
Item 5 (e) is hereby amended to read in its entirety as follows:
(e) The Reporting Persons ceased to be holders of more than five
percent of the outstanding shares of Common Stock on June 6, 2001.
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CUSIP No. 64121R 10 0 13D Page 9 of 9 pages
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SIGNATURES
After due inquiry and to the best of his knowledge and belief, each
of the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Dated: June 11, 2001
WOODLAND PARTNERS
By: /s/ Barry Rubenstein
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Barry Rubenstein, a General Partner
SENECA VENTURES
By: /s/ Barry Rubenstein
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Barry Rubenstein, a General Partner
WOODLAND VENTURE FUND
By: /s/ Barry Rubenstein
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Barry Rubenstein, a General Partner
/s/ Barry Rubenstein
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Barry Rubenstein