1
SCHEDULE 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)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)*
NETSOL INTERNATIONAL, INC.
(Name of Issuer)
COMMON STOCK, $.001 par value
(Title of Class of Securities)
64115A105
(CUSIP Number)
JOHN C. KIRKLAND, ESQ.
Greenberg Traurig, LLP
2450 Colorado Avenue, Suite 400E
Santa Monica, California 90404
(310) 586-7700
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
May 17, 2001
(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 that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d 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 for other parties
to whom copies are to be sent.
*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 ("Act") 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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SCHEDULE 13D
CUSIP NO. 64115 A 105
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NetSol Shareholders Group, LLC
----------------------------------------------------------------------
I.R.S. Identification No. --
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
----------------------------------------------------------------------
(3) SEC USE ONLY
----------------------------------------------------------------------
(4) SOURCE OF FUNDS*
OO
----------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
----------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Nevada
----------------------------------------------------------------------
(7) SOLE VOTING POWER
NUMBER OF 1,000
SHARES -----------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY
EACH 0
REPORTING -----------------------------------------------------
PERSON WITH (9) SOLE DISPOSITIVE POWER
1,000
-----------------------------------------------------
(10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,000
----------------------------------------------------------------------
(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
----------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
----------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
OO
----------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
3
SCHEDULE 13D
CUSIP NO. 64115 A 105
(1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Blue Water Master Fund, L.P.
----------------------------------------------------------------------
I.R.S. Indentification No. - 98-0198093
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
----------------------------------------------------------------------
(3) SEC USE ONLY
----------------------------------------------------------------------
(4) SOURCE OF FUNDS*
OO
----------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS [ ]
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
----------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
----------------------------------------------------------------------
(7) SOLE VOTING POWER
NUMBER OF 2,175,200
SHARES -----------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY
EACH 0
REPORTING -----------------------------------------------------
PERSON WITH (9) SOLE DISPOSITIVE POWER
2,175,200
-----------------------------------------------------
(10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,175,200
----------------------------------------------------------------------
(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[ ]
----------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4
18.5%
----------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
PN
----------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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SCHEDULE 13D
CUSIP NO. 64115 A 105
---------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Blue Water Partners II, L.P.
----------------------------------------------------------------------
I.R.S. Identification No. --
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
----------------------------------------------------------------------
(3) SEC USE ONLY
----------------------------------------------------------------------
(4) SOURCE OF FUNDS*
OO
----------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
----------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
----------------------------------------------------------------------
(7) SOLE VOTING POWER
NUMBER OF 277,400
SHARES -----------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY
EACH 0
REPORTING -----------------------------------------------------
PERSON WITH (9) SOLE DISPOSITIVE POWER
277,400
-----------------------------------------------------
(10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
277,400
----------------------------------------------------------------------
(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
----------------------------------------------------------------------
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(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.4%
----------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
PN
----------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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SCHEDULE 13D
CUSIP NO. 64115 A 105
---------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PSM International Limited
----------------------------------------------------------------------
I.R.S. Identification No. - n/a
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
----------------------------------------------------------------------
(3) SEC USE ONLY
----------------------------------------------------------------------
(4) SOURCE OF FUNDS*
OO
----------------------------------------------------------------------
(6) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
----------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Isle of Man
----------------------------------------------------------------------
(7) SOLE VOTING POWER
NUMBER OF 100,000
SHARES -----------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY
EACH 0
REPORTING -----------------------------------------------------
PERSON WITH (9) SOLE DISPOSITIVE POWER
100,000
-----------------------------------------------------
(10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
100,000
----------------------------------------------------------------------
(13) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
----------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8
.9%
----------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
CO
----------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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SCHEDULE 13D
CUSIP NO. 64115 A 105
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Dr. Henry Vogel
----------------------------------------------------------------------
I.R.S. Identification No. n/a
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
----------------------------------------------------------------------
(3) SEC USE ONLY
----------------------------------------------------------------------
(4) SOURCE OF FUNDS*
OO
----------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS [ ]
IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
----------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
USA
----------------------------------------------------------------------
(7) SOLE VOTING POWER
NUMBER OF 463,240
SHARES -----------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY
EACH 0
REPORTING -----------------------------------------------------
PERSON WITH (9) SOLE DISPOSITIVE POWER
463,240
-----------------------------------------------------
(10) SHARED DISPOSITIVE POWER
0
-----------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
463,240
----------------------------------------------------------------------
(12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[ ]
----------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10
4.0%
----------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IN
----------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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ITEM 1 SECURITY AND ISSUER
The Schedule 13D filed with the U.S. Securities and Exchange Commission
(the "SEC") on April 26, 2001, by Blue Water Master Fund, L.P., a limited
partnership formed in Curacao, Netherland Antilles, relating to the common
shares, $.001 par value (the "Shares") of NetSol International, Inc., a Nevada
Corporation (the "Issuer") as amended on April 27, 2001 and May 14, 2001, is
hereby amended to furnish and restate the information set forth herein. The
address of the principal executive offices of the Issuer is 24025 Park Sorrento,
Suite 220, Calabasas, CA 91302.
ITEM 2 IDENTITY AND BACKGROUND
(b) Group -- 6 Chanticlare, Manhasset, New York 11030
BW Master Fund -- c/o Citco Fund Services, Kaya Flamboyan 9, Curacao,
Netherland Antilles
BW Partners -- 6 Chanticlare, Manhasset, New York 11030
PSM -- The Old Rectory, Tot Hill, Alfoed Links, UK
Dr. Vogel -- 143 Maple Avenue, Cedarhurst, New York 11516
ITEM 3 SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The aggregate amount of shares purchased were 3,016,840 (the
"Registrants' Shares"). The sources of funding for the purchase of the
Registrants' Shares were the personal funds of Dr. Vogel and the working capital
of each of the Group, BW Master Fund, BW Partners and PSM.
ITEM 4 PURPOSE OF TRANSACTION
BW Master Fund called a special meeting of Stockholders (the
"Special Meeting") for June 1, 2001 which the Issuer has noticed to be held at
the offices of the Issuer at Y-126 Comm DHA, Lahore, Pakistan, or such other
time and location as is designated by the Board of Directors (the "Board") of
the Issuer and at any adjournments, postponements or reschedules thereof. At the
Special Meeting, the Group will seek to amend the Bylaws of the Issuer (the
"Bylaws"), to increase and fix the number of authorized Directors of the Issuer
at fifteen (15) directors (the "Board Increase") and to elect seven (7) new
directors (the "New Directors") to fill the vacancies on the Board created by
the Board Increase. The Group's current nominees (each a "Nominee" and,
collectively, the "Nominees") to be New Directors are the following:
1. Jonathan D. Iseson
2. Gregory J. Martin
3. Peter R. Sollenne
4. Timothy J. Moynagh
5. Eddy Raymond Maria Verresen
6. Shelly Singhal
7. Donald L. Danks
Each of the Nominees has been selected by the Group.
In addition to seeking to amend the Bylaws and appoint the New
Directors at the Special Meeting, the Group seeks to amend the Bylaws and
appoint the New Directors by written consent in accordance with Section
78.320(2) at the Nevada Revised Statutes ("NRS"). Section 1 of Article V of the
Bylaws provides that the Bylaws may be amended by the affirmative vote of
stockholders of the Issuer holding of record in the aggregate at least a
majority of the outstanding shares of stock entitled to vote in the election of
directors at any annual or special meeting of stockholders, provided that the
notice or waiver of notice of such meeting shall have summarized or set forth in
full therein, the proposed amendment. Pursuant to NRS Section 78.320(2) any
action required or permitted to be taken at a meeting of the Stockholders may be
taken without a meeting if a written consent thereto is signed by stockholders
representing not less than a majority of the voting power of the issued and
outstanding stock entitled to voting power. NRS Section 78.320(3) provides that
in no instance where action is authorized by written consent need a meeting of
stockholders be called or notice given.
The Group's proposed Board Increase, if approved, will create seven
(7) vacancies on the Board. Sections 4.1 and 4.3 of Article II of the Bylaws
provide that vacancies on the Board may be filled by the vote of a majority of
the outstanding shares entitled to vote, represented at a duly held meeting at
which a quorum is present, or by the written consent of holders of the majority
of the outstanding shares entitled to vote; each director so elected shall hold
office until the next annual meeting of the stockholders of the Issuer and until
a successor has been elected and qualified.
In accordance with Section 78.320(2) and 78.320(3) of the NRS and
consistent with both the Articles of Incorporation and Bylaws of the issuer, the
Group may effect the Board Increase and the election of the Nominees as New
Directors by obtaining the written consent of Stockholders holding the required
majority voting power without holding a special meeting of Stockholders and
without giving prior notice of such action to the Stockholders. If Stockholders
representing not less than a majority of the voting power of the issued and
outstanding stock entitled to voting power return executed written consents to
the Group enacting the Board increase and electing the New Directors, such
action may be taken by such written consent in lieu of the Special Meeting.
This summary of the preliminary proxy statement does not purport to
be complete and is qualified in its entirety by reference to the complete text
of the preliminary proxy statement which is incorporated herein by reference to
Amended Preliminary Proxy Statement ("Schedule 14A") filed by the Group with the
SEC on May 17, 2001.
Depending on the market price of the Shares and upon other
conditions, Registrants may acquire additional Shares from time to time in the
open market or otherwise or may seek to acquire Shares from the Issuer, at
prices which Registrants may determine to be appropriate. In addition, depending
upon market prices and other conditions, Registrants may dispose of Shares at
any time and from time to time in the open market or otherwise at prices which
Registrants may determine to be appropriate.
ITEM 5 INTEREST IN SECURITIES OF THE ISSUER
(a) As of the close of business on May 11, 2001, Registrants may be
deemed to beneficially own, in the aggregate, 3,016,840 Shares, representing
approximately 25.7% of the Issuer's outstanding Shares (based upon the 1,731,440
Shares stated to be outstanding as of May 11, 2001, by the Issuer in the
Issuer's Quarterly Report on Form 10-QSB, filed with the Securities and Exchange
Commission on May 15, 2001).
(b) BW Master Fund has sole voting power and sole dispositive power with
regard to 2,175,200 Shares. BW Partners has sole voting power and sole
dispositive power with regard to 277,400 Shares. The limited partners of BW
Master Fund are Blue Water Partners I, L.P. and Blue Water Fund, Ltd. Because
they are the only limited partners of BW Master Fund, their ownership of
interests in BW Master Fund may, under SEC interpretations, be deemed ownership
of the securities owned by
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BW Master Fund. Blue Water Partners I, L.P. and Blue Water Fund, Ltd. each
specifically disclaims ownership of the securities described in this report. BW
Partners holds title to and has sole power to vote or to direct the vote of
277,400 of the 2,452,600 Shares described in this filing. Blue Water Partners,
L.L.C. is the general partner of each of BW Master Fund, and BW Partners, and as
such may, under SEC interpretations, be deemed a beneficial owner of the
securities held by the partnerships. Blue Water Partners, L.L.C. specifically
disclaims ownership of the securities described in this report. JDI Management
Corp. provides investment advisory services to Blue Water Partners, L.L.C., and
as such may, under SEC interpretations, be deemed a beneficial owner of the
securities held by the partnerships. JDI Management Corp. specifically disclaims
ownership of the securities described in this report. Jonathan D. Iseson holds a
controlling interest in JDI Management Corp. and as such may, under SEC
interpretations, be deemed a beneficial owner of the securities held by the
partnerships. Jonathan D. Iseson specifically disclaims ownership of the
securities described in this report.
PSM has sole voting power and sole dispositive power with regard to 100,000
Shares. Dr. Vogel has the sole voting power and sole dispositive power with
regard to 463,240 Shares. The Group has sole voting power and dispositive power
with regard to 1,000 shares.
(c) The following table sets forth all transactions with respect to
Shares effected by any of the Registrants during the past sixty (60) days. All
such transactions were effected in the open market, and exclude commissions
paid.
SHAREHOLDERS NO.OF SHARES PURCHASE NO. OF SHARES SOLD DATE OF TRANSACTION
------------ --------------------- ------------------ -------------------
Group 100 May 10, 2001
------------------------------------------------------------------------------
Group 250 May 11, 2001
------------------------------------------------------------------------------
Group 650 May 11, 2001
------------------------------------------------------------------------------
(d) Not applicable
(e) Not applicable
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SIGNATURES
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: May 17, 2001
BLUE WATER MASTER FUND, L.P.
By: Blue Water Partners, L.L.C.
Its: General Partner
By: JDI Management Corp.
Its: Principal
/s/ JONATHAN D. ISESON
----------------------------------
By: Jonathan D. Iseson
Its Principal
BLUE WATER PARTNERS II, L.P.
By: Blue Water Partners, L.L.C.
Its: General Partner
By: JDI Management Corp.
Its: Principal
/s/ JONATHAN D. ISESON
----------------------------------
By: Jonathan D. Iseson
Its Principal
PSM INTERNATIONAL LIMITED
By:
/s/ GRAEME GLEW
----------------------------------
Name: Graeme Glew
Its: Managing Director
/s/ DR. HENRY VOGEL
----------------------------------
Dr. Henry Vogel
NETSOL SHAREHOLDERS GROUP, LLC
By: Blue Water Master Fund, L.P.
Its: Manager
By: Blue Water Partners, LLC
Its: General Partner
/s/ JONATHAN D. ISESON
----------------------------------
By: Jonathan D. Iseson
Its: Principal