SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
-----------------
SCHEDULE 13G
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)
iEntertainment Network, Inc.
---------------------------------------------
(NAME OF ISSUER)
Common Stock, $0.10 par value per share
---------------------------------------------
(TITLE OF CLASS OF SECURITIES)
45838M104
-------------------------------------------
(CUSIP NUMBER)
RGC International Investors, LDC
c/o Rose Glen Capital Management, L.P.
3 Bala Plaza East, Suite 501
251 St. Asaphs Road
Bala Cynwyd, PA 19004
Attn: Gary S. Kaminsky
(610) 617-5900
December 17, 2001
-------------------------------------------
(DATE OF EVENT 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)
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 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act.
-------------------------------------------------------------------------------
CUSIP NO. 45838M104 13G PAGE 2 OF 9 PAGES
-------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
RGC International Investors, LDC
-------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
-------------------------------------------------------------------------------
3. SEC USE ONLY
-------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
-------------------------------------------------------------------------------
5. SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY ------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH
REPORTING 2,980,518
PERSON ------------------------------------------------------------
WITH 7. SOLE DISPOSITIVE POWER
0
------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
2,980,518
-------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,980,518
-------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* N/A |_|
-------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.99%(1)
-------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
00
-------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
(1) Based upon information contained in that certain Series D Preferred Stock
Exchange Agreement dated as of December 17, 2001 between iEntertainment
Network, Inc. and RGC International Investors, LDC, the number of shares of
Common Stock issued and outstanding is 29,832,329.
-------------------------------------------------------------------------------
CUSIP NO. 45838M104 13G PAGE 3 OF 9 PAGES
-------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Rose Glen Capital Management, L.P.
-------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
-------------------------------------------------------------------------------
3. SEC USE ONLY
-------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------------------------------------------------------------------
5. SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY ------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH
REPORTING 2,980,518
PERSON ------------------------------------------------------------
WITH 7. SOLE DISPOSITIVE POWER
0
------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
2,980,518
-------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,980,518
-------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* N/A |_|
-------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.99%(1)
-------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
PN
-------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
(1) Based upon information contained in that certain Series D Preferred Stock
Exchange Agreement dated as of December 17, 2001 between iEntertainment
Network, Inc. and RGC International Investors, LDC, the number of shares
of Common Stock issued and outstanding is 29,832,329.
-------------------------------------------------------------------------------
CUSIP NO. 45838M104 13G PAGE 4 OF 9 PAGES
-------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
RGC General Partner Corp.
-------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
-------------------------------------------------------------------------------
3. SEC USE ONLY
-------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-------------------------------------------------------------------------------
5. SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY ------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH
REPORTING 2,980,518
PERSON ------------------------------------------------------------
WITH 7. SOLE DISPOSITIVE POWER
0
------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
2,980,518
-------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,980,518
-------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* N/A |_|
-------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.99%(1)
-------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
CO
-------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
(1) Based upon information contained in that certain Series D Preferred Stock
Exchange Agreement dated as of December 17, 2001 between iEntertainment
Network, Inc. and RGC International Investors, LDC, the number of shares of
Common Stock issued and outstanding is 29,832,329.
-------------------------------------------------------------------------------
CUSIP NO. 45838M104 13G PAGE 5 OF 9 PAGES
-------------------------------------------------------------------------------
ITEM 1(a). NAME OF ISSUER:
iEntertainment Network, Inc.
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
124-126 Quade Drive, Cary, North Carolina 27513
ITEM 2(a). NAME OF PERSON FILING:
See Item 2(c) below.
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
See Item 2(c) below.
ITEM 2(c). CITIZENSHIP:
RGC International Investors, LDC ("RGC")
c/o SEI Fund Resources International, Ltd.
Styne House, Upper Hatch Street
Dublin, Ireland 2
Cayman Islands limited duration company
Rose Glen Capital Management, L.P. ("Rose Glen")
3 Bala Plaza East, Suite 501
251 St. Asaphs Road
Bala Cynwyd, Pennsylvania 19004
Delaware limited partnership
RGC General Partner Corp. ("Partner")
3 Bala Plaza East, Suite 501
251 St. Asaphs Road
Bala Cynwyd, Pennsylvania 19004
Delaware corporation
RGC is a private investment fund. Rose Glen is the investment manager of
RGC, and Partner is the general partner of Rose Glen.
ITEM 2(d). TITLE OF CLASS OF SECURITIES:
Common Stock, par value $0.10 per share
ITEM 2(e). CUSIP NUMBER:
45838M104
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:
(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 adviser in accordance with Rule
13-d(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;
-------------------------------------------------------------------------------
CUSIP NO. 45838M104 13G PAGE 6 OF 9 PAGES
-------------------------------------------------------------------------------
(i) |_| A church plan that is excluded from 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).
If this statement is filed pursuant to Rule 13d-1(c), check
this box. |X|
ITEM 4. OWNERSHIP.
(a) Amount beneficially owned:
2,980,518 shares of Common Stock
(b) Percent of Class:
9.99% as of the date of filing this statement. Based
upon information contained in that certain Series D
Preferred Stock Exchange Agreement dated as of
December 17, 2001 between iEntertainment Network,
Inc. and RGC, the number of shares of Common Stock
issued and outstanding is 29,832,329.
(c) Number of shares to which such person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
See Item 4(a) above.
(iii) Sole power to dispose or to direct the disposition
of:
0
(iv) Shared power to dispose or direct the disposition
of:
See Item 4(a) above.
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 hereof 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.
RGC has granted to Rose Glen, as investment manager, the sole
power to manage RGC's investments.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED BY THE PARENT HOLDING
COMPANY.
Not applicable
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not applicable
-------------------------------------------------------------------------------
CUSIP NO. 45838M104 13G PAGE 7 OF 9 PAGES
-------------------------------------------------------------------------------
ITEM 9. NOTICE OF DISSOLUTION OF A GROUP.
Not applicable
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.
-------------------------------------------------------------------------------
CUSIP NO. 45838M104 13G PAGE 8 OF 9 PAGES
-------------------------------------------------------------------------------
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.
RGC International Investors, LDC
By: Rose Glen Capital Management, L.P.
By: RGC General Partner Corp.
Dated: December 21, 2001 By: /s/ Gary S. Kaminsky
--------------------------------
Gary S. Kaminsky
Managing Director
Rose Glen Capital Management, L.P.
By: RGC General Partner Corp.
Dated: December 21, 2001 By: /s/ Gary S. Kaminsky
--------------------------------
Gary S. Kaminsky
Managing Director
RGC General Partner Corp.
Dated: December 21, 2001 By: /s/ Gary S. Kaminsky
--------------------------------
Gary S. Kaminsky
Managing Director
-------------------------------------------------------------------------------
CUSIP NO. 45838M104 13G PAGE 9 OF 9 PAGES
-------------------------------------------------------------------------------
EXHIBIT A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of
1934, as amended, the undersigned hereby agree to the joint filing with all
other Reporting Persons (as such term is used in the Schedule 13G referred to
below) on behalf of each of them of a statement on Schedule 13G (including
amendments thereto) with respect to the Common Stock, par value $0.10 per share,
of iEntertainment Network, Inc., and that this Agreement be included as an
exhibit to such joint filing. This Agreement may be executed in any number of
counterparts all of which taken together shall constitute one and the same
instrument.
RGC International Investors, LDC
By: Rose Glen Capital Management, L.P.
By: RGC General Partner Corp.
Dated: December 21, 2001 By: /s/ Gary S. Kaminsky
--------------------------------
Gary S. Kaminsky
Managing Director
Rose Glen Capital Management, L.P.
By: RGC General Partner Corp.
Dated: December 21, 2001 By: /s/ Gary S. Kaminsky
--------------------------------
Gary S. Kaminsky
Managing Director
RGC General Partner Corp.
Dated: December 21, 2001 By: /s/ Gary S. Kaminsky
--------------------------------
Gary S. Kaminsky
Managing Director