UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13D

(Amendment No.2)

 

Under the Securities Exchange Act of 1934

 

Whitney Information Network, Inc.

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(Name of Issuer)

 

COMMON STOCK, No par value per share

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(Title of Class of Securities)

 

966621104

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(CUSIP Number)

 

Murray A. Indick

Prides Capital Partners, L.L.C.

200 High Street, Suite 700

Boston, MA 02110

(617) 778-9200

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(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

September 6, 2007

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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(b)(3) or (4), check the following box o.

 

*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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Prides Capital Partners, L.L.C.

 

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

 

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	(a) []
	(b) x

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3. SEC USE ONLY

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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e)
o

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-0-

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-0-

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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

CERTAIN SHARES
o

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** See Item 5

 

 

 

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Kevin A. Richardson, II

 

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	(a) []
	(b) x

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3. SEC USE ONLY

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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e)
o

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USA

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-0-

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-0-

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1,731,100**

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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

CERTAIN SHARES
o

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** See Item 5

 

 

 

 

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Henry J. Lawlor, Jr.

 

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	(a) []
	(b) x

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3. SEC USE ONLY

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See Item 3

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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e)
o

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-0-

-----------------------------------------------------------------------

-----------------------------------------------------------------------

-0-

-----------------------------------------------------------------------

-----------------------------------------------------------------------

-----------------------------------------------------------------------

12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

CERTAIN SHARES
o

-----------------------------------------------------------------------

-----------------------------------------------------------------------

-----------------------------------------------------------------------

** See Item 5

 

 

 

 

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Murray A. Indick

 

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3. SEC USE ONLY

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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e)
o

-----------------------------------------------------------------------

-----------------------------------------------------------------------

-0-

-----------------------------------------------------------------------

-----------------------------------------------------------------------

-0-

-----------------------------------------------------------------------

-----------------------------------------------------------------------

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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

CERTAIN SHARES
o

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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

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14. TYPE OF REPORTING PERSON

  IN

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** See Item 5

 

 

 

 

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Charles E. McCarthy

 

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	(a) []
	(b) x

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3. SEC USE ONLY

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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED

PURSUANT TO ITEMS 2(d) or 2(e)
o

-----------------------------------------------------------------------

-----------------------------------------------------------------------

-0-

-----------------------------------------------------------------------

-----------------------------------------------------------------------

-0-

-----------------------------------------------------------------------

1,731,100**

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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES

CERTAIN SHARES
o

-----------------------------------------------------------------------

-----------------------------------------------------------------------

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** See Item 5

 

 

 

 

 

 

Item 1. Security and Issuer

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This Amendment No. 2 amends the Statement on Schedule 13D (the "Schedule 13D") filed with the Securities and Exchange Commission (the "Commission") on September 15, 2006 by Prides Capital Partners, L.L.C. a Delaware limited liability company, Kevin A. Richardson, II, Henry J. Lawlor, Jr., Murray A. Indick, and Charles E. McCarthy. This amendment to the Schedule 13D relates to the shares of Common Stock, No par value per share (the “Common Stock") of Whitney Information Network, Inc., a Colorado corporation (the "Issuer"). The principal executive office and mailing address of the Issuer is 1612 East Cape Coral Parkway, Cape Coral, Florida 33904. The following amendments to the Schedule 13D are hereby made. Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed to them in the Schedule 13D.

 

Item 4. Purpose of Transaction

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On September 6, 2007, the Reporting Persons sent a letter to the Issuer (Exhibit B). In the letter, the Reporting Persons stated that pursuant to a Stockholders Agreement previously executed by the parties, the Reporting Persons have the right to designate a director to the board of directors of the Issuer, and that the Reporting Persons are designating Mr. Michael Blizter of Kingstown Capital Partners, LLC as a director of the Issuer.

CUSIP NO. 966621104 SCHEDULE 13D

 

Item 5. Interest in Securities of the Issuer

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(a),(b) According to the Issuer’s 8-K filed on August 24, 2007, there were 11,738,100 shares of Common Stock issued and outstanding as of June 30, 2007. Based on such information, after taking into account the transactions described in Item 5(c) below, the Reporting Persons report beneficial ownership of 1,731,100 shares of Common Stock, representing 14.7% of common stock outstanding, held by Prides Capital Partners, L.L.C. Voting and investment power concerning the above shares are held solely by Prides Capital Partners, L.L.C.

 

Although Kevin A. Richardson, II, Henry J. Lawlor, Jr., Murray A. Indick, and Charles E. McCarthy are joining in this Schedule as Reporting Persons, the filing of this Schedule shall not be construed as an admission that any of them are, for any purpose, the beneficial owner of any of the securities that are beneficially owned by Prides Capital Partners, L.L.C.

 

(c) During the last 60 days, the Reporting Persons have not engaged in any purchase or sales.

 

 

Item 7. Material to be Filed as Exhibits

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CUSIP NO. 966621104 SCHEDULE 13D

 

 

After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

 

Dated: September 7, 2007

 

Prides Capital Partners, L.L.C.

 

------------------------

Murray A. Indick

Managing Member

 

 

 

 

 

 

 

                    

                    

 

 

 

 

 

The undersigned, being duly authorized thereunto, hereby execute this agreement as an exhibit to this Schedule 13D to evidence the agreement of the below-named parties, in accordance with the rules promulgated pursuant to the Securities Exchange Act of 1934, to file this Schedule jointly on behalf of each such party.

 

Dated: September 7, 2007

 

Prides Capital Partners, L.L.C.

 

------------------------

Murray A. Indick

Managing Member