SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
---------------
SCHEDULE 13D/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
U.S.REALTEL, INC.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
902979103
--------------------------------------------------------------------------------
(CUSIP Number)
Ross J. Mangano
Oliver Estate, Inc.
112 West Jefferson Boulevard
Suite 613
South Bend, Indiana 46601
Telephone no. 219-232-8213
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 17, 2003
--------------------------------------------------------------------------------
(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: [ ].
*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).
CUSIP No. 902979103
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Troon & Co. FEIN: 35-6224732
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Indiana
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
551,615(1)
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
551,615(1)
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,200,137
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.8%(2)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
----------
(1) Includes warrants to purchase a total of 551,615 shares of Common Stock.
(2) Based on an aggregate of 20,288,096 consisting of (a) 5,873,395 outstanding
shares of Common Stock as disclosed in the Company's Form 10-QSB dated November
19, 2002; (b) 3,222,755 shares of Common Stock issuable upon exercise of
outstanding warrants to purchase Common Stock, as disclosed in that certain
Purchase Agreement dated July 16, 2002 by and among the Company and certain
other parties (the "Purchase Agreement"); (c) 2,342,388 shares of Common Stock
issuable upon exercise of outstanding options, as disclosed in the Purchase
Agreement; and (d) 8,849,558 shares of Common Stock issuable upon conversion of
outstanding convertible notes as disclosed in the Purchase Agreement.
2
CUSIP No. 902979103
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Jo. & Co. FEIN: 35-1876627
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Indiana
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
1,508,108(3)
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
1,508,108(3)
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,200,137
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.8%(4)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
----------
(3) Includes warrants to purchase a total of 558,707 shares of Common Stock.
(4) Based on an aggregate of 20,288,096 consisting of (a) 5,873,395 outstanding
shares of Common Stock as disclosed in the Company's Form 10-QSB dated November
19, 2002; (b) 3,222,755 shares of Common Stock issuable upon exercise of
outstanding warrants to purchase Common Stock, as disclosed in the Purchase
Agreement; (c) 2,342,388 shares of Common Stock issuable upon exercise of
outstanding options, as disclosed in the Purchase Agreement; and (d) 8,849,558
shares of Common Stock issuable upon conversion of outstanding convertible notes
as disclosed in the Purchase Agreement.
3
CUSIP No. 902979103
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Joseph D. Oliver Trust - GO Cunningham Fund FEIN: 36-6010982
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
127,455(5)
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
127,455(5)
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,200,137
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.8%(6)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
----------
(5) Includes warrants to purchase a total of 64,955 shares of Common Stock.
(6) Based on an aggregate of 20,288,096 consisting of (a) 5,873,395 outstanding
shares of Common Stock as disclosed in the Company's Form 10-QSB dated November
19, 2002; (b) 3,222,755 shares of Common Stock issuable upon exercise of
outstanding warrants to purchase Common Stock, as disclosed in the Purchase
Agreement; (c) 2,342,388 shares of Common Stock issuable upon exercise of
outstanding options, as disclosed in the Purchase Agreement; and (d) 8,849,558
shares of Common Stock issuable upon conversion of outstanding convertible notes
as disclosed in the Purchase Agreement.
4
CUSIP No. 902979103
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Joseph D. Oliver Trust - James Oliver II Fund FEIN: 36-6010984
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
127,455(7)
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
127,455(7)
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,200,137
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.8%(8)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
----------
(7) Includes warrants to purchase a total of 64,955 shares of Common Stock.
(8) Based on an aggregate of 20,288,096 consisting of (a) 5,873,395 outstanding
shares of Common Stock as disclosed in the Company's Form 10-QSB dated November
19, 2002; (b) 3,222,755 shares of Common Stock issuable upon exercise of
outstanding warrants to purchase Common Stock, as disclosed in the Purchase
Agreement; (c) 2,342,388 shares of Common Stock issuable upon exercise of
outstanding options, as disclosed in the Purchase Agreement; and (d) 8,849,558
shares of Common Stock issuable upon conversion of outstanding convertible notes
as disclosed in the Purchase Agreement.
5
CUSIP No. 902979103
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Joseph D. Oliver Trust - Joseph Oliver Jr. Fund FEIN: 36-6010986
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
127,455(9)
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
127,455(9)
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,200,137
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.8%(10)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
----------
(9) Includes warrants to purchase a total of 64,955 shares of Common Stock.
(10) Based on an aggregate of 20,288,096 consisting of (a) 5,873,395 outstanding
shares of Common Stock as disclosed in the Company's Form 10-QSB dated November
19, 2002; (b) 3,222,755 shares of Common Stock issuable upon exercise of
outstanding warrants to purchase Common Stock, as disclosed in the Purchase
Agreement; (c) 2,342,388 shares of Common Stock issuable upon exercise of
outstanding options, as disclosed in the Purchase Agreement; and (d) 8,849,558
shares of Common Stock issuable upon conversion of outstanding convertible notes
as disclosed in the Purchase Agreement.
6
CUSIP No. 902979103
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Joseph D. Oliver - Susan C. Oliver Fund FEIN: 36-6010988
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
127,455(11)
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
127,455(11)
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,200,137
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.8%(12)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
----------
(11) Includes warrants to purchase a total of 64,955 shares of Common Stock.
(12) Based on an aggregate of 20,288,096 consisting of (a) 5,873,395 outstanding
shares of Common Stock as disclosed in the Company's Form 10-QSB dated November
19, 2002; (b) 3,222,755 shares of Common Stock issuable upon exercise of
outstanding warrants to purchase Common Stock, as disclosed in the Purchase
Agreement; (c) 2,342,388 shares of Common Stock issuable upon exercise of
outstanding options, as disclosed in the Purchase Agreement; and (d) 8,849,558
shares of Common Stock issuable upon conversion of outstanding convertible notes
as disclosed in the Purchase Agreement.
7
CUSIP No. 902979103
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
J. Oliver Cunningham Trust FEIN: 35-6234496
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
BK
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Indiana
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
103,500(13)
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
103,500(13)
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,200,137
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.8%(14)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
----------
(13) Includes Warrants to purchase a total of 103,500 shares of Common Stock.
(14) Based on an aggregate of 20,288,096 consisting of (a) 5,873,395 outstanding
shares of Common Stock as disclosed in the Company's Form 10-QSB dated November
19, 2002; (b) 3,222,755 shares of Common Stock issuable upon exercise of
outstanding warrants to purchase Common Stock, as disclosed in the Purchase
Agreement; (c) 2,342,388 shares of Common Stock issuable upon exercise of
outstanding options; and (d) 8,849,558 shares of Common Stock issuable upon
conversion of outstanding convertible notes as disclosed in the Purchase
Agreement.
8
CUSIP No. 902979103
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Anne C. McClure Trust FEIN: 35-6234495
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
BK
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
103,500(15)
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
103,500(15)
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,200,137
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.8% (16)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
----------
(15) Includes Warrants to purchase a total of 103,500 shares of Common Stock.
(16) Based on an aggregate of 20,288,096 consisting of (a) 5,873,395 outstanding
shares of Common Stock as disclosed in the Company's Form 10-QSB dated November
19, 2002; (b) 3,222,755 shares of Common Stock issuable upon exercise of
outstanding warrants to purchase Common Stock, as disclosed in the Purchase
Agreement; (c) 2,342,388 shares of Common Stock issuable upon exercise of
outstanding options, as disclosed in the Purchase Agreement; and (d) 8,849,558
shares of Common Stock issuable upon conversion of outstanding convertible notes
as disclosed in the Purchase Agreement.
9
CUSIP No. 902979103
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Jane C. Warriner Trust FEIN: 35-6234484
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
BK
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Indiana
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
103,500(17)
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
103,500(17)
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,200,137
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.8%(18)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
----------
(17) Includes Warrants to purchase a total of 103,500 shares of Common Stock.
(18) Based on an aggregate of 20,288,096 consisting of (a) 5,873,395 outstanding
shares of Common Stock as disclosed in the Company's Form 10-QSB dated November
19, 2002; (b) 3,222,755 shares of Common Stock issuable upon exercise of
outstanding warrants to purchase Common Stock, as disclosed in the Purchase
Agreement; (c) 2,342,388 shares of Common Stock issuable upon exercise of
outstanding options, as disclosed in the Purchase Agreement; and (d) 8,849,558
shares of Common Stock issuable upon conversion of outstanding convertible notes
as disclosed in the Purchase Agreement.
10
CUSIP No. 585162100
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
Ross J. Mangano
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
233,621(19)
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
233,621(19)
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,200,137
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.8%(20)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
----------
(19) Includes warrants to purchase a total of 158,621 shares of Common Stock.
Mr. Mangano may be deemed to beneficially own the shares of Common Stock of the
other reporting persons hereto based on his position as general partner,
trustee, officer, director or control person thereof. Mr. Mangano disclaims
beneficial ownership of all shares not owned personally by him.
(20) Based on an aggregate of 20,288,096 consisting of (a) 5,873,395 outstanding
shares of Common Stock as disclosed in the Company's Form 10-QSB dated November
19, 2002; (b) 3,222,755 shares of Common Stock issuable upon exercise of
outstanding warrants to purchase Common Stock, as disclosed in the Purchase
Agreement; (c) 2,342,388 shares of Common Stock issuable upon exercise of
outstanding options, as disclosed in the Purchase Agreement; and (d) 8,849,558
shares of Common Stock issuable upon conversion of outstanding convertible notes
as disclosed in the Purchase Agreement.
11
CUSIP No. 585162100
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS/I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
(ENTITIES ONLY)
James G. Hart
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
86,473(21)
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
86,473(21)
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,200,137
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.8%(22)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
----------
(21) Includes Warrants to purchase a total of 38,973 shares of Common Stock.
(22) Based on an aggregate of 20,288,096 consisting of (a) 5,873,395 outstanding
shares of Common Stock as disclosed in the Company's Form 10-QSB dated November
19, 2002; (b) 3,222,755 shares of Common Stock issuable upon exercise of
outstanding warrants to purchase Common Stock, as disclosed in the Purchase
Agreement; (c) 2,342,388 shares of Common Stock issuable upon exercise of
outstanding options, as disclosed in the Purchase Agreement; and (d) 8,849,558
shares of Common Stock issuable upon conversion of outstanding convertible notes
as disclosed in the Purchase Agreement.
12
This Third Amendment (the "Amendment") further amends the Schedule 13G
previously filed by Jo & Co and Ross J. Mangano on February 14, 2001, as
previously amended by that certain Schedule 13D/A filed on August 5, 2002 by the
following entities and individuals (collectively referred to herein as the
"Filing Group"):
(i) Troon & Co., an Indiana general partnership, with respect to
shares beneficially owned by it;
(ii) Jo & Co., with respect to shares beneficially owned by it;
(iii) Joseph D. Oliver Trust - GO Cunningham Fund, an Illinois trust,
with respect to shares beneficially owned by it;
(iv) Joseph D. Oliver Trust - James Oliver II Fund, an Illinois trust,
with respect to shares beneficially owned by it;
(v) Joseph D. Oliver Trust - Joseph D. Oliver, Jr. Fund, an Illinois
trust, with respect to shares beneficially owned by it;
(vi) Joseph D. Oliver - Susan C. Oliver Fund, an Illinois trust, with
respect to shares beneficially owned by it;
(vii) J. Oliver Cunningham Trust, an Indiana trust ("JOC Trust"), with
respect to shares beneficially owned by it;
(viii) Anne C. McClure Trust, an Illinois trust ("ACM Trust"), with
respect to shares beneficially owned by it;
(ix) Jane C. Warriner Trust, an Indiana trust ("JCW Trust"), with
respect to shares beneficially owned by it;
(x) Ross J. Mangano with respect to shares beneficially owned by him;
and
(xi) James G. Hart with respect to shares beneficially owned by him.
This amendment relates to the common stock (the "Common Stock") of U.S. RealTel,
Inc., a Delaware corporation (the "Company"). The principal executive offices of
the Company are located at 15 Piedmont Center, Suite 100, Atlanta, Georgia
30305.
The Schedule 13D/A is amended to reflect the sale by the JOC Trust, the ACM
Trust and the JCW Trust as a result of the sale of the convertible fixed rate
promissory notes issued by the Company (the "Notes"). Immediately prior to the
sale, the Notes were convertible into an aggregate of 951,870 shares of Common
Stock. The Notes were sold by the JOC Trust, the ACM Trust and the JCM Trust for
a total purchase price of $1,576,148.15 (the "Purchase Price"), which covers the
Notes, the warrants exercisable upon conversion of the Notes, and an aggregate
amount of 10.4 shares of the Company's Series A Preferred Stock, pursuant to a
Securities Purchase Agreement dated January 17, 2002.
13
SIGNATURE
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: January __, 2003
TROON & CO., an Indiana general partnership
By: /s/ ROSS J. MANGANO
--------------------------------------------
Name: Ross J. Mangano
Title: Trustee and Partner
JO & CO., an Indiana general partnership
By: /s/ ROSS J. MANGANO
--------------------------------------------
Name: Ross J. Mangano
Title: Trustee and Partner
JOSEPH D. OLIVER TRUST - GO
CUNNINGHAM FUND, an Illinois trust
By: /s/ ROSS J. MANGANO
--------------------------------------------
Name: Ross J. Mangano
Title: Trustee
JOSEPH D. OLIVER TRUST - JAMES OLIVER II FUND,
an Illinois trust
By: /s/ ROSS J. MANGANO
--------------------------------------------
Name: Ross J. Mangano
Title: Trustee
JOSEPH D. OLIVER TRUST - JOSEPH D. OLIVER, JR.
FUND, an Illinois trust
By: /s/ ROSS J. MANGANO
--------------------------------------------
Name: Ross J. Mangano
Title: Trustee
JOSEPH D. OLIVER - SUSAN C. OLIVER FUND,
an Illinois trust
By: /s/ ROSS J. MANGANO
--------------------------------------------
Name: Ross J. Mangano
Title: Trustee
14
J. OLIVER CUNNINGHAM TRUST, dated
February 26, 1971, an Indiana trust
By: /s/ ROSS J. MANGANO
--------------------------------------------
Name: Ross J. Mangano
Title: Trustee
ANNE. C. MCCLURE TRUST, dated
February 26, 1971, an Illinois trust
By: /s/ ROSS J. MANGANO
--------------------------------------------
Name: Ross J. Mangano
Title: Trustee
JANE C. WARRINER TRUST, dated
February 26, 1971, an Indiana trust
By: /s/ ROSS J. MANGANO
--------------------------------------------
Name: Ross J. Mangano
Title: Trustee
/s/ ROSS J. MANGANO
-----------------------------------------------
Ross J. Mangano
/s/ JAMES G. HART
-----------------------------------------------
James G. Hart
15