sec document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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)
(Amendment No. 4)(1)
Metro One Telecommunications, Inc.
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(Name of Issuer)
Common Stock, No Par Value
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(Title of Class of Securities)
59163F 10 5
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(CUSIP Number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 8, 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 that 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 / /.
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 8 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. 59163F 10 5 13D Page 2 of 8 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
EVEREST SPECIAL SITUATIONS FUND L.P.
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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 OF ORGANIZATION
DELAWARE
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 502,390
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
502,390
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10 SHARED DISPOSITIVE POWER
- 0 -
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
502,390
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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)
8.1%
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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. 59163F 10 5 13D Page 3 of 8 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
MAOZ EVEREST FUND MANAGEMENT LTD.
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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*
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 OF ORGANIZATION
ISRAEL
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 502,390
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
502,390
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
502,390
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 59163F 10 5 13D Page 4 of 8 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
ELCHANAN MAOZ
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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*
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
ISRAEL
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 506,140(1)
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH - 0 -
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
506,140(1)
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
506,140(1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.1%
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14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Includes 3,750 options granted to Elchanan Maoz in his capacity as director
of Metro One Telecommunications, Inc., and exercisable within 60 days from the
date hereof.
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CUSIP No. 59163F 10 5 13D Page 5 of 8 Pages
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The following constitutes Amendment No. 4 ("Amendment No. 4") to the
Schedule 13D filed by the undersigned. This Amendment No. 4 amends the
Schedule 13D as specifically set forth.
Item 4 is hereby amended to include the following paragraph:
On March 8, 2007, Everest sent a letter to the Board of Directors of the
Issuer (the "Board") to call upon the Board (i) to request the resignation of
the current Chairman of the Board, (ii) to replace the current Chairman of the
Board with a representative from one of the Issuer's largest shareholders and
(iii) to hire an executive who specializes in corporate turnarounds, referred to
in the letter as a Chief Restructuring Officer, who will be responsible for
restructuring the Issuer's operations and lowering its cost structure. Everest
also stated that if the Board does not take immediate action on these matters,
it would take all necessary actions it deems necessary to enforce its rights as
stockholder of the Issuer, including seeking the replacement of the current
Chairman of the Board at the next annual meeting of the Issuer.
Item 5(a) is hereby amended and restated to read as follows:
(a) At the close of business on March 7, 2007, Everest may be deemed to
beneficially own 502,390 Shares which constitutes approximately 8.1% of the
6,233,326 outstanding shares of the Common Stock as of November 10, 2006 (based
upon the number of shares that were reported to be outstanding in the Issuer's
quarterly report for the period ended September 30, 2006 on Form 10-Q and filed
with Securities and Exchange Commission on November 14, 2006). MEFM, by virtue
of its status as the general partner of Everest, may be deemed to beneficially
own the Shares held by Everest. Elchanan Maoz may be deemed to beneficially own
506,140 Shares (consisting of (i) 502,390 Shares beneficially owned by Everest
that Mr. Maoz, by virtue of his status as a controlling stockholder of MEFM, the
general partner of Everest, may be deemed to beneficially own and (ii) 3,750
options granted to Mr. Maoz in his capacity as director of the Issuer and
exercisable within 60 days from the date hereof. MEFM and Elchanan Maoz disclaim
beneficial ownership of such Shares except to the extent of their pecuniary
interest therein.
Item 7 is hereby amended to include the following:
Item 7. Material to be Filed as Exhibits.
Exhibit A -- Letter dated March 8, 2007 by Everest Special
Situations Fund, L.P. to the Board of Directors
of Metro One Telecommunications, Inc.
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CUSIP No. 59163F 10 5 13D Page 6 of 8 Pages
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SIGNATURES
After reasonable 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: March 8, 2007 EVEREST SPECIAL SITUATIONS FUND L.P.
By: Maoz Everest Fund Management Ltd.,
its General Partner
By: /s/ Elchanan Maoz
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Name: Elchanan Maoz
Title: Chairman and Chief Executive Officer
MAOZ EVEREST FUND MANAGEMENT LTD.
By: /s/ Elchanan Maoz
----------------------------------------
Name: Elchanan Maoz
Title: Chairman and Chief Executive Officer
/s/ Elchanan Maoz
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ELCHANAN MAOZ
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CUSIP No. 59163F 10 5 13D Page 7 of 8 Pages
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EXHIBIT INDEX
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Exhibit Page
A Letter dated March 8, 2007 by Everest Special Situations 8
Fund, L.P. to the Board of Directors of Metro One
Telecommunications, Inc.
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CUSIP No. 59163F 10 5 13D Page 8 of 8 Pages
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Exhibit A
EVEREST FUNDS L.P.
Platinum House
21 Ha'arbaa Street
Tel Aviv 64739 Israel
Tel: 972-3-6858555
Fax: 972-3-6858557
Metro One Telecommunications, Inc.
11220 Murray Scholls Place
Beaverton, Oregon 97007
Attention: Board of Directors
Ladies and Gentlemen:
Everest Special Situations Fund, L.P. ("Everest") is one of the largest
stockholders of Metro One Telecommunications, Inc. ("Metro One" or the
"Company"), owning approximately 8.1% of the outstanding shares. Since we
obtained representation on the Board of Directors in April 2006, we have been
lobbying the Board from within to take immediate action to restructure the
Company's operations and lower the Company's cost structure in response to the
loss of our largest customers and heavy operating losses. Despite our efforts
and those of other significant stockholders, Metro One has failed to take the
immediate and aggressive measures necessary to make the Company profitable.
It has become clear to us that the Company's Chairman of the Board,
William Rutherford, has been slow to make important decisions and has not
provided the leadership that Metro One critically needs to counteract the
effects of the loss of our largest customers. We believe that Mr. Rutherford has
been an obstacle to the collective Board's ability to maximize shareholder value
and must be held accountable for the operating losses of this very promising
company. We therefore call upon the Board to take the following action:
1. Call for the resignation of the Company's Chairman of the Board.
2. Elect a representative of one of the Company's largest stockholders
as a Chairman of the Board.
3. Hire a Chief Restructuring Officer or similar executive who
specializes in corporate turnarounds.
We believe the Board should implement these proposals as soon as possible
in order to facilitate the restructuring of the Company's operations and
lowering the Company's cost structure and maximizing stockholder value. If our
concerns are not adequately addressed with immediate action, we will take
whatever action we deem necessary in order to enforce our rights as
stockholders, including seeking to replace the Company's current Chairman at the
next annual meeting of stockholders.
Sincerely,
Elchanan Maoz