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PXHI PhoneX Holdings Inc (PK)

1.54
-0.06 (-3.75%)
Last Updated: 14:30:03
Delayed by 15 minutes
Share Name Share Symbol Market Type
PhoneX Holdings Inc (PK) USOTC:PXHI OTCMarkets Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.06 -3.75% 1.54 1.25 1.54 1.54 1.54 1.54 300 14:30:03

Initial Statement of Beneficial Ownership (3)

29/11/2018 5:35pm

Edgar (US Regulatory)


FORM 3
        
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

OMB APPROVAL
OMB Number: 3235-0104
Estimated average burden
hours per response...
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Cornice Fiduciary Management LLC

2. Date of Event Requiring Statement (MM/DD/YYYY)
11/20/2018 

3. Issuer Name and Ticker or Trading Symbol

usell.com, Inc. [USEL]

(Last)        (First)        (Middle)

C/O NORTON ROSE FULBRIGHT (US) LLP, 1301 AVENUE OF AMERICAS, F. VELLUCCI

4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                            ___ X ___ 10% Owner
_____ Officer (give title below)          _____ Other (specify below)

(Street)

NEW YORK, NY 10019       

(City)              (State)              (Zip)
5. If Amendment, Date Original Filed (MM/DD/YYYY)

 

6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person


Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock   550000   D   (1) (2)  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(MM/DD/YYYY)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Common Stock Warrants     (3) 8/11/2019   Common Stock   275000   $3.2   D   (4)  

Explanation of Responses:
(1)  Cornice Fiduciary Management LLC (the "Trustee Company"), as Trustee under Trust Agreement dated December 23, 1989 FBO the issue of Jonathan D. Sackler (the "Trust"), also reports beneficial ownership pursuant to Rule 13d-1 of the Securities Exchange Act of 1934, as amended, pursuant to a Schedule 13D, Amendment No. 4 filed jointly by the Trust, M3C Holdings LLC ("M3C"), Robert Averick and Piton Capital Partners LLC ("Piton") with the SEC on November 27, 2018. On November 20, 2018, Leslie J. Schreyer resigned as trustee of the Trust and the Trustee Company was appointed successor trustee of the Trust (the "Change in Trustee"). Because Mr. Schreyer has resigned as trustee of the Trust, he is no longer a reporting person for the shares of common stock ("Shares") held by the Trust. No consideration was paid in connection with the Change in Trustee and, accordingly, the Trust continues to beneficially own the Shares following the Change in Trustee.
(2)  Represents Shares held in the Trust, for which the Trustee Company serves as sole trustee. The Trustee Company has no pecuniary interest in the Shares held by the Trust. The Trust is a member of Piton along with M3C and Mr. Averick, and the Shares disclosed represent Shares held directly by the Trust outside of Piton. Mr. Averick manages the Trust's, M3C's and Piton's investments in the Issuer as a Portfolio Manager at Kokino LLC ("Kokino"). Mr. Averick's incentive compensation as an employee of Kokino, which is calculated in Kokino's discretion, may be based, among other things, on the performance of Shares held by the Trust, M3C and Piton. Such compensation may be paid in cash and/or by way of increasing Mr. Averick's interest in Piton (either directly or indirectly through Piton's managing member, Piton Capital Partners LLC).
(3)  The warrants are immediately exercisable.
(4)  Represents Shares held by the Trust that are issuable under the warrants.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Cornice Fiduciary Management LLC
C/O NORTON ROSE FULBRIGHT (US) LLP
1301 AVENUE OF AMERICAS, F. VELLUCCI
NEW YORK, NY 10019

X


Signatures
/s/ Jeffrey Robins, Vice President of Cornice Fiduciary Management LLC 11/29/2018
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

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