UNITED STATES
SECURITIES EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.)*
VIEWPOINT CORPORATION
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(Name of Issuer)
Common Stock, $0.001 par value per share
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(Title of Class of Securities)
92672P108
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(CUSIP Number)
October 18, 2007
----------------------------
(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 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 the
disclosures provided in a prior cover page.
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 (however, see the
Notes).
Continued on following pages
Page 1 of 9 Pages
Exhibit Index: Page 8
SCHEDULE 13G
CUSIP No.: 92672P108 Page 2 of 9 Pages
.................................................................................
1. Names of Reporting Persons.
CHESAPEAKE PARTNERS MANAGEMENT CO., INC.
I.R.S. Identification Nos. of above persons (entities only):
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization Maryland
.................................................................................
Number of 5. Sole Voting Power 0
Shares ...........................................................
Beneficially 6. Shared Voting Power 7,934,536 /1/
Owned by Each ...........................................................
Reporting 7. Sole Dispositive Power 0
Person With ...........................................................
8. Shared Dispositive Power 7,934,536 /1/
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
7,934,536 /1/
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
8.1% based on 98,327,869 Shares outstanding as of October 19, 2007.
.................................................................................
12. Type of Reporting Person:
CO
.................................................................................
/1/ This amount consists of 7,834,536 shares of the Issuer's Common Stock, and
100,000 shares of the Issuer's Common Stock underlying certain warrants that are
deemed to be beneficially owned by the Reporting Person, as described in Item
4(a).
SCHEDULE 13G
CUSIP No.: 92672P108 Page 3 of 9 Pages
.................................................................................
1. Names of Reporting Persons.
MARK D. LERNER
I.R.S. Identification Nos. of above persons (entities only):
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization United States of America
.................................................................................
Number of 5. Sole Voting Power 0
Shares ...........................................................
Beneficially 6. Shared Voting Power 7,934,536 /1/
Owned by Each ...........................................................
Reporting 7. Sole Dispositive Power 0
Person With ...........................................................
8. Shared Dispositive Power 7,934,536 /1/
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
7,934,536 /1/
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
8.1% based on 98,327,869 Shares outstanding as of October 19, 2007.
.................................................................................
12. Type of Reporting Person:
HC; IA
.................................................................................
/1/ This amount consists of 7,834,536 shares of the Issuer's Common Stock, and
100,000 shares of the Issuer's Common Stock underlying certain warrants that are
deemed to be beneficially owned by the Reporting Person, as described in Item
4(a).
SCHEDULE 13G
CUSIP No.: 92672P108 Page 4 of 9 Pages
.................................................................................
1. Names of Reporting Persons.
TRACI J. LERNER
I.R.S. Identification Nos. of above persons (entities only):
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization United States of America
.................................................................................
Number of 5. Sole Voting Power 0
Shares ...........................................................
Beneficially 6. Shared Voting Power 7,934,536 /1/
Owned by Each ...........................................................
Reporting 7. Sole Dispositive Power 0
Person With ...........................................................
8. Shared Dispositive Power 7,934,536 /1/
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
7,934,536 /1/
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
8.1% based on 98,327,869 Shares outstanding as of October 19, 2007.
.................................................................................
12. Type of Reporting Person:
HC; IA
.................................................................................
/1/ This amount consists of 7,834,536 shares of the Issuer's Common Stock, and
100,000 shares of the Issuer's Common Stock underlying certain warrants that are
deemed to be beneficially owned by the Reporting Person, as described in Item
4(a).
Page 5 of 9 Pages
Item 1(a). Name of Issuer:
Viewpoint Corporation (the "Issuer")
Item 1(b). Address of Issuer's Principal Executive Offices:
498 Seventh Avenue, Suite 1810, New York, NY 10018
Item 2(a). Name of Person Filing
This Statement is filed on behalf of each of the following
persons (collectively, the "Reporting Persons"):
i) Chesapeake Partners Management Co., Inc. ("CPMC");
ii) Mark D. Lerner ("Mr. Lerner"); and
iii) Traci J. Lerner ("Ms. Lerner").
This Statement relates to Shares (as defined herein) held for
the accounts of each of Chesapeake Partners Limited Partnership, a Maryland
limited partnership ("CPLP"); and Chesapeake Partners International Ltd., a
Cayman Islands exempted company ("CPINTL"). CPMC serves as investment manager to
each of CPLP and CPINTL. CPMC also serves as the General Partner of CPLP. Mr.
Lerner and Ms. Lerner are officers of CPMC. In such capacities, each of CPMC,
Mr. Lerner and Ms. Lerner may be deemed to have voting and dispositive power
over the Shares held for each of CPLP and CPINTL.
Item 2(b). Address of Principal Business Office or, if None, Residence
The address of the principal business office of each of CPMC,
Mr. Lerner and Ms. Lerner is 2800 Quarry Lake Drive, Suite 300, Baltimore, MD
21209.
Item 2(c). Citizenship
i) CPMC is a Maryland corporation;
ii) Mr. Lerner is a citizen of the United States of America;
and
iii) Ms. Lerner is a citizen of the United States of America.
Item 2(d). Title of Class of Securities:
Common Stock, $0.001 par value per share (the "Shares").
Item 2(e). CUSIP Number:
92672P108
Item 3. If This Statement is Filed Pursuant to ss.ss.240.13d-1(b) or
240.13d-2(b) or (c), Check Whether the Person Filing is a:
This Item 3 is not applicable.
Page 6 of 9 Pages
Item 4. Ownership:
Item 4(a) Amount Beneficially Owned:
As of October 26, 2007, each of CPMC, Mr. Lerner and Ms.
Lerner may be deemed to be the beneficial owner of 7,934,536 Shares. This amount
consists of (A) 3,943,879 Shares held for the account of CPLP, which includes
50,000 Shares underlying certain warrants, and (B) 3,990,657 Shares held for the
account of CPINTL which includes 50,000 Shares underlying certain warrants.
Item 4(b) Percent of Class:
The number of Shares of which the Reporting Persons may be
deemed to be the beneficial owner constitutes approximately 8.1% of the total
number of Shares outstanding (based upon information provided by the Issuer in
its most recently filed current report on Form 8-K, there were approximately
98,327,869 shares outstanding as of October 19, 2007).
Item 4(c) Number of Shares of which such person has:
CPMC, Mr. Lerner and Ms. Lerner:
--------------------------------
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 7,934,536
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or direct the disposition of: 7,934,536
Item 5. Ownership of Five Percent or Less of a Class:
This Item 5 is not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another
Person:
This Item 6 is not applicable.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company:
See disclosure in Item 2 hereof.
Item 8. Identification and Classification of Members of the Group:
This Item 8 is not applicable.
Item 9. Notice of Dissolution of Group:
This Item 9 is not applicable.
Item 10. Certification:
By signing below each of the Reporting Persons certifies that,
to the best of their 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.
Page 7 of 9 Pages
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.
Date: October 29, 2007 CHESAPEAKE PARTNERS MANAGEMENT CO., INC.
By: /s/ Mark D. Lerner
-------------------------
Name: Mark D. Lerner
Title: Vice President
Date: October 29, 2007 MARK D. LERNER
/s/ Mark D. Lerner
----------------------------
Date: October 29, 2007 TRACI J. LERNER
/s/ Traci J. Lerner
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Page 8 of 9 Pages
EXHIBIT INDEX
Ex. Page No.
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A Joint Filing Agreement, dated October 29, 2007 by and among
Chesapeake Partners Management Co., Inc., Mark D. Lerner and
Traci J. Lerner ................................................ 9
Page 9 of 9 Pages
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on Schedule 13G with
respect to the Common Stock of Viewpoint Corporation dated as of October 29,
2007 is, and any amendments thereto (including amendments on Schedule 13D)
signed by each of the undersigned shall be, filed on behalf of each of us
pursuant to and in accordance with the provisions of Rule 13d-1(k) under the
Securities Exchange Act of 1934, as amended.
Date: October 29, 2007 CHESAPEAKE PARTNERS MANAGEMENT CO., INC.
By: /s/ Mark D. Lerner
-----------------------
Name: Mark D. Lerner
Title: Vice President
Date: October 29, 2007 MARK D. LERNER
/s/ Mark D. Lerner
---------------------------
Date: October 29, 2007 TRACI J. LERNER
/s/ Traci J. Lerner
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