UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
SCHEDULE 13G
 
Under the Securities Exchange Act of 1934
 
 
REWARDS NETWORK, INC
 
(Name of Issuer)
 
Common Stock, $0.02 par value per share
(Title of Class of Securities)
 
 
761557107
 
 
(CUSIP Number)
 
 

April 22, 2008
(Date of Event Which Requires Filing of this Statement)
 
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
 
o  Rule 13d-1(b)
 
 
x  Rule 13d-1(c)
 
 
o  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).
 


 
 

 
 
     
1.
Names of Reporting Persons.
BERNARD A. OSHER
     
 
I.R.S. Identification Nos. of above persons (entities only).
 
     
2.
Check the Appropriate Box if a Member of a Group (See Instructions)
 
     
 
(a)
  o
     
 
(b)
  o
     
3.
SEC Use Only
 
     
4.
Citizenship or Place of Organization
US CITIZEN
     
Number of
5.
Sole Voting Power
1,650,000
Shares
     
Beneficially
6.
Shared Voting Power
0
Owned
     
by Each
7.
Sole Dispositive Power
1,650,000
Reporting
     
Person With
8.
Shared Dispositive Power
0
     
9.
Aggregate Amount Beneficially Owned by Each Reporting Person
1,650,000
   
 
10.
Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
  o
     
11.
Percent of Class Represented by Amount in Row (9)
6.2 %
     
12.
Type of Reporting Person (See Instructions)
IN

 
-2-

 
 
     
1.
Names of Reporting Persons.
BERNARD A. OSHER, TR UA 03/08/88
     
 
I.R.S. Identification Nos. of above persons (entities only).
 
     
2.
Check the Appropriate Box if a Member of a Group (See Instructions)
 
     
 
(a)
o  
     
 
(b)
o  
     
3.
SEC Use Only
 
     
4.
Citizenship or Place of Organization
                     California
     
Number of
5.
Sole Voting Power
1,450,000
Shares
     
Beneficially
6.
Shared Voting Power
0
Owned
     
by Each
7.
Sole Dispositive Power
1,450,000
Reporting
     
Person With
8.
Shared Dispositive Power
0
     
9.
Aggregate Amount Beneficially Owned by Each Reporting Person
1,450,000

10.
Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
o  
     
11.
Percent of Class Represented by Amount in Row (9)
5.4%
     
12.
Type of Reporting Person (See Instructions)
OO

 
-3-

 

Item 1(a).   Name of Issuer :
 
REWARDS NETWORK, INC
 
Item 1(b).   Address of Issuer’s Principal Executive Offices :
 
Two North Riverside Plaza, Suite 950
 
Chicago, IL 60606
 
Item 2(a).   Names of Persons Filing :
 
BERNARD A. OSHER
 
BERNARD A. OSHER, TR UA 03/08/88
 
Item 2(b).   Address of Principal Business Office or, if none, Residence :
 
The principal business address of the reporting persons is One Ferry Building, Suite 255, San Francisco, CA  94111.
 
Item 2(c).   Citizenship :
 
US CITIZEN
 
Item 2(d).   Title of Class of Securities :
 
Common Stock, $0.02 par value
 
Item 2(e).   CUSIP Number :
 
761557107
 
Item 3.
If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
 
o  (a) Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
 
o  (b) Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
 
o  (c) Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
 
o  (d) Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8).
 
o  (e) An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);
 
o  (f) An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);
 
o  (g) A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
 
o  (h) A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
 
o  (i) A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
 
o  (j) Group, in accordance with §240.13d-1(b)(1)(ii)(J).
 
 
-4-

 

Item 4.
Ownership.
 
(a).Amount beneficially owned:
 
1,650,000
 
(b) Percent of class:
 
6.4%
 
(c) Number of shares as to which the person has;
 
(i) Sole power to vote or direct the vote
 
1,650,000
 
(ii) Shared power to dispose or to direct disposition of
 
0
 
(iii) Sole power to dispose or to direct the disposition of
 
1,650,000
 
(iv) Shared power to dispose or to direct the disposition of
 
0
 
Item 5.
Ownership of Five Percent or Less of a Class
 
Not applicable.
 
Item 6.
Ownership of More than Five Percent on Behalf of Another Person.
 
Not applicable.
 
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company
 
Not applicable.
 
Item 8.
Identification and Classification of Members of the Group
 
Not applicable.
 
Item9.
Notice of Dissolution of Group
 
Not applicable.
 
Item 10.
Certification
 
 
By signing below I certify that, to the best of my 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.

 
-5-

 
 
Signature
 

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

Dated:  May 2, 2008
BERNARD A. OSHER
 
     
 
By:
/s/ BERNARD A. OSHER  
   
BERNARD A. OSHER
 

 
-6-

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