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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
|X| Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
(Print or Type Response)
________________________________________________________________________________
1. Name and Address of Reporting Person*
Albacore Holdings, Inc. f/k/a Abiliti Solutions, Inc.
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(Last) (First) (Middle)
400 Chesterfield Center
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(Street)
Chesterfield MO 63107
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(City) (State) (Zip)
________________________________________________________________________________
2. Issuer Name and Ticker or Trading Symbol
Daleen Technologies, Inc. (DALN)
________________________________________________________________________________
3. IRS or Social Security Number of Reporting Person (Voluntary)
43-1463229
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4. Statement for Month/Year
December, 2002
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5. If Amendment, Date of Original (Month/Year)
________________________________________________________________________________
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
|_| Director |X| 10% Owner
|_| Officer (give title below) |_| Other (specify below)
____________________________________________________________________
________________________________________________________________________________
7. Individual or Joint/Group Filing (Check Applicable Line)
|X| Form filed by One Reporting Person
|_| Form filed by More than One Reporting Person
________________________________________________________________________________
(over)
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Table 1 -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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5. 6.
4. Amount of Owner-
Securities Acquired (A) or Securities ship
2A. 3. Disposed of (D) Beneficially Form: 7.
2. Deemed Transaction (Instr. 3, 4 and 5) Owned Direct Nature of
Trans- Execution Code ------------------------------- at End (D) or Indirect
1. action Date, if (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date any ------------ or (Instr. 3 & (I) Ownership
(Instr. 3) (mm/dd/yy) (mm/dd/yy) Code V Amount (D) Price Instr.4) (Instr.4) (Instr.4)
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Common Stock, par 12/20/02 P 11,406,284(1) D Note 2 -0- --
value $0.01 per share
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Common Stock, par 12/20/02 S 11,406,284(1) D Note 3 -0- --
value $0.01 per share
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FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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10.
Owner-
9. ship
Number Form
2. of of
Conver- 5. 7. Deriv- Deriv- 11.
sion Number of Title and Amount ative ative Nature
or Derivative 6. of Underlying 8. Secur- Secur- of
Exer- 3A. 4. Securities Date Securities Price ities ity: In-
cise Deemed Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of Bene- Direct direct
Price 3. Execut- action or Disposed Expiration Date ---------------- Deriv- ficially (D) or Bene-
1. of Trans- ion Code of(D) (Month/Day/Year) Amount ative Owned In- ficial
Title of Deriv- action Date if (Instr. (Instr. 3, ---------------- or Secur- at End direct Owner-
Derivative ative Date any 8) 4 and 5) Date Expira- Number ity of Month (I) ship
Security Secur- (mm/dd/ (mm/dd/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity yy) yy) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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Series F 122.4503 12/20/02 P 115,681(4) Common 14,165,177 See Note -0- --
Convertible to 1(6) Stock (6) 2
Preferred
Stock, par
value $0.01
per share
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Series F 122.4503 12/20/02 S 115,681(4) Common 14,165,177 See Note -0- --
Convertible to 1(6) Stock (6) 3
Perferred
Stock, par
value $0.01
per share
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Warrant to $ 0.906 12/20/02 P 2 June 20, June 7, Common 5,660,069 See Note -0- --
acquire 2003(5) 2006 Stock (7) 2
Common
Stock
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Warrant to $ 0.906 12/20/02 S 2 June 20, June 7, Common 5,660,069 See Note -0- --
acquire 2003(5) 2006 Stock (7) 3
Common
Stock
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Explanation of Responses:
1 The amount includes 1,149,214 shares of Daleen Common Stock held in escrow
to secure indemnification obligations under the Asset Purchase Agreement
described in Note 2. All rights with respect to distribution of such shares
have been assigned to the holders of the January 2001 Notes (See Note 2).
2 On December 20, 2002, Abiliti Solutions, Inc. (the "Company") acquired the
securities of Daleen Technologies, Inc. ("Daleen") reported on this Form 4,
including Common Stock, Series F Convertible Preferred Stock, and Warrants
to acquire shares of Common Stock (collectively, the "Securities"),
pursuant to an Asset Purchase Agreement dated October 7, 2002 (the "Asset
Purchase Agreement") between the Company, Daleen and Daleen Solutions, Inc.
("Daleen Solutions") in exchange for substantially all the assets of the
Company and assumption by Daleen Solutions of certain of the Company's
liabilities. The Company held no pecuniary interest in any securities of
Daleen prior to December 20, 2002; however, the Company was party to voting
agreements with certain holders of the outstanding securities of Daleen, as
reported in the Company's Schedule 13D filed October 15, 2002.
The consideration given by the Company in respect of the Securities is
believed to have a value of $5,023,097 million. The Securities may be
treated as consisting of 115,681 Units, each consisting of 98.60101 shares
of Common Stock, 1 share of Series F Preferred Stock and 48.98033 Common
Stock Warrants with an exercise price of $0.906 per share, each Unit having
been acquired for consideration equal in value to approximately $43.422 per
Unit.
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3 Immediately subsequent to the consummation of the transactions contemplated
by the Asset Purchase Agreement, on December 20, 2002 the Company
transferred and assigned all of the Securities to the holders of the
Company's senior promissory notes dated as of January 17, 2001 (the
"January 2001 Notes") in partial payment of amounts owed thereunder. All
Securities were transferred as a package ("Units"), at a price that can be
calculated to equal approximately $43.422 per Unit (each such Unit
consisting of 98.60101 shares of Common Stock, 1 share of Series F
Preferred Stock and 48.98033 Common Stock Warrants with an exercise price
of $0.906 per share). The approximate aggregate value of the Securities at
such price, and the amount of the aggregate payment recorded in respect of
such promissory notes, was $5,023,097.
4 The amount includes 11,568 shares of Daleen Series F Convertible Preferred
Stock held in escrow to secure indemnification obligations under the Asset
Purchase Agreement described in Note 2. Such shares and all rights with
respect thereto have been assigned to the holders of the January 2001 Notes
(See Note 2).
5 The exercise period may also begin immediately prior to certain changes of
control and comparable transactions.
6 Each share of Series F Preferred Stock is convertible into that number of
shares of Common Stock that is equal to that number of shares of Series F
Preferred Stock multiplied by the quotient obtained by dividing 110.94 by
0.906.
7 The amount includes 566,607 shares of Daleen Common Stock that may be
acquired upon exercise of a warrant held in escrow to secure
indemnification obligations under the Asset Purchase Agreement described in
Note 2. Such warrants and all rights with respect thereto have been
assigned to the holders of the January 2001 Notes (See Note 2).
Abiliti Solutions, Inc.
/s/ Gordon D. Quick 12/24/02
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Title: President Date
**Signature of Reporting Person
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
4(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.
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