SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
SCHEDULE 13G
Buyers United, Inc.
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(Name of Issuer)
Common Stock, $.0001 Par Value Per Share
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(Title of Class of Securities)
12427M101
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(CUSIP Number of Class of Securities)
March 11, 2004
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(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)
CUSIP No. 12427M101 Page 2 of 13 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Wynnefield Partners Small Cap Value, L.P. 13-3688497
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X] Reporting person is affiliated with other persons.
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 71,000 Shares
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 71,000 Shares
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
71,000 Shares
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
(See Instructions)
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.5% of Common Stock
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
CUSIP No. 12427M101 Page 3 of 13 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Wynnefield Partners Small Cap Value, L.P.I 13-3953291
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X] Reporting person is affiliated with other persons.
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 77,000 Shares
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 77,000 Shares
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
77,000 Shares
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
(See Instructions)
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.6% of Common Stock
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
CUSIP No. 12427M101 Page 4 of 13 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Wynnefield Small Cap Value Offshore Fund, Ltd. (No IRS Identification No.)
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X] Reporting person is affiliated with other persons.
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 52,000 Shares
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 52,000 Shares
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
52,000 Shares
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
(See Instructions)
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.4% of Common Stock
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
CO
________________________________________________________________________________
CUSIP No. 12427M101 Page 5 of 13 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Wynnefield Capital Management, LLC 13-4018186
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X] Reporting person is affiliated with other persons.
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
New York
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 148,000 Shares (1)
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 148,000 Shares (1)
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
148,000 Shares (1)
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
(See Instructions)
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
1.1% of Common Stock (1)
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
OO (Limited Liability Company)
________________________________________________________________________________
(1) Wynnefield Capital Management, LLC holds an indirect beneficial interest in
these shares which are directly beneficially owned by Wynnefield Partners Small
Cap Value, L.P. and Wynnefield Partners Small Cap Value, L.P. I.
CUSIP No. 12427M101 Page 6 of 13 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Wynnefield Capital, Inc. (No IRS Identification No.)
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X] Reporting person is affiliated with other persons.
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 52,000 Shares (1)
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 52,000 Shares (1)
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
52,000 Shares (1)
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
(See Instructions)
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.4% of Common Stock (1)
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
CO
________________________________________________________________________________
(1) Wynnefield Capital, Inc. holds an indirect beneficial interest in 52,000
shares which are directly beneficially owned by Wynnefield Small Cap Value
Offshore Fund, Ltd.
CUSIP No. 12427M101 Page 7 of 13 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Shannon River Partners, LP 05-0544322
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X] Reporting person is affiliated with other persons.
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 241,129 Shares
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 200,000 (1)
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 241,129 Shares
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 200,000 (1)
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
441,129 Shares
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
(See Instructions)
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.4% of Common Stock
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
(1) Shannon River Partners, L.P. holds an indirect beneficial interest in these
shares which are directly beneficially owned by Wynnefield Partners Small Cap
Value, L.P., Wynnefield Partners Small Cap Value, L.P. I and Wynnefield Small
Cap Value Offshore Fund, Ltd., as their Portfolio Manager.
CUSIP No. 12427M101 Page 8 of 13 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Shannon River Partners II, LP 20-0597408
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X] Reporting person is affiliated with other persons.
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 333,871 Shares
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 200,000 (1)
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 333,871 Shares
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 200,000 (1)
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
533,871 Shares
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
(See Instructions)
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.1% of Common Stock
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
1) Shannon River Partners II, L.P. holds an indirect beneficial interest in
these shares which are directly beneficially owned by Wynnefield Partners Small
Cap Value, L.P., Wynnefield Partners Small Cap Value, L.P. I and Wynnefield
Small Cap Value Offshore Fund, Ltd., as their Portfolio Manager.
CUSIP No. 12427M101 Page 9 of 13 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Shannon River Capital Management, LLC
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X] Reporting person is affiliated with other persons.
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 575,000 Shares (1)
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 200,000 Shares (2)
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 575,000 Shares (1)
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 200,000 Shares (2)
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
775,000 Shares
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
(See Instructions)
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.0% of Common Stock
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
OO (Limited Liability Company)
________________________________________________________________________________
(1) Shannon River Capital Management, LLC holds an indirect beneficial interest
in these shares which are directly beneficially owned by Shannon River Partners,
L.P and Shannon River Partners II, L.P.
(2) Shannon River Capital Management, LLC holds an indirect beneficial interest
in these shares in which Shannon River Partners, L.P. and Shannon River Partners
II, L.P. have an indirect beneficial interest, as Portfolio Manager of the
entities reported herein as directly beneficially owning such shares.
ITEM 1(a). Name of Issuer:
Buyers United, Inc.
ITEM 1(b). Address of Issuer's Principal Executive Offices:
14870 Pony Express Road, Bluffdale, Utah 84065
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ITEM 2(a). Names of Persons Filing:
Wynnefield Partners Small Cap Value, L.P. ("Partners")
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Wynnefield Partners Small Cap Value, L.P. I ("Partners I")
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Wynnefield Small Cap Offshore Fund, Ltd. ("Fund")
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Wynnefield Capital Management, LLC ("WCM")
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Wynnefield Capital, Inc. ("WCI")
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Shannon River Partners, LP ("SRP")
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Shannon River Partners II, LP ("SRP II")
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Shannon River Capital Management, LLC ("SRCM")
ITEM 2(b). Address of Principal Business Office Or, If None, Residence:
450 Seventh Avenue, Suite 509, New York, New York 10123
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ITEM 2(c). Citizenship:
Partners and Partners I are Delaware Limited Partnerships
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Fund and WCI are Cayman Islands Companies
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WCM is a New York Limited Liability Company
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SRP and SRP II are Delaware Limited Partnerships
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SRCM is a Delaware Limited Liability Company
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ITEM 2(d). Title of Class of Securities:
Common Stock, $.0001 Par Value Per Share
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ITEM 2(e). CUSIP Number: 12427M101
ITEM 3. If this Statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is:
None of the reporting persons is an entity specified in Rule
13d-1(b)(1)(ii).
ITEM 4. Ownership:
(a) Amount beneficially owned by all reporting persons: 775,000 Shares
(b) Percent of class: 6.0% of Common Stock
(c) Number of shares as to which the reporting persons have:
(i) sole power to vote or to direct the vote:
775,000 Shares
(ii) shared power to vote or to direct the vote
200,000
(iii) sole power to dispose or to direct the disposition:
775,000 Shares
(iv) shared power to dispose or to direct the disposition
200,000
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.
None of the reporting persons who have filed this schedule is a
person, as defined in Rule 13d-1(b)(1)(ii), promulgated pursuant to
the Securities Exchange Act of 1934. The persons filing this statement
are identified in Item 2 hereof.
ITEM 9. Notice of dissolution of group.
Not applicable.
ITEM 10. Certifications.
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 or as a
participant in any transaction having that purpose or effect.
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.
Dated: March 24, 2004
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P.
By: Wynnefield Capital Management, LLC,
General Partner
By: /s/ Nelson Obus
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Nelson Obus, Managing Member
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P. I
By: Wynnefield Capital Management, LLC,
General Partner
By: /s/ Nelson Obus
--------------------------------------
Nelson Obus, Managing Member
WYNNEFIELD SMALL CAP VALUE OFFSHORE FUND, LTD.
By: Wynnefield Capital, Inc.
By: /s/ Nelson Obus
--------------------------------------
Nelson Obus, President
WYNNEFIELD CAPITAL MANAGEMENT, LLC
By: /s/ Nelson Obus
-------------------------------------------
Nelson Obus, Managing Member
WYNNEFIELD CAPITAL, INC.
By: /s/ Nelson Obus
-------------------------------------------
Nelson Obus, President
SHANNON RIVER PARTNERS, L.P.
By: Shannon River Capital Management, LLC,
General Partner
By: /s/ Spencer Waxman
--------------------------------------
Spencer Waxman, Managing Member
SHANNON RIVER PARTNERS II, L.P.
By: Shannon River Capital MAnagement, LLC,
General Partner
By: /s/ Spencer Waxman
--------------------------------------
Spencer Waxman, Managing Member
SHANNON RIVER CAPITAL MANAGEMENT, LLC
By: /s/ Spencer Waxman
--------------------------------------
Spencer Waxman, Managing Member