4 1 a2088872z4.txt FORM 4

-------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 4 WASHINGTON, D.C. 20549 -------- / / CHECK THIS BOX IF NO STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP LONGER SUBJECT TO SECTION 16. FORM 4 OR Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, FORM 5 OBLIGATIONS MAY Section 17(a) of the Public Utility Holding Company Act of 1935 or CONTINUE. SEE Section 30(f) of the Investment Company Act of 1940 INSTRUCTION 1(b). (Print or Type Responses) ------------------------------------------------------------------------------------------------------------------------------------ 1. Name and Address of Reporting Person* 2. Issuer Name AND Ticker or Trading Symbol 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) RGC International Investors, LDC Learn2 Corporation (LTWC) Director X 10% Owner ---- ---- --------------------------------------------------------------------------------------------- Officer (give Other (Last) (First) (Middle) 3. I.R.S. or Social 4. Statement for ---- title ---- (specify c/o Rose Glen Capital Management, L.P. Security Number Month/Day/Year below) below) 3 Bala Plaza East, Suite 501 of Reporting ----------------- ------------------ 251 St. Asaphs Road Person (Voluntary) ~~August~~September 5, 2002 -------------------------------------------- --------------------- 7. Individual or Joint/Group Filing (Street) Page 1 of 53 5. If Amendment, (Check Applicable Line) Date of Original ___ Form filed by One Reporting Person (Month/Day/Year) X Form filed by More than One Bala Cynwyd PA 19004 --- Reporting Person ------------------------------------------------------------------------------------------------------------------------------------ (City) (State) (Zip) TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED ------------------------------------------------------------------------------------------------------------------------------------ 1. Title of 2. Trans- 2A. Deemed 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature Security action Execution action or Disposed of (D) Securities ship of In- (Instr. 3) Date Date, Code (Instr. 3, 4 and 5) Beneficially Form: direct if any (Instr. 8) Owned ~~at End~~ Direct Bene- (Month/ of (Month/ Following (D) or ficial Day/ Day/ ------------------------------------------ ~~(Instr.~~Reported 3 Indirect Owner- Year) Year) (A) ~~and 4~~Transaction(s) (I) ship or (Instr. 3 Code V Amount (D) Price and 4) (Instr. 4) (Instr. 4) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 0809/0105/02 S 310,~~500~~000 D $0.~~0500~~0600 ~~D* ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 08/02/02 S 1~~10,~~200~~542,042 D ~~$0.0500 D~~* ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 08/05/02 S 26,700 D $0.0425 D* ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 08/06/02 S 5,000 D $0.0450 D* ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 08/07/02 S 12,900 D $0.0400 D* ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 08/12/02 S 52,500 D $0.0422 D* ------------------------------------------------------------------------------------------------------------------------------------

~~--------~~FORM ~~UNITED~~4 ~~STATES~~(CONTINUED) ~~SECURITIES~~TABLE ~~AND~~II ~~EXCHANGE~~- ~~COMMISSION~~DERIVATIVE ~~FORM~~SECURITIES 4ACQUIRED, ~~WASHINGTON~~DISPOSED OF, DOR BENEFICIALLY OWNED (E.CG., ~~20549~~PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES) ----------------------------------------------------------------------------------------------------------------------------------- /1. /Title ~~CHECK~~of ~~THIS~~Derivative ~~BOX~~Security IF2. NOConver- ~~STATEMENT~~3. OFTrans- ~~CHANGES~~3A. INDeemed ~~BENEFICIAL~~4. ~~OWNERSHIP~~Transac- ~~LONGER~~5. ~~SUBJECT~~Number TOof ~~SECTION~~Deriv- 166. ~~FORM~~Date 4Exer- OR(Instr. ~~Filed~~3) ~~pursuant~~sion toor ~~Section~~action ~~16(a)~~Execution oftion ~~the~~Code ative Securities ~~Exchange~~Ac- ~~Act~~cisable ofand ~~1934,~~Ex- ~~FORM~~Exercise 5Date ~~OBLIGATIONS~~Date, ~~MAY~~(Instr. ~~Section~~8) 17quired (aA) ofor ~~the~~Dis- ~~Public~~piration ~~Utility~~Date ~~Holding~~Price ~~Company~~of ~~Act~~(Month/ if any posed of ~~1935~~(D) or(Month/Day/ ~~CONTINUE.~~Deriv- ~~SEE~~Day/ ~~Section~~(Month/ 30(fInstr. 3, 4, and 5) ofYear) ~~the~~ative ~~Investment~~Year) ~~Company~~Day/ ~~Act~~Security ofYear) ~~1940~~-------------------------------------- ~~INSTRUCTION~~---------------- 1Date Expira- Exer- tion Code V (bA). (~~Print~~D) orcisable ~~Type~~Date ~~Responses)~~ ------------------------------------------------------------------------------------------------------------------------------------ 1.NONE Name and Address of Reporting Person* 2. Issuer Name AND Ticker or Trading Symbol 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) RGC International Investors, LDC Learn2 Corporation (LTWC) Director X 10% Owner ---- ---- --------------------------------------------------------------------------------------------- ~~Officer (give Other (Last) (First) (Middle) 3. I.R.S. or Social 4. Statement for~~ ---- ~~title~~ ---- ~~(specify c/o Rose Glen Capital Management, L.P. Security Number Month/Year below) below) 3 Bala Plaza East, Suite 501 of Reporting~~ ---------------------- ------------------ ~~251 St. Asaphs Road Person (Voluntary) August 2002~~ -------------------------------------------- --------------------- 7. Individual or Joint/Group Filing (Street) Page 2 of 5 5. If Amendment, (Check Applicable Line) Date of Original ___ Form filed by One Reporting Person (Month/Year) X Form filed by More than One Bala Cynwyd PA 19004 --- ~~Reporting Person~~ --------------------------------------------- --------------------------------------------------------------------------------------- ~~(City) (State) (Zip) TABLE I~~ - ~~NON~~-~~DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED~~ ------------------------------------------ ------------------------------------------------------------------------------------------ ~~1. Title of 2. Trans~~- ~~3. Trans~~- ~~4. Securities Acquired (A) 5. Amount of 6. Owner~~- ~~7. Nature Security action action or Disposed of (D) Securities ship of In~~- ~~(Instr. 3) Date Code (Instr. 3, 4 and 5) Beneficially Form: direct (Instr. 8) Owned at End Direct Bene~~------------------------------------- ~~(Month/ of Month (D) or ficial Day/~~ ------------------------------------------ ~~(Instr. 3 Indirect Owner~~----------------------------------------------------------------------------------------- ~~Year) (A) and 4) (I) ship or Code V Amount (D) Price (Instr. 4) (Instr. 4)~~ ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- Common Stock 08/13/02 S 19,600 D $0.0401 D* ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- Common Stock 08/14/02 S 4,000 D $0.0400 D* ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- ~~Common~~7. ~~Stock~~Title ~~08/16/02~~and SAmount of Under- 8. Price 9. Number 10~~,000~~. DOwner- $011.~~0313~~ Nature lying Securities of of Deriv- ship of In- (Instr. 3 and 4) Deriv- ative Form direct ative Securi- of De- Bene- Secur- ties rivative ficial ity Bene- Secu- Own- (Instr. ficially rity: ership 5) Owned Direct (Instr. 4) ----------------------- Following (D*) or Title Amount or Reported Indi- Number of Transaction(s) rect (I) Shares (Instr. 4) ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- Common Stock 08/19/02 S 14,781 D $0.0300 D* ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- Common Stock 08/20/02 S 4,600 D $0.0300 D* ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- Common Stock 08/21/02 S 6,700 D $0.0300 D* ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- Common Stock 08/22/02 S 350,800 D $0.0808 D* ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- Common Stock 08/23/02 S 100,000 D $0.0735 D* ----------------------------------------------------------------------------------------------- Explanation of Responses: * The Common Stock is owned directly by RGC International Investors, LDC ("RGC"), a private investment fund. Rose Glen Capital Management, L.P. ("Rose Glen") is the investment manager of RGC. RGC General Partner Corp. ("Partner") is the general partner of Rose Glen. Rose Glen and Partner disclaim beneficial ownership of the Common Stock, except to the extent of their pecuniary interest. 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 person, see Instruction 4(b)(v). /s/ Steven B. Katznelson September 6, 2002 ----------------------------------- ----------------- **Intentional misstatements or omissions of facts constitute **Signature of Reporting Person Date Federal Criminal Violations. SEE 18 U.S.C. 1001 and 15 U.S.C. 78f f(a). RGC International Investors, LDC By: Rose Glen Capital Management, L.P. By: RGC General Partner Corp. By: Steven B. Katznelson, Managing Director Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, SEE Instruction 6 for procedure.

2 Form 4 (continued) Additional Filing Persons: Nature of Ownership: Rose Glen Capital Management, L.P. Indirect * 3 Bala Plaza East, Suite 501 251 St. Asaphs Road Bala Cynwyd, PA 19004 RGC General Partner Corp. Indirect * 3 Bala Plaza East, Suite 501 251 St. Asaphs Road Bala Cynwyd, PA 19004 Designated Filer: RGC International Investors, LDC Issuer and Trading Symbol: Learn2 Corporation; LTWC Signatures /S/ STEVEN B. KATZNELSON /S/ STEVEN B. KATZNELSON ----------------------------------- ----------------------------------- Rose Glen Capital Management, L.P. RGC General Partner Corp. By: RGC General Partner Corp. By: Steven B. Katznelson By: Steven B. Katznelson Managing Director Managing Director 3

-------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 4 WASHINGTON, D.C. 20549 -------- / / CHECK THIS BOX IF NO STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP LONGER SUBJECT TO SECTION 16. FORM 4 OR Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, FORM 5 OBLIGATIONS MAY Section 17(a) of the Public Utility Holding Company Act of 1935 or CONTINUE. SEE Section 30(f) of the Investment Company Act of 1940 INSTRUCTION 1(b). (Print or Type Responses) ------------------------------------------------------------------------------------------------------------------------------------ 1. Name and Address of Reporting Person* 2. Issuer Name AND Ticker or Trading Symbol 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) RGC International Investors, LDC Learn2 Corporation (LTWC) Director X 10% Owner ---- ---- --------------------------------------------------------------------------------------------- Officer (give Other (Last) (First) (Middle) 3. I.R.S. or Social 4. Statement for ---- title ---- (specify c/o Rose Glen Capital Management, L.P. Security Number Month/Year below) below) 3 Bala Plaza East, Suite 501 of Reporting ----------------- ------------------ 251 St. Asaphs Road Person (Voluntary) August 2002 -------------------------------------------- --------------------- 7. Individual or Joint/Group Filing (Street) Page 3 of 5 5. If Amendment, (Check Applicable Line) Date of Original ___ Form filed by One Reporting Person (Month/Year) X Form filed by More than One Bala Cynwyd PA 19004 --- Reporting Person ------------------------------------------------------------------------------------------------------------------------------------ (City) (State) (Zip) TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED ------------------------------------------------------------------------------------------------------------------------------------ 1. Title of 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature Security action action or Disposed of (D) Securities ship of In- (Instr. 3) Date Code (Instr. 3, 4 and 5) Beneficially Form: direct (Instr. 8) Owned at End Direct Bene- (Month/ of Month (D) or ficial Day/ ------------------------------------------ (Instr. 3 Indirect Owner- Year) (A) and 4) (I) ship or Code V Amount (D) Price (Instr. 4) (Instr. 4) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 08/26/02 S 85,000 D $0.0658 D* ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 08/27/02 S 80,000 D $0.0526 D* ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 08/28/02 S 25,000 D $0.0521 D* ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 08/29/02 S 315,000 D $0.0862 10,569,042 D* ------------------------------------------------------------------------------------------------------------------------------------

FORM 4 (CONTINUED) TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES) ----------------------------------------------------------------------------------------------------------------------------------- 1. Title of Derivative Security 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv- 6. Date Exer- (Instr. 3) sion or action tion Code ative Securities Ac- cisable and Ex- Exercise Date (Instr. 8) quired (A) or Dis- piration Date Price of (Month/ posed of (D) (Month/Day/ Deriv- Day/ (Instr. 3, 4, and 5) Year) ative Year) Security -------------------------------------- ---------------- Date Expira- Exer- tion Code V (A) (D) cisable Date ----------------------------------------------------------------------------------------------------------------------------------- NONE ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- 7. Title and Amount of Under- 8. Price 9. Number 10. Owner- 11. Nature lying Securities of of Deriv- ship of In- (Instr. 3 and 4) Deriv- ative Form direct ative Securi- of De- Bene- Secur- ties rivative ficial ity Bene- Secu- Own- (Instr. ficially rity: ership 5) Owned Direct (Instr. 4) ----------------------- at End (D) or Title Amount or of Month Indi- Number of (Instr. 4) rect (I) Shares (Instr. 4) ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- Explanation of Responses: * The Common Stock is owned directly by RGC International Investors, LDC ("RGC"), a private investment fund. Rose Glen Capital Management, L.P. ("Rose Glen") is the investment manager of RGC. RGC General Partner Corp. ("Partner") is the general partner of Rose Glen. Rose Glen and Partner disclaim beneficial ownership of the Common Stock, except to the extent of their pecuniary interest. /s/ Steven B. Katznelson September 3, 2002 ----------------------------------- ----------------- **Intentional misstatements or omissions of facts constitute **Signature of Reporting Person Date Federal Criminal Violations. RGC International Investors, LDC By: Rose Glen Capital Management, L.P. By: RGC General Partner Corp. By: Steven B. Katznelson, Managing Director Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, SEE Instruction 6 for procedure. Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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