Swett Ralph J – ‘4’ for 12/10/01 re: Psinet Inc.

As of:  Thursday, 1/10/02   ·   For:  12/10/01   ·   Accession #:  901309-2-18   ·   File #:  0-25812

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Statement of Changes in Beneficial Ownership of Securities by an Insider   —   Form 4   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 4           Statement of Changes in Beneficial Ownership of        3     15K 
                Securities by an Insider                                         

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 U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 of Section 16. Form 4 or Form 5        
obligations may continue. See Instruction 1(b).                       

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1. Name and Address of Reporting Person*                                        

Swett                        Ralph                   J.                   
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(Last)                           (First)             (Middle)             

c/o PSINet Inc.                    44983 Knoll Square                           
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(Street)

Ashburn                                 VA                      20147           
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(City)                           (State)              (Zip)               

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2. Issuer Name and Ticker or Trading Symbol                                     

PSINet Inc. ("PSIX")                                                            
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3. IRS or Social Security Number of Reporting Person (Voluntary)                

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4. Statement for Month/Year                                                     

December, 2001                                                                  
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5. If Amendment, Date of Original (Month/Year)                                  

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6. Relationship of Reporting Person to Issuer                                   
(Check all applicable)                                                    

[ X ]   Director                             [   ]   10% Owner            
[   ]   Officer (give title below)           [   ]   Other (specify below)

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7. Individual or Joint/Group Filing (Check applicable line)                     

[ X] Form filed by one Reporting Person                                   
[  ] Form filed by more than one Reporting Person                         

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 Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned 
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                                                                                                                6.                  
                                                                 4.                              5.             Owner-              
                                                                 Securities Acquired (A) or      Amount of      ship                
                                                    3.           Disposed of (D)                 Securities     Form:     7.        
                                                    Transaction  (Instr. 3, 4 and 5)             Beneficially   Direct    Nature of 
                                      2.            Code         ------------------------------- Owned at End   (D) or    Indirect  
1.                                    Transaction   (Instr. 8)                   (A)             of Month       Indirect  Beneficial
Title of Security                     Date          ------------     Amount      or     Price    (Instr. 3      (I)       Ownership 
(Instr. 3)                            (mm/dd/yy)     Code     V                  (D)             and 4)         (Instr.4) (Instr. 4)
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Common Stock, $.01 par value          12/10/01       J               77,000      D      $0(1)    0              D                   
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Common Stock, $.01 par value          12/10/01       J               13,000      D      $0(1)    0              I(2)                
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Common Stock, $.01 par value          12/19/01       J               30,000      D      $0(1)    0              I(3)                
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* If the Form is filed by more than one Reporting Person, see Instruction       
4(b)(v).                                                                    

Reminder: Report on a separate line for each class of securities beneficially   
owned directly or indirectly.                               

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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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                                                        [Enlarge/Download Table]

                                                                                                          9.        10.             
                                                                                                          Number    Owner-          
                                                                                                          of        ship            
                    2.                                                                                    Deriv-    of              
                    Conver-                    5.                              7.                         ative     Deriv-   11.    
                    sion                       Number of                       Title and Amount           Secur-    ative    Nature 
                    of                         Derivative    6.                of Underlying     8.       ities     Secur-   of     
                    Exer-             4.       Securities    Date              Securities        Price    Bene-     ity:     In-    
                    cise     3.       Trans-   Acquired (A)  Exercisable and   (Instr. 3 and 4)  of       ficially  Direct   direct 
                    Price    Trans-   action   or Disposed   Expiration Date   ----------------  Deriv-   Owned     (D) or   Bene-  
1.                  of       action   Code     of(D)         (Month/Day/Year)            Amount  ative    at End    In-      ficial 
Title of            Deriv-   Date     (Instr.  (Instr. 3,    ----------------            or      Secur-   of        direct   Owner- 
Derivative          ative    (Month/  8)       4 and 5)      Date     Expira-            Number  ity      Month     (I)      ship   
Security            Secur-   Day/     ------   ------------  Exer-    tion               of      (Instr.  (Instr.   (Instr.  (Instr.
(Instr. 3)          ity      Year)    Code V    (A)   (D)    cisable  Date     Title     Shares  5)       4)        4)       4)     
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Explanation of Responses:                                                       
(1)  The shares were transferred to the Issuer for cancellation without payment.
(2)  Reflects shares held by Mr. Swett and his wife, Eileen Swett.              
(3)  Reflects shares held by F&G Capital, L.P.  Mr. Swett is the managing       
manager of the general partner of F&G Capital, L.P.                   

/s/Ralph J. Swett                                                  01/10/02     
---------------------------------------------            -----------------------
**Signature of Reporting Person                             Date    

**     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 provided is insufficient, see Instruction 6 for procedures.

    Alternatively,   this  Form  is  permitted  to  be  submitted  to  the
    Commission in electronic  format at the option of the reporting person
pursuant to rule 101(b)(4) of Regulation S-T.                     

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