UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30, 1999
Check here if Amendment [X]; Amendment Number: 1
The Amendment (check only one): [X] is a restatement.
[ ] adds new holdings entries.
Institutional Investment manager Filing this Report:
Name: Gabriel Capital Corp.
(Formerly Ariel Management Corp.)
Address: 450 Park Avenue
New York, NY 10022
13F File Number: 28-4341
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person signing this report on behalf of Reporting Manager:
Name: J. Ezra Merkin
Title: President
Phone: 212-838-7200
Signature, place and date of signing:
/s/ J. Ezra Merkin New York, New York December 13, 1999
Report Type (check only one):
[X] 13F HOLDINGS REPORT
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT
<PAGE>
FORM 13F SUMMARY PAGE
Reporting Manager: Gabriel Capital Corp.
13F File Number: 28-4341
Report Summary:
Number of Other Included managers: 1
Form 13F Information Table Entry Total: 99
Form 13F Information Table Value Total: $775,849 (thousands)
List of Other Included Managers:
No. 13F File No. Name
01 28-6882 STEPHEN FEINBERG
<PAGE>
FORM 13F INFORMATION TABLE
Reporting Manager: Gabriel Capital Corp.
13F File Number: 28-4341
<TABLE> <C> <C>
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COL 6 COLUMN 7 COLUMN 8
- ------------------------------ ---------------- --------- -------- ----------------- ------- ------------ --------------------------
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
AGCO CORP COM 001084102 2110 162300 SH SOLE 162300
AMERICAN BANCSHARES COM 02408H106 729 56900 SH SOLE 56900
AMERICAN EXPRESS CO COM 025816109 7902 58534 SH SOLE 58534
AMERICAN INTL GROUP COM 026874107 17729 203932 SH SOLE 203932
AMERICAN PACIFIC COM 028740108 11251 1428697 SH SOLE 1428697
AMERITECH CORP COM 030954101 9489 142154 SH SOLE 142154
AMOCO PLC SPONS ADR COM 055622104 1086 9800 SH SOLE 9800
ANB CORP COM 001926104 940 27500 SH SOLE 27500
ANIXTER INTL COM 035290105 4124 177375 SH SOLE 177375
ASSOCIATED GROUP INC CL A PRF 045651106 11029 182300 SH SOLE 182300
ASSOCIATED GROUP INC CL B PRF 045651205 3410 56300 SH SOLE 56300
ATLANTIC GULF PRF 048556203 191 19130 SH DEFINED 01 19130
AT&T CORP COM 001957109 17984 413436 SH SOLE 413436
BANC ONE CORP COM 06423A103 5214 149778 SH SOLE 149778
BANK OF AMERICA COM 060505104 12677 227652 SH SOLE 227652
BELL ATLANTIC CORP COM 077853109 13635 202566 SH SOLE 202566
BEVERLY ENTERPRISES COM 087851309 1697 399375 SH SOLE 399375
BIG FLOWER HOLDINGS COM 089159107 5830 205900 SH SOLE 205900
BOEING CO COM 097023105 8672 203460 SH SOLE 203460
BRISTOL MYERS SQUIBB CO COM 110122108 17620 261042 SH SOLE 261042
BROOKE GROUP LTD COM 112525100 367 22421 SH DEFINED 01 22421
BURLINGTON INDUSTRIES COM 121693105 2299 510975 SH SOLE 510975
B.F. GOODRICH CO COM 382388106 348 11984 SH SOLE 11984
CADILLAC FAIRVIEW CORP COM 126929207 618 28889 SH DEFINED 01 28889
CALIFORNIA COASTAL CMNTYS INC COM 129915104 754 100571 SH DEFINED 01 100571
CARDIOTHORACIC SYSTEMS COM 141907105 2504 149500 SH SOLE 149500
CENTRAL EUROPEAN MEDIA ENTRPRS COM G20045103 250 160000 SH SOLE 160000
CHEVRON CORP COM 166751107 284 3200 SH SOLE 3200
CHOCK FULL O' NUTS CORP COM 170268106 2680 246400 SH SOLE 246400
CISCO SYSTEMS COM 17275R102 28986 422773 SH SOLE 422773
CITATION CORP COM 172895104 2295 135000 SH SOLE 135000
CITIGROUP COM 172967101 19757 449017 SH SOLE 449017
COCA-COLA COMPANY COM 191216100 15648 324307 SH SOLE 324307
COMMUNITY FEDERAL BANCORP COM 20364Q100 288 17300 SH SOLE 17300
COMSAT CORP COM 20564D107 6816 230072 SH SOLE 230072
CONOCO INC CL B PRF 208251405 8349 305000 SH SOLE 305000
CPI CORP COM 125902106 1368 40000 SH SOLE 40000
CPX CORP COM 12616N100 106 640797 SH SOLE 640797
CRONOS GROUP N V ORD L20708100 365 80000 SH DEFINED 01 80000
CYPRUS AMAX MINERAL CO COM 232809103 13198 672500 SH SOLE 672500
CYTEC INDUSTRIES COM 232820100 1698 72250 SH SOLE 72250
DLT&STOR COM 747906204 3010 214075 SH SOLE 214075
EXXON CORP COM 302290101 24011 315936 SH SOLE 315936
E.I. DU PONT DE NEMOURS & CO COM 263534109 7917 130863 SH SOLE 130863
FIDELITY FINL OF OHIO COM 31614P107 2332 128200 SH SOLE 128200
FIRST PLACE FINANCIAL CORP COM 336107107 2124 29500 SH SOLE 29500
FIRST SECURITY CORP COM 336294103 4590 193000 SH SOLE 193000
FORD MOTOR CO COM 345370100 7892 157058 SH SOLE 157058
FRIENDLY ICE CREAM CORP NEW COM 358497105 109 21827 SH DEFINED 01 21827
FRUIT OF THE LOOM COM G3682L105 1140 331650 SH SOLE 331650
F&M BANKCORP COM 302371109 636 18300 SH SOLE 18300
GENERAL ELECTRIC CO COM 369604103 51001 430160 SH SOLE 430160
GENERAL MOTORS CORP COM 370442105 5263 83620 SH SOLE 83620
GLOBAL CROSSING LTD PUT JAN25P G3921A0ME 3125 125000 SH PUT SOLE 125000
GLOBAL CROSSING LTR PUT OCT22.5P G3921A0VX 2250 100000 SH PUT SOLE 100000
GLOBAL CROSSING LTD COM G3921A100 9442 356299 SH SOLE 356299
HARDDISK COM 747906303 796 107036 SH SOLE 107036
HEALTH FITNESS CORP COM 42217V102 68 108817 SH DEFINED 01 108817
HEWLETT PACKARD COM 428236103 12142 133792 SH SOLE 133792
INTEL CORP COM 458140100 32934 443177 SH SOLE 443177
INTL BUSINESS MACHINES COM 459200101 28903 238867 SH SOLE 238867
JOHNSON & JOHNSON COM 478160104 16133 175602 SH SOLE 175602
KENNAMETAL, INC COM 489170100 1243 48025 SH SOLE 48025
LUBRIZOL CORP COM 549271104 1726 67175 SH SOLE 67175
LUCENT TECHNOLOGIES COM 549463107 26039 401376 SH SOLE 401376
MCDONALDS CORP COM 580135101 7595 175602 SH SOLE 175602
MENS WEARHOUSE INC COM 587118100 10291 408616 SH DEFINED 01 408616
MERCK & CO COM 589331107 20359 314125 SH SOLE 314125
MERITOR SAVINGS BANK COM 590007100 68 48000 SH SOLE 48000
MICROSOFT CORP COM 594918104 62166 686440 SH SOLE 686440
MINNESOTA MINING & MFG CO COM 604059105 4820 50172 SH SOLE 50172
MOBIL CORP COM 607059102 11288 112044 SH SOLE 112044
NABORS INDUSTRIES COM 629568106 2178 87100 SH SOLE 87100
NETGRAVITY INC COM 641114103 1144 34600 SH SOLE 34600
NEW ENGLAND COMMUNITY BANCORP COM 643890106 455 17500 SH SOLE 17500
NOEL GROUP COM 655260107 1312 1974736 SH SOLE 1974736
OEZ PUT OCT 700 783790VT8 24563 836200 SH PUT SOLE 836200
ORACLE CORPORATION COM 68389X105 8668 190506 SH SOLE 190506
PEOPLES BK CORP INDIANAPOLIS COM NON VTG 710313107 3943 60200 SH SOLE
PEPSICO INC COM 713448108 5866 192326 SH SOLE 192326
PHILIP MORRIS COM 718154107 241 7050 SH SOLE 7050
PREMARK INTL COM 740459102 7575 150000 SH SOLE 150000
PRIME BANCSHARES COM 74157H108 2989 131400 SH SOLE 131400
PROCTOR & GAMBLE CO COM 742718109 16463 175602 SH SOLE 175602
QUEST DIAGNOSTICS COM 74834L100 3832 147375 SH SOLE 147375
RAMTROM INTL CORP COM 751907106 213 106649 SH DEFINED 01 106649
RELIANCE BANCORP COM 759451107 1129 30000 SH SOLE 30000
REPUBLIC NEW YORK CORP COM 760719104 9523 155000 SH SOLE 155000
ROBERTS PHARMACEUTICALS CORP COM 770491108 1806 59700 SH SOLE 59700
ROYAL DUTCH PETROLEUM CO COM 780257804 419 7100 SH SOLE 7100
SAVILLE SYSTEMS PLC COM 805174109 3148 214300 SH SOLE 214300
STATEWIDE FINL CORP COM 857914105 5743 247000 SH SOLE 247000
STROUDS COM 863451100 101 41000 SH SOLE 41000
TEXAS INSTRUMENTS COM 882508104 1787 21732 SH SOLE 21732
UCAR INTERNATIONAL COM 90262K109 3547 155500 SH SOLE 155500
WAL-MART STORES COM 931142103 27670 581767 SH SOLE 581767
WALT DISNEY COM 254687106 6959 267642 SH SOLE 267642
WELLS FARGO & CO COM 949746101 8615 217412 SH SOLE 217412
YPF S.A. ADR PUT OCT 45 9842450VI 2250 50000 SH PUT SOLE 50000
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