SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
SCHEDULE 13D/A
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO
FILED PURSUANT TO RULE 13d-2(a)
(Amendment No. 1)
KASPER A.S.L. LIMITED
(Name of Issuer)
COMMON STOCK, PAR VALUE $.01 PER SHARE
(Title of Class of Securities)
485808109
(CUSIP Number)
JOHN C. WATERFALL
10 EAST 50TH STREET
NEW YORK, NEW YORK 10022
(212) 705-0500
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 21, 1998
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [ ].
NOTE: Schedules filed in paper format shall include a signed original
and five copies of the Schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.
(continued on following pages)
Page 1 of 36 Pages
______________________
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for purposes of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
CUSIP No. 485808109 13D/A Page 2 of 36 Pages
___________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
Morgens Waterfall Income Partners, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
12,983
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
12,983
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
12,983
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.2%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 3 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
Restart Partners, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
49,673
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
49,673
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
49,673
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.7%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 4 of 36 Pages
_____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
Restart Partners II, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
99,805
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
99,805
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
99,805
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
1.5%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 5 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
Restart Partners III, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
82,414
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
82,414
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
82,414
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
1.2%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 6 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
Restart Partners IV, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
49,603
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
49,603
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
49,603
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.7%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 7 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
Restart Partners V, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
17,349
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
17,349
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
17,349
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.3%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 8 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
Endowment Restart L.L.C.
(F/k/a The Common Fund for Non-Profit Organizations)
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
71,479
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
71,479
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
71,479
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
1.1%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
CO
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT
CUSIP No. 485808109 13D/A Page 9 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
Endowment Prime L.L.C.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
71,479
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
71,479
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
71,479
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
1.1%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
CO
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT
CUSIP No. 485808109 13D/A Page 10 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
Betje Partners
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
1,590
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
1,590
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,590
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.02%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 11 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
Phaeton BVI
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
3,158
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
3,158
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
3,158
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.1%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
CO
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 12 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
Phoenix Partners, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
4,564
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
4,564
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
4,564
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.1%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 13 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
MWV Group Trust
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
OO
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
1,164
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
1,164
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,164
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.02%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
EP
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 14 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
Morgens, Waterfall, Vintiadis & Company, Inc.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
4,748
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
4,748
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
4,748
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.1%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
CO
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 15 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
MW Capital, L.L.C.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
12,983
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
12,983
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
12,983
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.2%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
CO
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 16 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
Prime Group, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
49,673
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
49,673
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
49,673
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.7%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 17 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
Prime Group II, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
99,805
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
99,805
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
99,805
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
1.5%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 18 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
Prime Group III, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
82,414
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
82,414
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
82,414
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
1.2%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 19 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
Prime Group IV, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
49,603
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
49,603
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
49,603
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.7%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 20 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
Prime Group V, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
17,349
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
17,349
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
17,349
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.3%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 21 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
Prime, Inc.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
298,844
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
298,844
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
298,844
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
4.4%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
CO
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 22 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
MW Management, L.L.C.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
4,564
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
4,564
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
4,564
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.1%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
CO
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 23 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
John C. "Bruce" Waterfall
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0-
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
393,782
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
393,782
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
393,782
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
5.9%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
IN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 24 of 36 Pages
____________________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSONS
Edwin H. Morgens
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
393,782
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
393,782
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
393,782
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
5.9%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
IN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 485808109 13D/A Page 25 of 36 Pages
Item 1 is amended and restated as follows:
ITEM 1. SECURITY AND ISSUER.
This Amendment No. 1 ("Amendment No. 1") amends and restates the
statement on Schedule 13D (the "Statement") filed with the Securities and
Exchange Commission (the "SEC") by the persons named in Item 2 below (except
for the persons named in (h) and (u), which were inadvertently omitted) on
June 4, 1997, relating to the common stock, par value $.01 per share ("Common
Stock"), of Sassco Fashions Ltd., a Delaware corporation (the "Company")
created in connection with the June 4, 1997 reorganization of The Leslie Fay
Companies, Inc. ("Leslie Fay"), the Company's former parent. The Company
changed its name from Sassco Fashions Ltd. to Kasper A.S.L. Ltd. (the
"Issuer") on November 5, 1997. The principal executive offices of the Issuer
are located at 77 Metroway, Secaucas, New Jersey 07094.
Except as specifically provided herein, this Amendment No. 1 does not
modify any of the information previously reported in the Statement.
Item 2 is amended and restated as follows:
ITEM 2. IDENTITY AND BACKGROUND.
This Statement is filed jointly by (a) Morgens Waterfall Income
Partners, L.P. ("MWIP"); (b) Restart Partners, L.P. ("Restart"); (c) Restart
Partners II, L.P. ("Restart II"); (d) Restart Partners III, L.P. ("Restart
III"); (e) Restart Partners IV, L.P. ("Restart IV"); (f) Restart Partners V,
L.P. ("Restart V"); (g) Endowment Restart, L.L.C. ("Endowment") (formerly
known as The Common Fund for Non-Profit Organizations); (h) "Endowment Prime,
L.L.C. ("Endowment Prime"); (i) Betje Partners ("Betje"); (j) Phoenix
Partners, L.P. ("Phoenix"); (k) Morgens, Waterfall, Vintiadis & Company, Inc.
("Morgens Waterfall"); (l) MW Capital, L.L.C. ("MW Capital"); (m) Prime Group,
L.P. ("Prime"); (n) Prime Group II, L.P. ("Prime II"); (o) Prime Group III,
L.P. ("Prime III"); (p) Prime Group IV, L.P. ("Prime IV"); (q) Prime Group V,
L.P. ("Prime V"); (r) Prime, Inc.; (s) MW Management, L.L.C. ("MW
Management"); (t) Phaeton BVI ("Phaeton"); (u) MWV Group Trust ("Group
Trust"); (v) John C. "Bruce" Waterfall ("Waterfall"); and (w) Edwin H. Morgens
("Morgens", and together with the persons stated in clauses (a) through (v)
above, the "Reporting Persons").
MWIP is a New York limited partnership whose principal business is to
invest in securities of U.S. issuers. MW Capital, a Delaware limited
liability company, is the general partner of MWIP. MWIP and MW Capital have
their principal address at 10 East 50th Street, New York, New York 10022.
Morgens and Waterfall are the managing members of MW Capital. All of the
information concerning Morgens and Waterfall is set forth below.
Restart, Restart II, Restart III, Restart IV and Restart V are Delaware
limited partnerships having their principal addresses at 10 East 50th Street,
CUSIP No. 485808109 13D/A Page 26 of 36 Pages
New York, New York 10022. The principal businesses of Restart, Restart II,
Restart III, Restart IV and Restart V are to invest in securities of
financially troubled companies.
Prime, Prime II, Prime III, Prime IV and Prime V, Delaware limited
partnerships having their principal addresses at 10 East 50th Street, New
York, New York 10022, are the general partners of Restart, Restart II, Restart
III, Restart IV and Restart V, respectively. The principal businesses of
Prime, Prime II, Prime III, Prime IV and Prime V are to act as the general
partners of Restart, Restart II, Restart III, Restart IV and Restart V,
respectively.
Prime, Inc., the general partner of Prime, Prime II, Prime III, Prime
IV and Prime V, is a Delaware corporation having its principal address at 10
East 50th Street, New York, New York 10022. The principal business of Prime,
Inc. is to act as general partner of Prime, Prime II, Prime III, Prime IV and
Prime V. Waterfall is the President and a Director of Prime, Inc. Morgens is
the Chairman of the Board of Directors and the Secretary of Prime, Inc. All
of the information concerning Morgens and Waterfall is set forth below.
Phoenix is a New York limited partnership having its principal address
at 10 East 50th Street, New York, New York 10022. The principal business of
Phoenix is to invest in securities of U.S. issuers. MW Management, a Delaware
limited liability company, is the general partner of Phoenix. The principal
address of MW Management is 10 East 50th Street, New York, New York 10022.
Morgens and Waterfall are the managing members of MW Management. All of the
information concerning Morgens and Waterfall is set forth below.
Betje is a New York limited partnership having its principal address at
10 East 50th Street, New York, New York 10022. The principal business of
Betje is to invest in securities of U.S. issuers. Mr. Zanvyl Krieger
("Krieger") is the general partner of Betje. The business address of Krieger
is c/o Weinberg and Green, 100 South Charles Street, Baltimore, Maryland
21201. Krieger is a U.S. citizen whose principal occupation is a private
investor. Morgens Waterfall serves as an investment advisor to Betje as
discussed below.
Phaeton is a company incorporated under the laws of the British Virgin
Islands having its principal office c/o Hemisphere Management Limited located
at Hemisphere House, 9 Church Street, Hamilton, HM11 Bermuda. The principal
business of Phaeton is to invest in securities of U.S. and foreign issuers.
Morgens Waterfall serves as an investment advisor to Phaeton as discussed
below.
Endowment is a Delaware limited liability company having its principal
office c/o Morgens, Waterfall, Vintiadis & Company, Inc. located at 10 East
50th Street, New York, New York 10022. The principal business of Endowment is
to invest in securities of various issuers.
Endowment Prime, the managing member of Endowment, is a Delaware
limited liability company having its principal office c/o Morgens, Waterfall,
CUSIP No. 485808109 13D/A Page 27 of 36 Pages
Vintiadis & Company, Inc. located at 10 East 50th Street, New York, New York
10022.
Group Trust is a Delaware Trust having its principal address at 10 East
50th Street, New York, New York 10022. Group Trust is a self directed plan
covering all full-time employees of Morgens Waterfall who have completed one
year of service. Group Trust is subject to the provisions of the Employee
Retirement Income Security Act of 1974 ("ERISA").
Morgens Waterfall is a New York corporation having its principal
address at 10 East 50th Street, New York, New York 10022. The principal
business of Morgens Waterfall is the rendering of financial services.
Waterfall is the President and a Director of Morgens Waterfall.
Morgens is the Chairman of the Board of Directors and the Secretary of Morgens
Waterfall. The primary occupations of Morgens and Waterfall are to act as the
principals in the business of Morgens Waterfall. The business address of
Morgens and Waterfall, each of whom is a United States citizen, is at the
office of Morgens Waterfall, 10 East 50th Street, New York, New York 10022.
Morgens Waterfall has no other officers or directors.
During the past five years, none of the Reporting Persons has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors). During the last five years, none of the Reporting Persons has
been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is subject to
a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities
laws, or finding any violations with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Under a plan of reorganization of the Issuer pursuant to Chapter 11 of
the U.S. Bankruptcy Code (the "Plan"), which became effective at 5:00 p.m.
Eastern Time, on June 4, 1997 (the "Effective Date"), MWIP, Restart, Restart
II, Restart III, Restart IV, Restart V, Endowment, Betje, Phaeton, Group Trust
and Phoenix, as creditors of the Issuer, became entitled to receive as of the
Effective Date shares of Common Stock.
Approximately 20% of the shares, however, have been held back until
certain claims against the Issuer are settled. To date, those Reporting
Persons named in the preceding paragraph have received 609,749 shares under
the Plan (351,769 of which have been sold as of October 21, 1998) and are
anticipating receipt of another 135,801 shares.
The sources of funds used for these purchases were the working capital
of the Reporting Persons. The purchase price for the shares of Common Stock
beneficially owned by each of the Reporting Persons is as follows:
CUSIP No. 485808109 13D/A Page 28 of 36 Pages
Reporting Person Purchase Price
________________ ______________
MWIP $ 172,966
Restart 662,419
Restart II 1,338,702
Restart III 1,105,273
Restart IV 661,847
Restart V 207,977
Endowment 992,110
Betje 24,279
Phoenix 69,680
Phaeton 48,230
Group Trust 17,772
Total $ 5,301,255
. . .
Item 5 is hereby amended and restated as follows:
ITEM 5. INTEREST IN THE SECURITIES OF THE ISSUER.
(a) and (b) The following is the aggregate amount of Common Stock that
is beneficially owned by each Reporting Person:
Aggregate Percentage
Reporting Person # of Shares of Class
_________________ ___________ __________
MWIP 12,983 0.2
Restart 49,673 0.7
Restart II 99,805 1.5
Restart III 82,414 1.2
Restart IV 49,603 0.7
Restart V 17,349 0.3
Endowment 71,479 1.1
Betje 1,590 0.02
Phoenix 4,564 0.1
Phaeton 3,158 0.1
Group Trust 1,164 0.02
Total 393,782 5.9
Morgens Waterfall does not directly own any of the Common Stock.
Morgens Waterfall may be deemed an indirect beneficial owner of 4,798 shares
of Common Stock by virtue of contracts with Betje (1,590 shares) and Phaeto
CUSIP No. 485808109 13D/A Page 29 of 36 Pages
(3,158 shares) pursuant to which Morgens Waterfall provides discretionary
investment advisory services.
Endowment Prime does not directly own any of the Common Stock.
Endowment Prime may be deemed an indirect beneficial owner of 71,479 shares of
Common Stock by virtue of its position as managing member of Endowment.
MW Management does not directly own any of the Common Stock. MW
Management may be deemed an indirect beneficial owner of 4,564 shares of
Common Stock by virtue of its position as general partner of Phoenix.
Prime, Inc. does not directly own any of the Common Stock. Prime, Inc.
may be deemed an indirect beneficial owner of 298,844 shares of Common Stock
by virtue of its position as general partner of Prime, Prime II, Prime III,
Prime IV and Prime V; which are not direct beneficial owners of any of the
Common Stock, but may be deemed to be indirect beneficial owners of Common
Stock by virtue of their positions as general partners of Restart (49,673
shares), Restart II (99,805 shares), Restart III (82,414 shares), Restart IV
(49,603 shares) and Restart V (17,349 shares), respectively.
MW Capital does not directly own any of the Common Stock. MW Capital
may be deemed an indirect beneficial owner of 12,983 shares by virtue of its
position as general partner of MWIP.
Waterfall does not directly own any of the Common Stock. Waterfall may
be deemed an indirect beneficial owner of 392,618 shares of Common Stock by
virtue of his positions as President and a Director of Morgens Waterfall, as
investment adviser to Betje (1,590 shares) and Phaeton (3,158 shares); as a
managing member of Endowment Prime, as managing member of Endowment (71,479
shares); as a managing member of MW Capital, as general partner of MWIP
(12,983 shares); as President and a Director of Prime, Inc., as general
partner of each of Prime, Prime II, Prime III, Prime IV and Prime V, as
general partners of Restart (49,673 shares), Restart II (99,805 shares),
Restart III (82,414 shares), Restart IV (49,603 shares) and Restart V (17,349
shares), respectively; as a managing member of MW Management, and as general
partner of Phoenix (1,164 shares).
Morgens does not directly own any of the Common Stock. Morgens may be
deemed an indirect beneficial owner of 392,618 shares of Common Stock by
virtue of his positions as Chairman and Director of Morgens Waterfall, as
investment advisor to Betje (1,590 shares) and Phaeton (3,158 shares); as a
managing member of Endowment Prime, as managing member of Endowment (71,479
shares); as a managing member of MW Capital, as general partner of MWIP
(12,983 shares); as Chairman of Prime, Inc., as general partner of each of
Prime, Prime II, Prime III, Prime IV and Prime V, as general partners of
Restart (49,673 shares), Restart II (99,805 shares), Restart III (82,414
shares), Restart IV (49,603 shares) and Restart V (17,349 shares),
respectively; as a managing member of MW Management, as general partner of
Phoenix (1,164 shares).
By virtue of Morgen's position as Chairman and a Director, and
Waterfall's position as President and a Director, of Morgens Waterfall
CUSIP No. 485808109 13D/A Page 30 of 36 Pages
Morgens and Waterfall may also be deemed to be indirect beneficial owners of
the 1,164 shares of Common Stock directly beneficially owned by Group Trust.
Each Reporting Person hereby disclaims that it has any beneficial
ownership of the securities owned, directly or indirectly, by any other
entity.
The percentage of shares of Common Stock beneficially owned by each
Reporting Person and in total is based upon 6,800,000 shares of Common Stock
outstanding as of August 14, 1998 as reported in the issuer's Form 10-Q for
the period ending July 4, 1998.
(c)
# of Shares # of Shares # of Shares
Reporting Person Sold 9/14/98 Sold 9/25/98 Sold 10/21/98
________________ ____________ ____________ ____________
MWIP 85 76 10,200
Restart 324 289 38,800
Restart II 651 581 78,200
Restart III 538 480 64,500
Restart IV 323 289 38,800
Restart V 113 101 13,500
Endowment 466 417 56,000
Betje -0- 345 -0-
Phoenix -0- 987 -0-
Phaeton -0- 683 -0-
Group Trust -0- 252 -0-
The sale transactions dated September 14, 1998 were effected at
$9.25/share in a public transaction. The sale transactions dated September
25, 1998 were effected at $8.50/share in a public transaction. The sale
transactions dated October 21, 1998 were effected at $4.625/share in a public
transaction. There have been no other transactions by the Reporting Persons
with respect to the Common Stock within the last 60 days.
(d) Except as set forth in this Item and Item 2 above, no other person
is known to have the right to receive or the power to direct the receipt of
dividends from, or the proceeds from the sale of, the Common Stock.
(e) Not applicable.
. . .
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
EXHIBIT 1 Joint Acquisition Statement among the Reporting Persons dated
September 18, 1998, filed pursuant to Rule 13d-1(f)(1) under the Securities
Exchange Act of 1934, as amended.
EXHIBIT 2 Power of Attorney, dated September 18, 1998, granted to Morgens and
Waterfall by MWIP; MW Capital; Prime, Inc.; Prime; Prime II; Prime III; Prim
CUSIP No. 485808109 13D/A Page 31 of 36 Pages
IV; Prime V; Restart; Restart II; Restart III; Restart IV; Restart V; Phoenix;
MW Management; Group Trust; Morgens Waterfall; Betje; Endowment Restart LLC;
Endowment Prime and Phaeton; for the specific purpose of executing on their
behalf any Schedule 13Ds and amendments thereto for filing with the Commission
pursuant to the requirements of Rule 13d-1(f)
CUSIP No. 485808109 13D/A Page 32 of 36 Pages
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of each
of the Reporting Persons, each such person or entity certifies that the
information set forth in this statement is true, complete and correct and
agrees that this statement is filed on behalf of each of them.
The Reporting Persons listed herein
/s/ John C. Bruce Waterfall
Dated: October 29, 1998 By: ___________________________________
John C. "Bruce" Waterfall, on his
own behalf and as attorney-in-fact
for each of the other Reporting
Persons
/s/ Edwin H. Morgens
By: ___________________________________
Edwin H. Morgens, on his own
behalf and as attorney-in-fact
for each of the other Reporting
Persons
CUSIP No. 485808109 13D/A Page 33 of 36 Pages
EXHIBIT 1
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13d-1(f)(1)
The undersigned acknowledge and agree that this statement on Schedule 13D is
filed on behalf of each of the undersigned and that any subsequent amendments
to the statement on Schedule 13D shall be filed on behalf of each of the
undersigned without the necessity of filing additional joint acquisition
statements. The undersigned acknowledge that each shall be responsible for
the timely filing of such amendments, and for the completeness and accuracy of
the information concerning it contained therein, but shall not be responsible
for the completeness and accuracy of the information concerning the others,
except to the extent that it knows or has reason to believe that such
information is inaccurate.
The Reporting Persons listed herein
Dated: October 29, 1998 By: /s/ Bruce Waterfall
___________________________________
John C. "Bruce" Waterfall, on his
own and as attorney-in-fact for
each of the other Reporting Persons
By: /s/ Edwin H. Morgens
___________________________________
Edwin H. Morgens, on his own
behalf and as attorney-in-fact
for each of the other Reporting
Persons
CUSIP No. 485808109 13D/A Page 34 of 36 Pages
EXHIBIT 2
POWER OF ATTORNEY
The undersigned hereby appoint John C. "Bruce" Waterfall and Edwin H.
Morgens each with full power of substitution, as their attorneys-in-fact for
the specific purpose of executing on their behalf any Schedule 13Ds and
amendments thereto for filing with the Securities and Exchange Commission
pursuant to the requirements of Rule 13d-1(f) under the Securities Exchange
Act of 1934, as amended. The undersigned hereby ratify the execution on their
behalf, prior to the date hereof, by John C. "Bruce" Waterfall or Edwin H.
Morgens of any Schedule 13Ds or amendments thereto for the aforesaid purpose.
IN WITNESS WHEREOF, the undersigned have caused this Power of Attorney
to be duly executed as of October 29, 1998.
MORGENS WATERFALL INCOME PARTNERS, L.P.
By: MW Capital, L.L.C.
General Partner
/s/ Bruce Waterfall
By: _________________________
John C. "Bruce" Waterfall
Managing Member
MW CAPITAL, L.L.C.
/s/ Bruce Waterfall
By: _________________________
John C. "Bruce" Waterfall
Managing Member
PHOENIX PARTNERS, L.P.
By: MW Management, L.L.C.
General Partner
/s/ Bruce Waterfall
By: _________________________
John C. "Bruce" Waterfall
Managing Member
CUSIP No. 485808109 13D/A Page 35 of 35 Pages
MW MANAGEMENT, L.L.C.
/s/ Bruce Waterfall
By: _________________________
John C. "Bruce" Waterfall
Managing Member
BETJE PARTNERS
PHAETON BVI
By: Morgens, Waterfall, Vintiadis & Company, Inc.
Agent/Investment Advisor
/s/ Bruce Waterfall
By: _________________________
John C. "Bruce" Waterfall
President
ENDOWMENT RESTART, L.L.C.
By: ENDOWMENT PRIME, L.L.C.
As managing member of Endowment Restart, L.L.C.
/s/ Bruce Waterfall
By: _________________________
John C. "Bruce" Waterfall
Managing Member
MORGENS, WATERFALL, VINTIADIS & COMPANY, INC.
/s/ Bruce Waterfall
By: _________________________
John C. "Bruce" Waterfall
President
RESTART PARTNERS, L.P.
RESTART PARTNERS II, L.P.
RESTART PARTNERS III, L.P.
RESTART PARTNERS IV, L.P.
RESTART PARTNERS V, L.P.
By: PRIME GROUP, L.P.
PRIME GROUP II, L.P.
PRIME GROUP III, L.P.
PRIME GROUP IV, L.P.
PRIME GROUP V, L.P.
As General Partners of Restart Partners, L.P.,
Restart Partners II, L.P., Restart Partners III, L.P.,
CUSIP No. 485808109 13D/A Page 36 of 36 Pages
Restart Partners IV, L.P. and Restart Partners V, L.P., respectively
By: PRIME, INC.
As general partner of Prime Group, L.P., Prime Group II, L.P.,
Prime Group, III, L.P., Prime Group IV, L.P. and Prime Group V, L.P.
/s/ Bruce Waterfall
By: _________________________
John C. "Bruce" Waterfall
President
MWV GROUP TRUST
/s/ Bruce Waterfall
By: _________________________
John C. "Bruce" Waterfall
Authorized Signatory
JOHN C. "BRUCE" WATERFALL
/s/ Bruce Waterfall
By: _________________________
EDWIN H. MORGENS
/s/ Edwin H. Morgens
By: _________________________
