UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934 (1)
UNITY FIRST ACQUISITION CORP.
-----------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.0001 PER SHARE
-----------------------------------------------------------------
(Title of Class of Securities)
912908 10 0
-----------------------------------------------------------------
(CUSIP Number)
JANUARY 11, 1999
-----------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
-------------------
1. 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 on the remainder of this cover page
shall not be deemed to be "filed" for the purpose 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).
Page 1
<PAGE>
----------------------
CUSIP No. 912908 10 0
----------------------
--------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
James G. Dinan
---------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
---------------------------------------------------------------
3 SEC USE ONLY
---------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
---------------------------------------------------------------
NUMBER OF
5 SOLE VOTING POWER
SHARES
-0-
BENEFICIALLY --------------------------------------------------
6 SHARED VOTING POWER
OWNED BY
172,400 shares
EACH --------------------------------------------------
7 SOLE DISPOSITIVE POWER
REPORTING
-0-
PERSON WITH --------------------------------------------------
8 SHARED DISPOSITIVE POWER
172,400 shares
---------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
172,400 shares
---------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
---------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.2%
---------------------------------------------------------------
12 TYPE OF REPORTING IN PERSON*
IN
---------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 2
<PAGE>
---------------------
CUSIP No. 912908 10 0
---------------------
---------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
York Investment Limited
---------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
---------------------------------------------------------------
3 SEC USE ONLY
---------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Commonwealth of the Bahamas
---------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 93,100 shares
--------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY -0-
--------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 93,100 shares
---------------------------------------------------
PERSO WITH 8 SHARED DISPOSITIVE POWER
-0-
---------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
93,100 shares
---------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
---------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5%
---------------------------------------------------------------
12 TYPE OF REPORTING IN PERSON*
CO
---------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 3
<PAGE>
---------------------
CUSIP No. 912908 10 0
---------------------
--------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
York Capital Management, L.P.
---------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
---------------------------------------------------------------
3 SEC USE ONLY
---------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
---------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 51,700 shares
--------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY -0-
--------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 51,700 shares
--------------------------------------------------
PERSON WITH 8 SHARED DISPOSITIVE POWER
-0-
---------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
51,700 shares
---------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
---------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.8%
---------------------------------------------------------------
12 TYPE OF REPORTING IN PERSON*
PN
--------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 4
<PAGE>
---------------------
CUSIP No. 912908 10 0
---------------------
--------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. or I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
York Institutional Partners, L.P.
---------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [x]
---------------------------------------------------------------
3 SEC USE ONLY
---------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
---------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 5,175 shares
--------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY -0-
--------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 5,175 shares
--------------------------------------------------
PERSON WITH 8 SHARED DISPOSITIVE POWER
-0-
---------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,175 shares
---------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
---------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.3%
---------------------------------------------------------------
12 TYPE OF REPORTING IN PERSON*
PN
--------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 5
<PAGE>
SCHEDULE 13G
ITEM 1(A). NAME OF ISSUER:
--------------
Unity First Acquisition Corp.
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
-----------------------------------------------
245 Fifth Avenue
New York, New York 10016
ITEM 2(A) & ITEM 2(C). NAME OF PERSON FILING:
---------------------
This Schedule is being filed jointly by the following
reporting persons (hereinafter sometimes collectively referred to
as the "Reporting Persons") pursuant to an Agreement of Joint
Filing attached hereto as Exhibit A:
----------
(i) James G. Dinan ("Dinan"), an individual who is the
Senior Managing Director, Member and holder of ninety-
nine percent (99%) interest in Dinan Management, L.L.C.
("Dinan Management"), a Delaware limited liability
company. Dinan is a citizen of the United States.
(ii) York Capital Management, L.P. ("York Capital"), a
Delaware limited partnership.
(iii) York Institutional Partners, L.P. ("York
Institutional"), a Delaware limited partnership.
(iv) York Investment Limited ("York Investment"), a
corporation of The Commonwealth of The Bahamas.
Dinan Management acts as General Partner of York Capital and
York Institutional. Each of York Capital and York Institutional
is a privately owned investment limited partnership.
Dinan Management Corporation ("DMC"), a Delaware
corporation, is the sub-manager of York Investment. Dinan is the
President and ninety-nine percent (99%) shareholder of DMC.
Dinan is also filing this statement on behalf of certain
other funds and accounts ("Managed Accounts") over which he has
discretionary investment authority. Dinan is the President and
sole shareholder of JGD Management Corp., a Delaware corporation,
which manages the Managed Accounts.
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE:
------------------------------------
The address of each of Dinan, York Capital and York
Institutional is:
350 Park Avenue
4th Floor
New York, New York 10022
The address of York Investment for purposes of this filing
is:
York Investment Limited
350 Park Avenue
4th Floor
New York, New York 10022
Page 6
<PAGE>
ITEM 2(D). TITLE OF CLASS OF SECURITIES:
----------------------------
Common Stock, par value $0.0001 per share
ITEM 2(E). CUSIP NUMBER:
------------
912908 10 0
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B)
-----------------------------------------------------
OR 13D-2(B) OR 13D-2(C), CHECK WHETHER THE PERSON
-------------------------------------------------
FILING IS A:
-----------
(a) [ ] Broker or dealer registered under Section 15 of
the Exchange Act.
(b) [ ] Bank is defined in Section 3(a)(6) of the Exchange
Act.
(c) [ ] Insurance company as defined in Section 3(a)(19)
of the Exchange Act.
(d) [ ] Investment company registered under Section 8 of
the Investment Company Act.
(e) [ ] An investment adviser in accordance with Rule 13d-
1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in
accordance with Rule 13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in
accordance with Rule 13d-1(b)(1)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b)
of the Federal Deposit Insurance Act;
(i) [ ] A church plan that is excluded from the definition
of an investment company under Section 3(c)(14) of
the Investment Company Act;
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
ITEM 4. OWNERSHIP.
---------
Provide the following information regarding the aggregate
number and percentage of the class of securities of the issuer
identified in Item 1.
(i) Dinan
(a) Amount beneficially owned: 172,400 shares.
--------------
(b) Percent of class: 9.2%.
-----
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote -0-.
---
(ii) Shared power to vote or direct the vote
172,400 shares.
--------------
(iii) Sole power to dispose or direct the
disposition of -0-.
---
(iv) Shared power to dispose or direct the
disposition of 172,400 shares.
--------------
(ii) York Investment
Page 7
<PAGE>
(a) Amount beneficially owned: 93,100 shares.
--------------
(b) Percent of class: 5%.
--
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote
93,100 shares.
-------------
(ii) Shared power to vote or direct the vote
-0-.
---
(iii) Sole power to dispose or direct the
disposition of 93,100 shares.
-------------
(iv) Shared power to dispose or direct the
disposition of -0-.
---
(iii) York Capital
(a) Amount beneficially owned: 51,700 shares.
-------------
(b) Percent of class: 2.8%.
----
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote
51,700 shares.
-------------
(ii) Shared power to vote or direct the vote
-0-.
---
(iii) Sole power to dispose or direct the
disposition of 51,700 shares.
-------------
(iv) Shared power to dispose or direct the
disposition of -0-.
---
(iv) York Institutional
(a) Amount beneficially owned: 5,175 shares.
------------
(b) Percent of class: 0.3%.
----
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote
5,175 shares.
------------
(ii) Shared power to vote or direct the vote
-0-.
---
(iii) Sole power to dispose or direct the
disposition of 5,175 shares.
------------
(iv) Shared power to dispose or direct the
disposition of -0-.
---
The number of shares beneficially owned and the percentage
of outstanding shares represented thereby, for each of the
Reporting Persons, have been computed in accordance with Rule
13d-3 under the Securities Exchange Act of 1934, as amended. The
percentage of ownership described above is based on 1,875,000
shares of Common Stock outstanding as reported in Unity First
Acquisition Corp.'s Quarterly Report on Form 10-Q for the
quarterly period ending April 30, 1998.
Page 8
<PAGE>
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
--------------------------------------------
If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following [ ].
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF
------------------------------------------------
ANOTHER PERSON.
--------------
The Managed Accounts have the right to receive dividends
from, or the proceeds from the sale of, the Common Stock.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE
----------------------------------------
SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING
--------------------------------------------
REPORTED ON BY THE PARENT HOLDING COMPANY.
------------------------------------------
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF
-----------------------------------------------
THE GROUP.
---------
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
------------------------------
Not applicable.
Page 9
<PAGE>
ITEM 10. CERTIFICATION.
-------------
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not acquired
and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose
or effect.
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and accurate.
Dated: January 21, 1999
/s/ James G. Dinan
-------------------
James G. Dinan
Page 10
<PAGE>
ITEM 10. CERTIFICATION.
-------------
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not acquired
and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose
or effect.
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and accurate.
Dated: January 21, 1999
YORK INVESTMENT LIMITED
By: DINAN MANAGEMENT CORPORATION,
Sub-Manager
By: /s/ James G. Dinan
------------------
James G. Dinan
President
Page 11
<PAGE>
ITEM 10. CERTIFICATION.
-------------
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not acquired
and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose
or effect.
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and accurate.
Dated: January 21, 1999
YORK CAPITAL MANAGEMENT, L.P.
By: DINAN MANAGEMENT, L.L.C.
By: /s/ James G. Dinan
-------------------
James G. Dinan
Senior Managing Director
Page 12
<PAGE>
ITEM 10. CERTIFICATION.
-------------
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not acquired
and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose
or effect.
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and accurate.
Dated: January 21, 1999
YORK INSTITUTIONAL PARTNERS, L.P.
By: DINAN MANAGEMENT, L.L.C.
By: /s/ James G. Dinan
-------------------
James G. Dinan
Senior Managing Director
Page 13
<PAGE>
EXHIBIT INDEX
Exhibit Description
------- -----------
A Agreement of Joint Filing
EXHIBIT A
AGREEMENT OF JOINT FILING
UNITY FIRST ACQUISITION CORP.
COMMON STOCK, $0.0001 PAR VALUE PER SHARE
In accordance with Rule 13d-1(f) under the Securities
Exchange Act of 1934, as amended, the undersigned hereby confirm
the agreement by and among them to the joint filing on behalf of
them of a Statement on Schedule 13G and any and all amendments
thereto, with respect to the above referenced securities and that
this Agreement be included as an Exhibit to such filing.
This Agreement may be executed in any number of counterparts
each of which shall be deemed to be an original and all of which
together shall be deemed to constitute one and the same
Agreement.
WITNESS WHEREOF, the undersigned hereby execute this
Agreement as of this 21st day of January, 1999.
/s/ James G. Dinan
-------------------
James G. Dinan
YORK INVESTMENT LIMITED
By: DINAN MANAGEMENT CORPORATION,
Sub-Manager
By: /s/ James G. Dinan
-------------------
James G. Dinan
President
YORK CAPITAL MANAGEMENT, L.P.
By: DINAN MANAGEMENT, L.L.C.
By: /s/ James G. Dinan
-------------------
James G. Dinan
Senior Managing Director
YORK INSTITUTIONAL PARTNERS, L.P.
By: DINAN MANAGEMENT, L.L.C.
By: /s/ James G. Dinan
-------------------
James G. Dinan
Senior Managing Director
