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- ---------------- U.S. SECURITIES AND EXCHANGED COMMISSION ----------------------------
|F O R M 5| Washington, D.C. 20549 | OMB APPROVAL |
- ---------------- |--------------------------|
Check this box if ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP |OMB Number 3235-0362|
[ ] no longer Subject |Expires: September 30,1998|
to Section 16. |Estimated ave. burden |
|hours per response.....1.0|
[ ] Form 3 Holdings Rep. Filed pursuant to Section 16(a) of the Securities Exchanged Act of 1934, ----------------------------
Section 17(a) of the Public Utility Holding Company Act of 1935 or
[ ] Form 4 Trans. Rep. Section 30(f) of the Investment Company Act 1940
- ------------------------------------------------------------------------------------------------------------------------------------
|1.Name and Address of Reporting Person* |2.Issuer Name and Ticker or Trading Symbol |6.Relationship of Reporting Person to |
| | | Issuer (Check all Applicable) |
| | Cellular Communications of Puerto Rico, Inc. | |
| Patricof Alan J. | ("CLRP") | X Director 10% Owner |
|----------------------------------------|------------------------------------------------|--- --- |
| (Last) (First) (MI)|3.IRS or Soc. Sec. No. |4.Statement for Month/ | Officer Other |
| | of Reporting Person | Year |---(give title below) ---(Specify below)|
| | (Voluntary) | | |
| | | 12/31/1998 | |
| 110 East 59th Street | | | |
|----------------------------------------| |------------------------|----------------------------------------|
| (Street) | |5.If Amendment, Date of |7. Individual or Joint/Group Filing |
| | | Original (Month/Year) | (Check Applicable Line) |
| | | | |
| | | | X Form filed by One Reporting Person |
| | | |--- |
| | | | Form filed by More than One |
| New York, NY 10022 | | |--- Reporting Person |
|----------------------------------------------------------------------------------------------------------------------------------|
| (City) (State) (Zip) |
| TABLE I - Non-Derivative Securities Acquired, Disposed of or Beneficially Owned |
|----------------------------------------------------------------------------------------------------------------------------------|
|1.Title of Security |2.Transac- |3.Trans. |4.Security Acquired (A) or |5.Amount of |6. |7.Nature of Indirect|
| (Instr. 3) | tion Date | Code | Disposed of (D) | Securities |Own.| Beneficial |
| |(Mon/Day/Yr)|(Instr.8)| (Instr. 3, 4 & 5) | Beneficially |Form| Ownership |
| | | | | Owned at End of|(D) | (Instr. 4) |
| | | |-------------------------------| Issuer's |or | |
| | | | |(A) | | Fiscal Year |(I) | |
| | | | Amount |(D) | Price | (Instr. 3 & 4) | | |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
<S> <C> <C> <C> <C> <C> <C> <C> <C>
| | | | | | | | | |
| Common Stock | | | | | | 9,671 |(D) | |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| Common Stock | | | | | | 5,000 |(I) | (1) |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| Common Stock | | | | | | 1,065 |(I) | (2) |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| | | | | | | (3) | | |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| | | | | | | | | |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| | | | | | | | | |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| | | | | | | | | |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| | | | | | | | | |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| | | | | | | | | |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| | | | | | | | | |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| | | | | | | | | |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| | | | | | | | | |
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Reminder: Report on a separate line for each class securities owned directly or indirectly. SEC 2270 (7-96)
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
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FORM 5 (continued) TABLE II - Derivative Securities Acquired, Disposed of, Beneficially Owned
(e.g., puts, calls, warrants, options, convertible security)
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|1.Title of|2.Conver-|3. |4.Tran- |5.Number of |6.Date |7.Title and Amount |8.Price of|9.Number |10. |11.Nature |
|Derivative|sion or |Trans| saction| Derivative |Exercisable| of Underlying |Derivative| of |Own.| of |
|Security |Exercise |Date | Code | Securities |and | Securities |Security |Derivative|Form|Indirect |
|(Instr. 3)|Price of |(Mon/|(Instr.8)| Acquired (A) or |Expiration | (Instr. 3 & 4) |(Instr. 5)|Securities|of |Beneficial|
| |Deriva- | Day/| | Disposed of (D) |Date | | |Benefi- |Deri|Ownership |
| |tive |Year)| | (Instr. 3, 4 & 5) |(Month/Day/| | |cially |Sec.|(Instr. 4)|
| |Security | | | | Year) | | |Owned at |Dir.| |
| | | | | |-----------|---------------------| |End of |(D) | |
| | | | | | | | |Amount or | |Year |or | |
| | | | |---------------------|Date |Exp. | Title |Number of | |(Instr. 4)|Ind.| |
| | | | | (A) | (D) |Exbl.|Date | |Shares | | |(I) | |
|----------|---------|-----|---------|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
|Stock | $3.00(5)|3/13/| A | 50,789 | |3/13/|3/12/|Common | 50,789 | | 50,789 |(D) | |
|Option | |1998 | | (5) | |1998 |2008 |Stock | | | (5) | | |
| (4) | | | | | | (6) | | | | | | | |
|----------|---------|-----|---------|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|Stock | $0.12(5)| | | | |IMMED|2/27/|Common | 2,604 | | 2,604 |(D) | |
|Option | | | | | | |2002 |Stock | | | | | |
| (4) | | | | | | | | | | | | | |
|----------|---------|-----|---------|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|Stock | $0.36(5)| | | | |IMMED|2/27/|Common | 2,813 | | 2,813 |(D) | |
|Option | | | | | | |2002 |Stock | | | | | |
| (4) | | | | | | | | | | | | | |
|----------|---------|-----|---------|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|Stock | $0.46(5)| | | | |IMMED|2/27/|Common | 781 | | 781 |(D) | |
|Option | | | | | | |2002 |Stock | | | | | |
| (4) | | | | | | | | | | | | | |
|----------|---------|-----|---------|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|Stock | $3.00(5)| | | | |IMMED|2/27/|Common | 10,843 | | 10,843 |(D) | |
|Option | | | | | | |2002 |Stock | | | (5) | | |
| (4) | | | | | | | | | | | | | |
|----------|---------|-----|---------|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|Stock | $4.79(5)| | | | |IMMED|6/1/ |Common | 1,250 | | 1,250 |(D) | |
|Option | | | | | | |2002 |Stock | | | | | |
| (4) | | | | | | | | | | | | | |
|----------|---------|-----|---------|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|Stock | $5.07(5)| | | | |6/3/ |6/2/ |Common | 7,500 | | 7,500 |(D) | |
|Option | | | | | |1997 |2007 |Stock | | | | | |
| (4) | | | | | | (7) | | | | | | | |
|----------|---------|-----|---------|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|Stock | $3.00(5)| | | | |7/31/|7/30/|Common | 27,462 | | 27,462 |(D) | |
|Option | | | | | |1997 |2007 |Stock | | | (5) | | |
| (4) | | | | | | (7) | | | | | | | |
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Explanation of Responses:
(1) Shares owned by Patricof & Co. Ventures, Inc. Profit Sharing Plan. Mr. Patricof is a trustee of the Plan and disclaims
beneficial ownership of such securities other than the amount allocable to his beneficial interest in the Plan.
(2) Shares owned by Mr. Patricof's wife as to which shares Mr. Patricof disclaims beneficial interest
(3) Mr. Patricof no longer has a reportable beneficial interest in the shares of common stock owned by his adult children
and included in his prior ownership reports.
(4) Non-Employee Director Stock Option (Right to Buy)
(5) Option exercise prices and/or share amounts were adjusted to reflect the distribution of CoreComm Limited to the shareholders
of CLRP on September 2, 1998.
(6) 20% are exercisable immediately, an additional 20% become exercisable each January 1st thereafter
(7) 20% are exercisable upon each anniversary after date of grant
**Intentional misstatements or omissions of facts constitute Federal /s/ Alan J. Patricof 02/16/1999
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). ------------------------------------------ ----------
**Signature of Reporting Person Date
Note: File three copies of this form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure. SEC 2270 (7-96)
Potential persons who are to respond to the collections of information contained in this form are not
required to respond unless the form displays a currently valid OMB Number
Alan J. Patricof Cellular Communications of Puerto Rico, Inc. 12/31/1998
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