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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
[X] Form 4 Trans. Rep. Section 30(f) of the Investment Company Act 1940
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|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. | |
| Blumenthal George S. | ("CLRP") | X Director 10% Owner |
|----------------------------------------|------------------------------------------------|--- --- |
| (Last) (First) (MI)|3.IRS or Soc. Sec. No. |4.Statement for Month/ | X Officer Other |
| | of Reporting Person | Year |---(give title below) ---(Specify below)|
| | (Voluntary) | | |
| | | 12/31/1998 | Chairman and Treasurer |
| 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 |
| | | Jan-1998 |--- |
| | | | 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>
| | | | | | | | | |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| | | | | | | | | |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| | | | | | | | | |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| | | | | | | | | |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| | | | | | | | | |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| | | | | | | | | |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| | | | | | | | | |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| | | | | | | | | |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| | | | | | | | | |
|-------------------------------|------------|---------|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | |
| | | | | | | | | |
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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>
|Employee | | | | | | | | | | | | | |
|Stock | | | | | | | | | | | | | |
|Option | $15.125 |1/30/| J(1) | | 250,000 |7/31/|7/30/|Common | 250,000 | | 25,000 |(D) | |
| ("ESO") | |1998 | | | (1) |1997 |2007 |Stock | | | | | |
|----------|---------|-----|---------|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| ESO | $15.125 |1/30/| | 250,000 | |7/31/|7/30/|Common | 250,000 | | 250,000 |(I) | (2) |
| | |1998 | J(1) | (1) | |1997 |2007 |Stock | | | | | |
|----------|---------|-----|---------|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| ESO | $3.00(3)|1/30/| | | 113,094 |7/31/|7/30/|Common | 113,094 | | 208,271 |(D) | |
| | |1998 | J(4) | | (3) |1997 |2007 |Stock | | | (3) | | |
| | | | | | | (5) | | | | | | | |
|----------|---------|-----|---------|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| ESO | $3.00(3)|1/30/| | 113,094 | |7/31/|7/30/|Common | 113,094 | | 113,094 |(I) | (2) |
| | |1998 | J(4) | (3) | |1997 |2007 |Stock | | | (3) | | |
| | | | | | | (5) | | | | | | | |
|----------|---------|-----|---------|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| ESO | $3.00(3)|3/13/| | 507,893 | |3/13/|3/12/|Common | 507,893 | | 507,893 |(D) | |
| | |1998 | A | (3) | |1998 |2008 |Stock | | | (3) | | |
| | | | | | | (5) | | | | | | | |
|----------|---------|-----|---------|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| ESO | $3.00(3)|4/27/| | | 101,578 |3/13/|3/12/|Common | 101,578 | | 406,315 |(D) | |
| | |1998 | J(6) | | (3) |1998 |2008 |Stock | | | (3) | | |
| | | | | | | (5) | | | | | | | |
|----------|---------|-----|---------|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| ESO | $3.00(3)|4/27/| | 101,578 | |3/13/|3/12/|Common | 101,578 | | 101,578 |(I) | (7) |
| | |1998 | J(6) | (3) | |1998 |2008 |Stock | | | (3) | | |
| | | | | | | (5) | | | | | | | |
|----------|---------|-----|---------|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| ESO | $0.36(3)| | | | |IMMED|2/27/|Common | 20,250 | | 20,250 |(D) | |
| | | | | | | |2002 |Stock | | | | | |
| | | | | | | | | | | | | | |
|----------|---------|-----|---------|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| ESO | $0.46(3)| | | | |IMMED|2/27/|Common | 7,813 | | 7,813 |(D) | |
| | | | | | | |2002 |Stock | | | | | |
| | | | | | | | | | | | | | |
|----------|---------|-----|---------|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| ESO | $3.00(3)| | | | |IMMED|2/27/|Common | 108,432 | | 108,432 |(D) | |
| | | | | | | |2002 |Stock | | | (3) | | |
| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) The following transaction was incorrectly reported on Mr. Blumenthal's January 1998 report on Form 4 and is withdrawn
(2) Securities held by The George S. Blumenthal 1998 Annuity Trust
(3) 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.
(4) Transfer from George S. Blumenthal to The George S. Blumenthal 1998 Annuity Trust
(5) 20% are exercisable immediately, an additional 20% become exercisable each January 1st thereafter
(6) Transfer from George S. Blumenthal to The George S. Blumenthal 1998 Annuity Trust II
(7) Securities held by The George S. Blumenthal 1998 Annuity Trust II
**Intentional misstatements or omissions of facts constitute Federal /s/ George S. Blumenthal 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
George S. Blumenthal Cellular Communications of Puerto Rico, Inc. 12/31/1998
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