Filed Pursuant to Rule 424(b)(3)
Registration Statement No. 333-41629
Prospectus Supplement No. 1 Dated July 28, 1998
to
Prospectus Dated May 1, 1998
Kasper A.S.L., Ltd.
This Prospectus Supplement supplements the Prospectus dated May 1,
1998 of Kasper A.S.L., Ltd. (the "Company"). This Prospectus Supplement should
be read in conjunction with the Prospectus, and is qualified in its entirety by
reference to the Prospectus except to the extent that the information herein
contained supersedes the information contained in the Prospectus. Capitalized
terms that are not otherwise defined herein shall have the meanings ascribed to
them in the Prospectus.
The Company has been advised of two entities (each of whom has filed a
Schedule 13G) that own beneficially more than five percent (5%) of the Company's
Common Stock. Whippoorwill Associates, Inc. ("Whippoorwill"), located at 11
Martine Avenue, White Plains, New York 10606, reported in its Schedule 13G that
it beneficially owns 813,909 shares of the Company's Common Stock, or 12% of the
outstanding Common Stock, over which it has shared voting and dispositive power.
Whippoorwill is a registered investment advisor and has discretionary authority
with respect to the investments of, and acts as agent for, its clients.
Whippoorwill has stated that the filing of its Schedule 13G should not be
construed as an admission that Whippoorwill (or any of its principals) is the
beneficial owner of such shares. Blue Ridge Limited Partnership, located at 660
Madison Avenue, New York, New York 10021, reported in its Schedule 13G that it
beneficially owns 360,000 shares of the Company's Common Stock, or 5.3% of the
outstanding Common Stock, over which it has shared voting and dispositive power.
These shares are indirectly owned by JAG Holdings LLC, the general partner of
Blue Ridge Limited Partnership and John A. Griffin, the Managing Member of JAG
Holdings LLC, each of whom may also be deemed to be a beneficial owner of such
shares.
Prospectus Supplement No. 1 dated July 28, 1998
