SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.1)*
Anthracite Capital, Inc.
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(Name of Issuer)
Common Stock
----------------------------------------------------
(Title of Class of Securities)
037023108000
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(CUSIP Number)
Check the following box if a fee is being paid with this
statement [ ]. (A fee is not required only if the filing person:
(1) has a previous statement on file reporting beneficial
ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no
amendment subsequent thereto reporting beneficial ownership of
five percent or less of such class.) (See Rule 13d-7.)
*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 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).
(Continued in the following page(s))
Page 1 of 7 Pages
CUSIP No.037023108000 Schedule 13G
Page 2 of 7 Pages
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1. NAME OF REPORTING PERSON AND SS OR IRS IDENTIFICATION NO. OF
PERSON
Fieldstone Advantage Company - 38-3350417
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Michigan
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5. SOLE VOTING POWER
229,000
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6. SHARED VOTING POWER
None
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7. SOLE DISPOSITIVE POWER
229,000
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8. SHARED DISPOSITIVE POWER
None
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
229,000
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.1%
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12. TYPE OF REPORTING PERSON*
CO
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1. NAME OF REPORTING PERSON AND SS OR IRS IDENTIFICATION NO. OF
PERSON
Flagstone Advantage Company - 38-3352059
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------
Page 3 of 7 pages
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Michigan
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5. SOLE VOTING POWER
200,000
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6. SHARED VOTING POWER
None
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7. SOLE DISPOSITIVE POWER
200,000
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8. SHARED DISPOSITIVE POWER
None
- ------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
200,000
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.0%
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12. TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
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1. NAME OF REPORTING PERSON AND SS OR IRS IDENTIFICATION NO. OF
PERSON
James Grosfeld ###-##-####
Nancy Grosfeld ###-##-#### joint tenants
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------
3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5. SOLE VOTING POWER
0
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6. SHARED VOTING POWER
1,371,800
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7. SOLE DISPOSITIVE POWER
None
Page 4 of 7 pages
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8. SHARED DISPOSITIVE POWER
1,371,800
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,371,800 jointly held
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.7%
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12. TYPE OF REPORTING PERSON*
IN
- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
- ------------------------------------------------------------------
- ------------------------------------------------------------------
1. NAME OF REPORTING PERSON AND SS OR IRS IDENTIFICATION NO. OF
PERSON
Grosfeld Grantor Retained Annuity Trust u/a/d September 19, 1997
- I.D.####-##-####
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5. SOLE VOTING POWER
10,000
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6. SHARED VOTING POWER
None
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7. SOLE DISPOSITIVE POWER
10,000
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8. SHARED DISPOSITIVE POWER
None
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
10,000
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
<0.1%
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Page 5 of 7 pages
12. TYPE OF REPORTING PERSON*
OO
- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
- ------------------------------------------------------------------
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ITEM 1(A). NAME OF ISSUER:
Anthracite Capital, Inc. (the "Company)
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
345 Park Avenue
29th Floor
New York, NY 10154
ITEM 2(A). NAME OF PERSON FILING:
Fieldstone Advantage Company
Flagstone Advantage Company
James and Nancy Grosfeld
Grosfeld Grantor Retained Annuity Trust
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE, OR IF NONE,
RESIDENCE:
Fieldstone Advantage Company
2290 First National Building
Detroit, Michigan 48226
Flagstone Advantage Company
2290 First National Building
Detroit, Michigan 48226
James and Nancy Grosfeld
20500 Civic Center Drive
Suite 3000
Southfield, Michigan 48076
Grosfeld Grantor Retained Annuity Trust
20500 Civic Center Drive
Suite 3000
Southfield, Michigan 48076
ITEM 2(C). CITIZENSHIP:
See item 4 of cover pages
ITEM 2(D). TITLE OF CLASS OF SECURITIES:
Common Stock
Page 6 of 7 pages
ITEM 2(E). CUSIP NUMBER: 037023108000
See cover page
ITEM 3. Not applicable
ITEM 4(A). AMOUNT BENEFICIALLY OWNED:
See item 9 of cover pages.
ITEM 4(B). PERCENT OF CLASS:
See item 11 of cover pages.
ITEM 4(C). NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
(i) sole power to vote or to direct the vote
See item 5 of cover pages.
(ii) shared power to vote or to direct the vote:
See item 6 of cover pages.
(iii) sole power to dispose or to direct the
disposition of
See item 7 of cover pages.
(iv) shared power to dispose or to direct the
disposition of
See item 8 of cover pages.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
See item 11 of cover pages.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON.
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITIES BEING REPORTED ON BY THE PARENT HOLDING
COMPANY.
Not applicable.
SCHEDULE 13G
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE
GROUP:
Not applicable
Page 7 of 7 pages
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable
TEM 10. CERTIFICATION.
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired in
the ordinary course of business and were not acquired for the
purpose of and do not have the effect of changing or influencing
the control of the issuer of such securities and were not
acquired in connection with or as a participant in any
transaction having such purposes or effect.
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 correct.
By:/s/ James Grosfeld
SIGNATURE
Fieldstone Advantage Company
James Grosfeld, Director
Flagstone Advantage Company
James Grosfeld, Director
Grosfeld Grantor Retained Annuity Trust
u/a/d September 17, 1997
James Grosfeld, Trustee and Settlor
James Grosfeld, Joint Tenant
Nancy Grosfeld, Joint Tenant
February 16, 1999
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DATE
