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SEC USE ONLY
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS PURSUANT
TO SECTION 13(f) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES THEREUNDER
Report for the Calendar Year or Quarter Ended March 31, 1999.
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(Please read instructions before preparing form.)
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If amended report check here: [ ]
PAR Capital Management Inc.
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Name of Institutional Investment Manager
One Financial Center, Suite 1600 Boston MA 02111
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Business Address (Street) (City) (State) (Zip)
Frederick S. Downs Jr., Vice President (617) 526-8990
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Name, Phone No., and Title of Person Duly Authorized to Submit This Report.
- ---------------------------------- ATTENTION -----------------------------------
INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS. SEE 18 U.S.C. 1001 AND 15 U.S.C. 78ff(a).
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The institutional investment manager submitting this Form and its attachments
and the person by whom it is signed represent hereby that all information
contained therein is true, correct and complete. It is understood that all
required items, statements and schedules are considered integral parts of this
Form and that the submission of any amendment represents that all unamended
items, statements and schedules remain true, correct and complete as previously
submitted.
Pursuant to the requirements of Securities Exchange Act of 1934, the
undersigned institutional investment manager has caused this report to be signed
on its behalf in the City of Boston and State of Massachusetts on the 11th day
of February, 1999.
PAR Capital Management Inc.
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(Name of Institutional Investment Manager
[Illegible]
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(Manual Signature of Person Duly Authorized
to Submit This Report)
Name and 13F file numbers of ALL Institutional Investment Managers with respect
to which this schedule is filled (other than the one filing this report): (List
in alphabetical order).
13F File Numbers will be assigned to Institutional Investment Managers after
they file their first report.
Name: 13F File No.: Name: 13F File No.:
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1. 6.
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2. 7.
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3. 8.
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4. 9.
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5. 10.
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SEC 1685 (5/91)
<PAGE> 2
Page 1 of 3
FORM 13F
<TABLE>
<CAPTION>
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ITEM 1: ITEM 2: ITEM 3: ITEM 4: ITEM 5:
SHARES OF
NAME OF ISSUER TITLE OF CLASS CUSIP FAIR MARKET PRINCIPAL
NUMBER VALUE AMOUNT
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<S> <C> <C> <C> <C>
7th Level Inc. Common 817916109 $192,968.75 32,500
ACME Electric Corp. Common 004644100 $68,000.00 17,000
Alaska Air Group Inc. Common 011659109 $10,687,500.00 225,000
AMC Entertainment Inc. Common 001669100 $7,303,125.00 475,000
Amtran Inc. Common 03234G106 $8,367,600.00 440,400
Beringer Wine Estates Holdings Common 084102102 $331,012.50 9,100
Bolle Inc. Common 097937106 $560,625.00 195,000
Boyd Gaming Corp. Common 103304101 $177,225.00 41,700
Broadway & Seymour Inc. Common 111433108 $4,881,200.00 1,220,300
Carmike Cinemas Inc Cl A Class A Common 143436103 $812,812.50 45,000
Casino Data Systems Common 147583108 $367,500.00 120,000
Catalina Marketing Corp. Common 148867104 $12,881,250.00 150,000
CCAir Inc. Common 124868100 $2,821,837.50 836,100
Condor Technology Solutions Common 206772105 $7,474,600.00 786,800
Cree Research Inc. Common 225447101 $3,567,250.00 76,000
Crossman Communities Inc. Common 22764E109 $2,173,187.50 109,000
Dover Downs Entertainment Common 260086103 $8,027,450.00 517,900
Echostar Communications Class A Common 278762109 $5,713,750.00 70,000
Employee Solutions Inc. Common 292166105 $70,000.00 70,000
Galileo International Inc. Common 363547100 $24,187,500.00 500,000
Golden State Vintners Inc. Class B Common 38121K208 $2,477,031.25 207,500
Granite Broadcasting Corporation Common 387241102 $298,125.00 45,000
GTECH Holdings Corporation Common 400518106 $9,750,000.00 400,000
Harrah's Entertainment Inc. Common 413619107 $8,572,406.25 449,700
Healthcare Recoveries Inc. Common 42220K101 $146,250.00 30,000
<CAPTION>
Name of Reporting manager: PAR CAPITAL MANAGEMENT INC.
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ITEM 6: ITEM 7:
INVESTMENT DISCRETION
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(a) SOLE (b) SHARED- (c) SHARED- MANAGERS
AS DEFINED OTHER SEE INSTR. V
IN INSTR. V
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<S> <C> <C> <C> <C>
7th Level Inc. X
ACME Electric Corp. X
Alaska Air Group Inc. X
AMC Entertainment Inc. X
Amtran Inc. X
Beringer Wine Estates Holdings X
Bolle Inc. X
Boyd Gaming Corp. X
Broadway & Seymour Inc. X
Carmike Cinemas Inc Cl A X
Casino Data Systems X
Catalina Marketing Corp. X
CCAir Inc. X
Condor Technology Solutions X
Cree Research Inc. X
Crossman Communities Inc. X
Dover Downs Entertainment X
Echostar Communications X
Employee Solutions Inc. X
Galileo International Inc. X
Golden State Vintners Inc. X
Granite Broadcasting Corporation X
GTECH Holdings Corporation X
Harrah's Entertainment Inc. X
Healthcare Recoveries Inc. X
<CAPTION>
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(SEC USE ONLY)
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ITEM 8
VOTING AUTHORITY (SHARES)
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(a) SOLE (b) SHARED (c) NONE
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<S> <C> <C> <C>
7th Level Inc. 32,500
ACME Electric Corp. 17,000
Alaska Air Group Inc. 225,000
AMC Entertainment Inc. 475,000
Amtran Inc. 440,400
Beringer Wine Estates Holdings 9,100
Bolle Inc. 195,000
Boyd Gaming Corp. 41,700
Broadway & Seymour Inc. 1,220,300
Carmike Cinemas Inc Cl A 45,000
Casino Data Systems 120,000
Catalina Marketing Corp. 150,000
CCAir Inc. 836,100
Condor Technology Solutions 786,800
Cree Research Inc. 76,000
Crossman Communities Inc. 109,000
Dover Downs Entertainment 517,900
Echostar Communications 70,000
Employee Solutions Inc. 70,000
Galileo International Inc. 500,000
Golden State Vintners Inc. 207,500
Granite Broadcasting Corporation 45,000
GTECH Holdings Corporation 400,000
Harrah's Entertainment Inc. 449,700
Healthcare Recoveries Inc. 30,000
</TABLE>
<PAGE> 3
Page 2 of 3
FORM 13F
<TABLE>
<CAPTION>
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ITEM 1: ITEM 2: ITEM 3: ITEM 4: ITEM 5:
SHARES OF
Name of Issuer Title of Class CUSIP Fair Market Principal
Number Value Amount
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<S> <C> <C> <C> <C>
Hearst-Argyle Television Common 422317107 $7,880,000.00 320,000
Hollywood Entertainment Corporation Common 436141105 $12,944,375.00 695,000
Iatros Health Network Common 450729108 $21,045.00 91,500
Imagyn Medical Technologies Inc. Common 45244E100 $44,062.31 78,333
Insituform Technologies Inc. Class A Common 457667103 $7,210,000.00 412,000
JB Oxford Holdings Inc Common 466107109 $21,750.00 3,000
Lakes Gaming Common 51206P109 $2,476,718.75 302,500
Lernout & Hauspie Speech Products Common B5628B104 $1,245,000.00 41,500
Lodgenet Entertainment Corp. Common 540211109 $3,281,250.00 500,000
Maxicare Health Plans, Inc. Common 577904204 $230,625.00 45,000
Mid Atlantic Medical Services, Inc. Common 59523C107 $14,370,256.25 1,428,100
Midway Airlines Corp Common 598126100 $1,468,750.00 125,000
Midway Games Inc. Common 598148104 $249,722.19 28,745
Mirage Resorts Common 60462E104 $2,082,500.00 98,000
Morton Industrial Group Inc. Common 619328107 $1,120,025.00 126,200
Motivepower Industries Inc. Common 61980K101 $1,886,887.50 75,100
Orthodontic Centers of America Inc. Common 68750P103 $2,362,500.00 150,000
Pegasus Communications Corp. Class A Common 705904100 $22,190,000.00 792,500
Penn National Gaming Inc. Common 707569109 $2,379,562.50 343,000
Physician Reliance Network Common 71940G108 $135,150.00 15,900
Physician Computer Network Common 71940K109 $125,500.00 251,000
Pixar Common 725811103 $8,877,093.75 225,450
Players International Inc. Common 727903106 $10,618,125.00 1,698,900
Powerhouse Technologies Inc. Common 739323103 $8,593,750.00 500,000
Rainforest Cafe Inc. Common 75086K104 $5,081,562.50 1,010,000
<CAPTION>
Name of Reporting manager: PAR CAPITAL MANAGEMENT INC.
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ITEM 1: ITEM 6: ITEM 7:
INVESTMENT DISCRETION
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Name of Issuer (a) Sole (b) Shared- (c) Shared- Managers
As Defined Other See Instr. V
in Instr. V
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<S> <C> <C> <C> <C>
Hearst-Argyle Television X
Hollywood Entertainment Corporation X
Iatros Health Network X
Imagyn Medical Technologies Inc. X
Insituform Technologies Inc. X
JB Oxford Holdings Inc X
Lakes Gaming X
Lernout & Hauspie Speech Products X
Lodgenet Entertainment Corp. X
Maxicare Health Plans, Inc. X
Mid Atlantic Medical Services, Inc. X
Midway Airlines Corp X
Midway Games Inc. X
Mirage Resorts X
Morton Industrial Group Inc. X
Motivepower Industries Inc. X
Orthodontic Centers of America Inc. X
Pegasus Communications Corp. X
Penn National Gaming Inc. X
Physician Reliance Network X
Physician Computer Network X
Pixar X
Players International Inc. X
Powerhouse Technologies Inc. X
Rainforest Cafe Inc. X
<CAPTION>
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(SEC USE ONLY)
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ITEM 1: ITEM 8
VOTING AUTHORITY (SHARES)
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Name of Issuer (a) Sole (b) Shared (c) None
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<S> <C> <C> <C>
Hearst-Argyle Television 320,000
Hollywood Entertainment Corporation 695,000
Iatros Health Network 91,500
Imagyn Medical Technologies Inc. 78,333
Insituform Technologies Inc. 412,000
JB Oxford Holdings Inc 3,000
Lakes Gaming 302,500
Lernout & Hauspie Speech Products 41,500
Lodgenet Entertainment Corp. 500,000
Maxicare Health Plans, Inc. 45,000
Mid Atlantic Medical Services, Inc. 1,428,100
Midway Airlines Corp 125,000
Midway Games Inc. 28,745
Mirage Resorts 98,000
Morton Industrial Group Inc. 126,200
Motivepower Industries Inc. 75,100
Orthodontic Centers of America Inc. 150,000
Pegasus Communications Corp. 792,500
Penn National Gaming Inc. 343,000
Physician Reliance Network 15,900
Physician Computer Network 251,000
Pixar 225,450
Players International Inc. 1,698,900
Powerhouse Technologies Inc. 500,000
Rainforest Cafe Inc. 1,010,000
</TABLE>
<PAGE> 4
Page 3 of 3
<TABLE>
<CAPTION>
FORM 13F
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ITEM 1: ITEM 2: ITEM 3: ITEM 4: ITEM 5:
SHARES OF
Name of Issuer Title of Class CUSIP Fair Market Principal
Number Value Amount
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<S> <C> <C> <C> <C>
Sabre Group Holdings, Inc. Common 785905100 $21,780,000.00 480,000
Schick Technologies Common 806683108 $15,675.00 3,800
Scientific Games Holdings Corp. Common 808747109 $11,088,425.00 624,700
SMTEK International Inc. Common 832688105 $312,500.00 1,000,000
Sodak Gaming, Inc. Common 833777105 $7,551,737.50 850,900
Station Casinos Inc. Common 857689103 $17,212,500.00 1,350,000
Station Casinos Inc. Convertible Pref. 857689202 $14,089,250.00 290,500
Stride Rite Corporation Common 863314100 $2,049,425.00 167,300
TCI Satellite Entertainment Inc Class A Common 872298104 $71,466.00 108,900
Tandy Corp Common 875382103 $14,045,131.25 220,100
Top Source Technologies, Inc. Common 890530108 $510,750.00 340,500
Travel Service International Inc Common 894169101 $7,665,000.00 730,000
United States Satellite Broadcasting Class A Common 912534104 $41,956,250.00 2,450,000
Universal Health Services Inc. Common 913903100 $8,779,750.00 203,000
Univision Communications Class A Common 914906102 $8,250,000.00 165,000
Wang Labs Inc. Common 93369N109 $14,228,517.50 725,020
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Total Long Equities $408,412,794.25
<CAPTION>
FORM 13F
Name of Reporting manager: PAR CAPITAL
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ITEM 1: ITEM 6: ITEM 7:
INVESTMENT DISCRETION
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Name of Issuer (a) Sole (b) Shared- (c) Shared- Managers
As Defined Other See Instr. V
in Instr. V
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<S> <C> <C> <C> <C>
Sabre Group Holdings, Inc. X
Schick Technologies X
Scientific Games Holdings Corp. X
SMTEK International Inc. X
Sodak Gaming, Inc. X
Station Casinos Inc. X
Station Casinos Inc. X
Stride Rite Corporation X
TCI Satellite Entertainment Inc X
Tandy Corp X
Top Source Technologies, Inc. X
Travel Service International Inc X
United States Satellite Broadcasting X
Universal Health Services Inc. X
Univision Communications X
Wang Labs Inc. X
<CAPTION>
FORM 13F
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(SEC USE ONLY)
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ITEM 1: ITEM 8
VOTING AUTHORITY (SHARES)
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Name of Issuer (a) Sole (b) Shared (c) None
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<S> <C> <C> <C>
Sabre Group Holdings, Inc. 480,000
Schick Technologies 3,800
Scientific Games Holdings Corp. 624,700
SMTEK International Inc. 1,000,000
Sodak Gaming, Inc. 850,900
Station Casinos Inc. 1,350,000
Station Casinos Inc. 290,500
Stride Rite Corporation 167,300
TCI Satellite Entertainment Inc 108,900
Tandy Corp 220,100
Top Source Technologies, Inc. 340,500
Travel Service International Inc 730,000
United States Satellite Broadcasting 2,450,000
Universal Health Services Inc. 203,000
Univision Communications 165,000
Wang Labs Inc. 725,020
Total Long Equities $408,412,794.25
</TABLE>
