UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended December 31, 1998
Check here if amended: [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] add new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Summit Capital Management, LLC
Address: 601 Union Street, Suite 3900
Seattle, WA 98101
Form 13F File Number: 28-7018
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Matthew C. Rudolf
Title: Managing Director
Phone No.: 206-447-6200
Signature, Place, and Date of Signing:
Matthew C. Rudolf Seattle, Washington February 12, 1999
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
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Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 146
Form 13F Information Table Value Total: $260,742
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
NONE
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FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
- --------------------------------- -------------- -------- ---------- ----------------- ---------- -------- --------------------
VALUE SHRS OR SH/ PUT INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
- --------------------------------- -------------- -------- ---------- -------- --- ---- ---------- -------- ------ ------ ------
<S> <C> <C> <C> <S> <C>
ADAPTEC INC COM equity 00651F10 606 34500 SH SOLE 34500
AEP INDS INC COM equity 00103110 3452 158700 SH SOLE 158700
AIRBORNE FGHT CORP COM equity 00926610 1803 50000 SH SOLE 50000
ALASKA AIR GROUP INC COM equity 01165910 6467 146150 SH SOLE 146150
ALBANY INTL CORP CL A equity 01234810 1781 94061 SH OTHER 0 94061
AMERICAN HOME PRODS CP COM equity 02660910 271 4800 SH OTHER 0 4800
AMGEN INC COM equity 03116210 4648 44455 SH OTHER 5000 39455
AMKOR TECHNOLOGY INC equity 03165210 216 20000 SH SOLE 20000
AMR CORP equity 00176510 2553 43000 SH SOLE 43000
ARCHITEL SYS CORP equity 03991710 271 21500 SH SOLE 21500
ARNOLD INDUSTRIES INC equity 04259510 2012 124751 SH SOLE 124751
ARROW ELECTRONICS equity 04273510 801 30000 SH SOLE 30000
ARTERIAL VASCULAR ENGR equity 04301310 2363 45000 SH SOLE 45000
ASCEND COMMUNICATIONS equity 04349110 1644 25000 SH SOLE 25000
ASSOCIATED BANC CORP COM equity 04548710 232 6782 SH OTHER 0 6782
AT&T CORP COM equity 00195710 10999 145207 SH SOLE 145207
ATLANTIC GULF COMMUNITIES CORP equity 04855610 39 57100 SH SOLE 57100
AULT INC COM equity 05150310 281 44000 SH SOLE 44000
AUTODESK INC equity 05276910 1281 30000 SH SOLE 30000
AUTOLOGIC INFORMATION INTL INC equity 05280310 2114 497500 SH SOLE 497500
BANCTEC INC equity 05978410 332 26400 SH SOLE 26400
BANKAMERICA CORP COM equity 06605010 1257 20905 SH OTHER 20000 905
BANKBOSTON CORP equity 06605R10 2527 64900 SH SOLE 64900
BARNES & NOBLE INC equity 06777410 11605 273050 SH SOLE 273050
BEAZER HOMES USA INC COM equity 07556Q10 260 10400 SH SOLE 10400
BERKSHIRE RLTY INC COM equity 08471010 4160 437900 SH SOLE 437900
BETHLEHEM STL CORP COM equity 08750910 149 17800 SH SOLE 17800
BIRMINGHAM STL CORP COM equity 09125010 2889 689900 SH SOLE 689900
BIRNER DENTAL equity 09128310 41 11654 SH OTHER 0 11654
BMC INDS INC MINN equity 05560710 124 19800 SH SOLE 19800
BORDEN CHEM&PLASTIC LP DEPOS COM UN equity 09954120 143 30499 SH SOLE 30499
CAMPBELL SOUP CO COM equity 13442910 991 18020 SH OTHER 0 18020
CCAIR INC equity 12496910 623 203400 SH SOLE 203400
CHAMPION ENTERPRISES COM equity 15849610 821 30000 SH OTHER 0 30000
CITIGROUP INC COM NEW equity 172967101 298 6000 SH SOLE 6000
COHO ENERGY INC COM equity 19248110 28 10000 SH SOLE 10000
COLUMBIA/HCA HLTHCARE COM equity 19767710 8289 334900 SH SOLE 334900
COMPAQ COMPUTER CORP COM equity 20449310 1680 40000 SH SOLE 40000
CON EWING INDS INC COM equity 20917c10 1 50000 SH SOLE 50000
CROWN CRAFTS INC equity 22830910 356 57500 SH SOLE 57500
CYPRESS BIOSCIENCES COM equity 23267410 64 22183 SH OTHER 0 22183
CYPRESS SEMICONDUCTOR equity 23280610 2436 293000 SH SOLE 293000
DETREX CORP equity 25068510 1478 236450 SH SOLE 236450
DIME BANCORP INC NEW COM equity 25429Q10 6439 245300 SH SOLE 245300
DISCREET LOGIC INC equity 25467V10 472 25000 SH SOLE 25000
E SPIRE CUMMUNICATIONS equity 26915310 456 71500 SH SOLE 71500
EAGLE HARDWARE&GARDEN COM equity 26959B10 2483 76400 SH OTHER 68900 7500
ELECTROSOURCE INC COM PAR $1.00 equity 28615020 13 15000 SH SOLE 15000
EMERITUS CORP COM equity 29100510 390 36900 SH SOLE 36900
FINISH LINE INC equity 31792310 106 13300 SH SOLE 13300
FIRST PAC LTD SPONSORED ADR equity 33588920 36 15000 SH SOLE 15000
FLEXSTEEL INDS INC COM equity 33938210 547 42500 SH SOLE 42500
FLOWSERVE equity 34354P10 528 31900 SH SOLE 31900
FRISCO BAY INDUSTRIES LTD equity 35875110 191 101800 SH SOLE 101800
FRONTIER CORP. equity 35906P10 11614 341595 SH SOLE 341595
GAP INC DEL COM equity 36476010 202 3600 SH SOLE 3600
GARGOYLES INC COM equity 36603310 22 121934 SH SOLE 121934
GENUS INC equity 37246110 81 79000 SH SOLE 79000
GLATFELTER P H CO equity 37731610 1768 142900 SH SOLE 142900
GRIFFON CORP equity 39843310 343 32300 SH SOLE 32300
GST TELECOMMUNICATIONS equity 36194210 72 11000 SH SOLE 11000
HARRIS % HARRIS GROUP equity 41383310 82 54900 SH SOLE 54900
HEALTH RISK MGMT COM equity 42193510 4598 474558 SH SOLE 474558
HERCULES INC equity 42705610 273 10000 SH SOLE 10000
HOLLINGER INTL INC CL A equity 43556910 3614 259300 SH SOLE 259300
HOVNANIAN ENTERPRISES CL A equity 44248720 1529 177300 SH SOLE 177300
HUTCHINSON TECHNOLOGY equity 44840710 317 8900 SH SOLE 8900
INNOVATIVE GAMING CORP OF AMERICA equity 45764F10 80 79500 SH SOLE 79500
INTEL CORP COM equity 45814010 1897 16000 SH SOLE 16000
JACKPOT ENTERPRISES COM equity 46639210 1093 115800 SH SOLE 115800
K MART CORP COM equity 48258410 306 20000 SH SOLE 20000
KAISER VENTURES INC equity 48310010 447 52200 SH SOLE 52200
KCS ENERGY INC COM equity 48243420 568 189400 SH SOLE 189400
KULICKE & SOFFA INDS COM equity 50124210 1030 58000 SH SOLE 58000
LECHTERS CORP COM equity 52323810 310 125500 SH SOLE 125500
LTV CORP NEW COM equity 50192110 1539 267700 SH SOLE 267700
LUCASVARITY PLC SPONSORED ADR equity 54939510 1915 57150 SH SOLE 57150
MANPOWER INC equity 56418H10 882 35000 SH SOLE 35000
MERCER INTERNATIONAL INC-SBI equity 58805610 1779 261100 SH SOLE 261100
METROCALL INC COM equity 59164710 161 36900 SH SOLE 36900
MGC COMMUNICATIONS equity 55276330 294 42000 SH SOLE 42000
MICROSOFT CORP COM equity 59491810 12996 93708 SH OTHER 88708 5000
MOLECULAR BIOSYSTEMS COM equity 60851310 402 136900 SH SOLE 136900
MYRIAD GENETICS INC COM equity 62855J10 517 51700 SH OTHER 44700 7000
NASH FINCH CO COM equity 63115810 805 56500 SH SOLE 56500
NATIONAL STL CORP CL B equity 63784430 259 36300 SH SOLE 36300
NEXTEL COMMUNICATIONS CL A equity 65332V10 4073 172400 SH SOLE 172400
NORFOLK SOUTHERN CORP equity 65584410 1536 48450 SH SOLE 48450
NORLAND MED SYS INC COM equity 65603110 18 94550 SH SOLE 94550
NORTHWEST AIRLS CORP equity 66728101 1362 53300 SH SOLE 53300
NUEVO ENERGY CO COM equity 67050910 115 10000 SH SOLE 10000
NU-KOTE HLDG INC CL A equity 66993510 3 65000 SH SOLE 65000
OLICOM A/S equity K7514Y10 388 67500 SH SOLE 67500
OLSTEN CORP COM equity 68138510 199 27000 SH SOLE 27000
OPPENHEIMER QTS CP VAL CL A equity 68381A10 611 18000 SH OTHER 0 18000
OREGON STL MLS INC COM equity 68607910 1544 130000 SH SOLE 130000
PAXSON COMMUNICATIONS CORP equity 70423110 1450 157800 SH SOLE 157800
P-COM INC equity 69326210 120 30000 SH SOLE 30000
PERINI CORP COM equity 71383910 87 17000 SH SOLE 17000
PFIZER INC equity 71708110 300 2400 SH OTHER 0 2400
PHILIP MORRIS COS INC COM equity 71815410 4815 90000 SH SOLE 90000
PIONEER STD ELECTRS equity 72387710 698 74400 SH SOLE 74400
PITTSTON CO equity 72570188 585 52600 SH SOLE 52600
POGO PRODUCING CO COM equity 73044810 2355 181179 SH SOLE 181179
PULSEPOINT COMMUNICTNS COM equity 74591310 122 30000 SH SOLE 30000
PUTNAM MASTR INTR INCM SH BEN INT equity 74690910 1233 152900 SH SOLE 152900
PYRAMID BREWERIES INC COM equity 74713510 228 152300 SH SOLE 152300
QUIPP INC COM equity 74880210 2301 121100 SH SOLE 121100
REALNETWORKS INC COM equity 75605L10 452 12600 SH SOLE 12600
RJR NABISCO HLDGS CORP COM NEW equity 74960K87 4189 141100 SH SOLE 141100
ROYCE MICRO-CAP TR INC COM equity 78091510 1049 118201 SH SOLE 118201
ROYCE VALUE TR INC COM equity 78091010 942 68540 SH SOLE 68540
SAFECO CORP COM equity 78642910 730 17000 SH SOLE 17000
SCIOS INC COM equity 80890510 10060 969675 SH OTHER 922375 47300
SCOTTS LIQUID GOLD INC COM equity 81020210 38 26400 SH SOLE 26400
SEAGATE TECHNOLOGY COM equity 81180410 2269 75000 SH SOLE 75000
SEAGULL ENERGY CORP COM equity 81200710 316 50000 SH SOLE 50000
SMITHKLINE BEECHAM PLC ADR REP ORD equity 83237830 222 3200 SH SOLE 3200
SPIEKER PPTYS INC COM equity 84849710 1356 39150 SH OTHER 29650 9500
ST JUDE MED INC COM equity 79084910 558 20000 SH SOLE 20000
STEWART&STEVENSON SVCS COM equity 86034210 3459 354800 SH SOLE 354800
TANDYCRAFTS INC COM equity 87538610 2099 569200 SH SOLE 569200
TERRA NOVA HLDGS LTD ORD CL A equity G8761510 664 26300 SH SOLE 26300
TEXAS MERIDIAN RES CP COM equity 88254510 103 32400 SH SOLE 32400
THREE FIVE SYS INC COM equity 88554L10 1155 84400 SH SOLE 84400
TRIARC COS INC CL A equity 89592710 18021 1135162 SH SOLE 1135162
TRICO MARINE SVCS INC COM equity 89610610 111 22800 SH SOLE 22800
TRISM INC equity 89692510 10 10000 SH SOLE 10000
U S INDS INC NEW COM equity 91208010 2833 154180 SH SOLE 154180
U S OFFICE PRODS CO COM equity 91232510 203 52500 SH SOLE 52500
UAL CORP COM PAR $0.01 equity 90254950 1039 17400 SH SOLE 17400
UNION PAC CORP equity 90781810 901 20000 SH SOLE 20000
UNION PAC RES GROUP COM equity 90783410 181 20000 SH SOLE 20000
US WATS INC COM equity 90337P10 63 40000 SH SOLE 40000
USX-U S STL COM equity 90337T10 242 10500 SH SOLE 10500
VENGOLD INC COM equity 92267K10 9 14500 SH SOLE 14500
VERAMARK TECHNOLOGIES INC equity 92335110 289 50200 SH SOLE 50200
VISIO CORP equity 92791410 7568 206975 SH OTHER 82600 124375
VOLT INFORMATION SCIEN COM equity 92870310 7208 319449 SH SOLE 319449
WANG LABS INC NEW COM equity 93369N10 416 15000 SH SOLE 15000
WASHINGTON MUT INC COM equity 93932210 11852 308837 SH OTHER 242087 66750
WATTS INDS INC equity 94274910 3037 182700 SH SOLE 182700
WEIRTON STL CORP COM equity 94877410 2470 1580400 SH SOLE 1580400
WELLMAN INC COM equity 94970210 2313 227000 SH SOLE 227000
WISER OIL CO DEL equity 97728410 41 19500 SH SOLE 19500
WOLVERINE WORLD WIDE COM equity 97809710 1771 133650 SH SOLE 133650
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