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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 1999
Check here if Amendment [ ]; Amendment Number:_____________
This Amendment (Check only one.):
[ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Para Advisors, Inc. (a)
Address: 505 Park Avenue
New York, NY 10022
Form 13F File Number: 28-7296
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: Mr. Ned Sadaka
Title: President
Phone: 212-355-6688
Signature, Place, and Date of Signing:
/S/ NED SADAKA
_____________________________________
[Signature]
New York, New York
_____________________________________
[City, State]
May 17, 1999
_____________________________________
[Date]
(a) Mr. Ned Sadaka is a shareholder of Para Advisors, Inc. ("Para Advisors") and
also serves as a managing member of the general partner of certain accounts over
which Para Advisors has investment discretion.
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).)
<PAGE>
Form 13F Summary Page
Report Summary:
Number of Other Included Managers:
0
Form 13F Information Table Entry Total:
71
Form 13F Information Table Value Total:
$458,316 (thousands)
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
<PAGE>
FORM 13F INFORMATION TABLE
<TABLE>
<CAPTION>
Value Put/ Investment Other Voting
Authority
Name of Issuer Title of CUSIP (x$1000) Shrs or SH/PRN Call Discretion Managers Sole Share None
- -------------- -------- ----- -------- -------- ------ ---- ---------- -------- ---- ----- ----
Class prn amt
----- -------
<S> <C> <C> <C> <C> <C> <C> <C>
AIRBORNE FREIGHT CORP COM 009266107 1,868 60,000 SH SOLE 60,000
AIRTOUCH COMMUNICATIONS INC COM 00949T100 31,065 321,500 SH SOLE 321,500
AMERICAN BANKERS INS GRP COM 024456105 4,680 90,000 SH SOLE 90,000
AMERICAN EXPRESS CO COM COM 025816109 8,930 76,000 SH SOLE 76,000
AMERICAN INTL GROUP ONC COM 026874107 10,454 86,662 SH SOLE 86,662
AMERICAN TEL & TEL COM 001957109 21,126 264,690 SH SOLE 264,690
AMP INC COM 031897101 27,276 508,053 SH SOLE 508,053
ASCEND COMMUNICATIONS INC COM 043491109 24,294 290,300 SH SOLE 290,300
AT&T CORP/LIBERTY MEDIA GRP A COM 87924v507 8,357 158,804 SH SOLE 158,804
BANKERS TRUST CORP COM 066365107 8,384 95,000 SH SOLE 95,000
BELL ATLANTIC CORP COM 077853109 5,169 100,000 SH SOLE 100,000
BERKSHIRE HATHAWAY INC COM 084670108 16,993 238 SH SOLE 238
BOEING CO COM 097023105 3,413 100,000 SH SOLE 100,000
BP AMOCO PLC COM 110889409 13,913 137,839 SH SOLE 137,839
CBS CORPORATION COM 12490K107 1,638 40,000 SH SOLE 40,000
CNA FINANCIAL CORP COM 126117100 1,358 35,000 SH SOLE 35,000
COMDISCO COM 200336105 3,575 200,000 SH SOLE 200,000
COMSAT CORP SER 1 COM 20564d107 4,051 140,000 SH SOLE 140,000
CRIIMI MAE INC COM 226603108 464 172,700 SH SOLE 172,700
DAIMLERCHRYSLER A.G COM D1668R123 16,337 190,383 SH SOLE 190,383
DANA CORP COM 235811106 2,117 55,700 SH SOLE 55,700
DYNATECH CORP NEW COM 268140100 288 83,927 SH SOLE 83,927
EAGLE HARDWARE & GARDEN INC COM 26959B101 1,974 51,700 SH SOLE 51,700
ENRON OIL & GAS CO COM 293562104 1,995 120,000 SH SOLE 120,000
EQUITABLE COMPANIES INC COM 29444G107 5,334 76,200 SH SOLE 76,200
FLEET FINANCIAL GROUP INC COM 338915101 5,689 151,200 SH SOLE 151,200
FRED MEYER INC COM 592907109 2,797 47,500 SH SOLE 47,500
GLOBAL LIGHT TELECOM COM 362284101 2,141 463,000 SH SOLE 463,000
GTE CORP COM COM 362320103 6,655 110,000 SH SOLE 110,000
GUCCI GROUP NV COM 401566104 8,855 110,000 SH SOLE 110,000
HEARST-ARGYLE TV INC COM 422317107 673 27,316 SH SOLE 27,316
HOUSEHOLD INTERNATIONAL INC COM 441815107 5,829 127,765 SH SOLE 127,765
IRVINE APARTMENT COMM COM 463606103 2,203 67,000 SH SOLE 67,000
IXC COMMUNICATIONS INC COM 450713102 1,147 25,000 SH SOLE 25,000
JOHNS MANVILLE CORP COM 478129109 411 23,800 SH SOLE 23,800
KANSAS CITY SOUTHERN COM 485170104 4,161 73,000 SH SOLE 73,000
LEVEL ONE COMM INC COM 527295109 1,488 30,600 SH SOLE 30,600
LIMITED INC COM 532716107 1,185 29,900 SH SOLE 29,900
LORAL SPACE & COMMUNICATIONS COM G56462107 4,170 288,800 SH SOLE 288,800
LUCASVARITY PLC COM 549395101 8,325 180,000 SH SOLE 180,000
MARK IV INDS INC COM COM 570387100 2,449 187,500 SH SOLE 187,500
MCI WORLDCOM INC COM 98155k102 49,686 561,032 SH SOLE 561,032
MEDIAONE GROUP INC COM 58440J104 6,985 110,000 SH SOLE 110,000
MERRILL LYNCH & CO INC COM 590188108 5,881 66,500 SH SOLE 66,500
MIDAMERICAN ENERGY HLDGS COM 59562V107 1,400 50,000 SH SOLE 50,000
MONSANTO CO COM 611662107 2,926 63,700 SH SOLE 63,700
MORTON INTL IND NEW COM COM 619335102 1,838 50,000 SH SOLE 50,000
NAC RE CORP COM 628907107 7,918 147,492 SH SOLE 147,492
NAVISTAR INTL CORP COM 63934E108 5,180 128,900 SH SOLE 128,900
NEWPARK RESOURCES INC COM 651718504 348 48,000 SH SOLE 48,000
NEWPORT NEWS SHIPBUILDING COM 652228107 2,852 90,000 SH SOLE 90,000
NEWS CORP LTD COM 652487802 6,881 250,200 SH SOLE 250,200
OCTEL CORP COM 675727101 703 57,400 SH SOLE 57,400
POWERHOUSE TECH INC COM COM 739323103 1,389 80,800 SH SOLE 80,800
PULITZER INC COM 745769109 3,013 74,500 SH SOLE 74,500
RYDER SYSTEMS INC COM 783549108 6,268 226,900 SH SOLE 226,900
SUNSTRAND CORP COM 867323107 6,255 90,000 SH SOLE 90,000
TELECOM ITALIA ADR COM 87927W106 1,566 15,000 SH SOLE 15,000
<PAGE>
Value Put/ Investment Other Voting
Authority
Name of Issuer Title of CUSIP (x$1000) Shrs or SH/PRN Call Discretion Managers Sole Share None
- -------------- -------- ----- -------- -------- ------ ---- ---------- -------- ---- ----- ----
Class prn amt
----- -------
<S> <C> <C> <C> <C> <C> <C> <C>
TIME WARNER INC COM 887315109 11,441 161,000 SH SOLE 161,000
TRANSAMERICA CORP COM 893485102 5,680 80,000 SH SOLE 80,000
TYCO INTERNATIONAL COM 902124106 5,632 78,500 SH SOLE 78,500
UNITED INTL HLDGS INC COM 910734102 5,329 122,500 SH SOLE 122,500
UNOVA INC COM 91529b106 3,046 231,000 SH SOLE 231,000
US FILTER CORP COM 911843209 1,547 50,500 SH SOLE 50,500
VARIAN ASSOCIATES INC COM 922204102 3,875 100,000 SH SOLE 100,000
VISHAY INTERTECH COM 928298108 2,991 205,400 SH SOLE 205,400
VLSI TECHNOLOGY INC COM 918270109 4,379 226,000 SH SOLE 226,000
WHITMAN CORP COM 96647K102 6,777 394,300 SH SOLE 394,300
WINSTAR COMMUNICATIONS INC COM 975515107 7,327 201,600 SH SOLE 201,600
WTS GOLDEN STATE BANCORP COM 381197136 291 60,100 SH SOLE 60,100
YPF SOCIEDAD ANONIMA COM 984245100 5,681 180,000 SH SOLE 180,000
</TABLE>
