<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year Ended: December 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: Canyon Capital Advisors LLC
--------------------------------
Address: 9665 Wilshire Boulevard, Suite 200
---------------------------------------
Beverly Hills, CA 90212
----------------------------
Form 13F File Number: 28-7392
----
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: Joshua S. Friedman
--------------------
Title: Managing Director
--------------------
Phone: (310) 247-2700
-------------------
Signature, Place and Date of Signing:
/s/ Joshua S. Friedman Beverly Hills, California 2/14/2000
------------------------------------------------------------------------
[Signature] [City, State] [Date]
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)).
<PAGE>
[ ] 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).)
Report Summary:
Number of Other Included Managers: 2
--------------------------
Form 13F Information Table Entry Total: 159
--------------------------
Form 13F Information Table Value Total: $438,196
--------------------------
(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.
[If there are no entries in this list, state "NONE" and omit the column headings
and list entries.]
No. Form 13F File Number Name
1. 28-6844 The Canyon Value Realization Fund (Cayman),Ltd.
---- ---- -----------------------------------------------
2. 28-6780 The Value Realization Fund, L.P.
---- ---- -----------------------------------------------
[Repeat as necessary.]
<PAGE>
Page 1 of 10
NAME OF REPORTING MANAGER: CANYON CAPITAL ADVISORS, LLC
AS OF 12/31/99
<TABLE>
<CAPTION>
Column 3: Column 4: Column 5:
Column 1: Column 2: CUSIP Fair Shares or SH/ Put/
Name of Issuer Title of Class Number Market Principal PRN Call
Value ($000) Amount
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ACME COMMUNICATION INC COM 004644100 797 35,969 SH
ACME COMMUNICATION INC COM 004644100 266 11,982 SH
ADELPHIA COMMUNICATIONS CORP CL A 006848105 1,528 23,305 SH
ADELPHIA COMMUNICATIONS CORP CL A 006848105 2,627 40,065 SH
ADELPHIA COMMUNICATIONS CORP CL A 006848105 223 3,405 SH
AERIAL COMMUNICATIONS INC COM 007655103 1,470 24,180 SH
AERIAL COMMUNICATIONS INC COM 007655103 1,273 20,925 SH
AERIAL COMMUNICATIONS INC COM 007655103 85 1,395 SH
AGRIUM INC COM 008916108 183 23,240 SH
AGRIUM INC COM 008916108 156 19,760 SH
ALZA CORP DEL SUB DB CONV 5%06 22615AD0 16,714 15,975,000 PRN
ALZA CORP DEL SUB DB CONV 5%06 22615AD0 13,732 13,125,000 PRN
ALZA CORP DEL SUB DB CONV 5%06 22615AD0 942 900,000 PRN
ASCENT ENTMT GROUP INT COM 43628106 1,245 99,100 SH
ASCENT ENTMT GROUP INT COM 43628106 1,017 80,950 SH
ASCENT ENTMT GROUP INT COM 43628106 62 4,950 SH
ATLANTIC RICHFIELD CO COM 48825103 3,836 44,350 SH
Page Total: 45,093
<CAPTION>
Column 6: Column 7: Column 8:
Column 1: Investment Other VOTING AUTHORITY
Name of Issuer Discretion Managers (a) Sole (b) Shared (c) None
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ACME COMMUNICATION INC DEFINED 1 35,969
ACME COMMUNICATION INC DEFINED 2 11,982
ADELPHIA COMMUNICATIONS CORP DEFINED 1 23,305
ADELPHIA COMMUNICATIONS CORP DEFINED 2 40,065
ADELPHIA COMMUNICATIONS CORP DEFINED 3,405
AERIAL COMMUNICATIONS INC DEFINED 1 24,180
AERIAL COMMUNICATIONS INC DEFINED 2 20,925
AERIAL COMMUNICATIONS INC DEFINED 1,395
AGRIUM INC DEFINED 1 23,240
AGRIUM INC DEFINED 2 19,760
ALZA CORP DEL DEFINED 1 15,975,000
ALZA CORP DEL DEFINED 2 13,125,000
ALZA CORP DEL DEFINED 900,000
ASCENT ENTMT GROUP INT DEFINED 1 99,100
ASCENT ENTMT GROUP INT DEFINED 2 80,950
ASCENT ENTMT GROUP INT DEFINED 4,950
ATLANTIC RICHFIELD CO DEFINED 1 44,350
<PAGE>
Page 2 of 10
<CAPTION>
Column 3: Column 4: Column 5:
Column 1: Column 2: CUSIP Fair Shares or SH/ Put/
Name of Issuer Title of Class Number Market Principal PRN Call
Value ($000) Amount
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ATLANTIC RICHFIELD CO COM 48825103 3,079 35,598 SH
ATLANTIC RICHFIELD CO COM 48825103 152 1,752 SH
BLOCKBUSTER INC CL A 93679108 2,074 155,081 SH
BLOCKBUSTER INC CL A 93679108 1,724 128,926 SH
BLOCKBUSTER INC CL A 93679108 115 8,593 SH
BOCA RESORTS INC CL A 9688T106 586 60,075 SH
BOCA RESORTS INC CL A 9688T106 529 54,300 SH
BOCA RESORTS INC CL A 9688T106 34 3,525 SH
BROOKE GROUP LTD COM 112525100 986 66,025 SH
BROOKE GROUP LTD COM 112525100 759 50,800 SH
BROOKE GROUP LTD COM 112525100 59 3,975 SH
BRUNSWICK CORP COM 117043109 196 8,807 SH
BRUNSWICK CORP COM 117043109 331 14,870 SH
BRUNSWICK CORP COM 117043109 29 1,323 SH
CHECKERS DRIVE-IN RESTAURANTS WT EXP 122200 162809115 - 341,881 SH
CHECKERS DRIVE-IN RESTAURANTS WT EXP 122200 162809115 - 695,556 SH
CHECKERS DRIVE-IN RESTAURANTS WT EXP 122200 162809115 - 102,165 SH
Page Total: 10,653
<CAPTION>
Column 6: Column 7: Column 8:
Column 1: Investment Other VOTING AUTHORITY
Name of Issuer Discretion Managers (a) Sole (b) Shared (c) None
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ATLANTIC RICHFIELD CO DEFINED 2 35,598
ATLANTIC RICHFIELD CO DEFINED 1,752
BLOCKBUSTER INC DEFINED 1 155,081
BLOCKBUSTER INC DEFINED 2 128,926
BLOCKBUSTER INC DEFINED 8,593
BOCA RESORTS INC DEFINED 1 60,075
BOCA RESORTS INC DEFINED 2 54,300
BOCA RESORTS INC DEFINED 3,525
BROOKE GROUP LTD DEFINED 1 66,025
BROOKE GROUP LTD DEFINED 2 50,800
BROOKE GROUP LTD DEFINED 3,975
BRUNSWICK CORP DEFINED 1 8,807
BRUNSWICK CORP DEFINED 2 14,870
BRUNSWICK CORP DEFINED 1,323
CHECKERS DRIVE-IN RESTAURANTS DEFINED 1 341,881
CHECKERS DRIVE-IN RESTAURANTS DEFINED 2 695,556
CHECKERS DRIVE-IN RESTAURANTS DEFINED 102,165
<PAGE>
Page 3 of 10
<CAPTION>
Column 3: Column 4: Column 5:
Column 1: Column 2: CUSIP Fair Shares or SH/ Put/
Name of Issuer Title of Class Number Market Principal PRN Call
Value ($000) Amount
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CIRRUS LOGIC CORP SUB NT CV 6%03 172755AC4 2,784 3,400,000 PRN
CIRRUS LOGIC CORP SUB NT CV 6%03 172755AC4 2,947 3,600,000 PRN
CIRRUS LOGIC CORP SUB NT CV 6%03 172755AC4 819 1,000,000 PRN
CITIZENS UTILITIES CO DEL CL B 177342201 8,179 576,523 SH
CITIZENS UTILITIES CO DEL CL B 177342201 5,686 400,747 SH
CITIZENS UTILITIES CO DEL CL B 177342201 366 25,826 SH
CITIZENS UTILITIES TR PFD EPPICS CV 177351202 2,301 40,810 SH
CITIZENS UTILITIES TR PFD EPPICS CV 177351202 1,110 19,690 SH
CONOCO INC CL B 208251405 3,489 140,250 SH
CONOCO INC CL B 208251405 3,147 126,500 SH
CONOCO INC CL B 208251405 205 8,250 SH
CONSOLIDATED FREIGHTWAYS CORP COM 209232107 903 114,625 SH
CONSOLIDATED FREIGHTWAYS CORP COM 209232107 666 84,619 SH
CONSOLIDATED FREIGHTWAYS CORP COM 209232107 45 5,756 SH
DIAMOND OFFSHORE DRILLING INC COM 25271C102 2,013 65,860 SH
DIAMOND OFFSHORE DRILLING INC COM 25271C102 1,283 41,965 SH
DIAMOND OFFSHORE DRILLING INC COM 25271C102 150 4,925 SH
Page Total: 36,093
<CAPTION>
Column 6: Column 7: Column 8:
Column 1: Investment Other VOTING AUTHORITY
Name of Issuer Discretion Managers (a) Sole (b) Shared (c) None
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CIRRUS LOGIC CORP DEFINED 1 3,400,000
CIRRUS LOGIC CORP DEFINED 2 3,600,000
CIRRUS LOGIC CORP DEFINED 1,000,000
CITIZENS UTILITIES CO DEL DEFINED 1 576,523
CITIZENS UTILITIES CO DEL DEFINED 2 400,747
CITIZENS UTILITIES CO DEL DEFINED 25,826
CITIZENS UTILITIES TR DEFINED 2 40,810
CITIZENS UTILITIES TR DEFINED 19,690
CONOCO INC DEFINED 1 140,250
CONOCO INC DEFINED 2 126,500
CONOCO INC DEFINED 8,250
CONSOLIDATED FREIGHTWAYS CORP DEFINED 1 114,625
CONSOLIDATED FREIGHTWAYS CORP DEFINED 2 84,619
CONSOLIDATED FREIGHTWAYS CORP DEFINED 5,756
DIAMOND OFFSHORE DRILLING INC DEFINED 1 2,013
DIAMOND OFFSHORE DRILLING INC DEFINED 2 1,283
DIAMOND OFFSHORE DRILLING INC DEFINED 150
<PAGE>
Page 4 of 10
<CAPTION>
Column 3: Column 4: Column 5:
Column 1: Column 2: CUSIP Fair Shares or SH/ Put/
Name of Issuer Title of Class Number Market Principal PRN Call
Value ($000) Amount
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
DISNEY WALT CO COM DISNEY 254687106 1,250 42,729 SH
DISNEY WALT CO COM DISNEY 254687106 1,269 43,382 SH
DISNEY WALT CO COM DISNEY 254687106 114 3,889 SH
DUCOMMUN INC DEL COM 264147109 1,125 103,490 SH
DUCOMMUN INC DEL COM 264147109 982 90,300 SH
DUCOMMUN INC DEL COM 264147109 68 6,210 SH
ELECTRIC LIGHTWAVE INC CL A 284895109 4,451 243,875 SH
ELECTRIC LIGHTWAVE INC CL A 284895109 2,510 137,540 SH
ELECTRIC LIGHTWAVE INC CL A 284895109 200 10,985 SH
EMCOR GROUP INC COM 29084Q100 616 33,751 SH
EMCOR GROUP INC COM 29084Q100 1,119 61,325 SH
EMCOR GROUP INC COM 29084Q100 120 6,575 SH
FEDERATED DEPT STORES INC DEL COM 31410H101 130 2,575 SH
FEDERATED DEPT STORES INC DEL COM 31410H101 115 2,275 SH
FEDERATED DEPT STORES INC DEL COM 31410H101 8 150 SH
FIRST AVIATION SVCS INC COM 31865W108 245 61,176 SH
FIRST AVIATION SVCS INC COM 31865W108 1,471 367,642 SH
Page Total: 15,793
<CAPTION>
Column 6: Column 7: Column 8:
Column 1: Investment Other VOTING AUTHORITY
Name of Issuer Discretion Managers (a) Sole (b) Shared (c) None
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
DISNEY WALT CO DEFINED 1 42,729
DISNEY WALT CO DEFINED 2 43,382
DISNEY WALT CO DEFINED 3,889
DUCOMMUN INC DEL DEFINED 1 103,490
DUCOMMUN INC DEL DEFINED 2 90,300
DUCOMMUN INC DEL DEFINED 6,210
ELECTRIC LIGHTWAVE INC DEFINED 1 243,875
ELECTRIC LIGHTWAVE INC DEFINED 2 137,540
ELECTRIC LIGHTWAVE INC DEFINED 10,985
EMCOR GROUP INC DEFINED 1 33,751
EMCOR GROUP INC DEFINED 2 61,325
EMCOR GROUP INC DEFINED 6,575
FEDERATED DEPT STORES INC DEL DEFINED 1 2,575
FEDERATED DEPT STORES INC DEL DEFINED 2 2,275
FEDERATED DEPT STORES INC DEL DEFINED 150
FIRST AVIATION SVCS INC DEFINED 1 61,176
FIRST AVIATION SVCS INC DEFINED 2 367,642
<PAGE>
Page 5 of 10
<CAPTION>
Column 3: Column 4: Column 5:
Column 1: Column 2: CUSIP Fair Shares or SH/ Put/
Name of Issuer Title of Class Number Market Principal PRN Call
Value ($000) Amount
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FIRST AVIATION SVCS INC COM 31865W108 1,196 299,171 SH
GENERAL INSTR CORP DEL COM 370120107 4,463 52,500 SH
GENERAL INSTR CORP DEL COM 370120107 3,782 44,500 SH
GENERAL INSTR CORP DEL COM 370120107 255 3,000 SH
HOLLYWOOD ENTMT CORP COM 436141105 2,269 157,857 SH
HOLLYWOOD ENTMT CORP COM 413619107 2,005 139,488 SH
HOLLYWOOD ENTMT CORP COM 413619107 132 9,155 SH
HUMAN GENOME SCIENCES INC SUB NT CV 144A06 444903AA6 18,439 5,960,000 PRN
HUMAN GENOME SCIENCES INC SUB NT CV 144A06 444903AA6 14,021 4,532,000 PRN
HUMAN GENOME SCIENCES INC SUB NT CV 144A06 444903AA6 1,571 508,000 PRN
ILLINOVA CORP COM 452317100 4,979 143,274 SH
ILLINOVA CORP COM 452317100 4,270 122,885 SH
ILLINOVA CORP COM 452317100 283 8,141 SH
LOEWS CINEPLEX ENTMT CORP COM 540423100 990 168,548 SH
LOEWS CINEPLEX ENTMT CORP COM 540423100 971 165,202 SH
LOEWS CINEPLEX ENTMT CORP COM 540423100 57 9,750 SH
MAI SYSTEMS CORP NEW COM 552620205 246 654,865 SH
Page Total: 59,929
<CAPTION>
Column 6: Column 7: Column 8:
Column 1: Investment Other VOTING AUTHORITY
Name of Issuer Discretion Managers (a) Sole (b) Shared (c) None
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
FIRST AVIATION SVCS INC DEFINED 299,171
GENERAL INSTR CORP DEL DEFINED 1 52,500
GENERAL INSTR CORP DEL DEFINED 2 44,500
GENERAL INSTR CORP DEL DEFINED 3,000
HOLLYWOOD ENTMT CORP DEFINED 1 157,857
HOLLYWOOD ENTMT CORP DEFINED 2 139,488
HOLLYWOOD ENTMT CORP DEFINED 9,155
HUMAN GENOME SCIENCES INC DEFINED 1 5,960,000
HUMAN GENOME SCIENCES INC DEFINED 2 4,532,000
HUMAN GENOME SCIENCES INC DEFINED 508,000
ILLINOVA CORP DEFINED 1 143,274
ILLINOVA CORP DEFINED 2 122,885
ILLINOVA CORP DEFINED 8,141
LOEWS CINEPLEX ENTMT CORP DEFINED 1 168,548
LOEWS CINEPLEX ENTMT CORP DEFINED 2 165,202
LOEWS CINEPLEX ENTMT CORP DEFINED 9,750
MAI SYSTEMS CORP NEW DEFINED 1 654,865
<PAGE>
Page 6 of 10
<CAPTION>
Column 3: Column 4: Column 5:
Column 1: Column 2: CUSIP Fair Shares or SH/ Put/
Name of Issuer Title of Class Number Market Principal PRN Call
Value ($000) Amount
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MAI SYSTEMS CORP NEW COM 552620205 268 714,768 SH
MAI SYSTEMS CORP NEW COM 552620205 104 276,367 SH
MAXXAM INC COM 577913106 2,638 61,535 SH
MAXXAM INC COM 577913106 2,233 52,080 SH
MAXXAM INC COM 577913106 180 4,185 SH
METROMEDIA INTL GROUP INC PRF CONV % 591695200 727 24,250 SH
METROMEDIA INTL GROUP INC PRF CONV % 591695200 362 12,050 SH
METROMEDIA INTL GROUP INC PRF CONV % 591695200 30 1,000 SH
MICRO WHSE INC COM 59501B105 1,401 75,959 SH
MICRO WHSE INC COM 59501B105 1,373 74,476 SH
MICRO WHSE INC COM 59501B105 106 5,765 SH
MIRAGE RESORTS INC COM 60462E104 907 59,200 SH
MIRAGE RESORTS INC COM 60462E104 800 52,250 SH
MIRAGE RESORTS INC COM 60462E104 54 3,550 SH
NS GROUP INC COM 628916108 3,654 479,195 SH
NEWS CORP LTD SP ADR PFD 652487802 1,716 51,307 SH
NEWS CORP LTD SP ADR PFD 652487802 1,528 45,697 SH
Page Total: 18,081
<CAPTION>
Column 6: Column 7: Column 8:
Column 1: Investment Other VOTING AUTHORITY
Name of Issuer Discretion Managers (a) Sole (b) Shared (c) None
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
MAI SYSTEMS CORP NEW DEFINED 2 714,768
MAI SYSTEMS CORP NEW DEFINED 276,367
MAXXAM INC DEFINED 1 61,535
MAXXAM INC DEFINED 2 52,080
MAXXAM INC DEFINED 4,185
METROMEDIA INTL GROUP INC DEFINED 1 24,250
METROMEDIA INTL GROUP INC DEFINED 2 12,050
METROMEDIA INTL GROUP INC DEFINED 1,000
MICRO WHSE INC DEFINED 1 75,959
MICRO WHSE INC DEFINED 2 74,476
MICRO WHSE INC DEFINED 5,765
MIRAGE RESORTS INC DEFINED 1 59,200
MIRAGE RESORTS INC DEFINED 2 52,250
MIRAGE RESORTS INC DEFINED 3,550
NS GROUP INC DEFINED 1 479,195
NEWS CORP LTD DEFINED 1 51,307
NEWS CORP LTD DEFINED 2 45,697
<PAGE>
Page 7 of 10
<CAPTION>
Column 3: Column 4: Column 5:
Column 1: Column 2: CUSIP Fair Shares or SH/ Put/
Name of Issuer Title of Class Number Market Principal PRN Call
Value ($000) Amount
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NEWS CORP LTD SP ADR PFD 652487802 88 2,620 SH
NORDSTROM INC COM 655664100 288 11,000 SH
NORDSTROM INC COM 655664100 220 8,400 SH
NORDSTROM INC COM 655664100 16 600 SH
NORTEK INC COM 656559101 6,458 230,639 SH
NORTEK INC COM 656559101 5,920 211,427 SH
NORTEK INC COM 656559101 208 7,434 SH
OGDEN CORP COM 676346109 578 48,400 SH
OGDEN CORP COM 676346109 516 43,250 SH
OGDEN CORP COM 676346109 40 3,350 SH
OMNIPOINT CORP COM 68212D102 7,941 65,966 SH
OMNIPOINT CORP COM 68212D102 6,662 55,346 SH
OMNIPOINT CORP COM 68212D102 432 3,588 SH
OPTICAL COATING LAB INC COM 683829105 7,229 24,629 SH
OPTICAL COATING LAB INC COM 683829105 5,625 19,164 SH
OPTICAL COATING LAB INC COM 683829105 354 1,207 SH
PAYLESS SHOESOURCE INC COM 704379106 13,710 291,695 SH
Page Total: 56,285
<CAPTION>
Column 6: Column 7: Column 8:
Column 1: Investment Other VOTING AUTHORITY
Name of Issuer Discretion Managers (a) Sole (b) Shared (c) None
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NEWS CORP LTD DEFINED 2,620
NORDSTROM INC DEFINED 1 11,000
NORDSTROM INC DEFINED 2 8,400
NORDSTROM INC DEFINED 600
NORTEK INC DEFINED 1 230,639
NORTEK INC DEFINED 2 211,427
NORTEK INC DEFINED 7,434
OGDEN CORP DEFINED 1 48,400
OGDEN CORP DEFINED 2 43,250
OGDEN CORP DEFINED 3,350
OMNIPOINT CORP DEFINED 1 65,966
OMNIPOINT CORP DEFINED 2 55,346
OMNIPOINT CORP DEFINED 3,588
OPTICAL COATING LAB INC DEFINED 1 24,629
OPTICAL COATING LAB INC DEFINED 2 19,164
OPTICAL COATING LAB INC DEFINED 1,207
PAYLESS SHOESOURCE INC DEFINED 1 291,695
<PAGE>
Page 8 of 10
<CAPTION>
Column 3: Column 4: Column 5:
Column 1: Column 2: CUSIP Fair Shares or SH/ Put/
Name of Issuer Title of Class Number Market Principal PRN Call
Value ($000) Amount
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PAYLESS SHOESOURCE INC COM 704379106 11,851 252,145 SH
PAYLESS SHOESOURCE INC COM 704379106 764 16,260 SH
PEGASUS COMMUNICATIONS CORP CL A 705904100 6,666 69,435 SH
PEGASUS COMMUNICATIONS CORP CL A 705904100 5,265 54,846 SH
PEGASUS COMMUNICATIONS CORP CL A 705904100 419 4,369 SH
PRIMEX TECHNOLOGIES INC COM 741597108 1,890 91,650 SH
PRIMEX TECHNOLOGIES INC COM 741597108 2,000 96,952 SH
PRIMEX TECHNOLOGIES INC COM 741597108 84 4,098 SH
QUANTUM CORP SUB NT CONV 7%04 747906AC9 925 1,250,000 PRN
QUANTUM CORP SUB NT CONV 7%04 747906AC9 555 750,000 PRN
R & B FALCON CORP COM 74912E101 469 35,400 SH
R & B FALCON CORP COM 74912E101 294 22,200 SH
R & B FALCON CORP COM 74912E101 32 2,400 SH
SEAGRUM LTD COM 81185106 579 12,900 SH
SEAGRUM LTD COM 81185106 510 11,350 SH
SEAGRUM LTD COM 81185106 34 750 SH
TELEBANC FINANCIAL CORP COM 87925R109 11,177 431,985 SH
Page Total: 43,514
<CAPTION>
Column 6: Column 7: Column 8:
Column 1: Investment Other VOTING AUTHORITY
Name of Issuer Discretion Managers (a) Sole (b) Shared (c) None
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PAYLESS SHOESOURCE INC DEFINED 2 252,145
PAYLESS SHOESOURCE INC DEFINED 16,260
PEGASUS COMMUNICATIONS CORP DEFINED 1 69,435
PEGASUS COMMUNICATIONS CORP DEFINED 2 54,846
PEGASUS COMMUNICATIONS CORP DEFINED 4,369
PRIMEX TECHNOLOGIES INC DEFINED 1 91,650
PRIMEX TECHNOLOGIES INC DEFINED 2 96,952
PRIMEX TECHNOLOGIES INC DEFINED 4,098
QUANTUM CORP DEFINED 1 1,250,000
QUANTUM CORP DEFINED 2 750,000
R & B FALCON CORP DEFINED 1 35,400
R & B FALCON CORP DEFINED 2 22,200
R & B FALCON CORP DEFINED 2,400
SEAGRUM LTD DEFINED 1 12,900
SEAGRUM LTD DEFINED 2 11,350
SEAGRUM LTD DEFINED 750
TELEBANC FINANCIAL CORP DEFINED 1 431,985
<PAGE>
Page 9 of 10
<CAPTION>
Column 3: Column 4: Column 5:
Column 1: Column 2: CUSIP Fair Shares or SH/ Put/
Name of Issuer Title of Class Number Market Principal PRN Call
Value ($000) Amount
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TELEBANC FINANCIAL CORP COM 87925R109 9,727 375,918 SH
TELEBANC FINANCIAL CORP COM 87925R109 576 22,257 SH
TELEPHONE & DATA SYS INC COM 879433100 3,424 27,175 SH
TELEPHONE & DATA SYS INC COM 879433100 2,531 20,089 SH
TELEPHONE & DATA SYS INC COM 879433100 128 1,016 SH
TENET HEALTHCARE CORP COM 88033G100 937 39,880 SH
TENET HEALTHCARE CORP COM 88033G100 895 38,100 SH
TENET HEALTHCARE CORP COM 88033G100 85 3,620 SH
TRANSWORLD ENTMT CORP COM 89336Q100 1,698 163,630 SH
TRANSWORLD ENTMT CORP COM 89336Q100 1,725 166,316 SH
TRANSWORLD ENTMT CORP COM 89336Q100 177 17,054 SH
VAIL RESORTS INC COM 91879Q109 673 37,500 SH
VAIL RESORTS INC COM 91879Q109 605 33,750 SH
VAIL RESORTS INC COM 91879Q109 67 3,750 SH
WHX CORP COM 929248102 3,550 394,420 SH
WHX CORP COM 929248102 2,573 285,936 SH
WHX CORP COM 929248102 163 18,144 SH
Page Total: 29,534
<CAPTION>
Column 6: Column 7: Column 8:
Column 1: Investment Other VOTING AUTHORITY
Name of Issuer Discretion Managers (a) Sole (b) Shared (c) None
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
TELEBANC FINANCIAL CORP DEFINED 2 375,918
TELEBANC FINANCIAL CORP DEFINED 22,257
TELEPHONE & DATA SYS INC DEFINED 1 27,175
TELEPHONE & DATA SYS INC DEFINED 2 20,089
TELEPHONE & DATA SYS INC DEFINED 1,016
TENET HEALTHCARE CORP DEFINED 1 39,880
TENET HEALTHCARE CORP DEFINED 2 38,100
TENET HEALTHCARE CORP DEFINED 3,620
TRANSWORLD ENTMT CORP DEFINED 1 163,630
TRANSWORLD ENTMT CORP DEFINED 2 166,316
TRANSWORLD ENTMT CORP DEFINED 17,054
VAIL RESORTS INC DEFINED 1 37,500
VAIL RESORTS INC DEFINED 2 33,750
VAIL RESORTS INC DEFINED 3,750
WHX CORP DEFINED 1 394,420
WHX CORP DEFINED 2 285,936
WHX CORP DEFINED 18,144
<PAGE>
Page 10 of 10
<CAPTION>
Column 3: Column 4: Column 5:
Column 1: Column 2: CUSIP Fair Shares or SH/ Put/
Name of Issuer Title of Class Number Market Principal PRN Call
Value ($000) Amount
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
WALTER INDUSTRIES INC COM 93317Q105 3,231 298,810 SH
WALTER INDUSTRIES INC NEW COM 93317Q105 3,343 309,196 SH
WALTER INDUSTRIES INC NEW COM 93317Q105 200 18,494 SH
ZAPATA CORP COM NEW 989070503 371 80,125 SH
ZAPATA CORP COM NEW 989070503 378 81,668 SH
ZAPATA CORP COM NEW 989070503 24 5,307 SH
Page Total: 7,547
Grand Total: 438,196
<CAPTION>
Column 6: Column 7: Column 8:
Column 1: Investment Other VOTING AUTHORITY
Name of Issuer Discretion Managers (a) Sole (b) Shared (c) None
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
WALTER INDUSTRIES INC DEFINED 1 298,810
WALTER INDUSTRIES INC NEW DEFINED 2 309,196
WALTER INDUSTRIES INC NEW DEFINED 18,494
ZAPATA CORP DEFINED 1 80,125
ZAPATA CORP DEFINED 2 81,668
ZAPATA CORP DEFINED 5,307
</TABLE>
