<PAGE>
- -------- -----------------------------
FORM 4 OMB APPROVAL
- -------- -----------------------------
- ----- Check this box if no longer OMB Number: 3235-0287
subject to Section 16. Form 4 Expires: September 30, 1998
- ----- or Form 5 obligations may Estimated average burden
continue. SEE Instruction 1(b). hours per response .... 0.5
------------------------------
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
- - ----------------------------------------------------------------------------
1. Name and Address of Reporting Person*
MW Management, L.L.C.
- - ---------------------------------------------------
(Last) (First) (Middle)
10 East 50th Street
- - ----------------------------------------------------
(Street)
New York NY 10022
- - ----------------------------------------------------
(City) (State) (Zip)
- - ----------------------------------------------------------------------------
2. Issuer Name and Ticker or Trading Symbol
Elsinore Corporation (ELS)
- - ----------------------------------------------------------------------------
3. IRS or Social Security Number of Reporting Person (Voluntary)
- - ----------------------------------------------------------------------------
4. Statement for Month/Year
September, 1998
- - ----------------------------------------------------------------------------
5. If Amendment, Date of Original (Month/Year)
- - ----------------------------------------------------------------------------
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[ ] Director
[X] 10% Owner
[ ] Officer (give title below)
[ ] Other (specify below)
Member of a group owning more than 10% of Issuer's Common Stock
- - ----------------------------------------------------------------------------
7. Individual or Joint/Group Filing (Check Applicable Line)
[X] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
- - ----------------------------------------------------------------------------
<TABLE>
<CAPTION>
TABLE I--NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY
OWNED
- ------------------------------------------------------------------------------
1. Title of Security 2.Trans- 3. Trans- 4. Securities Acquired (A)
(Instr. 3) action action or Disposed of (D)
Date Code (Instr. 3, 4 and 5)
(Month/ (Instr. 8) --------------------------
Day/ ----------- Amount (A) or Price
Year) Code V (D)
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
5. Amount of 6. Ownership 7. Nature of
Securities Form: Direct Indirect
Beneficially (D) or Indirect Beneficial
Owned at End (I) (Instr. 4) Ownership
of Month (Instr. 4)
(Instr. 3
and 4)
- ------------------------------------------------------------------------------
<C> <C> <C>
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
</TABLE>
Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, SEE
Instruction 4(b)(v).
(Over)
SEC 1474 (7-96)
Page 1 of 2
<PAGE>
FORM 4 (continued)
<TABLE>
<CAPTION>
TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
- ------------------------------------------------------------------------------
1. Title of Derivative 2. Conver- 3. Transac- 4. Transac- 5. Number of
Security (Instr. 3) sion or tion Date tion Code Derivative
Exercise (Month/ (Instr. 8) Securities
Price of Day/ ------------ Acquired (A)
Deriv- Year) Code V or Disposed
ative of (D) (Instr.
Security 3, 4, and 5)
-------------
(A) (D)
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------
Series A Preferred 1-for-1.86 9/29/98 J (1) 6,600,467
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
6. Date Exer- 7. Title and Amount 8. Price of 9. Number of
Exercisable and of Underlying Derivative Derivative
Expiration Date Securities Security Securities
(Month/Day/ (Instr. 3 and 4) (Instr. 5) Beneficially
Year) ------------------- Owned at
- ------------------ Amount or End of Month
Date Expira- Title Number of (Instr. 4)
Exer- tion Shares
cisable Date
- ------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------
Immed. Common 12,276,868.62 $0.25 6,600,467
- ------------------------------------------------------------------------------
Stock
- ------------------------------------------------------------------------------
10. Ownership 11. Nature of
Form of Indirect
Derivative Beneficial
Security: Ownership
Direct (D) or (Instr. 4)
Indirect (I)
(Instr. 4)
- ------------------------------------------------------------------------------
<C> <C>
- ------------------------------------------------------------------------------
I (2)
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
</TABLE>
Explanation of Responses
(1) On September 29, 1998, Elsinore Corporation issued to certain investment
accounts controlled by Morgens, Waterfall, Vintiadis & Company, Inc. ("Morgens
Waterfall" and the accounts controlled by Morgens Waterfall, the "Funds")
50,000,000 shares of Series A Convertible Preferred Stock of the Issuer in
exchange for the surrender to the Issuer of $18,000,000 original principal
amount of second mortgage notes held by the Funds.
(2) The securities to which this filing relates are beneficially owned by
Phoenix Partners, L.P. ("Phoenix"). The Reporting Person is the General
Partner of Phoenix and, in accordance with instruction 4(b)(iv), the entire
amount of the Issuer's securities by Phoenix is reported herein. The
Reporting Person disclaims any beneficial ownership of any of the Issuer's
securities to which this filing relates for purposes of Section 16 of the
Securities Exchange Act of 1934, except as to securities representing the
Reporting Person's pro rata partnership interest in, and interest in the
profits of, Phoenix.
**Intentional misstatements or omissions of facts constitute Federal
Criminal Violations. SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this form, one of which must be manually signed.
If space is insufficient, SEE Instruction 6 for procedure.
JOHN C. "BRUCE" WATERFALL
/s/ Bruce Waterfall 12/9/98
------------------------------------ --------
**Signature of Reporting Person
BY: John C. "Bruce" Waterfall as Managing Member
of the Reporting Person
Page 2 of 2
