SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
S C H E D U L E 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
PRICE COMMUNICATIONS CORPORATION
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(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
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(Title of Class of Securities)
741437305
--------------
(CUSIP Number)
Copy to:
Mr. Edward Grinacoff
21st Century Communications Morrison Cohen Singer &
Partners, L.P. Weinstein, LLP
767 Fifth Avenue, 45th Floor 750 Lexington Avenue
New York, New York 10153 New York, New York 10022
Telephone (212) 754-8100 Telephone (212) 735-8600
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(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
October 6, 1997
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(Date of Event which Requires Filing this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following space __.
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(Continued on following page(s))
- 1 of 30 -
<PAGE>
CUSIP
No. 741437305 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
21st Century Communications Partners, L.P.
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2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [_]
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required [_]
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6 Citizenship or Place of Organization Delaware
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7 Sole Voting Power
247,480 shares 4.5%
--------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 117,520 shares 2.1%
Beneficially --------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 247,480 shares 4.5%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 117,520 shares 2.1%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
365,520 shares
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12 Check Box if the Aggregate Amount in Row (11)
excludes Certain Shares* [_]
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13 Percent of Class Represented by Amount in Row (11) 6.6%
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14 Type of Reporting Person*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 2 of 30 -
<PAGE>
CUSIP
No. 741437305 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
21st Century Communications T-E Partners, L.P.
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2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [_]
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required [_]
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6 Citizenship or Place of Organization Delaware
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7 Sole Voting Power
84,202 shares 1.5%
--------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 280,798 shares 5.1%
Beneficially --------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 84,202 shares 1.5%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 280,798 shares 5.1%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
365,000 shares
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12 Check Box if the Aggregate Amount in Row (11)
excludes Certain Shares* [_]
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13 Percent of Class Represented by Amount in Row (11) 6.6%
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14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 3 of 30 -
<PAGE>
CUSIP
No. 741437305 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
21st Century Communications Foreign Partners, L.P.
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2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [_]
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required [_]
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6 Citizenship or Place of Organization Delaware
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7 Sole Voting Power
33,318 shares .6%
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Number of 8 Shared Voting Power
Shares 331,682 shares 6.0%
Beneficially --------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 33,318 shares .6%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 331,682 shares 6.0%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
365,000 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11)
excludes Certain Shares* [_]
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13 Percent of Class Represented by Amount in Row (11) 6.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 4 of 30 -
<PAGE>
CUSIP
No. 741437305 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Sandler Capital Management
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2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [_]
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required [_]
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6 Citizenship or Place of Organization New York
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7 Sole Voting Power
273,760 shares 4.9%
--------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 365,000 shares 6.6%
Beneficially --------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 273,760 shares 4.9%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 365,000 shares 6.6%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
638,760 shares
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12 Check Box if the Aggregate Amount in Row (11)
excludes Certain Shares* [_]
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13 Percent of Class Represented by Amount in Row (11) 11.5%
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14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 5 of 30 -
<PAGE>
CUSIP
No. 741437305 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Michael J. Marocco
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2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [_]
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required [_]
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
0 shares 0%
--------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 818,760 shares 14.8%
Beneficially --------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 0 shares 0%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 818,760 shares 14.8%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
818,760 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11)
excludes Certain Shares* [_]
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11) 14.8%
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14 Type of Reporting Person*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 6 of 30 -
<PAGE>
CUSIP
No. 741437305 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
John Kornreich
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2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [_]
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required [_]
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
0 shares 0%
--------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 818,760 shares 14.8%
Beneficially --------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 0 shares 0%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 818,760 shares 14.8%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
818,760 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11)
excludes Certain Shares* [_]
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11) 14.8%
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14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 7 of 30 -
<PAGE>
CUSIP
No. 741437305 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Harvey Sandler
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2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [_]
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required [_]
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
56,000 shares 1.0%
--------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 825,760 shares 14.9%
Beneficially --------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 56,000 shares 1.0%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 825,760 shares 14.9%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
881,760 shares
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12 Check Box if the Aggregate Amount in Row (11)
excludes Certain Shares* [_]
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13 Percent of Class Represented by Amount in Row (11) 15.9%
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14 Type of Reporting Person*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 8 of 30 -
<PAGE>
CUSIP
No. 741437305 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Andrew Sandler
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2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [_]
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required [_]
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
0 shares 0%
--------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 818,760 shares 14.8%
Beneficially --------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 0 shares 0%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 818,760 shares 14.8%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
818,760 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11)
excludes Certain Shares* [_]
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11) 14.8%
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14 Type of Reporting Person*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 9 of 30 -
<PAGE>
CUSIP
No. 741437305 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Barry Rubenstein
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2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [_]
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required [_]
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
0 shares 0%
--------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 365,000 shares 6.6%
Beneficially --------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 0 shares 0%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 365,000 shares 6.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
365,000 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11)
excludes Certain Shares* [_]
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11) 6.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 10 of 30 -
<PAGE>
CUSIP
No. 741437305 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Barry Fingerhut
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2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [_]
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required [_]
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
0 shares 0%
--------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 365,000 shares 6.6%
Beneficially --------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 0 shares 0%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 365,000 shares 6.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
365,000 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11)
excludes Certain Shares* [_]
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11) 6.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 11 of 30 -
<PAGE>
CUSIP
No. 741437305 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Irwin Lieber
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2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [_]
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required [_]
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
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7 Sole Voting Power
0 shares 0%
--------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 365,000 shares 6.6%
Beneficially --------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 0 shares 0%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 365,000 shares 6.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
365,000 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11)
excludes Certain Shares* [_]
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11) 6.6%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 12 of 30 -
<PAGE>
CUSIP
No. 741437305 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Phyllis Sandler
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2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [_]
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required [_]
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
7,000 shares .1%
--------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 56,000 shares 1.0%
Beneficially --------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 7,000 shares .1%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 56,000 shares 1.0%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
63,000 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11)
excludes Certain Shares* [_]
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11) 1.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- 13 of 30 -
<PAGE>
This statement, dated October 6, 1997, relates to the reporting persons'
acquisition of shares of common stock of Price Communications Corporation (the
"Issuer").
ITEM 1. Security and Issuer.
(a) Common Stock, $0.01 par value per share (the "Common Stock")
(CUSIP No. 741437305).
(b) Warrant (the "Warrant"), expiring on August 1, 2007, entitling
the holder thereof to purchase one share of Common Stock at
$0.01 per share, exercisable as of the earlier to occur of (i)
the consummation of the acquisition of Palmer Wireless, Inc.
and (ii) the occurrence of a change of control.
(c) Price Communications Corporation 45 Rockefeller Plaza
New York, New York 10020
ITEM 2. Identity and Background
The reporting persons include, among others, Sandler Capital Management, a
registered investment adviser and a New York general partnership ("SCM"), and
Harvey Sandler, John Kornreich, Michael Marocco and Andrew Sandler, (each, an
"Individual", and collectively, the "Individuals"). SCM shares are held through
21st Century Communications Partners, L.P. ("21st Century"), 21st Century
Communications T-E Partners, L.P. ("T-E") and 21st Century Communications
Foreign Partners, L.P. ("Foreign"), each of which is a Delaware limited
partnership (collectively, the "Partnerships"). Sandler Investment Partners
("SIP") and Infomedia Associates, Ltd. ("Infomedia") are general partners of
each of the Partnerships. SCM is the general partner of SIP. Barry Rubenstein,
Irwin Lieber and Barry Fingerhut are the shareholders, officers and directors of
Infomedia. SCM also holds securities on behalf of certain managed accounts with
respect to which SCM exercises investment and voting discretion. Each
Individual, through a Delaware or New York corporation that is controlled by
such Individual and that serves as a general partner of SCM, may be deemed to be
a beneficial owner of the securities held by the Partnerships and such managed
accounts. Sandler Associates, a New York limited partnership, owns 130,000
shares of Common Stock. Each Individual is a general partner of Sandler
Associates.
1.
(a) 21st Century Communications Partners, L.P., a limited
partnership organized under the laws of the State of Delaware.
(b) Address:
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<PAGE>
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Occupation: Investments.
(d) No.
(e) No.
SIP and Infomedia are the general partners of 21st
Century. The limited partners of 21st Century include certain other investors.
2. (a) 21st Century Communications T-E Partners, L.P., a limited
partnership organized under the laws of the State of Delaware.
(b) Address: 767 Fifth Avenue, 45th Floor New York, New York 10153
(c) Principal Occupation: Investments.
(d) No.
(e) No.
SIP and Infomedia are the general partners of T-E. The limited
partners of T-E include certain other investors.
3. (a) 21st Century Communications Foreign Partners, L.P., a limited
partnership organized under the laws of the State of Delaware.
(b) Address:
c/o Fiduciary Trust (Cayman) Limited
P.O. Box 1062 Grand
Cayman, B.W.I.
(c) Principal Occupation: Investments.
(d) No.
(e) No.
- 15 of 30 -
<PAGE>
SIP, 21st Century Management and Infomedia are the general
partners of Foreign. The limited partners of Foreign include certain other
investors.
4. (a) Sandler Capital Management, a registered investment adviser
and a general partnership organized under the laws of the State of New York.
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Occupation: Investments.
(d) No.
(e) No.
Harvey Sandler, John Kornreich and Andrew Sandler each control
a Delaware corporation and Michael Marocco controls a New York corporation. Each
of these corporations is a the general partner of SCM. SCM is the general
partner of SIP, which is a general partner of each of 21st Century, T-E and
Foreign.
5. (a) Michael J. Marocco, is the sole shareholder of MJDM Corp.
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Business: General Partner of partnerships and
limited partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
MJDM Corp. is a general partner of SCM, which is the general
partner of SIP, a general partner of 21st Century, T-E and Foreign.
6. (a) John Kornreich is the majority shareholder of Four JK Corp.
(b) Address:
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<PAGE>
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Business: General Partner of partnerships and
limited partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
Four JK Corp. is a general partner of SCM, which is the
general partner of SIP, a general partner of 21st Century, T-E and Foreign.
7. (a) Harvey Sandler is the sole shareholder of ARH Corp.
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Occupation: General Partner of partnerships and
limited partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
ARH Corp. is a general partner of SCM, which is the general
partner of SIP, a general partner of 21st Century, T-E and Foreign. Harvey
Sandler is the husband of Phyllis Sandler and the father of Andrew Sandler.
8. (a) Andrew Sandler is the majority member of ALSI, LLC.
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Occupation: General Partner of partnerships and
limited partnerships engaged in the investment business.
- 17 of 30 -
<PAGE>
(d) No.
(e) No.
(f) Citizenship: United States.
ALSI, LLC is a general partner of SCM, which is the general
partner of SIP, a general partner of 21st Century, T-E and Foreign. Andrew
Sandler is the son of Harvey Sandler and Phyllis Sandler.
9. (a) Barry Rubenstein, a shareholder, President and director of
Infomedia.
(b) Address:
68 Wheatley Road
Brookville, New York 11545
(c) Principal Occupation: General Partner of partnerships and
limited partnerships engaged in the investment business.
(d) No.
(e) No.
(f) United States.
Infomedia is a general partner of 21st Century, T-E and Foreign.
10. (a) Barry Fingerhut, a shareholder, Executive Vice President and
director of Infomedia.
(b) Address:
767 Fifth Avenue
New York, New York 10153
(c) Principal Occupation: Investment adviser.
(d) No.
(e) No.
(f) United States.
Infomedia is a general partner of 21st Century, T-E and
Foreign.
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<PAGE>
11. (a) Irwin Lieber, a shareholder, Secretary and Treasurer and a
director of Infomedia.
(b) Address:
767 Fifth Avenue
New York, New York 10153
(c) Principal Occupation: Investment adviser.
(d) No.
(e) No.
(f) United States.
Infomedia is a general partner of 21st Century, T-E and Foreign.
12. (a) Phyllis Sandler
(b) Address:
17663 Lake Estate Drive
Boca Raton, Florida 33496
(c) Principal Occupation: Investor
(d) No.
(e) No.
(f) Citizenship: United States
Phyllis Sandler is the wife of Harvey Sandler and the mother
of Andrew Sandler.
ITEM 3. Source and Amount of Funds or Other Consideration.
The source of funds for the acquisition of the securities was the
general working capital of the Partnerships, the general working capital of the
various managed accounts, the general working capital of Sandler Associates and
the working capital in the personal investment accounts of Harvey Sandler and
Phyllis Sandler.
The amount of funds used in acquiring the shares of Common Stock and
the Warrants are set forth below:
- 19 of 30 -
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Number of
Shares and Purchase
Warrants Price
---------- ----------
21st Century Communications Partners, L.P. 247,480 $1,995,308
21st Century Communications T-E Partners, L.P. 84,202 678,879
21st Century Communications Foreign Partners, L.P. 33,318 268,626
Accounts Managed by SCM 273,760 2,244,085
Sandler Associates 180,000 1,437,612
Harvey Sandler 56,000 480,313
Phyllis Sandler 7,000 63,000
ITEM 4. Purpose of Transaction.
The reporting persons acquired their securities for the purposes of
investment.
The reporting persons do not have any plans or proposals which relate to
or would result in any of the actions set forth in subparagraphs (a) through (j)
of Item 4 of Schedule 13D.
ITEM 5. Interests in Securities of the Issuer.
(a) The following list sets forth the aggregate number and
percentage (based on 5,528,881 shares of Common Stock outstanding as reported by
the Issuer to the reporting persons as of October 6, 1997) of outstanding shares
of Common Stock owned beneficially by each reporting person named in Item 2, as
of October 8, 1997:
Shares of Percentage of Shares
Common Stock of Common Stock
Beneficially Own Beneficially Owned
* *
Name
21st Century Communications 365,000(1) 6.6%
Partners, L.P.
- --------
* Incudes shares of Common Stock issuable upon the exercise of the Warrants.
(1) Includes 247,480 shares of Common Stock owned by 21st Century. 21st
Century disclaims beneficial ownership of 84,202 shares of Common Stock
owned by T-E and 33,318 shares of Common Stock owned by Foreign.
- 20 of 30 -
<PAGE>
21st Century Communications T-E 365,000(2) 6.6%
Partners, L.P.
21st Century Communications Foreign 365,000(3) 6.6%
Partners, L.P.
Sandler Capital Management 638,760(4,5) 11.5%
Michael J. Marocco 818,760(5,6) 14.8%
John Kornreich 818,760(5,6) 14.8%
Harvey Sandler 881,760(5,6,7,9) 15.9%
Andrew Sandler 818,760(5,6) 14.8%
Barry Rubenstein 365,000(5,8) 6.6%
Barry Fingerhut 365,000(5,8) 6.6%
Irwin Lieber 365,000(5,8) 6.6%
Phyllis Sandler 63,000(5,7,9) 1.1%
(b) By virtue of being the general partner of SIP and the manager
of certain accounts owning shares of Common Stock and Warrants with respect to
which SCM exercises investment discretion, SCM may be deemed to have shared
power to vote and to dispose of 638,760 shares of Common Stock (which includes
shares of Common Stock issuable upon the exercise of the Warrants), representing
approximately 11.5% of the outstanding Common Stock.
By virtue of being the sole shareholder of MJ DM Corp. and a
general partner of Sandler Associates, Michael J. Marocco may be deemed to have
shared power to vote and to dispose of 818,760 shares of Common Stock (which
includes shares of Common Stock issuable
- --------
(2) Includes 84,202 shares of Common Stock owned by T-E. T-E disclaims
beneficial ownership of 247,480 shares of Common Stock owned by 21st
Century and 33,318 shares of Common Stock owned by Foreign.
(3) Includes 33,318 shares of Common Stock owned by Foreign. Foreign disclaims
beneficial ownership of 247,480 shares of Common Stock owned by 21st
Century and 84,202 shares of Common Stock owned by T-E.
(4) Includes 247,480 shares of Common Stock owned by 21st Century, 84,202
shares of Common Stock owned by T-E and 33,318 shares of Common Stock
owned by Foreign. SCM disclaims beneficial ownership of 260,000 shares of
Common Stock and 13,760 shares of Common Stock issuable upon the exercise
of the Warrants held in accounts managed by SCM.
(5) The reporting person disclaims beneficial ownership of these securities,
except to the extent of his/her/its equity interest therein.
(6) Includes 247,480 shares of Common Stock owned by 21st Century, 84,202
shares of Common Stock owned by T-E, 33,318 shares of Common Stock owned
by Foreign and 180,000 shares of Common Stock owned by Sandler Associates.
The reporting person disclaims beneficial ownership of 260,000 shares of
Common Stock and 13,760 shares of Common Stock issuable upon the exercise
of the Warrants held in accounts managed by SCM.
(7) Includes 56,000 shares of Common Stock owned by Harvey Sandler.
(8) Includes 247,480 shares of Common Stock owned by 21st Century, 84,202
shares of Common Stock owned by T-E and 33,318 shares of Common Stock
owned by Foreign.
(9) Includes 7,000 shares of Common Stock owned by Phyllis Sandler.
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<PAGE>
upon the exercise of the Warrants), representing approximately 14.8% of the
outstanding Common Stock.
By virtue of being the sole shareholder of Four JK Corp. and a
general partner of Sandler Associates, John Kornreich may be deemed to have
shared power to vote and to dispose of 818,760 shares of Common Stock (which
includes shares of Common Stock issuable upon the exercise of the Warrants),
representing approximately 14.8% of the outstanding Common Stock.
By virtue of being the sole shareholder of ARH Corp. a general
partner of Sandler Associates, and the husband of Phyllis Sandler, Harvey
Sandler may be deemed to have shared power to vote and to dispose of 825,760
shares of Common Stock (which includes shares of Common Stock issuable upon the
exercise of the Warrants), representing approximately 14.9% of the outstanding
Common Stock. Harvey Sandler has sole power to vote and to dispose of 56,000
shares of Common Stock, representing approximately 1.0% of the outstanding
Common Stock.
By virtue of being a majority member of ALSI, LLC and a
general partner of Sandler Associates, Andrew Sandler may be deemed to have
shared power to vote and to dispose of 818,760 shares of Common Stock (which
includes shares of Common Stock issuable upon the exercise of the Warrants),
representing approximately 14.8% of the outstanding Common Stock.
By virtue of being a shareholder, officer and director of
Infomedia, Barry Rubenstein may be deemed to have shared power to vote and to
dispose of 365,000 shares of Common Stock, representing approximately 6.6% of
the outstanding Common Stock.
By virtue of being a shareholder, officer and director of
Infomedia, Irwin Lieber may be deemed to have shared power to vote and to
dispose of 365,000 shares of Common Stock, representing approximately 6.6% of
the outstanding Common Stock.
By virtue of being a shareholder, officer and director of
Infomedia, Barry Fingerhut may be deemed to have shared power to vote and to
dispose of 365,000 shares of Common Stock, representing approximately 6.6% of
the outstanding Common Stock.
By virtue of being the wife of Harvey Sandler, Phyllis Sandler
may be deemed to have shared power to vote and to dispose of 56,000 shares of
Common Stock, representing approximately 1.0% of the outstanding Common Stock.
Phyllis Sandler has sole power to vote and to dispose of 7,000 shares of Common
Stock, representing approximately .1% of the outstanding Common Stock.
(c) The following is a description of all transactions in the
shares of Common Stock and the Warrants by the persons identified in Item 2 of
this Schedule 13D effected from August 6, 1997 through October 8, 1997,
inclusive:
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<PAGE>
Number of Shares
Purchase or of Common Stock Purchase or
Name of Shareholder Sale Date Purchased or (Sold) Sale Price
- ------------------- ----------- ------------------- ----------
21st Century Communications
Partners, L.P. 10/06/97 247,480* $8.0625
21st Century Communications
T-E Partners, L.P. 10/06/97 84,202* $8.0625
21st Century Communications
Foreign Partners, L.P. 10/06/97 33,318* $8.0625
Sandler Associates 8/06/97 20,000 $7.766
10/06/97 130,000* $8.0625
Accounts Managed by
Sandler Capital Management 8/06/97 10,000 $7.766
10/06/97 210,000* $8.0625
Harvey Sandler 10/06/97 25,000* $8.0625
10/07/97 17,000 $9.00
10/07/97 4,000 $8.9375
10/08/97 10,000 $9.00
Phyllis Sandler 10/07/97 4,000 $9.00
10/08/97 3,000 $9.00
* The shares of Common Stock were purchased from the Issuer on
October 6, 1997.
All other purchases of Common Stock were effected in open market
transactions on the American Stock Exchange.
(d) No other person has the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of such
securities.
(e) Not applicable.
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<PAGE>
ITEM 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities
of the Issuer
(a) 21st Century is a limited partnership established and governed
by Delaware law and a partnership agreement. Pursuant to such agreement, voting
and investment power over the shares of Common Stock held by 21st Century is
vested in its general partners SIP and Infomedia. The limited partners have no
voting or investment power over the shares of Common Stock held by 21st Century.
(b) T-E is a limited partnership established and governed by
Delaware law and a partnership agreement. Pursuant to such agreement, voting and
investment power over the shares of Common Stock held by 21st Century is vested
in its general partners - SIP and Infomedia. The limited partners have no voting
or investment power over the shares of Common Stock held by T-E.
(c) Foreign is a limited partnership established and governed by
Delaware law and a partnership agreement. Pursuant to such agreement, voting and
investment power over the shares of Common Stock held by Foreign is vested in
its general partners - SIP and Infomedia. The limited partners have no voting or
investment power over the shares of Common Stock held by Foreign.
(d) Except for the circumstances discussed or referred to in
paragraphs (a) through (c) above, there are no contracts, arrangements,
understandings, or relationships with respect to the securities of the Issuer
among any of the persons reporting in this Schedule 13D.
ITEM 7. Material to be filed as Exhibits.
Exhibit 7.01 Agreement, dated October 15, 1997, among the reporting
persons by which they have agreed to file this Schedule
13D and all necessary amendments, as required by Rule
13d-1(f).
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<PAGE>
Signature
After reasonable inquiry and to the best of their knowledge and
belief, each of the undersigned hereby certifies that the information set forth
in this Schedule is true, complete, and correct. Date: October 15, 1997
21ST CENTURY COMMUNICATIONS PARTNERS, L.P.
By: Sandler Investment Partners, L.P., general partner
By: Sandler Capital Management, general partner
By: ARH Corp., general partner
By: s/ Edward Grinacoff
--------------------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
21ST CENTURY COMMUNICATIONS T-E PARTNERS,
L.P.
By: Sandler Investment Partners, L.P., general partner
By: Sandler Capital Management, general partner
By: ARH Corp., general partner
By: s/ Edward Grinacoff
--------------------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
21ST CENTURY COMMUNICATIONS FOREIGN
PARTNERS, L.P.
By: Sandler Investment Partners, L.P., general partner
By: Sandler Capital Management, general partner
By: ARH Corp., general partner
By: s/ Edward Grinacoff
--------------------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
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<PAGE>
s/ Michael J. Marocco
--------------------------------------
Michael J. Marocco
s/ John Kornreich
--------------------------------------
John Kornreich
s/ Harvey Sandler
--------------------------------------
Harvey Sandler
s/ Andrew Sandler
--------------------------------------
Andrew Sandler
s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein
s/ Irwin Lieber
--------------------------------------
Irwin Lieber
s/ Barry Fingerhut
--------------------------------------
Barry Fingerhut
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<PAGE>
SANDLER CAPITAL MANAGEMENT
By: ARH Corp.
By: s/ Edward Grinacoff
---------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
s/ Phyllis Sandler
---------------------------
Phyllis Sandler
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
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<PAGE>
Exhibit 7.01
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act, as
amended, the undersigned hereby agree to the joint filing on behalf of each of
them on a statement on Schedule 13D (including amendments thereto) with respect
to the Common Stock, par value $.01 per share, of Price Communications
Corporation and that this Agreement be included as an Exhibit to such joint
filing.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement this
15th day of October, 1997.
21ST CENTURY COMMUNICATIONS PARTNERS, L.P.
By: Sandler Investment Partners, L.P., general partner
By: Sandler Capital Management, general partner
By: ARH Corp., general partner
By: s/ Edward Grinacoff
------------------------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
21ST CENTURY COMMUNICATIONS T-E PARTNERS,
L.P.
By: Sandler Investment Partners, L.P., general partner
By: Sandler Capital Management, general partner
By: ARH Corp., general partner
By: s/ Edward Grinacoff
------------------------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
21ST CENTURY COMMUNICATIONS FOREIGN
PARTNERS, L.P.
By: Sandler Investment Partners, L.P., general partner
By: Sandler Capital Management, general partner
By: ARH Corp., general partner
By: s/Edward Grinacoff
------------------------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
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<PAGE>
s/ Michael J. Marocco
--------------------------------------
Michael J. Marocco
s/ John Kornreich
--------------------------------------
John Kornreich
s/ Harvey Sandler
--------------------------------------
Harvey Sandler
s/ Andrew Sandler
--------------------------------------
Andrew Sandler
s/ Barry Rubenstein
--------------------------------------
Barry Rubenstein
s/ Irwin Lieber
--------------------------------------
Irwin Lieber
s/ Barry Fingerhut
--------------------------------------
Barry Fingerhut
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<PAGE>
SANDLER CAPITAL MANAGEMENT
By: ARH Corp.
By: s/ Edward Grinacoff
--------------------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
s/ Phyllis Sandler
--------------------------------------
Phyllis Sandler
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
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