SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
(Rule 13d-2(a))
(Amendment No. 8)(1)
PRICE COMMUNICATIONS CORPORATION
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
- --------------------------------------------------------------------------------
(Title of Class of Securities)
741437305
- --------------------------------------------------------------------------------
(CUSIP Number)
Copy to:
Mr. Edward Grinacoff
Sandler Capital Management Morrison Cohen Singer & 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
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
July 30, 1999
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing of 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(e), 13d-1(f) or 13d-1(g), check the following box
|_|.
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
(Continued on following pages)
- ----------
(1) 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 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).
-1 of 18-
<PAGE>
CUSIP No. 741437305 13D Page 2 of 18 Pages
________________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Sandler Capital Management
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 762,997 shares 1.5%
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
0 shares 0%
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 762,997 shares 1.5%
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
0 shares 0%
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
762,997 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.5%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-2 of 18-
<PAGE>
CUSIP No. 741437305 13D Page 3 of 18 Pages
________________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Michael J. Marocco
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 0 shares 0%
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
1,296,895 shares 2.5%
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0 shares 0%
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
1,296,895 shares 2.5%
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,296,895 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.5%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-3 of 18-
<PAGE>
CUSIP No. 741437305 13D Page 4 of 18 Pages
________________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
John Kornreich
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 0 shares 0%
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
1,452,364 shares 2.8%
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0 shares 0%
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
1,452,364 shares 2.8%
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,452,364 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.8%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-4 of 18-
<PAGE>
CUSIP No. 741437305 13D Page 5 of 18 Pages
________________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Harvey Sandler
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 885,686 shares 1.7%
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
1,304,895 shares 2.6%
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 885,686 shares 1.7%
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
1,304,895 shares 2.6%
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,190,581 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.3%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-5 of 18-
<PAGE>
CUSIP No. 741437305 13D Page 6 of 18 Pages
________________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Andrew Sandler
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 0 shares 0%
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
1,296,895 shares 2.5%
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0 shares 0%
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
1,296,895 shares 2.5%
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,296,895 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.5%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-6 of 18-
<PAGE>
CUSIP No. 741437305 13D Page 7 of 18 Pages
________________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Phyllis Sandler
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 8,000 shares 0.02%
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
885,686 shares 1.7%
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 8,000 shares 0.02%
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
885,686 shares 1.7%
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
893,686 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-7 of 18-
<PAGE>
CUSIP No. 741437305 13D Page 8 of 18 Pages
________________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Sandler Associates
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 533,898 shares 1.0%
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
0 shares 0%
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 533,898 shares 1.0%
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
0 shares 0%
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
533,898 share
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.0%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-8 of 18-
<PAGE>
CUSIP No. 741437305 13D Page 9 of 18 Pages
________________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
J.K. Media L.P.
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 155,469 shares 0.3%
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
0 shares 0%
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 155,469 shares 0.3%
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
0 shares 0%
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
155,469 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.3%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-9 of 18-
<PAGE>
CUSIP No. 741437305 13D Page 10 of 18 Pages
________________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Douglas Schimmel
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 0 shares 0%
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
1,296,895 shares 2.5%
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0 shares 0%
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
1,296,895 shares 2.5%
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,296,895 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.5%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-10 of 18-
<PAGE>
CUSIP No. 741437305 13D Page 11 of 18 Pages
________________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Hannah Stone
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 0 shares 0%
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
1,296,895 shares 2.5%
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0 shares 0%
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
1,296,895 shares 2.5%
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,296,895 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.5%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-11 of 18-
<PAGE>
CUSIP No. 741437305 13D Page 12 of 18 Pages
________________________________________________________________________________
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
David Lee
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
WC
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 0 shares 0%
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
1,296,895 shares 2.5%
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0 shares 0%
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
1,296,895 shares 2.5%
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,296,895 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.5%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-12 of 18-
<PAGE>
This statement, dated July 30, 1999, constitutes Amendment No. 8 to the
Schedule 13D, dated October 6, 1997, regarding the reporting persons ownership
of certain securities of Price Communications Corporation (the "Issuer").
This Schedule 13D is hereinafter referred to as the "Schedule." All
capitalized terms used herein and otherwise undefined shall have the meanings
ascribed in the Schedule.
This Amendment No. 8 to the Schedule is filed in accordance with Rule 13d-2
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), by the
reporting persons. It shall refer only to information which has materially
changed since the filing of the Schedule.
ITEM 3. Source and Amount of Funds or Other Consideration.
The source of funds for the acquisition of the additional securities was
the general 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 is set
forth below:
Number of Shares Purchase Price
---------------- --------------
Harvey Sandler 32,000 $450,998
Phyllis Sandler 8,000 $114,810
ITEM 4. Purpose of Transaction.
The reporting persons acquired their securities for the purposes of
investment.
Other than the reporting persons purchase or sale of additional securities
of the Issuer, no reporting person has any present plans or proposals which
would relate to or result in any of the matters set forth in subparagraphs (a)
through (j) of Item 4 of Schedule 13D except as set forth herein.
ITEM 5. Interests in Securities of the Issuer.
(a) The following list sets forth the aggregate number and percentage
(based on 51,279,089 shares of Common Stock outstanding as reported by the
Issuer in its Form 10-Q for the quarter ended June 30, 1999) of outstanding
shares of Common Stock owned beneficially by each reporting person named in Item
2, as of July 30, 1999:
-13 of 18-
<PAGE>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(2) Beneficially Owned(2)
---- --------------------- ---------------------
Sandler Capital Management 762,997 (3) 1.5%
Michael J. Marocco 1,296,895 (3)(4)(5) 2.5%
John Kornreich 1,452,364 (3)(4)(5)(6) 2.8%
Harvey Sandler 2,190,581 (3)(4)(5)(7)(8) 4.3%
Andrew Sandler 1,296,895 (3)(4)(5) 2.5%
Phyllis Sandler 893,686 (4)(7)(8) 1.7%
Sandler Associates 533,898 (5) 1.0%
J.K. Media L.P. 155,469 (6) 0.3%
Douglas Schimmel 1,296,895 (3)(4)(5) 2.5%
Hannah Stone 1,296,895 (3)(4)(5) 2.5%
David Lee 1,296,895 (3)(4)(5) 2.5%
(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 762,997 shares of Common Stock (which includes
shares of Common Stock issuable upon the exercise of the Warrants), representing
approximately 1.5% of the outstanding Common Stock.
By virtue of being the sole shareholder of MJDM Corp. and a general partner
of Sandler Associates, Michael J. Marocco may be deemed to have shared power to
vote and to dispose of 1,296,895 shares of Common Stock (which includes shares
of Common Stock issuable upon the exercise of the Warrants), representing
approximately 2.5% of the outstanding Common Stock.
- --------
2 Includes shares of Common Stock issuable upon the exercise of the Warrants.
3 Includes 762,997 shares of Common Stock owned by SCM. SCM disclaims
beneficial ownership of 679,014 shares of Common Stock and 83,983 shares of
Common Stock issuable upon the exercise of the Warrants held in accounts
managed by SCM.
4 The reporting person disclaims beneficial ownership of these securities,
except to the extent of his/her/its equity interest therein.
5 Includes 533,898 shares of Common Stock owned by Sandler Associates.
6 Includes 155,469 shares of Common Stock owned by J.K. Media.
7 Includes 885,686 shares of Common Stock owned by Harvey Sandler.
8 Includes 8,000 shares of Common Stock owned by Phyllis Sandler.
-14 of 18-
<PAGE>
By virtue of being the majority shareholder of Four JK Corp., a general
partner of Sandler Associates and a general partner of J.K. Media L.P., John
Kornreich may be deemed to have shared power to vote and to dispose of 1,452,364
shares of Common Stock (which includes shares of Common Stock issuable upon the
exercise of the Warrants), representing approximately 2.8% 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 1,304,895 shares of Common
Stock (which includes shares of Common Stock issuable upon the exercise of the
Warrants), representing approximately 2.6% of the outstanding Common Stock.
Harvey Sandler has sole power to vote and to dispose of 885,686 shares of Common
Stock, representing approximately 1.7% of the outstanding Common Stock.
By virtue of being the sole shareholder of ALCR Corp. and a general partner
of Sandler Associates, Andrew Sandler may be deemed to have shared power to vote
and to dispose of 1,296,895 shares of Common Stock (which includes shares of
Common Stock issuable upon the exercise of the Warrants), representing
approximately 2.5% 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 885,686 shares of Common
Stock, representing approximately 1.7% of the outstanding Common Stock. Phyllis
Sandler has sole power to vote and to dispose of 8,000 shares of Common Stock,
representing approximately 0.02% of the outstanding Common Stock.
Sandler Associates has sole power to vote and to dispose of 533,898 shares
of Common Stock, representing approximately 1.0% of the outstanding Common
Stock.
J.K. Media has sole power to vote and to dispose of 155,469 shares of
Common Stock, representing approximately 0.3% of the outstanding Common Stock.
By virtue of being the sole shareholder of SERF Corp. and a general partner
of Sandler Associates, Douglas Schimmel may be deemed to have shared power to
vote and to dispose of 1,296,895 shares of Common Stock (which includes shares
of Common Stock issuable upon the exercise of the Warrants), representing
approximately 2.5% of the outstanding Common Stock.
By virtue of being the sole shareholder of TERPSI Corp. and a general
partner of Sandler Associates, Hannah Stone may be deemed to have shared power
to vote and to dispose of 1,296,895 shares of Common Stock (which includes
shares of Common Stock issuable upon the exercise of the Warrants), representing
approximately 2.5% of the outstanding Common Stock.
By virtue of being the sole shareholder of JIRAKAL Corp. and a general
partner of Sandler Associates, David Lee may be deemed to have shared power to
vote and to dispose of 1,296,895 shares of Common Stock (which includes shares
of Common Stock issuable upon the exercise of the Warrants), representing
approximately 2.5% of the outstanding Common Stock.
-15 of 18-
<PAGE>
(c) The following is a description of all transactions in the shares of
Common Stock by the persons identified in Item 2 of this Schedule 13D effected
from June 1, 1999 through July 30, 1998, inclusive:
Number of
Purchase or Shares of Purchase or
Name of Shareholder Sale Date Common Stock Sale Price
------------------- --------- Purchased or ----------
(Sold)
------
Sandler Associates 06/04/99 (50,000) $14.00
07/2/99 (50,000) $15.2125
07/10/99 (20,000) $16.4851
Sandler Capital Management 06/03/99 (30,000) $14.00
07/16/99 (30,000) $16.4851
Harvey Sandler 06/23/99 10,000 $13.625
06/24/99 10,000 $13.75
07/29/99 (50,000) $17.9446
Phyllis Sandler 06/11/99 1,000 $14.812
06/11/99 2,000 $15.000
06/23/99 2,000 $12.812
06/24/99 2,000 $13.312
07/30/99 1,000 $17.75
All purchases and sales of shares 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) Effective upon the Issuer issuing approximately 17,200,000 shares of
its Common Stock in exchange for its subsidiary's notes and accreted interest,
the reporting persons ceased to be the beneficial owners of more than five
percent (5%) of the Common Stock.
-16 of 18-
<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.
Dated: September 1, 1999
/s/ Michael J. Marocco
----------------------------------------
Michael J. Marocco
/s/ John Kornreich
----------------------------------------
John Kornreich
/s/ Harvey Sandler
----------------------------------------
Harvey Sandler
/s/ Andrew Sandler
----------------------------------------
Andrew Sandler
/s/ Douglas Schimmel
----------------------------------------
Douglas Schimmel
/s/ Hannah Stone
----------------------------------------
Hannah Stone
/s/ David Lee
----------------------------------------
David Lee
SANDLER CAPITAL MANAGEMENT
By: ARH Corp.
By: /s/ Edward Grinacoff
----------------------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
/s/ Phyllis Sandler
----------------------------------------
Phyllis Sandler
-17 of 18-
<PAGE>
SANDLER ASSOCIATES
By: /s/ Andrew Sandler
----------------------------------
Name: Andrew Sandler
Title: General Partner
J.K. MEDIA L.P.
By: /s/ John Kornreich
----------------------------------
Name: John Kornreich
Title: General Partner
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
-18 of 18-
