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. 7)(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)
May 5, 1999
(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(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 page(s))
- ----------
(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
________________________________________________________________________________
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 Item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or Place of Organization
New York
________________________________________________________________________________
7 Sole Voting Power
Number of 932,997 shares 2.7%
Shares _________________________________________________________________
8 Shared Voting Power
Beneficially
0 shares 0%
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 932,997 shares 2.7%
Person _________________________________________________________________
10 Shared Dispositive Power
With
0 shares 0%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned By Each Reporting Person
932,997 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
2.7%
________________________________________________________________________________
14 Type of Reporting Person*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-2 of 18-
<PAGE>
CUSIP
No. 741437305 13D
________________________________________________________________________________
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 Item 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
1,597,395 shares 4.7%
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person _________________________________________________________________
10 Shared Dispositive Power
With
1,597,395 shares 4.7%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,597,395 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
4.7%
________________________________________________________________________________
14 Type of Reporting Person*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-3 of 18-
<PAGE>
CUSIP
No. 741437305 13D
________________________________________________________________________________
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 Item 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
1,752,864 shares 5.2%
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person _________________________________________________________________
10 Shared Dispositive Power
With
1,752,864 shares 5.2%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,752,864 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
5.2%
________________________________________________________________________________
14 Type of Reporting Person*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-4 of 18-
<PAGE>
CUSIP
No. 741437305 13D
________________________________________________________________________________
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 Item 2(d) or 2(e) [_]
________________________________________________________________________________
6 Citizenship or Place of Organization
United States
________________________________________________________________________________
7 Sole Voting Power
Number of 913,686 shares 2.7%
Shares _________________________________________________________________
8 Shared Voting Power
Beneficially
1,597,395 shares 4.7%
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 913,686 shares 2.7%
Person _________________________________________________________________
10 Shared Dispositive Power
With
1,597,395 shares 4.7%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned By Each Reporting Person
2,511,081 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
7.4%
________________________________________________________________________________
14 Type of Reporting Person*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-5 of 18-
<PAGE>
CUSIP
No. 741437305 13D
________________________________________________________________________________
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 Item 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
1,597,395 shares 4.7%
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person _________________________________________________________________
10 Shared Dispositive Power
With
1,597,395 shares 4.7%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,597,395 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
4.7%
________________________________________________________________________________
14 Type of Reporting Person*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-6 of 18-
<PAGE>
CUSIP
No. 741437305 13D
________________________________________________________________________________
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) and 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
913,686 shares 2.7%
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person _________________________________________________________________
10 Shared Dispositive Power
With
913,686 shares 2.7%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned By Each Reporting Person
913,686 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
2.7%
________________________________________________________________________________
14 Type of Reporting Person*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-7 of 18-
<PAGE>
CUSIP
No. 741437305 13D
________________________________________________________________________________
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) and 2(e) [_]
________________________________________________________________________________
6 Citizenship or Place of Organization
New York
________________________________________________________________________________
7 Sole Voting Power
Number of 664,398 shares 2.0%
Shares _________________________________________________________________
8 Shared Voting Power
Beneficially
0 shares 0%
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 664,398 shares 2.0%
Person _________________________________________________________________
10 Shared Dispositive Power
With
0 shares 0%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned By Each Reporting Person
664,398 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
2.0%
________________________________________________________________________________
14 Type of Reporting Person*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-8 of 18-
<PAGE>
CUSIP
No. 741437305 13D
________________________________________________________________________________
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) and 2(e) [_]
________________________________________________________________________________
6 Citizenship or Place of Organization
New York
________________________________________________________________________________
7 Sole Voting Power
Number of 155,469 shares 0.5%
Shares _________________________________________________________________
8 Shared Voting Power
Beneficially
0 shares 0%
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 155,469 shares 0.5%
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)
0.5%
________________________________________________________________________________
14 Type of Reporting Person*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-9 of 18-
<PAGE>
CUSIP
No. 741437305 13D
________________________________________________________________________________
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 Item 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
1,597,395 shares 4.7%
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person _________________________________________________________________
10 Shared Dispositive Power
With
1,597,395 shares 4.7%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,597,395 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
4.7%
________________________________________________________________________________
14 Type of Reporting Person*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-10 of 18-
<PAGE>
CUSIP
No. 741437305 13D
________________________________________________________________________________
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
1,597,395 shares 4.7%
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person _________________________________________________________________
10 Shared Dispositive Power
With
1,597,395 shares 4.7%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,597,395 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
4.7%
________________________________________________________________________________
14 Type of Reporting Person*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-11 of 18-
<PAGE>
CUSIP
No. 741437305 13D
________________________________________________________________________________
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 Item 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
1,597,395 shares 4.7%
Owned By
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person _________________________________________________________________
10 Shared Dispositive Power
With
1,597,395 shares 4.7%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned By Each Reporting Person
1,597,395 shares
________________________________________________________________________________
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
4.7%
________________________________________________________________________________
14 Type of Reporting Person*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-12 of 18-
<PAGE>
This statement, dated May 5, 1999, constitutes Amendment No. 7 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. 7 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.
The information contained herein that refers to matters occurring on or
after May 4, 1999, reflects a five-for-four stock split effected on such date.
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 of Sandler Associates.
The amount of funds used in acquiring the shares of Common Stock is set
forth below:
Number of Shares Purchase Price
---------------- --------------
Sandler Associates 30,000 $333,750
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 33,871,057 shares of Common Stock outstanding as reported by the
Issuer in its Form 10-K/A Amendment No. 2 for the year ended December 31, 1998,
as adjusted for a five-for-four stock split effected in May 1999) of outstanding
shares of Common Stock owned beneficially by each reporting person named in Item
2, as of May 5, 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 932,997(3) 2.7%
Michael J. Marocco 1,597,395(3,4,5) 4.7%
John Kornreich 1,752,864(3,4,5,6) 5.2%
Harvey Sandler 2,511,081(3,4,5,7) 7.4%
Andrew Sandler 1,597,395(3,4,5) 4.7%
Phyllis Sandler 913,686(4,7) 2.7%
Sandler Associates 664,398(5) 2.0%
J.K. Media L.P. 155,469(6) 0.5%
Douglas Schimmel 1,597,395(3,4,5) 4.7%
Hannah Stone 1,597,395(3,4,5) 4.7%
David Lee 1,597,395(3,4,5) 4.7%
(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 932,997 shares of Common Stock (which includes
shares of Common Stock issuable upon the exercise of the Warrants), representing
approximately 2.7% 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 1,597,395 shares of Common Stock (which includes shares
of Common Stock issuable upon the exercise of the Warrants), representing
approximately 4.7% of the outstanding Common Stock.
- ----------
(2) Includes shares of Common Stock issuable upon the exercise of the
Warrants.
(3) Includes 932,997 shares of Common Stock owned by SCM. SCM disclaims
beneficial ownership of 849,014 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 664,398 shares of Common Stock owned by Sandler Associates.
(6) Includes 155,469 shares of Common Stock owned by J.K. Media.
(7) Includes 913,686 shares of Common Stock owned by Harvey 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 1,752,864
shares of Common Stock (which includes shares of Common Stock issuable upon the
exercise of the Warrants), representing approximately 5.2% of the outstanding
Common Stock.
By virtue of being the sole shareholder of ARH Corp. and a general partner
of Sandler Associates, Harvey Sandler may be deemed to have shared power to vote
and to dispose of 1,597,395 shares of Common Stock (which includes shares of
Common Stock issuable upon the exercise of the Warrants), representing
approximately 4.7% of the outstanding Common Stock. Harvey Sandler has sole
power to vote and to dispose of 913,686 shares of Common Stock, representing
approximately 2.7% 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 1,597,395 shares of Common Stock (which includes shares of
Common Stock issuable upon the exercise of the Warrants), representing
approximately 4.7% 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 913,686 shares of Common
Stock, representing approximately 2.7% of the outstanding Common Stock.
Sandler Associates has sole power to vote and to dispose of 664,398 shares
of Common Stock, representing approximately 2.0% 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 0.5% 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 1,597,395 shares of Common Stock (which includes shares
of Common Stock issuable upon the exercise of the Warrants), representing
approximately 4.7% 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 1,597,395 shares of Common Stock (which includes
shares of Common Stock issuable upon the exercise of the Warrants), representing
approximately 4.7% 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 1,597,395 shares of Common Stock (which includes shares
of Common Stock issuable upon the exercise of the Warrants), representing
approximately 4.7% 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 March 5, 1999 through May 5, 1999, inclusive:
<TABLE>
<CAPTION>
Number of Shares of
Purchase or Common Stock Purchase or
Name of Shareholder Sale Date Purchased or (Sold) Sale Price
------------------- ----------- ------------------- -------------------
<S> <C> <C> <C>
Sandler Associates 3/31/99 30,000 $11.125
4/7/99 (30,000) $13.0125
4/26/99 (35,100) $16.4375
4/27/99 (30,000) $16.3375
4/28/99 (5,100) $16.0319
5/5/99 (100,000) $11.8125
Sandler Capital Management 4/7/999 (20,000) $13.0125
4/16/99 (35,000) $15.875
4/27/99 (20,000) $16.3375
5/4/99 (700) $15.75
5/5/99 (50,000) $11.8125
J.K. Media 4/19/99 (30,000) $16.0342
</TABLE>
All 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) Not applicable.
-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: May 14, 1999
Michael J. Marocco
-----------------------------------
Michael J. Marocco
John Kornreich
-----------------------------------
John Kornreich
Harvey Sandler
-----------------------------------
Harvey Sandler
Andrew Sandler
-----------------------------------
Andrew Sandler
Douglas Schimmel
-----------------------------------
Douglas Schimmel
Hannah Stone
-----------------------------------
Hannah Stone
David Lee
-----------------------------------
David Lee
SANDLER CAPITAL MANAGEMENT
By: ARH Corp.
By: Edward Grinacoff
-----------------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
Phyllis Sandler
-----------------------------------
Phyllis Sandler
-17 of 18-
<PAGE>
SANDLER ASSOCIATES
By: Andrew Sandler
-----------------------------------
Name: Andrew Sandler
Title: General Partner
J.K. MEDIA L.P.
By: 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-
