SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
S C H E D U L E 13D
(Rule 13d-101)
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. 2)(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
21st Century Communications
Partners, L.P. 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 Person
Authorized to Receive Notices and Communications)
February 27, 1998
(Date of Event which Requires Filing this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-(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 26-
<PAGE>
CUSIP
No. 741437305 13D
================================================================================
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
21st Century Communications Partners, 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
Delaware
________________________________________________________________________________
7 Sole Voting Power
Number of 309,350 shares 4.5%
Shares _________________________________________________________________
8 Shared Voting Power
Beneficially
146,900 shares 2.1%
Owned by
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 309,350 shares 4.5%
Person _________________________________________________________________
10 Shared Dispositive Power
With
146,900 shares 2.1%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
456,250 shares
________________________________________________________________________________
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
6.7%
________________________________________________________________________________
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-2 of 26-
<PAGE>
CUSIP
No. 741437305 13D
================================================================================
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
21st Century Communications T-E Partners, 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
Delaware
________________________________________________________________________________
7 Sole Voting Power
Number of 105,252 shares 1.5%
Shares _________________________________________________________________
8 Shared Voting Power
Beneficially
350,998 shares 5.1%
Owned by
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 105,252 shares 1.5%
Person _________________________________________________________________
10 Shared Dispositive Power
With
350,998 shares 5.1%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
456,250 shares
________________________________________________________________________________
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
6.7%
________________________________________________________________________________
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-3 of 26-
<PAGE>
CUSIP
No. 741437305 13D
================================================================================
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
21st Century Communications Foreign Partners, 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
Delaware
________________________________________________________________________________
7 Sole Voting Power
Number of 41,647 shares .6%
Shares _________________________________________________________________
8 Shared Voting Power
Beneficially
414,603 shares 6.0%
Owned by
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 41,647 shares .6%
Person _________________________________________________________________
10 Shared Dispositive Power
With
414,603 shares 6.0%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
456,250 shares
________________________________________________________________________________
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
6.7%
________________________________________________________________________________
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-4 of 26-
<PAGE>
CUSIP
No. 741437305 13D
================================================================================
1 Name 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 342,200 shares 5.0%
Shares _________________________________________________________________
8 Shared Voting Power
Beneficially
456,250 shares 6.7%
Owned by
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 342,200 shares 5.0%
Person _________________________________________________________________
10 Shared Dispositive Power
With
456,250 shares 6.7%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
798,450 shares
________________________________________________________________________________
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
11.6%
________________________________________________________________________________
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-5 of 26-
<PAGE>
CUSIP
No. 741437305 13D
================================================================================
1 Name 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
1,033,450 shares 15.0%
Owned by
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person _________________________________________________________________
10 Shared Dispositive Power
With
1,033,450 shares 15.0%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
1,033,450 shares
________________________________________________________________________________
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
15.0%
________________________________________________________________________________
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-6 of 26-
<PAGE>
CUSIP
No. 741437305 13D
________________________________________________________________________________
1 Name 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
1,073,450 shares 15.6%
Owned by
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person _________________________________________________________________
10 Shared Dispositive Power
With
1,073,450 shares 15.6%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
1,073,450 shares
________________________________________________________________________________
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
15.6%
________________________________________________________________________________
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-7 of 26-
<PAGE>
CUSIP
No. 741437305 13D
================================================================================
1 Name 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 185,375 shares 2.7%
Shares _________________________________________________________________
8 Shared Voting Power
Beneficially
1,050,950 shares 15.3%
Owned by
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 185,375 shares 2.7%
Person _________________________________________________________________
10 Shared Dispositive Power
With
1,050,950 shares 15.3%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
1,236,325 shares
________________________________________________________________________________
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
18.0%
________________________________________________________________________________
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-8 of 26-
<PAGE>
CUSIP
No. 741437305 13D
================================================================================
1 Name 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
1,033,450 shares 15.0%
Owned by
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person _________________________________________________________________
10 Shared Dispositive Power
With
1,033,450 shares 15.0%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
1,033,450 shares
________________________________________________________________________________
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
15.0%
________________________________________________________________________________
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-9 of 26-
<PAGE>
CUSIP
No. 741437305 13D
================================================================================
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Barry Rubenstein
________________________________________________________________________________
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
456,250 shares 6.7%
Owned by
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person _________________________________________________________________
10 Shared Dispositive Power
With
456,250 shares 6.7%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
456,250 shares
________________________________________________________________________________
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
6.7%
________________________________________________________________________________
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-10 of 26-
<PAGE>
CUSIP
No. 741437305 13D
================================================================================
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Barry Fingerhut
________________________________________________________________________________
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
456,250 shares 6.7%
Owned by
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person _________________________________________________________________
10 Shared Dispositive Power
With
456,250 shares 6.7%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
456,250 shares
________________________________________________________________________________
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
6.7%
________________________________________________________________________________
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-11 of 26-
<PAGE>
CUSIP
No. 741437305 13D
================================================================================
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Irwin Lieber
________________________________________________________________________________
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
456,250 shares 6.7%
Owned by
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person _________________________________________________________________
10 Shared Dispositive Power
With
456,250 shares 6.7%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
456,250 shares
________________________________________________________________________________
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
6.7%
________________________________________________________________________________
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-12 of 26-
<PAGE>
CUSIP
No. 741437305 13D
================================================================================
1 Name 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 17,500 shares 0.3%
Shares _________________________________________________________________
8 Shared Voting Power
Beneficially
185,375 shares 2.7%
Owned by
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 17,500 shares 0.3%
Person _________________________________________________________________
10 Shared Dispositive Power
With
185,375 shares 2.7%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
202,875 shares
________________________________________________________________________________
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
3.0%
________________________________________________________________________________
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-13 of 26-
<PAGE>
CUSIP
No. 741437305 13D
================================================================================
1 Name 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 235,000 shares 3.4%
Shares _________________________________________________________________
8 Shared Voting Power
Beneficially
0 shares 0%
Owned by
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 235,000 shares 3.4%
Person _________________________________________________________________
10 Shared Dispositive Power
With
0 shares 0%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
235,000 shares
________________________________________________________________________________
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
3.4%
________________________________________________________________________________
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-14 of 26-
<PAGE>
CUSIP
No. 741437305 13D
================================================================================
1 Name 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 40,000 shares 0.6%
Shares _________________________________________________________________
8 Shared Voting Power
Beneficially
0 shares 0%
Owned by
_________________________________________________________________
Each 9 Sole Dispositive Power
Reporting 40,000 shares 0.6%
Person _________________________________________________________________
10 Shared Dispositive Power
With
0 shares 0%
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
40,000 shares
________________________________________________________________________________
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares*
[_]
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
0.6%
________________________________________________________________________________
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-15 of 26-
<PAGE>
This statement, dated February 27, 1998, constitutes Amendment No. 2 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. 2 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 reflects a five-for-four stock split
effected in December, 1997.
ITEM 2. Identity and Background
14. J.K. Media, L.P., a limited partnership organized under the laws of the
State of New York ("J.K. Media").
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Occupation: Investments.
(d) No.
(e) No.
John Kornreich is the general partner of J.K. Media.
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 general working capital
of J.K. Media, 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 are set
forth below:
Number of Shares Purchase Price
---------------- --------------
Sandler Associates 10,000 $90,625
Harvey Sandler 48,875 $451,522
Phyllis Sandler 3,750 $31,125
J.K. Media 40,000 $362,500
-16 of 26-
<PAGE>
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 6,854,851 shares of Common Stock outstanding as reported by the Issuer
in its Form 10-Q for the quarter ended September 30, 1997, as adjusted for a
five-for-four stock split effected in December, 1997) of outstanding shares of
Common Stock owned beneficially by each reporting person named in Item 2, as of
February 27, 1998:
<TABLE>
<CAPTION>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(2) Beneficially Owned(2)
- ---- --------------------- ---------------------
<S> <C> <C>
21st Century Communications 456,250(3) 6.7%
Partners, L.P.
21st Century Communications T-E 456,250(4) 6.7%
Partners, L.P.
21st Century Communications Foreign 456,250(5) 6.7%
Partners, L.P.
Sandler Capital Management 798,450(6) 11.6%
</TABLE>
- ----------
(2) Includes shares of Common Stock issuable upon the exercise of the Warrants.
(3) Includes 309,350 shares of Common Stock owned by 21st Century. 21st Century
disclaims beneficial ownership of 105,252 shares of Common Stock owned by
T-E and 41,647 shares of Common Stock owned by Foreign.
(4) Includes 105,252 shares of Common Stock owned by T-E. T-E disclaims
beneficial ownership of 309,350 shares of Common Stock owned by 21st
Century and 41,647 shares of Common Stock owned by Foreign.
(5) Includes 41,647 shares of Common Stock owned by Foreign. Foreign disclaims
beneficial ownership of 309,350 shares of Common Stock owned by 21st
Century and 105,252 shares of Common Stock owned by T-E.
(6) Includes 309,350 shares of Common Stock owned by 21st Century, 105,252
shares of Common Stock owned by T-E and 41,647 shares of Common Stock owned
by Foreign. SCM disclaims beneficial ownership of 325,000 shares of Common
Stock and 17,200 shares of Common Stock issuable upon the exercise of the
Warrants held in accounts managed by SCM.
-17 of 26-
<PAGE>
<TABLE>
<CAPTION>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned(2) Beneficially Owned(2)
- ---- --------------------- ---------------------
<S> <C> <C>
Michael J. Marocco 1,033,450(7,8) 15.0%
John Kornreich 1,073,450(7,8,12) 15.6%
Harvey Sandler 1,236,325(7,8,9,10) 18.0%
Andrew Sandler 1,033,450(7,8) 15.0%
Barry Rubenstein 456,250(7,11) 6.7%
Barry Fingerhut 456,250(7,11) 6.7%
Irwin Lieber 456,250(7,11) 6.7%
Phyllis Sandler 202,875(7,9,10) 3.0%
Sandler Associates 235,000(12) 3.4%
J.K. Media 40,000(13) 0.6%
</TABLE>
(b) 21st Century has sole power to vote and to dispose of 309,350 shares of
Common Stock, representing approximately 4.5% of the outstanding Common Stock.
21st Century may be deemed to have shared power to vote and to dispose of
146,900 shares of Common Stock, representing approximately 2.1% of the
outstanding Common Stock.
T-E has sole power to vote and to dispose of 105,252 shares of Common
Stock, representing approximately 1.5% of the outstanding Common Stock. T-E may
be deemed to have shared power to vote and to dispose of 350,998 shares of
Common Stock, representing approximately 5.1% of the outstanding Common Stock.
Foreign has sole power to vote and to dispose of 41,647 shares of Common
Stock, representing approximately .6% of the outstanding Common Stock. Foreign
may be deemed to have shared power to vote and to dispose of 414,603 shares of
Common Stock, representing approximately 6.0% of the outstanding Common Stock.
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 798,450
- ----------
(7) The reporting person disclaims beneficial ownership of these securities,
except to the extent of his/her equity interest therein.
(8) Includes 309,350 shares of Common Stock owned by 21st Century, 105,252
shares of Common Stock owned by T-E, 41,647 shares of Common Stock owned by
Foreign and 235,000 shares of Common Stock owned by Sandler Associates. The
reporting person disclaims beneficial ownership of 325,000 shares of Common
Stock and 17,200 shares of Common Stock issuable upon the exercise of the
Warrants held in accounts managed by SCM.
(9) Includes 185,375 shares of Common Stock owned by Harvey Sandler.
(10) Includes 17,500 shares of Common Stock owned by Phyllis Sandler.
(11) Includes 309,350 shares of Common Stock owned by 21st Century, 105,252
shares of Common Stock owned by T-E and 41,647 shares of Common Stock owned
by Foreign.
(12) Includes 235,000 shares of Common Stock owned by Sandler Associates.
(13) Includes 40,000 shares of Common Stock owned by J.K. Media.
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<PAGE>
shares of Common Stock (which includes shares of Common Stock issuable upon the
exercise of the Warrants), representing approximately 11.6% 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 1,033,450 shares of Common Stock (which includes
shares of Common Stock issuable upon the exercise of the Warrants), representing
approximately 15.0% of the outstanding Common Stock.
By virtue of being the sole shareholder of Four JK Corp., a general partner
of Sandler Associates and a general partner of J.K. Media, John Kornreich may be
deemed to have shared power to vote and to dispose of 1,073,450 shares of Common
Stock (which includes shares of Common Stock issuable upon the exercise of the
Warrants), representing approximately 15.6% 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 1,050,950 shares of Common
Stock (which includes shares of Common Stock issuable upon the exercise of the
Warrants), representing approximately 15.3% of the outstanding Common Stock.
Harvey Sandler has sole power to vote and to dispose of 185,375 shares of Common
Stock, representing approximately 2.7% 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 1,033,450 shares of Common Stock (which includes shares of
Common Stock issuable upon the exercise of the Warrants), representing
approximately 15.0% 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 456,250
shares of Common Stock, representing approximately 6.7% 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 456,250
shares of Common Stock, representing approximately 6.7% 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 456,250
shares of Common Stock, representing approximately 6.7% 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 185,375 shares of Common
Stock, representing approximately 2.7% of the outstanding Common Stock. Phyllis
Sandler has sole power to vote and to dispose of 17,500 shares of Common Stock,
representing approximately 0.3% of the outstanding Common Stock.
Sandler Associates has sole power to vote and to dispose of 235,000 shares
of Common Stock, representing approximately 3.4% of the outstanding Common
Stock.
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<PAGE>
J.K. Media has sole power to vote and to dispose of 40,000 shares of Common
Stock, representing approximately 0.6% of the outstanding Common Stock.
(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 December 27, 1997 through February 27, 1998, inclusive:
Number of Shares
Purchase or of Common Stock Purchase or
Name of Shareholder Sale Date Purchased or (Sold) Sale Price
- ------------------- --------- ------------------- ----------
Sandler Associates 02/24/98 10,000 $9.0625
J.K. Media 02/24/98 40,000 $9.0625
Harvey Sandler 01/05/98 4,500 $8.5625
02/24/98 5,000 $9.25
02/27/98 25,000 $9.7656
All 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.
ITEM 7. Material to be filed as Exhibits.
Exhibit 7.01 Agreement effective as of February 27, 1998, 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: April 30, 1999
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: 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: 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: Edward Grinacoff
-----------------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
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<PAGE>
Michael J. Marocco
-----------------------------------
Michael J. Marocco
John Kornreich
-----------------------------------
John Kornreich
Harvey Sandler
-----------------------------------
Harvey Sandler
Andrew Sandler
-----------------------------------
Andrew Sandler
Barry Rubenstein
-----------------------------------
Barry Rubenstein
Irwin Lieber
-----------------------------------
Irwin Lieber
Barry Fingerhut
-----------------------------------
Barry Fingerhut
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<PAGE>
SANDLER CAPITAL MANAGEMENT
By: ARH Corp.
By: Edward Grinacoff
------------------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
Phyllis Sandler
------------------------------------
Phyllis Sandler
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).
-23 of 26-
<PAGE>
Exhibit 7.01
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act of 1934,
as amended, the undersigned hereby agree to the joint filing on behalf of each
of them of 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 statement
on Schedule 13D.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement effective
as of the 27th day of February, 1998.
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: 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: 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: Edward Grinacoff
-----------------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
-24 of 26-
<PAGE>
Michael J. Marocco
-----------------------------------
Michael J. Marocco
John Kornreich
-----------------------------------
John Kornreich
Harvey Sandler
-----------------------------------
Harvey Sandler
Andrew Sandler
-----------------------------------
Andrew Sandler
Barry Rubenstein
-----------------------------------
Barry Rubenstein
Irwin Lieber
-----------------------------------
Irwin Lieber
Barry Fingerhut
-----------------------------------
Barry Fingerhut
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<PAGE>
SANDLER CAPITAL MANAGEMENT
By: ARH Corp.
By: Edward Grinacoff
------------------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
Phyllis Sandler
------------------------------------
Phyllis Sandler
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).
-26 of 26-
