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| FORM 4 | UNITED STATES SECURITIES AND EXCHANGE COMMISSION
+--------+ WASHINGTON, D.C. 20549
[_] Check this box if
no longer subject STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
to Section 16.
Form 4 or Form 5 Filed pursuant to Section 16(a) of the Securities
obligations may Exchange Act of 1934, Section 17(a) of the
continue. See Public Utility Holding Company Act of 1935 or
Instruction 1(b). Section 30(f) of the Investment Company Act of 1940
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OMB APPROVAL
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OMB Number 3235-0287
Expires: September 30, 1998
Estimated average burden
hours per response..... 0.5
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1. Name and Address of Reporting Person*
CS First Boston, Inc.
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(Last) (First) (Middle)
Eleven Madison Avenue
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(Street)
New York, NY 10010
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(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol MK Rail Corporation (MKRL)
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3. IRS or Social Security Number of Reporting Person (Voluntary) 13-2853402
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4. Statement for Month/Year 11/96
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Persons to Issuer (Check all applicable)
[ ] Director [ ] Officer [ ] 10% Owner [X] Other
(give title below) (specify below)
(Reporting Persons May be deemed members of a group.)
7. Individual or Joint/Group Filing (Check Applicable Line)
[ ] Form filed by One Reporting Person
[X] Form filed by More than One Reporting Person
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TABLE I--NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
<TABLE>
<CAPTION>
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1. Title 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
of action action or Disposed of (D) Securities ship of In-
Security Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 3) (Month/ (Instr. 8) Owned at Direct Bene-
Day/ ----------------------------------------------- End of (D) or ficial
Year) Month Indirect Owner-
Code V Amount (A) or Price (Instr. 3 and 4) (I) ship
(D) (Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock,
$0.01 par value 11/22/96 S 473,925 D (a) 1,466,174 I (b)
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Common Stock,
$0.01 par value 11/26/96 J(c) 1,411,174 (c) (c) 1,466,174 D
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
*If the form is filed by more than one reporting person, see instruction
4(b)(v).
(Over)
SEC 1474 (7-96)
<PAGE>
FORM 4 (continued)
Table II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
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1. Title of Derivative | 2. Conver- | 3. Trans- | 4. Transac- | 5. Number of Deriv- |
Security (Instr. 3) | sion or | action | tion Code | ative Securities |
| Exercise | Date | (Instr. 8) | Acquired (A) or |
| Price of | (Month/ | | Disposed of (D) |
| Deriv- | Day/ | | (Instr. 3, 4, and 5) |
| ative | Year) | | |
| Security | | | |
| | | | |
| | |---------------------|---------------------------------|
| | | Code | V | (A) | (D) |
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- ----------------------------|-------------------|------------------|----------|----------|---------------|-----------------|
<S> | <C> | <C> | <C> | <C> | <C> | <C> |
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- ----------------------------|-------------------|------------------|----------|----------|---------------|---------------- |
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- ----------------------------|-------------------|------------------|----------|----------|---------------|---------------- |
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- ----------------------------|-------------------|------------------|----------|----------|---------------|---------------- |
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- ----------------------------|-------------------|------------------|----------|----------|---------------|---------------- |
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- ----------------------------|-------------------|------------------|----------|----------|---------------|---------------- |
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- ----------------------------|-------------------|------------------|----------|----------|---------------|---------------- |
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- ----------------------------|-------------------|------------------|----------|----------|---------------|---------------- |
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</TABLE>
<TABLE>
<CAPTION>
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1. Title of Derivative | 6. Date Exer- | 7. Title and Amount of | 8. Price | 9. Number | 10. Owner- | 11. Na-
Security (Instr. 3) | cisable and | Underlying Securities | of | of Deriv- | ship | ture
| Expiration | (Instr. 3 and 4) | Deriv- | ative | Form | of In-
| Date | | ative | Secur- | of De- | direct
| (Month/Day/ | | Secur- | ities | rivative | Bene-
| Year) | | ity | Bene- | Secu- | ficial
| | | (Instr.| ficially | rity | Owner-
|-----------------|--------------------------| 5) | Owned | Direct | ship
| Date | Expira| | Amount or | | at End | (D) or | (Instr.
| Exer- | tion | Title | Number of | | of | Indi- | 4)
| cisable| Date | | Shares | | Month | rect (I) |
| | | | | | (Instr. 4)| (Instr. 4)|
- ----------------------------|---------|-------|----------|---------------|-----------|--------------|---------------|-------------
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<S> | <C> | <C> | <C> | <C> | <C> | <C> | <C> | <C>
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- ----------------------------|---------|-------|----------|---------------|-----------|--------------|---------------|-------------
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- ----------------------------|---------|-------|----------|---------------|-----------|--------------|---------------|-------------
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- ----------------------------|---------|-------|----------|---------------|-----------|--------------|---------------|-------------
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- ----------------------------|---------|-------|----------|---------------|-----------|--------------|---------------|-------------
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- ----------------------------|---------|-------|----------|---------------|-----------|--------------|---------------|-------------
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- ----------------------------|---------|-------|----------|---------------|-----------|--------------|---------------|-------------
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</TABLE>
Explanation of Responses:
See page 5.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB number.
CS First Boston, Inc.
/s/ Agnes F. Reicke 12/13/96
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**Signature of Reporting Person Date
Name: Agnes F. Reicke
Page 2
Title: Deputy General Counsel, SEC 1474 (7-96)
Director and Secretary
<PAGE>
JOINT FILER INFORMATION
Name: CS First Boston Securities Corporation
Address: Eleven Madison Avenue
New York, NY 10010
Designated Filer: CS First Boston, Inc.
Statement for: November 1996
IRS Identification
Number of
Reporting Person: 13-2972600
Issuer Name and Ticker
Symbol: MK Rail Corporation (MKRL)
CS First Boston Securities Corporation
Signature: By: /s/ Agnes F. Reicke
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Name: Agnes F. Reicke
Title: Vice President and Secretary
Date: 12/13/96
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SEC 1474 (7-96)
<PAGE>
JOINT FILER INFORMATION
Name: CS First Boston Corporation
Address: Eleven Madison Avenue
New York, NY 10010
Designated Filer: CS First Boston, Inc.
Statement for: November 1996
IRS Identification
Number of
Reporting Person: 13-5659485
Issuer Name and Ticker
Symbol: MK Rail Corporation (MKRL)
CS First Boston Corporation
Signature: By: /s/ Agnes F. Reicke
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Name: Agnes F. Reicke
Title: Secretary
Date: 12/13/96
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SEC 1474 (7-96)
<PAGE>
Names of Reporting
Persons: CS First Boston, Inc.
CS First Boston Securities Corporation
CS First Boston Corporation
Address of Each of
Reporting Persons: Eleven Madison Avenue
New York, NY 10010
Statement for: November 1996
Issuer and Ticker
Symbol: MK Rail Corporation (MKRL)
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EXPLANATION OF RESPONSES
(a) Pursuant to an order of the United States Bankruptcy Court for the District
of Delaware, dated August 26, 1996, the First Amended Plan of Reorganization of
Morrison Knudsen Corporation ("MKC") under Chapter 11 of the Bankruptcy Code
(the "Plan") was confirmed. As a result of purchases of debt owed by American
Passenger Rail Company ("APRC") made pursuant to an oral agreement entered into
between CS First Boston Securities Corporation ("CSFBSC"), a direct, wholly-
owned subsidiary of CS First Boston, Inc. ("CSFBI"), and Nomura Holding America,
Inc. ("Nomura"), in June 1996 (the "Nomura Agreement"), CSFBSC became entitled
to receive 473,925 shares of the common stock, $0.01 par value, of MK Rail
Corporation (the "MK Rail Common Stock"), 963,916 shares of the common stock,
$0.01 par value, of MKC and 71,808 shares of the preferred stock, $0.01 par
value, of MKC (collectively, the "APRC Proceeds") on behalf of Nomura. Under the
Nomura Agreement, CSFBSC agreed to irrevocably transfer, assign and convey to
Nomura specified percentages of the debt owed by APRC and purchased by CSFBSC at
various times, or the APRC Proceeds, upon the payment to CSFBSC by Nomura of the
specified percentages of CSFBSC's actual cost of the related purchases, plus an
amount based on CSFBSC's cost of carry of the purchases from the dates of such
purchases. Pursuant to the Nomura Agreement, CSFBSC transferred beneficial
ownership of the APRC Proceeds, which included 473,925 shares of MK Rail Common
Stock, after receiving a total payment of $11,519,675.44.
(b) By CS First Boston Corporation, a direct, wholly-owned subsidiary of CSFBI.
(c) In the ordinary course of business, CSFBSC transferred to CS First Boston
Corporation ("CSFBC"), both of which are wholly-owned subsidiaries of CSFBI,
beneficial ownership of its 1,411,174 shares of MK Rail Common Stock remaining
after the consummation of the transaction described in Note (a) above. CSFBSC is
no longer subject to Section 16 of the Securities Exchange Act of 1934, as
amended.
Page 5 of 5
SEC 1474 (7-96)
