SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
SCHEDULE 13D
Under the Securities Exchange Act of 1934
THE LESLIE FAY COMPANIES, INC.
(Name of Issuer)
COMMON STOCK, PAR VALUE $.01 PER SHARE
(Title of Class of Securities)
527010995
(CUSIP Number)
JOHN C. WATERFALL
10 EAST 50TH STREET
NEW YORK, NEW YORK 10022
(212) 705-0500
(Name, address and telephone number of person
authorized to receive notices and communications)
June 4, 1997
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following
box [ ].
Check the following box if a fee is being paid with the statement [ ].
(A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class.) (See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom copies
are to be sent.
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for purposes of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
___________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Morgens Waterfall Income Partners, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
11,632
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
11,632
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
11,632
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.3%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Restart Partners, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
70,330
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
70,330
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
70,330
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
2.1%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
_____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Restart Partners II, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
105,097
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
105,097
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
105,097
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
3.1%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Restart Partners III, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
73,712
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
73,712
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
73,712
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
2.2%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Restart Partners IV, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
44,357
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
44,357
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
44,357
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
1.3%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Restart Partners V, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
15,481
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
15,481
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
15,481
_____________________________________________________________________________
(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!
Page 7 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
The Common Fund for Non-Profit Organizations
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
22,226
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
22,226
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
22,226
_____________________________________________________________________________
(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 **
CO
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Betje Partners
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
4,348
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
4,348
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
4,348
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.1%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Phaeton BVI
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
8,632
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
8,632
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
8,632
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.2%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
CO
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Phoenix Partners, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
WC, 00
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
12,475
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
12,475
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
12,475
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.4%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Morgens, Waterfall, Vintiadis & Company, Inc.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
35,206
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
35,206
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
35,206
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
.9%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
CO
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 12 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
MW Capital, L.L.C.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
11,632
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
11,632
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
11,632
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.3%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
CO
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 13 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Prime Group, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
70,330
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
70,330
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
70,330
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
2.1%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 14 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Prime Group II, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
105,097
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
105,097
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
105,097
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
3.1%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 15 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Prime Group III, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
73,712
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
73,712
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
73,712
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
2.2%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 16 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Prime Group IV, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
44,357
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
44,357
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
44,357
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
1.3%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 17 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Prime Group V, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
15,481
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
15,481
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
15,481
_____________________________________________________________________________
(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!
Page 18 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Prime, Inc.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
308,977
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
308,977
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
308,977
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
9.2%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
CO
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 19 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
MW Management, L.L.C.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
12,475
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
12,475
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
12,475
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
0.4%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
CO
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 20 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
John C. "Bruce" Waterfall
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0-
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
368,290
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0-
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
368,290
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
368,290
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
10.8%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
IN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 21 of 31 Pages
<PAGE>
13D
CUSIP No. 527010995
____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Edwin H. Morgens
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [x]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS **
AF
____________________________________________________________
(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
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
368,290
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
368,290
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
368,290
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
10.8%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
IN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 22 of 31 Pages
<PAGE>
ITEM 1. SECURITY AND ISSUER.
This statement on Schedule 13D ("Statement") filed with the Securities
and Exchange Commission (the "Commission") by persons named in Item 2 below on
June 16, 1997 relating to the common stock, par value $.01 per share ("Common
Stock"), of The Leslie Fay Companies, Inc., a Delaware corporation (the
"Issuer"). The principal executive offices of the Issuer are located at 1412
Broadway, New York, New York 10018.
ITEM 2. IDENTITY AND BACKGROUND.
This Statement is filed jointly by (a) Morgens Waterfall Income
Partners, L.P. ("MWIP"); (b) Restart Partners, L.P. ("Restart"); (c) Restart
Partners II, L.P. ("Restart II"); (d) Restart Partners III, L.P. ("Restart
III"); (e) Restart Partners IV, L.P. ("Restart IV"); (f) Restart Partners V,
L.P. ("Restart V"); (g) The Common Fund for Non-Profit Organizations (the
"Common Fund"); (h) Betje Partners ("Betje"); (i) Phoenix Partners, L.P.
("Phoenix"); (j) Morgens, Waterfall, Vintiadis & Company, Inc. ("Morgens
Waterfall"); (k) MW Capital, L.L.C. ("MW Capital"); (l) Prime Group, L.P.
("Prime"); (m) Prime Group II, L.P. ("Prime II"); (n) Prime Group III, L.P.
("Prime III"); (o) Prime Group IV, L.P. ("Prime IV"); (p) Prime Group V, L.P.
("Prime V"); (q) Prime, Inc.; (r) MW Management, L.L.C. ("MW Management"); (s)
Phaeton BVI ("Phaeton"); (t) John C. "Bruce" Waterfall ("Waterfall"); and (u)
Edwin H. Morgens ("Morgens", and together with the persons listed in clauses
(a) through (t) above, the "Reporting Persons").
MWIP is a New York limited partnership whose principal business is to
invest in securities of U.S. issuers. MW Capital, a Delaware limited
liability company, is the general partner of MWIP. MWIP and MW Capital have
their principal address at 10 East 50th Street, New York, New York 10022.
Morgens and Waterfall are the managing members of MW Capital. All of the
information concerning Morgens and Waterfall is set forth below.
Restart, Restart II, Restart III, Restart IV and Restart V are Delaware
limited partnerships having their principal addresses at 10 East 50th Street,
New York, New York 10022. The principal businesses of Restart, Restart II,
Restart III, Restart IV and Restart V are to invest in securities of
financially troubled companies.
Prime, Prime II, Prime III, Prime IV and Prime V, Delaware limited
partnerships having their principal addresses at 10 East 50th Street, New
York, New York 10022, are the general partners of Restart, Restart II, Restart
III, Restart IV and Restart V, respectively. The principal businesses of
Prime, Prime II, Prime III, Prime IV and Prime V are to act as the general
partners of Restart, Restart II, Restart III, Restart IV and Restart V,
respectively.
Prime, Inc., the general partner of Prime, Prime II, Prime III, Prime
IV and Prime V, is a Delaware corporation having its principal address at 10
East 50th Street, New York, New York 10022. The principal business of Prime,
Inc. is to act as general partner of Prime, Prime II, Prime III, Prime IV and
Prime V. Waterfall is the President and a Director of Prime, Inc. Morgens is
the Chairman of the Board of Directors and the Secretary of Prime, Inc. All
of the information concerning Morgens and Waterfall is set forth below.
Page 23 of 31 Pages
<PAGE>
Phoenix is a New York limited partnership having its principal address
at 10 East 50th Street, New York, New York 10022. The principal business of
Phoenix is to invest in securities of U.S. issuers. MW Management, a Delaware
limited liability company, is the general partner of Phoenix. The principal
address of MW Management is 10 East 50th Street, New York, New York 10022.
Morgens and Waterfall are the managing members of MW Management. All of the
information concerning Morgens and Waterfall is set forth below.
Betje is a New York limited partnership having its principal address at
10 East 50th Street, New York, New York 10022. The principal business of
Betje is to invest in securities of U.S. issuers. Mr. Zanvyl Krieger
("Krieger") is the general partner of Betje. The business address of Krieger
is c/o Weinberg and Green, 100 South Charles Street, Baltimore, Maryland
21201. Krieger is a U.S. citizen whose principal occupation is a private
investor. Morgens Waterfall serves as an investment advisor to Betje as
discussed below.
Phaeton is a company incorporated under the laws of the British Virgin
Islands having its principal office c/o Hemisphere Management Limited located
at Hemisphere House, 9 Church Street, Hamilton, HM11 Bermuda. The principal
business of Phaeton is to invest in securities of U.S. and foreign issuers.
Morgens Waterfall serves as an investment advisor to Phaeton as discussed
below.
The Common Fund is a New York corporation having its principal office
c/o Morgens, Waterfall, Vintiadis & Company, Inc. located at 10 East 50th
Street, New York, New York 10022. The principal business of The Common Fund
is to invest in securities of various issuers. Morgens Waterfall serves as an
investment advisor to The Common Fund as discussed below.
Morgens Waterfall is a New York corporation having its principal
address at 10 East 50th Street, New York, New York 10022. The principal
business of Morgens Waterfall is the rendering of financial services.
Waterfall is the President and a Director of Morgens Waterfall.
Morgens is the Chairman of the Board of Directors and the Secretary of Morgens
Waterfall. The primary occupations of Morgens and Waterfall are to act as the
principals in the business of Morgens Waterfall. The business address of
Morgens and Waterfall, each of whom is a United States citizen, is at the
office of Morgens Waterfall, 10 East 50th Street, New York, New York 10022.
Morgens Waterfall has no other officers or directors.
Page 24 of 31 Pages
<PAGE>
During the past five years, none of the persons described in this Item
2 have been convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors). During the last five years, none of such persons
has been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is subject to
a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities
laws, or finding any violations with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Under a plan of reorganization of the Issuer pursuant to Chapter 11 of
the U.S. Bankruptcy Code (the "Plan"), which became effective at 5:00 p.m.
Eastern Time, on June 4, 1997 (the "Effective Date"), MWIP, Restart, Restart
II, Restart III, Restart IV, Restart V, The Common Fund, Betje, Phaeton and
Phoenix, as creditors of the Issuer, became entitled to receive as of the
Effective Date shares of Common Stock.
Of the shares of Common Stock acquired by each of the Reporting Persons
named above under the Plan, the following is the aggregate amount of Common
Stock which each of them is to receive pursuant to the Plan and the price paid
for such Common Stock. The source of funds used for each purchase was the
working capital of the respective Reporting Person.
Aggregate Number of
Shares of Common
Reporting Person Stock Purchase Price
MWIP 11,632 $ 81,065
Restart 70,330 490,269
Restart II 105,097 734,973
Restart III 73,712 515,411
Restart IV 44,357 309,314
Restart V 15,481 90,304
The Common Fund 22,226 155,254
Betje 4,348 32,619
Phoenix 12,475 93,559
Phaeton 8,632 64,760
Total 368,290 $2,567,528
ITEM 4. PURPOSE OF TRANSACTION.
MWIP, Restart, Restart II, Restart III, Restart IV, Restart V, The
Common Fund, Betje, Phaeton and Phoenix acquired the Common Stock as an
investment. The Reporting Persons have no present plans or proposals that
relate to or would result in any of the actions enumerated in Item 4 of
Schedule 13D except as reported in Item 6 hereof.
Page 25 of 31 Pages
<PAGE>
The Reporting Persons reserve the right to buy additional securities
of the Issuer or sell securities of the Issuer from time to time.
ITEM 5. INTEREST IN THE SECURITIES OF THE ISSUER.
(a) and (b) The following is the aggregate amount of Common Stock that
is beneficially owned by each Reporting Person:
Aggregate Percentage
Name # of Shares of Class
MWIP 11,632 0.3
Restart 70,330 2.1
Restart II 105,097 3.1
Restart III 73,712 2.2
Restart IV 44,357 1.3
Restart V 15,481 0.5
The Common Fund 22,226 0.6
Betje 4,348 0.1
Phoenix 12,475 0.4
Phaeton 8,632 0.2
Total 368,290 10.8
Morgens Waterfall does not directly own any of the Common Stock.
Morgens Waterfall may be deemed an indirect beneficial owner of 35,206 shares
of Common Stock by virtue of contracts with Betje (4,348 shares), the Common
Fund (22,226 shares) and Phaeton (8,632 shares) pursuant to which Morgens
Waterfall provides discretionary investment advisory services.
MW Management does not directly own any of the Common Stock. MW
Management may be deemed an indirect beneficial owner of 12,475 shares of
Common Stock by virtue of its position as general partner of Phoenix.
Prime, Inc. does not directly own any of the Common Stock. Prime, Inc.
may be deemed an indirect beneficial owner of 308,977 shares of Common Stock
by virtue of its position as general partner of Prime, Prime II, Prime III,
Prime IV and Prime V; which are not direct beneficial owners of any of the
Common Stock, but may be deemed to be indirect beneficial owners of Common
Stock by virtue of their positions as general partners of Restart (70,330
shares), Restart II (105,097 shares), Restart III (73,712 shares), Restart IV
(44,357 shares) and Restart V (15,481 shares), respectively.
MW Capital does not directly own any of the Common Stock. MW Capital
may be deemed an indirect beneficial owner of 11,632 shares by virtue of its
position as general partner of MWIP.
Page 26 of 31 Pages
<PAGE>
Waterfall does not directly own any of the Common Stock. Waterfall may
be deemed an indirect beneficial owner of 368,290 shares of Common Stock by
virtue of his positions as President and a Director of Morgens Waterfall, as
investment adviser to Betje (4,348 shares), The Common Fund (22,226 shares)
and Phaeton (8,632 shares); as a managing member of MW Capital, as general
partner of MWIP (11,632 shares); as President and a Director of Prime, Inc.,
as general partner of each of Prime, Prime II, Prime III, Prime IV and Prime
V, as general partners of Restart (70,330 shares), Restart II (105,097
shares), Restart III (73,712 shares), Restart IV (44,357 shares) and Restart V
(15,481 shares), respectively; as a managing member of MW Management, and as
general partner of Phoenix (12,475 shares).
Morgens does not directly own any of the Common Stock. Morgens may be
deemed an indirect beneficial owner of 368,290 shares of Common Stock by
virtue of his positions as Chairman, and Director of Morgens Waterfall, as
investment advisor to Betje (4,348 shares), The Common Fund (22,226 shares)
and Phaeton (8,632 shares); as a managing member of MW Capital, as general
partner of MWIP (11,632 shares); as Chairman of Prime, Inc., as general
partner of each of Prime, Prime II, Prime III, Prime IV and Prime V, as
general partners of Restart (70,330 shares), Restart II (105,097 shares),
Restart III (73,712 shares), Restart IV (44,357 shares) and Restart V (15,481
shares), respectively; as a managing member of MW Management, as general
partner of Phoenix (12,475 shares).
Each Reporting Person hereby disclaims that it has any beneficial
ownership of the securities owned, directly or indirectly, by any other
entity.
(c) Except as set forth in Item 3 above, there have been no other
transactions involving the Common Stock by the Reporting Persons.
(d) Except as set forth in this Item and Item 2 above, no other person
is known to have the right to receive or the power to direct the receipt of
dividends from, or the proceeds from the sale of, the Common Stock.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO THE SECURITIES OF THE ISSUER.
None of the persons identified in Item 2 above is a party to any
contract, arrangement, understanding or relationship with respect to any
securities of the Issuer, except to the extent described in Item 2 and Item 5
of this Statement.
Page 27 of 31 Pages
<PAGE>
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
EXHIBIT 1 Joint Acquisition Statement among the Reporting Persons dated June
16, 1997, filed pursuant to Rule 13d-1(f)(1) under the Securities Exchange Act
of 1934, as amended.
EXHIBIT 2 Power of Attorney, dated June 16, 1997, granted to Morgens and
Waterfall by MWIP; MW Capital; Prime, Inc.; Prime; Prime II; Prime III; Prime
IV; Prime V; Restart; Restart II; Restart III; Restart IV; Restart V; Phoenix;
MW Management; Morgens Waterfall; Betje; The Common Fund; and Phaeton; for the
specific purpose of executing on their behalf any Schedule 13Ds and amendments
thereto for filing with the Commission pursuant to the requirements of Rule
13d-1(f).
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of each
of the Reporting Persons, each such person or entity certifies that the
information set forth in this statement is true, complete and correct and
agrees that this statement is filed on behalf of each of them.
The Reporting Persons listed herein
/s/ Bruce Waterfall
Dated: June 16, 1997 By: ___________________________________
John C. "Bruce" Waterfall, on his
own behalf and as attorney-in-fact
for each of the other Reporting
Persons
/s/ Edwin H. Morgens
By: ___________________________________
Edwin H. Morgens, on his own
behalf and as attorney-in-fact
for each of the other Reporting
Persons
Page 28 of 31 Pages
<PAGE>
EXHIBIT 1
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13d-1(f)(1)
The undersigned acknowledge and agree that this statement on Schedule 13D is
filed on behalf of each of the undersigned and that any subsequent amendments
to the statement on Schedule 13D shall be filed on behalf of each of the
undersigned without the necessity of filing additional joint acquisition
statements. The undersigned acknowledge that each shall be responsible for
the timely filing of such amendments, and for the completeness and accuracy of
the information concerning it contained therein, but shall not be responsible
for the completeness and accuracy of the information concerning the others,
except to the extent that it knows or has reason to believe that such
information is inaccurate.
The Reporting Persons listed herein
Dated: June 16, 1997 By: /s/ Bruce Waterfall
___________________________________
John C. "Bruce" Waterfall, on his
own and as attorney-in-fact for
each of the other Reporting Persons
By: /s/ Edwin H. Morgens
___________________________________
Edwin H. Morgens, on his own
behalf and as attorney-in-fact
for each of the other Reporting
Persons
Page 29 of 31 Pages
<PAGE>
EXHIBIT 2
POWER OF ATTORNEY
The undersigned hereby appoint John C. "Bruce" Waterfall and Edwin H.
Morgens each with full power of substitution, as their attorneys-in-fact for
the specific purpose of executing on their behalf any Schedule 13Ds and
amendments thereto for filing with the Securities and Exchange Commission
pursuant to the requirements of Rule 13d-1(f) under the Securities Exchange
Act of 1934, as amended. The undersigned hereby ratify the execution on their
behalf, prior to the date hereof, by John C. "Bruce" Waterfall or Edwin H.
Morgens of any Schedule 13Ds or amendments thereto for the aforesaid purpose.
IN WITNESS WHEREOF, the undersigned have caused this Power of Attorney
to be duly executed as of June 16, 1997.
MORGENS WATERFALL INCOME PARTNERS, L.P.
By: MW Capital, L.L.C.
General Partner
/s/ Bruce Waterfall
By: _________________________
John C. "Bruce" Waterfall
Managing Member
MW CAPITAL, L.L.C.
/s/ Bruce Waterfall
By: _________________________
John C. "Bruce" Waterfall
Managing Member
PHOENIX PARTNERS, L.P.
By: MW Management, L.L.C.
General Partner
/s/ Bruce Waterfall
By: _________________________
John C. "Bruce" Waterfall
Managing Member
MW MANAGEMENT, L.L.C.
/s/ Bruce Waterfall
By: _________________________
John C. "Bruce" Waterfall
Managing Member
Page 30 of 31 Pages
<PAGE>
BETJE PARTNERS
PHAETON BVI
THE COMMON FUND FOR NON-PROFIT ORGANIZATIONS
By: Morgens, Waterfall, Vintiadis & Company, Inc.
Agent/Investment Advisor
/s/ Bruce Waterfall
By: _________________________
John C. "Bruce" Waterfall
President
MORGANS, WATERFALL, VINTIADIS & COMPANY, INC.
/s/ Bruce Waterfall
By: _________________________
John C. "Bruce" Waterfall
President
RESTART PARTNERS, L.P.
RESTART PARTNERS II, L.P.
RESTART PARTNERS III, L.P.
RESTART PARTNERS IV, L.P.
RESTART PARTNERS V, L.P.
By: PRIME GROUP, L.P.
PRIME GROUP II, L.P.
PRIME GROUP III, L.P.
PRIME GROUP IV, L.P.
PRIME GROUP V, L.P.
As General Partners of Restart Partners, L.P.,
Restart Partners II, L.P., Restart Partners III, L.P.,
Restart Partners IV, L.P. and Restart Partners V, L.P., respectively
By: PRIME, INC.
As general partner of Prime Group, L.P., Prime Group II, L.P.,
Prime Group, III, L.P., Prime Group IV, L.P. and Prime Group V, L.P.
/s/ Bruce Waterfall
By: _________________________
John C. "Bruce" Waterfall
President
JOHN C. "BRUCE" WATERFALL
/s/ Bruce Waterfall
By: _________________________
EDWIN H. MORGENS
/s/ Edwin H. Morgens
By: _________________________
Page 31 of 31 Pages
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