UNITED STATES SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
AMC FINANCIAL, INC.
(FORMERLY KNOWN AS CITYSCAPE FINANCIAL CORP.)
(Name of Issuer)
Common Stock
(Title of Class of Securities)
17877V105
(CUSIP Number)
August 3, 1999 13G STATEMENT
(Date of Event which Requires Filing of this Statement)
*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 the purpose 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 6 Pages
1 NAMES OF REPORTING PERSONS I.R.S.
IDENTIFICATION NOS. OF ABOVE PERSONS
MacKay-Shields Financial Corporation ("MSFC")
13-2631681;
2 CHECK THE APPROPRIATE BOX IF A MEMEBER
OF A GROUP
(a)
(b)
Not Applicable
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware (United States)
NUMBER OF 5 SOLE VOTING POWER
SHARES Not Applicable
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 2,042,981
EACH 7 SOLE DISPOSITIVE POWER
REPORTING Not Applicable
PERSON 8 SHARED DISPOSITIVE POWER
WITH 2,042,981
9 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
Total: 2,042,981
10 CHECK IF THE AGGREGATE AMOUNT IN
ROW (11) EXCLUDES CERTAIN SHARES
Not Applicable
11 PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW 11
25.8%
12 TYPE OF REPORTING PERSON
IA
Page 2 of 6 Pages
ITEM 1
(a) Name of Issuer:
AMC FINANCIAL, INC. (FORMERLY KNOWN AS
CITYSCAPE FINANCIAL CORP.)
(b) Address of Issuer's Principal Executive Offices:
565 Taxter Rd.
Elmsford, New York 10523-5200
ITEM 2
(a) Name of Person Filing:
MacKay-Shields Financial Corporation
(b) Address of Principal Business Office:
9 West 57th Street
New York, NY 10019
(c) Citizenship:
United States
(d) Title of Class of Securities:
Common Stock
(e) CUSIP Number:
17877V105
ITEM 3
If this statement is filed pursuant to Sections 240.
13d-1(b), or 240.13d-2(b) or (c), check whether
the person filing is a:
(a) [ ] Broker or dealer registered under Section 15
of the Act (15 U.S.C. 78o);
(b) [ ] Bank as defined in section 3(a)(6) of the Act
(15 U.S.C. 78c);
(c) [ ] Insurance Company as defined in section 3(a)(19)
of the Act (15 U.S.C. 78C);
(d) [ ] Investment company registered under Section 8
of the Investment Company Act if 1940
(15 U.S.C. 80a-8);
(e) [X] An investment adviser in accordance with Section
240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund
in accordance with Section 240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person
in accordance with Section 240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in Section 3(b)
of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the
definition of an insurance company under
Section 3 (c)(14) of the Investment Company
Act of 1940 (15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with section 240.13d-1
(b)(1)(ii)(J).
Page 3 of 6 Pages
ITEM 4. Ownership.
Provide the following information regarding
the aggregate number and percentage of the
class of securities of the issuer identified in
Item 1.
(a) Amount Beneficially Owned:
2,042,981
(b) Percent of Class:
25.8%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
Not Applicable
(ii) shared power to vote or to direct vote
2,042,981
(iii) sole power to dispose or to direct the
disposition of
Not Applicable
(iv) shared power to dispose or to direct the
disposition of
2,042,981
ITEM 5.
Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that
as of the date hereof the reporting person has ceased to
be the beneficial owner of more than five percent of the
class of securities, check the following [ ].
Not Applicable
ITEM 6.
Ownership of More than Five Percent on Behalf of Another
Person
If any 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, such securities, a statement to that effect
should be included in response to this item and, if such interest
relates to more than five percent of the class, such person should
be identified. A listing of the shareholders of an investment
company registered under the Investment Company Act of
1940 or the beneficiaries of employee benefit plan, pension
fund or endowment fund is not required.
Clients of the filing investment manager have
the right to receive and the ultimate power to direct the
receipt of dividends from, or the proceeds of the sale of,
such securities. No interest of any such client relates to
more than 5% of the class.
Page 4 of 6 Pages
ITEM 7.
Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent
Holding Company.
If a parent holding company has filed this schedule, pursuant
to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and
attach an exhibit stating the identity and the Item 3
classification of the relevant subsidiary. If a parent
holding company has filed this schedule pursuant to
Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating
the identification of the relevant subsidiary.
Not Applicable
ITEM 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to Section
240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j)
and attach an exhibit stating the identity and
Item 3 classification of each member of the group.
If a group has filed this schedule pursuant to Section 240.
13d-1( c) or Section 240.13d-1(d), attach an exhibit stating
the identity of each member of the group.
Not Applicable
ITEM 9.
Notice of Dissolution of Group
Notice of dissolution of a group may be furnished as
an exhibit stating the date of the dissolution and that
all further filings with respect to transactions in the
security reported on will be filed, if required, by
members of the group, in their individual capacity.
See Item 5.
Not Applicable
Page 5 of 6 Pages
ITEM 10.
Certification
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above
were acquired and held in the ordinary course of
business and were not acquired and are not held for
the purpose of or with the effect of changing or
influencing the control of the issuer of such securities
and were not acquired and are not held in connection
with or as a participant in any transaction having that
purpose of effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement
is true, complete and correct.
Date: September 10, 1999
Signature: /s/ Russell A. Thompson
Name/Title: Russell A. Thompson
Senior Compliance Officer
Page 6 of 6 Pages
