SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)<FN1>
CYPRUS AMAX MINERALS COMPANY
(Name of Issuer)
$4.00 SERIES A CONVERTIBLE PREFERRED STOCK
(Title of Class of Securities)
232809202
(CUSIP Number)
[FN]
<FN1>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>
CUSIP No. 232809202 13G Page 2 of 10 Pages
1 NAME OF REPORTING PERSONS
S.S. or I.R.S. Identification Nos. of above persons
LIPPER CONVERTIBLES, L.P.
__________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
JOINT FILING (a) \ \
(b) \ \
__________________________________________________________________
3 SEC USE ONLY
__________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
__________________________________________________________________
5 SOLE VOTING POWER
NUMBER OF NONE
SHARES _____________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 195,988
EACH _____________________________________________________
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON NONE
WITH _____________________________________________________
8 SHARED DISPOSITIVE POWER
195,988
__________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
195,988 (Not to be construed as an admission of beneficial ownership.)
__________________________________________________________________
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
__________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.2%
__________________________________________________________________
12 TYPE OF REPORTING PERSON<FN1>
PN, BD
__________________________________________________________________
<FN1>SEE INSTRUCTIONS BEFORE FILLING OUT!<PAGE>
CUSIP No. 232809202 13G Page 3 of 10 Pages
1 NAME OF REPORTING PERSONS
S.S. or I.R.S. Identification Nos. of above persons
LIPPER HOLDINGS, LLC
__________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
JOINT FILING (a) / /
(b) / /
__________________________________________________________________
3 SEC USE ONLY
__________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
__________________________________________________________________
5 SOLE VOTING POWER
NUMBER OF NONE
SHARES _____________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 195,988
EACH _____________________________________________________
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON NONE
WITH _____________________________________________________
8 SHARED DISPOSITIVE POWER
195,988
__________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
195,988 (Not to be construed as an admission of beneficial ownership.)
__________________________________________________________________
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
__________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.2%
__________________________________________________________________
12 TYPE OF REPORTING PERSON<FN1>
HC, 00
__________________________________________________________________
<FN1>SEE INSTRUCTIONS BEFORE FILLING OUT!<PAGE>
CUSIP No. 232809202 13G Page 4 of 10 Pages
1 NAME OF REPORTING PERSONS
S.S. or I.R.S. Identification Nos. of above persons
LIPPER & COMPANY, INC.
__________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
JOINT FILING (a) / /
(b) / /
__________________________________________________________________
3 SEC USE ONLY
__________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
__________________________________________________________________
5 SOLE VOTING POWER
NUMBER OF NONE
SHARES _____________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 195,988
EACH _____________________________________________________
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON NONE
WITH _____________________________________________________
8 SHARED DISPOSITIVE POWER
195,988
_____________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
195,988 (Not to be construed as an admission of beneficial ownership.)
__________________________________________________________________
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
__________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.2%
__________________________________________________________________
12 TYPE OF REPORTING PERSON<FN1>
CO, HC
__________________________________________________________________
<FN1>SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 232809202 13G Page 5 of 10 Pages
1 NAME OF REPORTING PERSONS
S.S. or I.R.S. Identification Nos. of above persons
KENNETH LIPPER
__________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
JOINT FILING (a) / /
(b) / /
__________________________________________________________________
3 SEC USE ONLY
__________________________________________________________________
4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
__________________________________________________________________
5 SOLE VOTING POWER
NUMBER OF NONE
SHARES _____________________________________________________
BENEFICIALLY 6 SHARED VOTING POWER BENEFICIALLY
OWNED BY 195,988
EACH _____________________________________________________
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON NONE
WITH _____________________________________________________
8 SHARED DISPOSITIVE POWER
195,988
__________________________________________________________________
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
195,988 (Not to be construed as an admission of beneficial ownership.)
__________________________________________________________________
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
__________________________________________________________________
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.2%
__________________________________________________________________
12 TYPE OF REPORTING PERSON<FN1>
IN
__________________________________________________________________
<FN1>SEE INSTRUCTIONS BEFORE FILLING OUT!<PAGE>
Item 1.
(a) Name of issuer: Cyprus Amax Minerals Company
(b) Address of issuer's principal executive offices: 9100 East Mineral
Circle, Inglewood, Colorado 80112
Item 2.
(a) Name of person filing: Lipper & Company, Inc.
(b) Address or principal business office or, if none, residence: 101
Park Avenue, 6th Floor, New York, New York 10178
(c) Citizenship: Delaware
(d) Title of class of securities: $4.00 Series A Convertible Preferred
Stock
(e) CUSIP No.: 232809202
Item 3. If this statement is filed pursuant to Rules 13d-l(b), or 13d-2(b),
check whether the person filing is a:
(a) / / Broker or dealer registered under section 15 of the Act
(b) / / Bank as defined in section 3(a)(6) of the Act
(c) / / Insurance company as defined in section 3(a)(19) of the Act
(d) / / Investment company registered under section 8 of the Investment
Company Act
(e) / / Investment adviser registered under section 203 of the
Investment Advisers Act of 1940
(f) / / Employee benefit plan, pension fund which is subject to
provisions of the Employee Retirement Income Security Act of 1974
or endowment fund; see Section 240.13d-1(b)(1)(ii)(F)
(g) /x/ Parent holding company, in accordance with
Section 240.13d-1(b)(ii)(G). (Note: See Item 7)
(h) / / Group, in accordance with Section 240.13d-1(b)(1)(ii)(H)
Item 4. Ownership
As of the close of business on December 31, 1997, the Reporting Persons
may be deemed to beneficially own in the aggregate 195,988 shares of $4.00
Series A Convertible Preferred Stock. Lipper Holdings, LLC, Lipper & Company,
Inc. and Kenneth Lipper each disclaims beneficial ownership of the securities
of Cyprus Amax Minerals Company directly beneficially owned by Lipper
Convertibles, L.P., and the filing of this Amendment to Schedule 13G shall not
be construed as an admission that any of the foregoing is a beneficial
owner of any Cyprus Amax Minerals Company securities.
(a) Amount beneficially owned: See line item (9) of the cover pages.
<PAGE>
(b) Percent of class: See line item (11) of the cover pages.
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote: See line item (5) of
the cover pages.
(ii) Shared power to vote or to direct the vote: See line item (6)
of the cover pages.
(iii) Sole power to dispose or to direct the disposition of: See
line item (7) of the cover pages.
(iv) Shared power to dispose or to direct the disposition of: See
line item (8) of the cover pages.
Item 5. Ownership of 5 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 5 percent of the class of securities, check the following /x/.
Item 6. Ownership of More than 5 Percent on Behalf of Another Person.
Not Applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company
See Exhibit A.
Item 8. Identification and Classification of Members of the Group
Not Applicable
Item 9. Notice of Dissolution of Group
Not Applicable
<PAGE>
Item 10. Certification
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the effect
of changing or influencing the control of the issuer of such securities and
were not acquired in connection with or as a participant in any transaction
having such purposes or 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.
February 9, 1998
-----------------------------------------
Date
/s/
-----------------------------------------
Signature
Abraham Biderman/Executive Vice President
-----------------------------------------
Name/Title
Attention: Intentional misstatements or omissions of fact constitute
federal criminal violations (see 18 U.S.C. 1001).
<PAGE>
EXHIBIT A TO SCHEDULE 13G
ITEM 7 DISCLOSURE REGARDING SUBSIDIARIES
Lipper Holdings, LLC ("Lipper Holdings") is the general partner of
Lipper Convertibles, L.P. ("LC"). Lipper & Company, Inc. ("L&Co. Inc.") is
the manager of Lipper Holdings. L&Co. Inc. is 51% owned by Kenneth Lipper
("K. Lipper"). Each of Lipper Holdings and L&Co. Inc. are parent holding
companys as that term is defined by Rule 13d-1(b)(1)(ii)(G) of the
Securities Exchange Act of 1934, as amended (the "Act"). LC is a
broker-dealer registered under Section 15 of the Act. Each of Lipper Holdings
and L&Co. Inc. do not directly hold any shares of $4.00 Series A Convertible
Preferred Stock of Cyprus Amax Minerals Company and thus meets the
requirements under Rule 13d-1(b)(1)(ii)(G) for a parent holding company.
K. Lipper, the controlling shareholder of L&Co. Inc., does not directly hold
any shares of $4.00 Series A Convertible Preferred Stock of Cyprus Amax
Minerals Company and pursuant to the Edward D. Johnson 3d, (August 20, 1991),
and the Warren E. Buffett and Berkshire Hathaway, Inc., (December 5, 1986)
SEC No-Action Letters, K. Lipper is therefore eligible to file a Schedule 13G.
LC is a New York limited partnership, Lipper Holdings is a Delaware
limited liability company, L&Co. Inc. is a Delaware corporation and K. Lipper
is a United States citizen. Each of these entities' business address is as
follows:
101 Park Avenue
6th Floor
New York, New York 10178
The persons filing this joint Amendment to Schedule 13G may be deemed
to beneficially own $4.00 Series A convertible preferred stock of Cyprus
Amax Minerals Company in the following amounts:
Person Shares of Cyprus Amax Shares Beneficially
Minerals Company Held Owned
Directly or in Directly
Managed Accounts
1. Lipper Convertibles, 195,988 195,988
L.P.
2. Lipper Holdings, LLC 0 195,988
3. Kenneth Lipper 0 195,988
4. Lipper & Company, 0 195,988
Inc.
Pursuant to Rule 13d-4, each of Lipper Holdings, L&Co. Inc. and K. Lipper
disclaims beneficial ownership of the $4.00 Series A Convertible Preferred
Stock of Cyprus Amax Minerals Company, and the filing of this Amendment to
Schedule 13G shall not be construed as an admission that any such entity is
the beneficial owner of any securities of Cyprus Amax Minerals Company.
<PAGE>
AMENDMENT NO. 1 TO JOINT FILING AGREEMENT
Each of the undersigned persons hereby agrees and consents to this joint
filing of Schedule 13G on its behalf, pursuant to Section 13(d) and (g) of
the Securities Exchange Act of 1934, as amended, and the rules promulgated
thereunder. Each of these persons is not responsible for the completeness or
accuracy of the information concerning the other person making this filing
unless such person knows or has reason to believe that such information is
inaccurate.
Dated: February 9, 1998
Lipper Convertibles, L.P. Lipper Holdings, LLC
Name: \s\ Name: \s\
Title: Executive Vice President Title: Executive Vice President
Lipper & Company, Inc. Kenneth Lipper
Name: \s\ \s\
Title: Executive Vice President
