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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN
BENEFICIAL OWNERSHIP
FORM 4
Filed pursuant to Section 16(a) of the Securities Exchange Act of
1934, Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person
Elliott Associates, L.P.
712 Fifth Avenue
New York, New York 10019
2. Issuer Name and Ticker Trading Symbol
Atlantic Gulf Communities Corp. [AGLF]
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for (Month/Day/Year)
11/97
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person to Issuer (Check all applicable)
Director
Officer (give title below)
Chairman
X 10% Owner
Other (specify below)
Table I - Non-Derivative Securities Acquired, Disposed of, or
Beneficially Owned
1. Title of Security (Instr. 3)
2. Transaction Date (Month/Day/Year)
3. Transaction Code (Inst. 8)
V
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
Amount
(A) or (D)
Price
5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and
4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
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7. Nature of Indirect Beneficial Ownership (Instr. 4)
Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
Table II - Derivative Securities Acquired, Disposed of, or Beneficially
Owned (e.g. puts, calls, warrants, options, convertible
securities)
1. Title of Derivative Security (Instr. 3)
(a) Rights*
(b) Rights
(c) 20% Cumulative Redeemable Convertible Preferred Stock, Series
B ("Preferred Stock")
(d) Class A Warrants
(e) Class B Warrants
(f) Class C Warrants
2. Conversion or Exercisable Price of Derivative Security
(a) $10
(b) $10
(c) $5.75
(d) $5.75
(e) $5.75
(f) $5.75
3. Transaction Date (Month/Day/Year)
(a) 11/5/97
11/6/97
11/7/97
11/10/97
11/11/97
11/13/97
(b) 11/13/97
(c) 11/13/97
(d) 11/13/97
(e) 11/13/97
(f) 11/13/97
4. Transaction Code (Instr. 8)
(a) Code P
(b) Code X
(c) Code X
(d) Code X
(e) Code X
(f) Code X
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
(a) (A) 11,300 on 11/5
5,000 on 11/6
4,300 on 11/7
1,800 on 11/10
16,500 on 11/11
19,412 on 11/13
(b) (D) 61,959
(c) (A) 61,959
(d) 41,306
(e) 41,306
(f) 41,306
6. Date Exercisable and Expiration Date (Month/Day/Year)
(a) Date Exercisable 11/13/97
Expiration Date 11/13/97
(b) Date Exerciable 11/13/97
Expiration Date 11/13/97
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(c) Date Exercisable Current
Expiration Date N/A
(d) Date Exercisable Current
Expiration Date 6/24/2004
(e) Date Exercisable Current
Expiration Date 6/24/2004
(f) Date Exercisable Current
Expiration Date 6/24/2004
7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Title Common Stock
(a) Title: Common Stock
Amount: 218,036
(b) Title: Common Stock
Amount: 231,673
(c) Title: Common Stock
Amount: 107,775
(d) Title: Common Stock
Amount: 41,306
(e) Title: Common Stock
Amount: 41,306
(f) Title: Common Stock
Amount: 41,306
8. Price of Derivative Security (Inst. 5)
(a) $.875 11/5/97
$ 3 11/6/97
$4.90 11/7/97
$5.0278 11/10/97
$4.7633 11/11/97
$0 11/13/97
(b) N/A*
(c) N/A*
(d) N/A*
(e) N/A*
(f) N/A*
9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
(a) 0
(b) 0
(c) 436,959
(d) 321,306
(e) 321,306
(f) 321,306
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
(a) D
(b) D
(c) D
(d) D
(e) D
(f) D
11. Nature of Indirect Beneficial Ownership (Instr. 4)
Explanation of Responses:
*Each Right entitles the holder to purchase one share of Series B
Preferred and 2 Warrants for the exercise price of $10.
** Intentional misstatement or omissions of facts constitute Federal
Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ Paul Singer December 10, 1997
**Signature of Reporting Person Date
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