FORM 4
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
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1. Name and Address of Reporting Person*
Dobkin, Eric S.
c/o Goldman, Sachs & Co.
85 Broad Street
New York, NY 10004
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2. Issuer Name and Ticker or Trading Symbol
Associates First Capital Corporation
AFS
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3. IRS Identification Number of Reporting Person, if an entity (voluntary)
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4. Statement for Month/Year
05/31/1998
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[X] Director [ ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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7. Individual or Joint/Group Filing (Check Applicable Line)
[X] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Direct|7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities | (D) | Beneficial Ownership |
| | | | Beneficially | or | |
| | | | | A/| | Owned at |Indirect| |
| Date |Code|V| Amount | D | Price | End of Month | (I) | |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
| | | | | | | | | |
Class A Common Stock | | | | | | | 2,000 | D | |
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Class A Common Stock | | | | | | | 11.32164(02) | I | 01,02 |
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Class A Common Stock | | | | | | | 9,269(03) | I | 01,03 |
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Class A Common Stock(05) |5/11/98 |X | | 28,638 |A |$69.859154 | | I | 04 |
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Class A Common Stock(05) |5/11/98 |S/K | | 28,638 |D |$73.68619 | -0- | I | 04 |
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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).
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<CAPTION>
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Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1.Title of |2.Con- |3. |4. |5.Number of De|6.Date Exer |7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Derivative |version | Transaction | rivative Secu| cisable and | of Underlying |of Deri|of Deriva |Dir|Indirect |
Security |or Exer | | | rities Acqui | Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A)or Dis | Date(Month/ | |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) | Day/Year) | |rity |Bene- |or | |
|Deriva- | | | |Date |Expir | | |ficially |Ind| |
|tive | | | | A/ |Exer- |ation | Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa- |Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Equity Swap | | | | | | | | | | | | | | |
(obligation to|$69.8591| | | | | | | |Class A | | | | | |
buy)(05) |54 | 5/11/98 |X | | 1 |D |5/11/98 |5/11/98 |Common Stock|28,638| | -0- | I | 04 |
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Stock Option | | | | | | | | |Class A | | | | | |
(right to buy)|$76.9375| | | | | |06 |2/12/08 |Common Stock|10,000| | 10,000 | D | |
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Explanation of Responses:
01: The Reporting Person is a managing director of Goldman, Sachs & Co. ("GS").
The Goldman Sachs Group, L.P. ("GSG") is the general partner of and owns a 99%
interest in GS. The Reporting Person disclaims beneficial ownership of the
securities reported herein as indirectly owned except to the extent of his
pecuniary interest therein.
02: The shares of Issuer Class A Common Stock ("Common Stock") reported herein
as indirectly owned were acquired in a distribution by Ford Motor Company. The
distribution was exempt from Section 16 pursuant to Rule 16a-9. GS and GSG may
be deemed to own beneficially and indirectly 11.32164 shares of Common Stock
which are beneficially and directly owned by the Greene Street Exchange Fund,
L.P. ("Greene Street"). GS is the investment manager of Greene Street. An
affiliate of GS and GSG is the general partner of Greene Street. The 11.32164
shares reported herein as indirectly beneficially owned by GS and GSG represents
GSG's pecuniary interest in the shares of the Issuer owned by Greene Street.
03: The shares reported herein as indirectly owned were acquired in a
distribution by Ford Motor Company and may be deemed to be beneficially owned
directly by GS. The distribution was exempt from Section 16 pursuant to Rule
16a-9.
04: The Reporting Person is a managing director of GS. An affiliate of GSG is
the investment adviser to Goldman Sachs Global Alpha Fund, L.P. ("GS Global
Alpha"), and an indirect wholly owned subsidiary of GSG is the general partner
of GS Global Alpha. GS Global Alpha is the party to the equity swap reported
herein. GSG and the Reporting Person each disclaim beneficial ownership with
respect to the equity swap except to the extent of their pecuniary interest
therein. Without admitting any legal obligation, GS will remit appropriate
profits, if any, to the Company.
05: The equity swap related to a non-standardized basket of stocks. However, the
following description relates solely to the effects of the Common Stock
component of the basket (as if such component were a stand-alone equity swap)
and disregards the effects of all other components of the basket. The 28,638
shares of Common Stock reported herein represents GSG's pecuniary interest in
the shares of Common Stock included in the basket. This number of shares has
been increased from the previously reported number of 19,314 to give effect to
GSG's pecuniary interest in the shares of Common Stock that were deemed to have
been added to the equity swap because of Ford Motor Company's spin-off of its
stake in the Issuer, effective April 7, 1998 (Ford Motor Company common stock
was a component of the equity swap). Under the equity swap, on May 11, 1998, GS
Global Alpha became entitled to receive a cash payment from the counterparty to
the equity swap in an amount equal to $109,599, which is the excess of (i)
$2,110,225 (the product of (x) 28,638(the number of shares of Common Stock in
the equity swap) and (y) the product (such product being the deemed sale price)
of (a) $73.75995 (the market value of the Common Stock on May 6, 1998 for
purposes of the equity swap) and (b) .999)over (ii) $2,000,626 (the product of
$69.859154 (the "Exercise Price") multiplied by 28,638). The Exercise Price has
been changed from the previously reported Exercise Price because of an
adjustment necessitated by the spin-off by Ford Motor Company of its stake in
the Issuer, effective April 7, 1998. The deemed exercise of the equity swap and
the reported purchase of Common Stock in connection therewith are deemed exempt
from Section 16(b) of the Securities Exchange Act of 1934 pursuant to Rule
16b-6(b) thereunder.
06: These options were granted without payment by the Reporting Person pursuant
to the Company's Deferred Compensation Plan for Non-Employee Directors. The
options are exercisable to the extent of 33 1/3% of such shares after one year
from the date of grant, which was February 13, 1998, 66 2/3% after two years and
in full after three years.
**SIGNATURE OF REPORTING PERSON
By: s/ Hans L. Reich
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Attorney-in-fact
DATE
June 9, 1998
** 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 procedures.
Alternatively, this Form is permitted to be submitted to the
Commission in electronic format at the option of the reporting
person pursuant to rule 101(b) (4) of Regulation S-T.
