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UNITED STATES
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 )*
PXRE CORP.
(Name of Issuer)
Common Stock, $.01 Par Value
(Title of Class of Securities)
693674103
(CUSIP Number)
*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 disclosures provided in a prior cover page.
The information required on 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. 693674103
1.
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Harris Associates L.P. 04-3276558
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)
3.
SEC USE ONLY
4.
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
5.
SOLE VOTING POWER
None
6.
SHARED VOTING POWER
None
7.
SOLE DISPOSITIVE POWER
None
8.
SHARED DISPOSITIVE POWER
None
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0%
12.
TYPE OF REPORTING PERSON*
IA
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 693674103
1.
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Harris Associates Inc. 04-3276549
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)
3.
SEC USE ONLY
4.
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
5.
SOLE VOTING POWER
None
6.
SHARED VOTING POWER
None
7.
SOLE DISPOSITIVE POWER
None
8.
SHARED DISPOSITIVE POWER
None
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0%
12.
TYPE OF REPORTING PERSON*
IA
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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Item 1(a) Name of Issuer:
PXRE CORP.
1(b) Address of Issuer's Principal Executive Offices:
399 Thornall Street, 14th Floor
Edison, NJ 08837
Item 2(a) Name of Person Filing:
Harris Associates L.P. ("Harris")
Harris Associates Inc. ("General Partner")
2(b) Address of Principal Business Office or, if none, Residence:
Both Harris and the General Partner maintain
their pricipal offices at:
Two North LaSalle Street, Suite 500
Chicago, IL 60602-3790
2(c) Citizenship:
Harris is a Delaware limited partnership.
The General Partner is a Delaware corporation.
2(d) Title of Class of Securities:
Common Stock, $.01 Par Value (the "Shares")
2(e) CUSIP Number:
693674103
Item 3 If this statement if filed pursuant to Rules 13d-1(b), or 13d-2(b):
Not applicable.
Item 4 Ownership (at April 30, 1998):
4(a) By reason of advisory and other relationships with the
person who owns the Shares, Harris may be deemed to be
the beneficial owner of the following shares:
None
4(b) Percent of Class:
0%<PAGE>
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4(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
None
(ii) shared power to vote or to direct the vote:
None
(iii) sole power to dispose or to direct the disposition of:
None
(ii) shared power to dispose or to direct the disposition of:
None
Item 5 Ownership of Five Percent or Less of a Class:
As of April 30, 1998, Harris ceased to be a beneficial owner
of more than five percent of any class of securities.
Item 6 Ownership of More than Five 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:
Not Applicable.
Item 8 Identification and Classification of Members of the Group:
Not Applicable.
Item 9 Notice of Dissolution of Group:
Not Applicable.
<PAGE>
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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 purpose 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.
Dated: May 6, 1998
Harris Associates, Inc., for itself and, as
general partner for Harris Associates L.P.
By:/s/Anita M. Nagler
Anita M. Nagler
Vice President
