SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
S C H E D U L E 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
UNITED INTERNATIONAL HOLDINGS, INC.
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(Name of Issuer)
CLASS A COMMON STOCK, $0.01 PAR VALUE
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(Title of Class of Securities)
910734102
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(CUSIP Number)
Copy to:
Edward G. Grinacoff Stephen A. Cohen, Esq.
767 Fifth Avenue, 45th Floor Morrison Cohen Singer & Weinstein, LLP
New York, New York 10153 750 Lexington Avenue
Telephone (212) 754-8100 New York, New York 10022
Telephone (212) 735-8600
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
April 10, 1997
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(Date of Event which Requires Filing this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following space __.
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*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. 910734102 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Sandler Capital Management
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2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |X|
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required |_|
Pursuant to Items 2(d) and 2 (e)
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6 Citizenship or Place of Organization New York
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7 Sole Voting Power
0 shares 0%
Number of -----------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 578,900 shares 2.2%
Owned By -----------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person -----------------------------------------------------------------
With 10 Shared Dispositive Power
578,900 shares 2.2%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
578,900 shares
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12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
2.2%
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14 Type of Reporting Person*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP
No. 910734102 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Michael J. Marocco
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2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |X|
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required |_|
Pursuant to Items 2(d) or 2(e)
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
0 shares 0%
Number of -----------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 804,300 shares 3.1%
Owned By -----------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person -----------------------------------------------------------------
With 10 Shared Dispositive Power
804,300 shares 3.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
804,300 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
3.1%
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14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP
No. 910734102 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Barry Lewis
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2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |X|
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required |_|
Pursuant to Items 2(d) or 2(e)
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
0 shares 0%
Number of -----------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 804,300 shares 3.1%
Owned By -----------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 0 shares 0%
Person -----------------------------------------------------------------
With 10 Shared Dispositive Power
804,300 shares 3.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
804,300 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
3.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP
No. 910734102 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
John Kornreich
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2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |X|
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required |_|
Pursuant to Items 2(d) or 2(e)
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6 Citizenship or Place of Organization United States
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7 Sole Voting Power
50,000 shares .2%
Number of -----------------------------------------------------------------
Shares 8 Shared Voting Power
Beneficially 804,300 shares 3.1%
Owned By -----------------------------------------------------------------
Each 9 Sole Dispositive Power
Reporting 50,000 shares .2%
Person -----------------------------------------------------------------
With 10 Shared Dispositive Power
804,300 shares 3.1%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
854,300 shares
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12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
3.3%
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14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP
No. 910734102 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Harvey Sandler
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2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |X|
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3 SEC Use Only
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4 Source of Funds* WC
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5 Check Box if Disclosure of Legal Proceedings is Required |_|
Pursuant to Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
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7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 804,300 shares 3.1%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------------
10 Shared Dispositive Power
804,300 shares 3.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
804,300 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
3.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP
No. 910734102 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Andrew Sandler
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2 Check the Appropriate Box if a Member of a Group* (a) |_|
(b) |X|
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required |_|
Pursuant to Items 2(d) and 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
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7 Sole Voting Power
Number of 0 shares 0%
Shares -----------------------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By 804,300 shares 3.1%
Each -----------------------------------------------------------------
Reporting 9 Sole Dispositive Power
Person 0 shares 0%
With -----------------------------------------------------------------
10 Shared Dispositive Power
804,300 shares 3.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
804,300 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares*
|_|
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
3.1%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
This statement dated April 10, 1997, constitutes Amendment No. 2 to the
Schedule 13D, dated April 29, 1996, regarding the reporting person's ownership
of certain securities of United International Holdings, Inc. (the "Issuer").
The Schedule 13D is hereinafter referred to as the "Schedule". All
capitalized terms used herein and otherwise undefined shall have the meanings
ascribed in the Schedule.
ITEM 1. Security and Issuer.
(a) Class A Common Stock, par value $.01 per share ("Common Stock")
(CUSIP No. 910734102)
United International Holdings, Inc.
4643 Ulster Street, Suite 1300
Denver, Colorado 80237
ITEM 2. Identity and Background
The reporting persons are Sandler Capital Management, a registered
investment adviser and a New York general partnership ("SCM"), and Harvey
Sandler, Barry Lewis, John Kornreich, Michael Marocco and Andrew Sandler (each,
an "Individual", and collectively, the "Individuals"). SCM shares are held
through 21st Century Communications Partners, L.P. ("21st Century"), 21st
Century Communications T-E Partners, L.P. ("T-E") and 21st Century
Communications Foreign Partners, L.P. ("Foreign"), each of which is a Delaware
limited partnership (collectively, the "Partnerships"). Sandler Investment
Partners ("SIP") is a general partner of each of the Partnerships. SCM is the
general partner of SIP. SCM also holds shares on behalf of certain managed
accounts with respect to which SCM exercises investment discretion. Each
Individual, through a Delaware corporation that is controlled by such Individual
and that serves as a general partner of SCM, may be deemed to be a beneficial
owner of the shares of the Common Stock held by the Partnerships and such
managed accounts. Sandler Associates, a New York limited partnership, owns
225,400 shares of Common Stock. Each Individual is a general partner of Sandler
Associates.
Infomedia Associates, Ltd., an entity unaffiliated with any of the
reporting persons, is a general partner of each of the Partnerships.
1. (a) Sandler Capital Management, a New York general partnership ("SCM").
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Occupation: Investment Advisor.
(d) No.
(e) No.
<PAGE>
SCM shares are held through 21st Century, T-E and Foreign, and SCM holds
shares on behalf of certain managed accounts. The general partners of SCM are
MJM Media Corp., EMEBE Corp., Four JK Corp., ARH Corp. and ALSI, LLC.
2. (a) Michael J. Marocco, director, officer and sole stockholder of MJM
Media Corp., a Delaware corporation.
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Business: General Partner of partnerships and limited
partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
MJM Media is a general partner of SCM, which is the general
partner of SIP, a general partner of 21st Century, T-E and Foreign.
3. (a) Barry Lewis, director and majority stockholder of EMEBE Corp., a
Delaware corporation.
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Business: General Partner of partnerships and limited
partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
EMEBE Corp. is a general partner of SCM, which is the general
partner of SIP, a general partner of 21st Century, T-E and Foreign.
4. (a) John Kornreich, director and majority stockholder of Four JK Corp.,
a Delaware corporation.
<PAGE>
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Business: General Partner of partnerships and limited
partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
Four JK Corp. is a general partner of SCM, which is the
general partner of SIP, a general partner of 21st Century, T-E and Foreign.
5. (a) Harvey Sandler, sole shareholder of ARH Corp., a Delaware
corporation.
(b) Address:
1050 Lee Wagener Blvd.
Suite 301
Fort Lauderdale, Florida 33315
(c) Principal Occupation: General Partner of partnerships and
limited partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
ARH Corp. is a general partner of SCM, which is the general partner of
SIP, a general partner of 21st Century, T-E and Foreign.
6. (a) Andrew Sandler, a manager and majority member of ALSI, LLC, a
Delaware limited liability corporation.
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Occupation: General Partner of partnerships and
limited partnerships engaged in the investment business.
(d) No.
(e) No.
<PAGE>
(f) Citizenship: United States.
ALSI, LLC is a general partner of SCM, which is the general partner of
SIP, a general partner of 21st Century, T-E and Foreign.
ITEM 3. Source and Amount of Funds or Other Consideration.
The source of funds for the acquisition of the shares of Common
Stock was the general working capital of the Partnerships, various managed
accounts and the general working capital of Sandler Associates. In the aggregate
1,580,600 shares of the Common Stock were acquired for a total purchase price of
$15,008,343.
Number of Purchase
Name Shares Price
---- ------ -----
21st Century Communications Partners, L.P. 96,280 $1,231,810
21st Century Communications T-E Partners, L.P. 32,760 419,130
21st Century Communications Foreign Partners, L.P. 12,960 165,810
Accounts Managed by SCM 868,700 12,569,072
Sandler Associates 569,900 622,521
In addition, J.K. Media, a New York limited partnership controlled by John
Kornreich, acquired 50,000 shares of Common Stock for a total purchase price of
$658,750.
ITEM 4. Purpose of Transaction.
The reporting persons acquired their shares for the purposes of
investment.
The reporting persons do not have any plans or proposals which
relate to or would result in any of the actions set forth in subparagraphs (a)
through (j) of Item 4 of Schedule 13D.
ITEM 5. Interests in Securities of the Issuer.
(a) The following list sets forth the aggregate number and
percentage (based on 26,057,610 shares of Common Stock outstanding as reported
in the Issuer's Form 10-Q for the quarter ended November 30, 1996) of
outstanding shares of Common Stock owned beneficially by each reporting person
named in Item 2, as of April 10, 1997:
<PAGE>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned Beneficially Owned
---- ------------------ ------------------
Sandler Capital Management 598,900(1),(3),(5) 2.2%
Michael J. Marocco 804,300(1),(2),(3),(5) 3.1%
Barry Lewis 804,300(1),(2),(3),(5) 3.1%
John Kornreich 854,300(1),(2),(3),(4),(5) 3.3%
Harvey Sandler 804,300(1),(2),(3),(5) 3.1%
Andrew Sandler 804,300(1),(2),(3),(5) 3.1%
(b) By virtue of being the sole stockholder, officer and director of
MJM Media Corp., and a general partner or SA, Michael J. Marocco may be deemed
to have shared power to vote and to dispose of 804,300 shares of Common Stock,
representing approximately 3.1% of the outstanding Common Stock.
By virtue of being the majority stockholder and director of
EMEBE Corp., and a general partner of SA, Barry Lewis may be deemed to have
shared power to vote and to dispose of 804,300 shares of Common Stock,
representing approximately 3.1% of the outstanding Common Stock.
By virtue of being the majority stockholder and director of
Four JK Corp., and a general partner of SA, John Kornreich may be deemed to have
shared power to vote and to dispose of 804,300 shares of Common Stock,
representing approximately 3.1% of the outstanding Common Stock.
By virtue of being the sole stockholder of ARH Corp., and a
general partner of SA, Harvey Sandler may be deemed to have shared power to vote
and to dispose of 804,300 shares of Common Stock, representing approximately
3.1% of the outstanding Common Stock.
- ----------
(1) Includes 57,780 shares of Common Stock owned by 21st Century, 19,760
shares of Common Stock owned by T-E and 7,960 shares of Common Stock owned
by Foreign.
(2) Includes 225,400 shares of Common Stock owned by Sandler Associates.
(3) Includes 493,400 shares of Common Stock owned by SCM.
(4) Includes 50,000 shares of Common Stock owned by J.K. Media.
(5) The reporting person disclaims beneficial ownership of these securities,
except to the extent of his/its equity interest therein.
<PAGE>
By virtue of being a manager and majority member of ALSI, LLC,
and a general partner of SA, Andrew Sandler may be deemed to have shared power
to vote and to dispose of 804,300 shares of Common Stock, representing
approximately 3.1% of the outstanding Common Stock.
(c) The following is a description of all transactions in shares of
Common Stock of the Issuer by the persons identified in Item 2 of this Schedule
13D effected in open market transactions from February 8, 1997 through April 10,
1997, inclusive:
Purchase or Number of Shares Purchase or
Name of Shareholder Sale Date Purchased or (Sold) Sale Price
- ------------------- --------- ------------------- ----------
21st Century Communications 4/10/97 (38,500) $8.85
Partners, L.P.
21st Century Communications 4/10/97 (13,000) $8.85
T-E Partners, L.P.
21st Century Communications 4/10/97 (5,000) $8.85
Foreign Partners, L.P.
Accounts Managed by SCM 3/20/97 1,500 $7.9855
3/21/97 3,000 8.875
3/21/97 15,000 8.31
3/21/97 10,000 8.875
3/31/97 1,000 9.50
4/4/97 (25,000) 9.25
4/10/97 (5,000) 9.125
4/10/97 (282,000) 8.85
Sandler Associates 3/20/97 1,600 $7.9855
3/20/97 3,000 9.00
3/20/97 2,400 8.2083
4/10/97 (261,500) 8.85
(d) 21st Century and an individual related to one of the reporting
persons have the right to receive or the power to direct the receipt of
dividends from, or the proceeds from the sale of the shares of Common Stock
reported in this Schedule 13D.
(e) On April 10, 1997, the reporting persons ceased to be beneficial
owners of more than five percent (5%) of the Common Stock.
ITEM 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer
Not Applicable.
ITEM 7. Material to be filed as Exhibits.
Exhibit 7.01 Joint Filing Agreement.
<PAGE>
Signature
After reasonable inquiry and to the best of their knowledge and
belief, each of the undersigned hereby certifies that the information set forth
in this Schedule is true, complete, and correct.
Date: April 18, 1997
SANDLER CAPITAL MANAGEMENT
By: EMEBE Corp.
By: /s/ Barry Lewis
-----------------------------------
Barry Lewis
/s/ Harvey Sandler
-----------------------------------
Harvey Sandler
/s/ Michael Marocco
-----------------------------------
Michael Marocco
/s/ Barry Lewis
-----------------------------------
Barry Lewis
/s/ John Kornreich
-----------------------------------
John Kornreich
/s/ Andrew Sandler
-----------------------------------
Andrew Sandler
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
EXHIBIT 7.01
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act, as
amended, the undersigned hereby agree to the joint filing on behalf of each of
them on a statement on Schedule 13D (including amendments thereto) with respect
to the Common Stock, par value $.01 per shares, of United International
Holdings, Inc. and that this Agreement be included as an Exhibit to such joint
filing.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement this
18th day of April, 1997.
SANDLER CAPITAL MANAGEMENT
By: EMEBE Corp.
By: /s/ Barry Lewis
--------------------------------
Barry Lewis
/s/ Harvey Sandler
--------------------------------
Harvey Sandler
/s/ Michael Marocco
--------------------------------
Michael Marocco
/s/ Barry Lewis
--------------------------------
Barry Lewis
/s/ John Kornreich
--------------------------------
John Kornreich
/s/ Andrew Sandler
--------------------------------
Andrew Sandler
