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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1 ) *
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EASTERN ENVIRONMENTAL SERVICES, INC.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
276369105
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(CUSIP Number)
Robert M. Kramer, Esq.,1150 First Avenue, Suite 900,
King of Prussia, PA 19406, (610) 992-4712
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
January 31, 1997
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(Date of Event which Requires Filing of 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 box [_].
Check the following box if a fee is being paid with this statement [_]. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of less than five percent of such class.
See Rule 13d-7.)
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).
1
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SCHEDULE 13D
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CUSIP No. 276369105 Page 2 of Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ENVIRONMENTAL OPPTUNITIES FUND, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [_]
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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
NUMBER OF 889,697
SHARES --------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 1,111,101
REPORTING --------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
889,697
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10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,000,798
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.6%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
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SCHEDULE 13D
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CUSIP No. 276369105 Page 3 of Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ENVIRONMENTAL OPPORTUNITIES FUND (CAYMAN), L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [_]
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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
CAYMAN ISLANDS
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NUMBER OF 7 SOLE VOTING POWER
SHARES 110,303
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,111,101
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING 110,303
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PERSON 10 SHARED DISPOSITIVE POWER
WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,221,404
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.1%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
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SCHEDULE 13D
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CUSIP No. 276369105 Page 4 of ____ Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
KENNETH C. LEUNG
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [_]
(b) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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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
NUMBER OF
50,000
SHARES ---------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
2,111,101
OWNED BY ---------------------------------------------------
9 SOLE DISPOSITIVE POWER
EACH
50,000
REPORTING ---------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON
1,000,000
WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,161,101
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [_]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.8%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
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Item 1. Security and Issuer.
This item is unchanged from the Schedule 13D filed by the Reporting Persons on
July 1, 1996.
Item 2. Identity and Background.
This item is unchanged from the Schedule 13D filed by the Reporting Persons on
July 1, 1996.
Item 3. Source and Amount of Funds or Other Consideration.
The increased number of shares beneficially owned results, in part, from
purchases described in Item 5, infra, which were completed using the working
capital of Environmental Opportunities Fund, L.P., and the working capital of
Environmental Opportunities Fund (Cayman), L.P. No borrowed funds were used to
acquire the securities reported hereon.
Item 4. Purpose of Transaction.
This item is unchanged from the Schedule 13D filed by the Reporting Persons on
July 1, 1996, except that all agreements described therein under which the
Reporting Persons, Mr Louis D. Paolino, Jr., and Mr. George Moorehead held the
right to purchase shares of the Issuer have been consummated, and the resulting
number of shares owned by the Reporting Persons is as set forth in Item 5,
infra.
Item 5. Interest in Securities of the Issuer.
(a) Based upon the number of outstanding shares of common stock of Eastern
Environmental Services, Inc., as reported by the issuer to be 12,058,326:
(i) the 2,161,101 shares that may be considered to be beneficially owned by
Mr. Leung would represent 17.8% of the common stock that would be
outstanding after the exercise of the options described in subparagraph
(c), infra; (ii) the 2,000,798 shares that may be considered to be
beneficially owned by Environmental Opportunities Fund, L.P., would
represent 16.6% of the outstanding common stock; and (iii) the 1,221,404
shares that may be considered to be beneficially owned by Environmental
Opportunities Fund (Cayman), L.P., would represent 10.1% of the outstanding
common stock. The Reporting Persons continue to disclaim beneficial
ownership of 1,111,101 shares owned by William Skuba, as to which
Environmental Opportunities Fund, L.P., Louis Paolino, Jr., and George
Moorehead possess an irrevocable proxy as to voting, as described more
fully in the Schedule 13D filed by the Reporting Persons on July 1, 1996.
(b) Environmental Opportunities Fund, L.P., presently has the sole power to
vote and dispose of 889,697 shares of common stock. Environmental
Opportunities Fund (Cayman), L.P., presently has the sole power to vote and
dispose of 110,303 shares of common stock. Mr. Leung is considered to have
sole power to vote and dispose of 50,000 shares subject to a purchase
option described in subparagraph (c), infra, and, as managing director of
Environmental Opportunities Fund, L.P., and Environmental Opportunities
Fund (Cayman), L.P., may be considered to have dispositive power over
shares held by them. Mr. Leung, Environmental Opportunities Fund, L.P.,
and Environmental Opportunities Fund (Cayman), L.P., may be considered to
have shared power to vote 1,111,101 shares subject to proxy, as described
in subparagraph (a), supra.
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(c) In addition to the transactions reported on in the Schedule 13D filed by
the Reporting Persons on July 1, 1996, the Reporting Persons herein report
the following transactions:
Pursuant to a private offering of common stock via private placement
memorandum dated July 17, 1996, Environmental Opportunities Fund, L.P.,
purchased 667,275 shares of common stock, and Environmental Opportunities
Fund (Cayman), L.P., purchased 82,725 shares of common stock, all at $4.00
per share, that were delivered on or about September 3, 1996.
Pursuant to a grant by the compensation committee of the board of directors
of Eastern Environmental Services, Inc., on October 1, 1996, Mr. Leung was
given options to purchase shares of common stock at $6.63 per share, of
which 50,000 are purchasable on and after October 1, 1996.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
to Securities of the Issuer.
This item is unchanged from the Schedule 13D filed by the Reporting Persons on
July 1, 1996, except that the put agreement with William Skuba described therein
at Item 6, subparagraph (a) has been cancelled, and the four stock purchase
agreements described therein at Item 6, subparagraph (b) have been consummated
in accordance with their terms.
Item 7. Material to be Filed as Exhibits.
This item is unchanged from the Schedule 13D filed by the Reporting Persons on
July 1, 1996.
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.
2/14/97 /s/Kenneth C. Leung
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Date Kenneth C. Leung, Individually
Environmental Opportunities Fund, L.P.
2/14/97 By: /s/Kenneth C. Leung
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Date Kenneth C. Leung, Managing Director
Environmental Opportunities Fund (Cayman), L.P.
2/14/97 By: /s/Kenneth C. Leung
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Date Kenneth C. Leung, Managing Director
