SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)
SPRECKELS INDUSTRIES, INC.
----------------------------------------------------
(Name of Issuer)
Class A Common Stock, $.01 Par Value
----------------------------------------------------
(Title of Class of Securities)
849416-20-1
----------------------------------------------------
(CUSIP Number)
James G. Dinan
DINAN MANAGEMENT, L.L.C.
350 Park Avenue, 25th Floor
New York, New York 10022
Tel. No.: (212) 377-2020
----------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
- with copies to -
Richard P. Swanson, Esq.
Reid & Priest LLP
40 West 57th Street
New York, New York 10019
(212) 603-6783
August 26, 1996
-------------------------------------------------------
(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 the
statement [ ].
The information required in 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 (the "Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act.
(Continued on following pages)
Page 1 of 12 Pages
<PAGE>
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CUSIP No. 849416-20-1 13D Page 2 of 12 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
York Capital Management, 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
-----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 182,700 (includes warrants to purchase
OWNED BY 135,000 shares)
EACH -------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH
None
-------------------------------------------------
9 SOLE DISPOSITIVE POWER
182,700 (includes warrants to purchase
135,000 shares)
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
182,700 (includes warrants to purchase 135,000 shares)
-----------------------------------------------------------------
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)
3 %
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14 TYPE OF REPORTING PERSON*
PN
-----------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
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CUSIP No. 849416-20-1 13D Page 3 of 12 Pages
------------------------ -------------------------
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Dinan Management, L.L.C.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY N/A
OWNED BY -------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 187,700 (includes warrants to purchase
135,000 shares)
-------------------------------------------------
9 SOLE DISPOSITIVE POWER
N/A
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
187,700 (includes warrants to purchase
135,000 shares)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
187,700 (includes warrants to purchase 135,000 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*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
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CUSIP No. 849416-20-1 13D Page 4 of 12 Pages
------------------------- -------------------------
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
James G. Dinan
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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*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY N/A
OWNED BY -------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 299,200 (includes warrants to purchase
240,000 shares)
-------------------------------------------------
9 SOLE DISPOSITIVE POWER
N/A
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
299,200 (includes warrants to purchase
240,000 shares)
-----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
299,200 (includes warrants to purchase 240,000 shares)
-----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
-----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.98%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
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CUSIP No. 849416-20-1 13D Page 5 of 12 Pages
------------------------ -------------------------
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
York Select, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) [ ]
-----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 5,000
OWNED BY -------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH None
-------------------------------------------------
9 SOLE DISPOSITIVE POWER
5,000
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,000
-----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
-----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
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CUSIP No. 849416-20-1 13D Page 6 of 12 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
York Investment Limited
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
-----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Commonwealth of the Bahamas
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY Warrants to purchase 105,000 shares
OWNED BY -------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH None
-------------------------------------------------
9 SOLE DISPOSITIVE POWER
Warrants to purchase 105,000 shares
-------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
Warrants to purchase 105,000 shares
-----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
-----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
SCHEDULE 13D (Amendment No. 1)
------------------------------
Pursuant to Rule 13d-2 of the General Rules and
Regulations under the Securities Exchange Act of 1934, this
Amendment No. 1 restates and amends the Schedule 13D filed by
these reporting persons with the Commission on January 29, 1996
(the "Statement").
ITEM 1. SECURITY AND ISSUER.
-------------------
The title of the class of equity securities to which
this Amendment No. 1 relates is the Class A Common Stock, $.01
par value per share (the "Spreckels Common Stock") and warrants
for the purchase of Spreckels Common Stock ("Warrants"), of
Spreckels Industries, Inc., a Delaware corporation (the
"Company"). The Company's principal executive offices are at
6805 MorrisonBoulevard, Suite450, Charlotte, NorthCarolina 28211.
ITEM 2. IDENTITY AND BACKGROUND.
-----------------------
(a) This Amendment No. 1 is being filed jointly by the
following reporting persons (hereinafter sometimes collectively
referred to as the "Filing Persons") pursuant to an Agreement of
Joint Filing attached to the statement as Exhibit 1:
(i) James G. Dinan ("Dinan"), an individual who is
the Senior Managing Director, Member and holder
of a ninety-nine percent (99%) interest in
Dinan Management, L.L.C. and the President and
sole shareholder of Dinan Management
Corporation ("DMC") a Delaware Corporation,
which is the sub-manager of York Investment
Limited.
(ii) Dinan Management, L.L.C. ("Dinan Management"),
a New York limited liability company, is the
sole General Partner of York Capital
Management, L.P. and York Select, L.P.
(iii) York Capital Management, L.P. ("York Capital"),
a Delaware limited partnership.
(iv) York Select, L.P. ("York Select"), a Delaware
limited partnership.
(v) York Investment Limited ("York Investment"), a
corporation of the Commonwealth of the Bahamas.
Dinan is also filing this Amendment No. 1 on behalf of
certain other funds and accounts ("Managed Accounts") over which
he has sole discretionary investment authority as President and
sole shareholder of JGD Management Corp. ("JGD Management"), a
Delaware corporation, which manages the Managed Accounts.
(b), (c) and (f) Dinan's principal occupation is
investment management. Dinan is a citizen of the United States.
Page 7 of 12 Pages
<PAGE>
Dinan Management is a privately owned New York limited
liability company, the principal business of which is to act as
General Partner of York Capital and York Select, and which also
renders investment management and advisory services to
institutional and other private investors regarding investment
and trading in securities and other financial instruments.
Each of York Capital and York Select is a privately
owned investment limited partnership which is in the business of
purchasing, for investment and trading purposes, securities and
other financial instruments.
York Investment is a Bahamian corporation. Dinan
Management Corporation ("DMC"), a Delaware corporation, is the
sub-manager of York Investment. Dinan is the President and sole
shareholder of DMC. York Investment is in the business of
purchasing, for investment and trading purposes, securities and
other financial instruments.
The address of each of Dinan, Dinan Management, York
Capital and York Select is:
350 Park Avenue
25th Floor
New York, New York 10022
The address for York Investment for the purposes of
this filing is:
York Investment Limited
c/o Dinan Management Corporation
350 Park Avenue
25th Floor
New York, New York 10022.
(d) None of the Filing Persons has been convicted
during the last five years in a criminal proceeding (excluding
traffic violations or similar misdemeanors).
(e) None of the Filing Persons has been a party during
the last five years to any civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of
such proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating
activities subject to federal or state securities laws or finding
any violation with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS.
--------------------------
The source of the funds used by York Capital to
directly purchase the Spreckels Common Stock listed in Item 5(c)
was working capital in the approximate amount of $ 128,380. The
source of the funds used by York Investment to directly purchase
Spreckels Common Stock listed in Item 5(c) as working capital in
the approximate amount of $726,514. Working capital in both
cases was provided by capital contributions of partners and
internally generated funds.
Page 8 of 12 Pages
<PAGE>
The sources of the funds used by JGD Management to purchase
Spreckels Common Stock listed in Item 5(c) for the Managed
Accounts were funds on deposit in the brokerage accounts of the
investors for which the purchases were effected. The approximate
aggregate amount of funds used to make the purchases of Spreckels
Common Stock on behalf of the Managed Accounts was $20,196.
ITEM 4. PURPOSE OF THE TRANSACTION.
--------------------------
The Filing Persons acquired the Spreckels Common Stock
for investment purposes. The Filing Persons reserve the right to
purchase additional shares, either separately or together with
other persons, to sell all or some of the shares beneficially
owned by them, or to otherwise trade in Spreckels Common Stock,
in open market or private transactions, provided that in their
individual or collective judgment such transactions present an
attractive (long- or short-term) opportunity for profit.
Although the Filing Persons have no plans or proposals
which relate to or would result in any transactions specified in
paragraphs (a) through (j) of this Item, the Filing Persons may
separately or collectively consider plans or proposals relating
to or resulting in one or more such transaction in the future
depending upon factors then existing, such as the market for the
Company's Common Stock, the Company's then prospects, alternative
investment opportunities, general economic and money-market
investment conditions, as well as other factors deemed relevant
from time to time.
ITEM 5. INTEREST IN THE SECURITIES OF THE ISSUER.
----------------------------------------
(a) The beneficial ownership of each of the Filing
Persons of Spreckels Common Stock as of the date hereof is as
follows:
(i) Dinan has purchased no shares of Spreckels Common
Stock for his own account; however, Dinan has shared voting
and/or dispositive power with respect to an aggregate of 299,200
shares of Spreckels Common Stock consisting of: (i) 187,700
shares beneficially owned by Dinan Management, (ii) 105,000
shares beneficially owned by York Investment, and (iii) 6,500
held in the Managed Accounts. The 299,200 shares of Spreckels
Common Stock, which includes 240,000 shares underlying currently
exercisable Warrants to purchase Spreckels Common Stock,
represent approximately 4.98% of the 6,006,362 shares outstanding
as of May 17, 1996 (as reported in the Company's Form 10-Q for
the quarter ended March 31, 1996).
Of the 135,000 Warrants owned by York Capital, 100,000
have an exercise price of $9.17 per share, and the balance have
an exercise price of $11.67 per share. Of the 105,000 Warrants
owned by York Investment, 80,000 have an exercise price of $9.17
per share, and the balance have an exercise price of $11.67 per
share. All Warrants expire on September 2, 2001.
(ii) Dinan Management has not purchased any shares of
Spreckels Common Stock for its own account; however, as General
Partner of York Capital and York Select, Dinan Management would
be the beneficially owner (as such term is defined under Rule
13d-3) of 187,700 shares of Spreckels Common Stock held directly
by such entities.
Page 9 of 12 Pages
<PAGE>
(iii) York Capital is the beneficial owner of 182,700
shares of Spreckels Common Stock, 135,000 of which may be
acquired by the exercise of Warrants. The 182,700 shares of
Spreckels Common Stock beneficially owned by York Capital
represent approximately 3% of the outstanding shares.
(iv) York Select is the direct beneficial owner of
5,000 shares of Spreckels Common Stock. The 5,000 shares of
Spreckels Common Stock beneficially owned by York Select
represent approximately 0.1% of the outstanding shares.
(v) York Investment is the beneficial owner of
Warrants to purchase 105,000 shares of Spreckels Common Stock.
The shares of Spreckels Common Stock beneficially owned by York
Investment represent approximately 1.7% of the outstanding
shares.
(c) The Filing Persons effected the following
transactions of Spreckels Common Stock in the over-the-counter
market during the past sixty (60) days:
=================================================================
FILING PERSON TRADE DATE NUMBER OF SHARES SHARE PRICE
-----------------------------------------------------------------
York Capital 7/22/96 6,400** 18.12
-----------------------------------------------------------------
York Capital 7/23/96 7,200** 18.12
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York Capital 7/25/96 7,000* 18.34
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York Capital 8/26/96 20,000** 23.56
-----------------------------------------------------------------
York 7/22/96 12,300** 18.10
Investment
-----------------------------------------------------------------
York 7/23/96 14,100** 18.12
Investment
-----------------------------------------------------------------
York 7/25/96 9,900* 18.34
Investment
-----------------------------------------------------------------
York 7/31/96 16,800* 18.48
Investment
-----------------------------------------------------------------
York 8/19/96 12,200* 19.22
Investment
-----------------------------------------------------------------
York 8/26/96 155,900** 23.62
Investment
-----------------------------------------------------------------
Managed 7/22/96 2,200** 18.10
Accounts
-----------------------------------------------------------------
Managed 7/23/96 2,400** 18.11
Accounts
-----------------------------------------------------------------
Managed 7/25/96 1,100* 18.36
Accounts
-----------------------------------------------------------------
Managed 8/26/96 16,500** 23.58
Accounts
-----------------------------------------------------------------
York Select 7/22/96 1,100** 18.12
-----------------------------------------------------------------
York Select 7/23/96 1,300** 18.11
-----------------------------------------------------------------
York Select 8/26/96 6,200** 23.56
=================================================================
* Purchase ** Sale
Page 10 of 12 Pages
<PAGE>
(d) Not applicable.
(e) The Filing Persons ceased to be the beneficial
owners of more than five percent of the Spreckels Common Stock on
August 26, 1996.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
--------------------------------------------------------
WITH RESPECT TO SECURITIES OF THE ISSUER.
----------------------------------------
The information to be provided in Item 6 has not changed
since the filing of the Statement.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
--------------------------------
The information to be provided in Item 7 has not changed
since the filing of the Statement.
Page 11 of 12 Pages
<PAGE>
SIGNATURES
----------
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: August 29, 1996
DINAN MANAGEMENT, L.L.C.
By: /s/ James G. Dinan
--------------------------------------------
James G. Dinan
Senior Managing Director
YORK CAPITAL MANAGEMENT, L.P.
By: /s/ James G. Dinan
--------------------------------------------
Dinan Management, L.L.C., General Partner
James G. Dinan, Senior Managing Director
YORK SELECT, L.P.
By: /s/ James G. Dinan
--------------------------------------------
Dinan Management, L.L.C., General Partner
James G. Dinan, Senior Managing Director
/s/ James G. Dinan
----------------------------------------------
JAMES G. DINAN
YORK INVESTMENT LIMITED
By: /s/ James G. Dinan
--------------------------------------------
Dinan Management Corporation, Sub-Manager
James G. Dinan, President
Page 12 of 12 Pages
