SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
S C H E D U L E 13D/A
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d -1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a).
(Amendment No. 2)(1)
GRANITE BROADCASTING CORP.
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(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
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(Title of Class of Securities)
387241102
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(CUSIP Number)
Copy to:
Mr. Edward Grinacoff Michael R. Reiner, Esq.
Sandler Capital Management Morrison Cohen Singer & Weinstein, LLP
767 Fifth Avenue, 45th Floor 750 Lexington Avenue
New York, New York 10153 New York, New York 10022
Telephone (212) 754-8100 Telephone (212) 735-8600
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 9, 1998
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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 that is the subject of this Schedule 13D/A, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-(g), check the following box
|_|.
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
(Continued on following page(s))
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(1) 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 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).
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<PAGE>
CUSIP
No. 387241102 13D/A
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1 Names Of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Sandler Associates
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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* 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 New York
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Number of 7 Sole Voting Power
Shares 260,000 Shares 2.4%
Beneficially --------------------------------------------------------------
Owned By 8 Shared Voting Power
Each 0 Shares 0%
Reporting --------------------------------------------------------------
Person 9 Sole Dispositive Power
With 260,000 Shares 2.4%
--------------------------------------------------------------
10 Shared Dispositive Power
0 Shares 0%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
260,000 Shares
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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)
2.4%
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14 Type of Reporting Person*
PN
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<PAGE>
CUSIP
No. 387241102 13D/A
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1 Names Of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Sandler Capital Management
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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* WC, OO
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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 New York
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Number of 7 Sole Voting Power
Shares 0 Shares 0%
Beneficially --------------------------------------------------------------
Owned By 8 Shared Voting Power
Each 447,500 Shares 4.2%
Reporting --------------------------------------------------------------
Person 9 Sole Dispositive Power
With 0 Shares 0%
--------------------------------------------------------------
10 Shared Dispositive Power
447,500 Shares 4.2%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
447,500 Shares
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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)
4.2%
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14 Type of Reporting Person*
PN
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<PAGE>
CUSIP
No. 387241102 13D/A
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1 Names Of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Michael J. Marocco
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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* 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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Number of 7 Sole Voting Power
Shares 0 Shares 0%
Beneficially --------------------------------------------------------------
Owned By 8 Shared Voting Power
Each 707,500 Shares 6.6%
Reporting --------------------------------------------------------------
Person 9 Sole Dispositive Power
With 0 Shares 0%
--------------------------------------------------------------
10 Shared Dispositive Power
707,500 Shares 6.6%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
707,500 Shares
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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)
6.6%
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14 Type of Reporting Person*
IN
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<PAGE>
CUSIP
No. 387241102 13D/A
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1 Names Of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
John Kornreich
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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* 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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Number of 7 Sole Voting Power
Shares 0 Shares 0%
Beneficially --------------------------------------------------------------
Owned By 8 Shared Voting Power
Each 781,500 Shares 7.3%
Reporting --------------------------------------------------------------
Person 9 Sole Dispositive Power
With 0 Shares 0%
--------------------------------------------------------------
10 Shared Dispositive Power
781,500 Shares 7.3%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
781,500 Shares
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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)
7.3%
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14 Type of Reporting Person*
IN
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<PAGE>
CUSIP
No. 387241102 13D/A
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1 Names Of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Harvey Sandler
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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* 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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Number of 7 Sole Voting Power
Shares 0 Shares 0%
Beneficially --------------------------------------------------------------
Owned By 8 Shared Voting Power
Each 707,500 Shares 6.6%
Reporting --------------------------------------------------------------
Person 9 Sole Dispositive Power
With 0 Shares 0%
--------------------------------------------------------------
10 Shared Dispositive Power
707,500 Shares 6.6%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
707,500 Shares
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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)
6.6%
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14 Type of Reporting Person*
IN
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<PAGE>
CUSIP
No. 387241102 13D/A
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1 Names Of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
Andrew Sandler
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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* 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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Number of 7 Sole Voting Power
Shares 0 Shares 0%
Beneficially --------------------------------------------------------------
Owned By 8 Shared Voting Power
Each 707,500 Shares 6.6%
Reporting --------------------------------------------------------------
Person 9 Sole Dispositive Power
With 0 Shares 0%
--------------------------------------------------------------
10 Shared Dispositive Power
707,500 Shares 6.6%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
707,500 Shares
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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)
6.6%
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14 Type of Reporting Person*
IN
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<PAGE>
CUSIP
No. 387241102 13D/A
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1 Names Of Reporting Persons
I.R.S. Identification Nos. of Above Persons (Entities Only)
J.K. Media, L.P.
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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* 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 New York
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Number of 7 Sole Voting Power
Shares 74,000 Shares 0.7%
Beneficially --------------------------------------------------------------
Owned By 8 Shared Voting Power
Each 0 Shares 0%
Reporting --------------------------------------------------------------
Person 9 Sole Dispositive Power
With 74,000 Shares 0.7%
--------------------------------------------------------------
10 Shared Dispositive Power
0 Shares 0%
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11 Aggregate Amount Beneficially Owned By Each Reporting Person
74,000 Shares
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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)
0.7%
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14 Type of Reporting Person*
PN
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<PAGE>
This statement, dated September 9, 1998, constitutes Amendment No. 2 to
the Schedule 13D/A, dated February 11, 1998, regarding the reporting persons
ownership of common stock of Granite Broadcasting Corp. (the "Issuer").
The Schedule 13D/A is hereinafter referred to as the "Schedule." All
capitalized terms used herein and otherwise undefined shall have the meanings
ascribed in the Schedule.
This Amendment No. 2 to the Schedule is filed in accordance with Rule
13d-2 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") by
the reporting persons. It shall refer only to information which has materially
changed since the filing of the Schedule.
ITEM 2. Identity and Background.
(a) Andrew Sandler is the sole shareholder of ALCR Corp.
(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.
(f) Citizenship: United States.
ALCR Corp. is a general partner of SCM. Andrew Sandler is the son of
Harvey Sandler.
ITEM 3. Source and Amount of Funds or Other Consideration.
The source of funds for the acquisition of the additional securities
was the general working capital of the various managed accounts, the general
working capital of Sandler Associates, and the general working capital of J.K.
Media.
The amount of funds used in acquiring the additional shares of
Common Stock is set forth below:
<TABLE>
<CAPTION>
Number of Purchase
Shares Price
------------ -------------
<S> <C> <C>
Accounts Managed by SCM 126,500 $951,535
Sandler Associates 45,000 $399,875
J.K. Media 4,000 $ 45,160
</TABLE>
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<PAGE>
ITEM 5. Interests in Securities of the Issuer.
(a) The following list sets forth the aggregate number and
percentage (based on 10,705,698 shares of Common Stock outstanding as reported
by the Issuer to the reporting persons as of September 11, 1998) of outstanding
shares of Common Stock owned beneficially by each reporting person named in Item
2, as of September 9, 1998:
<TABLE>
<CAPTION>
Shares of Percentage of Shares
Common Stock of Common Stock
Name Beneficially Owned Beneficially Owned
- ---- ------------------ ------------------
<S> <C> <C>
Sandler Capital Management 447,500(1) 4.2%
Sandler Associates 260,000(2) 2.4%
Michael J. Marocco 707,500(1),(2),(3) 6.6%
John Kornreich 781,500(1),(2),(3),(4) 7.3%
Harvey Sandler 707,500(1),(2),(3) 6.6%
Andrew Sandler 707,500(1),(2),(3) 6.6%
J.K. Media 74,000(4) .7%
</TABLE>
(b) By virtue of being the manager of certain accounts owning shares
of Common Stock with respect to which SCM exercises investment discretion, SCM
may be deemed to have shared power to vote and to dispose of 447,500 shares of
Common Stock, representing approximately 4.2% of the outstanding Common Stock.
By virtue of being the sole shareholder of MJDM Corp. and a
general partner of Sandler Associates, Michael J. Marocco may be deemed to have
shared power to vote and to dispose of 707,500 shares of Common Stock,
representing approximately 6.6% of the outstanding Common Stock.
By virtue of being the sole shareholder of Four JK Corp. and a
general partner of Sandler Associates and J.K. Media, John Kornreich may be
deemed to have shared power to vote and to dispose of 781,500 shares of Common
Stock, representing approximately 7.3% of the outstanding Common Stock.
By virtue of being the sole shareholder of ARH Corp. and a
general partner of Sandler Associates, Harvey Sandler may be deemed to have
shared power to vote and to dispose of 707,500 shares of Common Stock,
representing approximately 6.6% of the outstanding Common Stock.
- --------
(1)Includes 447,500 shares of Common Stock held in accounts managed by SCM.
(2)Includes 260,000 shares of Common Stock owned by Sandler Associates.
(3)The reporting person disclaims beneficial ownership of these securities,
except to the extent of his/her/its equity interest therein.
(4)Includes 74,000 shares of Common Stock owned by J.K. Media.
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<PAGE>
By virtue of being the sole shareholder of ALCR Corp. and a
general partner of Sandler Associates, Andrew Sandler may be deemed to have
shared power to vote and to dispose of 707,500 shares of Common Stock,
representing approximately 6.6% of the outstanding Common Stock.
(c) The following is a description of all transactions in the shares
of Common Stock by the persons identified in Item 2 of this Schedule 13D/A
effected from July 9, 1998 through September 9, 1998, inclusive:
<TABLE>
<CAPTION>
Number of Shares
Purchase or of Common Stock Purchase or
Name of Shareholder Sale Date Purchased or (Sold) Sale Price
- ------------------- --------- ------------------- ----------
<S> <C> <C> <C>
Sandler Associates 9/9/98 20,000 $5.75
Accounts Managed by
Sandler Capital Management 9/9/98 80,000 $5.75
</TABLE>
All purchases of Common Stock were effected in open market
transactions in the over-the-counter market.
(d) No other person has the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of such securities.
(e) Not applicable.
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<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: September 18, 1998
SANDLER ASSOCIATES
By: Michael J. Marocco
------------------------
Name: Michael J. Marocco
Title: General Partner
Michael J. Marocco
------------------------
Michael J. Marocco
John Kornreich
------------------------
John Kornreich
Harvey Sandler
------------------------
Harvey Sandler
Andrew Sandler
------------------------
Andrew Sandler
SANDLER CAPITAL MANAGEMENT
By: ARH Corp.
By: Edward Grinacoff
----------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
J.K. MEDIA, L.P.
By: John Kornreich
----------------------
Name: John Kornreich
Title: General Partner
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
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