SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------------
SCHEDULE 13D
UNDER THE SECURITIES ACT OF 1934
(Amendment No. 1)
Heartland Partners, L.P.
_______________________________________________________________________________
(Name of Issuer)
Class A Limited Partnership Units
_______________________________________________________________________________
(Title of Class of Securities)
422357 10 3
_______________________________________________________________________________
(CUSIP Number)
David S. Richter
Waveland Capital Management, L.P.
333 West Wacker Drive
Chicago, Illinois 60606
(312) 739-2138
_______________________________________________________________________________
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 11, 1998
- ------------------------------------------------------------------------------
(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 [ ]
<PAGE> Page 2 of 6 Pages
CUSIP NO.: 422357-10-3 13D
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S IDENTIFICATION NOS. OF ABOVE PERSONS
Waveland Partners, L.P.
______________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_)
(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
Illinois
_______________________________________________________________________________
7 SOLE VOTING POWER
_________________________________________________________________
NUMBER OF 8 SHARED VOTING POWER
SHARES 185,435
BENEFICIALLY _________________________________________________________________
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING _________________________________________________________________
PERSON 10 SHARED DISPOSITIVE POWER
185,435
_______________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
185,435 Units
_______________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_)
_______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.65%
_______________________________________________________________________________
14 TYPE OF REPORTING PERSON
PN
<PAGE> Pages 3 of 6 Pages
CUSIP NO.: 422357-10-3 13D
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S IDENTIFICATION NOS. OF ABOVE PERSONS
Waveland Capital Management, L.P.
______________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_)
(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
Illinois
_______________________________________________________________________________
7 SOLE VOTING POWER
_________________________________________________________________
NUMBER OF 8 SHARED VOTING POWER
SHARES 185,435
BENEFICIALLY _________________________________________________________________
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH _________________________________________________________________
REPORTING
PERSON 10 SHARED DISPOSITIVE POWER
185,435
_______________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
185,435 Units
_______________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_)
_______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.65%
_______________________________________________________________________________
14 TYPE OF REPORTING PERSON
PN
<PAGE>
Page 4 of 6 Pages
CUSIP NO.: 422357-10-3 13D
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S IDENTIFICATION NOS. OF ABOVE PERSONS
Clincher Capital Corporation
______________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_)
(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
Illinois
_______________________________________________________________________________
7 SOLE VOTING POWER
_________________________________________________________________
NUMBER OF 8 SHARED VOTING POWER
SHARES 185,435
BENEFICIALLY _________________________________________________________________
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING _________________________________________________________________
PERSON 10 SHARED DISPOSITIVE POWER
185,435
_______________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
185,435 Units
_______________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_)
_______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.65%
_______________________________________________________________________________
14 TYPE OF REPORTING PERSON
CO
<PAGE> Page 5 of 6 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The working capital of Waveland is the source of funds used in
making purchases of Units reported herein.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The reporting persons beneficially own 185,435 Units
representing approximately 8.65% of the Units outstanding as of September
30, 1997 (as reported in the Issuer's Quarterly Report on Form 10-Q for the
quarter ended September 30, 1997).
(b) Each of the reporting persons may be deemed to share
beneficial ownership of the Units which are owned directly by Waveland.
(c) In the past 60 days, Waveland effected the following open
market purchases of Units:
Number of Average
Units Price
Date Acquired Per Unit
- ---- --------- --------
2/04/98 400 $ 14.875
2/10/98 3,800 $ 15.000
2/11/98 6,400 $ 15.195
2/17/98 2,000 $ 15.250
2/24/98 9,800 $ 15.125
2/25/98 19,085 $ 15.250
3/09/98 16,500 $ 16.000
3/11/98 13,000 $ 15.625
3/17/98 20,000 $ 15.750
<PAGE>
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: March 23, 1998
WAVELAND PARTNERS, L.P.
By: Waveland Capital Management, L.P.
Its: General Partner
By: Clincher Capital Corporation
Its: General Partner
By:/s/ David S. Richter
--------------------------
David S. Richter, President
WAVELAND CAPITAL MANAGEMENT, L.P.
By: Clincher Capital Corporation
Its: General Partner
By:/s/ David S. Richter
----------------------------
David S. Richter, President
CLINCHER CAPITAL CORPORATION
By:/s/ David S. Richter
-----------------------------
David S. Richter, President
<PAGE>
