SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------------
SCHEDULE 13D
(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. 3)
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)
June 2, 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(e), 13d-1(f) or 13d-1(g),
check the following box [ ]
<PAGE>
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
_______________________________________________________________________________
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 211,589
BENEFICIALLY___________________________________________________________________
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING______________________________________________________________________
PERSON 10 SHARED DISPOSITIVE POWER
211,589
_______________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
211,589 Units
_______________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_ )
______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.88%
_______________________________________________________________________________
14 TYPE OF REPORTING PERSON
PN
Page 2 of 6 Pages
<PAGE>
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
_______________________________________________________________________________
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 211,589
BENEFICIALLY___________________________________________________________________
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING______________________________________________________________________
PERSON 10 SHARED DISPOSITIVE POWER
211,589
_______________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
211,589 Units
_______________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_)
_______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.88%
_______________________________________________________________________________
14 TYPE OF REPORTING PERSON
PN
Page 3 of 6 Pages
<PAGE>
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
_______________________________________________________________________________
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 211,589
BENEFICIALLY___________________________________________________________________
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING______________________________________________________________________
PERSON 10 SHARED DISPOSITIVE POWER
211,589
_______________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
211,589 Units
_______________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_)
_______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.88%
_______________________________________________________________________________
14 TYPE OF REPORTING PERSON
CO
Page 4 of 6 Pages
<PAGE>
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The reporting persons may be deemed to beneficially own
211,589 Units representing approximately 9.88% of the Units outstanding as
of March 31, 1998 (as reported in the Issuer's Quarterly Report on Form
10-Q for the quarter ended March 31, 1998).
(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
- ----- -------- --------
5/14/98 5,000.000 16.0000
5/15/98 5,000.000 16.0000
5/19/98 2,000.000 15.8750
5/19/98 1,000.000 16.0000
5/22/98 1,000.000 16.0000
5/27/98 3,900.000 16.0000
6/02/98 2,000.000 16.0000
6/03/98 100.000 16.0000
6/10/98 2,000.000 16.7500
6/11/98 300.000 16.7500
6/12/98 1,000.000 16.7500
6/15/98 1,000.000 16.7500
6/18/98 300.000 16.7500
6/22/98 5,000.000 17.2500
6/29/98 5,000.000 17.5000
6/29/98 25,000.000 17.5000
6/30/98 900.000 17.5000
7/08/98 20,500.000 18.0000
Page 5 of 6 Pages
<PAGE>
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: July 9, 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
