SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------------
SCHEDULE 13D
UNDER THE SECURITIES ACT OF 1934
(Amendment No. ___)
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)
February 24, 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>
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 135,935
BENEFICIALLY ________________________________________________________________
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING _______________________________________________________________
PERSON 10 SHARED DISPOSITIVE POWER
135,935
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
135,935 Units
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_)
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.34%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON
PN
<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 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 135,935
BENEFICIALLY __________________________________________________________________
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING __________________________________________________________________
PERSON 10 SHARED DISPOSITIVE POWER
135,935
_______________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
135,935 Units
_______________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_)
_______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.34%
_______________________________________________________________________________
14 TYPE OF REPORTING PERSON
PN
<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 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 135,935
BENEFICIALLY __________________________________________________________________
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING ___________________________________________________________________
PERSON 10 SHARED DISPOSITIVE POWER
135,935
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
135,935 Units
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_)
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.34%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON
CO
<PAGE>
ITEM 1. SECURITY AND ISSUER.
The class of equity securities to which this statement relates is
the Class A Limited Partnership Units (the "Units") of Heartland Partners,
L.P., a Delaware limited partnership (the "Issuer") with its principal
executive office located at 547 West Jackson Boulevard, Chicago, Illinois
60661.
ITEM 2. IDENTITY AND BACKGROUND.
This statement is being filed by Waveland Partners, L.P., an
Illinois limited partnership ("Waveland"), Waveland Capital Management,
L.P., an Illinois limited partnership ("Waveland Capital") and Clincher
Capital Corporation, an Illinois corporation ("Clincher" and together with
Waveland and Waveland Capital, the "reporting persons").
The reporting persons have their principal offices at 333 West
Wacker Drive, Suite 1600, Chicago, Illinois 60606. Clincher's principal
business is as the general partner of Waveland Capital. Waveland Capital's
principal business is as the general partner of Waveland. Waveland is a
private investment partnership whose primary activities include investments
in marketable securities and private investments.
(a) -- (c) The names, principal occupation or employment and the
name, and, except where such information is provided elsewhere herein, the
principal business and address of any organization in which such employment
is conducted of each officer and director of Clincher is set forth below.
Unless otherwise indicated below, each of the following persons is a United
States citizen and the business address of each of the following persons is
c/o Clincher Capital Corporation, 333 West Wacker Drive, Suite 1600,
Chicago, Illinois 60606.
Name Principal Occupation or Employment
- ---- ----------------------------------
David S. Richter Director, President, Secretary and Treasurer, Clincher
Capital Corporation.
Stephen J. Malkin Director and Chairman of the Board, Clincher Capital
Corporation.
Michael J. Sacks Director and Chief Executive Officer, Clincher Capital
Corporation.
Paul A. Meister Vice President and Assistant Secretary, Clincher Capital
Corporation.
(d) During the last five years, none of the persons identified in
this Item 2 has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
<PAGE>
(e) During the last five years, none of the persons identified in
this Item 2 has been a party to a 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 or, 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 OR OTHER CONSIDERATION.
The working capital of Waveland is the source of funds used in
making purchases of Units.
ITEM 4. PURPOSE OF TRANSACTION.
The acquisition of Units reported herein is for investment
purposes. The reporting persons routinely monitor the performance of their
investments, including their investment in the Issuer. In this connection,
the reporting persons intend to continuously evaluate the Issuer's
business, financial condition, operating results, capital structure,
management, stock market performance, competitive outlook and other
relevant factors. As part of such evaluations, the reporting persons may
seek the views of, hold discussions with and respond to inquiries from
representatives of the Issuer and other persons regarding the Issuer's
affairs. Depending on such evaluations, the reporting persons may, at any
time and from time to time, purchase additional Units or may dispose of any
and all Units held by them. In the interest of maximizing unitholder value,
the reporting persons may from time to time develop plans respecting, or
propose changes in, the management, policies, operations, capital structure
or business of the Issuer. Such plans or proposals may include or relate to
one or more of the transactions specified in subparagraphs (a) through (j)
of Item 4 of Schedule 13D, including, without limitation, acquisitions or
dispositions of one or more businesses, business combinations involving the
Issuer, changes in the Issuer's general partner or the board of directors
or management of the Issuer or its general partner, changes in the Issuer's
capitalization, actions respecting anti-takeover measures, or changes in
the Issuer's compensation or dividend policies. Notwithstanding the
foregoing, the reporting persons have no current plan or proposal which
relates to, or would result in, any of the actions enumerated in
subparagraphs (a) through (j) of Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) Waveland has acquired 135,935 Units representing approximately
6.34% 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 acquired by Waveland.
<PAGE>
(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
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit
Number Description
- ------- ------------
99.1 Joint Filing Agreement
<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: February 27, 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>
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities
Exchange Act of 1934, as amended, each of the persons named below agrees to
the joint filing of a Statement on Schedule 13D (including amendments
thereto) with respect to the Class A Limited Partnership Units of Heartland
Partners, L.P., a Delaware limited partnership, and further agrees that
this Joint Filing Agreement be included as an exhibit to such filings
provided that, as contemplated by Section 13d-1(f)(l)(ii), no person shall
be responsible for the completeness or accuracy of the information
concerning the other persons making the filing, unless such person knows or
has reason to believe that such information is inaccurate. This Joint
Filing may be executed in any number of counterparts, all of which together
shall constitute one and the same instrument.
Dated: February 27, 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
