SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No.___________)*
EQUALNET COMMUNICATIONS CORP.
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(Name of issuer)
Common Stock, $.01 par value
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(Title of class of securities)
294408109
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(CUSIP number)
July 24, 1998
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
( ) Rule 13d-1(b)
(X) Rule 13d-1(c)
( ) Rule 13d-1(d)
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* 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 the
disclosures provided in a prior cover page.
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 (however, see
the Notes).
<PAGE>
<TABLE>
CUSIP No. 294408109 13G Page 2 of 5 Pages
<S> <C>
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SA Telecommunications, Inc.; 75-2258519
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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 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware, United
States of America
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<S> <C> <C>
NUMBER OF SHARES 5 SOLE VOTING POWER
BENEFICIALLY 1,950,730<F1>
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OWNED BY EACH REPORTING 6 SHARED VOTING POWER<F1>
PERSON 0
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WITH 7 SOLE DISPOSITIVE POWER
1,950,730
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8 SHARED DISPOSITIVE POWER<F1>
0
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<S> <C>
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,950,730 shares
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
( )
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
8.36%
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12 TYPE OF REPORTING PERSON
CO
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<FN>
<F1> SA Telecommunications, Inc. (the "Registrant") is the beneficial owner of 195,073 shares of EqualNet Series C Convertible
Preferred Stock (the "Preferred Stock"), which is immediately convertible into 1,950,730 shares of EqualNet common stock (the
"Common Stock"). The Preferred Stock has no voting rights (except in certain limited circumstances) and is not registered pursuant
to Section 12 of the Act. However, the Common Stock has voting rights. Accordingly, for purposes of this Schedule 13(g) only, the
shares of Preferred Stock owned by the Registrant will be treated as though the conversion option had been exercised and all
references herein will be to the Common Stock.
</FN>
</TABLE>
<PAGE>
Item 1(a). Name of Issuer:
EqualNet Communications Corp.
Item 1(b). Address of Issuer's Principal Executive Offices:
EqualNet Plaza
1250 Wood Branch Park Drive
Houston, Texas 77079
Item 2(a). Name of Person Filing:
This statement is filed on behalf of:
SA Telecommunications, Inc.
Item 2(b). Address of Principal Business Office or, if None, Residence:
The principal business address of the Reporting Persons is:
SA Telecommunications, Inc.
1600 Promenade Center, Suite 1450
Richardson, Texas 75080
Attention: Windle R. Ewing
Telephone #: (972) 301-6467
Facsimile #: (972) 690-5925
Item 2(c). Citizenship:
Delaware, United States of America
Item 2(d). Title of Class of Securities:
Common Stock, $.01 par value
Item 2(e). CUSIP Number:
294408109
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or
13d-2(b), check whether the person filing is a:
(a) ( ) Broker or Dealer registered under Section 15 of the Act
(b) ( ) Bank as defined in section 3(a)(6) of the Act
(c) ( ) Insurance Company as defined in section 3(a)(19) of the
act
(d) ( ) Investment Company registered under section 8 of the
Investment Company Act
(e) ( ) Investment Adviser registered under section 203 of the
Investment Advisers Act of 1940
(f) ( ) Employee Benefit Plan, Pension Fund which is subject
to the provisions of the Employee Retirement Income
Security Act of 1974 or Endowment Fund; see ss.240.13d-1
(b)(1)(ii)(F)
(g) ( ) Parent Holding Company, in accordance withss.240.13d-1(b)
(ii)(G) (Note: See Item 7)
(h) ( ) Group, in accordance with ss.240.13d-1(b)(1)(ii)(H)
(Page 3 of 5 Pages)
<PAGE>
Item 4. Ownership.
<TABLE>
<CAPTION>
- --------------------------- ------------ -------- ----------- -------------- ------------ ---------------
Amount Sole Shared
Beneficially Percent Sole Voting Shared Dispositive Dispositive
Entity Owned of Class Power Voting Power Power Power
=========================== ============ ======== =========== ============== ============ ===============
<S> <C> <C> <C> <C> <C> <C>
SA Telecommunications, Inc. 1,950,730 8.36% 1,950,730 not applicable 1,950,730 not applicable
=========================== ============ ======== =========== ============== ============ ===============
</TABLE>
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and
are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were
not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
(Page 4 of 5 Pages)
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of the knowledge and belief
of the undersigned, the undersigned certifies that the information set forth in
this statement is true, complete and correct.
July 31, 1998
SA TELECOMMUNICATIONS, INC.
By:/s/ Albert B. Gordon, Jr.
Name: Albert B. Gordon, Jr.
Title: Chief Executive Officer
(Page 5 of 5 Pages)
