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FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
[ ] Check this box if no Washington, D.C. 20549 OMB NUMBER: 3235-0287
longer subject to Section STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Expires: September 30, 1998
16. Form 4 or Form 5 Filed pursuant to Section 16(a) of the Securities Exchange Act of Estimated average burden
obligations may continue. 1934, Section 17(a) of the Public Utility Holding Company Act of hours per response........0.5
See Instruction 1(b). 1935 or Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
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1. Name and Address of 2. Issuer Name and Ticker or 6. Relationship of Reporting Person(s) to
Reporting Person* Trading Symbol Buckhead America Issuer (Check all applicable)
Van Dyke Steven A. Corporation (BUCK) X Director X 10% Owner
(Last) (First) (Middle) --- ---
__ Officer (give __ Other (specify
title below)
below)
777 S. Harbour Island Blvd., Suite 270 3. IRS or Social 4. Statement for
(Street) Security Number Month/Year --------------------------
of Reporting December 1997 Member of Group Owning 10%
Person (Voluntary)
5. If Amendment, 7. Individual or Joint/Group Filing
Date of Original (Check Applicable Line)
Tampa Florida 33602 (Month/Year) ___ Form filed by One Reporting Person
(City) (State) (Zip)
X Form filed by More than One
--- Reporting Person
Table I--Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1. Title of Security 2. Transaction 3. Transaction 4. Securities Acquired (A) 5. Amount of 6. Ownership 7. Nature
(Instr. 3) Date Code or Disposed of (D) Securities Form: Direct of Indirect
(Instr. 8) (Instr. 3, 4 and 5) Beneficially (D) or Beneficial
(Month/Day/Year) Owned at End Indirect (I) Ownership
of Month
Code V Amount (A) or Price (Instr. 3 (Instr. 4) (Instr.4)
(D) and 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock
(par value $.01) 2,531 D
Common Stock
(par value $.01) 262,000 I +
Common Stock
(par value $.01) 555,555 I convertible
debentures +
+ Beneficially owned by investment funds for which Bay Harbour Management, L.C., which is controlled by the other
two reporting persons, serves as investment advisor.
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
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FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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1. Title of Derivative Security 2. Conversion 3. Transaction 4. Transaction 5. Number of Derivative 6. Date
(Instr. 3) or Exercise Date Code Securities Acquired Exercisable
Price of (Month/ (Instr. 8) (A) or Disposed and
Derivative Day/ of (D) Expiration
Security Year) (Instr. 3, 4, and 5) Date
(Month/
Day/
Year)
Date Expira-
Exer- tion
Code V (A) (D) cisable Date
Convertible
Debentures $9.00 12/22/97 P ++ 12/22/97 12/22/02
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<S> <C> <C> <C> <C>
7. Title and 8. Price of 9. Number of 10. Ownership 11. Nature
Amount of Derivative Derivative Form of of Indirect
Underlying Security Securities Derivative Beneficial
Securities (Instr. 5) Beneficially Security: Ownership
(Instr. 3 Owned at Direct (D) (Instr. 4)
and 4) End of or
Month Indirect (I)
Title Amount or (Instr. 4) (Instr. 4)
Number of
Shares
Common
Stock 555,555 ++ ++ I +++
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Explanation of Responses:
++ $5,000,000, in aggregate price and aggregate principal amount.
+++ Beneficially owned by investment funds for which Bay Harbour Management, L.C.,
which is controlled by the other two reporting persons, serves as investment
advisor.
SIGNATURES ON ATTACHED PAGE
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. ___________________________ ________
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). **Signature of Reporting Date
Person
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Note: File three copies of this Form, one of which must be manually signed. If
space is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
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Additional Reporting Persons I.R.S. Identification No.
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Tower Investment Group, Inc. 59-2924229
777 South Harbour Island Boulevard
Suite 270
Tampa, Florida 33602
Bay Harbour Management, L.C. 59-3418243
777 South Harbour Island Boulevard
Suite 270
Tampa, Florida 33602
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Signatures of Reporting Persons:
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Dated as of: January 8, 1998
Steven A. Van Dyke
______________________________________
STEVEN A. VAN DYKE
Dated as of: January 8, 1998
TOWER INVESTMENT GROUP, INC.
By: Steven A. Van Dyke
__________________________________
Name: Steven A. Van Dyke
Title: President
Dated as of: January 8, 1998
BAY HARBOUR MANAGEMENT, L.C.
By: Steven A. Van Dyke
__________________________________
Name: Steven A. Van Dyke
Title: President
