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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1 )*
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US WATS, INC.
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(Name of Issuer)
Common Stock, par value $.001 per share
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(Title of Class of Securities)
90337P10
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(CUSIP Number)
Carter Strong, Esq. (202) 857-6252
Arent Fox Kintner Plotkin & Kahn
1050 Connecticut Avenue, N.W., Washington, D.C. 20036-5339
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
March 26, 1997
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(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 [_].
Check the following box if a fee is being paid with this statement [_]. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*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
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 ("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).
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SCHEDULE 13D
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CUSIP NO. 90337P10 PAGE 2 OF 5 PAGES
- ----------------------- ---------------------
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gold & Appel Transfer, S.A.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS
4
WC
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
5
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
British Virgin Islands
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SOLE VOTING POWER
7
NUMBER OF 1,546,735
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
-0-
OWNED BY
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EACH SOLE DISPOSITIVE POWER
9
REPORTING 1,546,735
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
-0-
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,546,735
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
13
9.7%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT! 2 of 7
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE AND THE SIGNATURE ATTESTATION.
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This Amendment No. 1 to Schedule 13D filed by Gold & Appel Transfer, S.A.,
a British Virgin Islands corporation ("Gold & Appel"), with respect to the
common stock, par value $.001 per share ("Common Shares"), of US WATS, Inc., a
New York corporation (the "Issuer"), amends Items 3 and 5 of the Schedule 13D
filed by Gold & Appel on January 22, 1997 (the "Statement"). All capitalized
terms used and not defined herein shall have the meanings ascribed to them in
the Statement.
Item 3. Source and Amount of Funds or Other Consideration.
-------------------------------------------------
Item 3 is supplemented as follows:
Gold & Appel purchased a total of 403,100 Common Shares in the NASD
National Market System between January 21, 1997 and May 28, 1997, as follows:
<TABLE>
<CAPTION>
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NUMBER OF AVERAGE PRICE
DATE OF COMMON PER COMMON
TRANSACTION SHARES SHARE*
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<S> <C> <C>
01/21/97 1,000 1.46875
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02/05/97 26,000 1.25000
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03/05/97 30,000 1.25000
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03/07/97 6,000 1.25000
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03/12/97 27,700 1.23262
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03/13/97 5,000 1.15825
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03/26/97 27,500 1.19301
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03/27/97 9,900 1.18750
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03/28/97 16,500 1.17597
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04/02/97 7,500 1.12500
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04/03/97 25,000 1.12500
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04/04/97 40,000 1.12500
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04/07/97 5,000 1.12500
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04/08/97 17,500 1.12500
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04/09/97 15,000 1.12500
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04/10/97 8,500 1.12500
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04/15/97 10,000 1.06250
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04/28/97 5,000 0.87500
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04/30/97 50,000 1.00000
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</TABLE>
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<TABLE>
<CAPTION>
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NUMBER OF AVERAGE PRICE
DATE OF COMMON PER COMMON
TRANSACTION SHARES SHARE*
-----------------------------------------------------
<S> <C> <C>
05/23/97 50,000 1.09374
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05/28/97 20,000 1.21870
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TOTAL 403,100
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</TABLE>
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* Represents the average price paid, excluding commissions, for all purchases on
the date specified. All transactions were effected in the over-the-counter
market.
All of the funds used to purchase such Common Shares came from Gold & Appel's
general corporate funds.
Item 5. Interest in Securities of the Issuer.
------------------------------------
Item 5 is amended as follows:
(a) Gold & Appel beneficially owns 1,546,735 Common Shares, representing
approximately 9.7% of the outstanding Common Shares, based on the outstanding
shares as of May 7, 1997, as reported by the Issuer's Quarterly Report in Form
10-Q filed with the U.S. Securities and Exchange Commission on or about May 7,
1997.
(b) Gold & Appel has the sole power to vote and dispose of 1,546,735 Common
Shares. Under the power-of-attorney dated January 6, 1995, executed by Gold &
Appel and appointing thereunder Walt Anderson as Gold & Appel's attorney-in-
fact, a copy of which was filed as Exhibit 1 to the Statement, Mr. Anderson has
the authority and power, among other things, on Gold & Appel's behalf, to buy,
sell and trade public and private securities, including the Common Shares, and
any other financial investments. Mr. Anderson disclaims beneficial ownership of
the Common Shares held by Gold & Appel.
(c) During the past 60 days prior to this Amendment No. 1, Gold & Appel
effected the purchases of Common Shares in the manner, in the amounts, on the
dates and at the prices set forth above.
(d) No other person is known by Gold & Appel to have the right to receive
dividends from, or the proceeds from the sale of, the Common Shares owned by
Gold & Appel.
(e) Not applicable.
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SIGNATURE
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After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this Amendment is true, complete and
correct.
Date: June 12, 1997
Gold & Appel Transfer, S.A., a British Virgin
Islands corporation
By: /s/ Walt Anderson
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Walt Anderson, Attorney-in-Fact for
Gold & Appel Transfer, S.A.
