SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
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 13d-2(b)
Annaly Mortgage Management, Inc.
(Name of Issuer)
Common Stock, $0.01 Par Value
(Title of Class of Securities)
035710409
(CUSIP Number)
June 24, 1998
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule 13G is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
(Page 1 of 17 Pages)
________________
*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 purposes 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)
CUSIP No. 035710409 13G Page 2 of 17 Pages
____________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Granite Capital, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
313,900
OWNED BY ___________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
313,900
_____________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
313,900
_____________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
2.5%
_____________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 035710409 13G Page 3 of 17
Pages
____________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Granite Capital II, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
35,900
OWNED BY ___________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
35,900
_____________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
35,900
_____________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.3%
_____________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 035710409 13G Page 4 of 17 Pages
____________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Granite Capital International Group L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
48,800
OWNED BY ___________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
48,800
_____________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
48,800
_____________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.4%
_____________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
PN; IA
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 035710409 13G Page 5 of 17 Pages
____________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Granite Capital International Group, LLC
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
12,400
OWNED BY ___________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
12,400
_____________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
12,400
_____________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.1%
_____________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
IA
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 035710409 13G Page 6 of 17 Pages
____________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Granite Advisory Corp.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
48,800
OWNED BY ___________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
48,800
_____________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
48,800
_____________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.4%
_____________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
CO
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 035710409 13G Page 7 of 17 Pages
____________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Granum Value Fund
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
227,700
OWNED BY ___________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
227,700
_____________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
227,700
_____________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
1.8%
_____________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
IC
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 035710409 13G Page 8 of 17 Pages
____________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Granum Capital Management, LLC
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
227,700
OWNED BY ___________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
227,700
_____________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
227,700
_____________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
1.8%
_____________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
IA
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 035710409 13G Page 9 of 17 Pages
____________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Lewis M. Eisenberg
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
_____________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
638,700
OWNED BY ___________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
638,700
_____________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
638,700
_____________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.0%
_____________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
IN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 035710409 13G Page 10 of 17 Pages
____________________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Walter F. Harrison, III
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
_____________________________________________________________________________
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
638,700
OWNED BY ___________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
638,700
_____________________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
638,700
_____________________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.0%
_____________________________________________________________________________
(12) TYPE OF REPORTING PERSON **
IN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 035710409 13G Page 11 of 17 Pages
Item 1(a). Name of Issuer:
The name of the issuer is Annaly Mortgage Management, Inc. (the
"Company").
Item 1(b). Address of Issuer's Principal Executive Offices:
The Company's principal executive offices are located at 12 East 41st
Street, Suite 700, New York, NY 10017.
Item 2(a). Name of Person Filing:
This statement is filed by:
(i) Granite Capital, L.P., a Delaware limited partnership
("Granite"), with respect to the shares of Common Stock
(defined in Item 2(d) below) directly owned by it;
(ii) Granite Capital II, L.P., a Delaware limited partnership
("Granite II"), with respect to the shares of Common Stock
directly owned by it;
(iii) Granite Capital International Group L.P., a Delaware limited
partnership ("Granite International LP"), which serves as
investment manager to Granite Capital Overseas Hedged Equity Fund
Limited, a company organized under the laws of Bermuda ("Granite
Overseas"), with respect to the shares of Common Stock directly
owned by Granite Overseas;
(iv) Granite Capital International Group, LLC, a Delaware limited
liability company ("Granite International LLC"), which serves
as investment manager to an account of a third party (the
"Account"), with respect to the shares of Common Stock directly
owned by the Account;
(v) Granite Advisory Corp., a Delaware Corporation ("Granite
Advisory"), which serves as general partner of Granite
International LP, with respect to the shares of Common Stock
directly owned by Granite Overseas;
(vi) Granum Value Fund, a publicly registered mutual fund organized
as a trust under the laws of the state of Delaware ("Granum
Value"), with respect to the shares of Common Stock directly
owned by it;
(vii) Granum Capital Management, LLC, a Delaware limited liability
company ("Granum Management"), which serves as investment
adviser to Granum Value, with respect to the shares of Common
Stock directly owned by Granum Value;
(viii) Lewis M. Eisenberg ("Mr. Eisenberg"), who serves as a
general partner of Granite and of Granite II, as a member of
Granite International LLC, as President of Granite Advisory
and as a member of Granum Management, with respect to the shares
of Common Stock directly owned by each of Granite, Granite II,
Granite Overseas, the Account and Granum Value; and
CUSIP No. 035710409 13G Page 12 of 17 Pages
(ix) Walter F. Harrison, III ("Mr. Harrison"), who serves as a
general partner of Granite and of Granite II, as a member of
Granite International LLC, as Secretary and Treasurer of Granite
Advisory and as a member of Granum Management, with respect to
the shares of Common Stock directly owned by each of Granite,
Granite II, Granite Overseas, the Account and Granum Value.
The foregoing persons are hereinafter collectively referred to as the
"Reporting Persons". Any disclosures herein with respect to persons other than
the Reporting Persons are made on information and belief after making
inquiry to the appropriate party.
Item 2(b). Address of Principal Business Office or, if None, Residence:
The address of the business office of each of the Reporting Persons is 126
East 56th Street, 25th Floor, New York, New York 10022.
Item 2(c). Citizenship:
Mr Eisenberg and Mr. Harrison are citizens of the United States. Each of
the other Reporting Persons is organized under the laws of the state of
Delaware.
Item 2(d). Title of Class of Securities:
Common Stock, $0.01 par value (the "Common Stock").
Item 2(e). CUSIP Number:
035710409
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), 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 of 1940,
(e) [ ] Investment Adviser in accordance with Rule
13d-1 (b)(1)(ii)(E),
(f) [ ] Employee Benefit Plan or Endowment Fund in accordance with
13d-1 (b)(1)(ii)(F)
CUSIP No. 035710409 13G Page 13 of 17 Pages
(g) [ ] Parent Holding Company or control person in accordance
with Rule 13d-1 (b)(1)(ii)(G),
(h) [ ] Savings Association as defined in Section 3(b) of the
Federal Deposit Insurance Act,
(i) [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the
Investment Company Act of 1940,
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Not applicable.
Item 4. Ownership.
The percentages used in this Item 4 are calculated based upon 12,757,674
shares of Common Stock issued and outstanding as of May 11, 1998 as reported
in the Company's Form 10-Q for the period ending March 31, 1998.
A. Granite Capital, L.P.
(a) Amount beneficially owned: 313,900
(b) Percent of class: 2.5%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 313,900
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 313,900
B. Granite Capital II, L.P.
(a) Amount beneficially owned: 35,900
(b) Percent of class: 0.3%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 35,900
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 35,900
C. Granite Capital International Group L.P.
(a) Amount beneficially owned: 48,800
(b) Percent of class: 0.4%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 48,800
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 48,800
D. Granite Capital International Group, LLC
(a) Amount beneficially owned: 12,400
(b) Percent of class: 0.1%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 12,400
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 12,40
CUSIP No. 035710409 13G Page 14 of 17 Pages
E. Granite Advisory Corp.
(a) Amount beneficially owned: 48,800
(b) Percent of class: 0.4%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 48,800
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 48,800
F. Granum Value Fund
(a) Amount beneficially owned: 227,700
(b) Percent of class: 1.8%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 227,700
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 227,700
G. Granum Capital Management, LLC
(a) Amount beneficially owned: 227,700
(b) Percent of class: 1.8%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 227,700
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 227,700
H. Lewis M. Eisenberg
(a) Amount beneficially owned: 638,700
(b) Percent of class: 5.0%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 638,700
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 638,700
I. Walter F. Harrison, III
(a) Amount beneficially owned: 638,700
(b) Percent of class: 5.0%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 638,700
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 638,700
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.
Messrs. Eisenberg and Harrison, the general partners of Granite and
Granite II, have the power to direct the affairs of Granite and Granite II,
including decisions respecting the disposition of the proceeds from the sale of
shares of Common Stock.
CUSIP No. 035710409 13G Page 15 of 17 Pages
Granite International LP, the investment adviser of Granite Overseas, has
the power to direct the affairs of Granite Overseas, including decisions
respecting the disposition of the proceeds from the sale of shares of Common
Stock. Granite Advisory is the general partner of Granite International LP and
in such capacity directs its operations. Mr. Eisenberg is President and
Harrison is Secretary and Treasurer of Granite Advisory, and in such capacities
direct its operations.
Granite International LLC, the investment adviser of the Account, has the
power to direct the affairs of the Account, including decisions respecting the
disposition of the proceeds from the sale of shares of Common Stock. Messrs.
Eisenberg and Harrison are members of Granite International LLC, and in such
capacities direct its operations.
Granum Management, the investment adviser of Granum Value, has the power
to direct the affairs of Granum Value, including decisions respecting the
disposition of the proceeds from the sale of shares of Common Stock. Messrs.
Eisenberg and Harrison are members of Granum Management, and in such capacities
direct its operations.
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.
See Item 2.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
Each of the Reporting Persons hereby makes the following 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.
CUSIP No. 035710409 13G Page 16 of 17 Pages
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
DATED: July 7, 1998
GRANITE CAPITAL, L.P.
By: /s/ Lewis M. Eisenberg
Lewis M. Eisenberg
General Partner
By: /s/ Walter F. Harrison, III
Walter F. Harrison, III
General Partner
GRANITE CAPITAL II, L.P.
By: /s/ Lewis M. Eisenberg
Lewis M. Eisenberg
General Partner
By: /s/ Walter F. Harrison, III
Walter F. Harrison, III
General Partner
GRANITE ADVISORY CORP.
By: /s/ Lewis M. Eisenberg
Lewis M. Eisenberg
President
By: /s/ Walter F. Harrison, III
Walter F. Harrison, III
Secretary and Treasurer
GRANUM VALUE FUND
By: Granum Capital Management, LLC,
Investment Adviser
By: /s/ Lewis M. Eisenberg
Lewis M. Eisenberg
Member
CUSIP No. 035710409 13G Page 17 of 17 Pages
By: /s/ Walter F. Harrison, III
Walter F. Harrison, III
Member
GRANUM CAPITAL MANAGEMENT, LLC
By: /s/ Lewis M. Eisenberg
Lewis M. Eisenberg
Member
By: /s/ Walter F. Harrison, III
Walter F. Harrison, III
Member
GRANITE CAPITAL INTERNATIONAL GROUP L.P.
By: Granite Advisory Corp.,
General Partner
By: /s/ Lewis M. Eisenberg
Lewis M. Eisenberg
President
By: /s/ Walter F. Harrison, III
Walter F. Harrison, III
Secretary and Treasurer
GRANITE CAPITAL INTERNATIONAL GROUP, LLC
By: /s/ Lewis M. Eisenberg
Lewis M. Eisenberg
Member
By: /s/ Walter F. Harrison, III
Walter F. Harrison, III
Member
LEWIS M. EISENBERG
/s/ Lewis M. Eisenberg
WALTER F. HARRISON, III
/s/ Walter F. Harrison, III
