SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
American Waste Services, Inc.
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(Name of Issuer)
Class A Common Stock, No par value
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(Title of Class of Securities)
030406102
---------------------------------
(CUSIP Number)
May 11, 1998
---------------------------------
(Date of Event Which Requires Filing of the 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)
*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 ("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>
SCHEDULE 13G
CUSIP No. 030406102 Page 2 of 12 Pages
- -------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Palestra Capital, L.L.C.
- -------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- -------------------------------------------------------------------------------
3) SEC USE ONLY
- -------------------------------------------------------------------------------
4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------------------
5) SOLE VOTING POWER
1,102,700
NUMBER ----------------------------------------------------
OF 6) SHARED VOTING POWER
SHARES 362,400
BENEFICIALLY ----------------------------------------------------
OWNED BY 7) SOLE DISPOSITIVE POWER
EACH 1,102,700
REPORTING ----------------------------------------------------
PERSON 8) SHARED DISPOSITIVE POWER
WITH 362,400
- -------------------------------------------------------------------------------
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,465,100
- -------------------------------------------------------------------------------
10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
- -------------------------------------------------------------------------------
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.8%
- -------------------------------------------------------------------------------
12) TYPE OF REPORTING PERSON
OO
- -------------------------------------------------------------------------------
Page 2 of 12 Pages
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SCHEDULE 13G
CUSIP No. 030406102 Page 3 of 12 Pages
- -------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
David Brail
- -------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- -------------------------------------------------------------------------------
3) SEC USE ONLY
- -------------------------------------------------------------------------------
4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------------------
5) SOLE VOTING POWER
1,102,700
NUMBER ----------------------------------------------------
OF 6) SHARED VOTING POWER
SHARES 362,400
BENEFICIALLY ----------------------------------------------------
OWNED BY 7) SOLE DISPOSITIVE POWER
EACH 1,102,700
REPORTING ----------------------------------------------------
PERSON 8) SHARED DISPOSITIVE POWER
WITH 362,400
- -------------------------------------------------------------------------------
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,465,100
- -------------------------------------------------------------------------------
10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
- -------------------------------------------------------------------------------
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.8%
- -------------------------------------------------------------------------------
12) TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------
Page 3 of 12 Pages
<PAGE>
SCHEDULE 13G
CUSIP No. 030406102 Page 4 of 12 Pages
- -------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Palestra Partners, L.P.
- -------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- -------------------------------------------------------------------------------
3) SEC USE ONLY
- -------------------------------------------------------------------------------
4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------------------
5) SOLE VOTING POWER
447,190
NUMBER ----------------------------------------------------
OF 6) SHARED VOTING POWER
SHARES Not Applicable
BENEFICIALLY ----------------------------------------------------
OWNED BY 7) SOLE DISPOSITIVE POWER
EACH 447,190
REPORTING ----------------------------------------------------
PERSON 8) SHARED DISPOSITIVE POWER
WITH Not Applicable
- -------------------------------------------------------------------------------
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
447,190
- -------------------------------------------------------------------------------
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
PN
- -------------------------------------------------------------------------------
Page 4 of 12 Pages
<PAGE>
SCHEDULE 13G
CUSIP No. 030406102 Page 5 of 12 Pages
- -------------------------------------------------------------------------------
1) NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Palestra Partners II, L.P.
- -------------------------------------------------------------------------------
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- -------------------------------------------------------------------------------
3) SEC USE ONLY
- -------------------------------------------------------------------------------
4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------------------
5) SOLE VOTING POWER
655,510
NUMBER ----------------------------------------------------
OF 6) SHARED VOTING POWER
SHARES Not Applicable
BENEFICIALLY ----------------------------------------------------
OWNED BY 7) SOLE DISPOSITIVE POWER
EACH 655,510
REPORTING ----------------------------------------------------
PERSON 8) SHARED DISPOSITIVE POWER
WITH Not Applicable
- -------------------------------------------------------------------------------
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
655,510
- -------------------------------------------------------------------------------
10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
- -------------------------------------------------------------------------------
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.6%
- -------------------------------------------------------------------------------
12) TYPE OF REPORTING PERSON
PN
- -------------------------------------------------------------------------------
Page 5 of 12 Pages
<PAGE>
SCHEDULE 13G
ITEM 1(a). NAME OF ISSUER:
American Waste Services, Inc.
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
One American Way, Warren, Ohio 44484-5555
ITEM 2(a). NAME OF PERSON FILING:
This statement is being filed by Palestra Capital, L.L.C., David Brail,
Palestra Partners L.P., and Palestra Partners II, L.P. (collectively, the
"Reporting Persons").
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
The business address of each of the Reporting Persons is 237 Park
Avenue, 9th Floor, New York, NY 10017.
ITEM 2(c). CITIZENSHIP:
Each of Palestra Capital, L.L.C., Palestra Partners L.P., and Palestra
Partners II, L.P. is organized under the laws of the State of Delaware.
David Brail is a citizen of the United States.
ITEM 2(d). TITLE OF CLASS OF SECURITIES:
Class A Common Stock, no par value
ITEM 2(e). CUSIP NUMBER:
030406102
ITEM 3. This statement is filed pursuant to Rule 13d-1(c). [x]
ITEM 4. OWNERSHIP.
Palestra Capital, L.L.C.
------------------------
(a) Amount beneficially owned:
Palestra Capital, L.L.C. may be deemed to own beneficially (through the
power to direct the vote and disposition thereof) 1,465,100 shares of the Class
A Common Stock, no par value (447,190 shares as General Partner of Palestra
Partners, L.P., 655,510 shares of Palestra Partners II, L.P., and 362,400 as
advisor to two managed accounts).
(b) Percent of class:
Page 6 of 12 Pages
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The Class A Common Stock beneficially owned by Palestra Capital,
L.L.C., amounts to 5.8% of the 25,301,308 shares of Class A Common Stock issued
and outstanding as of May 5, 1998 (as reported by the issuer in its quarterly
report on Form 10-Q for the quarter ended March 31, 1998).
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
1,102,700 shares, as General Partner of Palestra Partners,
L.P. and Palestra Partners II, L.P.
(ii) Shared power to vote or to direct the vote:
362,400 shares, as advisor to two managed accounts.
(iii) Sole power to dispose or to direct the disposition of:
1,102,700 shares, as General Partner of Palestra Partners,
L.P. and Palestra Partners II, L.P.
(iv) Shared power to dispose or to direct the disposition of:
362,400 shares, as advisor to two managed accounts.
David Brail
-----------
(a) Amount beneficially owned:
As managing member of Palestra Capital, L.L.C., David Brail may be
deemed to own beneficially (through the power to direct the vote and disposition
thereof) 1,465,100 shares of the Class A Common Stock, no par value.
(b) Percent of class:
The Class A Common Stock beneficially owned by David Brail
amounts to 5.8% of the 25,301,308 shares of Class A Common Stock issued and
outstanding as of May 5, 1998 (as reported by the issuer in its quarterly report
on Form 10-Q for the quarter ended March 31, 1998).
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
1,102,700 shares, as managing member of Palestra Capital,
L.L.C. which is the General Partner of Palestra Partners, L.P. and Palestra
Partners II, L.P.
(ii) Shared power to vote or to direct the vote:
Page 7 of 12 Pages
<PAGE>
362,400 shares, as managing member of Palestra Capital, L.L.C. which is
advisor to two managed accounts.
(iii) Sole power to dispose or to direct the disposition of:
1,102,700 shares, as managing member of Palestra
Capital, L.L.C. which is the General Partner of Palestra Partners,
L.P. and Palestra Partners II, L.P.
(iv) Shared power to dispose or to direct the disposition of:
362,400 shares, as managing member of Palestra Capital,
L.L.C. which is advisor to two managed accounts.
Palestra Partners, L.P.
-----------------------
(a) Amount beneficially owned:
447,190
(b) Percent of class:
1.8%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
447,190
(ii) Shared power to vote or to direct the vote:
Not Applicable.
(iii) Sole power to dispose or to direct the disposition of:
447,190
(iv) Shared power to dispose or to direct the disposition of:
Not Applicable.
Page 8 of 12 Pages
<PAGE>
Palestra Partners II, L.P.
--------------------------
(a) Amount beneficially owned:
655,510
(b) Percent of class:
2.6%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
655,510
(ii) Shared power to vote or to direct the vote:
Not Applicable.
(iii) Sole power to dispose or to direct the disposition of:
655,510
(iv) Shared power to dispose or to direct the disposition of:
Not Applicable.
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.
The right to receive and the power to direct the receipt of dividends
from, and the proceeds from the sales of 362,400 shares of Class A Common Stock
reported beneficially owned by Palestra Capital, L.L.C. is possessed by two
customers for whom Palestra Capital, L.L.C. maintains managed accounts.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
Not applicable.
Page 9 of 12 Pages
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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 10 of 12 Pages
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SIGNATURES
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
Statement is true, complete and correct.
Date: May 19, 1998
By: /s/ David Brail
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Name: David Brail
PALESTRA CAPITAL, L.L.C.
By: /s/ David Brail
----------------------------
Name: David Brail
Title: Managing Member
PALESTRA PARTNERS, L.P.
By: PALESTRA CAPITAL, L.L.C., its General Partner
By: /s/ David Brail
----------------------------
Name: David Brail
Title: Managing Member
PALESTRA PARTNERS II, L.P.
By: PALESTRA CAPITAL, L.L.C., its General Partner
By: /s/ David Brail
----------------------------
Name: David Brail
Title: Managing Member
Page 11 of 12 Pages
<PAGE>
Exhibit 1
JOINT FILING AGREEMENT
This will confirm the agreement by and among all of the undersigned
that the Schedule 13G, dated as of May 19, 1998, filed on or about this date
with respect to the beneficial ownership by Palestra Capital L.L.C., Palestra
Partners, L.P., Palestra Partners II, L.P., and David Brail of shares of Class A
Common Stock, of American Waste Services, Inc. is being filed on behalf of each
of the undersigned.
Dated: May 19, 1998
By: /s/ David Brail
----------------------------
Name: David Brail
PALESTRA CAPITAL, L.L.C.
By: /s/ David Brail
----------------------------
Name: David Brail
Title: Managing Member
PALESTRA PARTNERS, L.P.
By: PALESTRA CAPITAL, L.L.C., its General Partner
By: /s/ David Brail
----------------------------
Name: David Brail
Title: Managing Member
PALESTRA PARTNERS II, L.P.
By: PALESTRA CAPITAL, L.L.C., its General Partner
By: /s/ David Brail
----------------------------
Name: David Brail
Title: Managing Member
Page 12 of 12 Pages
