UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 30, 1999
Check here if Amendment [ ]; Amendment Number:
This amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: WATER STREET CAPITAL, INC.
Address: 225 WATER STREET, S-1987
JACSONVILLE, FL. 32202
13 File Number:
The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct, and complete, and
and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of
this form
Person Signing this Report on Behalf of Reporting Manager:
Name: GILCHRIST B. BERG
Title: PRESIDENT
Phone: 904-355-9989
Signature, Place and Date of Signing:
GILCHRIST B. BERG August 12, 1999
Report Type (Check only one.):
[ X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934
<PAGE>
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 68
Form 13F Information Table Value Total: 437150
<PAGE>
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FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP x($1000) PRN AMT PRN CALL DISCRETN MANAGERS SOLE SHARED NONE
------------------------------ ---------------- --------- -------- -------- --- ---- -------- --------- -------- -------- --------
D AES CORP USD.01 COM COMMON STOCK 00130H105 16120 277350 SH SOLE 277350 0 0
D AIRGAS INC COM COMMON STOCK 009363102 6302 514500 SH SOLE 514500 0 0
D ALBERTSONS INC COM COMMON STOCK 013104104 19118 370774 SH SOLE 370774 0 0
D AMER EXPRESS CO COM COMMON STOCK 025816109 13780 105900 SH SOLE 105900 0 0
D AMERITRADE HOLDINGS CORP-CL A COMMON STOCK 03072H109 5300 50000 SH SOLE 50000 0 0
D ASARCO INC COM COMMON STOCK 043413103 3958 210393 SH SOLE 210393 0 0
D BERKSHIRE HATHAWAY CL A INC DE COMMON STOCK 084670108 44578 647 SH SOLE 647 0 0
D BOOKS-A-MILLION INC COM COMMON STOCK 098570104 1662 220800 SH SOLE 220800 0 0
D BORDERS GROUP INC COM COMMON STOCK 099709107 2371 150000 SH SOLE 150000 0 0
D BUCKEYE TECHNOLOGIES INC COM COMMON STOCK 118255108 35955 2367456 SH SOLE 2367456 0 0
D COCA COLA CO COM USD .25 COMMON STOCK 191216100 1875 30000 SH SOLE 30000 0 0
D COLUMBIA /HCA HEALTHCARE CORP COMMON STOCK 197677107 2737 120000 SH SOLE 120000 0 0
D COLUMBUS MCKINNON CORP N Y COM COMMON STOCK 199333105 22718 946592 SH SOLE 946592 0 0
D CONSECO INC COM OPTIONS - PUTS 208464957 441 14500 SH PUT SOLE 14500 0 0
D COYOTE NETWORK SYSTEMS INC COM COMMON STOCK 22406P108 108 20000 SH SOLE 20000 0 0
D CREDITRUST CORP COM COMMON STOCK 225429109 5855 211000 SH SOLE 211000 0 0
D DIGITAL RIVER INC COM STK OPTIONS - PUTS 25388B954 1662 50000 SH PUT SOLE 50000 0 0
D ECLIPSE SURGICAL TECHNOLOGIES COMMON STOCK 278849104 973 90000 SH SOLE 90000 0 0
D EG & G INC COM COMMON STOCK 268457108 18525 520000 SH SOLE 520000 0 0
D ETOYS INC COM STK COMMON STOCK 297862104 5705 140000 SH SOLE 140000 0 0
D GELTEX PHARMACEUTICALS INC COMMON STOCK 368538104 900 50000 SH SOLE 50000 0 0
D GEORGIA PACIFIC GROUP COM COMMON STOCK 373298108 5865 123800 SH SOLE 123800 0 0
D GEORGIA-PAC (TIMBER GRP) COMMON STOCK 373298702 4166 165000 SH SOLE 165000 0 0
D GLOBAL CROSSING LTD COM OPTIONS - PUTS G3921A950 3836 90000 SH PUT SOLE 90000 0 0
D GLOBAL CROSSING LTD COM OPTIONS - PUTS G3921A950 426 10000 SH PUT SOLE 10000 0 0
D GLOBALSTAR TELECOMMUNICATIONS COMMON STOCK G3930H104 11867 511796 SH SOLE 511796 0 0
D GLOBALSTAR TELECOMMUNICATIONS OPTIONS - CALLS G3930H904 1159 50000 SH CALL SOLE 50000 0 0
D HANNAFORD BROS CO COM COMMON STOCK 410550107 6152 115000 SH SOLE 115000 0 0
D HERCULES INC COM COMMON STOCK 427056106 13330 339100 SH SOLE 339100 0 0
D HIBBETT SPORTING GOODS INC COMMON STOCK 428565105 660 30000 SH SOLE 30000 0 0
D JOURNAL REGISTER CO COM COMMON STOCK 481138105 13522 601000 SH SOLE 601000 0 0
D LERNOUT & HAUSPIE SPEECH PRODS COMMON STOCK B5628B104 9996 282100 SH SOLE 282100 0 0
D LEXINGTON GLOBAL ASSET MANAGER COMMON STOCK 528932106 561 157726 SH SOLE 157726 0 0
D LHS GROUP INC COM COMMON STOCK 501938104 662 20000 SH SOLE 20000 0 0
D LORAL SPACE AND COMMUNICATIONS COMMON STOCK G56462107 3240 180000 SH SOLE 180000 0 0
D LUCENT TECHNOLOGIES INC COM OPTIONS - PUTS 549463957 2697 40000 SH PUT SOLE 40000 0 0
D LUCENT TECHNOLOGIES INC COM OPTIONS - PUTS 549463957 3371 50000 SH PUT SOLE 50000 0 0
D MCDERMOTT INTL INC COM COMMON STOCK 580037109 18927 670000 SH SOLE 670000 0 0
D MCDERMOTT INTL INC COM OPTIONS - CALLS 580037909 1412 50000 SH CALL SOLE 50000 0 0
D NORTH AMERN VACCINE INC COM COMMON STOCK 657201109 1337 274400 SH SOLE 274400 0 0
D ORGANOGENESIS INC COM COMMON STOCK 685906109 890 95000 SH SOLE 95000 0 0
D PACIFIC GATEWAY EXCHANGE INC COMMON STOCK 694327107 2912 100000 SH SOLE 100000 0 0
D PACIFIC GATEWAY EXCHANGE INC OPTIONS - PUTS 694327957 524 18000 SH PUT SOLE 18000 0 0
D PACIFIC GATEWAY EXCHANGE INC OPTIONS - PUTS 694327957 3436 118000 SH PUT SOLE 118000 0 0
D PARAMETRIC TECHNOLOGY CORP COMMON STOCK 699173100 6200 446900 SH SOLE 446900 0 0
D PAYLESS SHOESOURCE COM COMMON STOCK 704379106 13118 245200 SH SOLE 245200 0 0
D PENN VA CORP COM COMMON STOCK 707882106 594 30100 SH SOLE 30100 0 0
D PHELPS DODGE CORP COM COMMON STOCK 717265102 3764 60778 SH SOLE 60778 0 0
D PIXAR COM COMMON STOCK 725811103 1293 30000 SH SOLE 30000 0 0
D PRICELINE.COM INC COM COMMON STOCK 741503106 1155 10000 SH SOLE 10000 0 0
D RAMBUS INC COM OPTIONS - PUTS 750917956 2765 30000 SH PUT SOLE 30000 0 0
D RITE AID CORPORATION COM OPTIONS - PUTS 767754954 1896 77000 SH PUT SOLE 77000 0 0
D ROBERT HALF INTL INC COM COMMON STOCK 770323103 6539 251500 SH SOLE 251500 0 0
D SABRATEK CORP COM COMMON STOCK 78571U108 4650 212600 SH SOLE 212600 0 0
D SABRATEK CORP COM OPTIONS - PUTS 78571U958 2231 102000 SH PUT SOLE 102000 0 0
D SCHOLASTIC CORP COM COMMON STOCK 807066105 12342 243800 SH SOLE 243800 0 0
D STEIN MART INC COM COMMON STOCK 858375108 4517 481834 SH SOLE 481834 0 0
D STURM RUGER & CO INC COMMON STOCK 864159108 2137 200000 SH SOLE 200000 0 0
D TB WOODS CORP COM COMMON STOCK 872226105 794 72600 SH SOLE 72600 0 0
D TCSI CORP COM COMMON STOCK 87233R106 1678 655200 SH SOLE 655200 0 0
D UNITED TECHNOLOGIES CORP COMMON STOCK 913017109 10667 148800 SH SOLE 148800 0 0
D US AIRWAYS GROUP INC COM COMMON STOCK 911905107 10153 233079 SH SOLE 233079 0 0
D USG CORP COM NEW COMMON STOCK 903293405 4763 85057 SH SOLE 85057 0 0
D VENTANA MEDICAL SYS COM COMMON STOCK 92276H106 2794 146100 SH SOLE 146100 0 0
D WASTE MANAGEMENT INC COM STK COMMON STOCK 94106L109 9675 180000 SH SOLE 180000 0 0
D WELLS FARGO COMPANY COMMON STOCK 949746101 855 20000 SH SOLE 20000 0 0
D WINN DIXIE STORES COMMON STOCK 974280109 2400 65000 SH SOLE 65000 0 0
D XEIKON SPONSORED ADR ADRS STOCKS 984003103 8579 377100 SH SOLE 377100 0 0
S REPORT SUMMARY 68 DATA RECORDS 437150 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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