UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 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 May 13, 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
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 69
Form 13F Information Table Value Total: 390223
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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 10331 277350 SH SOLE 277350 0 0
D AIRGAS INC COM COMMON STOCK 009363102 2841 339300 SH SOLE 339300 0 0
D ALBERTSONS INC COM COMMON STOCK 013104104 10495 192800 SH SOLE 192800 0 0
D AMER EXPRESS CO COM COMMON STOCK 025816109 18357 155900 SH SOLE 155900 0 0
D AMER EXPRESS CO COM OPTIONS - PUTS 025816109 3532 30000 SH PUT SOLE 30000 0 0
D AMERICAN ONCOLOGY RES INC COM COMMON STOCK 028910107 450 50000 SH SOLE 50000 0 0
D AMERICAN STORES CO NEW COM COMMON STOCK 030096101 9322 282500 SH SOLE 282500 0 0
D AMERICAN STORES CO NEW COM OPTIONS - CALLS 030096101 1650 50000 SH CALL SOLE 50000 0 0
D AMERITRADE HOLDINGS CORP-CL A COMMON STOCK 03072H109 9151 148200 SH SOLE 148200 0 0
D ASARCO INC COM COMMON STOCK 043413103 2215 160393 SH SOLE 160393 0 0
D ASCEND COMMUNICATIONS INC OPTIONS - PUTS 043491109 4184 50000 SH PUT SOLE 50000 0 0
D BERKSHIRE HATHAWAY CL A INC DE COMMON STOCK 084670108 46195 647 SH SOLE 647 0 0
D BOOKS-A-MILLION INC COM COMMON STOCK 098570104 1222 120000 SH SOLE 120000 0 0
D BORDERS GROUP INC COM COMMON STOCK 099709107 2109 150000 SH SOLE 150000 0 0
D BUCKEYE TECHNOLOGIES INC COM COMMON STOCK 118255108 34919 2494256 SH SOLE 2494256 0 0
D COCA COLA CO COM USD .25 COMMON STOCK 191216100 3068 50000 SH SOLE 50000 0 0
D COLUMBUS MCKINNON CORP N Y COM COMMON STOCK 199333105 18673 927892 SH SOLE 927892 0 0
D CONSECO INC COM OPTIONS - PUTS 208464107 7718 250000 SH PUT SOLE 250000 0 0
D COYOTE NETWORK SYSTEMS INC COM COMMON STOCK 22406P108 117 20000 SH SOLE 20000 0 0
D CREDITRUST CORP COM COMMON STOCK 225429109 3456 175000 SH SOLE 175000 0 0
D EG & G INC COM COMMON STOCK 268457108 13715 520000 SH SOLE 520000 0 0
D FASTENAL CO COM COMMON STOCK 311900104 1220 34800 SH SOLE 34800 0 0
D GEORGIA PACIFIC GROUP COM COMMON STOCK 373298108 5338 71900 SH SOLE 71900 0 0
D GEORGIA-PAC (TIMBER GRP) COMMON STOCK 373298702 3702 165000 SH SOLE 165000 0 0
D GLOBALSTAR TELECOMMUNICATIONS COMMON STOCK G3930H104 5366 386796 SH SOLE 386796 0 0
D GUILFORD PHARMACEUTICALS INC COMMON STOCK 401829106 227 20000 SH SOLE 20000 0 0
D HANNAFORD BROS CO COM COMMON STOCK 410550107 5225 115000 SH SOLE 115000 0 0
D HERCULES INC COM COMMON STOCK 427056106 8562 339100 SH SOLE 339100 0 0
D INTELLIGROUP INC COM COMMON STOCK 45816A106 444 69000 SH SOLE 69000 0 0
D JOURNAL REGISTER CO COM COMMON STOCK 481138105 2823 235300 SH SOLE 235300 0 0
D LEARNING CO INC COM OPTIONS - PUTS 522008101 2885 99500 SH PUT SOLE 99500 0 0
D LEARNING CO INC COM OPTIONS - PUTS 522008101 725 25000 SH PUT SOLE 25000 0 0
D LERNOUT & HAUSPIE SPEECH PRODS COMMON STOCK B5628B104 4563 152100 SH SOLE 152100 0 0
D LEXINGTON GLOBAL ASSET MANAGER COMMON STOCK 528932106 864 247026 SH SOLE 247026 0 0
D LHS GROUP INC COM COMMON STOCK 501938104 586 20000 SH SOLE 20000 0 0
D MCDERMOTT INTL INC COM COMMON STOCK 580037109 12656 500000 SH SOLE 500000 0 0
D MCDERMOTT INTL INC COM OPTIONS - CALLS 580037109 2531 100000 SH CALL SOLE 100000 0 0
D MICRON TECHNOLOGY INC COM OPTIONS - PUTS 595112103 2746 57000 SH PUT SOLE 57000 0 0
D NORTH AMERN VACCINE INC COM COMMON STOCK 657201109 1479 241600 SH SOLE 241600 0 0
D NORTHERN TELECOM LTD CAD COM OPTIONS - PUTS 665815106 4970 80000 SH PUT SOLE 80000 0 0
D ORGANOGENESIS INC COM COMMON STOCK 685906109 1098 95000 SH SOLE 95000 0 0
D PACIFICARE HEALTH SYSTEMS-B IN OPTIONS - PUTS 695112201 1365 20000 SH PUT SOLE 20000 0 0
D PARAMETRIC TECHNOLOGY CORP COMMON STOCK 699173100 7838 396900 SH SOLE 396900 0 0
D PAYLESS SHOESOURCE COM COMMON STOCK 704379106 10471 225200 SH SOLE 225200 0 0
D PENN VA CORP COM COMMON STOCK 707882106 528 30100 SH SOLE 30100 0 0
D PHELPS DODGE CORP COM COMMON STOCK 717265102 2993 60778 SH SOLE 60778 0 0
D PIXAR COM COMMON STOCK 725811103 1181 30000 SH SOLE 30000 0 0
D PROGRESSIVE CORP OHIO OPTIONS - PUTS 743315103 2152 15000 SH PUT SOLE 15000 0 0
D PROMUS HOTEL CORP (HLDG CO) CO COMMON STOCK 74342P106 1814 49872 SH SOLE 49872 0 0
D REMEDY CORP COM COMMON STOCK 759548100 3410 243600 SH SOLE 243600 0 0
D RITE AID CORPORATION COM OPTIONS - PUTS 767754104 9250 370000 SH PUT SOLE 370000 0 0
D RITE AID CORPORATION COM OPTIONS - PUTS 767754104 2500 100000 SH PUT SOLE 100000 0 0
D RITE AID CORPORATION COM OPTIONS - PUTS 767754104 1250 50000 SH PUT SOLE 50000 0 0
D SABRATEK CORP COM COMMON STOCK 78571U108 2739 182600 SH SOLE 182600 0 0
D SABRATEK CORP COM OPTIONS - CALLS 78571U108 300 20000 SH CALL SOLE 20000 0 0
D SCHOLASTIC CORP COM COMMON STOCK 807066105 11915 243800 SH SOLE 243800 0 0
D STEIN MART INC COM COMMON STOCK 858375108 4118 411834 SH SOLE 411834 0 0
D STURM RUGER & CO INC COMMON STOCK 864159108 1500 150000 SH SOLE 150000 0 0
D TB WOODS CORP COM COMMON STOCK 872226105 812 72600 SH SOLE 72600 0 0
D TCSI CORP COM COMMON STOCK 87233R106 1535 805600 SH SOLE 805600 0 0
D THERMO ELECTRON CORP COM COMMON STOCK 883556102 2593 191223 SH SOLE 191223 0 0
D TIMES MIRROR CO COM NPV CL A COMMON STOCK 887364107 3577 66100 SH SOLE 66100 0 0
D ULTRATECH STEPPER INC COM COMMON STOCK 904034105 444 31500 SH SOLE 31500 0 0
D UNITED TECHNOLOGIES CORP COMMON STOCK 913017109 16171 119400 SH SOLE 119400 0 0
D US AIRWAYS GROUP INC COM COMMON STOCK 911905107 11865 243079 SH SOLE 243079 0 0
D USG CORP COM NEW COMMON STOCK 903293405 2571 50057 SH SOLE 50057 0 0
D WASTE MANAGEMENT INC COM STK COMMON STOCK 94106L109 6656 150000 SH SOLE 150000 0 0
D WELLS FARGO COMPANY COMMON STOCK 949746101 701 20000 SH SOLE 20000 0 0
D XEIKON SPONSORED ADR ADRS STOCKS 984003103 6244 228100 SH SOLE 228100 0 0
S REPORT SUMMARY 69 DATA RECORDS 390223 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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