SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
(Rule 13d-101)
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(Amendment No. 4)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(A) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(A)
Tops Appliance City, Inc.
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(Name of Issuer)
Common Stock, No Par Value Per Share 890910102
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(Title of class of securities) (CUSIP number) Bay Harbour
Management L.C.
Tower Investment Group, Inc.
Steven A. Van Dyke
Bay Harbour Investments, Inc.
Bay Harbour 90-1, Ltd.
Trophy Hunters, Inc.
Trophy Hunter Investments, Ltd.
777 South Harbour Island Boulevard, Suite 270
Tampa, Florida 33602
(813) 272-1992
Bay Harbour Partners, Ltd.
Lipstick, Ltd.
c/o MeesPierson
Charlotte House, Charlotte Street
Nassau, Bahamas
Douglas P. Teitelbaum
885 Third Avenue, 34th Floor
New York, New York 10022
(212) 371-2211
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(Name, address and telephone number of person authorized to receive notices and
communications)
February 23, 1999
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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(e), 13d-1(f) or 13d-1(g), check the following
box[ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
(Continued on the following pages)
(Page 1 of 18 Pages)
NY2:\285596\03\64D803!.DOC\22345.0001
<PAGE>
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CUSIP No. 890910102 13D Page 4 of 18
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1 NAME OF REPORTING PERSON: Steven A. Van Dyke
IRS IDENTIFICATION NO. OF ABOVE PERSON: N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: OO, PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e): [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
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NUMBER OF SHARES 7 SOLE VOTING POWER: -0-
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BENEFICIALLY 8 SHARED VOTING POWER: 6,052,148
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: -0-
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 6,052,148
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON: 6,052,148
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12 CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 44.1%
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14 TYPE OF REPORTING PERSON: IN, HC
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<PAGE>
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CUSIP No. 890910102 13D Page 4 of 18
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1 NAME OF REPORTING PERSON: Douglas P. Teitelbaum
IRS IDENTIFICATION NO. OF ABOVE PERSON: N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e): [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
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NUMBER OF SHARES 7 SOLE VOTING POWER: -0-
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BENEFICIALLY 8 SHARED VOTING POWER: 6,047,148
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: -0-
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 6,047,148
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON: 6,047,148
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12 CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 44.0%
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14 TYPE OF REPORTING PERSON: IN, HC
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<PAGE>
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CUSIP No. 890910102 13D Page 4 of 18
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1 NAME OF REPORTING PERSON: Tower Investment Group, Inc.
IRS IDENTIFICATION NO. OF ABOVE PERSON: 59-2924229
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e): [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Florida
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NUMBER OF SHARES 7 SOLE VOTING POWER: 6,047,148
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BENEFICIALLY 8 SHARED VOTING POWER: -0-
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 6,047,148
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: -0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON: 6,047,148
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12 CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 44.0% [ ]
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14 TYPE OF REPORTING PERSON: HC
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<PAGE>
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CUSIP No. 890910102 13D Page 5 of 18
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1 NAME OF REPORTING PERSON: Bay Harbour Management L.C..
IRS IDENTIFICATION NO. OF ABOVE PERSON: 59-3418243
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e): [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Florida
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NUMBER OF SHARES 7 SOLE VOTING POWER: 6,047,148
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BENEFICIALLY 8 SHARED VOTING POWER: -0-
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 6,047,148
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: -0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON: 6,047,148
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12 CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 44.0%
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14 TYPE OF REPORTING PERSON: IA
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<PAGE>
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CUSIP No. 890910102 13D Page 6 of 18
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1 NAME OF REPORTING PERSON: Bay Harbour Investments, Inc.
IRS IDENTIFICATION NO. OF ABOVE PERSON: N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e): [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Florida
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NUMBER OF SHARES 7 SOLE VOTING POWER: -0-
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BENEFICIALLY 8 SHARED VOTING POWER: 1,588,759
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: -0-
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,588,759
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON: 1,588,759
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12 CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 11.6%
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14 TYPE OF REPORTING PERSON: CO
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<PAGE>
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CUSIP No. 890910102 13D Page 7 of 18
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14 NAME OF REPORTING PERSON: Bay Harbour 90-1, Ltd.
IRS IDENTIFICATION NO. OF ABOVE PERSON:
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16 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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17 SEC USE ONLY
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18 SOURCE OF FUNDS: OO
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19 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e): [ ]
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20 CITIZENSHIP OR PLACE OF ORGANIZATION: Florida
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NUMBER OF SHARES 21 SOLE VOTING POWER: 1,588,759
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BENEFICIALLY 22 SHARED VOTING POWER: -0-
OWNED BY
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EACH 23 SOLE DISPOSITIVE POWER: 1,588,759
REPORTING
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PERSON WITH 24 SHARED DISPOSITIVE POWER: -0-
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25 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON: 1,588,759
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26 CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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27 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 11.6%
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28 TYPE OF REPORTING PERSON: PN
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<PAGE>
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CUSIP No. 890910102 13D Page 8 of 18
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1 NAME OF REPORTING PERSON: Trophy Hunter Investments, Ltd..
IRS IDENTIFICATION NO. OF ABOVE PERSON:
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e): [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Florida
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NUMBER OF SHARES 7 SOLE VOTING POWER: 881,029
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BENEFICIALLY 8 SHARED VOTING POWER: -0-
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 881,029
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: -0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON: 881,029
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12 CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 6.4%
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14 TYPE OF REPORTING PERSON: PN
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<PAGE>
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CUSIP No. 890910102 13D Page 9 of 18
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1 NAME OF REPORTING PERSON: Trophy Hunters, Inc.
IRS IDENTIFICATION NO. OF ABOVE PERSON:
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e): [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Florida
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NUMBER OF SHARES 7 SOLE VOTING POWER: -0-
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BENEFICIALLY 8 SHARED VOTING POWER: 881,029
OWNED BY
- --------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: -0-
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 881,029
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON: 881,029
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12 CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 6.4%
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14 TYPE OF REPORTING PERSON: CO
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<PAGE>
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CUSIP No. 890910102 13D Page 10 of 18
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1 NAME OF REPORTING PERSON: Bay Harbour Partners, Ltd.
IRS IDENTIFICATION NO. OF ABOVE PERSON:
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e): [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Bahamas
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NUMBER OF SHARES 7 SOLE VOTING POWER: 2,383,074
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BENEFICIALLY 8 SHARED VOTING POWER: -0-
OWNED BY
- --------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 2,383,074
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: -0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON: 2,383,074
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12 CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 17.4%
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14 TYPE OF REPORTING PERSON: CO
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<PAGE>
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CUSIP No. 890910102 13D Page 11 of 18
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1 NAME OF REPORTING PERSON: Lipstick, Ltd.
IRS IDENTIFICATION NO. OF ABOVE PERSON:
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) or 2(e): [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION: Bahamas
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NUMBER OF SHARES 7 SOLE VOTING POWER: 1,194,286
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BENEFICIALLY 8 SHARED VOTING POWER: -0-
OWNED BY
- --------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 1,194,286
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: -0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
EACH REPORTING PERSON: 1,194,286
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12 CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 8.7%
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14 TYPE OF REPORTING PERSON: CO
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<PAGE>
This Amendment No. 4 amends and supplements the Statement on
Schedule 13D, originally filed with the U.S. Securities and Exchange Commission
(the "SEC") on July 6, 1998, as amended on August 12, 1998, October 26, 1998 and
November 30, 1998 ( the "Schedule 13D"), by Bay Harbour Management L.C. ("Bay
Harbour"), Tower Investment Group, Inc. ("Tower"), as the majority stockholder
of Bay Harbour, Steven A. Van Dyke ("Van Dyke"), and Douglas P. Teitelbaum
("Teitelbaum"), and adds the following persons (herein referred to collectively
with Bay Harbour, Tower, Van Dyke and Teitelbaum as the "Reporting Persons"):
Bay Harbour Investments, Inc., Bay Harbour 90-1, Ltd., Trophy Hunters, Inc.,
Trophy Hunter Investments, Ltd., Bay Harbour Partners, Ltd. and Lipstick, Ltd.
Capitalized terms contained herein but not otherwise defined have the meanings
ascribed to them in the Schedule 13D.
ITEM 2. IDENTITY AND BACKGROUND.
Item 2 of the Schedule 13D is hereby amended as follows:
This Statement is being filed by and on behalf of Bay Harbour,
Tower, Van Dyke, Teitelbaum, Bay Harbour Investments, Inc., Bay Harbour 90-1,
Ltd., Trophy Hunters, Inc., Trophy Hunter Investments, Ltd., Bay Harbour
Partners, Ltd. and Lipstick, Ltd.
Each of Bay Harbour 90-1, Ltd. and Trophy Hunter Investments,
Ltd. is a Florida limited partnership. Each of Bay Harbour Partners, Ltd. and
Lipstick, Ltd. is a Bahamian corporation. Each of Bay Harbour Investments,
Inc. and Trophy Hunters, Inc. is a Florida corporation.
The principal business of each of Bay Harbour 90-1, Ltd.,
Trophy Hunter Investments, Ltd., Bay Harbour Partners, Ltd. and Lipstick, Ltd.
is investing in securities. The principal business of Bay Harbour Investments,
Inc. is serving as the general partner of Bay Harbour 90-1, Ltd. The principal
business of Trophy Hunters, Inc. is serving as the general partner of Trophy
Hunter Investments, Ltd.
During the last five years, none of the Reporting Persons has
(i) been convicted in a criminal proceeding or (ii) been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of such proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws or finding any violation with
respect to such laws.
The business address of each of the Reporting Persons (other
than Teitelbaum, Bay Harbour Partners, Ltd. and Lipstick, Ltd.) is 777 South
Harbour Island Boulevard, Suite 270, Tampa, Florida 33602. The business
address of each of Bay Harbour Partners, Ltd. and Lipstick, Ltd. is c/o
MeesPierson, Charlotte House, Charlotte Street, Nassau, Bahamas. The business
address of Teitelbaum is 885 Third Avenue, 34th Floor, New York, New York 10022.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 of the Schedule 13D is hereby amended as follows:
On June 25, 1998, Bay Harbour purchased for Bay Harbour 90-1,
Ltd., Bay Harbour Partners, Ltd. and Lipstick, Ltd., in a secondary purchase,
6-1/2% Convertible Subordinated Debentures Due 2003 of Tops in the aggregate
principal amount of $6,090,000 (such debentures held by Bay Harbour,
the"Debentures"). On September 24, 1998, the Debentures were converted into
3,480,000 shares of Tops Common Stock, of which 914,285 shares are held by Bay
Harbour 90-1, Ltd., 1,371,429 shares are held by Bay Harbour Partners, Ltd. and
1,194,286 shares are held by Lipstick, Ltd.
On July 20, 1998, Bay Harbour purchased for Bay Harbour 90-1,
Ltd., Bay Harbour Partners, Ltd. and Trophy Hunter Investments, Ltd., for an
aggregate purchase price of $5,040,000, 1,400,000 newly-issued shares of Tops
Common Stock, of which 367,800 shares are held by Bay Harbour 90-1, Ltd.,
551,700 shares are held by Bay Harbour Partners, Ltd. and 480,500 are held by
Trophy Hunter Investments, Ltd.
On July 24, 1998, Bay Harbour purchased for Bay Harbour 90-1,
Ltd., Bay Harbour Partners, Ltd. and Trophy Hunter Investments, Ltd., in a
secondary purchase, for an aggregate purchase price of $600,000, 200,000 shares
of Tops Common Stock, of which 52,600 shares are held by Bay Harbour 90-1, Ltd.,
78,800 shares are held by Bay Harbour Partners, Ltd. and 68,600 shares are held
by Trophy Hunter Investments, Ltd.
<PAGE>
On August 11, 1998, Bay Harbour purchased for Bay Harbour
90-1, Ltd., Bay Harbour Partners, Ltd. and Trophy Hunter Investments, Ltd., in a
secondary purchase, for an aggregate purchase price of $900,000, 300,000 shares
of Tops Common Stock, of which 78,814 shares are held by Bay Harbour 90-1, Ltd.,
118,222 shares are held by Bay Harbour Partners, Ltd. and 102,964 shares are
held by Trophy Hunter Investments, Ltd.
On October 5, 1998, due to a Purchase Price adjustment
pursuant to the terms of the Tops Purchase Agreement, Bay Harbour 90-1, Ltd.
received 110,334 shares of Tops Common Stock, Bay Harbour Partners, Ltd.
received 165,522 shares of Tops Common Stock and Trophy Hunter Investments,
Ltd. received 144,144 shares of Tops Common Stock.
On November 5, 1998, due to a Purchase Price adjustment
pursuant to the terms of the Tops Purchase Agreement, Bay Harbour 90-1, Ltd.
received 64,926 shares of Tops Common Stock, Bay Harbour Partners, Ltd.
received 97,401 shares of Tops Common Stock and Trophy Hunter Investments, Ltd.
received 84,821 shares of Tops Common Stock.
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 of the Schedule 13D is hereby amended in its entirety as follows:
The Reporting Persons consider their beneficial ownership of
Tops Common Stock as an investment in the ordinary course of business. From time
to time, the Reporting Persons may acquire additional shares of Tops Common
Stock or dispose of all or some of the shares of Tops Common Stock which they
beneficially own. As a result of the Reporting Persons' aggregate beneficial
ownership of more than 44% of Tops Common Stock outstanding, their right to
receive additional shares of Tops Common Stock under the Tops Purchase Agreement
and the three members of the Board of Directors of Tops which they have
designated, the Reporting Persons may be deemed to be controlling shareholders
of Tops. The Reporting Persons intend to review their investment in Tops on a
continuing basis and may change their plans depending upon future developments.
Except as set forth in this Item 4 and in Items 5 (with
respect to Bay Harbour's rights to designate nominees to the Board of Directors
of Tops) and 6, the Reporting Persons presently have no plans or proposals that
relate to or would result in any of the actions specified in clauses (a) through
(j) of Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 of the Schedule 13D is hereby amended in its entirety as follows:
(a) As of the filing date of this Statement, the Reporting
Persons beneficially owned in the aggregate 6,052,148 shares of Tops Common
Stock, constituting approximately 44.1% of the outstanding shares of Tops Common
Stock based upon 13,731,261 shares of Tops Common Stock outstanding as of
November 2, 1998 (determined based upon 13,484,113 shares outstanding as set
forth in a Form 10-Q filed on November 13, 1998 with the SEC by Tops plus shares
comprising the Additional Adjustment Stock). The Reporting Persons may be deemed
to have direct beneficial ownership of shares of Tops Common Stock as follows:
Approximate
Percentage of
Number of Shares Outstanding Shares of
of Tops Common Tops Common Stock
Name Shares Beneficially Owned
Van Dyke 6,052,148(1) 44.1%
Teitelbaum 6,047,148 44.0%
Tower 6,047,148 44.0%
Bay Harbour 6,047,148 44.0%
Bay Harbour Investments, Inc. 1,588,759 11.6%
Bay Harbour 90-1, Ltd. 1,588,759 11.6%
<PAGE>
Bay Harbour Partners, Ltd. 2,383,074 17.4%
Trophy Hunters, Inc. 881,029 6.4%
Trophy Hunter Investments, Ltd. 881,029 6.4%
Lipstick, Ltd. 1,194,286 8.7%
(1) Includes 5,000 shares of Tops Common Stock held in a joint account with Ann
Van Dyke, not a Reporting Person.
For purposes of disclosing the number of shares beneficially
owned by each of the Reporting Persons, (A) Van Dyke and Teitelbaum, as
directors, executive officers and shareholders of Tower, may be deemed to
beneficially own all shares of Tops Common Stock that are owned beneficially by
Tower and (B) Tower, as the majority shareholder of Bay Harbour, may be deemed
to own beneficially (as that term is defined in Rule 13d-3 under the Securities
Exchange Act of 1934) all shares of Tops Common Stock that are beneficially
owned by Bay Harbour. Each of Van Dyke and Teitelbaum disclaim beneficial
ownership of such shares for all other purposes.
Bay Harbour Investments, Inc., as the general partner of Bay
Harbour 90-1, Ltd., may be deemed to own beneficially (as that term is defined
in Rule 13d-3 under the Securities Exchange Act of 1934) shares of Tops Common
Stock which Bay Harbour 90-1, Ltd. may be deemed to possess direct beneficial
ownership. Each of Van Dyke and Teitelbaum, as shareholders, officers and
directors of Bay Harbour Investments, Inc., Bay Harbour and Tower may be deemed
to beneficially own shares of Tops Common Stock which Bay Harbour 90-1, Ltd. may
be deemed to beneficially own. Each of Van Dyke and Teitelbaum disclaims
beneficial ownership of such shares for all other purposes.
Trophy Hunters, Inc., as the general partner of Trophy Hunter
Investments, Ltd., may be deemed to own beneficially (as that term is defined in
Rule 13d-3 under the Securities Exchange Act of 1934) shares of Tops Common
Stock which Trophy Hunter Investments, Ltd. may be deemed to possess direct
beneficial ownership. Each of Van Dyke and Teitelbaum, as shareholders, officers
and directors of Trophy Hunters, Inc., Bay Harbour and Tower may be deemed to
beneficially own shares of Tops Common Stock which Trophy Hunter Investments,
Ltd. may be deemed to beneficially own. Each of Van Dyke and Teitelbaum
disclaims beneficial ownership of such shares for all other purposes.
Bay Harbour, as the investment advisor of Bay Harbour
Partners, Ltd., may be deemed to own beneficially (as that term is defined in
Rule 13d-3 under the Securities Exchange Act of 1934) shares of Tops Common
Stock which Bay Harbour Partners, Ltd. may be deemed to possess direct
beneficial ownership. Each of Van Dyke and Teitelbaum, as shareholders, officers
and directors of Bay Harbour and Tower may be deemed to beneficially own shares
of Tops Common Stock which Bay Harbour Partners, Ltd. may be deemed to
beneficially own. Each of Van Dyke and Teitelbaum disclaims beneficial ownership
of such shares for all other purposes.
Bay Harbour, as the investment advisor of Lipstick, Ltd., may
be deemed to own beneficially (as that term is defined in Rule 13d-3 under the
Securities Exchange Act of 1934) shares of Tops Common Stock which Lipstick,
Ltd. may be deemed to possess direct beneficial ownership. Each of Van Dyke and
Teitelbaum, as shareholders, officers and directors of Bay Harbour and Tower may
be deemed to beneficially own shares of Tops Common Stock which Lipstick, Ltd.
may be deemed to beneficially own. Each of Van Dyke and Teitelbaum disclaims
beneficial ownership of such shares for all other purposes.
(b) Each of Bay Harbour and Tower has the sole power to vote
or direct the vote of the 6,047,148 shares of Tops Common Stock held in accounts
that it manages, and the sole power to dispose or direct the disposition of all
such shares of Tops Common Stock. Van Dyke and Teitelbaum may be deemed to share
with Bay Harbour the power to vote or to direct the vote and to dispose of or to
direct the disposition of such shares of Tops Common Stock.
Van Dyke's wife, Ann Van Dyke (not a Reporting Person) may be
deemed to share with Van Dyke the power to vote or direct the vote and to
dispose of or direct the disposition of 5,000 shares of Tops Common Stock.
Bay Harbour 90-1, Ltd. has the sole power to vote or direct
the vote of 1,588,759 shares of Tops Common Stock and the sole power to dispose
or direct the disposition of such shares. Tower, Bay Harbour, Bay Harbour
Investments, Inc., Van Dyke and Teitelbaum may be deemed to share with Bay
Harbour 90-1, Ltd. the power to vote or to direct the vote and to dispose or to
direct the disposition of such shares.
<PAGE>
Bay Harbour Partners, Ltd. has the sole power to vote or
direct the vote of 2,383,074 shares of Tops Common Stock and the sole power to
dispose or direct the disposition of such shares. Tower, Bay Harbour,
Van Dyke and Teitelbaum may be deemed to share with Bay Harbour Partners, Ltd.
the power to vote or to direct the vote and to dispose or to direct the
disposition of such shares.
Lipstick, Ltd. has the sole power to vote or direct the vote
of 1,194,286 shares of Tops Common Stock and the sole power to dispose or direct
the disposition of such shares. Tower, Bay Harbour, Van Dyke and Teitelbaum may
be deemed to share with Lipstick, Ltd. the power to vote or to direct the vote
and to dispose or to direct the disposition of such shares.
Trophy Hunter Investments, Ltd. has the sole power to vote or
direct the vote of 881,029 shares of Tops Common Stock and the sole power to
dispose or direct the disposition of such shares. Tower, Bay Harbour, Trophy
Hunters, Inc., Van Dyke and Teitelbaum may be deemed to share with Trophy Hunter
Investments, Ltd. the power to vote or to direct the vote and to dispose or to
direct the disposition of such shares.
(c) Except for the termination of the Option Agreements
(described below in Item 6), to the best knowledge and belief of the
undersigned, no transactions involving Tops Common Stock have been effected
during the past 60 days by the Reporting Persons or by their directors,
executive officers or controlling persons.
(d) No other person is known to have the right to receive or
the power to direct the receipt of dividends from, or the proceeds from the sale
of, the shares of Tops Common Stock, except the dividends from, or proceeds from
the sale of shares of Tops Common Stock in each respective account managed by
Bay Harbour and the investment partnerships for which Bay Harbour acts as an
investment advisor will be delivered into each such respective account or to
such investment partnership, as the case may be. Other than John M. Templeton
through his investment in Bay Harbour Partners, Ltd., Gentleness, Limited and
Templeton Religion Trust, no such individual account, investment partnership or
limited partner thereof has an interest in shares of Tops Common Stock reported
in this Schedule 13D representing more than five percent of the Tops Common
Stock outstanding.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Item 6 of the Schedule 13D is hereby amended as follows:
The respective partnership agreements of Bay Harbour 90-1,
Ltd. and Trophy Hunter Investments, Ltd. each contains provisions whereby its
general partner (i.e., Bay Harbour Investments, Inc. in the case of Bay Harbour
90-1, Ltd. and Trophy Hunters, Inc. in the case of Trophy Hunter Investments,
Ltd.) will receive annually a certain percentage of realized and unrealized
profits, if any, derived from the partnership's investments. The agreements
governing Bay Harbour Partners, Ltd. and Lipstick, Ltd. provide that Bay
Harbour, as investment advisor, will receive annually a certain percentage of
realized and unrealized profits, if any, derived from Bay Harbour Partners, Ltd.
or Lipstick, Ltd. investments, respectively. Bay Harbour also receives annually
a certain percentage of realized and unrealized profits, if any, resulting from
the investments in each of its managed accounts.
On February 23, 1999, Bay Harbour unilaterally terminated (i)
the Option Agreement, dated July 17, 1998, between the Turchin Family Limited
Partnership and Bay Harbour, pursuant to which Bay Harbour had the right to
acquire 200,000 shares of Tops Common Stock at $4.00 per share through July 11,
1999 and (ii) the Option Agreement, dated August 11, 1998, between Mellon Bank,
N.A., as Trustee under the Westinghouse Electric Corporation Master Trust
Agreement for the Westinghouse Pension Plan, and Bay Harbour, pursuant to which
Bay Harbour had the right to acquire 300,000 shares of Tops Common Stock at a
price of $4.00 per share through August 5, 1999.
Bay Harbour terminated the Option Agreements to allow Bay
Harbour to receive additional shares of Tops Common Stock from Tops in
connection with the Purchase Price adjustment provisions of the Tops Purchase
Agreement without beneficially owning 50% or more of Tops Common Stock
outstanding. Beneficial ownership by certain persons or group of persons of 50%
or more of Tops Common Stock outstanding would trigger a requirement of Tops to
offer to redeem all of the 6-1/2% Convertible Subordinated Debentures Due 2003
issued by Tops at 101% of the principal amount of any such Debentures, together
with accrued interest to the Redemption Date (as such term is defined in the
Indenture, dated as of November 30, 1993, between Tops and Midlantic National
Bank, as Trustee).
<PAGE>
Pursuant to the terms of the Tops Purchase Agreement, based on
the current market price of Tops Common Stock, Bay Harbour is entitled to
receive another Purchase Price adjustment upon delivery of a letter to Tops
requesting such adjustment. Such adjustment would consist of a payment by Tops
in either Tops Common Stock or cash, at Tops' option. However, Bay Harbour has
not yet sent such a letter.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Item 7 is hereby amended to read as follows:
EXHIBIT I Joint Filing Agreement, dated March 1, 1999, by and among Bay
Harbour, Tower, Van Dyke, Teitelbaum, Bay Harbour 90-1, Ltd., Trophy Hunter
Investments, Ltd., Bay Harbour Investments, Ltd., Trophy Hunters, Inc., Bay
Harbour Partners, Ltd. and Lipstick Ltd.
<PAGE>
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.
Dated as of: March 1, 1999 TOWER INVESTMENT GROUP, INC.
By: /s/ Steven A. Van Dyke
--------------------------------
Name: Steven A. Van Dyke
Title: President
BAY HARBOUR MANAGEMENT L.C.
By: /s/ Steven A. Van Dyke
--------------------------------
Name: Steven A. Van Dyke
Title: President
/s/ Steven A. Van Dyke
--------------------------------
STEVEN A. VAN DYKE
/s/ Douglas P. Teitelbaum
--------------------------------
DOUGLAS P. TEITELBAUM
BAY HARBOUR 90-1, LTD.
By: /s/ Steven A. Van Dyke
--------------------------------
Name: Steven A. Van Dyke
Title: Authorized Signatory
<PAGE>
TROPHY HUNTER INVESTMENTS, LTD.
By: /s/ Steven A. Van Dyke
--------------------------------
Name: Steven A. Van Dyke
Title: Authorized Signatory
BAY HARBOUR INVESTMENTS, INC.
By: /s/ Steven A. Van Dyke
--------------------------------
Name: Steven A. Van Dyke
Title: Authorized Signatory
TROPHY HUNTERS, INC.
By: /s/ Steven A. Van Dyke
--------------------------------
Name: Steven A. Van Dyke
Title: Authorized Signatory
BAY HARBOUR PARTNERS, LTD.
By: /s/ Steven A. Van Dyke
--------------------------------
Name: Steven A. Van Dyke
Title: Authorized Signatory
LIPSTICK, LTD.
By: /s/ Steven A. Van Dyke
--------------------------------
Name: Steven A. Van Dyke
Title: Authorized Signatory
EXHIBIT I
Joint Filing Agreement
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13D is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement shall be filed on behalf of each of the
undersigned without the necessity of filing additional joint filing agreements.
The undersigned acknowledge that each shall be responsible for the timely filing
of such amendments, and for the completeness and accuracy of the information
concerning it contained therein, but shall not be responsible for the
completeness and accuracy of the information concerning the others, except to
the extent that it knows or has reason to believe that such information is
inaccurate.
This Agreement may be executed in counterparts and each of such
counterparts taken together shall constitute one and the same instrument.
Dated as of: March 1, 1999 TOWER INVESTMENT GROUP, INC.
By: /s/ Steven A. Van Dyke
--------------------------------
Name: Steven A. Van Dyke
Title: President
BAY HARBOUR MANAGEMENT L.C.
By: /s/ Steven A. Van Dyke
--------------------------------
Name: Steven A. Van Dyke
Title: President
/s/ Steven A. Van Dyke
--------------------------------
STEVEN A. VAN DYKE
/s/ Douglas P. Teitelbaum
--------------------------------
DOUGLAS P. TEITELBAUM
BAY HARBOUR 90-1, LTD.
By: /s/ Steven A. Van Dyke
--------------------------------
Name: Steven A. Van Dyke
Title: Authorized Signatory
<PAGE>
TROPHY HUNTER INVESTMENTS, LTD.
By: /s/ Steven A. Van Dyke
--------------------------------
Name: Steven A. Van Dyke
Title: Authorized Signatory
BAY HARBOUR INVESTMENTS, INC.
By: /s/ Steven A. Van Dyke
--------------------------------
Name: Steven A. Van Dyke
Title: Authorized Signatory
TROPHY HUNTERS, INC.
By: /s/ Steven A. Van Dyke
--------------------------------
Name: Steven A. Van Dyke
Title: Authorized Signatory
BAY HARBOUR PARTNERS, LTD.
By: /s/ Steven A. Van Dyke
--------------------------------
Name: Steven A. Van Dyke
Title: Authorized Signatory
LIPSTICK, LTD.
By: /s/ Steven A. Van Dyke
--------------------------------
Name: Steven A. Van Dyke
Title: Authorized Signatory
