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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. [ ] )*
MK Rail Corporation
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $.01 per share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
00055305T-100
---------------------------------
(CUSIP Number)
Edwin H. Morgens, 10 East 50th Street, New York, NY 10022, (212) 705-0500
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
September 11, 1996
---------------------------------
(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(b)(3) or (4), check the following box |_|.
Check the following box if a fee is being paid with the statement [X]. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
* 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
disclosures provided in a prior cover page.
The information required on 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 1 of 18 Pages
Exhibit Index Appears on Page 18
<PAGE>
SCHEDULE 13D
CUSIP No. 00055305T-100 Page 2 of 18 Pages
_________________________________________________________________
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Morgens Waterfall Income Partners
13-2829306
_________________________________________________________________
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]
_________________________________________________________________
3) SEC USE ONLY
_________________________________________________________________
4) SOURCE OF FUNDS*
WC
_________________________________________________________________
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_________________________________________________________________
6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York State
_________________________________________________________________
NUMBER 7) SOLE VOTING POWER
OF 42,354 - See Response to Item 5
SHARES _______________________________________________
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 0
EACH _______________________________________________
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 42,354 - See Response to Item 5
WITH _______________________________________________
10) SHARED DISPOSITIVE POWER
0
_________________________________________________________________
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
42,354
_________________________________________________________________
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
_________________________________________________________________
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.24%
_________________________________________________________________
14) TYPE OF REPORTING PERSON*
PN
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 00055305T-100 Page 3 of 18 Pages
_________________________________________________________________
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Restart Partners, L.P.
13-3502415
_________________________________________________________________
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]
_________________________________________________________________
3) SEC USE ONLY
_________________________________________________________________
4) SOURCE OF FUNDS*
WC
_________________________________________________________________
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_________________________________________________________________
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_________________________________________________________________
NUMBER 7) SOLE VOTING POWER
OF 259,815 - See Response to Item 5
SHARES _______________________________________________
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 0
EACH _______________________________________________
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 259,815 - See Response to Item 5
WITH _______________________________________________
10) SHARED DISPOSITIVE POWER
0
_________________________________________________________________
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
259,815
_________________________________________________________________
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
_________________________________________________________________
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.48%
_________________________________________________________________
14) TYPE OF REPORTING PERSON*
PN
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 00055305T-100 Page 4 of 18 Pages
_________________________________________________________________
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Restart Partners II, L.P.
13-3553296
_________________________________________________________________
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]
_________________________________________________________________
3) SEC USE ONLY
_________________________________________________________________
4) SOURCE OF FUNDS*
WC
_________________________________________________________________
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_________________________________________________________________
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_________________________________________________________________
NUMBER 7) SOLE VOTING POWER
OF 370,220 - See Response to Item 5
SHARES _______________________________________________
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 0
EACH _______________________________________________
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 370,220 - See Response to Item 5
WITH _______________________________________________
10) SHARED DISPOSITIVE POWER
0
_________________________________________________________________
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
370,220
_________________________________________________________________
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
_________________________________________________________________
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.11%
_________________________________________________________________
14) TYPE OF REPORTING PERSON*
PN
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 00055305T-100 Page 5 of 18 Pages
_________________________________________________________________
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Restart Partners III, L.P.
13-3618702
_________________________________________________________________
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]
_________________________________________________________________
3) SEC USE ONLY
_________________________________________________________________
4) SOURCE OF FUNDS*
WC
_________________________________________________________________
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_________________________________________________________________
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_________________________________________________________________
NUMBER 7) SOLE VOTING POWER
OF 256,883 - See Response to Item 5
SHARES _______________________________________________
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 0
EACH _______________________________________________
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 256,883 - See Response to Item 5
WITH _______________________________________________
10) SHARED DISPOSITIVE POWER
0
_________________________________________________________________
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
256,883
_________________________________________________________________
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
_________________________________________________________________
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.46%
_________________________________________________________________
14) TYPE OF REPORTING PERSON*
PN
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 00055305T-100 Page 6 of 18 Pages
_________________________________________________________________
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Restart Partners IV, L.P.
13-3687058
_________________________________________________________________
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]
_________________________________________________________________
3) SEC USE ONLY
_________________________________________________________________
4) SOURCE OF FUNDS*
WC
_________________________________________________________________
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_________________________________________________________________
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_________________________________________________________________
NUMBER 7) SOLE VOTING POWER
OF 163,083 - See Response to Item 5
SHARES _______________________________________________
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 0
EACH _______________________________________________
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 163,083 - See Response to Item 5
WITH _______________________________________________
10) SHARED DISPOSITIVE POWER
0
_________________________________________________________________
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
163,083
_________________________________________________________________
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
_________________________________________________________________
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.93%
_________________________________________________________________
14) TYPE OF REPORTING PERSON*
PN
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 00055305T-100 Page 7 of 18 Pages
_________________________________________________________________
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Restart Partners V, L.P.
13-3812417
_________________________________________________________________
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]
_________________________________________________________________
3) SEC USE ONLY
_________________________________________________________________
4) SOURCE OF FUNDS*
WC
_________________________________________________________________
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_________________________________________________________________
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_________________________________________________________________
NUMBER 7) SOLE VOTING POWER
OF 60,610 - See Response to Item 5
SHARES _______________________________________________
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 0
EACH _______________________________________________
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 60,610 - See Response to Item 5
WITH _______________________________________________
10) SHARED DISPOSITIVE POWER
0
_________________________________________________________________
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
60,610
_________________________________________________________________
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
_________________________________________________________________
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.34%
_________________________________________________________________
14) TYPE OF REPORTING PERSON*
PN
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 00055305T-100 Page 8 of 18 Pages
_________________________________________________________________
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Common Fund for Non-Profit Organizations
23-7037968
_________________________________________________________________
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]
_________________________________________________________________
3) SEC USE ONLY
_________________________________________________________________
4) SOURCE OF FUNDS*
WC
_________________________________________________________________
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_________________________________________________________________
6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York State
_________________________________________________________________
NUMBER 7) SOLE VOTING POWER
OF 78,966 - See Response to Item 5
SHARES _______________________________________________
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 0
EACH _______________________________________________
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 78,966 - See Response to Item 5
WITH _______________________________________________
10) SHARED DISPOSITIVE POWER
0
_________________________________________________________________
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
78,966
_________________________________________________________________
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
_________________________________________________________________
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.45%
_________________________________________________________________
14) TYPE OF REPORTING PERSON*
CO
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 00055305T-100 Page 9 of 18 Pages
_________________________________________________________________
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Morgens, Waterfall, Vintiadis & Company, Inc.
13-2674766
_________________________________________________________________
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]
_________________________________________________________________
3) SEC USE ONLY
_________________________________________________________________
4) SOURCE OF FUNDS*
AF
_________________________________________________________________
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_________________________________________________________________
6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York State
_________________________________________________________________
NUMBER 7) SOLE VOTING POWER
OF 0 - See Response to Item 5
SHARES _______________________________________________
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 0
EACH _______________________________________________
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 0 - See Response to Item 5
WITH _______________________________________________
10) SHARED DISPOSITIVE POWER
0
_________________________________________________________________
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
78,966
_________________________________________________________________
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
_________________________________________________________________
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.45%
_________________________________________________________________
14) TYPE OF REPORTING PERSON*
CO
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 00055305T-100 Page 10 of 18 Pages
_________________________________________________________________
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Edwin H. Morgens
###-##-####
_________________________________________________________________
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]
_________________________________________________________________
3) SEC USE ONLY
_________________________________________________________________
4) SOURCE OF FUNDS*
AF
_________________________________________________________________
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_________________________________________________________________
6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
_________________________________________________________________
NUMBER 7) SOLE VOTING POWER
OF 0 - See Response to Item 5
SHARES _______________________________________________
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 0
EACH _______________________________________________
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 0 - See Response to Item 5
WITH _______________________________________________
10) SHARED DISPOSITIVE POWER
0
_________________________________________________________________
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,231,931
_________________________________________________________________
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
_________________________________________________________________
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.01%
_________________________________________________________________
14) TYPE OF REPORTING PERSON*
IN
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 00055305T-100 Page 11 of 18 Pages
_________________________________________________________________
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Bruce Waterfall
###-##-####
_________________________________________________________________
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]
_________________________________________________________________
3) SEC USE ONLY
_________________________________________________________________
4) SOURCE OF FUNDS*
AF
_________________________________________________________________
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
_________________________________________________________________
6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
_________________________________________________________________
NUMBER 7) SOLE VOTING POWER
OF 0 - See Response to Item 5
SHARES _______________________________________________
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY 0
EACH _______________________________________________
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 0 - See Response to Item 5
WITH _______________________________________________
10) SHARED DISPOSITIVE POWER
0
_________________________________________________________________
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,231,931
_________________________________________________________________
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
_________________________________________________________________
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.01%
_________________________________________________________________
14) TYPE OF REPORTING PERSON*
IN
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
MK Rail Corporation Page 12 of 18 Pages
Schedule 13D October 3, 1996
Item 1. Security and Issuer.
This statement on Schedule 13D ("Statement") relates to the common
stock, par value $.01 per share ("Common Stock"), of MK Rail Corporation (the
"Issuer"). The principal executive offices of the Issuer are located at 1200
Reedsdale Street, Pittsburgh, Pennsylvania 15233.
Item 2. Identity and Background.
This Statement is filed jointly by (a) Morgens Waterfall Income
Partners ("MWIP"), (b) Restart Partners, L.P. ("Restart"), (c) Restart Partners
II, L.P. ("Restart II"), (d) Restart Partners III, L.P. ("Restart III"), (e)
Restart Partners IV, L.P. ("Restart IV"), (f) Restart Partners V, L.P.
("Restart V"), (g) The Common Fund for Non-Profit Organizations (the "Common
Fund"), (h) Morgens, Waterfall, Vintiadis & Company, Inc. ("Morgens
Waterfall"), (i) Edwin H. Morgens ("Morgens") and (j) Bruce Waterfall
("Waterfall" and together with the persons listed in paragraphs (a) through
(i), the "Reporting Persons").
MWIP is a New York limited partnership having its principal address
at 10 East 50th Street, New York, New York 10022. The principal business of
MWIP is to invest in securities of United States issuers. Morgens and Waterfall
are the general partners of MWIP. All of the information concerning Morgens and
Waterfall is set forth below.
Restart, Restart II, Restart III, Restart IV and Restart V are
Delaware limited partnerships having their principal address at 10 East 50th
Street, New York, New York 10022. The principal business of Restart, Restart
II, Restart III, Restart IV and Restart V is to invest in securities of
financially troubled companies.
The general partner of Restart is Prime Group, L.P. ("Prime Group"),
a Delaware limited partnership, having its principal address at 10 East 50th
Street, New York, New York 10022. The principal business of Prime Group is to
act as the general partner of Restart. The general partner of Prime Group is
Prime, Inc., a Delaware corporation ("Prime"), having its principal office at
10 East 50th Street, New York, New York 10022. The principal business of Prime
is to act as general partner of Prime Group, Prime II, Prime III, Prime IV and
Prime V (as discussed below). Morgens is the Chairman of the Board of Directors
and the Secretary of Prime. Waterfall is the President of Prime and is also a
Director. All of the information concerning Morgens and Waterfall is set forth
below.
The general partner of Restart II is Prime Group II, L.P. ("Prime
II"), a Delaware limited partnership, having its principal
<PAGE>
MK Rail Corporation Page 13 of 18 Pages
Schedule 13D October 3, 1996
address at 10 East 50th Street, New York, New York 10022. The principal
business of Prime II is to act as the general partner of Restart II. The
general partner of Prime II is Prime. All of the information concerning Prime
is set forth above.
The general partner of Restart III is Prime Group III, L.P. ("Prime
III"), a Delaware limited partnership, having its principal address at 10 East
50th Street, New York, New York 10022. The principal business of Prime III is
to act as the general partner of Restart III. The general partner of Prime III
is Prime. All of the information concerning Prime is set forth above.
The general partner of Restart IV is Prime Group IV, L.P. ("Prime
IV"), a Delaware limited partnership, having its principal address at 10 East
50th Street, New York, New York 10022. The principal business of Prime IV is to
act as the general partner of Restart IV. The general partner of Prime IV is
Prime. All of the information concerning Prime is set forth above.
The general partner of Restart V is Prime Group V, L.P. ("Prime V"),
a Delaware limited partnership, having its principal address at 10 East 50th
Street, New York, New York 10022. The principal business of Prime V is to act
as the general partner of Restart V. The general partner of Prime V is Prime.
All of the information concerning Prime is set forth above.
Morgens Waterfall is a New York corporation having its principal
address at 10 East 50th Street, New York, New York 10022. The business of
Morgens Waterfall is rendering of financial services. Morgens Waterfall
provides discretionary investment advisory services to the Common Fund and in
that capacity has been granted investment authority over the Common Fund to
vote securities registered in the name of the Common Fund. Under the rules
promulgated by the Securities and Exchange Commission, Morgens Waterfall and
its principals may be considered "beneficial owners" of securities acquired by
the Common Fund as a result of its advisory relationship to the Common Fund.
Morgens is the Chairman of the Board of Directors and the Secretary
of Morgens Waterfall. Waterfall is the President and Assistant Secretary of
Morgens Waterfall and is also a Director. The primary occupations of Morgens
and Waterfall are to act as the principals in the business of Morgens
Waterfall. The business address of Morgens and Waterfall, each of whom is a
United States citizen, is at the office of Morgens Waterfall at 10 East 50th
Street, New York, New York 10022. Morgens Waterfall has no other officers and
directors.
During the past five years, none of the persons described in this
Item 2 have been convicted in a criminal proceeding. None of such persons is,
and during the past five years none has been, subject to a judgment, decree or
final order enjoining future violations of, or prohibiting or mandating
activities subject to,
<PAGE>
MK Rail Corporation Page 14 of 18 Pages
Schedule 13D October 3, 1996
federal or state securities laws, or finding any violations with respect to
such laws.
Item 3. Source and Amount of Funds or Other Consideration.
Under a plan of reorganization of the Issuer pursuant to provisions
of Chapter 11 of the Bankruptcy Code (the "Plan") which became effective on
September 11, 1996 (the "Effective Date") each Reporting Person, as a creditor
of the Issuer, became entitled to receive as of the Effective Date the shares
of Common Stock.
Item 4. Purpose of Transaction.
MWIP, Restart, Restart II, Restart III, Restart IV, Restart V and the
Common Fund will receive the Common Stock pursuant to the Plan as an
investment. The Reporting Persons have no present plans or proposals that
relate to or would result in any of the actions enumerated in Item 4 of
Schedule 13D, although they reserve the right to buy additional securities of
the Issuer or sell securities of the Issuer from time to time.
Item 5. Interest in Securities of the Issuer.
(a) and (b) The following is the amount of Common Stock that is
beneficially owned by each Reporting Person:
Aggregate Percentage
Name # of Shares of Class
---- ----------- --------
MWIP 42,354 0.24
Restart 259,815 1.48
Restart II 370,220 2.11
Restart III 256,883 1.46
Restart IV 163,083 0.93
Restart V 60,610 0.34
Common Fund 78,966 0.45
--------- -----
Total 1,231,931 7.01
Morgens Waterfall does not directly own any of the Common Stock.
Morgens Waterfall may be deemed to indirectly beneficially own 78,966 shares of
Common Stock by virtue of a contract with the Common Fund (78,966 shares)
pursuant to which Morgens Waterfall provides discretionary investment advisory
services.
Morgens does not directly own any of the Common Stock. Morgens may be
deemed to indirectly beneficially own 1,231,931 shares of Common Stock by
virtue of his positions as Chairman of the Board of Directors and Secretary of
Morgens Waterfall (78,966 shares); as general partner of MWIP (42,354 shares);
as Chairman of the Board of Directors and Secretary of Prime, as general
partner of each of Prime Group, Prime II, Prime III, Prime IV and Prime V, as
general partners of Restart (259,815 shares), Restart II
<PAGE>
MK Rail Corporation Page 15 of 18 Pages
Schedule 13D October 3, 1996
(370,220 shares), Restart III (256,883 shares), Restart IV (163,083 shares) and
Restart V (60,610 shares), respectively.
Waterfall does not directly own any of the Common Stock. Waterfall
may be deemed to indirectly beneficially own 1,231,931 shares of Common Stock
by virtue of his positions as President, Assistant Secretary and a Director of
Morgens Waterfall (78,966 shares); as general partner of MWIP (42,354 shares);
as President and a Director of Prime, as general partner of each of Prime
Group, Prime II, Prime III, Prime IV and Prime V, as general partners of
Restart (259,815 shares), Restart II (370,220 shares), Restart III (256,883
shares), Restart IV (163,083 shares) and Restart V (60,610 shares),
respectively.
Each Reporting Person hereby disclaims that it has any beneficial
interest in the securities owned, directly or indirectly, by any other entity.
(c) Except as set forth above, there have been no other transactions
involving the Common Stock by the Reporting Persons.
(d) Except as set forth above, 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 Common Stock.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to the Securities of the Issuer.
Except to the extent described in Items 2 and 5, none of the persons
identified in Item 2 is a party to any contract, arrangement, understanding or
relationship with respect to any securities of the Issuer.
Item 7. Material to be Filed as Exhibits.
EXHIBIT A Power of Attorney, dated December 15, 1993 granted to
Messrs. Morgens and Waterfall by the following parties: Mr.
Bruce Waterfall; Phoenix Partners; Morgens Waterfall Income
Partners; Betje Partners; Phaeton International N.V.;
Morgens, Waterfall, Vintiadis Investments N.V.; The Common
Fund for Non-Profit Organizations; Morgens Waterfall
Vintiadis & Company, Inc.; Restart Partners, L.P.; Restart
Partners II, L.P.; Restart Partners III, L.P.; Restart
Partners IV, L.P.; Morgens Waterfall, Vintiadis & Co., Inc.
Employees' Profit Sharing Plan; and Mr. Edwin Morgens, for
the specific purpose of executing on their behalf any
Schedule 13Ds and amendments thereto for filing with the
Securities and Exchange Commission pursuant to the
requirements of Rule 13d-1(f) (incorporated by
<PAGE>
MK Rail Corporation Page 16 of 18 Pages
Schedule 13D October 3, 1996
reference to Exhibit A of Amendment No. 2 to Schedule 13D
filed on December 22, 1993 by Phoenix Partners; Betje
Partners; Phaeton International N.V.; Morgens, Waterfall,
Vintiadis Investments N.V.; Morgens Waterfall Vintiadis &
Company, Inc.; Edwin H. Morgens; and Bruce Waterfall with
respect to the common stock, par value $.01 per share, of
Sudbury, Inc.).
EXHIBIT B Power of Attorney, dated September 18, 1996 granted to
Messrs. Morgens and Waterfall by Restart V, L.P., for the
specific purpose of executing on its behalf any Schedule
13Ds and amendments thereto for filing with the Securities
and Exchange Commission pursuant to the requirements of Rule
13d-1(f) (incorporated by reference to Exhibit B of Schedule
13D filed on September 18, 1996 by Phoenix Partners; Betje
Partners; Morgens Waterfall Vintiadis Investments N.V.;
Morgens Waterfall Income Partners; Restart Partners, L.P.;
Restart Partners II, L.P.; Restart Partners III, L.P.;
Restart Partners IV, L.P.; Restart Partners V, L.P.; The
Common Fund for Non-Profit Organizations; MWV Employee
Retirement Plan Group Trust; Phaeton International N.V.;
Morgens Waterfall, Vintiadis & Company, Inc.; Edwin H.
Morgens; and Bruce Waterfall with respect to the common
stock, par value $.01 per share, of Darling International,
Inc.).
<PAGE>
MK Rail Corporation Page 17 of 18 Pages
Schedule 13D October 3, 1996
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of each
of the Reporting Persons, each such person or entity certifies that the
information set forth in this statement is true, complete and correct and
agrees that this statement is filed on behalf of each of them.
The Reporting Persons listed herein
Dated: October 3, 1996 By: /s/ Bruce Waterfall
-------------------------------------
Bruce Waterfall, as attorney-in-fact
for each of the Reporting Persons
<PAGE>
MK Rail Corporation Page 18 of 18 Pages
Schedule 13D October 3, 1996
EXHIBIT INDEX
Page No.
---------------
Exhibit A Power of Attorney Incorporated by
Reference
Exhibit B Power of Attorney Incorporated by
Reference
<PAGE>
