UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
ARM Financial Group, Inc.
(Name of Issuer)
Class A Convertible Common Stock, par value $.01
(Title of Class of Securities)
001944107
(CUSIP Number)
Check the following box if a fee is being paid with this
statement|_| . (A fee is not required only if the filing 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.)
*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 (the "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>
CUSIP No. 001944107 13G Page 2 of 14 Pages
- ---------------------- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
The Morgan Stanley Leveraged Equity Fund II, L.P.
06-6312775
- --------------------------------------------------------------------------------
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
0
---------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES 0
BENEFICIALLY ---------------------------------------------------------
OWNED BY 7 SOLE DISPOSITIVE POWER
EACH 0
REPORTING ---------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 0
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* |_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 001944107 13G Page 3 of 14 Pages
- ---------------------- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
The Morgan Stanley Leveraged Equity Fund II, Inc.
06-1214256
- --------------------------------------------------------------------------------
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
0
---------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES 0
BENEFICIALLY ---------------------------------------------------------
OWNED BY 7 SOLE DISPOSITIVE POWER
EACH 0
REPORTING ---------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 0
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* |_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 001944107 13G Page 4 of 14 Pages
- ---------------------- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Morgan Stanley Capital Partners III, L.P.
13-3788889
- --------------------------------------------------------------------------------
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
0
---------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES 0
BENEFICIALLY ---------------------------------------------------------
OWNED BY 7 SOLE DISPOSITIVE POWER
EACH 0
REPORTING ---------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 0
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* |_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 001944107 13G Page 5 of 14 Pages
- ---------------------- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Morgan Stanley Capital Investors, L.P.
13-3788893
- --------------------------------------------------------------------------------
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
0
---------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES 0
BENEFICIALLY ---------------------------------------------------------
OWNED BY 7 SOLE DISPOSITIVE POWER
EACH 0
REPORTING ---------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 0
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* |_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 001944107 13G Page 6 of 14 Pages
- ---------------------- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
MSCP III 892 Investors, L.P.
13-3788895
- --------------------------------------------------------------------------------
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
0
---------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES 0
BENEFICIALLY ---------------------------------------------------------
OWNED BY 7 SOLE DISPOSITIVE POWER
EACH 0
REPORTING ---------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 0
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* |_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 001944107 13G Page 7 of 14 Pages
- ---------------------- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
MSCP III, L.P.
13-3788890
- --------------------------------------------------------------------------------
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
0
---------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES 0
BENEFICIALLY ---------------------------------------------------------
OWNED BY 7 SOLE DISPOSITIVE POWER
EACH 0
REPORTING ---------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 0
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* |_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 001944107 13G Page 8 of 14 Pages
- ---------------------- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Morgan Stanley Capital Partners III, Inc.
13-3720548
- --------------------------------------------------------------------------------
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
0
---------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES 0
BENEFICIALLY ---------------------------------------------------------
OWNED BY 7 SOLE DISPOSITIVE POWER
EACH 0
REPORTING ---------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 0
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* |_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 001944107 13G Page 9 of 14 Pages
- ---------------------- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Morgan Stanley Dean Witter & Co. (formerly Morgan Stanley, Dean Witter,
Discover & Co.)
13-2838811
- --------------------------------------------------------------------------------
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
0
---------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES 62,098
BENEFICIALLY ---------------------------------------------------------
OWNED BY 7 SOLE DISPOSITIVE POWER
EACH 0
REPORTING ---------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 62,098
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
62,098
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* |_|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
Less than 1
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Page 10 of 14 Pages
Item 1(a). Name of Issuer.
ARM Financial Group, Inc. (the "Company")
Item 1(b). Address of Issuer's Principal Executive Offices.
515 W. Market Street
Louisville, KY 40202
Item 2(a). Name of Person Filing.
This statement is filed on behalf of the persons identified in Item 4
below. In accordance with Rule 13d-1(f)(1) under the Securities Exchange Act of
1934, as amended (the "Exchange Act"), each person filing this statement
acknowledges that it is responsible for the completeness and accuracy of the
information concerning that person but is not responsible for the completeness
or accuracy of the information concerning the other persons making the filing,
unless such person knows or has reason to believe that such information is
inaccurate.
Item 2(b). Address of Principal Business Office or, if None, Residence.
The business address of Morgan Stanley Dean Witter & Co. (formerly
Morgan Stanley, Dean Witter, Discover & Co.) ("MSDW") is 1585 Broadway, New
York, New York 10036 and of each of The Morgan Stanley Leveraged Equity Fund II,
L.P., Morgan Stanley Leveraged Equity Fund II, Inc., Morgan Stanley Capital
Partners III, L.P., MSCP III 892 Investors, L.P., Morgan Stanley Capital
Investors, L.P., MSCP III, L.P., and Morgan Stanley Capital Partners III, Inc.
is 1221 Avenue of the Americas, New York, New York 10020.
Item 2(c). Citizenship.
Each of the persons filing this statement is a United States citizen, a
corporation or limited partnership organized under the laws of a state of the
United States or a trust created or governed under the laws of a state of the
United States.
Item 2(d). Title of Class of Securities.
This statement relates to the Company's Class A Convertible Common
Stock, $.01 par value per share (the "Class A Common Stock").
Item 2(e). CUSIP Number.
001944107
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or
13d-2(b), check whether the person filing is a:
(a) |_| Broker or Dealer registered under Section 15 of the Act,
(b) |_| Bank as defined in Section 3(a)(6) of the Act,
(c) |_| Insurance Company as defined in Section 3(a)(19) of the Act,
(d) |_| Investment Company registered under Section 8 of the Investment
Company Act,
<PAGE>
Page 11 of 14 Pages
(e) |_| Investment Adviser registered under Section 203 of the
Investment Advisors Act of 1940,
(f) |_| Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of
1974 or Endowment Fund; see Section 240.13d-1(b)(1)(ii)(F),
(g) |_| Parent Holding Company, in accordance with Section
240.13d-1(b)(1)(ii)(G) (Note: See Item 7),
(h) |_| Group, in accordance with Section 240.13d-1(b)(1)(ii)(H).
Not applicable.
Item 4. Ownership.
(a), (b) and (c)
The filing of this statement should not be construed as an admission by
any person that such person is, for purposes of Section 13(d) or 13(g) of the
Exchange Act, the beneficial owner of any securities covered by the statement,
other than the securities set forth opposite such person's name in the table
below. The table below indicates the beneficial ownership of Common Stock as of
May 13, 1998 of the persons filing this statement:
Beneficial Percent of
Ownership (1) Class (2)
------------- ---------
MSCP III, L.P. (3) 0 0
Morgan Stanley Capital Partners III, Inc. (3) 0 0
The Morgan Stanley Leveraged 0 0
Equity Fund II, L.P. (4)
Morgan Stanley Leveraged 0 0
Equity Fund II, Inc. (4)
Morgan Stanley Capital Investors, L.P. (5) 0 0
MSCP III 892 Investors, L.P. (5) 0 0
Morgan Stanley Capital Partners III, L.P. (5) 0 0
MSDW (6) 62,098 less than 1
================================================================================
(1) In connection with a secondary offering that closed on May 13, 1998
(the "Secondary Offering"), The Morgan Stanley Leveraged Equity Fund II, L.P.,
Morgan Stanley Capital Partners III, L.P., Morgan Stanley Capital Investors,
L.P. and MSCP III 892 Investors, L.P. (the "Morgan Stanley Stockholders") sold
all shares of Class A Common Stock held by them and all shares of the Company's
Class B Convertible Non-Voting Common Stock, par value $.01 per share, held by
them. Prior to the Secondary Offering, each person had sole voting and
dispositive power with respect to the shares beneficially owned at that time,
except as indicated below.
(2) Based on 23,397,471 shares of Common Stock outstanding as of May
13, 1998
<PAGE>
Page 12 of 14 Pages
(3) The sole general partner of MSCP III, L.P. is Morgan Stanley
Capital Partners III, Inc., a wholly owned subsidiary of MSDW. Morgan Stanley
Capital Partners III, Inc. may be deemed to have shared voting and dispositive
power with respect to shares held by it of MSCP III, L.P.
(4) The sole general partner of The Morgan Stanley Leveraged Equity
Fund II, L.P. is Morgan Stanley Leveraged Equity Fund II, Inc., a wholly owned
subsidiary of MSDW. Morgan Stanley Leveraged Equity Fund II, Inc. may be deemed
to have shared voting and dispositive power with respect to shares held by it of
The Morgan Stanley Leveraged Equity Fund II, L.P.
(5) The sole general partner of each Morgan Stanley Capital Partners
III, L.P., Morgan Stanley Capital Investors, L.P. and MSCP III 892 Investors,
L.P. is MSCP III, L.P. whose sole general partner is Morgan Stanley Capital
Partners III, Inc., a wholly owned subsidiary of MSDW. MSCP III, L.P. and Morgan
Stanley Capital Partners III, Inc. may each be deemed to have shared voting and
dispositive power with respect to shares held by it of each of Morgan Stanley
Capital Partners III L.P., Morgan Stanley Capital Investors, L.P. and MSCP III
892 Investors, L.P.
(6) MSDW may be deemed to have shared voting and dispositive power
with respect to any shares held by Morgan Stanley Capital Partners III, Inc. and
Morgan Stanley Leveraged Equity Fund II Inc. See footnotes 3, 4 and 5 above. In
addition, MSDW may be deemed to have shared voting and dispositive power with
respect to any shares held by Dean Witter Reynolds, Morgan Stanley & Co.
Incorporated, Morgan Stanley & Co. International Limited and Morgan Stanley
Asset Management Inc.
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the beneficial owner of
more than five percent of the class of securities, check the following. |X|
Item 6. Ownership of More than Five Percent on Behalf of
Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
See Exhibit 1.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
Not applicable.
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Date: June 10, 1998
MORGAN STANLEY DEAN WITTER & CO.
By: /s/ Peter R. Vogelsang
Name: Peter R. Vogelsang
Title: Authorized Signatory
THE MORGAN STANLEY LEVERAGED
EQUITY FUND II, L.P.
By: Morgan Stanley Leveraged
Equity Fund II, Inc., its
general partner
By: /s/ Peter R. Vogelsang
Name: Peter R. Vogelsang
Title: Secretary
MORGAN STANLEY LEVERAGED
EQUITY FUND II, INC.
By: /s/ Peter R. Vogelsang
Name: Peter R. Vogelsang
Title: Secretary
MORGAN STANLEY CAPITAL
PARTNERS III L.P.
By: MSCP III L.P., its
general partner
By: Morgan Stanley Capital
Partners III, Inc., its
general partner
By: /s/ Peter R. Vogelsang
Name: Peter R. Vogelsang
Title: Secretary
<PAGE>
MSCP III 892 INVESTORS, L.P.
By: MSCP III L.P., its
general partner
By: Morgan Stanley Capital
Partners III, Inc., its
general partner
By: /s/ Peter R. Vogelsang
Name: Peter R. Vogelsang
Title: Secretary
MORGAN STANLEY CAPITAL
INVESTORS, L.P.
By: MSCP III L.P., its
general partner
By: Morgan Stanley Capital
Partners III, Inc., its
general partner
By: /s/ Peter R. Vogelsang
Name: Peter R. Vogelsang
Title: Secretary
MSCP III L.P.
By: Morgan Stanley Capital
Partners III, Inc., its
general partner
By: /s/ Peter R. Vogelsang
Name: Peter R. Vogelsang
Title: Secretary
MORGAN STANLEY CAPITAL
PARTNERS III, INC.
By: /s/ Peter R. Vogelsang
Name: Peter R. Vogelsang
Title: Secretary
Attention. Intentional misstatements or omissions of fact constitute
Federal criminal violations (See 18 U.S.C. 1001).
<PAGE>
Exhibit 1
1. The Morgan Stanley Leveraged Equity Fund, L.P.
2. Morgan Stanley Leveraged Equity Fund, Inc.
3. Morgan Stanley Capital Partners III, L.P.
4. Morgan Stanley Capital Investors, L.P.
5. MSCP III 892 Investors, L.P.
6. MSCP III, L.P.
7. Morgan Stanley Capital Partners III, Inc.
8. Morgan Stanley Dean Witter & Co.
<PAGE>
Exhibit 2
MORGAN STANLEY DEAN WITTER & CO.
SECRETARY'S CERTIFICATE
-----------------------
I, Charlene R. Herzer, a duly elected and acting Assistant
Secretary of Morgan Stanley Dean Witter & Co., a corporation organized and
existing under the laws of the State of Delaware (the "Corporation"), certify
that, as approved by a Unanimous Consent of Directors in Lieu of a Meeting dated
as of May 31, 1997, Peter R. Vogelsang is authorized to sign any documents on
behalf of the Corporation which are to be filed with any government or
regulatory agency in connection with the Merchant Banking Division.
IN WITNESS WHEREOF, I have hereunto set my name and affixed
the seal of the Corporation as of the 10th day of June, 1998.
/s/ Charlene R. Herzer
Charlene R. Herzer
Assistant Secretary
[SEAL]
