SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2 )
AJL Peps Trust
(Name of Issuer)
Common Stock
(Title of class of securities)
009710104
(CUSIP number)
Check the following box if a fee is being paid with this statement [ ].
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*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 ("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).
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CUSIP No. 009710104 13G Page 2 of 8 Pages
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1. NAME OF REPORTING PERSON(S)
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON(S)
Morgan Stanley, Dean Witter, Discover & Co.
IRS # 39-314-5972
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
The state of organization is Delaware.
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NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 1,005,860
REPORTING --------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
1,005,860
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,005,860
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.42%
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12. TYPE OF REPORTING PERSON*
IA, CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 009710104 13G Page 3 of 8 Pages
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1. NAME OF REPORTING PERSON(S)
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON(S)
Morgan Stanley & Co. International Limited
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Organized under the Laws of England.
- --------------------------------------------------------------------------------
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 927,200
REPORTING --------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
927,200
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
927,200
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.92%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
BD, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 009710104 13G Page 4 of 8 Pages
Item 1. (a) Name of Issuer:
AJL Peps Trust
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(b) Address of Issuer's Principal Executive Offices:
2-18-12, Minami-Azabu
Minatoku, Tokyo 106
Japan
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Item 2. (a) Name of Person Filing:
(a) Morgan Stanley, Dean Witter, Discover & Co.
(b) Morgan Stanley & Co. International Limited
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(b) Address of Principal Business Office, or if None, Residence:
(a) 1585 Broadway
New York, New York 10036
(b) 25 Cabot Square
Canary Wharf
London E14 4QA
England
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(c) Citizenship:
Incorporated by reference to Item 4 of the
cover page pertaining to each reporting person.
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(d) Title of Class of Securities:
Common Stock
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(e) CUSIP Number:
009710104
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Item 3. (a) Morgan Stanley, Dean Witter, Discover & Co. is (e) an
Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940.
(b) Morgan Stanley & Co. International Limited is (a) a Broker-
Dealer doing business under the laws of the United Kingdom.
Morgan Stanley & Co. International Ltd. is filing this
statement pursuant to Rules 13d-1(b) and 13d-2(b), relying
on such rules and using Schedule 13G in accordance with
no-action assurances from the Division of Corporate Finance,
Office of Tender Offers.
<PAGE>
CUSIP No. 009710104 13-G Page 5 of 8 Pages
Item 4. Ownership.
Incorporated by reference to Items (5) - (9) and (11) of the
cover page.
Item 5. Ownership of Five Percent or Less of a Class.
Inapplicable
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
Accounts managed on a discretionary basis by Morgan Stanley & Co.
International Limited a wholly owned subsidiary of Morgan
Stanley, Dean Witter, Discover & Co., are known to have the right
to receive or the power to direct the receipt of dividends from,
or the proceeds from, the sale of such securities. No such
account holds more than 5 percent of the class.
Item 7. Identification and Classification of the Subsidiary which Acquired
the Security Being Reported on By the Parent Holding Company.
Item 8. Identification and Classification of Members of the Group.
Item 9. Notice of Dissolution of Group.
Item 10. Certification.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose
of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having
such purpose or effect.
<PAGE>
CUSIP No. 009710104 13-G Page 6 of 8 Pages
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: February 13, 1998
Signature: /s/ Bruce Bromberg
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Name/Title Bruce Bromberg / Vice President Morgan Stanley & Co. Incorporated
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MORGAN STANLEY, DEAN WITTER, DISCOVER & CO.
Date: February 13, 1998
Signature : /s/ Bruce Bromberg
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Name/Title Bruce Bromberg / Vice President Morgan Stanley & Co. Incorporated
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MORGAN STANLEY & CO. INTERNATIONAL LIMITED
INDEX TO EXHIBITS PAGE
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EXHIBIT 1 Agreement to Make a Joint Filing 7
EXHIBIT 2 Secretary's Certificate Authorizing Bruce Bromberg 8
to Sign on behalf of Morgan Stanley, Dean Witter,
Discover and Co.
EXHIBIT 3 Secretary's Certificate Authorizing Bruce Bromberg 9
to Sign on behalf of Morgan Stanley & Co.
International Limited
* Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).
(022597DTI)
<PAGE>
CUSIP No. 009710104 13-G Page 7 of 8 Pages
EXHIBIT 1 TO SCHEDULE 13G
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FEBRUARY 13, 1998
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MORGAN STANLEY, DEAN WITTER, DISCOVER & CO. and MORGAN STANLEY &
CO. INTERNATIONAL LIMITED hereby agree that, unless
differentiated, this Schedule 13G is filed on behalf of each of
the parties.
MORGAN STANLEY, DEAN WITTER, DISCOVER & CO.
BY: /s/ Bruce Bromberg
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Bruce Bromberg / Vice President Morgan Stanley & Co., Incorporated
MORGAN STANLEY & CO. INTERNATIONAL LIMITED
BY: /s/ Bruce Bromberg
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Bruce Bromberg / Vice President Morgan Stanley & Co., Incorporated
* Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).
<PAGE>
Page 8 of 8 Pages
EXHIBIT 2 ------------------
MORGAN STANLEY, DEAN WITTER, DISCOVER & CO.
SECRETARY'S CERTIFICATE
I, Charlene R. Herzer, a duly elected and acting Assistant Secretary of
Morgan Stanley, Dean Witter, Discover & 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, the following persons are each authorized to sign reports
to be filed under Sections 13 and 16 of the Securities Exchange Act of 1934 on
behalf of the Corporation, and such authorizations are in full force and
effect as of this date:
Stuart J.M. Breslow
Robert G. Koppenol
Bruce Bromberg
Robin Sherak
IN WITNESS WHEREOF, I have hereunto set my name and affixed the seal of
the Corporation as of the 3rd day of June, 1997.
/s/ Charlene R. Herzer
------------------------
Charlene R. Herzer
Assistant Secretaty
<PAGE>
PAGE 9 OF 9 PAGES
POWER OF ATTORNEY
BY THIS POWER OF ATTORNEY, MORGAN STANLEY & CO. INTERNATIONAL LIMITED of 25
Cabot Square, Canary Wharf, London E14 4QA hereby constitutes and appoints each
of BRUCE BROMBERG and ROBIN SHERAK, each of 1585 Broadway, New York, New York
to act as our true and lawful attorney (the 'Attorney') with full power to
execute and deliver in our name and on our behalf any reports to be filed under
Section 13 and Section 16 of the securities Exchange Act of 1934, as amended,
and the rules and regulations thereunder, with the Securities and Exchange
Commission, and to do all other acts, deeds and things necessary or desirable
in connection with the said responsibilities AND WE HEREBY UNDERTAKE to ratify
everything done or purported to be done by virtue of this Power.
This Power shall be irrevocable for a period of one year from the date hereof.
IN WITNESS WHEREOF, MORGAN STANLEY & CO. INTERNATIONAL LIMITED has caused its
Common Seal to be hereunto affixed this 24th day of APRIL 1997.
[SEAL]
THE COMMON SEAL OF
MORGAN STANLEY & CO. INTERNATIONAL LIMITED
was hereunto affixed in the
presence of
Director
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Assistant Company Secretary
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