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OMB APPROVAL
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OMB Number 3235-0104
Expires: September 30, 1998
Estimated average burden
hours per response ....... 0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
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(Last) (First) (Middle)
Whippoorwill Associates, Inc.
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(Street)
11 Martine Avenue
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(City) (State) (Zip)
White Plains, New York 10606
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2. Date of Event Requiring Statement (Month/Day/Year)
10/29/97
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3. IRS or Social Security Number of Reporting Person (Voluntary)
13-3595884
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4. Issuer Name and Ticker or Trading Symbol
Kasper A.S.L., Ltd. (formerly, Sassco Fashions, Ltd.) and SASX
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5 Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [ ] 10% Owner
[ ] Officer (give title below) [x(FN1)] Other (specify below)
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6. If Amendment, Date of Original (Month/Day/Year)
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7. Individual or Joint/Group Filing
(Check Applicable Lines)
[ x ] Form Filed by One Reporting Person
[ ] Form Filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Beneficially Owned
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<TABLE>
<CAPTION>
3. Ownership Form:
2. Amount of Securities Direct (D) or
1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr.5)
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<S> <C> <C> <C>
Common Stock 813,909(FN1) I As investment adviser for clients
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(FN1) The Reporting Person is a registered investment adviser, and by
virtue of the aggregate percentage position of its clients, as
determined in accordance with Rule 13d-3 under the Securities
Exchange Act of 1934 (the "Exchange Act"), it is "deemed" to be a
more than 10% beneficial owner in these securities. However, the
Reporting Person disclaims beneficial ownership in these
securities except to the extent of its "pecuniary interest" (as
such term is defined in Rule 16a-1 under the Exchange Act) in its
clients' securities, if any. The Reporting Person disclaims
beneficial ownership in these securities for Section 16 purposes
and for all other purposes.
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Responses)
FORM 3 (continued)
Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 6. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Security Exer- tion of Derivative (I) Ownership
(Instr. 4) cisable Date Title Shares Security (Instr.5) (Instr. 5)
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<S> <C> <C> <C> <C> <C> <C> <C>
not applicable
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</TABLE>
Explanation of Responses:
WHIPPOORWILL ASSOCIATES, INC.
BY: /s/ Pamela M. Lawrence 12/31/97
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**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient. See Instruction 6 for procedure.
