UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
(X) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
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
1. Name and Address of Reporting Person
Resurgence Asset Management L.L.C. (1)
10 New King Street, Suite 107
White Plains NY, 10604
USA
2. Issuer Name and Ticker or Trading Symbol
CAI Wireless Systems, Inc. (CWSS)
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
8/99
5. If Amendment, Date of Original (Month/Year)
7/15/99
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director (X) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Filing (Check Applicable Line)
( ) Form filed by One Reporting Person
(X) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
(Instr.3 and 4) (Instr.4)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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Common Stock 8/24/99 S 582,947 D $28 0 I See (2)
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Common Stock 8/24/99 S 386,687 D $28 0 I See (3)
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Common Stock 8/24/99 S 628,206 D $28 0 I See (4)
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Common Stock (5) 8/24/99 S 7,792 D $28 0 D
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Common Stock (6) 8/24/99 S 582,947 D $28 0 D
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Common Stock (7) 8/24/99 S 299,003 D $28 0 D
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Page 1 of 18 Pages
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Common Stock (8) 8/24/99 S 140,459 D $28 0 D
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Common Stock (9) 8/24/99 S 32,806 D $28 0 D
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Common Stock (10) 8/24/99 S 87,684 D $28 0 D
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Common Stock 8/24/99 S 628,206 D $28 0 I See (11)
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Common Stock 8/24/99 S 87,684 D $28 0 I See (12)
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Common Stock 8/24/99 S 454,941 D $28 0 I See (13)
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Common Stock (14) 8/24/99 S 20,356 D $28 0 D
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Common Stock 8/24/99 S 7,792 D $28 0 I See (15)
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Common Stock (16) 8/24/99 S 6,526 D $28 0 I
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Common Stock (17) 8/24/99 S 1,632,514 D $28 0 I
====================================================================================================================================
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
* If the form is filed by more than one reporting person, see Instructions 4(b)(v). SEC 1474 (7/96)
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
Page 2 of 18 Pages
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___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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Explanation of Responses:
(1) Mr. James B. Rubin serves as Chief Investment Officer of and is responsible
for the day to day investment activities of Resurgence Asset Management, L.L.C.
("RAM"). Voting and dispositive power is exercised solely in its capacity as
sole general partner and sole investment advisor of M.D. Sass Corporate
Resurgence Partners, L.P. ("Resurgence L.P.") Accordingly, RAM may be deemed to
share voting and dispositive power. RAM, Resurgence L.P. and the parties listed
below may be deemed to be members of a "group" for purposes of Section 13(d) of
the Exchange Act.
(2) These securities may be deemed to be beneficially owned by RAM. These
securities are owned of record by Resurgence L.P. However, RAM may be deemed to
share voting and dispositive power as explained in footnote (1).
(3) These securities may be deemed to be beneficially owned by Resurgence Asset
Management International, L.L.C. ("RAMI"). These securities are owned of record
by M.D. Sass Corporate Resurgence International, Ltd ("Resurgence Ltd") and M.D.
Sass Re/Enterprise International, Ltd. ("Re/Enterprise International"). Voting
and dispositive power is exercised solely by RAMI (i) in its capacity as sole
special shareholder of and sole investment advisor of Resurgence Ltd. and (ii)
pursuant to a Subadvisory Agreement with M.D. Sass Management, Inc.("M.D. Sass
Management") with respect to Re/Enterprise International. Accordingly, in each
case, RAMI may be deemed to share voting and dispositive power.
(4) These securities may be deemed to be beneficially owned by Re/Enterprise
Asset Management, L.L.C. ("REAM"). These securities are owned of record by two
employee benefit plans, M.D. Sass Re/Enterprise Partners, L.P. ("Re/Enterprise")
and M.D. Sass Re/Enterprise - II, L.P. ("Re/Enterprise II"). Voting and
dispositive power is exercised by REAM pursuant to a Subadvisory Services
Agreement with M.D. Sass Management and M.D. Sass Associates, Inc. ("M.D. Sass
Associates") with respect to the two employee benefit plans, Re/Enterprise and
Re/Enterprise II. Accordingly, REAM may be deemed to share voting and
dispositive power.
(5) These securities are owned of record by Kingstreet Ltd.
(6) These securities are owned of record by Resurgence L.P.
(7) These securities are owned of record by Resurgence Ltd.
(8) These securities are owned of record by Re/Enterprise.
Page 3 of 18
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(9) These securities are owned of record by Re/Enterprise II.
(10) These securities are owned of record by Re/Enterprise International.
(11) These securities may be deemed to be beneficially owned by M.D. Sass
Associates. These securities are owned of record by two employee benefit plans,
Re/Enterprise and Re/Enterprise II. Voting and dispositive power is exercised by
M.D. Sass Associates pursuant to a Subadvisory Services Agreement with REAM with
respect to the two employee benefit plans, Re/Enterprise and Re/Enterprise II.
Accordingly, M.D. Sass Associates may be deemed to share voting and dispositive
power.
(12) These securities may be deemed to be beneficially owned by M.D. Sass
Management, Inc. ("M.D. Sass Management"). These securities are owned of record
by Re/Enterprise International. Voting and dispositive power is exercised
through Re/Enterprise International. Pursuant to a Subadvisory Services
Agreement it has entered into with RAMI, RAMI exercises sole voting and
dispositive power of these shares. Accordingly, M.D. Sass Management many be
deemed to share voting and dispositive power.
(13) These securities may be deemed to be beneficially owned by M.D. Sass
Investors Services, Inc. These securities are owned of record by the two
employee benefit plans. M.D. Sass Investors Services, Inc. acts as an investment
advisor to both of these plans. Accordingly, M.D. Sass Investors Services, Inc.
may be deemed to share voting and dispositive power.
(14) These securities are owned of record by Resurgence Parallel Fund LLC.
(15) These securities may be deemed to be beneficially owned by The M.D. Sass
Re/Enterprise International Irrevocable Trust II (the "Trust"). These securities
are owned of record by Kingstreet Ltd. The Trust owns 100% of Kingstreet and may
be deemed to share voting and dispositive power.
(16) These securities are owned of record by M.D. Sass Associates, Inc.
Employees Profit Sharing Plan.
(17) Kingstreet Ltd., Resurgence L.P., the two employee benefit plans,
Resurgence Ltd., Re/Enterprise, Re/Enterprise II, Re/Enterprise International,
Resurgence Parallel Fund LLC, and M.D. Sass Associates, Inc. Employees Profit
Sharing Plan (collectively the "Record Owners") are all of the owners of record.
These securities are directly owned by the Record Owners in the aggregate.
<TABLE>
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<S> <C> <C>
** Intentional misstatements or omissions of facts constitute
Federal Criminal Violations /s/ James B. Rubin 9/9/99
--------------------------- ------
See 18 U.S.C. 1001 and 15 U.S. C. 78ff(a). Name: James B. Rubin
RESURGENCE ASSET MANAGEMENT, L.L.C.
By: /s/ James B. Rubin 9/9/99
------------------- ------
Name: James B. Rubin
Title: Manager
** Signature of Reporting Person
</TABLE>
Note:File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, See Instruction 6 for
procedure
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
Page 4 of 18
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Joint Filer Information
Name: Resurgence Asset Management International, L.L.C.
Address: 10 New King Street; Suite 107
White Plains, New York 10604
Designated Filer: James Rubin
Resurgence Asset Management, L.L.C.
Issuer & Ticker
Symbol: CAI Wireless Systems, Inc. (CWSS)
Date of Event
Requiring Statement: 6/24/99
Signature: RESURGENCE ASSET MANAGEMENT
INTERNATIONAL, L.L.C.
By: /s/James B. Rubin
------------------
Name: James B. Rubin
Title: Manager
Page 5 of 18
<PAGE>
Joint Filer Information
Name: Re/Enterprise Asset Management, L.L.C.
Address: 10 New King Street; Suite 107
White Plains, New York 10604
Designated Filer: James Rubin
Resurgence Asset Management, L.L.C.
Issuer & Ticker
Symbol: CAI Wireless Systems, Inc. (CWSS)
Date of Event
Requiring Statement: 6/24/99
Signature: RE/ENTERPRISE ASSET MANAGEMENT, L.L.C.
By: /s/James B. Rubin
------------------
Name: James B. Rubin
Title: Manager
Page 6 of 18
<PAGE>
Joint Filer Information
Name: Kingstreet Ltd.
Address: c/o CITCO International Trust Company, Ltd.
Corporate Center, West Bay Road
P.O. Box 31106 SMB
Grand Cayman, Cayman Islands
Designated Filer: James Rubin
Resurgence Asset Management, L.L.C.
Issuer & Ticker
Symbol: CAI Wireless Systems, Inc. (CWSS)
Date of Event
Requiring Statement: 6/24/99
Signature: KINGSTREET LTD.
By: CTC Corporation, Ltd., its director
By: /s/ A. Charles Levene
-----------------------
Name: A. Charles Levene
Title: Authorized Signatory
Page 7 of 18
<PAGE>
Joint Filer Information
Name: M.D. Sass Corporate Resurgence Partners, L.P.
Address: 10 New King Street; Suite 107
White Plains, New York 10604
Designated Filer: James Rubin
Resurgence Asset Management, L.L.C.
Issuer & Ticker
Symbol: CAI Wireless Systems, Inc. (CWSS)
Date of Event
Requiring Statement: 6/24/99
Signature: M.D. SASS CORPORATE RESURGENCE PARTNERS, L.P.
By: Resurgence Asset Management, L.L.C.,
its General Partner
By: /s/James B. Rubin
------------------
Name: James B. Rubin
Title: Chief Investment Officer
Page 8 of 18
<PAGE>
Joint Filer Information
Name: M.D. Sass Corporate Resurgence International, Ltd.
Address: 10 New King Street; Suite 107
White Plains, New York 10604
Designated Filer: James Rubin
Resurgence Asset Management, L.L.C.
Issuer & Ticker
Symbol: CAI Wireless Systems, Inc. (CWSS)
Date of Event
Requiring Statement: 6/24/99
Signature: M.D. SASS CORPORATE RESURGENCE
INTERNATIONAL, LTD.
By: Resurgence Asset Management, L.L.C.,
its Special Shareholders
By: /s/James B. Rubin
-------------------
Name: James B. Rubin
Title: Chief Investment Officer
Page 9 of 18
<PAGE>
Joint Filer Information
Name: M.D. Sass Re/Enterprise Partners, L.P.
Address: 1185 Avenue of the Americas
New York, New York 10036
Designated Filer: James Rubin
Resurgence Asset Management, L.L.C.
Issuer & Ticker
Symbol: CAI Wireless Systems, Inc. (CWSS)
Date of Event
Requiring Statement: 6/24/99
Signature: M.D. SASS RE/ENTERPRISE PARTNERS, L.P.
By: M.D. Sass Associates, Inc., its General Partner
By: /s/ Martin E. Winter
--------------------
Name: Martin E. Winter
Title: Senior Vice President
Page 10 of 18
<PAGE>
Joint Filer Information
Name: M.D. Sass Re/Enterprise - II, L.P.
Address: 1185 Avenue of the Americas
New York, New York 10036
Designated Filer: James Rubin
Resurgence Asset Management, L.L.C.
Issuer & Ticker
Symbol: CAI Wireless Systems, Inc. (CWSS)
Date of Event
Requiring Statement: 6/24/99
Signature: M.D. SASS RE/ENTERPRISE - II, L.P.
By: M.D. Sass Associates, Inc., its General Partner
By: /s/ Martin E. Winter
---------------------
Name: Martin E. Winter
Title: Senior Vice President
Page 11 of 18
<PAGE>
Joint Filer Information
Name: M.D. Sass Re/Enterprise International, Ltd.
Address: 1185 Avenue of the Americas
New York, New York 10036
Designated Filer: James Rubin
Resurgence Asset Management, L.L.C.
Issuer & Ticker
Symbol: CAI Wireless Systems, Inc. (CWSS)
Date of Event
Requiring Statement: 6/24/99
Signature: M.D. SASS RE/ENTERPRISE INTERNATIONAL, LTD.
By: M.D. Sass Associates, Inc., its investment manager
By: /s/ Martin E. Winter
-----------------------
Name: Martin E. Winter
Title: Senior Vice President
Page 12 of 18
<PAGE>
Joint Filer Information
Name: M.D. Sass Associates, Inc.
Address: 1185 Avenue of the Americas
New York, New York 10036
Designated Filer: James Rubin
Resurgence Asset Management, L.L.C.
Issuer & Ticker
Symbol: CAI Wireless Systems, Inc. (CWSS)
Date of Event
Requiring Statement: 6/24/99
Signature: M.D. SASS ASSOCIATES, INC.
By: /s/ Martin E. Winter
-----------------------
Name: Martin E. Winter
Title: Senior Vice President
Page 13 of 18
<PAGE>
Joint Filer Information
Name: M.D. Sass Management, Inc.
Address: 1185 Avenue of the Americas
New York, New York 10036
Designated Filer: James Rubin
Resurgence Asset Management, L.L.C.
Issuer & Ticker
Symbol: CAI Wireless Systems, Inc. (CWSS)
Date of Event
Requiring Statement: 6/24/99
Signature: M.D. SASS MANAGEMENT, INC.
By: /s/ Martin E. Winter
-----------------------
Name: Martin E. Winter
Title: Senior Vice President
Page 14 of 18
<PAGE>
Joint Filer Information
Name: M.D. Sass Investors Services, Inc.
Address: 1185 Avenue of the Americas
New York, New York 10036
Designated Filer: James Rubin
Resurgence Asset Management, L.L.C.
Issuer & Ticker
Symbol: CAI Wireless Systems, Inc. (CWSS)
Date of Event
Requiring Statement: 6/24/99
Signature: M.D. SASS INVESTORS SERVICES, INC.
By: /s/ Martin E. Winter
-----------------------
Name: Martin E. Winter
Title: Senior Vice President
Page 15 of 18
<PAGE>
Joint Filer Information
Name: Resurgence Parallel Fund LLC
Address: 1185 Avenue of the Americas
New York, New York 10036
Designated Filer: James Rubin
Resurgence Asset Management, L.L.C.
Issuer & Ticker
Symbol: CAI Wireless Systems, Inc. (CWSS)
Date of Event
Requiring Statement: 6/24/99
Signature: RESURGENCE PARALLEL FUND LLC
By: /s/ Martin D. Sass
----------------------
Name: Martin D. Sass
Title: Manager
By: /s/ Martin E. Winter
-----------------------
Name: Martin E. Winter
Title: Manager
Page 16 of 18
<PAGE>
Joint Filer Information
Name: M.D. Sass Re/Enterprise International Irrevocable
Trust II
Address: c/o CITCO International Trust Company, Ltd.
Corporate Center, West Bay Road
P.O. Box 31106 SMB
Grand Cayman, Cayman Islands
Designated Filer: James Rubin
Resurgence Asset Management, L.L.C.
Issuer & Ticker
Symbol: CAI Wireless Systems, Inc. (CWSS)
Date of Event
Requiring Statement: 6/24/99
Signature: M.D. SASS RE/ENTERPRISE INTERNATIONAL
IRREVOCABLE TRUST II
By: /s/ A. Charles Levene
-------------------------
Name: A. Charles Levene
Title: Trustee
Page 17 of 18
<PAGE>
Joint Filer Information
Name: M.D. Sass Associates, Inc. Employees Profit Sharing Plan
Address: 1185 Avenue of the Americas
New York, New York 10036
Designated Filer: James Rubin
Resurgence Asset Management, L.L.C.
Issuer & Ticker
Symbol: CAI Wireless Systems, Inc. (CWSS)
Date of Event
Requiring Statement: 6/24/99
Signature: M.D. SASS ASSOCIATES, INC.
EMPLOYEES PROFIT SHARING PLAN
By: /s/ Martin E. Winter
------------------------
Name: Martin E. Winter
Title: Trustee
Page 18 of 18
