SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
CAI Wireless Systems, Inc.
(Name of Issuer)
Common Stock, $.01 par value
(Title of Class of Securities)
12476P20
(CUSIP Number)
Resurgence Asset Management, LLC
10 New King Street
Suite 107
White Plains, New York 10604
Attn: James Rubin
(914) 288-8600
(Name, Address and Telephone Number of
Person Authorized to Receive Notices
and Communications)
June 15, 1999
(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: |_|
Page 1 of 29 pages
<PAGE>
- ----------------------
CUSIP No. 12476P20 SCHEDULE 13D Page 2 of 29 Pages
- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James B. Rubin /1/
Resurgence Asset Management, L.L.C.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 582,947 /1/
--------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY None
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 582,947 /1/
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
582,947 /1/
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
- --------------
/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. Accordingly, RAM may be deemed to share voting and
dispositive power.
<PAGE>
- ----------------------
CUSIP No. 12476P20 SCHEDULE 13D Page 3 of 29 Pages
- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James B. Rubin /2/
Resurgence Asset Management International, L.L.C.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 386,687 /2/
--------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY None
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 386,687 /2/
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
386,687 /2/
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
- --------
/2/ Mr. James B. Rubin serves as Chief Investment Officer of and is responsible
for the day to day investment activities of Resurgence Asset Management
International, L.L.C. ("RAMI"). Voting and dispositive power is exercised (i)
solely in its capacity as sole special shareholder of and sole investment
advisor of M.D. Sass Corporate Resurgence International, Ltd. and (ii) pursuant
to a Subadvisory Agreement with M.D. Sass Management, Inc. with respect to M.D.
Sass Re/Enterprise International Ltd. Accordingly, in each case, RAMI may be
deemed to share voting and dispositive power.
<PAGE>
- ----------------------
CUSIP No. 12476P20 SCHEDULE 13D Page 4 of 29 Pages
- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James B. Rubin /3/
Re/Enterprise Asset Management, L.L.C.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 628,206 /3/
--------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY None
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 628,206 /3/
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
628,206 /3/
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
- --------
/3/ Mr. James B. Rubin serves as Manager of and is responsible for the day to
day investment activities of Re/Enterprise Asset Management, L.L.C. ("REAM").
Voting and dispositive power is exercised pursuant to a Subadvisory Services
Agreement with M.D. Sass Management, Inc., M.D. Sass Investors Services, Inc.
and M.D. Sass Associates, Inc. with respect to two employee benefit or
retirement plans, M.D. Sass Re/Enterprise Partners, L.P., and M.D. Sass
Re/Enterprise - II, L.P. Accordingly, REAM may be deemed to share voting and
dispositive power.
<PAGE>
- ----------------------
CUSIP No. 12476P20 SCHEDULE 13D Page 5 of 29 Pages
- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Kingstreet Ltd.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 7,792 /4/
--------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY None
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 7,792 /4/
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,792 /4/
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than .1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
- --------
/4/ Voting and dispositive power is exercised through its sole director, CTC
Corporation Ltd. Kingstreet Ltd. is a wholly-owned subsidiary of The M.D. Sass
Re/Enterprise International Irrevocable Trust II.
<PAGE>
- ----------------------
CUSIP No. 12476P20 SCHEDULE 13D Page 6 of 29 Pages
- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James B. Rubin /5/
M.D. Sass Corporate Resurgence Partners, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 582,947 /5/
--------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY None
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 582,947 /5/
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
582,947 /5/
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
- --------
/5/ 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 through its sole general
partner and sole investment advisor, RAM. Accordingly, M.D. Sass Corporate
Resurgence Partners, L.P. may be deemed to share voting and dispositive power.
<PAGE>
- ----------------------
CUSIP No. 12476P20 SCHEDULE 13D Page 7 of 29 Pages
- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James B. Rubin /6/
M.D. Sass Corporate Resurgence International, Ltd.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 299,003 /6/
--------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY None
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 299,003 /6/
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
299,003 /6/
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
- --------
/6/ Mr. James B. Rubin serves as Chief Investment Officer of and is responsible
for the day to day investment activities of Resurgence Asset Management
International, L.L.C. ("RAMI"). Voting and dispositive power is exercised
through its sole special shareholder and investment advisor, RAMI. Accordingly,
M.D. Sass Corporate Resurgence International, Ltd. may be deemed to share voting
and dispositive power.
<PAGE>
- ----------------------
CUSIP No. 12476P20 SCHEDULE 13D Page 8 of 29 Pages
- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James B. Rubin /7/
M.D. Sass Re/Enterprise Partners, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 140,459 /7/
--------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY None
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 140,459 /7/
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
140,459 /7/
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
- --------
/7/ Mr. James B. Rubin serves as Manager of and is responsible for the day to
day investment activities of Re/Enterprise Asset Management, L.L.C. ("REAM").
Voting and dispositive power is exercised through REAM pursuant to a Subadvisory
Services Agreement with M.D. Sass Associates, Inc., the managing general partner
of M.D. Sass Re/Enterprise Partners, L.P. Accordingly, M.D. Sass Re/Enterprise
Partners, L.P. may be deemed to share voting and dispositive power.
<PAGE>
- ----------------------
CUSIP No. 12476P20 SCHEDULE 13D Page 9 of 29 Pages
- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James B. Rubin /8/
M.D. Sass Re/Enterprise - II, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 32,806 /8/
--------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY None
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 32,806 /8/
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
32,806 /8/
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
- --------
/8/ Mr. James B. Rubin serves as Manager of and is responsible for the day to
day investment activities of Re/Enterprise Asset Management, L.L.C. ("REAM").
Voting and dispositive power is exercised through REAM pursuant to a Subadvisory
Services Agreement with M.D. Sass Investors Services, Inc., the managing general
partner of M.D. Sass Re/Enterprise - II, L.P. Accordingly, M.D. Sass
Re/Enterprise - II, L.P. may be deemed to share voting and dispositive power.
<PAGE>
- ----------------------
CUSIP No. 12476P20 SCHEDULE 13D Page 10 of 29 Pages
- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James B. Rubin /9/
M.D. Sass Re/Enterprise International, Ltd.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 87,684 /9/
--------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY None
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 87,684 /9/
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
87,684 /9/
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
- --------
/9/ Mr. James B. Rubin serves as Manager of and is responsible for the day to
day investment activities of Resurgence Asset Management International, L.L.C.
("RAMI"). Voting and dispositive power is exercised through RAMI pursuant to a
Subadvisory Services Agreement with M.D. Sass Management Inc., the investment
manager of M.D. Sass Re/Enterprise International Ltd. Accordingly, M.D. Sass
Re/Enterprise International, Ltd. may be deemed to share voting and dispositive
power.
<PAGE>
- ----------------------
CUSIP No. 12476P20 SCHEDULE 13D Page 11 of 29 Pages
- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James B. Rubin /10/
M.D. Sass Associates, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 628,206 /10/
--------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY None
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 628,206 /10/
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
628,206 /10/
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
- --------
/10/ Mr. James B. Rubin serves as Manager of and is responsible for the day to
day investment activities of Re/Enterprise Asset Management L.L.C. ("REAM").
Pursuant to a Subadvisory Services Agreement M.D. Sass Associates, Inc. has
entered into with REAM, REAM exercises sole voting and dispositive power over
such shares. Voting and dispositive power is exercised by M.D. Sass Associates,
Inc. solely in its capacity as general partner of M.D. Sass Re/Enterprise
Partners, L.P. Accordingly, M.D. Associates, Inc. may be deemed to share voting
and dispositive power.
<PAGE>
- ----------------------
CUSIP No. 12476P20 SCHEDULE 13D Page 12 of 29 Pages
- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James B. Rubin /11/
M.D. Sass Management, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 87,684 /11/
--------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY None
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 87,684 /11/
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
87,684 /11/
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
- --------
/11/ Mr. James B. Rubin serves as Chief Investment Officer and is responsible
for the day to day investment activities of Resurgence Asset Management
International, L.L.C. ("RAMI"). Voting and dispositive power is exercised
through M.D. Sass Re/Enterprise International, Ltd. Pursuant to a Subadvisory
Services Agreement it has entered into with RAMI, RAMI exercises sole voting and
dispositive power over such shares. Accordingly, M.D. Sass Management, Inc. may
be deemed to share voting and dispositive power.
<PAGE>
- ----------------------
CUSIP No. 12476P20 SCHEDULE 13D Page 13 of 29 Pages
- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
James B. Rubin /12/
M.D. Sass Investors Services, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 454,941 /12/
--------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY None
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 454,941 /12/
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
454,941 /12/
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
- --------
/12/ Mr. James B. Rubin serves as Manager and is responsible for the day to day
investment activities of Re/Enterprise Asset Management, L.L.C. ("REAM"). Voting
and dispositive power is exercised solely in its capacity as general partner of
M.D. Sass Re/Enterprise - II, L.P. and investment advisor to two employee
benefit or retirement plans. Pursuant to a Subadvisory Services Agreement it has
entered into with REAM, REAM exercises sole voting and dispositive power over
such shares. Accordingly, M.D. Sass Investor Services, Inc. may be deemed to
share voting and dispositive power.
<PAGE>
- ----------------------
CUSIP No. 12476P20 SCHEDULE 13D Page 14 of 29 Pages
- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Resurgence Parallel Fund LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 20,356
--------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY None
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 20,356
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,356
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than .1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
<PAGE>
- ----------------------
CUSIP No. 12476P20 SCHEDULE 13D Page 15 of 29 Pages
- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The M.D. Sass Re/Enterprise International Irrevocable Trust II
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 7,792 /13/
--------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY None
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 7,792 /13/
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,792 /13/
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than .1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
00
- --------------------------------------------------------------------------------
- --------
/13/ The M.D. Sass Re/Enterprise International Irrevocable Trust II (the
"Trust") owns 100% of Kingstreet Ltd. and accordingly may be deemed to share
voting and dispositive power. Voting and dispositive power on behalf of the
Trust is exercised through its trustees, A. Charles Levene and CITCO
International Trust Company, Ltd.
<PAGE>
- ----------------------
CUSIP No. 12476P20 SCHEDULE 13D Page 16 of 29 Pages
- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
M.D. Sass Associates, Inc. Employees Profit Sharing Plan
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ] (b)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e)
[ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 6,526
--------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY None
--------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 6,526
--------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,526
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than .1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
EP
- --------------------------------------------------------------------------------
<PAGE>
Schedule 13D
Item 1. Security and Issuer.
This filing relates to the Common Shares, $.01 par value (the
"Shares"), of CAI Wireless Systems, Inc., a corporation organized under the laws
of Connecticut (the "Issuer"). The principal executive offices of the Issuer are
located at 18 Corporate Woods Boulevard, Albany, New York, 12211.
Item 2.Identity and Background.
(a)-(c) This Statement on Schedule 13D (the "Statement") is
filed by:
Resurgence Asset Management, L.L.C. ("RAM")
Resurgence Asset Management International, L.L.C. ("RAMI")
Re/Enterprise Asset Management, L.L.C. ("REAM")
Kingstreet Ltd.
M.D. Sass Corporate Resurgence Partners, L.P. ("Resurgence L.P.")
M.D. Sass Corporate Resurgence International, Ltd. ("Resurgence Ltd.")
M.D. Sass Re/Enterprise Partners, L.P. ("Re/Enterprise")
M.D. Sass Re/Enterprise - II, L.P. ("Re/Enterprise II")
M.D. Sass Re/Enterprise International, Ltd. ("Re/Enterprise
International")
M.D. Sass Associates, Inc.
M.D. Sass Management, Inc.
M.D. Sass Investors Services, Inc.
Resurgence Parallel Fund LLC
The M.D. Sass Re/Enterprise International Irrevocable Trust II
M.D. Sass Associates, Inc. Employee Profit Sharing Plan ("SAEPS")
(each person listed above is a "Reporting Person" and
collectively the "Reporting Persons").
The address for RAM, RAMI, REAM, Resurgence L.P., and Resurgence Ltd.
is 10 New King Street Suite 107 White Plains, New York 10604.
The address for Kingstreet Ltd. and the M.D. Sass Re/Enterprise
Irrevocable Trust II is c/o CITCO International Trust Company, Ltd, Corporate
Center, West Bay Road, P.O. Box 31106 SMB, Grand Cayman, Cayman Islands.
The address for SAEPS, Re/Enterprise, Re/Enterprise II, Re/Enterprise
International, M.D. Sass Associates, Inc., M.D. Sass Management, Inc, M.D. Sass
Investors Services, Inc. and Resurgence Parallel Fund LLC is 1185 Avenue
of the Americas, New York, New York 10036.
<PAGE>
(d) and (e). During the last five years, none of the Reporting Persons
have (i) been convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors), or (ii) been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction and as a result of
such proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws or finding any violation with respect to such laws.
(f) See item 6 of each cover page.
Item 3. Source and Amount of Funds or Other Consideration.
As of June 15, 1999 the Reporting Persons beneficially owned an
aggregate of 1,632,514 Shares, representing 9.5% of the total outstanding
Shares, all of which were acquired on the open market.
The funds for acquisitions by the two employee benefit or retirement
plans (each an "ERISA Plan") were provided by monies invested by or contributed
on behalf of the employee participants in such plans. The funds for acquisitions
by the other Reporting Persons were provided by monies invested as capital
contributions by investors, partners or shareholders as the case may be.
Share amounts and prices of all purchases and sales of the Shares since
April 21, 1999, are set forth on Exhibit B attached hereto.
Item 4. Purpose of Transaction.
The Reporting Persons' respective acquisitions of Shares were originally
made for investment purposes.
The Reporting Persons have developed concerns and questions regarding
the agreement for the acquisition of the Issuer by MCI WorldCom, Inc., which has
been announced by management, and management's adoption of a shareholders'
rights plan or "poison pill" and its grant to MCI WorldCom of an option to
acquire 6,090,481 Shares of the Issuer. Among other things, the Reporting
Persons are concerned that those transactions will not have the effect of
maximizing value for all shareholders of the Issuer.
On June 10, 1999, James B. Rubin, on behalf of RAM, RAMI, and REAM,
each a Reporting Person, contacted the Issuer to express concerns regarding the
MCI WorldCom transactions, to ask questions of management and to request
additional information with respect to such matters.
On June 15, 1999, the Reporting Persons received a letter from the
Issuer, in which the Issuer stated that it was not prepared to provide the
Reporting Persons with any information other than a copy of the Disclosure
Statement (the "Disclosure Statement") filed by the Issuer in its Chapter 11
bankruptcy case which was confirmed on September 30, 1998.
In light of the Issuer's refusal to provide the Reporting Persons with
any information other than the Disclosure Statement, the Reporting Persons are
considering whether to take further steps to protect the interests of the
Issuer's shareholders and to seek to enhance shareholder value.
This Schedule 13D is filed by the Reporting Persons in the event that
any further communications by the Reporting Persons with the Issuer or other
persons or shareholders or any other action by any of the Reporting Persons in
the future requires such a filing.
<PAGE>
Item 5. Interest in Securities of the Issuer.
(a)-(b) See Items 7,9,11 and 13 of each cover page.
The percentages in Item 13 of each cover page are based on 17,241,379
Shares that were outstanding as of December 31, 1998, as reported in the
Issuer's Form 10-Q.
(c) Except as set forth on Exhibit B annexed hereto, the Reporting
Persons have not effected any transactions in the Common Stock in the past 60
days. All such transactions were effected in the open market.
(d) No person other than those named in Item 2 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 Shares.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer.
None.
Item 7. Material to be Filed as Exhibits.
Exhibit A - Agreement of joint filing pursuant to Rule 13d(1)-f promulgated
under the Securities Exchange Act of 1934, as amended.
Exhibit B - Schedule of Purchases and Sales within the last 60 days.
<PAGE>
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certify that the information set forth in this
Statement is true, complete and correct.
Dated: June 15, 1999
RESURGENCE ASSET MANAGEMENT, L.L.C.
By: /s/James B. Rubin
---------------------
Name: James B. Rubin
Title: Manager
RESURGENCE ASSET MANAGEMENT
INTERNATIONAL, L.L.C.
By: /s/James B. Rubin
---------------------
Name: James B. Rubin
Title: Manager
RE/ENTERPRISE ASSET MANAGEMENT, L.L.C.
By: /s/James B. Rubin
---------------------
Name: James B. Rubin
Title: Manager
KINGSTREET LTD.
By: CTC Corporation, Ltd.,
its director
By: /s/A. Charles Levene
------------------------
Name: A. Charles Levene
Title: Authorized Signatory
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>
M.D. SASS CORPORATE
RESURGENCE PARTNERS INTERNATIONAL, LTD.
By: Resurgence Asset Management
International, L.L.C.,
its Special Shareholders
By: /s/James B. Rubin
---------------------
Name: James B. Rubin
Title: Chief Investment Officer
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
M.D. SASS RE/ENTERPRISE - II, L.P.
By: M.D. Sass Investors Services, its
General Partner
By: /s/Martin E. Winter
---------------------
Name: Martin E. Winter
Title: Senior Vice President
M.D. SASS RE/ENTERPRISE INTERNATIONAL,
LTD.
By: M.D. Sass Management, Inc., as
investment manager
By: /s/Martin E. Winter
---------------------
Name: Martin E. Winter
Title: Senior Vice President
M.D. SASS ASSOCIATES, INC.
By: /s/Martin E. Winter
---------------------
Name: Martin E. Winter
Title: Senior Vice President
<PAGE>
M.D. SASS MANAGMENT, INC.
By: /s/Martin E. Winter
---------------------
Name: Martin E. Winter
Title: Senior Vice President
M.D. SASS INVESTORS SERVICES, INC.
By: /s/Martin E. Winter
---------------------
Name: Martin E. Winter
Title: Senior Vice President
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
M.D. SASS RE/ENTERPRISE INTERNATIONAL
IRREVOCABLE TRUST II
By: /s/A. Charles Levene
---------------------
Name: A. Charles Levene
Title: Trustee
M.D. SASS ASSOCIATES, INC. EMPLOYEES
PROFIT SHARING PLAN
By: /s/Martin E. Winter
---------------------
Name: Martin E. Winter
Title: Trustee
<PAGE>
EXHIBIT A
Agreement of Joint Filing
Pursuant to 13d-1(f) promulgated under the Securities Exchange Act of
1934, as amended, the undersigned persons hereby agree to file with the
Securities and Exchange Commission the Statement on Schedule 13D (the
"Statement") to which this Agreement is attached as an exhibit, and agree that
such Statement, as so filed, is filed on behalf of each of them.
IN WITNESS WHEREOF, the undersigned have executed this Agreement.
Dated: June 15, 1999
RESURGENCE ASSET MANAGEMENT, L.L.C.
By: /s/James B. Rubin
---------------------
Name: James B. Rubin
Title: Manager
RESURGENCE ASSET MANAGEMENT
INTERNATIONAL, L.L.C.
By: /s/James B. Rubin
---------------------
Name: James B. Rubin
Title: Manager
RE/ENTERPRISE ASSET MANAGEMENT, L.L.C.
By: /s/James B. Rubin
---------------------
Name: James B. Rubin
Title: Manager
KINGSTREET LTD.
By: CTC Corporation, Ltd.,
its director
By: /s/A. Charles Levene
------------------------
Name: A. Charles Levene
Title: Authorized Signatory
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>
M.D. SASS CORPORATE
RESURGENCE PARTNERS INTERNATIONAL, LTD.
By: Resurgence Asset Management
International, L.L.C.,
its Special Shareholders
By: /s/James B. Rubin
---------------------
Name: James B. Rubin
Title: Chief Investment Officer
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
M.D. SASS RE/ENTERPRISE - II, L.P.
By: M.D. Sass Investors Services, its
General Partner
By: /s/Martin E. Winter
---------------------
Name: Martin E. Winter
Title: Senior Vice President
M.D. SASS RE/ENTERPRISE INTERNATIONAL,
LTD.
By: M.D. Sass Management, Inc., as
investment manager
By: /s/Martin E. Winter
---------------------
Name: Martin E. Winter
Title: Senior Vice President
M.D. SASS ASSOCIATES, INC.
By: /s/Martin E. Winter
---------------------
Name: Martin E. Winter
Title: Senior Vice President
<PAGE>
M.D. SASS MANAGMENT, INC.
By: /s/Martin E. Winter
---------------------
Name: Martin E. Winter
Title: Senior Vice President
M.D. SASS INVESTORS SERVICES, INC.
By: /s/Martin E. Winter
---------------------
Name: Martin E. Winter
Title: Senior Vice President
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
M.D. SASS RE/ENTERPRISE INTERNATIONAL
IRREVOCABLE TRUST II
By: /s/A. Charles Levene
---------------------
Name: A. Charles Levene
Title: Trustee
M.D. SASS ASSOCIATES, INC. EMPLOYEES
PROFIT SHARING PLAN
By: /s/Martin E. Winter
---------------------
Name: Martin E. Winter
Title: Trustee
<PAGE>
EXHIBIT B
TRANSACTIONS IN COMMON
STOCK OF CAI WIRELESS SYSTEMS
DURING THE PRECEDING 60 DAYS
Shares Purchased by M.D. Sass Re/Enterprise International, Ltd.
Number of
Shares
Date Purchased Total Cost
- ---- --------- ----------
04/26/99 7,202 170,147.25
04/26/99 3,601 85,523.75
04/27/99 15,610 436,080.96
04/30/99 2,174 61,176.36
05/05/99 5,870 164,829.60
05/07/99 4,442 13,265.50
05/11/99 2,900 78,329.00
05/17/99 1,537 41,160.86
05/27/99 15,921 422,901.56
06/09/99 16,368 439,890.00
06/14/99 12,059 331,622.50
Shares Purchased by the first ERISA Plan
Number of
Shares
Date Purchased Total Cost
- ---- --------- ----------
04/26/99 32,152 759,616.00
04/26/99 16,076 381,830.00
04/27/99 69,498 1,941,521.13
04/30/99 9,130 256,943.20
05/05/99 22,096 620,480.68
05/07/99 16,433 456,040.75
05/11/99 11,706 316,204.06
05/17/99 6,713 179,799.14
05/27/99 56,736 1,507,075.00
06/09/99 65,654 1,764,476.00
06/14/99 54,399 1,495,997.00
Shares Purchased by Kingstreet Limited
Number of
Shares
Date Purchased Total Cost
- ---- --------- ----------
04/26/99 772 18,263.50
04/26/99 386 9,192.50
04/27/99 1,675 46,817.80
04/30/99 208 5,878.12
<PAGE>
05/05/99 507 14,261.56
05/07/99 372 10,348.00
05/11/99 268 7,263.68
05/17/99 156 4,202.68
05/27/99 1,283 34,104.69
06/09/99 1,382 37,166.25
06/14/99 783 21,557.50
Shares Purchased by the second ERISA Plan
Number of
Shares
Date Purchased Total Cost
- ---- --------- ----------
04/26/99 4,348 102,746.50
04/26/99 2,174 51,657.50
04/27/99 9,396 262,511.66
04/30/99 1,234 34,749.76
05/05/99 2,990 83,984.20
05/07/99 2,221 61,657.75
05/11/99 1,581 42,727.81
05/17/99 914 24,501.92
05/27/99 29,525 784,282.81
06/09/99 22,775 612,103.13
06/14/99 17,190 472,750.00
Shares Purchased by M.D. Sass Associates, Inc. Employee Profit
Sharing Plan
Number of
Shares
Date Purchased Total Cost
- ---- --------- ----------
04/26/99 599 14,151.38
04/26/99 300 7,125.00
04/27/99 1,291 36,065.38
04/30/99 168 4,727.52
05/05/99 401 11,260.08
05/07/99 321 8,907.75
05/11/99 228 6,158.28
05/17/99 130 3,481.40
05/27/99 1,061 28,182.81
06/09/99 1,167 31,363.13
06/14/99 860 23,650.00
<PAGE>
Shares Purchased by M.D. Sass Re/Enterprise Partners, L.P.
Number of
Shares
Date Purchased Total Cost
- ---- --------- ----------
04/26/99 12,453 294,202.13
04/26/99 6,227 147,891.25
04/27/99 27,023 754,914.53
04/30/99 3,206 90,216.84
05/05/99 7,454 209,308.32
05/07/99 6,723 186,563.25
05/11/99 4,788 129,323.88
05/17/99 2,876 77,019.28
05/27/99 23,435 622,492.19
06/09/99 26,619 715,385.63
06/14/99 19,655 540,512.50
Shares Purchased by M.D. Sass Corporate Resurgence Partners, L.P.
Number of
Shares
Date Purchased Total Cost
- ---- --------- ----------
04/26/99 57,777 1,365,006.63
04/26/99 28,888 686,115.00
04/27/99 125,286 3,500,014.70
04/30/99 15,580 438,446.20
05/05/99 37,901 1,064,285.08
05/07/99 27,850 772,862.50
05/11/99 20,053 541,656.53
05/17/99 11,663 312,360.14
05/27/99 96,000 2,550,025.00
06/09/99 103,394 2,778,738.55
06/14/99 58,555 1,610,287.50
Shares Purchased by M.D. Sass Corporate Resurgence International,
Ltd.
Number of
Shares
Date Purchased Total Cost
- ---- --------- ----------
04/26/99 29,635 700,151.88
04/26/99 14,817 351,928.75
04/27/99 64,261 1,795,220.30
04/30/99 7,991 224,891.74
05/05/99 19,440 545,900.20
05/07/99 14,285 396,433.75
05/11/99 10,285 277,822.85
05/17/99 5,982 160,222.96
05/27/99 49,240 1,307,962.50
06/09/99 53,033 1,425,286.88
06/14/99 30,034 825,960.00
<PAGE>
Shares Purchased by Resurgence Parallel Fund LLC
Number of
Shares
Date Purchased Total Cost
- ---- --------- ----------
04/26/99 2,018 47,700.25
04/26/99 1,009 23,988.75
04/27/99 4,375 122,245.00
04/30/99 544 15,333.16
05/05/99 1,323 37,174.84
05/07/99 972 26,998.00
05/11/99 700 18,932.00
05/17/99 407 10,924.46
05/27/99 3,352 89,062.50
06/09/99 3,611 97,070.13
06/14/99 2,045 56,262,50
Shares Purchased by M.D. Sass Re/Enterprise Partners - II, L.P.
Number of
Shares
Date Purchased Total Cost
- ---- --------- ----------
04/26/99 3,044 71,939.50
04/26/99 1,522 36,172.50
04/27/99 6,585 183,983.56
04/30/99 864 24,337.96
05/05/99 2,018 56,690.44
05/07/99 1,381 38,347.75
05/11/99 991 26,791.91
05/17/99 622 16,682.16
05/27/99 5,362 142,453.13
06/09/99 5,997 161,194.38
06/14/99 4,420 121.575.00
