-----------------------------
OMB APPROVAL
-----------------------------
OMB Number 3235-0287
Expires: September 30, 1998
Estimated average burden
hours per response ....... 0.5
------------------------------
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
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
[ X ] CHECK THIS BOX IF NO LONGER
SUBJECT OF SECTION 16. FORM 4
OR FORM 5 OBLIGATIONS MAY
CONTINUE. SEE INSTRUCTION 1(B).
======================================================================
1. Name and Address of Reporting Person
Infinity Investors Limited
- ----------------------------------------------------------------------
(Last) (First) (Middle)
38 Hertford Street
- ----------------------------------------------------------------------
(Street)
London England WIY 7TG
- ----------------------------------------------------------------------
(City) (State) (Zip)
======================================================================
2. Issuer Name and Ticker or Trading Symbol
PHI, Inc. (PIHC)
======================================================================
3. IRS or Social Security Number of Reporting Person (Voluntary)
======================================================================
4. Statement for Month/Year
August 1997
======================================================================
5. If Amendment, Date of Original (Month/Year)
======================================================================
6. Relationship of Reporting Person 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
======================================================================
- -----------------------------------------------------------------------
<TABLE>
<CAPTION>
=================================================================================================================================
Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
=================================================================================================================================
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7. Nature
Transaction (Instr. 3, 4 and 5) Beneficially Direct of Indirect
2. Code ------------------------------- Owned at End (D) or Beneficial
1. Transaction (Instr. 8) (A) of Month Indirect Ownership
Title of Security Date ------------ Amount or Price (Instr. 3 (I) (Instr.
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) 4)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A Common Stock,
par value $.01 per share 08/14/97 C 476,623(1) A $2.31
- ---------------------------------------------------------------------------------------------------------------------------------
08/14/97 C 34,373(1) A $2.31
- ---------------------------------------------------------------------------------------------------------------------------------
08/14/97 C 317,965(2) A $2.31
- ---------------------------------------------------------------------------------------------------------------------------------
08/14/97 C 22,808(2) A $2.31
- ---------------------------------------------------------------------------------------------------------------------------------
08/14/97 S 510,000(1) D $2.25
- ---------------------------------------------------------------------------------------------------------------------------------
08/14/97 S 340,000(2) D $2.25
- ---------------------------------------------------------------------------------------------------------------------------------
08/25/97 S 2,399(1) D $2.31 0
- ---------------------------------------------------------------------------------------------------------------------------------
08/25/97 S 1,497(2) D $2.31 0
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
=================================================================================================================================
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly
</TABLE>
<PAGE>
FORM 4 (continued)
<TABLE>
<CAPTION>
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
====================================================================================================================================
9. 10.
Number Owner-
of ship
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
of Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of (D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
7% Convertible
Debentures, due Common 476,623
December 31, 1998 08/14/97 C Immed. Stock (1)
- ---------------------------------------------------------------------------------------------------------------------------------
Common 34,373
08/14/97 C Immed. Stock (1)
- ---------------------------------------------------------------------------------------------------------------------------------
Common 317,965
08/14/97 C Immed. Stock (2)
- ---------------------------------------------------------------------------------------------------------------------------------
Common 22,808
08/14/97 C Immed. Stock (2)
- ---------------------------------------------------------------------------------------------------------------------------------
Common 510,000
08/14/97 C Immed. Stock (1)
- ---------------------------------------------------------------------------------------------------------------------------------
Common 340,000
08/14/97 C Immed. Stock (2)
- ---------------------------------------------------------------------------------------------------------------------------------
Common 2,399
08/25/97 C Immed. Stock (1) 0
- ---------------------------------------------------------------------------------------------------------------------------------
Common 1,497
08/25/97 C Immed. Stock (2) 0
- ---------------------------------------------------------------------------------------------------------------------------------
=================================================================================================================================
</TABLE>
Explanation of Responses:
(1) These securities were converted or sold, as the case may be, by
Infinity Investors Limited, which may be a member of a "group"
with Seacrest Capital Limited for purposes of Section 13(d) of
the Exchange Act.
(2) These securities were converted or sold, as the case may be, by
Seacrest Capital Limited.
Infinity Investors Limited*
By: /s/ James A. Loughran 9/9/97
-------------------------------------------- ------------
**Signature of Reporting Person Date
* This Reporting Person has obtained authorization from each of the
other Reporting Person which comprise the group filing this Form.
The Confirming Statement in this regard was filed with the group's
original Form 3.
** 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 procedures.
