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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)(1)
IPC INFORMATION SYSTEMS, INC.
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(NAME OF ISSUER)
COMMON STOCK
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(Title of Class of Securities)
44980K206
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(CUSIP Number)
N/A
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
(1) 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. 44980K206 13G/A Page 2 of 7 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Chesapeake Partners Management Co., Inc 52-1745745
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)[X]
(b)[ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
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5 SOLE VOTING POWER
-0-
NUMBER OF ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY EACH 939,400
REPORTING ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
-0-
----------------------------------------------------
8 SHARED DISPOSITIVE POWER
939,400
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
939,400
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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)
11.63%
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12 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 44980K206 13G/A Page 3 of 7 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Chesapeake Partners Limited Partnership 54-1599401
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
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5 SOLE VOTING POWER
-0-
NUMBER OF ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY EACH 896,000
REPORTING ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
-0-
----------------------------------------------------
8 SHARED DISPOSITIVE POWER
896,000
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
896,000
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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)
11.09%
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 44980K206 13G/A Page 4 of 7 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Chesapeake Partners Institutional Fund Limited Partnership 52-1782815
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
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5 SOLE VOTING POWER
-0-
NUMBER OF ----------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY EACH 31,400
REPORTING ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
-0-
----------------------------------------------------
8 SHARED DISPOSITIVE POWER
31,400
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
31,400
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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)
0.38%
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 44980K206 13G/A Page 5 of 7 Pages
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ITEM 1(a). Name of Issuer: IPC Information Systems, Inc.
ITEM 1(b). Address of Issuer's Principal Executive Offices:
Wall Street Plaza, 88 Pine Street, New York, NY 10005
ITEM 2(a). Name of Person Filing: Chesapeake Partners Management Co., Inc.
("CPMC"),
Chesapeake Partners Limited Partnership
("CPLP") and
Chesapeake Partners Institutional Fund
Limited Partnership ("CPIFLP")
ITEM 2(b). Address of Principal Business Office, or, if none, Residence:
1829 Reisterstown Road, Suite 220, Baltimore, MD 21208
ITEM 2(c). Citizenship: U.S.A.
ITEM 2(d). Title of Class of Securities: Common Stock
ITEM 2(e). CUSIP Number: 44980K206
ITEM 3. If this Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
or (c), Check Whether the Person Filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the
Exchange Act;
(b) [ ] Bank as defined in Section 3(a)(6) of the Exchange Act;
(c) [ ] Insurance company as defined in Section 3(a)(19) of the
Exchange Act;
(d) [ ] Investment company registered under Section 8 of the
Investment Company Act;
(e) [ ] An investment advisor in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance
with Rule 13d-1(b)(1)(ii)(G);
(g) [ ] A parent holding company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) [ ] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the
Investment Company Act;
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this
box. [X]
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CUSIP No. 44980K206 13G/A Page 6 of 7 Pages
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ITEM 4. Ownership:
(a) Amount Beneficially Owned:
CPMC - 939,400
CPLP - 896,000
CPIFLP - 31,400
(b) Percent of Class:
CPMC - 11.63%
CPLP - 11.09%
CPIFLP - 0.38%
(c) Number of shares as to which such persons has:
(i) sole power to vote or to direct the vote:
-0- for all
(ii) shared power to vote or to direct the vote:
CPMC - 939,400
CPLP - 896,000
CPIFLP - 31,400
(iii) sole power to dispose or to direct the disposition
of:
-0- for all
(iv) shared power to dispose or to direct the disposition
of:
CPMC - 939,400
CPLP - 896,000
CPIFLP - 31,400
ITEM 5. Ownership of five percent or less of a class: N/A
ITEM 6. Ownership of more than five percent on behalf of another person: N/A
ITEM 7. Identification and classification of the subsidiary which acquired
the security being reported on by the parent holding company: N/A
ITEM 8. Identification and classification of members of the group: N/A
ITEM 9. Notice of dissolution of group: N/A
ITEM 10. Certification:
By signing below, I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
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CUSIP No. 44980K206 13G/A Page 7 of 7 Pages
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The filing of this statement shall not be construed as an admission
that the reporting person is, for purposes of Section 13(d) or 13(g) of the Act
or for any other purpose, the beneficial owner of all of the securities covered
by this statement.
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.
Dated: May 7, 1999 CHESAPEAKE PARTNERS MANAGEMENT
---------------------- CO., INC.
By: /s/ Mark. D. Lerner
-------------------------------------
Name: Mark D. Lerner
Title: Vice President
CHESAPEAKE PARTNERS LIMITED PARTNERSHIP
By: CHESAPEAKE PARTNERS MANAGEMENT
CO., INC.
By: /s/ Mark D. Lerner
-------------------------------------
Name: Mark D. Lerner
Title: Vice President
CHESAPEAKE PARTNERS INSTITUTIONAL FUND
LIMITED PARTNERSHIP
By: CHESAPEAKE PARTNERS MANAGEMENT
CO., INC.
By: /s/ Mark D. Lerner
-------------------------------------
Name: Mark D. Lerner
Title: Vice President
