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<S> <C>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
IPC INFORMATION SYSTEMS, INC.
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
44980K206
(CUSIP Number)
Check the following box if a fee is being paid with this statement: [ ].
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- ------------------------------------------------------- ---------------------------------------
CUSIP NO. 44980K206 13G
- ------------------------------------------------------- ---------------------------------------
- ---------- -------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Chesapeake Partners Management Co., Inc.
52-1745745
- ---------- -------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- ---------- -------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- -------------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
- ---------- -------------------------------------------------------------------------------------------------------------------
- -------------------------- --------- -----------------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
0
SHARES
--------- -----------------------------------------------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY
463,700
OWNED BY
--------- -----------------------------------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
--------- -----------------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
PERSON WITH 463,700
- -------------------------- --------- -----------------------------------------------------------------------------------------
- ---------- -------------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
463,700
- ---------- -------------------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* [ ]
- ---------- -------------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11.48%
- ---------- -------------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
- ---------- -------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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- ------------------------------------------------------- ---------------------------------------
CUSIP NO. 44980K206 13G
- ------------------------------------------------------- ---------------------------------------
- ---------- -------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Chesapeake Partners Limited Partnership
54-1599401
- ---------- -------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- ---------- -------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- -------------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
- ---------- -------------------------------------------------------------------------------------------------------------------
- -------------------------- --------- -----------------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
0
SHARES
--------- -----------------------------------------------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY
448,000
OWNED BY
--------- -----------------------------------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
--------- -----------------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
PERSON WITH 448,000
- -------------------------- --------- -----------------------------------------------------------------------------------------
- ---------- -------------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
448,000
- ---------- -------------------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* [ ]
- ---------- -------------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11.09%
- ---------- -------------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- ---------- -------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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- ------------------------------------------------------- ---------------------------------------
CUSIP NO. 44980K206 13G
- ------------------------------------------------------- ---------------------------------------
- ---------- -------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Chesapeake Partners Institutional Fund Limited Partnership
52-1782815
- ---------- -------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- ---------- -------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------- -------------------------------------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
- ---------- -------------------------------------------------------------------------------------------------------------------
- -------------------------- --------- -----------------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
0
SHARES
--------- -----------------------------------------------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY
15,700
OWNED BY
--------- -----------------------------------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
--------- -----------------------------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
PERSON WITH 15,700
- -------------------------- --------- -----------------------------------------------------------------------------------------
- ---------- -------------------------------------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,700
- ---------- -------------------------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* [ ]
- ---------- -------------------------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.39%
- ---------- -------------------------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- ---------- -------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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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, NY, NY 10005
Item 2(a) Name of Persons Filing:
Chesapeake Partners Management Co., Inc.
Chesapeake Partners Limited Partnership
Chesapeake Partners Institutional Fund L.P.
Item 2(b) Address of Principal Business Office or, if None, Residence:
1829 Reisterstown Rd, Suite 220, Baltimore, MD 21208
Item 2(c) Citizenship:
USA
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 Rules 13d-1(b) or
13d-2(b), check whether the person filing is a:
[ ] Broker or Dealer registered under Section 15 of the
Act
[ ] Bank as defined in section 3(a)(6) of the Act
[ ] Insurance Company as defined in section 3(a)(19) of the
Act
[ ] Investment Company registered under section 8 of
the Investment Company Act
[ ] Investment Advisor registered under section 203 of the
Investment Advisers Act
[ ] Employee Benefit Plan, Pension fund which is subject to
the provisions of the Employee Retirement Income Security
Act of 1974 or Endowment fund; see sec.
240.13d-1(b)(i)(ii)(F) (Note: See Item 7)
[ ] Parent Holding Company, in accordance with
sec.240.13d-1(b)(1)(ii)(G). (Note: See Item 7)
[ ] Group, in accordance with Sec.240.13d-1(b)(1)(ii)(H)
If this statement is filed pursuant to Rule 13d-1(c), check this box [X]
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Item 4 Ownership:
(a) Amount Beneficially Owned: 463,700
(b) Percent of Class: 11.48%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote - 0
(ii) shared power to vote or to direct the vote - 463,700
(iii) sole power to dispose of or to direct the
disposition of - 0
(iv) shared power to dispose of or to direct the
disposition of - 463,700
Item 5 Ownership of Five Percent or Less of a Class:
Not applicable
Item 6 Ownership of More than Five Percent on Behalf of Another Person:
Not applicable
Item 7 Identification and Classification of the Subsidiaries Which Acquired the Security Being Reported on by
the Parent Holding Company:
Not applicable
Item 8 Identification and Classification of Members of the Group:
Not Applicable
Item 9 Notice of Dissolution of Group:
Not Applicable
Item 10 Certification:
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired in
the ordinary course of business and were not acquired for the
purpose of and do not have the effect of changing or
influencing the control of the issuer of such securities and
were not acquired in connection with or as a participant in
any transaction having such purpose or effect.
Signature
After reasonable inquiry and to the best of our knowledge and
belief, the undersigned certify that the information set forth
in this statement is true, complete and correct.
By: /s/ Mark D. Lerner
__________________________________________________
Dated: May 13, 1998 V.P. CHESAPEAKE PARTNERS MANAGEMENT CO., INC.
Dated: May 13, 1998
By: /s/ Mark D. Lerner
__________________________________________________
V.P. Chesapeake Partners Management Co., Inc.
General Partner
Chesapeake Partners Limited Partnership
Dated: May 13, 1998 By: /s/ Mark D. Lerner
__________________________________________________
Vice President Chesapeake Partners Management Co., Inc.
General Partner
Chesapeake Partners Institutional Fund Limited Partnership
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