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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G/A
(RULE 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b) (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. 3)(1)
IPC COMMUNICATIONS, 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)
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(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 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
5 SOLE VOTING POWER
-0-
NUMBER OF --------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY EACH 327,900
REPORTING --------------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
-0-
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8 SHARED DISPOSITIVE POWER
327,900
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
327,900
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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)
3.81%
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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 306,800
REPORTING --------------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
-0-
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
306,800
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
306,800
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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)
3.57%
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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 9,000
REPORTING --------------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
-0-
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
9,000
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,000
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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%
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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 Communications, 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 - 327,900
CPLP - 306,800
CPIFLP - 9,000
(b) Percent of Class:
CPMC - 3.81%
CPLP - 3.57%
CPIFLP - .11%
(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 - 327,900
CPLP - 306,800
CPIFLP - 9,000
(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 - 327,900
CPLP - 306,800
CPIFLP - 9,000
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: February 14, 2000 CHESAPEAKE PARTNERS MANAGEMENT
CO., INC.
By: /s/ Mark D. Lerner
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Name: Mark D. Lerner
Title: Vice President
CHESAPEAKE PARTNERS LIMITED PARTNERSHIP
By: CHESAPEAKE PARTNERS MANAGEMENT
CO., INC.
By: /s/ Mark D. Lerner
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Name: Mark D. Lerner
Title: Vice President
CHESAPEAKE PARTNERS INSTITUTIONAL FUND
LIMITED PARTNERSHIP
By: CHESAPEAKE PARTNERS MANAGEMENT
CO., INC.
By: /s/ Mark D. Lerner
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Name: Mark D. Lerner
Title: Vice President
