SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
S C H E D U L E 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
PRICELLULAR CORP.
- --------------------------------------------------------------------------------
(Name of Issuer)
CLASS A COMMON STOCK, $0.01 PAR VALUE
- --------------------------------------------------------------------------------
(Title of Class of Securities)
741504104
--------------
(CUSIP Number)
Copy to:
Edward G. Grinacoff Morrison Cohen Singer & Weinstein, LLP
767 Fifth Avenue, 45th Floor 750 Lexington Avenue
New York, New York 10153 New York, New York 10022
Telephone (212) 754-8100 Telephone (212) 735-8600
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
July 11, 1997
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing 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 space __.
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*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
disclosures provided in a prior cover page.
The information required on 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).
Page 1 of 17
<PAGE>
CUSIP
No. 741504104 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Sandler Capital Management
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required [_]
Pursuant to Items 2(d) and 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization New York
- --------------------------------------------------------------------------------
7 Sole Voting Power
0 shares 0%
--------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 367,168 shares 1.9%
Beneficially --------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 0 shares 0%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 367,168 shares 1.9%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
367,168 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11)
excludes Certain Shares* [_]
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11) 1.9%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 17
<PAGE>
CUSIP
No. 741504104 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Michael J. Marocco
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required [_]
Pursuant to Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
0 shares 0%
--------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 664,068 shares 3.5%
Beneficially --------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 0 shares 0%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 664,068 shares 3.5%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
664,068 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11)
excludes Certain Shares* [_]
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
3.5%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 17
<PAGE>
CUSIP
No. 741504104 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Barry Lewis
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required [_]
Pursuant to Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
0 shares 0%
--------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 0 shares 0%
Beneficially --------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 0 shares 0%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 0 shares 0%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
0 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11)
excludes Certain Shares* [_]
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
0%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 17
<PAGE>
CUSIP
No. 741504104 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
John Kornreich
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required [_]
Pursuant to Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
0 shares 0%
--------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 664,068 shares 3.5%
Beneficially --------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 0 shares 0%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 664,068 shares 3.5%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
664,068 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11)
excludes Certain Shares* [_]
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
3.5%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 17
<PAGE>
CUSIP
No. 741504104 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Harvey Sandler
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required [_]
Pursuant to Items 2(d) or 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
214,022 shares 1.1%
-------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 701,568 shares 3.6%
Beneficially --------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 214,022 shares 1.1%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 701,568 shares 3.6%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
915,590 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11)
excludes Certain Shares* [_]
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
4.8%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 17
<PAGE>
CUSIP
No. 741504104 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Andrew Sandler
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required [_]
Pursuant to Items 2(d) and 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
0 shares 0%
--------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 664,068 shares 3.5%
Beneficially --------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 0 shares 0%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 664,068 shares 3.5%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
664,068 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11)
excludes Certain Shares* [_]
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
3.5%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 7 of 17
<PAGE>
CUSIP
No. 741504104 13D
================================================================================
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Phyllis Sandler
- --------------------------------------------------------------------------------
2 Check the Appropriate Box if a Member of a Group* (a) [_]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC Use Only
- --------------------------------------------------------------------------------
4 Source of Funds* WC
- --------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is Required [_]
Pursuant to Items 2(d) and 2(e)
- --------------------------------------------------------------------------------
6 Citizenship or Place of Organization United States
- --------------------------------------------------------------------------------
7 Sole Voting Power
37,500 shares .2%
--------------------------------------------------------------
Number of 8 Shared Voting Power
Shares 214,022 shares 1.1%
Beneficially --------------------------------------------------------------
Owned By 9 Sole Dispositive Power
Each 37,500 shares .2%
Reporting --------------------------------------------------------------
Person 10 Shared Dispositive Power
With 214,022 shares 1.1%
- --------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned By Each Reporting Person
251,522 shares
- --------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11)
excludes Certain Shares* [_]
- --------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
1.3%
- --------------------------------------------------------------------------------
14 Type of Reporting Person*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 17
<PAGE>
This statement dated July 11, 1997, constitutes Amendment No. 1 to the
Schedule 13D, dated June 18, 1996, regarding the reporting person's ownership of
certain securities of Pricellular Corp. (the "Issuer").
The Schedule 13D is hereinafter referred to as the "Schedule". All
capitalized terms used herein and otherwise undefined shall have the meanings
ascribed in the Schedule.
This Amendment No. 1 to the Schedule is filed in accordance with Rule
13d-2 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
by the reporting persons. Pursuant to Rule 13d-2, it shall restate the entire
text of the Schedule except for information which has not materially changed
since the filing of the Schedule.
All references to the Class A Common Stock reflect a 5:4 stock split in
October, 1996.
ITEM 1. Security and Issuer.
--------------------
(a) Class A Common Stock, $0.01 par value per share (CUSIP No.
741504104).
(b) Pricellular Corp.
45 Rockefeller Plaza
Suite 3201
New York, New York 10020
ITEM 2. Identity and Background
The Reporting Persons are Sandler Associates ("SA"), a New York limited
partnership, Sandler Capital Management, a registered investment adviser and a
New York general partnership ("SCM"), and Harvey Sandler, Barry Lewis (through
June 30, 1997), John Kornreich, Michael Marocco and Andrew Sandler (each, an
"Individual", collectively, the "Individuals"). Each Individual is a general
partner of SA. SCM holds shares on behalf of certain managed accounts with
respect to which SCM exercises investment and voting discretion. Each
Individual, through a Delaware or New York corporation that is controlled by
such Individual and that serves as a general partner of SCM, may be deemed to be
a beneficial owner of the shares of the Common Stock held by such managed
accounts. Also included in this filing are shares owned by Harvey Sandler and
Phyllis Sandler in their personal investment accounts.
1. (a) Sandler Capital Management, a registered investment adviser
and a general partnership organized under the laws of the State of New York
("SCM").
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Occupation: Investments.
(d) No.
(e) No.
Page 9 of 17
<PAGE>
Harvey Sandler, John Kornreich and Andrew Sandler each control
a Delaware corporation and Michael Marocco controls a New York corporation. Each
of these corporations are the general partners of SCM.
2. (a) Michael J. Marocco, is the sole shareholder of MJDM Corp.
(Effective January 1, 1997, MJM Media Corp. transferred and assigned its
interest in SCM to MJDM Corp., a New York corporation.)
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Business: General Partner of partnerships and
limited partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
MJDM Corp. is a general partner of SCM.
3. (a) Barry Lewis, is the majority shareholder of EMEBE Corp.
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Business: General Partner of partnerships and
limited partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
EMEBE Corp. was a general partner of SCM through June 30,
1997.
4. (a) John Kornreich is the majority shareholder of Four JK Corp.
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Business: General Partner of partnerships and
limited partnerships engaged in the investment business.
Page 10 of 17
<PAGE>
(d) No.
(e) No.
(f) Citizenship: United States.
Four JK Corp. is a general partner of SCM.
5. (a) Harvey Sandler is the sole shareholder of ARH Corp.
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Occupation: General Partner of partnerships and
limited partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
ARH Corp. is a general partner of SCM. Harvey Sandler is the
husband of Phyllis Sandler and the father of Andrew Sandler.
6. (a) Andrew Sandler is the majority member of ALSI, LLC.
(b) Address:
767 Fifth Avenue, 45th Floor
New York, New York 10153
(c) Principal Occupation: General Partner of partnerships and
limited partnerships engaged in the investment business.
(d) No.
(e) No.
(f) Citizenship: United States.
ALSI, LLC is a general partner of SCM. Andrew Sandler is the
son of Harvey Sandler and Phyllis Sandler.
Page 11 of 17
<PAGE>
7. (a) Phyllis Sandler
(b) Address:
17663 Lake Estate Drive
Boca Raton, Floria 33496
(c) Principal Occupation: Investor
(d) No.
(e) No.
(f) Citizenship: United States.
Phyllis Sandler is the wife of Harvey Sandler and the mother
of Andrew Sandler.
ITEM 3. Source and Amount of Funds or Other Consideration.
--------------------------------------------------
The source and amount of funds for the acquisition of the shares of
Class A Common Stock was the general working capital of SA, SCM and the working
capital in the personal investment accounts of Harvey and Phyllis Sandler. In
the aggregate 1,162,140 shares of the Class A Common Stock were acquired for a
total purchase price of $10,142,108.
Name # of Shares Purchase Price
---- ----------- --------------
Sandler Associates 448,750 $3,711,962
Accounts Managed by SCM 461,868 $4,416,743
Harvey Sandler 214,022 $1,702,840
Phyllis Sandler 37,500 $ 310,563
ITEM 4. Purpose of Transaction.
-----------------------
The shares of Class A Common Stock held by the Reporting Persons are held
for investment purposes.
The Reporting Persons have no plans or proposals which relate to or would
result in any actions set forth in subparagraphs (a) through (j) of Item 4 of
Schedule 13D.
ITEM 5. Interests in Securities of the Issuer.
--------------------------------------
(a) The following list sets forth the aggregate number and
percentage (based on 19,235,654 shares of Class A Common Stock outstanding as
reported in the Issuer's Proxy Statement, dated April 18, 1997) of outstanding
shares of Class A Common Stock owned beneficially by each reporting person named
in Item 2, as of July 11, 1997:
Page 12 of 17
<PAGE>
Percentage of Shares
Shares of Class A of Class A
Common Stock Common Stock
Name Beneficially Owned Beneficially Owned
---- ------------------ ------------------
Sandler Capital Management 367,168(1) 1.9%
Michael J. Marocco 664,068(1,2,5) 3.5%
Barry Lewis 0 0%
John Kornreich 664,068(1,2,5) 3.5%
Harvey Sandler 915,590(1,2,3,4,5) 4.8%
Andrew Sandler 664,068(1,2,5) 3.5%
Phyllis Sandler 1.3%
251,522(3,4,5)
(b) By virtue of being the sole stockholder of MJDM Corp., and a
general partner or SA, Michael J. Marocco may be deemed to have shared power to
vote and to dispose of 664,068 shares of Class A Common Stock, representing
approximately 3.5% of the outstanding Class A Common Stock.
By virtue of being the majority stockholder of Four JK Corp.,
and a general partner of SA, John Kornreich may be deemed to have shared power
to vote and to dispose of 664,068 shares of Class A Common Stock, representing
approximately 3.5% of the outstanding Class A Common Stock.
By virtue of being the sole stockholder of ARH Corp., a
general partner of SA, and the husband of Phyllis Sandler, Harvey Sandler may be
deemed to have shared power to vote and to dispose of 701,568 shares of Class A
Common Stock, representing approximately 3.6% of the outstanding Class A Common
Stock. Harvey Sandler has sole power to vote and to dispose of 214,022 shares of
Class A Common Stock, representing approximately 1.1% of the outstanding Class A
Common Stock.
- ----------
(1) Includes 367,168 shares of Class A Common Stock held for accounts managed by
SCM.
(2) Includes 296,900 shares of Class A Common Stock owned by Sandler Associates.
(3) Includes 37,500 shares of Class A Common Stock owned by Phyllis Sandler.
(4) Includes 214,022 shares of Class A Common Stock owned by Harvey Sandler.
(5) The reporting person disclaims beneficial ownership of these securities,
except to the extent of his/her /its equity interest therein.
Page 13 of 17
<PAGE>
By virtue of being the majority member of ALSI, LLC, and a
general partner of SA, Andrew Sandler may be deemed to have shared power to vote
and to dispose of 664,068 shares of Class A Common Stock, representing
approximately 3.5% of the outstanding Class A Common Stock.
Phyllis Sandler has sole power to vote and to dispose of
37,500 shares of Class A Common Stock, representing approximately .2% of the
outstanding Class A Common Stock. By virtue of being the wife of Harvey Sandler,
Phyllis Sandler may be deemed to have shared power to vote and to dispose of
214,022 shares of Class A Common Stock, representing approximately 1.1% of the
outstanding Class A Common Stock.
(c) The following is a description of all transactions of Class A
Common Stock of the Issuer by the persons identified in Item 2 of the Schedule
13D effected from May 10, 1997 through July 11, 1997, inclusive:
Purchase Number of Shares Purchase
Name of Shareholder or Sale Date Purchased or (Sold) or Sale Price
- ------------------- ------------ ------------------- -------------
Account Managed by 6/18/97 (2,500) $8.50
Sandler Capital Management
6/19/97 (5,000) $8.63
6/30/97 20,000 $9.09
7/1/97 84,000* $7.77
7/2/97 (2,500) $9.00
7/8/97 (52,125) $9.00
7/9/97 (35,500) $9.00
7/10/97 (13,700) $9.00
7/11/97 (31,625) $8.93
Page 14 of 17
<PAGE>
Purchase Number of Shares Purchase
Name of Shareholder or Sale Date Purchased or (Sold) or Sale Price
- ------------------- ------------ ------------------- -------------
Sandler Associates 7/1/97 (2,600) $9.00
7/1/97 (84,000)* $7.77
7/8/97 (24,375) $9.00
7/9/97 (7,775) $9.00
7/10/97 (17,500) $9.00
7/11/97 (15,600) $9.00
*On July 1, 1997, Sandler Associates transferred 84,000 shares
of Class A Common Stock to accounts managed by Sandler Capital Management.
All other transactions were affected on the American Stock
Exchange.
(d) No other person has the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of such
securities.
(e) Effective July 11, 1997, the reporting persons ceased to be
beneficial owners of more than five percent (5%) of the Class A Common Stock.
ITEM 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer.
-------------------------------------------------------
Not applicable.
ITEM 7. Material to be Held as Exhibits.
--------------------------------
Exhibit 7.01 Joint Filing Agreement.
Page 15 of 17
<PAGE>
Signature
After reasonable inquiry and to the best of their knowledge
and belief, each of the undersigned hereby certifies that the information set
forth in this Schedule is true, complete, and correct.
Date: October 22, 1997
SANDLER CAPITAL MANAGEMENT
By: ARH Corp.
By: s/ Edward Grinacoff
------------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
s/ Harvey Sandler
------------------------------
Harvey Sandler
s/ Michael Marocco
------------------------------
Michael Marocco
s/ Barry Lewis
------------------------------
Barry Lewis
s/ John Kornreich
------------------------------
John Kornreich
s/ Andrew Sandler
------------------------------
Andrew Sandler
s/ Phyllis Sandler
------------------------------
Phyllis Sandler
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
Page 16 of 17
<PAGE>
JOINT FILING AGREEMENT
----------------------
In accordance with Rule 13d-1(f) under the Securities Exchange Act, as
amended, the undersigned hereby agree to the joint filing on behalf of each of
them on a statement on Schedule 13D (including amendments thereto) with respect
to the Common Stock, par value $.01 per share, of Pricellular Corp. and that
this Agreement be included as an Exhibit to such joint filing.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement this
22nd day of October, 1997.
SANDLER CAPITAL MANAGEMENT
By: ARH Corp.
By: s/ Edward Grinacoff
------------------------------
Name: Edward Grinacoff
Title: Secretary and Treasurer
s/ Michael J. Marocco
------------------------------
Michael J. Marocco
s/ Barry Lewis
------------------------------
Barry Lewis
s/ John Kornreich
------------------------------
John Kornreich
s/ Harvey Sandler
------------------------------
Harvey Sandler
s/ Andrew Sandler
------------------------------
Andrew Sandler
s/ Phyllis Sandler
------------------------------
Phyllis Sandler
Page 17 of 17
