SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(Amendment No. 1)*
Under the Securities Exchange Act of 1934
EQUALNET HOLDING CORP.
..............................................................................
(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE
..............................................................................
(Title of Class of Securities)
294408 10 9
..............................................................................
(CUSIP Number)
*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).
<PAGE>
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CUSIP NO. 294408 10 9 13 G Page of Pages
- -------------------------------- ---------------------------------
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1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Zane Russell
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)
(b)
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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NUMBER OF 5 SOLE VOTING POWER
SHARES 1,012,556 shares
BENEFICIALLY ------------------------------------------------------------
OWNED 6 SHARED VOTING POWER
BY EACH 0 shares
REPORTING ------------------------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
PERSON 1,012,556 shares
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8 SHARED DISPOSITIVE POWER
0 shares
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,012,556 shares
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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)
16.0%
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12 TYPE OF REPORTING PERSON*
IN
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* See instructions.
<PAGE>
Item 1. (a) NAME OF ISSUER: EqualNet Holding Corp.
(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
1250 Wood Branch Park Drive
Houston, Texas 77079
Item 2. (a) NAMES OF PERSONS FILING: Zane Russell
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
1250 Wood Branch Park Drive
Houston, Texas 77079
(c) CITIZENSHIP:
USA
(d) TITLE OF CLASS OF SECURITIES: Common Stock, $.01 par value
(e) CUSIP #: 294408 10 9
Item 3. Not Applicable.
Item 4. (a) AMOUNT BENEFICIALLY OWNED: 1,012,556 shares
(b) PERCENT OF CLASS: 16.0%
(c) (i) SOLE VOTING POWER: 1,012,556 shares
(ii) SHARED VOTING POWER: 0 shares
(iii) SOLE DISPOSITIVE POWER: 1,012,556 shares
(iv) SHARED DISPOSITIVE POWER: 0 shares
Item 5. Not Applicable.
Item 6. Not Applicable.
Item 7. Not Applicable.
Item 8. Not Applicable.
Item 9. Not Applicable.
Item 10. Not Applicable.
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.
February 13, 1998
by /S/ ZANE RUSSELL
Zane Russell
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