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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13D-1(B) AND (C) AND AMENDMENTS THERETO FILED
PURSUANT TO 13D-2(B)
(Amendment No. 2)*
HIGHWAYMASTER COMMUNICATIONS, INC.
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(NAME OF ISSUER)
COMMON STOCK, $0.01 PAR VALUE 431263 10 2
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(TITLE OF CLASS OF SECURITIES) (CUSIP NUMBER)
*The remainder of this cover page should 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 purposes 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).
(Continued on following page(s))
(Page 1 of 10 Pages)
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NYFS03...:\15\36315\0013\1708\SCH1288M.30A
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CUSIP No. 431263 10 2 13G Page 2 of 10 pages
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1 NAME OF REPORTING PERSON: CLIPPER CAPITAL ASSOCIATES, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF
ABOVE PERSON: 13-3706321
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [_]
(B) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF DELAWARE
ORGANIZATION:
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NUMBER OF 5 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 6 SHARED VOTING POWER: 1,336,016
OWNED BY
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EACH 7 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 8 SHARED DISPOSITIVE POWER: 1,336,016
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9 AGGREGATE AMOUNT BENEFICIALLY 1,336,016
OWNED BY REPORTING PERSON:
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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): 5.4%
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12 TYPE OF REPORTING PERSON: PN
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CUSIP No. 431263 10 2 13G Page 3 of 10 pages
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1 NAME OF REPORTING PERSON: CLIPPER/MERCHANT PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF
ABOVE PERSON: 13-3737437
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [_]
(B) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF DELAWARE
ORGANIZATION:
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NUMBER OF 5 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 6 SHARED VOTING POWER: 657,889
OWNED BY
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EACH 7 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 8 SHARED DISPOSITIVE POWER: 657,889
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9 AGGREGATE AMOUNT BENEFICIALLY 657,889
OWNED BY REPORTING PERSON:
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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): 2.6%
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12 TYPE OF REPORTING PERSON: PN
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CUSIP No. 431263 10 2 13G Page 4 of 10 pages
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1 NAME OF REPORTING PERSON: CLIPPER/MERBAN, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF
ABOVE PERSON: 98-0137328
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [_]
(B) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF DELAWARE
ORGANIZATION:
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NUMBER OF 5 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 6 SHARED VOTING POWER: 666,322
OWNED BY
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EACH 7 SOLE DISPOSITIVE POWER: 0
REPORTING
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PERSON WITH 8 SHARED DISPOSITIVE POWER: 666,322
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9 AGGREGATE AMOUNT BENEFICIALLY 666,322
OWNED BY REPORTING PERSON:
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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): 2.7%
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12 TYPE OF REPORTING PERSON: PN
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CUSIP No. 431263 10 2 13G Page 5 of 10 pages
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1 NAME OF REPORTING PERSON: CLIPPER CAPITAL ASSOCIATES, INC.
S.S. OR I.R.S. IDENTIFICATION NO. OF
ABOVE PERSON: 13-3706407
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [_]
(B) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF DELAWARE
ORGANIZATION:
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NUMBER OF 5 SOLE VOTING POWER: 0
SHARES
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BENEFICIALLY 6 SHARED VOTING POWER: 1,336,016
OWNED BY
--------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER: 0
REPORTING
--------------------------------------------------------------
PERSON WITH 8 SHARED DISPOSITIVE POWER: 1,336,016
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9 AGGREGATE AMOUNT BENEFICIALLY 1,336,016
OWNED BY REPORTING PERSON:
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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): 5.4%
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12 TYPE OF REPORTING PERSON: CO
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ITEM 1
(a) NAME OF ISSUER:
HighwayMaster Communications, Inc.
(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
16479 Dallas Parkway
Suite 710
Dallas, Texas 75248
ITEM 2
(a) NAME OF PERSON FILING:
See Item 1 of the Cover Pages attached hereto.
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
For all Reporting Persons except Clipper/Merban, L.P.:
650 Madison Avenue
New York, New York 10022
For Clipper/Merban, L.P.:
De Ruyterkade 62
P.O Box 812
Curacao Netherlands Antilles
(c) CITIZENSHIP:
See Item 4 of the Cover Pages attached hereto.
(d) TITLE OF CLASS OF SECURITIES:
Common Stock, par value $0.01 per share
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(e) CUSIP NUMBER: 431263 10 2
ITEM 3
Not applicable.
ITEM 4 OWNERSHIP.
(a) Amount Beneficially Owned:
See Item 9 of the Cover Pages attached hereto.
(b) Percent of Class:
See Item 11 of the Cover Pages attached hereto.
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
See Item 5 of the Cover Pages attached hereto.
(ii) Shared power to vote or to direct the vote
See Item 6 of the Cover Pages attached hereto and below.
(iii) Sole power to dispose or to direct the disposition of
See Item 7 of the Cover Pages attached hereto.
(iv) Shared power to dispose or to direct the disposition of
See Item 8 of the Cover Pages attached hereto and below.
As of the date hereof, 666,322 shares of common stock, par value
$.01 per
Page 7 of 10
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share (the "Shares"), of HighwayMaster Communications, Inc. (the "Company")
are beneficially owned by Clipper/Merban, L.P. ("Merban"), 657,889 Shares
are beneficially owned by Clipper/Merchant Partners, L.P. ("Merchant") and
11,805 Shares are beneficially owned by Clipper Capital Associates, L.P.
("CCA"). CCA is the sole general partner of Merchant. Pursuant to the
limited partnership agreements of Merban and Merchant, CCA is the
investment general partner, with sole investment authority and power to
vote or direct the vote, and to dispose or to direct the disposition of,
Shares held by Merban and Merchant. Accordingly, for purposes hereof, CCA
may be deemed to respectively share with each of Merban and Merchant the
power to vote or direct the vote, and to dispose or to direct the
disposition of, Shares held by Merban and Merchant. Moreover, Clipper
Capital Associates, Inc. ("CCA, Inc.") is the sole general partner of CCA.
Accordingly, for purposes hereof, CCA, Inc. may also be deemed to share the
power to vote or direct the vote, and to dispose or to direct the
disposition of, the Shares held directly by CCA, Merban and Merchant.
The Reporting Persons have previously filed a Schedule 13G and an
Amendment No. 1 thereto under the belief that, as a result of an Amended
and Restated Stockholders Agreement, the Reporting Persons may be deemed to
be members of a "group" within the meaning of Rule 13d-5(b)(1) under the
Securities Exchange Act of 1934, and accordingly may be deemed to have
beneficial ownership of all Shares subject to the Agreement. In their
previously filed Schedule 13G and Amendment No. 1 thereto, each of the
Reporting Persons has expressly disclaimed (i) membership in such group and
(ii) beneficial ownership of such shares. The Reporting Persons no longer
believe they may be deemed to be members of a "group" within the meaning of
Rule 13d-5(b)(1) under the Securities Exchange Act of 1934 and no longer
believe they may have beneficial ownership of all Shares subject to the
Amended and Restated Stockholders Agreement.
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.
Page 8 of 10
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ITEM 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY 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. See Item 4.
ITEM 9 NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10 CERTIFICATION.
Not applicable.
Page 9 of 10
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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 4, 1998
CLIPPER CAPITAL ASSOCIATES, L.P.
By: Clipper Capital Associates, Inc.,
its general partner
CLIPPER/MERCHANT PARTNERS, L.P.
By: Clipper Capital Associates, L.P.,
its general partner
By: Clipper Capital Associates, Inc.,
its general partner
CLIPPER/MERBAN, L.P.
By: Clipper Capital Associates, L.P.,
its general partner
By: Clipper Capital Associates, Inc.,
its general partner
CLIPPER CAPITAL ASSOCIATES, INC.
By: /s/ Eugene P. Lynch
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Name: Eugene P. Lynch
Title: Treasurer and Secretary
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