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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Contrarian Capital Advisors, L.L.C.
411 West Putnam Avenue
Suite 225
Greenwich, Connecticut 06830
2. Date of Event Requiring Statement (Month/Day/Year)
June 29, 1998
3. IRS Reporting Person
(Voluntary)
4. Issuer Name and Ticker or Trading Symbol
EBS Building, L.L.C.
5. Relationship of Reporting Person(s) to Issuer (Check all
applicable)
(X) Director* (X) 10% Owner ( ) Officer (give title
below) ( ) Other
(specify below)
6. If Amendment, Date of Original (Month/Day/Year)
7. Individual or Joint/Group Filing (Check Applicable Line)
( ) Form filed by One Reporting Person
(X) Form filed by More than One Reporting Person
Table I -- Non-Derivative Securities Beneficially Owned
1. Title of Security 2. Amount of 3. Ownership 4. Nature of Indirect
Securities Form: Beneficial Ownership
Beneficially Direct(D) or
Owned Indirect(I)
Class A Membership 1,252,948** (I) Investment Manager
Units
Class A Membership 1,178,902*** (I) General Partner or
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Units Investment Manager
Table II -- Derivative Securities Beneficially Owned
<TABLE>
<S> <C> <C> <C> <C> <C>
1.Title of 2.Date Exer- 3.Title and Amount 4.Conver- 5.Ownership 6.Nature of
Derivative cisable and of Securities sion or Form of Indirect
Security Expiration Underlying Exercise Derivative Beneficial
Date Derivative Security Price of Security: Ownership
(Month/Day/ --------------- Deri- Direct(D) or
Year) Title Amount or vative Indirect (I)
--------------- Number of Security
Date Expira- Shares
Exer- tion
cisable Date
</TABLE>
EXPLANATION OF RESPONSES:
* Contrarian Capital Advisors, L.L.C. ("CCA") and Contrarian
Capital Management, L.L.C. ("CCM", and, together with CCA, the
"Reporting Persons") are considered to be Designation Members of
EBS Building, L.L.C. (the "Issuer") under the Members Agreement
of the Issuer dated as of September 26, 1997 (the "Agreement").
Under the Agreement, a Designation Member may be deemed to
perform similar functions to those that a Director would perform.
The filing of this Form 3 shall not be deemed to be an admission
that the Reporting Persons, their Managing Members or any of
their Members are Directors of the Issuer or that they perform
similar functions to those of a Director.
** These securities are owned by investment advisory clients of
CCA and may therefore be deemed to be beneficially owned by CCA.
CCA, however, disclaims beneficial ownership of these securities
except to the extent of its pecuniary interest therein.
*** These securities are owned by investment advisory clients of
CCM and may therefore be deemed to be beneficially owned by CCM.
CCM, however, disclaims beneficial ownership of these securities
except to the extent of its pecuniary interest therein.
SIGNATURE OF REPORTING PERSON
CONTRARIAN CAPITAL ADVISORS, L.L.C.
By: /s/ Jon R. Bauer
_____________________________
Jon R. Bauer, Managing Member
2
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DATE
June 29, 1998
3
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Joint Filer Information
Name: Contrarian Capital Management, L.L.C.
Address: 411 West Putnam Avenue
Suite 225
Greenwich, Connecticut 06830
Designated
Filer: Contrarian Capital Advisors, L.L.C.
Issuer: EBS Building, L.L.C.
Date of Event
Requiring
Statement: June 29, 1998
Signature:
CONTRARIAN CAPITAL MANAGEMENT, L.L.C.
By: /s/ Jon R. Bauer
_____________________________
Jon R. Bauer, Managing Member
4
01385001.AN6
