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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16. Form
4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person
Contrarian Capital Advisors, L.L.C.
411 West Putnam Avenue
Suite 225
Greenwich, Connecticut 06830
2. Issuer Name and Ticker or Trading Symbol
EBS Building, L.L.C.
3. IRS Number of Reporting Person (Voluntary)
4. Statement for Month/Year
1/99
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s)to Issuer (Check all
applicable)
(x) Director* (X) 10% Owner ( ) Officer (give title
below) ( ) Other (specify below)
7. Individual or Joint/Group Filing (check Applicable Line)
Form filed by One Reporting Person
x Form filed by More than One Reporting Person
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<TABLE>
<CAPTION>
TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED,
DISPOSED OF, OR BENEFICIALLY OWNED
<S> <C> <C> <C> <C> <C> <C>
1. Title of Security| 2. Transaction| 3. Transaction| 4. Securities | 5. Amount of | 6. Ownership |7. Nature of |
(Instr. 3) | Date | Code | Acquired (A) | Securities | Form: | Indirect |
| | (Instr. 8) | or Disposed | Beneficially | Direct (D) | Beneficial|
| (Month/ | | of (D) | Owned at End | or Indirect| Ownership |
| Day/ | | (Instr. 3,4, | of Month | (I) | (Instr. 4)|
| Year) | | and 5) | (Instr. 3 and 4)| (Instr. 4) | |
| | | | |(A) or| | | | |
| | Code | V | Amount|(D) |Price| | | |
_________________________________________________________________________________________________________________________________
Class A Membership 12/31/98 J 30,413** A N/A 1,283,361**** I General Partner
Units or Investment
Manager
Class A Membership 12/31/98 J 13,494*** A N/A 1,192,396***** I General Partner
Units or Investment
Manager
</TABLE>
<TABLE>
<CAPTION>
TABLE II -- DERIVATIVE SECURITIES ACQUIRED,
DISPOSED OF, OR BENEFICIALLY OWNED
<S> <C> <C> <C> <C> <C> <C>
1. Title of | 2. Conver- | 3. Trans- | 4. Trans- | 5. Number of | 6. Date Exer- | 7. Title and Amount |
Derivative | sion or | action | action | Derivative | cisable and | of Underlying |
Security | Exercise | Date | Code | Securities | Expiration | Securities |
(Instr. 3) | Price of | (Month/ | (Instr. | Acquired | Date | (Instr. 3 and 4) |
| Deri- | Date/ | 8) | (A) or | (Month/Day/ | |
| vative | Year) | | Disposed of | Year) | |
| Security | | | (D) (Instr. | | |
| | | | 3, 4 and 5) | | |
| | |____________|_________________|___________________|_____________________|
| | | | | | | | | | |
| | | | | | | Date | Expira- | | Amount or |
| | | | | | | Exer- | tion | | Number of |
| | | Code | V | (A) | (D) | cisable | Date | Title | Shares |
___________________|_____________|____________|______|_____|________|________|_________|_________|________|____________|
| | | | | | | | | | |
</TABLE>
<TABLE>
<S> <C> <C> <C>
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| 8. Price of | 9. Number of | 10. Ownership | 11. Nature of |
| Derivative | derivative | Form of | Indirect |
| Security | Securities | Derivative | Beneficial |
| (Instr. 5) | Benefi- | Security | Ownership |
| | cially | Direct (D) | (Instr. 4) |
| | Owned at | or Indirect | |
| | End of | (I) (Instr. | |
| | Month | 4) | |
| | (Instr. 4) | | |
|_______________________|___________________|___________________|________________________|
</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 4 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.
** This Form reflects an additional 30,413 Class A Membership
Units that were distributed to the clients of CCA in exchange for
claims that were beneficially held by such clients in connection
with the bankruptcy reorganization of Edison Brothers Stores,
Inc.
*** This Form reflects an additional 13,494 Class A Membership
Units that were distributed to the clients of CCM in exchange for
claims that were beneficially held by such clients in connection
with the bankruptcy reorganization of Edison Brothers Stores,
Inc.
**** 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.
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***** 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.
CONTRARIAN CAPITAL ADVISORS, L.L.C.
By: /s/ Jon R. Bauer February 11, 1999
_____________________________ _________________
Jon R. Bauer, Managing Member
** Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. See U.S.C. 1001 and 15 U.S.C.
78ff(a).
Note: File three copies of this Form, one of which must be
manually signed. If space is sufficient, see Instruction 6 for
procedure.
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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: February 11, 1999
Signature:
CONTRARIAN CAPITAL MANAGEMENT, L.L.C.
By: /s/ Jon R. Bauer
_____________________________
Jon R. Bauer, Managing Member
01385001.AO7
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