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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(AMENDMENT NO. 4)
Under the Securities Exchange Act of 1934
Tel-Save Holdings, Inc.
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(Name of Issuer)
Common Stock, par value $.01 per share
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(Title of Class of Securities)
879176105
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(CUSIP Number)
Daniel Borislow
Tel-Save Holdings, Inc.
6805 Route 202
New Hope, PA 18938
(215) 862-1500
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(Name, Address, and Telephone Number of Persons
Authorized to Receive Notices and Communications)
August 27, 1997
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(Date of Event which Requires Filing of 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 box [ ].
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1) Name of Reporting Persons.
S.S. or I.R.S. Identification No. of Above Persons:
Daniel Borislow
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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) Source of Funds: Not Applicable
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5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e): [ ]
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6) Citizenship or Place of Organization: U.S.
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Number of Shares 7) Sole Voting Power: 16,261,540*
Beneficially Owned ---------------------------------------------
by Each Reporting 8) Shared Voting Power: 8,640,000
Person with: ---------------------------------------------
9) Sole Dispositive Power: 15,249,000*
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10) Shared Dispositive Power: 1,200,000
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11) Aggregate Amount Beneficially Owned by Each Reporting Person: 24,901,540
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12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares: [ ]
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13) Percent of Class Represented by Amount in Row (11): 37.9%
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14) Type of Reporting Person: IN
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* Subject to the restrictions previously described in Item 5 of this
Schedule 13D.
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This Amendment No. 4 amends Item 6 of the Schedule 13D of the Reporting
Person. Capitalized terms used herein without definitions have the meanings set
forth in the Reporting Person's Schedule 13D, as amended by Amendments No. 1
through 3 thereto.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
Item 6 is hereby amended as follows:
The Company has entered into a short term credit facility, dated as of
August 25, 1997, with Salomon Brothers Holding Company Inc, pursuant to which it
may borrow up to $150 million, including up to $130 million to finance the
purchase by the Company of the outstanding 12-1/4% Senior Subordinated Discount
Notes due 2006 (the Shared Tech Notes) of a subsidiary of Shared Technologies
Fairchild Inc. (Shared Tech) and up to $20 million for working capital purposes.
The facility has a term of 364 days and is secured by a pledge of the Company's
assets. In addition, the facility is secured by a pledge of the Reporting
Person's Common Stock.
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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.
Dated: August 29, 1997
/s/ Daniel Borislow
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Daniel Borislow
