UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13D
(AMENDMENT NO. 5)
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)
879176195
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(CUSIP Number)
Daniel Borislow
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)
June 15, 1998
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(Date of Even 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 [ ].
(Page 1 of 4 Pages)
<PAGE>
CUSIP No. 879176105 13D Page 2 of 4 Pages
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1) NAME OF REPORTING PERSON Daniel Borislow
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2) CHECK THE APPROPRIATE BOX IF MEMBER OF A GROUP
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3) SEC USE ONLY
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4) SOURCE OF FUNDS: N/A
- --------------------------------------------------------------------------------
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 7) SOLE VOTING POWER 11,249,000*
SHARES ----------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER 8,806,526
OWNED BY ----------------------------------------------------------
EACH 9) SOLE DISPOSITIVE POWER 11,249,000*
REPORTING ----------------------------------------------------------
PERSON WITH 10) SHARED DISPOSITIVE POWER 1,200,000
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11) AGGREGATE AMOUNT BENEFICIALLY OWNED 20,055,526
BY EACH REPORTING PERSON
- --------------------------------------------------------------------------------
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
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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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Page 3 of 4 Pages
This Amendment No. 5 amends Item 5 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 to 4
thereto.
Item 5. Interest in Securities of the Issuer.
- ------- -------------------------------------
Item 5(c) is hereby amended as follows:
(c) On June 15, 1998, solely for estate tax planning purposes, the
Reporting Person transferred 4,000,000 shares of Common Stock to a trust (the
"Trust"), the sole trustee of which is George P. Farley (the "Trustee"). The
Trust is required to make payments over a three year period to the Reporting
Person and then distribute any remainder to the Reporting Person's children. The
Trustee has sole power to vote and dispose of the shares of Common Stock that
the Reporting Person transferred to the Trust. The Reporting Person disclaims
any beneficial ownership in the Common Stock held by the Trust
On June 24, 1998, the Company as part of the settlement of certain
litigation and other matters, repurchased 450,000 shares and cancelled 315,000
shares of Common Stock that had been deposited in a voting trust over which the
Reporting Person exercised voting power as the trust's voting trustee.
<PAGE>
Page 4 of 4 Pages
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: June 25, 1998
/s/ Daniel Borislow
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Daniel Borislow
