UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13D
(AMENDMENT NO. 1)
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)
George P. Farley
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)
November 5, 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 George P. Farley
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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
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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 7) SOLE VOTING POWER 200,286
SHARES ------------------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER 1,200,000
OWNED BY ------------------------------------------------------------------
EACH 9) SOLE DISPOSITIVE POWER 200,286
REPORTING ------------------------------------------------------------------
PERSON WITH 10) SHARED DISPOSITIVE POWER 1,200,000
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11) AGGREGATE AMOUNT BENEFICIALLY OWNED 1,400,286
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 2.9%
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14) TYPE OF REPORTING PERSON: IN
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<PAGE>
Page 3 of 4 Pages
This Amendment No. 1 amends the Schedule 13D filed by George P. Farley
("Reporting Person") and the D&K Grantor Retained Annuity Trust (formerly the
Borislow Family Grantor Retained Annuity Trust) as follows:
Item 4. Purpose of Transaction.
- ------- -----------------------
On November 5, 1998, the Reporting Person resigned as trustee of the D&K
Grantor Retained Annuity Trust (formerly the Borislow Family Grantor Retained
Annuity Trust).
Item 5. Interest in Securities of the Issuer.
- ------- -------------------------------------
(a) As of the date hereof, the Reporting Person could be deemed to own
beneficially an aggregate of 1,400,286 shares of Common Stock (approximately
2.9% of the outstanding shares of Common Stock), which number includes 1,200,000
shares of Common Stock shares beneficially owned by the D&K Charitable
Foundation ("Foundation")of which the Reporting Person serves as co-Trustee.
(b) The Reporting Person has shared power to vote and dispose of the
1,200,000 shares of Common Stock held by the Foundation, and sole power to vote
and dispose of the remaining 200,286 shares of Common Stock that he could be
deemed to own beneficially.
(c) See Item 4.
(d) Not Applicable.
(e) As of November 5, 1998 the Reporting Person ceased to be the beneficial
owner of more than 5% of the Common Stock.
<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: November 17, 1998 \s\ George P. Farley
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George P. Farley
