-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HtpzehQ2zo7uADPx/it3oVei+uAMD9ZKDVwt/e0+V/jrnvsEIiHl0/jHUfpWcXyQ x/CJoMAEN+7+onT2RBO02Q== 0000891554-99-000998.txt : 19990518 0000891554-99-000998.hdr.sgml : 19990518 ACCESSION NUMBER: 0000891554-99-000998 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990517 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PRICE COMMUNICATIONS CORP CENTRAL INDEX KEY: 0000355787 STANDARD INDUSTRIAL CLASSIFICATION: TELEVISION BROADCASTING STATIONS [4833] IRS NUMBER: 132991700 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-34130 FILM NUMBER: 99625379 BUSINESS ADDRESS: STREET 1: 45 ROCKEFELLER PLZ STREET 2: STE 3201 CITY: NEW YORK STATE: NY ZIP: 10020 BUSINESS PHONE: 2127575600 MAIL ADDRESS: STREET 1: 45 ROCKEFELLER PLAZA STREET 2: SUITE 3201 CITY: NEW YORK STATE: NY ZIP: 10020 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SANDLER CAPITAL MANAGEMENT CENTRAL INDEX KEY: 0001000742 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 112792496 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 767 FIFTH AVENUE STREET 2: 45TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10153 BUSINESS PHONE: 2127548100 MAIL ADDRESS: STREET 1: 767 FIFTH AVENUE 45TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10153 SC 13D/A 1 AMENDMENT NO. 7 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a). (Amendment No. 7)(1) PRICE COMMUNICATIONS CORPORATION (Name of Issuer) COMMON STOCK, $0.01 PAR VALUE (Title of Class of Securities) 741437305 (CUSIP Number) Copy to: Mr. Edward Grinacoff Sandler Capital Management Morrison Cohen Singer & Weinstein, LLP 767 Fifth Avenue, 45th Floor 750 Lexington Avenue New York, New York 10153 New York, New York 10022 Telephone (212) 754-8100 Telephone (212) 735-8600 (Name, Address and Telephone Number of Persons Authorized to Receive Notices and Communications) May 5, 1999 (Date of Event which Requires Filing 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(e), 13d-1(f) or 13d-1(g), check the following box [_]. NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent. (Continued on following page(s)) - ---------- (1) The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). -1 of 18- CUSIP No. 741437305 13D ________________________________________________________________________________ 1 Names of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) Sandler Capital Management ________________________________________________________________________________ 2 Check the Appropriate Box if a Member of a Group* (a) [_] (b) [_] ________________________________________________________________________________ 3 SEC Use Only ________________________________________________________________________________ 4 Source of Funds* WC ________________________________________________________________________________ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e) [_] ________________________________________________________________________________ 6 Citizenship or Place of Organization New York ________________________________________________________________________________ 7 Sole Voting Power Number of 932,997 shares 2.7% Shares _________________________________________________________________ 8 Shared Voting Power Beneficially 0 shares 0% Owned By _________________________________________________________________ Each 9 Sole Dispositive Power Reporting 932,997 shares 2.7% Person _________________________________________________________________ 10 Shared Dispositive Power With 0 shares 0% ________________________________________________________________________________ 11 Aggregate Amount Beneficially Owned By Each Reporting Person 932,997 shares ________________________________________________________________________________ 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [_] ________________________________________________________________________________ 13 Percent of Class Represented by Amount in Row (11) 2.7% ________________________________________________________________________________ 14 Type of Reporting Person* PN ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! -2 of 18- CUSIP No. 741437305 13D ________________________________________________________________________________ 1 Names of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) Michael J. Marocco ________________________________________________________________________________ 2 Check the Appropriate Box if a Member of a Group* (a) [_] (b) [_] ________________________________________________________________________________ 3 SEC Use Only ________________________________________________________________________________ 4 Source of Funds* WC ________________________________________________________________________________ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e) [_] ________________________________________________________________________________ 6 Citizenship or Place of Organization United States ________________________________________________________________________________ 7 Sole Voting Power Number of 0 shares 0% Shares _________________________________________________________________ 8 Shared Voting Power Beneficially 1,597,395 shares 4.7% Owned By _________________________________________________________________ Each 9 Sole Dispositive Power Reporting 0 shares 0% Person _________________________________________________________________ 10 Shared Dispositive Power With 1,597,395 shares 4.7% ________________________________________________________________________________ 11 Aggregate Amount Beneficially Owned By Each Reporting Person 1,597,395 shares ________________________________________________________________________________ 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [_] ________________________________________________________________________________ 13 Percent of Class Represented by Amount in Row (11) 4.7% ________________________________________________________________________________ 14 Type of Reporting Person* IN ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! -3 of 18- CUSIP No. 741437305 13D ________________________________________________________________________________ 1 Names of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) John Kornreich ________________________________________________________________________________ 2 Check the Appropriate Box if a Member of a Group* (a) [_] (b) [_] ________________________________________________________________________________ 3 SEC Use Only ________________________________________________________________________________ 4 Source of Funds* WC ________________________________________________________________________________ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e) [_] ________________________________________________________________________________ 6 Citizenship or Place of Organization United States ________________________________________________________________________________ 7 Sole Voting Power Number of 0 shares 0% Shares _________________________________________________________________ 8 Shared Voting Power Beneficially 1,752,864 shares 5.2% Owned By _________________________________________________________________ Each 9 Sole Dispositive Power Reporting 0 shares 0% Person _________________________________________________________________ 10 Shared Dispositive Power With 1,752,864 shares 5.2% ________________________________________________________________________________ 11 Aggregate Amount Beneficially Owned By Each Reporting Person 1,752,864 shares ________________________________________________________________________________ 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [_] ________________________________________________________________________________ 13 Percent of Class Represented by Amount in Row (11) 5.2% ________________________________________________________________________________ 14 Type of Reporting Person* IN ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! -4 of 18- CUSIP No. 741437305 13D ________________________________________________________________________________ 1 Names of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) Harvey Sandler ________________________________________________________________________________ 2 Check the Appropriate Box if a Member of a Group* (a) [_] (b) [_] ________________________________________________________________________________ 3 SEC Use Only ________________________________________________________________________________ 4 Source of Funds* WC ________________________________________________________________________________ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e) [_] ________________________________________________________________________________ 6 Citizenship or Place of Organization United States ________________________________________________________________________________ 7 Sole Voting Power Number of 913,686 shares 2.7% Shares _________________________________________________________________ 8 Shared Voting Power Beneficially 1,597,395 shares 4.7% Owned By _________________________________________________________________ Each 9 Sole Dispositive Power Reporting 913,686 shares 2.7% Person _________________________________________________________________ 10 Shared Dispositive Power With 1,597,395 shares 4.7% ________________________________________________________________________________ 11 Aggregate Amount Beneficially Owned By Each Reporting Person 2,511,081 shares ________________________________________________________________________________ 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [_] ________________________________________________________________________________ 13 Percent of Class Represented by Amount in Row (11) 7.4% ________________________________________________________________________________ 14 Type of Reporting Person* IN ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! -5 of 18- CUSIP No. 741437305 13D ________________________________________________________________________________ 1 Names of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) Andrew Sandler ________________________________________________________________________________ 2 Check the Appropriate Box if a Member of a Group* (a) [_] (b) [_] ________________________________________________________________________________ 3 SEC Use Only ________________________________________________________________________________ 4 Source of Funds* WC ________________________________________________________________________________ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e) [_] ________________________________________________________________________________ 6 Citizenship or Place of Organization United States ________________________________________________________________________________ 7 Sole Voting Power Number of 0 shares 0% Shares _________________________________________________________________ 8 Shared Voting Power Beneficially 1,597,395 shares 4.7% Owned By _________________________________________________________________ Each 9 Sole Dispositive Power Reporting 0 shares 0% Person _________________________________________________________________ 10 Shared Dispositive Power With 1,597,395 shares 4.7% ________________________________________________________________________________ 11 Aggregate Amount Beneficially Owned By Each Reporting Person 1,597,395 shares ________________________________________________________________________________ 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [_] ________________________________________________________________________________ 13 Percent of Class Represented by Amount in Row (11) 4.7% ________________________________________________________________________________ 14 Type of Reporting Person* IN ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! -6 of 18- CUSIP No. 741437305 13D ________________________________________________________________________________ 1 Names of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) Phyllis Sandler ________________________________________________________________________________ 2 Check the Appropriate Box if a Member of a Group* (a) [_] (b) [_] ________________________________________________________________________________ 3 SEC Use Only ________________________________________________________________________________ 4 Source of Funds* WC ________________________________________________________________________________ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) and 2(e) [_] ________________________________________________________________________________ 6 Citizenship or Place of Organization United States ________________________________________________________________________________ 7 Sole Voting Power Number of 0 shares 0% Shares _________________________________________________________________ 8 Shared Voting Power Beneficially 913,686 shares 2.7% Owned By _________________________________________________________________ Each 9 Sole Dispositive Power Reporting 0 shares 0% Person _________________________________________________________________ 10 Shared Dispositive Power With 913,686 shares 2.7% ________________________________________________________________________________ 11 Aggregate Amount Beneficially Owned By Each Reporting Person 913,686 shares ________________________________________________________________________________ 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [_] ________________________________________________________________________________ 13 Percent of Class Represented by Amount in Row (11) 2.7% ________________________________________________________________________________ 14 Type of Reporting Person* IN ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! -7 of 18- CUSIP No. 741437305 13D ________________________________________________________________________________ 1 Names of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) Sandler Associates ________________________________________________________________________________ 2 Check the Appropriate Box if a Member of a Group* (a) [_] (b) [_] ________________________________________________________________________________ 3 SEC Use Only ________________________________________________________________________________ 4 Source of Funds* WC ________________________________________________________________________________ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) and 2(e) [_] ________________________________________________________________________________ 6 Citizenship or Place of Organization New York ________________________________________________________________________________ 7 Sole Voting Power Number of 664,398 shares 2.0% Shares _________________________________________________________________ 8 Shared Voting Power Beneficially 0 shares 0% Owned By _________________________________________________________________ Each 9 Sole Dispositive Power Reporting 664,398 shares 2.0% Person _________________________________________________________________ 10 Shared Dispositive Power With 0 shares 0% ________________________________________________________________________________ 11 Aggregate Amount Beneficially Owned By Each Reporting Person 664,398 shares ________________________________________________________________________________ 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [_] ________________________________________________________________________________ 13 Percent of Class Represented by Amount in Row (11) 2.0% ________________________________________________________________________________ 14 Type of Reporting Person* PN ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! -8 of 18- CUSIP No. 741437305 13D ________________________________________________________________________________ 1 Names of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) J.K. Media L.P. ________________________________________________________________________________ 2 Check the Appropriate Box if a Member of a Group* (a) [_] (b) [_] ________________________________________________________________________________ 3 SEC Use Only ________________________________________________________________________________ 4 Source of Funds* WC ________________________________________________________________________________ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) and 2(e) [_] ________________________________________________________________________________ 6 Citizenship or Place of Organization New York ________________________________________________________________________________ 7 Sole Voting Power Number of 155,469 shares 0.5% Shares _________________________________________________________________ 8 Shared Voting Power Beneficially 0 shares 0% Owned By _________________________________________________________________ Each 9 Sole Dispositive Power Reporting 155,469 shares 0.5% Person _________________________________________________________________ 10 Shared Dispositive Power With 0 shares 0% ________________________________________________________________________________ 11 Aggregate Amount Beneficially Owned By Each Reporting Person 155,469 shares ________________________________________________________________________________ 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [_] ________________________________________________________________________________ 13 Percent of Class Represented by Amount in Row (11) 0.5% ________________________________________________________________________________ 14 Type of Reporting Person* PN ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! -9 of 18- CUSIP No. 741437305 13D ________________________________________________________________________________ 1 Names of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) Douglas Schimmel ________________________________________________________________________________ 2 Check the Appropriate Box if a Member of a Group* (a) [_] (b) [_] ________________________________________________________________________________ 3 SEC Use Only ________________________________________________________________________________ 4 Source of Funds* WC ________________________________________________________________________________ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e) [_] ________________________________________________________________________________ 6 Citizenship or Place of Organization United States ________________________________________________________________________________ 7 Sole Voting Power Number of 0 shares 0% Shares _________________________________________________________________ 8 Shared Voting Power Beneficially 1,597,395 shares 4.7% Owned By _________________________________________________________________ Each 9 Sole Dispositive Power Reporting 0 shares 0% Person _________________________________________________________________ 10 Shared Dispositive Power With 1,597,395 shares 4.7% ________________________________________________________________________________ 11 Aggregate Amount Beneficially Owned By Each Reporting Person 1,597,395 shares ________________________________________________________________________________ 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [_] ________________________________________________________________________________ 13 Percent of Class Represented by Amount in Row (11) 4.7% ________________________________________________________________________________ 14 Type of Reporting Person* IN ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! -10 of 18- CUSIP No. 741437305 13D ________________________________________________________________________________ 1 Names of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) Hannah Stone ________________________________________________________________________________ 2 Check the Appropriate Box if a Member of a Group* (a) [_] (b) [_] ________________________________________________________________________________ 3 SEC Use Only ________________________________________________________________________________ 4 Source of Funds* WC ________________________________________________________________________________ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [_] ________________________________________________________________________________ 6 Citizenship or Place of Organization United States ________________________________________________________________________________ 7 Sole Voting Power Number of 0 shares 0% Shares _________________________________________________________________ 8 Shared Voting Power Beneficially 1,597,395 shares 4.7% Owned By _________________________________________________________________ Each 9 Sole Dispositive Power Reporting 0 shares 0% Person _________________________________________________________________ 10 Shared Dispositive Power With 1,597,395 shares 4.7% ________________________________________________________________________________ 11 Aggregate Amount Beneficially Owned By Each Reporting Person 1,597,395 shares ________________________________________________________________________________ 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [_] ________________________________________________________________________________ 13 Percent of Class Represented by Amount in Row (11) 4.7% ________________________________________________________________________________ 14 Type of Reporting Person* IN ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! -11 of 18- CUSIP No. 741437305 13D ________________________________________________________________________________ 1 Names of Reporting Persons I.R.S. Identification Nos. of Above Persons (Entities Only) David Lee ________________________________________________________________________________ 2 Check the Appropriate Box if a Member of a Group* (a) [_] (b) [_] ________________________________________________________________________________ 3 SEC Use Only ________________________________________________________________________________ 4 Source of Funds* WC ________________________________________________________________________________ 5 Check Box if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e) [_] ________________________________________________________________________________ 6 Citizenship or Place of Organization United States ________________________________________________________________________________ 7 Sole Voting Power Number of 0 shares 0% Shares _________________________________________________________________ 8 Shared Voting Power Beneficially 1,597,395 shares 4.7% Owned By _________________________________________________________________ Each 9 Sole Dispositive Power Reporting 0 shares 0% Person _________________________________________________________________ 10 Shared Dispositive Power With 1,597,395 shares 4.7% ________________________________________________________________________________ 11 Aggregate Amount Beneficially Owned By Each Reporting Person 1,597,395 shares ________________________________________________________________________________ 12 Check Box if the Aggregate Amount in Row (11) excludes Certain Shares* [_] ________________________________________________________________________________ 13 Percent of Class Represented by Amount in Row (11) 4.7% ________________________________________________________________________________ 14 Type of Reporting Person* IN ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! -12 of 18- This statement, dated May 5, 1999, constitutes Amendment No. 7 to the Schedule 13D, dated October 6, 1997, regarding the reporting persons ownership of certain securities of Price Communications Corporation (the "Issuer"). This Schedule 13D is hereinafter referred to as the "Schedule." All capitalized terms used herein and otherwise undefined shall have the meanings ascribed in the Schedule. This Amendment No. 7 to the Schedule is filed in accordance with Rule 13d-2 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), by the reporting persons. It shall refer only to information which has materially changed since the filing of the Schedule. The information contained herein that refers to matters occurring on or after May 4, 1999, reflects a five-for-four stock split effected on such date. ITEM 3. Source and Amount of Funds or Other Consideration. The source of funds for the acquisition of the additional securities was the general working capital of Sandler Associates. The amount of funds used in acquiring the shares of Common Stock is set forth below: Number of Shares Purchase Price ---------------- -------------- Sandler Associates 30,000 $333,750 ITEM 4. Purpose of Transaction. The reporting persons acquired their securities for the purposes of investment. Other than the reporting persons purchase or sale of additional securities of the Issuer, no reporting person has any present plans or proposals which would relate to or result in any of the matters set forth in subparagraphs (a) through (j) of Item 4 of Schedule 13D except as set forth herein. ITEM 5. Interests in Securities of the Issuer. (a) The following list sets forth the aggregate number and percentage (based on 33,871,057 shares of Common Stock outstanding as reported by the Issuer in its Form 10-K/A Amendment No. 2 for the year ended December 31, 1998, as adjusted for a five-for-four stock split effected in May 1999) of outstanding shares of Common Stock owned beneficially by each reporting person named in Item 2, as of May 5, 1999: -13 of 18- Shares of Percentage of Shares Common Stock of Common Stock Name Beneficially Owned(2) Beneficially Owned(2) ---- --------------------- --------------------- Sandler Capital Management 932,997(3) 2.7% Michael J. Marocco 1,597,395(3,4,5) 4.7% John Kornreich 1,752,864(3,4,5,6) 5.2% Harvey Sandler 2,511,081(3,4,5,7) 7.4% Andrew Sandler 1,597,395(3,4,5) 4.7% Phyllis Sandler 913,686(4,7) 2.7% Sandler Associates 664,398(5) 2.0% J.K. Media L.P. 155,469(6) 0.5% Douglas Schimmel 1,597,395(3,4,5) 4.7% Hannah Stone 1,597,395(3,4,5) 4.7% David Lee 1,597,395(3,4,5) 4.7% (b) By virtue of being the general partner of SIP and the manager of certain accounts owning shares of Common Stock and Warrants with respect to which SCM exercises investment discretion, SCM may be deemed to have shared power to vote and to dispose of 932,997 shares of Common Stock (which includes shares of Common Stock issuable upon the exercise of the Warrants), representing approximately 2.7% of the outstanding Common Stock. By virtue of being the sole shareholder of MJDM Corp. and a general partner of Sandler Associates, Michael J. Marocco may be deemed to have shared power to vote and to dispose of 1,597,395 shares of Common Stock (which includes shares of Common Stock issuable upon the exercise of the Warrants), representing approximately 4.7% of the outstanding Common Stock. - ---------- (2) Includes shares of Common Stock issuable upon the exercise of the Warrants. (3) Includes 932,997 shares of Common Stock owned by SCM. SCM disclaims beneficial ownership of 849,014 shares of Common Stock and 83,983 shares of Common Stock issuable upon the exercise of the Warrants held in accounts managed by SCM. (4) The reporting person disclaims beneficial ownership of these securities, except to the extent of his/her/its equity interest therein. (5) Includes 664,398 shares of Common Stock owned by Sandler Associates. (6) Includes 155,469 shares of Common Stock owned by J.K. Media. (7) Includes 913,686 shares of Common Stock owned by Harvey Sandler. -14 of 18- By virtue of being the majority shareholder of Four JK Corp., a general partner of Sandler Associates and a general partner of J.K. Media L.P., John Kornreich may be deemed to have shared power to vote and to dispose of 1,752,864 shares of Common Stock (which includes shares of Common Stock issuable upon the exercise of the Warrants), representing approximately 5.2% of the outstanding Common Stock. By virtue of being the sole shareholder of ARH Corp. and a general partner of Sandler Associates, Harvey Sandler may be deemed to have shared power to vote and to dispose of 1,597,395 shares of Common Stock (which includes shares of Common Stock issuable upon the exercise of the Warrants), representing approximately 4.7% of the outstanding Common Stock. Harvey Sandler has sole power to vote and to dispose of 913,686 shares of Common Stock, representing approximately 2.7% of the outstanding Common Stock. By virtue of being the sole shareholder of ALCR Corp. and a general partner of Sandler Associates, Andrew Sandler may be deemed to have shared power to vote and to dispose of 1,597,395 shares of Common Stock (which includes shares of Common Stock issuable upon the exercise of the Warrants), representing approximately 4.7% of the outstanding Common Stock. By virtue of being the wife of Harvey Sandler, Phyllis Sandler may be deemed to have shared power to vote and to dispose of 913,686 shares of Common Stock, representing approximately 2.7% of the outstanding Common Stock. Sandler Associates has sole power to vote and to dispose of 664,398 shares of Common Stock, representing approximately 2.0% of the outstanding Common Stock. J.K. Media has sole power to vote and to dispose of 155,469 shares of Common Stock, representing approximately 0.5% of the outstanding Common Stock. By virtue of being the sole shareholder of SERF Corp. and a general partner of Sandler Associates, Douglas Schimmel may be deemed to have shared power to vote and to dispose of 1,597,395 shares of Common Stock (which includes shares of Common Stock issuable upon the exercise of the Warrants), representing approximately 4.7% of the outstanding Common Stock. By virtue of being the sole shareholder of TERPSI Corp. and a general partner of Sandler Associates, Hannah Stone may be deemed to have shared power to vote and to dispose of 1,597,395 shares of Common Stock (which includes shares of Common Stock issuable upon the exercise of the Warrants), representing approximately 4.7% of the outstanding Common Stock. By virtue of being the sole shareholder of JIRAKAL Corp. and a general partner of Sandler Associates, David Lee may be deemed to have shared power to vote and to dispose of 1,597,395 shares of Common Stock (which includes shares of Common Stock issuable upon the exercise of the Warrants), representing approximately 4.7% of the outstanding Common Stock. -15 of 18- (c) The following is a description of all transactions in the shares of Common Stock by the persons identified in Item 2 of this Schedule 13D effected from March 5, 1999 through May 5, 1999, inclusive:
Number of Shares of Purchase or Common Stock Purchase or Name of Shareholder Sale Date Purchased or (Sold) Sale Price ------------------- ----------- ------------------- ------------------- Sandler Associates 3/31/99 30,000 $11.125 4/7/99 (30,000) $13.0125 4/26/99 (35,100) $16.4375 4/27/99 (30,000) $16.3375 4/28/99 (5,100) $16.0319 5/5/99 (100,000) $11.8125 Sandler Capital Management 4/7/999 (20,000) $13.0125 4/16/99 (35,000) $15.875 4/27/99 (20,000) $16.3375 5/4/99 (700) $15.75 5/5/99 (50,000) $11.8125 J.K. Media 4/19/99 (30,000) $16.0342
All sales of shares of Common Stock were effected in open market transactions on the American Stock Exchange. (d) No other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of such securities. (e) Not applicable. -16 of 18- Signature After reasonable inquiry and to the best of their knowledge and belief, each of the undersigned hereby certifies that the information set forth in this Schedule is true, complete, and correct. Dated: May 14, 1999 Michael J. Marocco ----------------------------------- Michael J. Marocco John Kornreich ----------------------------------- John Kornreich Harvey Sandler ----------------------------------- Harvey Sandler Andrew Sandler ----------------------------------- Andrew Sandler Douglas Schimmel ----------------------------------- Douglas Schimmel Hannah Stone ----------------------------------- Hannah Stone David Lee ----------------------------------- David Lee SANDLER CAPITAL MANAGEMENT By: ARH Corp. By: Edward Grinacoff ----------------------------------- Name: Edward Grinacoff Title: Secretary and Treasurer Phyllis Sandler ----------------------------------- Phyllis Sandler -17 of 18- SANDLER ASSOCIATES By: Andrew Sandler ----------------------------------- Name: Andrew Sandler Title: General Partner J.K. MEDIA L.P. By: John Kornreich ----------------------------------- Name: John Kornreich Title: General Partner ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001). -18 of 18- -----END PRIVACY-ENHANCED MESSAGE-----