SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
Under the Securities Exchange Act of 1934

AMC FINANCIAL, INC.
(FORMERLY KNOWN AS CITYSCAPE FINANCIAL CORP.)
(Name of Issuer)

Common Stock, par value $.01 per share
(Title of Class of Securities)

001642107
(Cusip Number)

Russell A. Thompson
MacKay Shields LLC
9 West 57 Street
New York, New York  10019
(212) 230-3835
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)

October 8, 1999
(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 Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g),
Check the following box. [X]


Note:  Schedules filed in paper format shall include a signed original and
Five copies of the schedule, including all exhibits.  See Section 240.13d-7(b)
For other parties to whom copies are to be sent.

*The remainder of this cover page shall be filed 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 ("Act") 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) Names of Reporting Persons/I.R.S. Identification Nos. of Above
Persons (entities only):

MacKay Shields LLC (f/n/a MacKay-Shields Financial Corporation)

2) Check the Appropriate Box if a Member of a Group (See Instructions):
(a) Not
(b) Applicable

3) SEC Use Only

4) Source of Funds (See Instructions):  OO

5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e):
	Not Applicable

6) Citizenship or Place of Organization:
Delaware

Number of		7)  Sole Voting Power:
Shares Beneficially		2,042,981
Owned by		8)  Shared Dispositive Power:
Each Reporting
Person With:		9)  Sole Dispositive Power:
				2,042,981
			10) Shared Dispositive Power:

All of the indicated shares of common stocks were issued
Upon conversion of the 12.75% Bonds and 6% Convertible
Bonds.

11) 	Aggregate Amount Benefically Owned by Each Reporting
	Person
	2,042,981

12) Check if the Aggregate Amount in row (11)  Excludes
Certain Shares  (See Instructions):    [  ]

13) Percent of Class Represented By Amount in Row (11):
27.1%

14)	Type of Reporting Person (See Instructions):  IA


Item 1.  Security and Issuer.

This statement relates to the common stock, par value $.01 per share
(the "Shares") of AMC Financial, Inc. (formerly known as Cityscape
Financial, Inc.) (the "Company"), whose principal executive offices
Are located at 555 Taxter Rd., Elmsford, New York 10523-5200.

Item 2.  Identity and Background.

The person filing this statement is MacKay Shields LLC,
a Company organized under the laws of Delaware and, registered
as an investment adviser under the Investment Advisers Act of 1940
(File No. 801-19525).  MacKay Shields' principal address
is 9 West 57th Street, New York, New York  10019.
MacKay Shields acts as investment manager for a
number of clients pension and profit-sharing plans and also
to mutual funds.

Mackay Shields has never been a party to a civil proceeding
before a judicial or administrative body of competent jurisdiction
as a result of which it was or is now subject to a judgment,
decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with
respect to such laws.


Item 3.  Source and Amount of Funds or Other Consideration.

On July 1, 1999, the First Amended Plan of Reorganization
(the "Plan") of Cityscape Financial Corp. and its wholly
owned subsidiary, Cityscape Corp. (together "Cityscape"),
the predecessor to the Company, became effective.
Pursuant to the terms of the Plan, former holders of
Cityscape 12.75% Bonds and 6% Convertible Bonds
(the "Bonds") received equity shares in Company
in exchange for their respective Bond holdings.  Specifically,
MacKay Shields, as an investment adviser to several client
accounts, held (on behalf of those accounts) in aggregate
85,875,000 Bonds (85,375,000 of the 12.75% and 500,000
of the 6% or valued at $12,806,250 and $3,750.00
respectively).  As a result of the aforementioned  Plan,
MacKay Shields currently holds (on behalf of those
client accounts), and has the sole right to vote and
direct the disposition of, equity securities of Company
totaling 2,042,981 shares.  All funds used to purchase or
acquire a security interest in Company came directly from
proceeds of investment advisory clients.  No single client account
holds a beneficial security interest in Company equal
to or greater than 5%.


Item 4.  Purpose of Transaction.

MacKay Shields holds securities of the Company described
herein with the intentions of maximizing shareholder value.
In addition to monitoring the performance of the Company and
its management, MacKay Shields may also take certain steps to
further its stated objective.  These steps may include, but are not
limited to, urging Company management to take appropriate
corporate actions to ensure that shareholder interests are adequately
protected.


Item 5.  Interest in Securities of the Issuer.

Based upon information provided by AMC Financial,
as a result of the transactions effected pursuant
to the Plan, as of September 30, 1999, there were issued
and outstanding 7,714,225 shares. MacKay Shields
(as an investment adviser to several client accounts)
is the holder of and/or has the right to receive
2,042,981 shares.  Thus for the purposes of Reg.
Section 240.13d-3, MacKay Shields is deemed to
beneficially own 2,042,981 shares, or 27.1% of
those deemed issued and outstanding pursuant to
Reg. Section 240.13d-3.

Item 6.  Contracts, Arrangement, Understanding or
	Relationships With Respect to
	Securities of the Issuer.

Except as described in this Schedule 13D, no
contracts, arrangements, understandings or
similar relationships exist with respect to the
securities of AMC Financial between Mackay Shields
and any person or entity.

Item 7.  Material to be Filed as Exhibits.

None.

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.

Date: October 13, 1999

/s/	Russell A. Thompson
	Senior Compliance Officer