PHILIP SERVICES CORP/DE 4
4 · PHILIP SERVICES CORP/DE · Filed Nov 12, 2003
Insider Transaction Report
Form 4
FEINBERG STEPHEN
10% Owner
Transactions
- Other
10% Secured Convertible PIK Debt due 2005
2003-06-02(indirect: By various entities)Exercise: $11.72From: 1988-08-08Exp: 2005-03-31→ Common Stock (35,725 underlying)
Footnotes (4)
- [F1]As of October 28, 2003, Cerberus Partners, L.P. ("Cerberus"), Cerberus International, Ltd. ("Cerberus International"), Madeleine Corp. ("Madeleine Corp."), Madeleine LLC ("Madeleine LLC"), Styx Partners, L.P. ("Styx"), Styx International, Ltd. ("Styx International"), The Long Horizons Fund, L.P. ("Long Horizons"), The Long Horizons Overseas Fund, Ltd. ("Horizons Overseas" and, together with Cerberus, Cerberus International, Madeleine Corp., Madeleine LLC, Styx, Styx International and Long Horizons, the "Feinberg Entities") and certain private investment funds (the "Funds") held or had the right to acquire an aggregate of 6,678,110 shares of common stock (the "Shares") of Philip Services Corporation (the "Company"), including as a result of the pay-in-kind interest described below. Stephen Feinberg possesses sole power to vote and direct the disposition of all securities of the Company owned by each of the Feinberg Entities and the Funds.
- [F2]The 6,678,110 aggregate Shares consist of, among other things, Shares held of record and/or beneficially by the Feinberg Entities and/or the Funds and Shares underlying the 10% Secured Convertible PIK Debt due 2005 of the Company, which are immediately exerciseable (the "PIK Notes"), held of record and/or beneficially by the Feinberg Entities and/or the Funds, which consist both of Shares underlying the original principal amount of such PIK Notes as well as Shares underlying the pay-in-kind interest which has accreted on such PIK Notes since the date of issuance.
- [F3]Cerberus, by and on behalf of itself and certain affiliated and designated entities, has reached an agreement in principal with High River Limited Partnership ("High River"), as of October 28, 2003, pursuant to which Cerberus and certain affiliated and designated entities have agreed to sell to High River, and/or any entity or person designated by High River, all of the PIK Notes owned by such entities, including all interest accreted on the PIK Notes through June 2, 2003. The closing of this transaction is subject to a number of conditions precedent. The reporting person's interest is limited to the extent of his pecuniary interest in the Feinberg Entities and the Funds, if any.
- [F4]Represents pay-in-kind interest accreted on the PIK Notes held by the Feinberg Entities and/or the Funds through June 2, 2003.