3 1 gcsethform3.txt SETH GC FORM 3 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 3 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940 -------------------------------------------------------------------------------- 1. Name and Address of Reporting Person* Klarman Seth A. -------------------------------------------------------------------------------- (Last) (First) (Middle) 44 Brattle Street, 5th Floor -------------------------------------------------------------------------------- (Street) Cambridge, MA 02138 -------------------------------------------------------------------------------- (City) (State) (Zip) -------------------------------------------------------------------------------- 2. Date of Event Requiring Statement (Month/Day/Year) July 9, 2001 -------------------------------------------------------------------------------- 3. IRS Identification Number of Reporting Person, if an Entity (Voluntary) -------------------------------------------------------------------------------- 4. Issuer Name and Ticker or Trading Symbol GC Companies, Inc. (GCCXQ) -------------------------------------------------------------------------------- 5. Relationship of Reporting Person to Issuer (Check all applicable) [_] Director [X] 10% Owner [_] Officer (give title below) [_] Other (specify below) -------------------------------------------------------------------------------- 6. If Amendment, Date of Original (Month/Day/Year) -------------------------------------------------------------------------------- 7. Individual or Joint/Group Filing (Check applicable line) [X] Form Filed by One Reporting Person [_] Form Filed by More than One Reporting Person ================================================================================ Table I -- Non-Derivative Securities Beneficially Owned ================================================================================

* If the Form is filed by more than one Reporting Person, see Instruction 5(b)(v). Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Print of Type Responses) (Over) FORM 3 (continued) Table II -- Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================

Explanation of Responses: (1) Seth A. Klarman ("Klarman") is the president of The Baupost Group, L.L.C., ("Baupost") an investment adviser registered under the Investment Advisers Act of 1940, as amended. Baupost is the general partner and investment adviser to various limited partnerships which hold these securities. Klarman is the sole shareholder, director and president of the manager of Baupost and, accordingly, Klarman may be deemed to have indirect beneficial ownership of the securities. Klarman, however, does not directly own the securities and disclaims beneficial ownership of the securities, except to the extent of his pecuniary interest therein, the exact interest of which is unable to be determined. By: /s/ Seth A. Klarman Seth A. Klarman July 11, 2001 -------------------------------------------- ----------------------- **Signature of Reporting Person Date ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure. (Print of Type Responses) Page 2

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