SEC Info - Feinberg Stephen - ‘4’ for 10/28/03 re: Philip Services Corp./DE

<?xml version="1.0" encoding="windows-1252"?>

<issuerName> PHILIP SERVICES CORP/DE </issuerName>

<issuerTradingSymbol> PSCDQ </issuerTradingSymbol>

</issuer>

<rptOwnerName> FEINBERG STEPHEN </rptOwnerName>

</reportingOwnerId>

<rptOwnerStreet1> C/O CERBERUS CAPITAL MANAGEMENT, L.P. </rptOwnerStreet1>

<rptOwnerStreet2> 299 PARK AVENUE - 22ND FLOOR </rptOwnerStreet2>

</reportingOwnerAddress>

</reportingOwnerRelationship>

</reportingOwner>

<value> 10% Secured Convertible PIK Debt due 2005 </value>

</securityTitle>

</conversionOrExercisePrice>

</transactionDate>

</transactionCoding>

</transactionTotalValue>

</transactionPricePerShare>

</transactionAcquiredDisposedCode>

</transactionAmounts>

</exerciseDate>

</expirationDate>

<value> Common Stock </value>

</underlyingSecurityTitle>

</underlyingSecurityShares>

</underlyingSecurity>

</valueOwnedFollowingTransaction>

</postTransactionAmounts>

</directOrIndirectOwnership>

<value> By various entities </value>

</natureOfOwnership>

</ownershipNature>

</derivativeTransaction>

</derivativeTable>

<footnote id="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. </footnote>

<footnote id="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. </footnote>

<footnote id="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. </footnote>

<footnote id="F4"> Represents pay-in-kind interest accreted on the PIK Notes held by the Feinberg Entities and/or the Funds through June 2, 2003. </footnote>

</footnotes>

<signatureName> /s/ Stephen Feinberg </signatureName>

</ownerSignature>

</ownershipDocument>

Feinberg Stephen – ‘4’ for 10/28/03 re: Philip Services Corp./DE

On: Wednesday, 11/12/03, at 5:06pm ET · For: 10/28/03 · As: 10% Owner · Accession #: 1005477-3-4404 · File #: 0-30417

Previous ‘4’: ‘4’ on 11/3/03 for 10/30/03 · Next: ‘4’ on 11/17/03 for 10/27/03 · Latest: ‘4’ on / for 9/30/21

Statement of Changes in Beneficial Ownership of Securities by an Insider — Form 4 — SEA’34
Filing Table of Contents

This ‘4’ Document is an XML Data File that may be rendered in various formats:

Feinberg Stephen – ‘4’ for 10/28/03 re: Philip Services Corp./DE

On: Wednesday, 11/12/03, at 5:06pm ET · For: 10/28/03 · As: 10% Owner · Accession #: 1005477-3-4404 · File #: 0-30417

Previous ‘4’: ‘4’ on 11/3/03 for 10/30/03 · Next: ‘4’ on 11/17/03 for 10/27/03 · Latest: ‘4’ on / for 9/30/21

Statement of Changes in Beneficial Ownership of Securities by an Insider — Form 4 — SEA’34Filing Table of Contents

This ‘4’ Document is an XML Data File that may be rendered in various formats:

Statement of Changes in Beneficial Ownership of Securities by an Insider — Form 4 — SEA’34
Filing Table of Contents