-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 70/sN2cbhdoea7zTgaJjYQ==

<SEC-DOCUMENT>0001005477-03-002559.txt : 20030730
<SEC-HEADER>0001005477-03-002559.hdr.sgml : 20030730
<ACCEPTANCE-DATETIME>20030730165936
ACCESSION NUMBER:		0001005477-03-002559
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030711
FILED AS OF DATE:		20030730

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHILIP SERVICES CORP/DE
		CENTRAL INDEX KEY:			0001095701
		STANDARD INDUSTRIAL CLASSIFICATION:	SANITARY SERVICES [4950]
		IRS NUMBER:				980131394
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		9700 HIGGINS ROAD
		STREET 2:		SUITE 750
		CITY:			ROSEMONT
		STATE:			IL
		ZIP:			60018
		BUSINESS PHONE:		847-993-4712

	MAIL ADDRESS:	
		STREET 1:		9700 HIGGINS ROAD
		STREET 2:		SUITE 750
		CITY:			ROSEMONT
		STATE:			IL
		ZIP:			60018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHILIP SERVICES DELAWARE INC
		DATE OF NAME CHANGE:	19990924

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			AMERICAN PROPERTY INVESTORS INC
		CENTRAL INDEX KEY:			0001257324
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30417
		FILM NUMBER:		03812177

	MAIL ADDRESS:	
		STREET 1:		100 SOUTH BEDFORD RD
		CITY:			MT KISCO
		STATE:			NY
		ZIP:			10549

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HIGH RIVER LIMITED PARTNERSHIP /NY/
		CENTRAL INDEX KEY:			0000928464

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30417
		FILM NUMBER:		03812178

	BUSINESS ADDRESS:	
		STREET 1:		100 SOUTH BEDFORD RD
		CITY:			MT KISCO
		STATE:			NY
		ZIP:			10549

	MAIL ADDRESS:	
		STREET 1:		100 S BEDFORD RD
		CITY:			MT KISKO
		STATE:			NY
		ZIP:			10549

	FORMER NAME:	
		FORMER CONFORMED NAME:	HIGH RIVER LIMITED PARTNERSHIP
		DATE OF NAME CHANGE:	19950526

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BECKTON CORP
		CENTRAL INDEX KEY:			0001080113

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30417
		FILM NUMBER:		03812179

	BUSINESS ADDRESS:	
		STREET 1:		100 SOUTH BEDFORD RD
		CITY:			MT KISCO
		STATE:			NY
		ZIP:			10549
		BUSINESS PHONE:		2127024300

	MAIL ADDRESS:	
		STREET 1:		100 S BEDFORD RD
		CITY:			MT KSKO
		STATE:			NY
		ZIP:			10549

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BARBERRY CORP /NY/
		CENTRAL INDEX KEY:			0000860851

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30417
		FILM NUMBER:		03812180

	BUSINESS ADDRESS:	
		STREET 1:		100 SOUTH BEDFORD RD
		CITY:			MT KISKO
		STATE:			NY
		ZIP:			10549

	MAIL ADDRESS:	
		STREET 1:		100 SOUTH BEDROD RD
		CITY:			MT KISKO
		STATE:			NY
		ZIP:			10549

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			AMERICAN REAL ESTATE PARTNERS L P
		CENTRAL INDEX KEY:			0000813762
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATORS OF NONRESIDENTIAL BUILDINGS [6512]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30417
		FILM NUMBER:		03812181

	BUSINESS ADDRESS:	
		STREET 1:		100 SOUTH BEDFORD ROAD
		CITY:			MT KISCO
		STATE:			NY
		ZIP:			10549
		BUSINESS PHONE:		9142427700

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			AMERICAN REAL ESTATE HOLDINGS L P
		CENTRAL INDEX KEY:			0001034563
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30417
		FILM NUMBER:		03812182

	BUSINESS ADDRESS:	
		STREET 1:		100 SOUTH BEDFORD RD
		CITY:			MT KISCO
		STATE:			NY
		ZIP:			10549
		BUSINESS PHONE:		9142419000

	MAIL ADDRESS:	
		STREET 1:		100 SOUTH BEDFORD ROAD
		CITY:			MOUNT KISCO
		STATE:			NY
		ZIP:			10153

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ICAHN CARL C ET AL
		CENTRAL INDEX KEY:			0000921669
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30417
		FILM NUMBER:		03812183

	BUSINESS ADDRESS:	
		STREET 1:		100 SOUTH BEDFORD ROAD
		CITY:			MT KISCO
		STATE:			NY
		ZIP:			10549
		BUSINESS PHONE:		9142427700

	MAIL ADDRESS:	
		STREET 1:		200 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar123.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
    <periodOfReport>2003-07-11</periodOfReport>
    <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001095701</issuerCik>
        <issuerName>PHILIP SERVICES CORP/DE</issuerName>
        <issuerTradingSymbol>PSCD.PK</issuerTradingSymbol>
    </issuer>

    <reportingOwner>

        <reportingOwnerId>
            <rptOwnerCik>0000921669</rptOwnerCik>
            <rptOwnerName>ICAHN CARL C ET AL</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>767 FIFTH AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 4700</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10153</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
        <isDirector>0</isDirector>
        <isOfficer>0</isOfficer>
        <isTenPercentOwner>1</isTenPercentOwner>
        <isOther>0</isOther>
    </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>

        <reportingOwnerId>
            <rptOwnerCik>0001034563</rptOwnerCik>
            <rptOwnerName>AMERICAN REAL ESTATE HOLDINGS L P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>100 SOUTH BEDFORD ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10153</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
        <isDirector>0</isDirector>
        <isOfficer>0</isOfficer>
        <isTenPercentOwner>1</isTenPercentOwner>
        <isOther>0</isOther>
    </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>

        <reportingOwnerId>
            <rptOwnerCik>0000813762</rptOwnerCik>
            <rptOwnerName>AMERICAN REAL ESTATE PARTNERS L P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>100 SOUTH BEDFORD ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MT. KISCO</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10153</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
        <isDirector>0</isDirector>
        <isOfficer>0</isOfficer>
        <isTenPercentOwner>1</isTenPercentOwner>
        <isOther>0</isOther>
    </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>

        <reportingOwnerId>
            <rptOwnerCik>0000860851</rptOwnerCik>
            <rptOwnerName>BARBERRY CORP /NY/</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>100 SOUTH BEDFORD ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MT. KISCO</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10153</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
        <isDirector>0</isDirector>
        <isOfficer>0</isOfficer>
        <isTenPercentOwner>1</isTenPercentOwner>
        <isOther>0</isOther>
    </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>

        <reportingOwnerId>
            <rptOwnerCik>0001080113</rptOwnerCik>
            <rptOwnerName>BECKTON CORP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>100 SOUTH BEDFORD ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MT. KISCO</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10153</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
        <isDirector>0</isDirector>
        <isOfficer>0</isOfficer>
        <isTenPercentOwner>1</isTenPercentOwner>
        <isOther>0</isOther>
    </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>

        <reportingOwnerId>
            <rptOwnerCik>0000928464</rptOwnerCik>
            <rptOwnerName>HIGH RIVER LIMITED PARTNERSHIP /NY/</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1OO SOUTH BEDFORD ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MT. KISCO</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10153</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
        <isDirector>0</isDirector>
        <isOfficer>0</isOfficer>
        <isTenPercentOwner>1</isTenPercentOwner>
        <isOther>0</isOther>
    </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>

        <reportingOwnerId>
            <rptOwnerCik>0001257324</rptOwnerCik>
            <rptOwnerName>AMERICAN PROPERTY INVESTORS INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>100 SOUTH BEDFORD ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MT. KISCO</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10153</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
        <isDirector>0</isDirector>
        <isOfficer>0</isOfficer>
        <isTenPercentOwner>1</isTenPercentOwner>
        <isOther>0</isOther>
    </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>

        <securityTitle>
            <value>Common Stock, $0.01 par value ("Shares")</value>
        </securityTitle>

        <transactionDate>
            <value>2003-07-11</value>
        </transactionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>P</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>

            <transactionShares>
                <value>86283</value>
            </transactionShares>

            <transactionPricePerShare>
                <value>00</value>
                <footnoteId id="F1"/>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>A</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>
        <postTransactionAmounts>

            <sharesOwnedFollowingTransaction>
                <value>12739519</value>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>I</value>
            </directOrIndirectOwnership>

            <natureOfOwnership>
                <value>through Barberry Corp., a wholly-owned affiliate</value>
            </natureOfOwnership>
        </ownershipNature>
        </nonDerivativeTransaction>

    </nonDerivativeTable>
    <derivativeTable>
        <derivativeTransaction>

        <securityTitle>
            <value>PIK Debt</value>
        </securityTitle>

        <conversionOrExercisePrice>
            <value>11.72</value>
        </conversionOrExercisePrice>

        <transactionDate>
            <value>2003-07-11</value>
        </transactionDate>

        <deemedExecutionDate>
            <value>2003-07-11</value>
        </deemedExecutionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>P</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>

            <transactionTotalValue>
                <value>532296.06</value>
            </transactionTotalValue>

            <transactionPricePerShare>
                <value>181061.44</value>
                <footnoteId id="F1"/>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>A</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>

        <exerciseDate>
            <value>2000-04-07</value>
        </exerciseDate>

        <expirationDate>
            <value>2005-03-31</value>
        </expirationDate>
        <underlyingSecurity>

            <underlyingSecurityTitle>
                <value>Common Stock</value>
            </underlyingSecurityTitle>

            <underlyingSecurityShares>
                <value>45417</value>
            </underlyingSecurityShares>
        </underlyingSecurity>
        <postTransactionAmounts>

            <valueOwnedFollowingTransaction>
                <value>76474031</value>
            </valueOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>I</value>
            </directOrIndirectOwnership>

            <natureOfOwnership>
                <value>through Barberry Corp., a wholly-owned affiliate</value>
            </natureOfOwnership>
        </ownershipNature>
        </derivativeTransaction>

        <derivativeTransaction>

        <securityTitle>
            <value>PIK Debt</value>
        </securityTitle>

        <conversionOrExercisePrice>
            <value>11.72</value>
        </conversionOrExercisePrice>

        <transactionDate>
            <value>2003-07-11</value>
        </transactionDate>

        <deemedExecutionDate>
            <value>2003-07-11</value>
        </deemedExecutionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>P</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>

            <transactionTotalValue>
                <value>538090.31</value>
            </transactionTotalValue>

            <transactionPricePerShare>
                <value>183032.37</value>
                <footnoteId id="F1"/>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>A</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>

        <exerciseDate>
            <value>2000-04-07</value>
        </exerciseDate>

        <expirationDate>
            <value>2005-03-31</value>
        </expirationDate>
        <underlyingSecurity>

            <underlyingSecurityTitle>
                <value>Common Stock</value>
            </underlyingSecurityTitle>

            <underlyingSecurityShares>
                <value>45912</value>
            </underlyingSecurityShares>
        </underlyingSecurity>
        <postTransactionAmounts>

            <valueOwnedFollowingTransaction>
                <value>76474031</value>
            </valueOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>I</value>
            </directOrIndirectOwnership>

            <natureOfOwnership>
                <value>through Chelonian Corp., a wholly-owned affiliate</value>
            </natureOfOwnership>
        </ownershipNature>
        </derivativeTransaction>

        <derivativeTransaction>

        <securityTitle>
            <value>PIK Debt</value>
        </securityTitle>

        <conversionOrExercisePrice>
            <value>11.72</value>
        </conversionOrExercisePrice>

        <transactionDate>
            <value>2003-07-11</value>
        </transactionDate>

        <deemedExecutionDate>
            <value>2003-07-11</value>
        </deemedExecutionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>P</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>

            <transactionTotalValue>
                <value>2533750.90</value>
            </transactionTotalValue>

            <transactionPricePerShare>
                <value>574573.26</value>
                <footnoteId id="F1"/>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>A</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>

        <exerciseDate>
            <value>2000-04-07</value>
        </exerciseDate>

        <expirationDate>
            <value>2005-03-31</value>
        </expirationDate>
        <underlyingSecurity>

            <underlyingSecurityTitle>
                <value>Common Stock</value>
            </underlyingSecurityTitle>

            <underlyingSecurityShares>
                <value>216190</value>
            </underlyingSecurityShares>
        </underlyingSecurity>
        <postTransactionAmounts>

            <valueOwnedFollowingTransaction>
                <value>76474031</value>
            </valueOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>I</value>
            </directOrIndirectOwnership>

            <natureOfOwnership>
                <value>through Tortoise Corp., a wholly-owned affiliate</value>
            </natureOfOwnership>
        </ownershipNature>
        </derivativeTransaction>

        <derivativeTransaction>

        <securityTitle>
            <value>PIK Debt</value>
        </securityTitle>

        <conversionOrExercisePrice>
            <value>11.72</value>
        </conversionOrExercisePrice>

        <transactionDate>
            <value>2003-07-11</value>
        </transactionDate>

        <deemedExecutionDate>
            <value>2003-07-11</value>
        </deemedExecutionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>P</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>

            <transactionTotalValue>
                <value>2533750.90</value>
            </transactionTotalValue>

            <transactionPricePerShare>
                <value>574573.26</value>
                <footnoteId id="F1"/>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>A</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>

        <exerciseDate>
            <value>2000-04-07</value>
        </exerciseDate>

        <expirationDate>
            <value>2005-03-31</value>
        </expirationDate>
        <underlyingSecurity>

            <underlyingSecurityTitle>
                <value>Common Stock</value>
            </underlyingSecurityTitle>

            <underlyingSecurityShares>
                <value>216190</value>
            </underlyingSecurityShares>
        </underlyingSecurity>
        <postTransactionAmounts>

            <sharesOwnedFollowingTransaction>
                <value>76474031</value>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>I</value>
            </directOrIndirectOwnership>

            <natureOfOwnership>
                <value>through Unicorn Associates Corporation, a wholly-owned affiliate</value>
            </natureOfOwnership>
        </ownershipNature>
        </derivativeTransaction>

        <derivativeTransaction>

        <securityTitle>
            <value>PIK Debt</value>
        </securityTitle>

        <conversionOrExercisePrice>
            <value>11.72</value>
        </conversionOrExercisePrice>

        <transactionDate>
            <value>2003-07-11</value>
        </transactionDate>

        <deemedExecutionDate>
            <value>2003-07-11</value>
        </deemedExecutionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>P</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>

            <transactionTotalValue>
                <value>538090.31</value>
            </transactionTotalValue>

            <transactionPricePerShare>
                <value>183032.37</value>
                <footnoteId id="F1"/>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>A</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>

        <exerciseDate>
            <value>2000-04-07</value>
        </exerciseDate>

        <expirationDate>
            <value>2005-03-31</value>
        </expirationDate>
        <underlyingSecurity>

            <underlyingSecurityTitle>
                <value>Common Stock</value>
            </underlyingSecurityTitle>

            <underlyingSecurityShares>
                <value>45912</value>
            </underlyingSecurityShares>
        </underlyingSecurity>
        <postTransactionAmounts>

            <valueOwnedFollowingTransaction>
                <value>76474031</value>
            </valueOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>I</value>
            </directOrIndirectOwnership>

            <natureOfOwnership>
                <value>through Chelonian Subsidiary LLC, a wholly-owned affiliate</value>
            </natureOfOwnership>
        </ownershipNature>
        </derivativeTransaction>

        <derivativeTransaction>

        <securityTitle>
            <value>PIK Debt</value>
        </securityTitle>

        <conversionOrExercisePrice>
            <value>11.72</value>
        </conversionOrExercisePrice>

        <transactionDate>
            <value>2003-07-11</value>
        </transactionDate>

        <deemedExecutionDate>
            <value>2003-07-11</value>
        </deemedExecutionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>P</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>

            <transactionTotalValue>
                <value>538090.31</value>
            </transactionTotalValue>

            <transactionPricePerShare>
                <value>183032.37</value>
                <footnoteId id="F1"/>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>A</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>

        <exerciseDate>
            <value>2000-04-07</value>
        </exerciseDate>

        <expirationDate>
            <value>2005-03-31</value>
        </expirationDate>
        <underlyingSecurity>

            <underlyingSecurityTitle>
                <value>Common Stock</value>
            </underlyingSecurityTitle>

            <underlyingSecurityShares>
                <value>45912</value>
            </underlyingSecurityShares>
        </underlyingSecurity>
        <postTransactionAmounts>

            <valueOwnedFollowingTransaction>
                <value>76474031</value>
            </valueOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>I</value>
            </directOrIndirectOwnership>

            <natureOfOwnership>
                <value>through Thornwood Associates Limited Partnership, a wholly-owned affiliate</value>
            </natureOfOwnership>
        </ownershipNature>
        </derivativeTransaction>

        <derivativeTransaction>

        <securityTitle>
            <value>PIK Debt</value>
        </securityTitle>

        <conversionOrExercisePrice>
            <value>11.72</value>
        </conversionOrExercisePrice>

        <transactionDate>
            <value>2003-07-11</value>
        </transactionDate>

        <deemedExecutionDate>
            <value>2003-07-11</value>
        </deemedExecutionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>P</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>

            <transactionTotalValue>
                <value>5081285.50</value>
            </transactionTotalValue>

            <transactionPricePerShare>
                <value>1152272.20</value>
                <footnoteId id="F1"/>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>A</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>

        <exerciseDate>
            <value>2000-04-07</value>
        </exerciseDate>

        <expirationDate>
            <value>2005-03-31</value>
        </expirationDate>
        <underlyingSecurity>

            <underlyingSecurityTitle>
                <value>Common Stock</value>
            </underlyingSecurityTitle>

            <underlyingSecurityShares>
                <value>433556</value>
            </underlyingSecurityShares>
        </underlyingSecurity>
        <postTransactionAmounts>

            <valueOwnedFollowingTransaction>
                <value>76474031</value>
            </valueOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>I</value>
            </directOrIndirectOwnership>

            <natureOfOwnership>
                <value>through Cyprus LLC, a wholly-owned affiliate</value>
            </natureOfOwnership>
        </ownershipNature>
        </derivativeTransaction>

    </derivativeTable>
    <footnotes>
        <footnote id="F1">See Explanation of Responses.</footnote>
    </footnotes>

<remarks>On July 11, 2003, in a privately negotiated transaction, Barberry purchased an aggregate
of approximately $532,295.76 principal amount of the Debt (convertible into 45,417 Shares) together with an aggregate of 86,283 Shares, and a certain amount of the term
debt of the Issuer and certain litigation claims. In that transaction, the price for the 86,283 Shares and the price for the approximately $532,295.76 face amount of the Debt, as well
as the price for the term debt of the Issuer and certain litigation claims, was 15% of the principal amount of the Debt and the term debt. On July 11, 2003, in privately negotiated
transactions, Thornwood Limited Liability Partnership, Chelonian Corp., Chelonian Subsidiary, LLC purchased an aggregate of approximately $1,614,270.90 principal
amount of the Debt (convertible into 137736 Shares) and a certain amount of the term debt of the Issuer and certain litigation claims. In those transactions, the price for the
approximately $1,614,270.90 face amount of the Debt, as well as the price for the term debt of the Issuer and certain litigation claims, was 15% of the principal amount of the
Debt and the term debt. On July 11, 2003, in privately negotiated transactions, Tortoise Corp., Unicorn Associates Corp. and Cyprus, LLC purchased an aggregate of
approximately $10,148,787 principal amount of the Debt (convertible into 865,937 Shares) and a certain amount of the term debt of the Issuer.  In those transactions, the
price for the approximately $10,148,787 face amount of the Debt, as well as the price for the term debt of the Issuer, was 10% of the principal amount of the Debt and the term
debt. Each of American Property Investors, Inc, American Real Estate Holdings, LP, American Real Estate Partners LP and High River is indirectly wholly owned by Mr.
Icahn. Barberry Corp. is the general partner of High River and is wholly owned by Mr. Icahn. Beckton Corp. is the sole shareholder of API and is wholly owned by Mr. Icahn.
</remarks>

    <ownerSignature>
        <signatureName>Carl C. Icahn</signatureName>
        <signatureDate>2003-07-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>American Real Estate Holdings, L.P.</signatureName>
        <signatureDate>2003-07-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>American Real Estate Partners, L.P.</signatureName>
        <signatureDate>2003-07-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Barberry Corp.</signatureName>
        <signatureDate>2003-07-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Beckton Corp.</signatureName>
        <signatureDate>2003-07-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>High River Limited Partnership</signatureName>
        <signatureDate>2003-07-23</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>American Property Investors, Inc.</signatureName>
        <signatureDate>2003-07-23</signatureDate>
    </ownerSignature>

</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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