-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 IHlYJhbJ2FGd3IFrYvxGtKHmZncCqLdBOHyCcwjtQIuSuCCaZ8S2F7khwYE/V0CJ
 qRtQFtdY36p2kzniSgfH1g==

<SEC-DOCUMENT>0001005477-03-002562.txt : 20030730
<SEC-HEADER>0001005477-03-002562.hdr.sgml : 20030730
<ACCEPTANCE-DATETIME>20030730170014
ACCESSION NUMBER:		0001005477-03-002562
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030721
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:		03812189

	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:		03812190

	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:		03812191

	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:		03812192

	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:		03812193

	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:		03812194

	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:		03812196

	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>2003-07-21</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>

    <derivativeTable>
        <derivativeTransaction>

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

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

        <transactionDate>
            <value>2003-07-21</value>
        </transactionDate>

        <deemedExecutionDate>
            <value>2003-07-21</value>
        </deemedExecutionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>P</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>

            <transactionTotalValue>
                <value>840069</value>
            </transactionTotalValue>

            <transactionPricePerShare>
                <value>106493.77</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>71678</value>
            </underlyingSecurityShares>
        </underlyingSecurity>
        <postTransactionAmounts>

            <valueOwnedFollowingTransaction>
                <value>77314100</value>
            </valueOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

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

            <natureOfOwnership>
                <value>See Explanation</value>
            </natureOfOwnership>
        </ownershipNature>
        </derivativeTransaction>

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

<remarks>Explanation of Responses: Common Stock and PIK Debt (the &quot;Debt&quot;) were initially
acquired by High River Limited Partnership (&quot;High River&quot;) and American Real Estate
Holdings, L.P. (&quot;AREH&quot;) pursuant to the Chapter 11 Bankruptcy Reorganization Plan
filed by the predecessor of Philip Services Corporation in the U.S. Bankruptcy Court for
the District of Delaware under the Case No. 99-02385 (the &quot;Plan&quot;) and the conversion
feature of the debt became exercisable upon effective date of such plan.  &quot;PIK Debt&quot;
means the ten percent (10%) Secured Convertible PIK Debt due 2005 of Philip Services
Corporation, in the aggregate principal amount of $100 million, which debt is convertible
until maturity at the option of the holders.  On July 21, 2003, in a privately negotiated
transaction, Stork Associates Limited Partnership, an affiliate of
Registrants and an entity indirectly wholly-owned by Mr. Icahn, purchased
an aggregate of approximately $840,069.22 principal amount of the Debt (convertible
into 71,678 Shares)  and a certain amount of the term debt of the Issuer and certain
litigation claims.  In that transaction, the price for the approximately $840,069.22 face
amount of the Debt, as well as the price for the term debt of the Issuer and certain
litigation claims, was 10% of the principal amount of the Debt and the term debt.
Each of American Property Investors, Inc., (&quot;API&quot;), AREH,
American Real Estate Partners 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>
-----END PRIVACY-ENHANCED MESSAGE-----