<SUBMISSION>
<ACCESSION-NUMBER>0000950123-99-010784
<TYPE>3
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>19991206
<FILING-DATE>19991206
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>AIRNET COMMUNICATIONS CORP
<CIK>0000944163
<ASSIGNED-SIC>3663
<IRS-NUMBER>593218138
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>3
<ACT>34
<FILE-NUMBER>000-28217
<FILM-NUMBER>99769631
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>100 RIALTO PLACE
<STREET2>SUITE 300
<CITY>MELBOURNE
<STATE>FL
<ZIP>32901
<PHONE>4079841990
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>100 RIALTO PLACE
<STREET2>SUITE 300
<CITY>MELBOURNE
<STATE>FL
<ZIP>32901
</MAIL-ADDRESS>
</SUBJECT-COMPANY>
<REPORTING-OWNER>
<COMPANY-DATA>
<CONFORMED-NAME>CIP CAPITAL LP
<CIK>0001100278
<ASSIGNED-SIC>
<RELATIONSHIP>OWNER
<IRS-NUMBER>000000000
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>3
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>435 DEVON PARK DR
<STREET2>BLDG 300
<CITY>WAYNE
<STATE>PA
<ZIP>19087
<PHONE>6109647860
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>435 DEVON PARK DR
<STREET2>BLDG 300
<CITY>WAYNE
<STATE>PA
<ZIP>19087
</MAIL-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<DESCRIPTION>FORM 3
<TEXT>

<PAGE>   1
                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 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*

CIP CAPITAL, L.P.
--------------------------------------------------------------------------------
   (Last)                            (First)              (Middle)

435 Devon Park Drive, Bldg. 300
--------------------------------------------------------------------------------
                                    (Street)

Wayne                                PA                     19087
--------------------------------------------------------------------------------
   (City)                            (State)                (Zip)

________________________________________________________________________________
2.   Date of Event Requiring Statement (Month/Day/Year)

12/06/99
________________________________________________________________________________
3.   IRS Identification Number of Reporting Person, if an Entity (Voluntary)


________________________________________________________________________________
4.   Issuer Name and Ticker or Trading Symbol

AirNet Communications Corporation (ANCC)
________________________________________________________________________________
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)

     [ ]  Form Filed by One Reporting Person

     [X]  Form Filed by More than One Reporting Person

================================================================================
             Table I -- Non-Derivative Securities Beneficially Owned
================================================================================
<TABLE>
<CAPTION>
                                                                 3. Ownership Form:
                                      2. Amount of Securities       Direct (D) or
1. Title of Security                     Beneficially Owned         Indirect (I)       4. Nature of Indirect Beneficial Ownership
   (Instr. 4)                            (Instr. 4)                 (Instr. 5)            (Instr. 5)
------------------------------------------------------------------------------------------------------------------------------------
   <S>                                   <C>                         <C>                  <C>


------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

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====================================================================================================================================
</TABLE>

*    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.


                                                                          (Over)
(Form 3-07/99)
<PAGE>   2
FORM 3 (continued)

              Table II -- Derivative Securities Beneficially Owned
         (e.g., puts, calls, warrants, options, convertible securities)

================================================================================
<TABLE>
<CAPTION>
                                                                                                        5. Owner-
                                                    3. Title and Amount of Securities                      ship
                                                       Underlying Derivative Security                      Form of
                         2. Date Exercisable           (Instr. 4)                                          Derivative
                            and Expiration Date     ---------------------------------    4. Conver-        Security:
                            (Month/Day/Year)                               Amount           sion or        Direct      6. Nature of
                         ----------------------                            or               Exercise       (D) or         Indirect
                         Date       Expira-                                Number           Price of       Indirect       Beneficial
1. Title of Derivative   Exer-      tion                                   of               Derivative     (I)            Ownership
   Security (Instr. 4)   cisable    Date            Title                  Shares           Security       (Instr. 5)     (Instr. 5)
------------------------------------------------------------------------------------------------------------------------------------
<S>                      <C>        <C>             <C>                    <C>           <C>            <C>            <C>

Series E Senior
Convertible Preferred
Stock                    Immed.                      Common Stock          105,733        $.01506477          (1)          (1)
------------------------------------------------------------------------------------------------------------------------------------
Series F Senior
Convertible Preferred
Stock                    Immed.                      Common Stock           40,889        $.01506477          (1)          (1)
------------------------------------------------------------------------------------------------------------------------------------
Series G Senior
Convertible Preferred
Stock                    Immed.                      Common Stock           23,177        $.01506477          (1)          (1)
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------


====================================================================================================================================
</TABLE>
Explanation of Responses:

(1) The securities are owned directly by CIP Capital, L.P., a ten percent owner
of the issuer, and indirectly by CIP Capital Management, Inc. ("CIP
Management"), general Partner of CIP Capital, L.P. CIP Management diclaims
beneficial ownership of these securities except to the extent of its pecuniary
interest therein.



CIP Capital, LP
By: CIP Capital Management, Inc.
By:
     /s/ Winston J. Churchill                                   12/6/99
---------------------------------------------            -----------------------
      **Signature of Reporting Person                             Date
      Winston J. Churchill, Chairman

**   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.

Potential persons who are to respond to the collection of information
contained in this form are not required to respond unless the form
displays a currently valid OMB Number.

Name:                   CIP Capital Management, Inc.

Address:                435 Devon Park Drive, Bldg. 300
                        Wayne, PA 19087

Designated Filer:       CIP CAPITAL, L.P.

Issuer and Ticker
Symbol:                 AirNet Communications Corporation (ANCC)

Date of Event
Requiring Statement:    12/06/99

                        CIP Capital Management, Inc.

Signature:              /s/ Winston J. Churchill
                            ---------------------
                            Winston J. Churchill, Chairman



                                                                          Page 2

</TEXT>
</DOCUMENT>
</SUBMISSION>
