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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. ____)*
PARAMOUNT FINANCIAL CORPORATION
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(Name of Issuer)
COMMON STOCK, PAR VALUE $0.01 PER SHARE
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(Title of Class of Securities)
699223-10-3
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(CUSIP Number)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).
SEC 1745 (2-95)
Page 1 of 5 pages
<PAGE>
CUSIP NO. 699223-10-3 13G PAGE 2 OF 5 PAGES
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1 Names of Reporting Persons
S.S or I.R.S. Identification Nos. of above persons
GLENN NORTMAN
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2 Check the appropriate box if a member of a group (See Instructions)
(a) [ ]
(b) [ ]
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3 SEC use only
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4 Citizenship or place of organization
UNITED STATES OF AMERICA
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5 Sole voting power
1,500,943
NUMBER OF --------------------------------------------------------
SHARES 6 Shared voting power
BENEFICIALLY
OWNED BY 0
EACH PERSON --------------------------------------------------------
WITH 7 Sole dispositive power
1,500,943
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8 Shared dispositive power
0
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9 Aggregate amount beneficially owned by each reporting person
1,500,943
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10 Check box if the aggregate amount in row (9) excludes certain shares
(See Instructions)
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11 Percent of class represented by amount in Row 9
19.7%
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12 Type of reporting person (See Instructions)
IN
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Page 2 of 5 pages
<PAGE>
CUSIP NO. 699223-10-3 13G PAGE 3 OF 5
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ITEM 1.
(a) Paramount Financial Corporation
(b) One Jericho Plaza
Jericho, New York 11753
ITEM 2.
(a) Glenn Nortman
(b) One Jericho Plaza
Jericho, New York 11753
(c) United States of America
(d) common stock, par value $0.01 per share
(e) 699223-10-3
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(b), OR
13d-2(b), CHECK WHETHER THE PERSON FILING IS A:
Not Applicable
ITEM 4. OWNERSHIP
(a) Amount beneficially owned: 1,500,943
(b) Percent of class: 19.7%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the
vote: 1,500,943
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the
disposition of: 1,500,943
(iv) Shared power to dispose or to direct the
disposition of: 0
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Not Applicable
Page 3 of 5 pages
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CUSIP NO. 699223-10-3 13G PAGE 4 OF 5
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ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON
Not Applicable
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY
Not Applicable
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Not Applicable
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not Applicable
ITEM 10. CERTIFICATION
Not Applicable
Page 4 of 5 pages
<PAGE>
CUSIP NO. 699223-10-3 13G PAGE 5 OF 5
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true,
complete and correct.
January 10, 1997
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Date
/s/ Glenn Nortman
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Signature
GLENN NORTMAN
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Name/Title
Page 5 of 5 pages
