SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
GLOBAL PHARMACEUTICAL CORPORATION
(Name of Issuer)
Common Stock, $.01 par value
(Title of class of securities)
378922108
(CUSIP number)
Frederick R. Adler, Trustee
1520 South Ocean Blvd.
Palm Beach, FL 33480
(561) 659-2001
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
September 22, 1997
(Date of Event which Requires
Filing of this Statement)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this Schedule
13D, and is filing this schedule because of Rule 13-d-1(b)(3) or
(4), check the following box [ ]
Note: Six copies of this statement, including all exhibits, should
be filed with the Commission. See Rule 13d-1 (a) for other parties
to whom copies are to be sent.
*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 disclosures provided in a
prior cover page.
The information required on 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).<PAGE>
SCHEDULE 13D
CUSIP No. 378922108 Page 2 of 7 Pages
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(a) The Adler Family Foundation, Inc.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
3. SEC USE ONLY
4. SOURCE OF FUNDS
BK,PF
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
6. CITIZENSHIP OR PLACE OF ORGANIZATION
(a) Delaware
NUMBER 7. SOLE VOTING POWER
OF (a) 242,868
SHARES 8. SHARED VOTING POWER
BENEFICIALLY (a) 0
OWNED BY 9. SOLE DISPOSITIVE POWER
EACH (a) 242,868
REPORTING 10. SHARED DISPOSITIVE POWER
PERSON WITH (a) 0
11. AGGREGATE AMOUND BENEFICIALLY OWNED BY EACH REPORTING PERSON
(a) 242,868 shares
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
(a) 5.66%
14. TYPE OF REPORTING PERSON
(a) CO
<PAGE>
Item 1 Security and Issue
The class of securities to which this Statement relates is
common stock, par value $.01 per share (the "Common Stock"),
of Global Pharmaceutical Corporation (the "Company"), a
Delaware corporation whose principal executive offices are
located at Castor & Kensington Avenues, Philadelphia, PA
19124.
Item 2 Identity and Background
The reporting person is The Adler Family Foundation, Inc., a
non-profit Delaware corporation (the "Corporation" and
together with the individuals listed Schedule I hereto, "The
Reporting Persons").
Item 2(a) Name and State of Organization of the Corporation:
The Adler Family Foundation, Inc.
Delaware
Item 2(b) Address:
1520 South Ocean Blvd.
Palm Beach, FL 33480
Item 2(c) Principal Business:
The nature of the business or purposes to be conducted or
promoted by the Corporation is to undertake, promote, develop
and carry on work exclusively for charitable, scientific and
educational purposes within the meaning of Section 501(c)(3)
of the Internal Revenue Code of 1954.
Item 2(d) No Criminal Proceedings:
During the last five years none of the Reporting Persons has
been convicted in a criminal proceeding (excluding traffic
violations and similar misdemeanors).
Item 2(e) Other Proceedings:
During the last five years none of the Reporting Persons has
been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction which as a
result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violation of or
prohibiting or mandating activities subject to, Federal or
state securities laws or finding violation with respect to
such laws.
The name, citizenship, business address, present principal
occupation or employment of each of the trustees and executive
officers of the Corporation and the name, business address of
any corporation or other organization in which such employment
is conducted, are set forth in Schedule I annexed
hereto and incorporated herein by reference.
Item 3 Source and Amount of Funds or Other Consideration:
The Corporation received all shares of Common Stock owned by
it pursuant to a gift.
Item 4 Purpose of Transaction
The Common Stock has been acquired by the Corporation
pursuant to a gift. The Reporting Persons have no plans or
proposals that relate to or would result in any of the items
listed in any of subsections (a)-(j) of Item 4 of the
instructions to Form 13D.
Item 5 Interest in Securities of the Issuer
(a) Amount and Percent Beneficially Owned
As of the date of this filing, the Corporation is the
beneficial owner of 242,868 shares of Common Stock,
representing approximately 5.66% of the outstanding
shares of Common Stock.
(b) Power to Vote and Dispose of Shares
See Item 5(a) above and Items 7 - 10 on the cover page.
(c) Any transactions in the class of securities reported on
that were effected during the past 60 days or since the
most recent filing on Schedule 13D, whichever is
less by the person named in response to (a).
No transactions in the Common Stock were effected during
the past sixty days by the Corporation except that on
September 22, 1997, the Corporation received 42,868
shares of Common Stock pursuant to a gift.
(d) If any other person is known to have the right to receive
or the power to direct the receipt of dividends from, or
the proceeds from the sale of, such securities, a
statement to that effect should be included in response
to this item and, if such interest relates to more than
five percent of the class, such person should be
identified.
None.
(e) If applicable, state the date on which the reporting
person ceased to be the beneficial owner of more than 5
percent of the class of securities.
Not applicable.
Item 6 Contracts, Arrangements, Understandings or Relationships
With Respect to Securities of the Issuer
None
Item 7 Material to be Filed as Exhibits
None.
<PAGE>
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.
THE ADLER FAMILY FOUNDATION, INC.
By: /s/ FREDERICK R. ADLER
Frederick R. Adler
President
Dated: September ____, 1997
<PAGE>
SCHEDULE I
The name, citizenship, business address,
principal occupation and organization
of employment of the trustees of
the Corporation are as follows:
ORGANIZ-
NAME AND PRINCIPAL ATION OF
CITIZENSHIP POSITION BUSINESS ADDRESS OCCUPATION EMPLOYMENT
Frederick R. Trustee; 1502 South Ocean Blvd. Private N/A
Adler President Palm Beach, Florida Investor
(U.S. citizen) 33480
Catherine G. Trustee; 1502 South Ocean Blvd. Private N/A
Adler Vice Palm Beach, Florida Investor
(U.S. citizen) President 33480
William Bush Trustee; Fulbright & Jaworski
L.L.P. Attorney Fulbright &
(U.S. citizen) Secretary 666 Fifth Avenue Jaworski L.L.P.
New York, NY 10103
