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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
GLOBAL PHARMACEUTICAL CORPORATION
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(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE
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(Title of Class of Securities)
378922108
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(CUSIP Number)
Frederick R. Adler, Trustee, 1520 South Ocean Blvd.
Palm Beach FL. 33480 (561) 659-2001
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
N/A
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(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 (section mark) 240.13d-1(e), (section mark) 240.13d-1(f) or
(section mark) 240.13d-1(g) check the following box [ ].
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See (section mark) 240.13d-7(b)
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).
(Continued on the following page(s))
Page 1 of 4 Pages
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<PAGE>
SCHEDULE 13D
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CUSIP No. 378922108 Page 2 of 4 Pages
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- --------------------------------------------------------------------------------
1 | NAME OF REPORTING PERSON
| S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
|
| THE ADLER FAMILY FOUNDATION, INC.
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2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
| (b) [ ]
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3 | SEC USE ONLY
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4 | SOURCE OF FUNDS*
| N/A
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5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
| PURSUANT TO ITEMS (2)(d) OR 2(e) [ ]
|
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6 | CITIZENSHIP OR PLACE OF ORGANIZATION
|
| DELAWARE
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| 7 | SOLE VOTING POWER
NUMBER OF | |
| |
SHARES | | 202,068 shares
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BENEFICIALLY | 8 | SHARED VOTING POWER
| |
OWNED BY | |
| | 0
EACH ----------------------------------------------------------------
| 9 | SOLE DISPOSITIVE POWER
REPORTING | |
| |
PERSON | | 202,068 shares
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WITH | 10 | SHARED DISPOSITIVE POWER
| |
| | 0
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11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
| 202,068 shares
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12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES [ ]
| CERTAIN SHARES*
|
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13 | PERCENTAGE CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
| 4.48%
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14 | TYPE OF REPORTING PERSON*
|
| CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
This Amendment No. 1 amends and supplements the Schedule 13D, dated
September 22, 1997 (the "Schedule 13D"), filed on behalf of The Adler Family
Foundation, Inc. (the "Foundation"), a Delaware corporation, relating to the
Foundation's beneficial ownership of shares of common stock, $0.01 par value per
share ("Common Stock"), of Global Pharmaceutical Corporation, a Delaware
Corporation. This Amendment is being filed to reflect the sale by the Foundation
of an aggregate of 40,800 shares of Common Stock, representing approximately .9%
of the outstanding shares of Common Stock, during the period from February 11,
1998 to October 21, 1998 (see Schedule II). Except as modified hereby, there has
been no change in the information previously reported in the Schedule 13D.
Item 5 Interest in Securities of the Issuer
As of the date of this filing, the Foundation is the beneficial
owner of 202,068 shares of Common Stock, representing
approximately 4.48% of the outstanding shares of Common Stock.
The Foundation has the sole power to vote and to dispose of all
such shares of Common Stock During the period from February 11,
1998 to October 21, 1998, the Foundation sold an aggregate of
40,800 shares of Common Stock. As a result, the Foundation ceased
to be the beneficial owner of more than five percent of the
Common Stock during such period.
<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
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Frederick R. Adler
President
Dated: November , 1998
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<PAGE>
<TABLE>
<CAPTION>
SCHEDULE I
The name, citizenship, business address,
principal occupation and organization
of employment of the trustees of
the Corporation are as follows:
NAME AND PRINCIPAL ORGANIZATION OF
CITIZENSHIP POSITION BUSINESS ADDRESS OCCUPATION EMPLOYMENT
----------- -------- ---------------- ---------- ----------------
<S> <C> <C> <C> <C>
Frederick R. Adler Trustee; 1520 South Ocean Blvd. Private Investor N/A
(U.S. citizen) President Palm Beach, Florida 33480
Catherine G. Adler Trustee; 1520 South Ocean Blvd. Private Investor N/A
(U.S. citizen) Vice Palm Beach, Florida 33480
President
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
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Schedule II
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<S> <C>
Date Shares Sold Sale Price per Share
- ----- ----------- --------------------
February 11, 1998 1,000 shares $5.375
February 13, 1998 2,000 shares $5.50
February 20, 1998 1,500 shares $5.125
February 25, 1998 1,500 shares $5.125
March 24, 1998 2,500 shares $5.00
April 9, 1998 2,500 shares $4.75
April 16, 1998 2,000 shares $5.00
April 16, 1998 2,000 shares $5.00
April 20, 1998 2,000 shares $5.125
April 20, 1998 1,000 shares $5.00
April 22, 1998 1,000 shares $5.00
July 1, 1998 1,000 shares $3.25
October 12, 1998 7,500 shares $1.25
October 13, 1998 3,300 shares $1.25
October 14, 1998 2,000 shares $1.125
October 15, 1998 5,000 shares $1.1875
October 21, 1998 3,000 shares $1.0625
All such sales were effected through broker transactions. These
transactions resulted in an aggregate of 40,800 shares of Global Pharmaceutical
being sold by the Foundation between the period of February 11, 1998 to October
21, 1998.
</TABLE>
