UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
Global Pharmaceutical Corporation
-----------------------------------------------------
(Name of Issuer)
Common Stock, $.01 par value
-----------------------------------------------------
(Title of Class of Securities)
378922108
------------------------------------------------------
(CUSIP Number)
December 29, 1998
-----------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is being filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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).
PAGE>
CUSIP No. 378922108 13G Page 2 of 8 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY).
Frederick R. Adler Intangible Asset Management Trust
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 578,436 shares - See Item 4(a)
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 578,436 shares - See Item 4(a)
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
578,436 - See Item 4(a)
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 378922108 13G Page 3 of 8 Pages
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
12.2% - See Item 4(a)
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
PAGE>
CUSIP No. 378922108 13G Page 4 of 8 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY).
Susan R. Chapman
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 640,936 shares - See Item 4(a)
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 640,936 shares - See Item 4(a)
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
640,936 - See Item 4(a)
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 378922108 13G Page 5 of 8 Pages
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
13.4% - See Item 4(a)
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
CUSIP No. 378922108 13G Page 6 of 8 Pages
Item 1. (a) Name of Issuer:
Global Pharmaceutical Corporation
(b) Address of Issuer's Principal Executive Offices:
Castor and Kensington Avenues
Philadelphia, Pennsylvania 19124
Item 2. (a) Name of Person Filing:
The Frederick R. Adler Intangible Asset Management Trust (the
"Trust") and Susan R. Chapman.
(b) Address of Principal Business Office:
c/o Susan R. Chapman, Trustee
175 East 64th Street
New York, New York 10021
(c) Citizenship:
The Trust is governed by the laws of the State of Florida,
even though Florida is not the situs of the Trust. Susan R.
Chapman is a citizen of the United States.
(d) Title of Class of Securities:
Common Stock, par value $.01
(e) CUSIP Number:
378922108
Item 3. Not Applicable
Item 4. Ownership.
(a) Amount beneficially owned: The 578,436 shares of Common Stock beneficially
owned by the Trust includes 250,000 shares of Common Stock which
are issuable upon the conversion of 5,000 shares of Series A Convertible
Preferred Stock (the "Series A Preferred"). The Series A Preferred is
convertible at any time at the election of the holder into such numbers of
shares of Common Stock as is determined by dividing the liquidation
preference (initially set at $100 per share of Series A Preferred) by the
lower of (a) $2.75 per share (subject to adjustment pursuant to the terms
of the stock purchase agreement under which the shares were purchased) or
(b) the average closing price of the Common Stock for the five trading days
immediately preceding the day on which the holder elects to convert the
shares of Series A Preferred, subject in all cases to adjustment for stock
dividends, stock splits and other similar recapitalization events; but in
no event less than $2.00 per
<PAGE>
CUSIP No. 378922108 13G Page 7 of 8 Pages
share. For purposes of this filing, a conversion price of $2.00 per
share was used, reflecting an average closing price of below $2.00 for
the Common Stock for the five trading days prior to December 29, 1998.
The 640,936 shares of Common Stock beneficially owned by Ms. Chapman
includes
the 578,436 shares owned by the Trust, of which Ms. Chapman serves as
Trustee.
The additional 62,500 shares beneficially owned by Ms. Chapman includes
50,000
shares of Common Stock held by Longview Partners, L.P., of which Ms. Chapman
is
the General Partner, and 12,500 shares of Common Stock which are issuable
upon
the conversion of 250 shares of Series B Convertible Preferred Stock (the
"Series
B Preferred"), owned of record by Philip R. Chapman, spouse of Ms. Chapman.
The
method and conversion price of the Series B Preferred is identical to the
method and conversion price applicable to the Series A Preferred as described
above.
Ms Chapman disclaims beneficial ownership of the 640,936 shares for purposes
of
Section 16 or for any other purpose.
(b) Percent of class: See Item 11 of the cover page attached hereto and Item
4(a) above.
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Item 5 of the cover page attached hereto and Item
4(a) above.
(ii) Shared power to vote or to direct the vote:
See Item 6 of the cover page attached hereto.
(iii) Sole power to dispose or to direct the disposition of:
See Item 7 of the cover page attached hereto and Item
4(a) above.
(iv) Shared power to dispose or to direct the disposition of:
See Item 8 of the cover page attached hereto.
Item 5. Ownership of Five Percent or Less of a Class.
Not Applicable
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.
By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were not acquired and are not held for the purpose
of or with the effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in connection with or as
a
participant in any transaction having that purpose or effect.
<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.
Frederick R. Adler Intangible
Date: January 8, 1999 Asset Management Trust
By: /s/ Susan R. Chapman
-------------------------------
Susan R. Chapman, on behalf of
Trust and as Trustee
By: /s/ Susan R. Chapman
-------------------------------
Susan R. Chapman
