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FORM 4
|X| Check this box if no
longer subject to
Section 16. Form 4
or Form 5 obligations
may continue. See
Instruction 1(b).
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
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.
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OMB Approval
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OMB Number: 3235-0287
Expires: September 30, 1998
Estimated average burden
hours per response....0.5
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<TABLE>
<CAPTION>
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1. Name and Address of 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting Person(s) to Issuer
or Perporting Person* (Check all applicable)
__ Director __ 10% Owner
__ Officer (give title below) __ Other (specify below)
The Dover Group, Inc. The Ashton Technology Group, Inc. "ASTN"
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(Last) (First) (Middle) 3. IRS or Social 4. Statement for 7. Individual or Joint/Group Reporting
Security Number of Month/Year (check applicable line)
Reporting Person X Form Filed by One Reporting Person
(Voluntary) June 1997 __ Form Filed by More than One Reporting
Person
20 Maple Street
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(Street) 5. If Amendment,
Date of Original
(Month/Year)
Toms River, NJ 08753 February 1997
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(City) (State) (Zip) Table 1 -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
<S> <C> <C> <C> <C> <C> <C>
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1. Title of Security 2. Trans- 3. Transaction 4. Securities Acquired (A) 5. Amount of 6. Ownership 7. Nature of
(Instr. 3) action Code (Instr. or Disposed of (D) Securities Form: Indirect
Date 8) (Instr. 3, 4 and 5) Beneficially Direct (D) Beneficial
(Month/ Owned at End or Indirect Ownership
Day/ of Month (I) (Instr. 4)
Year) (Instr. 3 and (Instr. 4)
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Code V Amount (A) or (D) Price
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Common Stock 2/9/97 J(1) 750,000 (1) (1) -0-
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Common Stock N/A N/A 513,500 N/A N/A 513,500 D
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, See Instruction 4(b)(v).
</TABLE>
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<TABLE>
FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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1. Title 2. Conver- 3. Trans- 4. Trans- 5. Number of 6. Date 7. Title 8. Price 9. Number 10. Owner- 11. Nature of
of sion or action action Derivative Exer- and of of ship Indirect
Deri- Exercise Date Code Securities cisable Amount Deri- deri- Form Beneficial
vative Price of (Instr. Acquired (A) and Expi- of vative vative of Deri- Ownership
Secu- Deri- (Month/ 8) or Disposed ration Under- Secu- Secu- vative (Instr. 4)
rity vative Day/ of (D) Date Lying rity rities Security
(Instr. Security Year) (Instr. 3, (Month/ Securi- (Instr. Benefi- Direct
3) 4, and 5) Day/ ties 5) cially (D) or
Year) (Instr. Owned Indirect
3 and4) at End (I)
of (Instr.
Month 4)
(Instr.
4)
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Code V (A) (D) Date Expir- Title Amount
Exerci- ation or of
sable Date Number
of
Shares
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Common Stock $5.85 N/A N/A 240,000 5/2/97 5/2/02 Com- 240,000 N/A 240,000 D
Call Options mon
Stock
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Explanation of Responses:
(1)- See Exhibit A
** Intentional misstatements or omissions of /s/ Fredric W. Rittereiser July 10, 1997
facts constitute Federal Criminal -------------------------------------------- ------------------------------
Violations ** Signature of Reporting Person Date
See 18 U.S.C. and 15 U.S.C. 78ff(a). By: Name: Fredric W. Rittereiser
Title: Chairman of the Board
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 form
displays a currently valid OMB number.
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, See Instruction 4(b)(v).
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Exhibit A
June 1997 Addendum to FORM 4
for The Dover Group, Inc. for The Ashton Technology Group, Inc.
(1)A Settlement Agreement by and among Ashton, its subsidiary Universal
Trading Technologies Corporation ("UTTC"), Fredric W. Rittereiser
("Rittereiser"), The Dover Group, Inc. ("Dover"), and David N. Rosensaft
("Rosensaft") and a Stock Purchase Agreement by and among Ashton,
Rittereiser, Dover and Rosensaft (collectively, the "Agreements"), were both
entered into on January 30, 1997. Subject to the Agreements, Dover,
Rittereiser, or his or its designee was to purchase 750,000 shares of common
stock of Ashton, par value $.01 (the "Common Stock") from Rosensaft for
$2,000,000 on April 10, 1997. On April 10, 1997, Rittereiser and Dover
declined to purchase the 750,000 shares of Common Stock.
On May 1, 1997, Rosensaft commenced an action in the United States District
Court for the Southern District of New York entitled "David N. Rosensaft v.
The Ashton Technology Group, Inc., Universal Trading Technologies
Corporation, The Dover Group, Inc. and Frederic W. Rittereiser"
(collectively, the "Defendants") No. 97 Civ. 3138, asserting ten claims
against one or more of the Defendants including breach of contract and
securities fraud and seeking, inter alia, specific performance of the
Settlement Agreement dated January 30, 1997, between and among the parties
or in the alternative, actual and consequential damages in an amount to be
proved at trial in addition to punitive damages. On June 9, 1997, Rosensaft
served a First Amended Complaint adding three additional claims against
Ashton, alleging that Ashton improperly refused Rosensaft's request to sell
his Ashton stock.
Between April 10, 1997 and June 26, 1997, the Reporting Person endeavored to
work out a settlement with Rosensaft relating to the 750,000 shares.
On June 26, 1997, the Defendants served their answer and counterclaims
generally denying the allegations of the First Amended Complaint and
alleging six counterclaims against Rosensaft, including that (i) Rosensaft
acquired 1,100,000 shares of Ashton Common Stock from Ashton on the basis of
false and misleading statements and common law fraud and (ii) Rosensaft
breached his January 19, 1996 Consulting Agreement with Ashton (the
"Consulting Agreement") by (a) failing to carry out his duties as a
consultant under the Consulting Agreement, (b) violating the provisions of
the Consulting Agreement restricting his use of confidential information of
Ashton, (c) failing to adhere to the non-competition provisions of the
Consulting Agreement, (d) misappropriating for himself the property rights
of UTTC relating to Ashton's Universal Trading System ("UTS(TM)"), and (e)
failing to return to UTTC and/or Ashton valuable property and information,
including confidential documents and computer equipment belonging to UTTC
and/or Ashton.
Based on the information discussed above, Dover is not the beneficial owner
of the 750,000 shares of Common Stock referenced above.
