UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)
THE UNION CORPORATION
(NAME OF ISSUER)
COMMON STOCK, $0.50 PAR VALUE PER SHARE
(TITLE OF CLASS OF SECURITIES)
906072103
(CUSIP NUMBER)
TIMOTHY G. BEFFA WITH COPY TO:
OUTSOURCING SOLUTIONS INC. FRANK L. SCHIFF, ESQ.
390 SOUTH WOODS MILL ROAD WHITE & CASE
SUITE 150 1155 AVENUE OF THE AMERICAS
CHESTERFIELD, MO 63017 NEW YORK, NY 10036
314-576-0022 212-819-8200
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON
AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS)
FEBRUARY 10, 1998
(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 13d-1(b)(3) or (4), check the following box ( ).
_______________
Check the following box if a fee is being paid with this statement ( ).
Page 1 of 5 Pages
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SCHEDULE 13D
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CUSIP NO. 906072103 PAGE 2 OF 5 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
OUTSOURCING SOLUTIONS INC.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) ( )
(B) (X)
- ------------------------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS
SC, BK
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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
STATE OF DELAWARE
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 0*
EACH REPORTING PERSON
WITH
-----------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------
9 SOLE DISPOSITIVE POWER
0*
-----------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,920,668*
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
APPROXIMATELY 83.05% OF THE SHARES ISSUED AND OUTSTANDING
AS OF FEBRUARY 11, 1998
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14 TYPE OF REPORTING PERSON
CO
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* SEE ITEMS 5(A) AND 5(B) OF BOTH THIS AMENDMENT NO. 1 AND THE ORIGINAL SCHEDULE
13D FILED ON JANUARY 26, 1998.
<PAGE>
SCHEDULE 13D
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CUSIP NO. 906072103 PAGE 3 OF 5 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SHERMAN ACQUISITION CORPORATION
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) ( )
(B) (X)
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 SOURCE OF FUNDS
SC, BK, AF
- ------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED ( )
PURSUANT TO ITEMS 2(D) OR 2(E)
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF DELAWARE
- ------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 0*
EACH REPORTING PERSON
WITH
-----------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------
9 SOLE DISPOSITIVE POWER
0*
-----------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,920,688*
- ------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
- ------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
APPROXIMATELY 83.05% OF THE SHARES ISSUED AND OUTSTANDING
AS OF FEBRUARY 11, 1998
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- ------------------------------------------------------------------------------
* SEE ITEMS 5(A) AND 5(B) OF BOTH THIS AMENDMENT NO. 1 AND THE ORIGINAL SCHEDULE
13D FILED ON JANUARY 26, 1998.
<PAGE>
THIS AMENDMENT NO. 1 ("AMENDMENT NO. 1") AMENDS A STATEMENT ON
SCHEDULE 13D FILED ON JANUARY 26, 1998 (THE "SCHEDULE 13D") JOINTLY FILED BY:
(I) OUTSOURCING SOLUTIONS INC., A DELAWARE CORPORATION ("OSI") AND (II) SHERMAN
ACQUISITION CORPORATION, A DELAWARE CORPORATION ("SHERMAN"), RELATING TO THE
COMMON STOCK, PAR VALUE $0.50 PER SHARE (THE "COMMON STOCK"), OF THE UNION
CORPORATION ("UNION"), A DELAWARE CORPORATION.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
ITEM 3 OF THE SCHEDULE 13D IS HEREBY AMENDED BY ADDING THE FOLLOWING
TEXT TO THE END OF SUCH ITEM:
THE FUNDS REQUIRED BY SHERMAN IN CONNECTION WITH ITS OPEN MARKET
PURCHASE OF 306,100 SHARES OF COMMON STOCK WERE PROVIDED THROUGH ADDITIONAL
BORROWINGS BY OSI UNDER THE ADDITIONAL BANK FINANCING ENTERED INTO IN CONNECTION
WITH THE OFFER.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
ITEM 5 OF THE SCHEDULE 13D IS HEREBY AMENDED BY ADDING THE FOLLOWING
TEXT TO THE END OF SUCH ITEM:
(A) A TOTAL OF 4,920,668 SHARES OF COMMON STOCK, OR 83.05% OF THE
ISSUED AND OUTSTANDING COMMON STOCK (APPROXIMATELY 83.01% ON A FULLY DILUTED
BASIS), IS OWNED BY SHERMAN AS OF FEBRUARY 11, 1998. THIS AMOUNT INCLUDES 4,614,
568 SHARES ACQUIRED BY SHERMAN IN CONNECTION WITH ITS DECEMBER 24, 1997 OFFER TO
PURCHASE (THE "OFFER") ANY AND ALL SHARES OF COMMON STOCK. THIS AMOUNT ALSO
INCLUDES 306,100 SHARES OF COMMON STOCK PURCHASED BY SHERMAN IN AN OPEN MARKET
TRANSACTION ON FEBRUARY 10, 1998.
(C) SHERMAN ACQUIRED AN ADDITIONAL 306,100 SHARES OF COMMON STOCK AT
$31.50 PER SHARE ON FEBRUARY 10, 1998 FROM DIMENSIONAL FUND ADVISORS INC. IN AN
OPEN MARKET TRANSACTION.
<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.
DATED: FEBRUARY 11, 1998
OUTSOURCING SOLUTIONS INC.
BY: /S/ TIMOTHY G. BEFFA
---------------------------
NAME: TIMOTHY G. BEFFA
TITLE: PRESIDENT AND CHIEF EXECUTIVE OFFICER
SHERMAN ACQUISITION CORPORATION
BY: /S/ TIMOTHY G. BEFFA
---------------------------
NAME: TIMOTHY G. BEFFA
TITLE: PRESIDENT
