SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.1)*
IMPAC Commercial Holdings, Inc.
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(Name of Issuer)
Common Stock
----------------------------------------------------
(Title of Class of Securities)
45254R-10-8
- -----------------------------------------------------
(CUSIP Number)
Check the following box if a fee is being paid with this statement [ ].
(A fee is not required only if the filing person: (1) has a previous
statement on file reporting beneficial ownership of more than five
percent of the class of securities described in Item 1; and (2) has
filed no amendment subsequent thereto reporting beneficial
ownership of five percent or less of such class.) (See Rule 13d-7.)
*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).
(Continued in the following page(s))
Page 1 of 5 Pages
CUSIP No.45254R-10-8 Schedule 13G Page 2 of
5 Pages
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1. NAME OF REPORTING PERSON AND SS OR IRS
IDENTIFICATION NO. OF PERSON
James Grosfeld ###-##-####
Nancy Grosfeld ###-##-####
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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. CITIZENSHIP OR PLACE OF ORGANIZATION
Michigan
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5. SOLE VOTING POWER
0
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6. SHARED VOTING POWER
824,500
- -------------------------------------------------------------------------------
7. SOLE DISPOSITIVE POWER
0
- -------------------------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
824,500
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
824,500 (jointly held)
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN
SHARES*
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW
(9)
9.8%
- --------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
SCHEDULE 13G Page 3 of 5 Pages
ITEM 1(A). NAME OF ISSUER:
IMPAC Commercial Holdings, Inc. ("Company)
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE
OFFICES:
20371 Irvine Avenue
Santa Ana Heights , CA 92707
ITEM 2(A). NAME OF PERSON FILING:
James and Nancy Grosfeld
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE, OR IF
NONE, RESIDENCE:
James and Nancy Grosfeld
20500 Civic Center Drive
Suite 3000
Southfield, Michigan 48076
SCHEDULE 13G Page 4 of 5 Pages
ITEM 2(C). CITIZENSHIP:
See item 4 of cover pages
ITEM 2(D). TITLE OF CLASS OF SECURITIES:
Common Stock
ITEM 2(E). CUSIP NUMBER: 45254R-10-8
See cover page
ITEM 3. Not applicable
ITEM 4(A). AMOUNT BENEFICIALLY OWNED:
See item 9 of cover pages.
ITEM 4(B). PERCENT OF CLASS:
See item 11 of cover pages.
ITEM 4(C). NUMBER OF SHARES AS TO WHICH SUCH PERSON
HAS:
(i) sole power to vote or to direct the vote
See item 5 of cover pages.
(ii) shared power to vote or to direct the vote:
See item 6 of cover pages.
(iii) sole power to dispose or to direct the disposition of
See item 7 of cover pages.
(iv) shared power to dispose or to direct the disposition of
See item 8 of cover pages.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
See item 11 of cover pages.
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 SECURITIES BEING REPORTED ON BY THE PARENT
HOLDING COMPANY.
Not applicable.
SCHEDULE 13G Page 5 of 5 Pages
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 acquired in the
ordinary course of business and were not acquired for the purpose of
and do not have the effect of changing or influencing the control of
the issuer of such securities and were not acquired in connection
with or as a participant in any transaction having such purposes or
effect.
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.
By:/s/ James Grosfeld
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SIGNATURE
James Grosfeld,
Joint Tenant
Nancy Grosfeld, Joint Tenant
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NAME AND TITLE
November 1, 1999
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DATE
