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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 4)
J. ALEXANDER'S CORPORATION
(Name of Issuer)
Common Stock, Par Value $0.05 Per Share
(Title of Class of Securities)
9287531
(CUSIP Number)
December 31, 1998
(Date of Event Which Requires Filing of This Statement)
Check the appropriate box to designate the rule
pursuant to which this Schedule is filed:
[x] Rule 13d-1(b)
[ ] 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).
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CUSIP 9287531 SCHEDULE 13G Page 2 of 5
1 Name Of Reporting Person PAUL EDMUNDS SACKETT, JR. D/B/A
SACKETT & COMPANY
IRS Identification No. Of Above Person
2 Check The Appropriate Box If A Member Of A Group (a) [ ]
N/A (b) [ ]
3 SEC USE ONLY
4 Citizenship Or Place Of Organization
Delaware, United States
5 Sole Voting Power
NUMBER OF
SHARES 416,967
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
6 Shared Voting Power
-0-
7 Sole Dispositive Power
416,967
8 Shared Dispositive Power
-0-
9 Aggregate Amount Beneficially Owned By Each Reporting Person
416,967
10 Check Box If The Aggregate Amount In Row (9) Excludes Certain
Shares*
11 Percent Of Class Represented By Amount In Row 9
7.6%
12 Type Of Reporting Person*
IA
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CUSIP 9287531 SCHEDULE 13G Page 3 of 5
Item 1(a). Name of Issuer.
J. Alexander's Corporation (f/k/a Volunteer
Capital Corp.)
Item 1(b). Address of Issuer's Principal Executive Offices.
3401 West End Avenue, Suite 260
Nashville, TN 37202
Item 2(a). Names of Persons Filing.
Paul Edmonds Sackett, Jr. d/b/a Sackett & Company
Item 2(b). Address of Principal Business Office or, if none,
Residence.
P.O. Box 276
Corte Madera, CA 94976-0276
Item 2(c). Citizenship.
United States.
Item 2(d). Title of Class of Securities.
Common Stock Par Value $0.05 per share ("Common Stock").
Item 2(e). CUSIP Number.
9287531
Item 3. Type of Reporting Person.
Investment Adviser registered under Section 203 of
the Investment Advisers Act of 1940.
Item 4. Ownership.
Reference is hereby made to Items 5-9 and 11 of page
two (2) of this Amendment to Schedule 13G, which
Items are incorporated by reference herein. The
percent figure shown in Item 11 was calculated by
dividing the number of shares appearing in Item 9 by
the sum of (x) number of shares of Common Stock
outstanding as of 12/31/98 (5,431,355) and (y) the
number of shares of Common Stock acquirable upon the
conversion of $1,304,000 principal amount of 8.25%
Convertible Subordinated Debentures due 6/1/2003
(convertible at a rate of 56.34 shares of Common
Stock per $1,000 principal amount of 8.25%
Convertible Subordinated Debentures due 6/1/2003).
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CUSIP 9287531 SCHEDULE 13G Page 4 of 5
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.
The reporting person is deemed to be the beneficial
owner of the number of securities reflected in Items 5-9 and 11
of page two (2) of this Amendment to Schedule 13G pursuant to
separate arrangements whereby the reporting person acts as
investment adviser to certain persons. Each person for whom the
reporting person acts as investment adviser has the right to
receive or the power to direct the receipt of dividends from, or
the proceeds from the sale of, the Common Stock purchased or held
pursuant to such arrangements.
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, the undersigned certifies that, to
the best of his knowledge and belief, the securities referred to
above were acquired and are held in the ordinary course of
business and 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.
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CUSIP 9287531 SCHEDULE 13G Page 5 of 5
Signature
After reasonable inquiry and to the best of my
knowledge and belief, the undersigned certifies that the
information set forth in this statement is true, complete and
correct.
/s/ Paul Edmunds Sackett, Jr.
________________________________
Paul Edmunds Sackett, Jr. d/b/a/
Sackett & Company
DATED: February___, 1999
