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OMB APPROVAL
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- -------- OMB Number: 3235-0104
FORM 3 Expires: February 1, 1998
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hours per response .... 0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
File 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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<S> <C> <C> <C>
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1. Name and Address of Reporting Person 2. Date of Event Requiring 4. Issuer Name and Ticker 6. If Amendment, Date
Rappaport William J. Statement Trading Symbol of Original
- ---------------------------------------- (Month/Day/Year) ACTION INDUSTRIES, INC. (Month/Day/Year)
(Last) (First) (Middle) 3/20/98 COMMON STOCK ACZ
484 West 43rd Street ---------------------------- ------------------------------
- ---------------------------------------- 3. IRS or Social Security 5. Relationship of Reporting
(Street) Number of Reporting Person to Issuer
Person (Voluntary) (Check all applicable)
New York New York 10036 X Director ___ 10% Owner
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(City) (State) (Zip) (give title below) (specify below)
Chief Executive Officer
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TABLE 1 -- NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
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1. Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect
(Instr. 4) Beneficially Owned Direct (D) or Beneficial
(Instr. 4) Indirect (I) Ownership (Instr. 5)
(Instr. 5)
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
(Print or Type Responses) SEC 1473 (3/91)
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FORM 3 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, OPTIONS, CONVERTIBLE SECURITIES)
<S> <C> <C> <C> <C> <C>
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1. Title of Derivative Security 2. Date 3. Title and Amount of 4. Conver- 5. Owner- 6. Nature of Indirect
(Instr. 4) Exercisable and Security Underlying sion or ship Beneficial Ownership
Expiration Date Derivative Security Exercise Form of (Instr. 5)
(Month/Date/ (Instr. 4) Price of Deriv-
Year) Deri- ative
vative Security:
Security Direct
------------------------------------------------- (D) or
Date Expira- Amount or Indirect (I)
Exercis- tion Title Number (Instr. 5)
able Date of Shares
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Warrants 8/18/87 8/17/02 Common Stock 25,000 $0.50 per share (D)
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Explanation of Responses
/s/ William J. Rappaport March 30, 1998
**Intentional misstatements or omissions of facts constitute Federal Criminal ------------------------------- -------------
Violation. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). **Signature of Reporting Person Date
Note: File three copies of this form, one of which must be manually signed.
If space provided is insufficient, See Instruction 6 for procedure.
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