EMERGENT GROUP INC
SC 13G/A, 1997-01-10
PERSONAL CREDIT INSTITUTIONS
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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)


                                 Emergent Group
- --------------------------------------------------------------------------------
                                (Name of Issuer)
                              Class A Common Stock
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)
                                   290916402*
- --------------------------------------------------------------------------------
                                 (CUSIP Number)



Check here 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).










* In 1996, the Reporting  Person's  shares were converted to the Issuer's Common
Stock with new CUSIP 290916 105 and sold.



                                PAGE 1 OF 4 PAGES

<PAGE>



- ---------------------                                      ---------------------
CUSIP No.   290916402                 13G                  Page  2  of  4  Pages
- ---------------------                                      ---------------------

- --------------------------------------------------------------------------------
   1      NAME OF REPORTING PERSON
          S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

          John Hancock Mutual Life Insurance Company
          I.R.S. No. 04-1414660
- --------------------------------------------------------------------------------
   2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*             (a)  |_|
                                                                        (b)  |_|
          N/A
- --------------------------------------------------------------------------------
   3      SEC USE ONLY

- --------------------------------------------------------------------------------
   4      CITIZENSHIP OR PLACE OF ORGANIZATION

          Commonwealth of Massachusetts

- --------------------------------------------------------------------------------
                      5     SOLE VOTING POWER
    Number of
     Shares                 0

                   -------------------------------------------------------------
  Beneficially        6     SHARED VOTING POWER
    Owned by
      Each                  -0-

                   -------------------------------------------------------------
    Reporting         7     SOLE DISPOSITIVE POWER
     Person
      With                  0

                   -------------------------------------------------------------
                      8     SHARED DISPOSITIVE POWER

                            -0-

- --------------------------------------------------------------------------------
   9      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

          0

- --------------------------------------------------------------------------------
   10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

          N/A
- --------------------------------------------------------------------------------
   11     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

          0%

- --------------------------------------------------------------------------------
   12     TYPE OF REPORTING PERSON*

          IC, BD, IA

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!
                                PAGE 2 OF 4 PAGES

<PAGE>


         The original  statement  shall be signed by each person on whose behalf
the  statement is filed or his  authorized  representative.  If the statement is
signed  on behalf of a person by his  authorized  representative  other  than an
executive  officer or general  partner of the  filing  person,  evidence  of the
representative's  authority to sign on behalf of such person shall be filed with
the  statement,  provided,  however,  that a power of attorney  for this purpose
which is already on file with the Commission may be  incorporated  by reference.
The name and any title of each person who signs the statement  shall be typed or
printed beneath his signature.

Note: Six copies of this statement, including all exhibits, should be filed with
the Commission.

     Attention:  Intentional  misstatements  or  omissions  of  fact  constitute
Federal criminal violations (See 18 U.S.C. 1001)


     Item 1(a)    Name of Issuer:
                  Emergent Group

     Item 1(b)    Address of Issuer's Principal Executive Offices:
                  P.O. Box 17526
                  Greenville, SC   29606

     Item 2(a)    Name of Person Filing:
                  This filing is made on behalf of John Hancock Mutual Life
                  Insurance Company ("JHMLICO").

     Item 2(b)    Address of the Principal Offices:
                  The principal business office of JHMLICO is located at John 
                  Hancock Place, P.O. Box 111, Boston, MA 02117.

     Item 2(c)    Citizenship:
                  JHMLICO is organized and exists under the laws of the
                  Commonwealth of Massachusetts.

     Item 2(d)    Title of Class of Securities:
                  Class A Common Stock

     Item 2(e)    CUSIP Number:
                  290916402

     Item 3       If the Statement is being filed pursuant to Rule 13d-1(b),
                  or 13d-2(b), check whether the person filing is a:

                  JHMLICO:  (a) (X)  Broker or Dealer registered under ss.15 of 
                                     the Act.

                            (c) (X)  Insurance Company as defined in ss.3(a)(19)
                                     of the Act.

                            (e) (X)  Investment Adviser registered under ss.203
                                     of the Investment Advisers Act of 1940.


     Item 4       Ownership:

                  (a)    Amount Beneficially Owned:  -0-

                  (b)    Percent of Class:  0%


                                PAGE 3 OF 4 PAGES


<PAGE>


                  (c)    (i)    sole power to vote or to direct the vote:  -0-

                         (ii)   shared power to vote or to direct the vote:  -0-

                         (iii)  sole power to dispose or to direct the 
                                disposition:  -0-

                         (iv)   shared power to dispose or to direct the 
                                disposition of:     -0-

     Item 5       Ownership of Five Percent or Less of a Class:
                  With this filing,  the Reporting  Person owns five percent or 
                  less of the class.

     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  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 a Group:
                  Not applicable.

     Item 10      Certification:
                  By signing below the  undersigned  certifies  that, to the
                  best of its 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 purpose or effect.


                                    SIGNATURE

     After reasonable inquiry and to the best of its knowledge and belief,  each
of the undersigned certifies that the information set forth in this statement is
true, complete and correct.

                               John Hancock Mutual Life Insurance Company

                               By:      /s/ Margaret M. Stapleton
                               Name:    Margaret M. Stapleton
Dated: January 10, 1997        Title:   Vice President and Senior Credit Officer



                                PAGE 4 OF 4 PAGES



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