FORM 3
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed 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
1. Name and Address of Reporting Person*
Lancer Partners, Limited Partnership
(Last) (First) (Middle)
475 Steamboat Road
(Street)
Greenwich Connecticut 06930
(City) (State) (Zip)
2. Date of Event Re-
quiring Statement
(Month/Day/Year)
07/07/99
3. IRS or Social Se-
curity Number of Reporting Person
(Voluntary)
4. Issuer Name and Ticker or Trading Symbol
DRS Technologies, Inc. (f/k/a Diagnostic/Retrieval Systems, Inc. (DRS)
5. Relationship of Reporting Person to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give _____ Other (specify
title below) below)
6. If Amendment, Date of Original
(Month/Day/Year)
7. Individual or Joint/Group Filing (check applicable line)
Form filed by One Reporting Person
---
X
--- Form filed by more than One Reporting Person
<PAGE>
<TABLE>
<CAPTION> Table 1 - Non-Derivative Securities Beneficially Owned
2. Amount of Securities 3. Ownership Form: Direct 4. Nature of Indirect
1. Title of Security Beneficially Owned (D) or Indirect (I) Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr. 4)
<S> <C> <C> <C>
Common Stock, $.01 par
value per share 549,750 D
Common Stock, $.01 par
value per share 27,800 I See p. 3 of Attached
Common Stock, $.01 par
value per share 1,151,350 I See p. 3 of Attached
Total 1,728,900
Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
* If the form is filed by more than one Reporting Person,
see Instruction 5(b)(v).
Page 1 of 4
</TABLE>
<PAGE>
<TABLE>
<CAPTION> Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative 2. Date Exercisable and 3. Title and Amount of 5. Ownership
Security (Instr. 4) Expiration Date Securities Underlying Form of Deri-
- ----------------------- (Month/Day/Year) Derivative Security vative Sec- 6. Nature of
____________________ (Instr. 4) 4. Conversion or urity: Dir- Indirect
------------------------ Exercise Price ect (D) or In Beneficial
Date Exer- Expiration Amount or Number of Derivative Direct (I) Ownership
cisable Date Title of Shares Security(5) (Instr. 5) (Instr. 5)
---------- ---------- ------- ---------------- --------------- -------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Explanation of Responses: See p. 3 of Attached.
** Intentional misstatements or omissions of facts constitute Lancer Partners, Limited Partnership
Federal Criminal Violations. By: Lancer Management Group II, LLC, General Partner
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). By: /s/ Michael Lauer 07/07/99
---------------------------- -------------
**Signature of Reporting Person Date
Michael Lauer, Manager
Note: File three copies of this form, one of which must be manually signed. If space provided is insufficient,
See Instruction 6 for procedure.
Page 2 of 4
</TABLE>
<PAGE>
Designated Filer: Lancer Partners, Limited Partnership
Date of Event: 07/07/99
Issuer Name and Symbol: DRS Technologies, Inc. (f/k/a Diagnostic/Retrieval
Systems, Inc.) (DRS)
- -----------------------------------------------------------------------------
This Form 3 is filed by Lancer Partners, Limited Partnership
("Lancer Parnters"), Michael Lauer ("Lauer") and Lancer Offshore, Inc.
("Lancer Offshore") (collectively the "Group"; each member of the Group being
hereinafter referred to individually as a "Member" and collectively as
"Members"). Lauer's principal business address is 475 Steamboat Road,
Greenwich, Connecticut 06930. Lancer Partners's principal business address
is 475 Steamboat Road, Greenwich, Connecticut 06930. Lancer Management Group
II, LLC, a Connecticut limited liability company ("LMG II"), is the sole
general partner of Lancer Partners. Lauer is the sole manager and principal
member of LMG II and he controls all of its operations and activities and, as
such, Lauer has full voting and dispositive power with respect to all of the
securities owned by Lancer Partners. Lacer Offshore's principal business
address is c/o CITCO Fund Services (Curacao) N.V., Kaya Flamboyan 9, P.O. Box
812, Curacao, Netherlands Antilles. Lancer Management Group, LLC, a
Connecticut limited liability company ("LMG"), is the sole investment manager
of Lancer Offshore. Lauer is the sole manager and principal member of LMG
and he controls all of its operations and activities and as such, has full
voting and dispositive power with respect to all of the securities owned by
Lancer Offshore.
Set forth below are the names of the Members and the amount of
securities beneficially owned (all ownership is direct):
Amount of Securities
Name of Member Beneficially Owned
------------- ------------------
Lancer Partners 549,750
Lauer 27,800
Lancer Offshore 1,151,350
---------
Total 1,728,900
=========
Page 3 of 4
<PAGE>
Designated Filer: Lancer Partners, Limited Partnership
Date of Event: 07/07/99
Issuer Name and Symbol: DRS Technologies, Inc. (f/k/a Diagnostic/Retrieval
Systems, Inc.) (DRS)
_____________________________________________________________________________
SIGNATURES
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: July 7, 1999
LANCER PARTNERS, LIMITED PARTNERSHIP
By: Lancer Management Group II, LLC,
General Partner
By: /s/ Michael Lauer
-----------------------
Name: Michael Lauer
Title: Manager
LANCER OFFSHORE, INC.
By: Lancer Management Group, LLC,
Investment Manager
By: /s/ Michael Lauer
-----------------------
Name: Michael Lauer
Title: Manager
/s/ Michael Lauer
-----------------------
Michael Lauer
Page 4 of 4
