<TABLE>
<CAPTION>
FORM 4
[ ] Check this box if no longer U.S. SECURITIES AND EXCHANGE COMMISSION
subject to Section 16. Form Washington, D.C. 20549
4 or Form 5 obligations may
continue. See Instruction 1(b). STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
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
<S> <C> <C> <C>
1. Name and Address of Reporting Person* 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting Person
to Issuer (Check all applicable)
Lancer Partners, Limited Partnership DRS Technologies, Inc. (f/k/a Diagnostic\ ___ Director _X_ 10% Owner
__________________________________________ ___Retrieval Systems, Inc. (DRS)_____________ ___ Officer (give ___ Other (Specify
(Last) (First) (Middle) 3. IRS or Social 4. Statement for title below) below)
Security Number of Month/Year
475 Steamboat Road Reporting Person
(Voluntary) October 2000
____________________________________________ ___________________________________________________________
(Street) 5. If Amendment, Date of 7. Individual or Joint/Group Filing
Original (Month/Year) (Check Applicable Line)
Greenwich Connecticut 06930 ___ Form Filed by One Reporting Person
__________________________________________ _X_ Form Filed by More Than One
(City) (State) (Zip) Reporting Person
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<TABLE>
<CAPTION>
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
5. Amount of
3. Trans- 4. Securities Acquired (A) Securities
2. Trans- action or Disposed of (D) Beneficially 6. Ownership
action Code (Instr. 3, 4 and 5) Owned at Form: 7. Nature of
Date (Instr. --------------------------- End of Direct(D) Indirect
(Month/ 8) (A) Month or Beneficial
1. Title of Security Day/ Amount or Price (Instr. Indirect(I) Ownership
(Instr.3) Year) (D) 3 and 4) (Instr. 4) (Instr. 4)
----------------------------- --------- ---------- -------- --- -------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock, $.01 par value N/A* N/A* N/A* N/A* N/A* 549,750 D
per share
Common Stock, $.01 par value N/A* N/A* N/A* N/A* N/A* 27,800 I See p. 3 of
per share Attached
Common Stock, $.01 par value N/A* N/A* N/A* N/A* N/A* 1,151,350 I See p. 3 of
per share Attached
Total 1,728,900
* If this form is filed by more than one Reporting Person, see Instruction 4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
(Print or Type Responses)
</TABLE>
<PAGE>
<TABLE>
<CAPTION> Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
2. Conver- 5. Number of Deriv- 6. Date Exercisable
sion or 3. Trans- 4. Trans- ative Securities and Expiration Date
Exercise action action Acquired (A) or (Month/Day/Year)
Price of Date Code Disposed of (D) -----------------------
Deriv- (Month/ (Instr. 8) (Instr. 3, 4, and 5) Date
1. Title of Derivative Security ative Day/ ----- ---- ----------------------- Exercis- Expiration
(Instr. 3) Security Year) Code V (A) (D) able Date
---------------------------------- ----------- ---------- ------------ ----------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Option (right to buy) $17.50 10/12/00 J* 549,750 10/12/00 04/11/01
Option (right to buy) $17.50 10/12/00 J* 27,800 10/12/00 04/11/01
Option (right to buy) $17.50 10/12/00 J* 1,151,350 10/12/00 04/11/01
1,728,900
<CAPTION>
9. Number of 10. Ownership
Derivative Form of
Securities Derivative
7. Title and Amount of Underlying Benefi- Security:
Securities (Instr. 3 and 4) cially Direct 11. Nature of
--------------------------------- 8. Price of Owned (D) or Indirect
Amount or Derivative at End Indirect Beneficial
1. Title of Derivative Title Number of Security of Month (I) Ownership
Security (Instr. 3) Shares (Instr. 5) (Instr. 4) (Instr. 4) (Instr. 4)
---------------------- -------------------- --------- ------------- ------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Option (right to buy) Common Stock, $0.01 549,750 N/A* N/A* N/A* N/A*
par value per share
Option (right to buy) Common Stock, $0.01 27,800 N/A* N/A* N/A* N/A*
par value per share
Option (right to buy) Common Stock, $0.01 1,151,350 N/A* N/A* N/A* N/A*
par value per share
1,728,900
Explanation of Responses
* See p.3 of attached.
LANCER PARTNERS, LIMITED PARTNERSHIP
**Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. See 18 U.S.C. 1001 and By: Lancer Management Group, II, LLC, General Partner
15 U.S.C. 78ff(a).
By: /s/ Michael Lauer
Note: File three copies of this Form, -----------------------
one of which must be manually signed. Michael Lauer
If space provided is insufficient, see Instruction 6 Manager
for procedure.
Date: November 3, 2000
------------------
Page 2
SEC 1474 (8-92)
<PAGE>
Designated Filer: Lancer Partners, Limited Partnership
Date of Event: 10/12/00
Issuer Name and Symbol: DRS Technologies, Inc. (f/k/a Diagnostic/Retrieval
Systems, Inc.) (DRS)
-----------------------------------------------------------------------------
This Form 4 is filed by Lancer Partners, Limited Partnership
("Lancer Partners"), 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. Lancer 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
==========
On October 12, 2000, each of the Members has granted to The Veritas Capital
Fund, L.P., a Delaware limited partnership, an option to purchase all shares of
DRS Technologies, Inc. common stock they respectively own.
<PAGE>
Designated Filer: Lancer Partners, Limited Partnership
Date of Event: 10/12/00
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: November 3, 2000
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
-----------------------
Michael Lauer, Manager
/s/ Michael Lauer
----------------------------
MICHAEL LAUER
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