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
[ ] CHECK THIS BOX IF NO LONGER
SUBJECT TO SECTION 16, FORM 4
OR FORM 5 OBLIGATIONS MAY
CONTINUE. SEE INSTRUCTION 1(b)
1. Name and Address of Reporting Person*
Holmes Charles S.
(Last) (First) (Middle)
P.O Box 2850
(Street)
Southampton New York 11969
(City (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Empire of Carolina, Inc. (EMP)
3. IRS or Social Security Number OF Reporting Person (Voluntary)
4. Statement of Month/Year
June 1997
5. If Amendment, Date of Original (Month/Year)
6. X Director X 10% Owner
------ ------
Officer (give title below) Other (specify
------ ------ below)
7. Individual or Join/Group Filing
X Form filed by One Reporting Person
-------
Form filed by More than One Reporting Person
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TABLE I - NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
1. Title of security 2. Transaction 3. Transaction 4. Securities Acquired(A)
(Inst.3) Date Code or Disposed of (D)
(Month/Day/Year) (Instr. 8) Instr. 3,4, and 5)
(A) or Price
Code Amount (B)
--------------------- ----------------- ------------------- ---------------------------
<S> <C> <C> <C> <C> <C>
NONE
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly. (Over) * If the Form is filed by more than one
reporting person, SEE instruction 4(b)(v). SEC 14749-96)
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<TABLE>
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FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
1. Title of Derivative 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv- 6. Date Exer-
Security (Instr. 3) sion or action tion Code ative Securities Ac- cisable and Ex-
Exercise Date (Instr. 8) quired (A) or Dis- piration Date
Price of posed of (D)
Deriv- (Month/ (Instr. 3, 4 and 5) (Month/Day/
ative Day/ Year)
Secur Year) ------------- ------------------------- ----------------------
Date Expira-
Code V (A) (D) Exer- tion
cisable Date
- -------------------------------------- ------------- ----------- -------- --- ----------- ----------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Warrants to Purchase Com. Stock $1.375 6/18/97 P 2,078,252 Immed. 5/6/03
Convertible Series A Preferred Stock $1.25 6/18/97 P 125,000 Immed. 5/6/03
- -------------------------------------- ------------- ----------- -------- --- ----------- ----------- ----------- ---------
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7. Title and Amount of 8. Price 9. Number 10. Owner- 11. Na-
Underlying Securities Deriv of Deriv- ship ture
ative ative Form of In-
(Instr. 3 and 4) Secur- Secur- of De- direct
ity ities rivative Bene-
(Instr. Bene Secu- ficial
5) ficially rity: Own-
Owned Direct ership
- -------------------------------------- at End (D) or (Instr. 4)
Amount or of Indi-
Title Number of Month rect (I)
Shares (Instr. 4) (Instr. 4)
- --------------------- --------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
Common Stock 2,078,252 $0.00* 2,078,252 D
Common Stock 1,000,000 $10.00 1,000,000 D
- --------------------- --------------- ------------- ------------- ------------- --------------
</TABLE>
Explanation of Responses:
*Warrants distributed in connection with purchase of Series A Preferred Stock.
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, SEE Instruction 6 for procedure.
/S/ Charles S. Holmes JUNE 27, 1997
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**Signature of Reporting Person Date
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