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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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
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FORM 4 OMB APPROVAL
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[ ] CHECK THIS BOX IF NO LONGER OMB Number: 3235-0287
SUBJECT TO SECTION 16. FORM 4 Expires: September 30, 1998
OR FORM 5 OBLIGATIONS MAY Estimated average burden
CONTINUE. SEE INSTRUCTION 1(B). hours per response .... 0.5
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1. Name and Address of Reporting Person *
PINTO JAMES J.
(Last) (First) (Middle)
235 Sunrise Avenue
(Street)
Palm Beach Florida 33480
(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
October 1997
5. If Amendment, Date or Original (Month/Year)
6. Relationship of Reporting Person to Issuer (Check all applicable)
X Director X 10% Owner
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Officer (give title Other
----- below) ----- (specify
below)
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7. Individual or Join/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
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Form filed by More than One Reporting Person
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TABLE I-- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
1. Title of Security 2. Transaction 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
(Instr. 3) Date action or Disposed of (D) Securities ship of In-
Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Month/ (Instr. 8) Owned at Direct Bene-
Day/ ------------- ------------------------- End of (D) ficial
Year) (A) Month Indirect Owner-
Code Amount or Price (Instr. 3 (I) ship
(D) and 4) (Instr. 4) (Instr. 4)
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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 1474 8-92)
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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 (A) (D) Exer- tion
cisable Date
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Warrants to purchase Common Stock $1.375 10/10/97 P 625,000 Immediat 5/6/03
Warrants to purchase Common Stock $1.375 10/10/97 P 13,000 Immediat 5/6/03
Convertible Series A Preferred Stock $1.25 10/10/97 P 13,000 Immediat 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
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Amount or of Indi-
Title Number of Month rect (I)
Shares (Instr. 4) (Instr. 4)
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Common Stock 625,000 $0.00* D
Churchill
Common Stock 13,000 ** 2,683,252 I Associates***
Churchill
Common Stock 100,000 ** 800,000 I Associates***
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Explanation of Responses:
*Warrants issued to Mr. Pinto in connection with the closing by the Issuer of
the Further Financing pursuant to the Securities Purchase Agreement, dated as
of May 5, 1997, as amended. Mr. Pinto paid no consideration in cash or property
for the warrants.
**$130,000 was paid in the aggregate for the 13,000 shares of Preferred Stock
and 13,000 Warrants issued in connection with the Preferred Stock.
***Securities acquired by Churchill Associates, LP, the sole general partner of
which is Churchill International, Inc. of which Mr. Pinto is 50%
shareholder.
**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/ James J. Pinto 11/10/97
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**Signature of Reporting Person Date
James J. Pinto