U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
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
[ ] Check this box if no longer subject of 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)
Southhampton, New York 11969
- --------------------------------------------------------------------------------
(City) (State) (Zip)
================================================================================
2. Issuer Name and Ticker or Trading Symbol
EMPIRE OF CAROLINA - "EMP"
================================================================================
3. IRS or Social Security Number of Reporting Person (Voluntary)
================================================================================
4. Statement for Month/Year
December 1999
================================================================================
5. If Amendment, Date of Original (Month/Year)
================================================================================
6. Relationship of Reporting Person to Issuer
(Check all applicable)
[ X ] Director [ ] __% Owner
[ ] Officer (give title below) [ ] Other (specify below)
================================================================================
7. Individual or Joint/Group Filing (Check applicable line)
[ X ] Form filed by one Reporting Person
[ ] Form filed by more than one Reporting Person
<PAGE>
================================================================================
Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
================================================================================
<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 12/02/99 P 20,000 A $.25 (1) (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 12/03/99 P 50,000 A $.25 (1) (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 12/06/99 P 25,000 A $.25 (1) (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 12/07/99 P 38,600 A $.25 (1) (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 12/08/99 P 5,500 A $.25 (1) (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 12/20/99 P 25,000 A $.25 (1) (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 12/21/99 P 25,000 A $.25 (1) (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 12/22/99 P 45,000 A $.25 (1) (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 12/27/99 P 10,000 A $.219 (1) (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 12/28/99 P 25,000 A $.25 (1) (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 12/29/99 P 80,000 A $.25 (1) (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 12/30/99 P 10,000 A $.25 (1) (1)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Stock 12/30/99 P 18,900 A $.219 5,404,008 (1) (1)
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* If the 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.
(Printed or Type Response)
<PAGE>
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially
Owned (e.g., puts, calls, warrants, options, convertible securities)
================================================================================
<TABLE>
<CAPTION>
9. 10.
Number Owner-
of ship
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
of Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
Explanation of Responses:
(1) Includes: 265,656 shares of unregistered Common Stock in addition to
3,933,752 shares of Common Stock issuable upon the conversion of 145,000
shares of Series A Preferred Stock and 2,773,752 Warrants owned directly by
Charles Holmes. Also includes: 175,000 shares of Common Stock purchased for
Carrie Catherine Holmes, a minor, which are held by Diane Holmes in a
custodian account and 1,029,600 shares of Common Stock owned by Diane
Holmes (the acquisition of 378,000 of which are the subject of this report)
which are owned indirectly by Charles Holmes.
/s/ Charles S. Holmes January 10, 2000
----------------------------------------- -----------------------
**Signature of Reporting Person Date
CHARLES S. HOLMES
** 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 procedures.
Page 2