SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 2)
Under the Securities Exchange Act of 1934
SPINNAKER INDUSTRIES, INC.
(Name of Issuer)
Common Stock No Par Value
(Title of Class and Securities)
848926200
(CUSIP Number of Class of Securities)
Robert A. Hurwich, Lynch Corporation,
8 Sound Shore Drive, Greenwich, CT, 06830 (203)629-7506
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
April 1, 1997
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this State-
ment because of Rule 13d-1(b)(3) or (4), check the following box:
____
/___/
<PAGE>
_________________________________________________________________
CUSIP No. 848926200 13D
_________________________________________________________________
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Lynch Corporation I.D. No. 38-1799862
_________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
____
(a) /___/
____
(b) /___/
_________________________________________________________________
(3) SEC USE ONLY
_________________________________________________________________
(4) SOURCE OF FUNDS*
N/A
_________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ____
/___/
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Indiana
_________________________________________________________________
: (7) SOLE VOTING POWER
: None (Item 5)
:________________________
: (8) SHARED VOTING POWER
NUMBER OF SHARES BENEFICIALLY : None
OWNED BY EACH REPORTING :________________________
PERSON WITH : (9) SOLE DISPOSITIVE
: POWER
: None (Item 5)
:________________________
:(10) SHARED DISPOSITIVE
: POWER
: None
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None (Item 5)
_________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES* ______
/ X /**
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.00%
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
CO; HC
_________________________________________________________________
** Excludes shares owned by Lynch Manufacturing Corporation.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
_________________________________________________________________
CUSIP No. 848926200 13D
_________________________________________________________________
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Lynch Manufacturing Corporation I.D. No. 00-0000000
_________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
____
(a) /___/
____
(b) /___/
_________________________________________________________________
(3) SEC USE ONLY
_________________________________________________________________
(4) SOURCE OF FUNDS*
WC
_________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ____
/___/
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_________________________________________________________________
: (7) SOLE VOTING POWER
: 2,237,203 (Item 5)
:________________________
: (8) SHARED VOTING POWER
NUMBER OF SHARES BENEFICIALLY : None
OWNED BY EACH REPORTING :________________________
PERSON WITH : (9) SOLE DISPOSITIVE
: POWER
: 2,237,203 (Item 5)
:________________________
:(10) SHARED DISPOSITIVE
: POWER
: None
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,237,203 (Item 5)
_________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES* ______
/ /
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
72.54%
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
CO; HC
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
_________________________________________________________________
CUSIP No. 848926200 13D
_________________________________________________________________
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Mario J. Gabelli I.D. No. ###-##-####
_________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
____
(a) /___/
____
(b) /___/
_________________________________________________________________
(3) SEC USE ONLY
_________________________________________________________________
(4) SOURCE OF FUNDS*
PF
_________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ____
/ /
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
USA
_________________________________________________________________
: (7) SOLE VOTING POWER
: None (Item 5)
:________________________
: (8) SHARED VOTING POWER
NUMBER OF SHARES BENEFICIALLY : None
OWNED BY EACH REPORTING :________________________
PERSON WITH : (9) SOLE DISPOSITIVE
: POWER
: None (Item 5)
:________________________
:(10) SHARED DISPOSITIVE
: POWER
: None
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None (Item 5)
_________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES* _____
/ x /
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0.00%
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
IN
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Item 1. Security and Issuer
This Amendment No. 2 to Schedule 13D on the Common Stock
of Spinnaker Industries, Inc. (the "Issuer") is being filed on
behalf of the undersigned to amend the Schedule 13D, as amended
(the "Schedule 13D"), which was originally filed August 16, 1996.
Unless otherwise indicated, all capitalized terms used herein but
not defined herein shall have the same meaning set forth in the
Schedule 13D.
Item 2. Identity and Background
(a), (b) and (c)- This statement is being filed by Lynch
Manufacturing Corporation ("Lynch Manufacturing"), Lynch Corpora-
tion ("Lynch") and Mario J. Gabelli ("Mr. Gabelli"). Lynch, an
Indiana corporation, is a diversified public company traded on the
American Stock Exchange. Its subsidiaries are engaged in multime-
dia, services and manufactured products. Lynch Manufacturing, a
Delaware corporation, is a wholly-owned subsidiary of Lynch and a
holding company for companies engaged in manufacturing. Mr.
Gabelli is the Chairman, Chief Executive Officer and Chief
Investment Officer of Gabelli Funds, Inc. ("GFI"), a financial
services firm and an investment adviser registered under the
Investment Advisers Act of 1940 ("Advisers Act"). Mr. Gabelli is
also the Chairman, Chief Executive Officer and Chief Investment
Officer of GAMCO Investors, Inc. ("GAMCO"), a wholly-owned
subsidiary of GFI and an investment adviser registered under the
Advisers Act. Mr. Gabelli is also a director or trustee for all of
the registered investment companies advised by Gabelli Funds, Inc.
He is also the Chairman of the Board and Chief Executive Officer of
Lynch. Mr. Gabelli's, GFI's and GAMCO's business addresses are One
Corporate Center, Rye, New York, 10580. Lynch's business address
is 8 Sound Shore Drive, Greenwich, Connecticut, 06830. Lynch
Manufacturing's business address is 100 Douglas Avenue, Yankton,
South Dakota, 57078.
The Reporting Persons do not admit that they constitute
a group.
For information required by instruction C to Schedule 13D
with respect to the executive officers and directors of the
foregoing entities and other related persons (collectively,
"Covered Persons"), reference is made to Schedule I annexed hereto
and incorporated herein by reference.
(d) and (e)- Not applicable
(f)- Reference is made to Schedule I
Item 5. Interest In Securities Of The Issuer
Item 5 to Schedule 13D is amended, in pertinent part, as fol-
lows:
(a) The aggregate number and percentage of Securities to
which this Schedule 13D relates is 2,237,203 shares, representing
72.54% of the 3,084,211 shares outstanding as reported by the Issu-
er. The Reporting Persons beneficially own those Securities as
follows:
Shares of % of
Common Class of
Name Stock Common
Lynch Manufacturing 2,237,203 72.54%
Mario J. Gabelli 0 0.00%
Mr. Gabelli and Lynch are deemed to have beneficial
ownership of the Securities beneficially owned by Lynch Manufactur-
ing. Mr. Gabelli disclaims beneficial ownership of the 2,237,203
shares of Spinnaker stock owned by Lynch Manufacturing.
In addition, the following Covered Persons beneficially
own the following Securities:
Shares of % of
Common Class of
Name Stock Common
Paul Evanson 1,500 0.05%
Robert E. Dolan 1,225 0.04%
(c) On March 11, 1997, Mr. Gabelli donated 14,550 shares of
the Securities held by him personally to the Gabelli Foundation,
Inc. for which he serves as President and a Trustee. Effective
April 1, 1997, Mr. Gabelli ceased exercising any voting or
dispositive power with respect to those shares.
<PAGE>
Signature
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: April 18, 1997
MARIO J. GABELLI
By:_____________________________
Robert A. Hurwich
Attorney-in-Fact
LYNCH CORPORATION
By:________________________
Robert A. Hurwich
Vice President- Administration
Secretary and General Counsel
LYNCH MANUFACTURING CORPORATION
By:________________________________
Robert A. Hurwich
Secretary
