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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 6)
IGI, INC.
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(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE
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(Title of Class of Securities)
449575 10 9
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(CUSIP Number)
Check the following box if a fee is being paid with this statement.
[ X ] (A fee is not required only if the reporting person: (1)
has a previous statement on file reporting beneficial ownership of
more than five percent of the class of securities described in Item
1; and (2) has filed no amendment subsequent thereto reporting
beneficial ownership of five percent or less of such class.) (See
Rule 13d-7.)
(CONTINUED ON FOLLOWING PAGES)
PAGE 1 OF 13 PAGES
THE EXHIBITS APPEAR ON PAGE 11 & 13
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CUSIP NO. 449575 10 9
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(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Charles B. Ganz
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(2) Check the Appropriate Row if a Member of a Group
(a)
(b)
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(3) SEC Use Only
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(4) Citizenship or Place of Organization U.S.A.
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Number of (5) Sole Voting Power 976,250*
Shares Bene- ----------------------------------------------------
ficially (6) Shared Voting Power 0
Owned by Each ----------------------------------------------------
Reporting (7) Sole Dispositive Power 976,250*
Person With ----------------------------------------------------
(8) Shared Dispositive Power 0
- --------------------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
976,250*
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(10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares
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(11) Percent of Class Represented by Amount in Row (9) 10.35%
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(12) Type of Reporting Person IN
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*The Reporting Person disclaims beneficial ownership of these
shares. See Item 4.
PAGE 2 OF 13 PAGES
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CUSIP NO. 449575 10 9
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(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Ganz Capital Management, Inc.
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(2) Check the Appropriate Row if a Member of a Group
(a)
(b)
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(3) SEC Use Only
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(4) Citizenship or Place of Organization Delaware
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Number of (5) Sole Voting Power 675,100
Shares Bene- ----------------------------------------------------
ficially (6) Shared Voting Power 0
Owned by Each ----------------------------------------------------
Reporting (7) Sole Dispositive Power 675,100
Person With ----------------------------------------------------
(8) Shared Dispositive Power 0
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(9) Aggregate Amount Beneficially Owned by Each Reporting Person
675,100
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(10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares *
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(11) Percent of Class Represented by Amount in Row (9) 7.16%
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(12) Type of Reporting Person IA
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*See Item 4, and the notes thereto.
PAGE 3 OF 13 PAGES
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CUSIP NO. 449575 10 9
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(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
The Probitas Fund, L.P.
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(2) Check the Appropriate Row if a Member of a Group
(a)
(b)
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(3) SEC Use Only
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(4) Citizenship or Place of Organization Delaware
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Number of (5) Sole Voting Power 150,500
Shares Bene- ----------------------------------------------------
ficially (6) Shared Voting Power 0
Owned by Each ----------------------------------------------------
Reporting (7) Sole Dispositive Power 150,500
Person With ----------------------------------------------------
(8) Shared Dispositive Power 0
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(9) Aggregate Amount Beneficially Owned by Each Reporting Person
150,500
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(10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares *
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(11) Percent of Class Represented by Amount in Row (9) 1.60%
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(12) Type of Reporting Person PN
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*See Item 4, and the notes thereto.
PAGE 4 OF 13 PAGES
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CUSIP NO. 449575 10 9
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(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
The Probitas Offshore Fund, L.P.
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(2) Check the Appropriate Row if a Member of a Group
(a)
(b)
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(3) SEC Use Only
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(4) Citizenship or Place of Organization Cayman Islands
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Number of (5) Sole Voting Power 150,650
Shares Bene- ----------------------------------------------------
ficially (6) Shared Voting Power 0
Owned by Each ----------------------------------------------------
Reporting (7) Sole Dispositive Power 150,650
Person With ----------------------------------------------------
(8) Shared Dispositive Power 0
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(9) Aggregate Amount Beneficially Owned by Each Reporting Person
150,650
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(10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares *
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(11) Percent of Class Represented by Amount in Row (9) 1.60%
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(12) Type of Reporting Person PN
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*See Item 4, and the notes thereto.
PAGE 5 OF 13 PAGES
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CUSIP NO. 449575 10 9
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(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Probitas Advisors, Inc.
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(2) Check the Appropriate Row if a Member of a Group
(a)
(b)
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(3) SEC Use Only
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(4) Citizenship or Place of Organization Delaware
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Number of (5) Sole Voting Power 301,150
Shares Bene- ----------------------------------------------------
ficially (6) Shared Voting Power 0
Owned by Each ----------------------------------------------------
Reporting (7) Sole Dispositive Power 301,150
Person With ----------------------------------------------------
(8) Shared Dispositive Power 0
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(9) Aggregate Amount Beneficially Owned by Each Reporting Person
301,150
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(10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares *
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(11) Percent of Class Represented by Amount in Row (9) 3.20%
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(12) Type of Reporting Person CO
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*See Item 4, and the notes thereto.
PAGE 6 OF 13 PAGES
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ITEM1 (A). NAME OF ISSUER
The Issuer is IGI, Inc. ("IG").
ITEM1 (B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
The Issuer's principal executive offices are located at Wheat
Road and Lincoln Avenue, Buena, New Jersey 08310.
ITEM 2(A). NAME OF PERSONS FILING
This Schedule 13G is being filed on behalf of Charles B. Ganz
("Ganz"), Ganz Capital Management, Inc. ("GCM"), The Probitas Fund,
L.P. (the "Fund"),Probitas Advisors, Inc. ("Advisors")and The
Probitas Offshore Fund, L.P. ("Offshore Fund").
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
The principal business office of Ganz, GCM, the Fund and
Advisors is 2875 N.E. 191st Street, Penthouse I, North Miami Beach,
Florida 33180. The principal business office of Offshore Fund is
British American Centre, P.O. Box 513 GT, Dr. Roy's Drive, George
Town, Grand Cayman, Cayman Islands, British West Indies.
ITEM 2(C). CITIZENSHIP
Ganz is a United States citizen. GCM and Advisors are Delaware
corporations. The Fund is a Delaware limited partnership. Offshore
Fund is a Cayman Islands limited partnership.
ITEM 2(D). TITLE OF CLASS OF SECURITIES
This Statement relates to the Common Stock, par value $ .01
per share (the "Common Stock"), of IG.
ITEM 2(E). CUSIP NO.
IG's CUSIP No. is 449575 10 9.
PAGE 7 OF 13 PAGES
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ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B),
OR 13D-2(B), CHECK WHETHER THE PERSON FILING IS A
(a) [ ] Broker or Dealer registered under Section 15 of the
Act
(b) [ ] Bank as defined in Section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in Section 3(a)(19) of
the Act
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act
(e) [X] Investment Adviser registered under Section 203 of the
Investment Adviser Act of 1940
(f) [ ] Employee Benefit Plan, Pension Fund which is subject
to the provisions of the Employee Retirement Income Security Act of
1974 or an Endowment Fund; see Rule 13d-1(b)(1)(ii)(F)
(g) [ ] Parent Holding Company, in accordance with Rule
13d-1(b)(1)(ii)(G) (Note: See Item 7)
(h) [ ] Group, in accordance with Rule 13d- 1(b)(1)(ii)(H)
ITEM 4. OWNERSHIP
SEE SPREADSHEET AT PAGE 11, LABELED EXHIBIT A, FOR A LISTING OF OWNERSHIP.
(1) The Reporting Person disclaims beneficial ownership with respect to
these shares.
(2) Due to the fact that GCM, Advisors, the Fund and Offshore Fund are
under common control, GCM may be deemed to beneficially own the 150,500 shares
owned of record by the Fund and the 150,650 owned by Offshore Fund. The
Reporting Person disclaims beneficial ownership with respect to these shares.
(3) Due to the fact that GCM, Advisors and the Fund are under common
control, Advisors, the Fund and Offshore Fund may be deemed to beneficially own
the 675,100 shares owned of record by GCM. The Reporting Persons disclaim
beneficial ownership with respect to these shares.
PAGE 8 OF 13 PAGES
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ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If this Statement is being filed to report the fact that as of
the date hereof the Reporting Person has ceased to be the beneficial
owner of more than five percent of the class of securities, check
the following [ ].
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
GCM is a registered investment adviser, investing and managing
funds for its clients, which include individuals, employee benefit
plans, corporations, limited partnerships, charitable foundations
and trusts. GCM beneficially owns 7.16% of IG's issued and
outstanding shares of Common Stock, on behalf of its clients, in
separate accounts established for each client. Each client owns his,
her or its account, and thereby has the right to receive and the
power to direct the receipt of dividends, if any, from the Common
Stock.
Advisors is a registered investment adviser, investing and
managing funds for its clients, which include individuals, employee
benefit plans, corporations, limited partnerships, charitable
foundations and trusts. Advisors beneficially owns 3.20% of IG's
issued and outstanding shares of Common Stock, on behalf of their
clients, in separate accounts established for each client. Each
client owns his, her or its account, and thereby has the right to
receive and the power to direct the receipt of dividends, if any,
from the Common Stock.
The Fund and Offshore Fund are limited partnerships
established in Delaware and the Cayman Islands respectfully. Fund
and Offshore Fund are clients of Advisors, a registered investment
adviser. Fund and Offshore Fund are authorized to invest in any
class or type of security or other investment. Advisors acts as
General Partner for Fund and as Investment General Partner for
Offshore Fund. Fund beneficially owns 1.60% of IG's issued and
outstanding common stock. Offshore Fund beneficially owns 1.60 % of
IG's issued and outstanding common stock.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY
PAGE 9 OF 13 PAGES
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Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable.
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose of
and do not have the effect of changing or influencing the control of
the issuer of such securities and were not acquired in connection
with or as a participant in any transaction having such purposes or
effect.
PAGE 10 OF 13 PAGES
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EXHIBHIT A
<TABLE>
<CAPTION>
AMOUNT POWER TO VOTE POWER TO DISPOSE
BENEFICIALLY PERCENT OF --------------------------------------
REPORTING PERSON OWNED CLASS SOLE SHARED SOLE SHARED
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
CHARLES B. GANZ 976,250 (1) 10.35% (2) 976,250 0 976,250 0
GANZ CAPITAL MANAGEMENT,
INC. 675,100 (1) 7.16% (2) 675,100 0 675,100 0
PROBITAS ADVISORS, INC. 301,150 (1) 3.20% (2) 301,150 0 301,150 0
THE PROBITAS FUND, L.P. 150,500 (1) 1.60% (2) 150,500 0 150,500 0
THE PROBITAS OFFSHORE
FUND, L.P. 150,650 (1) 1.60% (2) 150,650 0 150,650 0
================ ===== ====== ======
</TABLE>
PAGE 11 OF 13 PAGES
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SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
April 24, 1997
- --------------------------
/S/ CHARLES B. GANZ
-----------------------------------------
CHARLES B. GANZ
GANZ CAPITAL MANAGEMENT, INC.
By: /S/ CHARLES B. GANZ
-------------------------------------
Charles B. Ganz, President
THE PROBITAS FUND, L.P.
By: Probitas Advisors, Inc., General
Partner
By: /S/ CHARLES B. GANZ
---------------------------------
Charles B. Ganz, President
THE PROBITAS OFFSHORE FUND, L.P.
By: Probitas Advisors, Inc.,
Investment General Partner
By: /S/ CHARLES B. GANZ
---------------------------------
Charles B. Ganz, President
PROBITAS ADVISORS, INC.
By: /S/ CHARLES B. GANZ
-------------------------------------
Charles B. Ganz, President
PAGE 12 OF 13 PAGES
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EXHIBIT B
AGREEMENT TO FILE JOINT SCHEDULE 13G
Pursuant to Rule 13d-1(f)(i), the undersigned hereby consent to the
joint filing of a single statement on their behalf.
April 24, 1997
- -----------------------------
/s/ CHARLES B. GANZ
----------------------------------------------
CHARLES B. GANZ
GANZ CAPITAL MANAGEMENT, INC.
By: /s/ CHARLES B. GANZ
-------------------------------------------
Charles B. Ganz, President
THE PROBITAS FUND, L.P.
By: Probitas Advisors, Inc., General
Partner
By: /s/ CHARLES B. GANZ
---------------------------------------
Charles B. Ganz, President
THE PROBITAS OFFSHORE FUND, L.P.
By: Probitas Advisors, Inc.,
Investment General Partner
By: /s/ CHARLES B. GANZ
-----------------------------------------
Charles B. Ganz, President
PROBITAS ADVISORS, INC.
By: /s/ CHARLES B. GANZ
-------------------------------------------
Charles B. Ganz, President
PAGE 13 OF 13 PAGES
