<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 5 )
IGI, INC.
----------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE
----------------------------------------------------------------
(Title of Class of Securities)
449575 10 9
----------------------------------------------------------------
(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
<PAGE> 2
CUSIP NO. 449575 10 9
-----------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Charles B. Ganz
-------------------------------------------------------------------
(2) Check the Appropriate Row if a Member of a Group
(a)
-------------------------------------------------------
(b)
-------------------------------------------------------
(3) SEC Use Only
-------------------------------------------------------
(4) Citizenship or Place of Organization U.S.A.
-------------------------------
Number of (5) Sole Voting Power 1,721,700*
Shares Bene- -------------------------
ficially
Owned by Each
Reporting (6) Shared Voting Power 0
Person With -------------------
(7) Sole Dispositive Power 1,721,700*
----------------
(8) Shared Dispositive Power 0
--------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
1,721,700*
-------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares
------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9) 18.41%
------------------
(12) Type of Reporting Person IN
-------------------------------------------
*The Reporting Person disclaims beneficial ownership of these
shares. See Item 4.
PAGE 2 OF 13 PAGES
<PAGE> 3
CUSIP NO. 449575 10 9
-----------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Ganz Capital Management, Inc.
--------------------------------------------------------------------
(2) Check the Appropriate Row if a Member of a Group
(a)
--------------------------------------------------------
(b)
--------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------
(4) Citizenship or Place of Organization Delaware
--------------------------------
Number of (5) Sole Voting Power 943,800
Shares Bene- ------------------------
ficially
Owned by Each (6) Shared Voting Power 0
Reporting ----------------------
Person With
(7) Sole Dispositive Power 943,800
-------------------
(8) Shared Dispositive Power 0
-----------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
943,800
--------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares *
--------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9) 10.09%
-------------------
(12) Type of Reporting Person IA
--------------------------------------------
*See Item 4, and the notes thereto.
PAGE 3 OF 13 PAGES
<PAGE> 4
CUSIP NO. 449575 10 9
-----------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
The Probitas Fund, L.P.
----------------------------------------------------------------
(2) Check the Appropriate Row if a Member of a Group
(a)
----------------------------------------------------
(b)
----------------------------------------------------
(3) SEC Use Only
---------------------------------------------------
(4) Citizenship or Place of Organization Delaware
----------------------------
Number of (5) Sole Voting Power 622,850
Shares Bene- -------------------------
ficially
Owned by Each (6) Shared Voting Power 0
Reporting ------------------
Person With
(7) Sole Dispositive Power 622,850
---------------
(8) Shared Dispositive Power 0
-------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
622,850
----------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares *
----------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9) 6.66%
---------------
(12) Type of Reporting Person PN
----------------------------------------
*See Item 4, and the notes thereto.
PAGE 4 OF 13 PAGES
<PAGE> 5
CUSIP NO. 449575 10 9
-----------------------------------------------------------------
1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
The Probitas Offshore Fund, L.P.
---------------------------------------------------------------
(2) Check the Appropriate Row if a Member of a Group
(a)
---------------------------------------------------
(b)
---------------------------------------------------
(3) SEC Use Only
---------------------------------------------------
(4) Citizenship or Place of Organization Cayman Islands
---------------------------
Number of (5) Sole Voting Power 155,050
Shares Bene- -------------------
ficially
Owned by Each (6) Shared Voting Power 0
Reporting -----------------
Person With
(7) Sole Dispositive Power 155,050
--------------
(8) Shared Dispositive Power 0
------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
155,050
---------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares *
-----------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9) 1.66%
--------------
(12) Type of Reporting Person PN
---------------------------------------
*See Item 4, and the notes thereto.
PAGE 5 OF 13 PAGES
<PAGE> 6
CUSIP NO. 449575 10 9
-----------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Probitas Advisors, Inc.
---------------------------------------------------------------
(2) Check the Appropriate Row if a Member of a Group
(a)
---------------------------------------------------
(b)
---------------------------------------------------
(3) SEC Use Only
---------------------------------------------------
(4) Citizenship or Place of Organization Delaware
---------------------------
Number of (5) Sole Voting Power 777,900
Shares Bene- -----------------------
ficially
Owned by Each (6) Shared Voting Power 0
Reporting -----------------
Person With
(7) Sole Dispositive Power 777,900
--------------
(8) Shared Dispositive Power 0
------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
777,900
---------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares *
---------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9) 8.32%
-------------
(12) Type of Reporting Person CO
---------------------------------------
*See Item 4, and the notes thereto.
PAGE 6 OF 13 PAGES
<PAGE> 7
ITEM 1(A). NAME OF ISSUER
The Issuer is IGI, Inc. ("IG").
ITEM 1(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
<PAGE> 8
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 622,850 shares
owned of record by the Fund and the 155,050 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 943,800 shares owned of record by GCM. The Reporting Persons disclaim
beneficial ownership with respect to these shares.
PAGE 8 OF 13 PAGES
<PAGE> 9
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 10.09% 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 8.32% 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 6.66% of IG's issued and outstanding common stock.
Offshore Fund beneficially owns 1.66 % 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
<PAGE> 10
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
<PAGE> 11
EXHIBHIT A
<TABLE>
<CAPTION>
AMOUNT POWER TO VOTE POWER TO DISPOSE
BENEFICIALLY PERCENT OF -----------------------------------------------
REPORTING PERSON OWNED CLASS SOLE SHARED SOLE SHARED
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Charles B. Ganz 1,721,700 (1) 18.41% (2) 1,721,700 0 1,721,700 0
Ganz Capital Management, Inc. 943,800 (1) 10.09% (2) 943,800 0 943,800 0
Probitas Advisors, Inc. 777,900 (1) 8.32% (2) 777,900 0 777,900 0
The Prohitas Fund, L.P. 622,850 (1) 6.66% (2) 622,850 0 622,850 0
The Probitas Offshore Fund, L.P. 155,050 (1) 1.66% (2) 155,050 0 155,050 0
============== ===== ======= ========
</TABLE>
(1) The reporting person disclaims beneficial ownership of these shares except
for 4,000 shares beneficially owned by Charles B. Ganz
(2) Calculated on the basis of 9,325,000 shares outstanding as of 12/31/96
PAGE 11 OF 13 PAGES
<PAGE> 12
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.
December 31, 1996
/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
<PAGE> 13
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.
December 31, 1996
/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
