SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)(1)
ALLIED RESEARCH CORPORATION
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(Name of issuer)
COMMON STOCK $.01 PAR VALUE
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(Title of class of securities)
019483106
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(CUSIP number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
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(Name, address and telephone number of person
authorized to receive notices and communications)
March 30, 1999
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(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 Schedule 13D, and is filing
this schedule because of Rule 13d-1(b)(3) or (4), check the following box o.
NOTE. six copies of this statement, including all exhibits, should be
filed with the Commission. SEE Rule 13d-1(a) for other parties to whom copies
are to be sent.
(Continued on following pages)
(Page 1 of 5 Pages)
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(1)The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, SEE
the NOTES).
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CUSIP No. 019483106 13D Page 2 of 5 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
LIONHEART GROUP, INC.
13-3790-376
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
DELAWARE
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 117,588
OWNED BY ----------------------------------------------------------------
EACH
REPORTING
PERSON WITH
8 SHARED VOTING POWER
-0-
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9 SOLE DISPOSITIVE POWER
117,588
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10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
117,588
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.47%
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14 TYPE OF REPORTING PERSON
IA
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CUSIP No. 019483106 13D Page 3 of 5 Pages
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The following constitutes the Amendment No. 2 (the "Amendment No. 2") to
the original statement of beneficial ownership on Schedule 13D filed by the
Reporting Person on September 9, 1998. This Amendment No. 2 amends the Schedule
13D as specifically set forth.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Item 3 is amended as follows
All of the $158,550 used to make the purchase of the 22,200 Shares
acquired by the Reporting Person since the filing of Amendment No. 1 to the
Schedule 13D came from the working capital of the investment funds and managed
accounts directed by the Reporting Persons.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
Items 5(a), (b), (c) and (e) are amended as follows:
(a) The Reporting Person may be deemed to beneficially own 117,588
shares (which constitutes approximately 2.47% of the Issuer).
(b) The Reporting Person has sole voting and dispositive power with
respect to the 117,588 Shares it may be deemed to beneficially own.
(c) In the past sixty (60) days, accounts managed by the Reporting
Person purchased or sold on the dates, in the amounts and at the prices set
forth on Exhibit A annexed hereto and incorporated by reference herein. All of
such purchases or sales were made on the open market.
(e) As of March 30, 1999, the Reporting Person ceased to be the
beneficial owner of more than five (5%) percent of the Shares.
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
Item 7 is amended to add the following.
Exhibit A: Transactions in Shares of Common Stock in the past sixty
(60) days.
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CUSIP No. 019483106 13D Page 4 of 5 Pages
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SIGNATURES
After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: April 1, 1999 LIONHEART GROUP, INC.
By: /S/ C. DUNCAN SOUKUP
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C. Duncan Soukup, President
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CUSIP No. 019483106 13D Page 5 of 5 Pages
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EXHIBIT A
Transactions in the Shares of Common Stock
SINCE PREVIOUS SCHEDULE 13D FILING
DATE BUY/SELL TOTAL Cost (per share
IN DOLLARS)
02/24/99 Sell 5,000 $7.1250
03/16/99 Buy 10,000 $6.4313
03/30/99 Sell 200,000 $7.0000
03/30/99 Sell 2,000 $7.0625
