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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 10)
Johnston Industries, Inc.
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(Name of Issuer)
Common Stock, par value $.10 per share
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(Title of Class of securities)
361719 10 7
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(CUSIP number)
J. Reid Bingham, Esq.
Bingham & Associates
P. O. Box 14-4991
Coral Gables, Florida 33114
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(Name, address and telephone number of person
authorized to receive notices and communications)
December, 1997
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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 ______.
Check the following box if a fee is being paid with the statement ______. (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 4 Pages)
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CUSIP No. 351719 10 7 13D Page 2 of 4 Pages
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1 NAME OF REPORTING PERSONS GRM Industries Inc.
SS. OR I.R.S. IDENTIFICATION 31-105-7921
NOS. OF ABOVE PERSONS
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2 CHECK THE APPROPRIATE BOX (a)
IF A MEMBER OF A GROUP --------
(b) X
--------
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3 SEC USE ONLY
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4 SOURCE OF FUNDS* WC/OO
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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 OF ORGANIZATION Tennessee
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NUMBER OF 7 SOLE VOTING POWER 3,687,829
SHARES -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER 0
OWNED BY -----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 3,687,829
REPORTING -----------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER 0
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11 AGGREGATE AMOUNT BENEFICIALLY
OWNED BY EACH REPORTING PERSON 3,687,829
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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) 34.33%
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14 TYPE OF REPORTING PERSON* CO
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AMENDMENT NO. 10 TO SCHEDULE 13D
This Schedule 13D is hereby amended as follows:
1. Item 5, INTEREST IN SECURITIES OF THE ISSUER, is amended to add at
the end of such item the following:
Since the date of the last amendment to this Schedule 13D, GRM
Industries, Inc. has made the sales or transfers listed below:
<TABLE>
<CAPTION>
NUMBER OF
TRADE DATE SHARES SOLD PRICE PER SHARE
---------- ----------- ---------------
<S> <C> <C> <C>
03/27/97 8,000 $7.75
03/27/97 22,000 7.625
06/06/97 10,000 6.75
06/06/97 19,000 6.75
09/16/97 8,400 6.0401
09/17/97 32,000 6.00
09/22/97 8,400 5.93
09/23/97 2,000 5.87
09/23/97 4,600 6.00
09/24/97 9,600 5.875
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Total Number of Shares: 124,000
</TABLE>
All of the above sales were made on the New York Stock
Exchange except for the transfer of 19,000 shares on June 6, 1997 to
the GRM pension plan in satisfaction of funding obligations.
As of December 31, 1997, GRM owns, directly or beneficially,
3,687,829 shares of Johnston Common Stock, which amounts to
approximately 34.33% of the outstanding shares of Johnston Common
Stock. GRM has the sole power to vote and dispose of all of the shares
of Johnston Common Stock it holds.
Page 3 of 4 pages.
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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.
JANUARY 12, 1998
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(Date)
GRM Industries Inc.
By: /s/ David L. Chandler
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David L. Chandler
President and Chief Executive Officer
Page 4 of 4 pages.
