<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------
SCHEDULE 13D
(Amendment No. 4)
Under the Securities Exchange Act of 1934
Johnston Industries, Inc.
------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $.10 per share
- --------------------------------------------------------------------------------
(Title of Class of securities)
361719 10 7
------------------------------------------------------------------------------
(CUSIP number)
J. Reid Bingham, Esq.
Bingham & Associates
P.O. Box 14-4991
Coral Gables, Florida 33114
------------------------------------------------------------------------------
(Name, address and telephone number of person
authorized to receive notices and communications)
December, 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 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)
------------------------------------------------------------------------------
<PAGE> 2
CUSIP No.361719 10 7 13D Page 2 of 4 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS David L. Chandler
SS. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ______
(b) ______
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS* PF and OO
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) _____
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Canada
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER 367,089
SHARES ___________________________________________________________
BENEFICIALLY 8 SHARED VOTING POWER -----
OWNED BY ___________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER 1,224,450
REPORTING ___________________________________________________________
PERSON WITH 10 SHARED DISPOSITIVE POWER -----
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON 1,224,450
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* ______
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 10.76%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON* IN
- --------------------------------------------------------------------------------
<PAGE> 3
AMENDMENT NO. 4 TO SCHEDULE 13D
This Schedule 13D is hereby amended as follows:
1. Item 3, Source and Amount of Funds or Other Consideration,
is amended to add at the end of such item the following:
On the following dates Mr. Chandler, directly or indirectly through the
Johnston Industries Inc. ("Johnston") Rabbi Trust established for his benefit,
loaned from his personal or its general funds the amounts set forth below to
Redlaw Industries Inc. and received in consideration five year 10% promissory
notes convertible at the holder's option into shares of common stock of Redlaw
Industries Inc. or into shares of common stock of Johnston ("Johnston Common
Stock") set forth below:
<TABLE>
<CAPTION>
Shares of Johnston Common
Date Amount Conversion Price Stock upon Conversion
---- ------ ---------------- -------------------------
<S> <C> <C> <C> <C>
02/04/97 US$10,000 US$7.875 per share 1,269
02/08/97 US$10,000 US$7.75 per share 1,290
02/21/97 US$5,000 US$7.50 per share 4,705
02/24/97 Cdn$13,131 US$7.375 per share 666
02/25/97 US$17,000 US$7.375 per share 1,299
03/03/97 US$5,000 US$7.25 per share 689
03/13/97 US$10,000 US$7.25 per share 1,379
03/21/97 US$7,500 US$7.375 per share 1,016
04/10/97 US$130,000 US$7.375 per share 17,617
09/03/97 US$180,000 US$5.625 per share 32,000
12/01/97 US$35,000 US$5.0625 per share 6,913
12/31/97 US$3,150 US$4.375 per share 720
12/31/97 US$300,000 US$4.375 per share 68,571
</TABLE>
On December 30, 1997 Mr. Chandler using $36,253.50 of his personal
funds exercised options held by him to purchase 16,500 shares of Johnston Common
Stock at an exercise price of $1.979.
2. Item 5, Interest in Securities of the Issuer, is amended to add at
the end of such item the following:
On the dates described in Item 3 Mr. Chandler, directly or indirectly
through the Johnston Rabbi Trust established for his benefit, acquired the right
to convert the promissory notes described in Item 3 into 138,134 shares of
Johnston Common Stock.
The total number of shares of Johnston Common Stock directly or
beneficially owned by Mr. Chandler is now 1,224,450 or approximately 10.76% of
the outstanding shares of Johnston Common Stock.
Page 3 of 4 pages.
<PAGE> 4
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
---------------------------------
(Date)
/s/ David L. Chandler
---------------------------------
(Signature)
David L. Chandler
Page 4 of 4 pages.
