<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
(Amendment No. 2)*
Johnston Industries, Inc.
- -------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $.10 per share
- -------------------------------------------------------------------------------
(Title of Class of Securities)
361719 10 7
- -------------------------------------------------------------------------------
(CUSIP Number)
Estate Of David L. Chandler, Deceased
c/o John Rau, Esq.
Gunster, Yoakley, Valdes-Fauli & Stewart, P.A.
777 S. Flagler Drive, Suite 500 East
West Palm Beach, Florida 33401
(561) 655-1980
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
June 16, 1999
- -------------------------------------------------------------------------------
(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(e), 13d-1(f) or 13d-1(g), check the following
box [ ].
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
*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 (the "Act") 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).
(Page 1 of 6 Pages)
<PAGE> 2
- -------------------------------------------------------------------------------
CUSIP No. 361719 10 7 Page 2 of 6 Pages
- -------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS The Estate of David L. Chandler, deceased
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) 65-6277523
- -------------------------------------------------------------------------------
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
State of Florida
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 4,356,824
BENEFICIALLY ----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH ----------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH 4,356,824
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
4,356,824
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
38.36%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- -------------------------------------------------------------------------------
<PAGE> 3
- -------------------------------------------------------------------------------
CUSIP No. 361719 10 7 Page 3 of 6 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS Allyn P. Chandler
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
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
State of Florida
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,500
BENEFICIALLY ----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,356,824(1)
REPORTING ----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
1,500
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,356,824(1)
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
4,358,324(1)
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
38.37%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- -------------------------------------------------------------------------------
(1) Includes 4,356,824 shares held by The Estate of David L. Chandler,
deceased.
<PAGE> 4
- -------------------------------------------------------------------------------
CUSIP No. 361719 10 7 Page 4 of 6 Pages
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS Ann P. Chandler
SS. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS* 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
State of Florida
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 14,874
BENEFICIALLY ----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 4,356,824(1)
REPORTING ----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
14,874
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,356,824(1)
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
4,371,698(1)
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
38.49%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- -------------------------------------------------------------------------------
(1) Includes 4,356,824 shares held by The Estate of David L. Chandler,
deceased.
<PAGE> 5
AMENDMENT NO. 2 TO SCHEDULE 13D
This Schedule 13D is hereby amended as follows:
Item 5, Interest in Securities of the Issuer, is amended in its entirety to
read:
As of the date of this report, the Estate held sole voting and
investment power in the following shares of Johnston Common Stock:
Number of Shares of
Johnston
Common Stock Ownership Nature of Ownership
------------------- --------- -------------------
331,590 Direct ------------
3,388,704 Indirect (2)
Options for
Johnston
Common Stock Exercise Price Expiration Date
------------------- -------------- ---------------
180,000 $5.56 8/21/99
99,816 2.50 8/21/99
15,000 8.25 8/21/99
12,000 7.50 8/21/99
123,154 3.624 8/21/99
206,560 1.979 8/21/99
Total: 4,356,824 shares beneficially owned by the Estate as of June
16, 1999. This amount equals 38.36% of the outstanding shares of the Issuer,
based on the shares outstanding as of April 3, 1999 (as reported in the
Issuer's Form 10-Q filed with the SEC on May 18, 1999).
On June 16, 1999, 155,000 shares beneficially owned by GRM were sold
on the New York Stock Exchange for $2.0008 per share. The above totals for GRM
are subsequent to this transaction.
- -------------------------
(2) Held by GRM Industries, Inc. ("GRM"), a wholly-owned subsidiary of
Redlaw Industries, Inc. ("Redlaw"). As reported by the Estate on its
Schedule 13D filed for Redlaw, the Estate beneficially owns
approximately 67.7% of Redlaw Common Stock. Of the 3,388,704 shares
held by GRM, approximately (as of January 2, 1999) 595,633 are
issuable to the Estate upon conversion of term notes of Redlaw.
(Page 5 of 6 Pages)
<PAGE> 6
Ann P. Chandler, personal co-representative of the Estate, currently
has sole voting and dispositive power of 14,874 shares of the Issuer, which
shares she owns directly. Ann P. Chandler has the right to acquire within 60
days sole voting and dispositive power of approximately (as of June 7, 1999)
49,706 shares of Johnston Common Stock to be acquired from GRM upon
cancellation of term notes of Redlaw. Ann P. Chandler, as beneficiary, has the
right to acquire within 60 days sole voting and dispositive power of
approximately (as of June 7, 1999) 115,030 shares of Johnston Common Stock
consisting of 89,668 shares to be acquired from GRM upon cancellation of term
notes of Redlaw held by the Johnston Industries, Inc. Deferred Compensation
Trust, and 25,362 shares to be acquired from GRM upon cancellation of term
notes of Redlaw held by the Jupiter Industries, Inc. Deferred Compensation
Trust. Both the 49,706 shares which can be acquired by Ann P. Chandler and the
115,030 which can be acquired by the two trusts are included among the
3,388,704 shares held by GRM listed above.
On June 7, 1999, the trust sold notes convertible into 43,775 shares
of Johnston, and purchased other notes convertible into 58,750 shares of
Johnston. The net increase of 14,975 shares is included in the totals reported
in the immediately preceding paragraph.
Allyn P. Chandler, personal co-representative of the Estate, is
president and chief executive officer of both Redlaw and GRM. Allyn P. Chandler
has sole voting and dispositive power of 750 shares of Johnston Common Stock
which shares she owns directly, and 750 shares of Johnston Common Stock owned
by David L. Chandler, Jr., over which Allyn P. Chandler holds power of
attorney. Allyn P. Chandler, by power of attorney, has the right to acquire
within 60 days sole voting and dispositive power of approximately (as of
January 2, 1999) 3,261 shares of Johnston Common Stock to be acquired from GRM
upon cancellation of term notes of Redlaw held by David L. Chandler, Jr. Such
3,261 shares are included among the 3,388,704 shares held by GRM listed above.
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.
September 7, 1999
-------------------------------------
(Date)
Estate of David L. Chandler, deceased
By: /s/ Allyn P. Chandler
----------------------------------
Allyn P. Chandler, Co-Executor
By: /s/ Ann P. Chandler
----------------------------------
Ann P. Chandler, Co-Executor
(Page 6 of 6 Pages)
