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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. 1)*
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)
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
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(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
March 23, 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(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)
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CUSIP No. 361719 10 7 Page 2 of 6 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
The Estate of David L. Chandler, deceased 65-6277523
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS* PF and 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 State of Florida
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NUMBER OF 7 SOLE VOTING POWER 4,511,824
SHARES
BENEFICIALLY -----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER ---------
EACH
REPORTING -----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER 4,511,824
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER ---------
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON 4,511,824
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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) 39.72%
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14 TYPE OF REPORTING PERSON* OO
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CUSIP No. 361719 10 7 Page 3 of 6 Pages
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1 NAMES OF REPORTING PERSONS Allyn P. Chandler
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS* 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 State of Florida
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NUMBER OF 7 SOLE VOTING POWER 1,500
SHARES
BENEFICIALLY -----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 4,511,824(1)
EACH
REPORTING -----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER 1,500
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10 SHARED DISPOSITIVE POWER 4,511,824(1)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED 4,513,324(1)
BY EACH REPORTING PERSON
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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) 39.74%
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14 TYPE OF REPORTING PERSON* OO
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(1) Includes 4,511,824 shares held by The Estate of David L. Chandler, deceased.
<PAGE> 4
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CUSIP No. 361719 10 7 Page 4 of 6 Pages
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1 NAMES OF REPORTING PERSONS Ann P. Chandler
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS* 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 State of Florida
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NUMBER OF 7 SOLE VOTING POWER 14,874
SHARES
BENEFICIALLY -----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 4,511,824(1)
EACH
REPORTING -----------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER 14,874
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER 4,511,824(1)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED 4,526,698(1)
BY EACH REPORTING PERSON
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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) 39.85%
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14 TYPE OF REPORTING PERSON* OO
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(1) Includes 4,511,824 shares held by The Estate of David L. Chandler, deceased.
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AMENDMENT NO. 1 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 ------------
3,543,704 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: 4,511,824 shares beneficially owned by the Estate as of March
23, 1999. This amount equals 39.72% of the outstanding shares of the Issuer,
based on the shares outstanding as of March 22, 1999 (as reported in the
Issuer's Form 10-K filed with the SEC on April 2, 1999).
On February 4, 1999, 2,500 shares beneficially owned by the Estate were
sold on the open market for $3.1875 per share. On March 23, 1999, the Estate
sold 14,874 shares to Ann P. Chandler in a private transaction for $2.4375 per
share.
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(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 3,543,704 shares
held by GRM, approximately (as of January 2, 1999) 595,633 are issuable
to the Estate upon exercise of term notes of Redlaw.
(Page 5 of 6 Pages)
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Ann P. Chandler, personal co-representative of the Estate, currently
has sole voting and dispositive power of 14,874 shares of the Issuer, acquired
as described above, 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 January 2, 1999) 8,569 shares of Johnston Common Stock
issuable upon conversion 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 January 2, 1999) 95,265 shares of Johnston Common
Stock consisting of 71,370 shares issuable upon conversion of term notes held of
Redlaw by the Johnston Industries, Inc. Deferred Compensation Trust, and 23,895
shares issuable upon conversion of term notes of Redlaw held by the Jupiter
Industries, Inc. Deferred Compensation Trust. Both the 8,569 shares issuable to
Mrs. Chandler and the 95,265 shares issuable to the Deferred Compensation Trusts
are included among the 3,543,704 shares held by GRM listed above.
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 Ms. Chandler holds power of attorney. Ms.
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 issuable upon conversion of term notes of Redlaw
held by David L. Chandler, Jr. Such 3,261 shares are included among the
3,543,704 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.
April 14, 1999
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(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)
