SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)<F1>
Kinark Corporation
(Name of Issuer)
Common Stock, $.10 par value
(Title of class of securities)
494474-10-9
(CUSIP number)
Lee A. Walker
202 Ocean Avenue, Richardson, TX 75081; (214) 238-8328
(Name, address and telephone number of person
authorized to receive notices and communications)
April 1, 1996
(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.)
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 4 Pages)
[FN]
<F1> 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).
[/FN]<PAGE>
SCHEDULE 13D
CUSIP NO. 494478-10-9 13D PAGE 2 OF 4 PAGES
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Lee A. Walker
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
3 SEC USE ONLY
4 SOURCE OF FUNDS*
00
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) OR 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF 7 SOLE VOTING POWER
SHARES 500
BENEFICIALLY
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING
PERSON WITH 9 SOLE DISPOSITIVE POWER
500
10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT OF BENEFICIALLY OWNED BY EACH REPORTING PERSON
500
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) [ ]
EXCLUDES CERTAIN SHARES*
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
less than .1%
14 TYPE OF REPORTING PERSON*
IN
<PAGE>
KINARK CORPORATION
(CUSIP NO. 494474-10-9)
By this Amendment No. 1 to Schedule 13D, Lee A.Walker hereby amends her
previously filed statement on Schedule 13D, relating to the common stock, par
value $.10 per share (the "Common Stock"), of Kinark Corporation, a Delaware
corporation (the "Issuer"). Except as specifically amended by this Amendment
No. 1, the Schedule 13D remains in full force and effect. Except as
specifically provided herein, defined terms shall have the meaning specified in
the Schedule 13D.
Item 5 is hereby amended to read in its entirety as follows:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) Subsequent to the sale of Common Stock on April 1, 1996, reflected in
this filing, Ms. Walker now beneficially owns 500 shares of the Issuer's Common
Stock.
(b) Ms. Walker has the sole power to vote and dispose of all 500 shares
of Common Stock.
(c) On April 1, 1996, Ms. Walker sold 119,965 shares of Common Stock to
The Robert G. and Pauline B. Walker Revocable Trust (the "Original Trust"),
104,000 shares of Common Stock to The Pauline B. Walker Revocable Trust A
("Trust A") and 100,986 shares of Common Stock to The Robert G. Walker
Revocable Trust B ("Trust B") at a purchase price of $2.90625 per share, for an
aggregate purchase price of $944,388.84. The Original Trust, Trust A and Trust
B are referred to collectively herein as, the "Trusts." The Trusts set-off the
amount of the purchase price against the outstanding principal and accrued and
unpaid interest due under those certain promissory notes, each dated December
22, 1995, made by Ms.Walker in favor of the Original Trust, Trust A and Trust B
in the original principal amounts of $341,150.47, $295,750.00 and $248,178.94,
respectively, and the balance of the purchase price was paid in cash by the
Trusts.
(d) Not applicable.
(e) On April 1, 1996, Ms. Walker ceased to be the beneficial owner of
more than 5% of the outstanding shares of the Issuer's Common Stock.
<PAGE>
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 30, 1996
(Date)
/s/ Lee A. Walker
(Signature)
Lee A. Walker
(Name)
