<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
Washington, D.C. 20549
OMB Number: 3235-0287
FORM 4 Expires: September 30, 1998
Estimated average burden
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP hours per response 0.5
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(f) of the Investment Company Act of 1940
/ / Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Flowers J. Christopher
(Last) (First) (Middle)
One Rockefeller Plaza, 32nd Floor
(Street)
New York New York 10020
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Enstar Group, Inc. (The)
ESGR
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
December 1998
5. If Amendment, Date of Original
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
/X/ Director /X/ 10% Owner
/X/ Officer (give title below) / / Other (specify below)
Vice Chairman of the Board of Directors
7. Individual or Joint/Group Filing (Check Applicable Line)
/X/ Form filed by One Reporting Person
/ / Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
5. Amount
of Secu-
rities
4. Securities Acquired (A) Bene- 6. Ownership
2. Trans- 3. Trans- or Disposed of (D) ficially Form:
action action (Instr. 3, 4 and 5) Owned Direct 7. Nature of
Date Code ----------------------------- at End (D) or Indirect
(Month/ (Instr. 8) (A) of Month Indirect Beneficial
1. Title of Security Day/ ------------- Amount or Price (Instr. (I) Ownership
(Instr. 3) Year) Code V (D) 3 and 4) (Instr. 4) (Instr. 4)
- ----------------------------- ---------- ------ ----- ------------ --- ---------- ----------- ------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 12/18/98 P 1,158,860 A $12.94375 1,234,055 D
(01)
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
(Over)
SEC 1474 (7-96)
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FORM 4 (continued)
<TABLE>
<CAPTION>
Table II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
2. Conver- 5. Number of Deriv- 6. Date Exercisable
sion or 3. Trans- ative Securities and Expiration Date
Exercise action 4. Transac- Acquired (A) or (Month/Day/Year)
Price of Date tion Code Disposed of (D) ----------------------
Deriv- (Month/ (Instr. 8) (Instr. 3, 4, and 5) Date
1. Title of Derivative Security ative Day/ ------------- -------------------------- Exercis- Expiration
(Instr. 3) Security Year) Code V (A) (D) able Date
- ---------------------------------------- ----------- ---------- ------ ----- ------------ ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Stock Option 02 01/01/07
(right to buy) $10.8125
Stock Units 1-for-1 10/01/98 A V 377.3585 03 03
Stock Units 1-for-1 10/06/98 A V 191.3876 03 03
Stock Units 1-for-1 10/12/98 A V 78.0488 03 03
Stock Units 1-for-1 10/30/98 A V 67.2269 03 03
<CAPTION>
9. Number of 10. Ownership
Derivative Form of
Securities Derivative
7. Title and Amount of Underlying Benefi- Security:
Securities (Instr. 3 and 4) cially Direct 11. Nature of
---------------------------------------- 8. Price of Owned at (D) or Indirect
Amount or Derivative End of Indirect Beneficial
1. Title of Derivative Title Number of Security Month (I) Ownership
Security (Instr. 3) Shares (Instr. 5) (Instr. 4) (Instr. 4) (Instr. 4)
- --------------------------- --------------------------- ----------- ------------- ------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Stock Option Common Stock 25,000 25,000 D
(right to buy)
Stock Units Common Stock 377.3585 $13.2500 D
Stock Units Common Stock 191.3876 $13.0625 D
Stock Units Common Stock 78.0488 $12.8125 D
Stock Units Common Stock 67.2269 $14.8750 2,915.3979 D
Explanation of Responses:
<FN>
01: In consideration for the shares, the Reporting Person delivered to The Enstar Group, Inc. an unsecured, full recourse promissory
note for an original aggregate principal amount of $15,000,000 bearing interest at 4.06% per annum, maturing on December 18, 2000
and requiring quarterly interest payments.
02: These options were granted to the Reporting Person pursuant to The Enstar Group, Inc. 1997 Amended Outside Directors' Stock
Option Plan. The options become exercisable in five equal installments on 06/30/97, 01/01/98, 01/01/99, 01/01/00 and 01/01/01.
03: These stock units were accrued under The Enstar Group, Inc. Deferred Compensation and Stock Plan for Non-Employee Directors and
are to be settled in a lump sum distribution within 30 days after the termination of the Reporting Person's services on the Board of
Directors.
</TABLE>
*
* Intentional misstatements or omissions of facts constitute Federal
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ J. Christopher Flowers January 5, 1999
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**Signature of Reporting Person Date
Note: File three copies of this Form, one of which must be manually
signed. If space is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB number.
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SEC 1474 (7-96)
