UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5 Amended
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
( ) Form 3 Holdings Reported
( ) Form 4 Transactions Reported
1. Name and Address of Reporting Person
James W. Swent, III
17304 Preston Road, Suite 700
Dallas, TX 75252
2. Issuer Name and Ticker or Trading Symbol
American Pad & Paper Company
AMPP
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
12/31/98
5. If Amendment, Date of Original (Month/Year)
12/31/98
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Co-Chairman and Chief Executive Officer
7. Individual or Joint/Group Reporting (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice of | | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity | | | Amount | |ble | | | |Year |(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock Options (1)|$2.000 |09/03| A |600,000 |A |(1) |09/03|Common Stock|600,000|$2.000 |600,000 | D | |
| |1998*| | | | |2008*| | | | | | |
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___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
(1) Common Stock Options are excersiable at 1/3 per year, beginning one year
after grant date.
* Origional date of grant and expiration date incorrect.
SIGNATURE OF REPORTING PERSON
/s/ James W. Swent, III
DATE
March 22, 1999
