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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No.: *
Name of Issuer: Diana Corporation
Title of Class of Securities: Common Stock
CUSIP Number: 252790-10-0
(Name, Address and Telephone Number of Person
Authorized To Receive Notices and Communications)
Ms. Pam Britnell, Ardent Research Partners, L.P.,
200 Park Avenue, New York, NY 10166
(Date of Event which Requires Filing of this Statement)
July 17, 1997
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 [ ].
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.
*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 the disclosures provided
in a prior cover page.
The information required in 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 ("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).
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CUSIP No. 252790-10-0
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Ardent Research Partners, L.P.
13-364-7076
2. Check the Appropriate Box if a Member of a Group
a.
b.
3. SEC Use Only
4. Source of Funds
WC
5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
6. Citizenship or Place of Organization
New York
Number of Shares Beneficially Owned by Each Reporting Person
With:
7. Sole Voting Power:
450,000
8. Shared Voting Power:
9. Sole Dispositive Power:
450,000
10. Shared Dispositive Power:
11. Aggregate Amount Beneficially Owned by Each Reporting Person
450,000
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)
6.07%
14. Type of Reporting Person
PN
3
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CUSIP No. 252790-10-0
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Saldutti Capital Management, L.P.
13-364-8200
2. Check the Appropriate Box if a Member of a Group
a.
b.
3. SEC Use Only
4. Source of Funds
WC
5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
6. Citizenship or Place of Organization
New York
Number of Shares Beneficially Owned by Each Reporting Person
With:
7. Sole Voting Power:
450,000
8. Shared Voting Power:
9. Sole Dispositive Power:
450,000
10. Shared Dispositive Power:
11. Aggregate Amount Beneficially Owned by Each Reporting Person
450,000
12. Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares
4
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13. Percent of Class Represented by Amount in Row (11)
6.07%
14. Type of Reporting Person
PN
5
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Item 1. Security and Issuer
This statement relates to the common stock (the "Common
Stock") of Diana Corporation (the "Issuer"). The
Issuer's principal executive office is located at 8200
W. Brown Deer Road, Milwaukee, Wisconsin 53233-1706.
Item 2. Identity and Background
This statement is being filed on behalf of Ardent
Research Partners, L.P. ("Ardent"), a New York limited
partnership, and Saldutti Capital Management, L.P.
("Saldutti Capital," and, together with Ardent, the
"Reporting Persons"), a New York limited partnership
that is the general partner of Ardent. Ardent is
currently an investment limited partnership. The
Reporting Persons' principal office is located 200 Park
Avenue, Suite 3900, New York, New York 10166.
Neither the Reporting Persons nor Francis Saldutti, the
principal of the Saldutti Capital has, during the last
five years, been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors).
Neither the Reporting Persons nor Mr. Saldutti has,
during the last five years, been a party to a civil
proceeding of a judicial or administrative body of
competent jurisdiction which resulted in a judgment,
decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal
or state securities laws or finding any violations with
respect to such laws.
Francis Saldutti is a citizen of the United States of
America.
Item 3. Source and Amount of Funds or Other Consideration.
As of the date hereof, the Reporting Persons are deemed
to beneficially own 450,000 shares of Common Stock of
the Issuer. In the last sixty days, the Reporting
Persons purchased 225,000 shares of Common Stock and
warrants convertible into 225,000 shares of Common Stock
in a private placement transaction at an aggregate cost
of $1,125,000. The funds for the purchase of the Common
Stock came from the working capital of Ardent. [No
leverage was used to purchase any of the shares of
Common Stock or the warrants.]
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Item. 4 Purpose of Transactions.
The shares of Common Stock beneficially owned by the
Reporting Persons were acquired for, and are being held
for, investment purposes. The Reporting Persons may
acquire additional shares of Common Stock or dispose of
or convert all or some of those shares of Common Stock
from time to time, or may continue to hold those shares
of Common Stock.
The Reporting Persons do not have any plan or proposal
which relates to, or would result in, any of the actions
enumerated in item 4 of the instructions to
Schedule 13D.
Item 5. Interest in Securities of Issuer.
As of the date hereof, the Reporting Persons are deemed
to be the beneficial owners of 450,000 shares of Common
Stock of the Issuer consisting of 225,000 shares of
Common Stock and warrants that are convertible into
225,000 shares of Common Stock. Based on the most
recent information provided by the Issuer's counsel,
there are believed to be 7,179,233 shares of the
Issuer's Common Stock outstanding. Therefore, assuming
conversion of the warrants, the Reporting Persons are
deemed to beneficially own 6.07% of the Issuer's
outstanding shares of Common Stock. The Reporting
Persons have the sole power to vote, direct the vote,
dispose of or direct the disposition of all the shares
of the Issuer's Common Stock and warrants which they are
currently deemed to beneficially own.
Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer
The Reporting Persons do not have any contract,
arrangement, understanding or relationship with any
person with respect to the Common Stock of the Issuer.
Item 7. Material to be Filed as Exhibits.
Attached hereto as Exhibit A is a description of the
transactions in the Common Stock of the Issuer that were
effected by the Reporting Persons during the past 60
days.
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SCHEDULE 13D
00349001.AH8
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Signature
The undersigned, after reasonable inquiry and to the
best of his knowledge and belief, certifies that the information
set forth in this statement is true, complete and correct.
August 18, 1997
ARDENT RESEARCH PARTNERS, L.P.
By: Saldutti Capital Management, L.P.
By: /s/ Francis Saldutti
_____________________________
Francis Saldutti
Managing General Partner
SALDUTTI CAPITAL MANAGEMENT, L.P.
/s/ Francis Saldutti
_________________________________
Francis Saldutti
Managing General Partner
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SCHEDULE 13D
00349001.AH8
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AGREEMENT
The undersigned agree that this Schedule 13D dated
August 18, 1997 relating to the Common Stock of the Diana
Corporation shall be filed on behalf of the undersigned.
ARDENT RESEARCH PARTNERS, L.P.
By: Saldutti Capital Management, L.P.
By: /s/ Francis Saldutti
_____________________________
Francis Saldutti
Managing General Partner
SALDUTTI CAPITAL MANAGEMENT, L.P.
/s/ Francis Saldutti
_________________________________
Francis Saldutti
Managing General Partner
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SCHEDULE 13D
00349001.AH8
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EXHIBIT A
DAILY TRANSACTIONS
COMMON STOCK AND
WARRANTS
Trade Date Number of Shares Price Per Share
__________ ________________ _______________
July 17, 1997 225,000 $2.000
July 17,1997 225,000* $3.000
__________
* Represents a purchase of warrants that are convertible into 225,000
shares of Common Stock.
SCHEDULE 13D
00349001.AH8
