THIS PAPER DOCUMENT IS BEING SUBMITTED PURSUANT
TO RULE 902(g) OF REGULATION S-T
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 38)
Under the Securities Exchange Act of 1934
LYNCH CORPORATION
(Name of Issuer)
Common Stock, No Par Value
(Title of Class and Securities)
551137102
(CUSIP Number of Class of Securities)
James E. McKee, Gabelli Funds, Inc.,
One Corporate Center, Rye, NY 10580-1434 (914)921-5294
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
March 12, 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 State-
ment because of Rule 13d-1(b)(3) or (4), check the following box:
_____
/____/
Check the following box if a fee is being paid with this Statement:
_____
/____/
__________________________________________
CUSIP No. 551137102 13D
_________________________________________________________________
(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Mario J. Gabelli I.D. No. ###-##-####
_________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
____
(a) /___/
____
(b) /___/
_________________________________________________________________
(3) SEC USE ONLY
_________________________________________________________________
(4) SOURCE OF FUNDS*
PF, SC
_________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ____
/ /
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
USA
_________________________________________________________________
: (7) SOLE VOTING POWER
: 346,646 (Item 5)
:________________________
: (8) SHARED VOTING POWER
NUMBER OF SHARES BENEFICIALLY : None
OWNED BY EACH REPORTING :________________________
PERSON WITH : (9) SOLE DISPOSITIVE
: POWER
: 346,646 (Item 5)
:________________________
:(10) SHARED DISPOSITIVE
: POWER
: None
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
346,646 (Item 5)
_________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
EXCLUDES CERTAIN SHARES* _____
/ x /
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
25.14%
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
IN
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Item 1. Security and Issuer
This Amendment No. 39 to Schedule 13D on Lynch Corpora-
tion (the "Issuer") is being filed on behalf of the undersigned
to amend the Schedule 13D, as amended (the "Schedule 13D") which
was originally filed on December 19, 1985. This Amendment is
being filed to amend Item 5 of Amendment No. 38. Unless
otherwise indicated, all capitalized term used but not defined
herein shall have the same meaning as set forth in the Schedule
13D.
Item 5. Interest In Securities Of The Issuer
Item 5 to Schedule 13D is amended, in pertinent part,
as follows:
(a) On March 12, 1996, Lynch paid Mr. Gabelli a cash
bonus of $625,000 for serving as Chairman and Chief Executive
Officer of Lynch. On that date, Mr. Gabelli acquired from Lynch
10,373 shares of Lynch Common Stock for $625,000. In addition,
Lynch also loaned Mr. Gabelli $212,000 for the period from March
15, 1996, until March 31, 1996, at 6% interest, secured by a
pledge of stock, for the payment of Mr. Gabelli's withholding
taxes on the bonus. The aggregate number and percentage of
Securities to which this Schedule 13D relates is 336,273 shares
and represents 24.39% of 1,378,663 shares outstanding as reported
in the Issuer's most recently filed Form 10-Q for the quarter
ended September 30, 1995. The Reporting Persons beneficially own
the Securities as follows:
Shares of % of
Common Class of
Name Stock Common
Mr. Gabelli 346,646 25.14%
(b) Each of the Reporting Persons and Covered Persons
has the sole power to vote or direct the vote and sole power to
dispose or to direct the disposition of the Securities reported
for it, either for its own benefit or for the benefit of its in-
vestment clients or its partners, as the case may be.
<PAGE>
Signature
After reasonable inquiry and to the best of my know-
ledge and belief, I certify that the information set forth in
this statement is true, complete and correct.
Dated: March 13, 1996
Mario J. Gabelli
By:______________________
James E. McKee
Attorney-in-Fact
