SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)1
UNITED CAPITAL CORP.
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(Name of issuer)
COMMON STOCK, $.10 PAR VALUE
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(Title of class of securities)
909912 10 7
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(CUSIP number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME & ROSENZWEIG LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
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(Name, address and telephone number of person
authorized to receive notices and communications)
November 26, 1997
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(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 6 Pages)
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1 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).
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CUSIP No. 909912 10 7 13D Page 2 of 6 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
A. F. PETROCELLI
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,974,524**
OWNED BY --------------------------------------------------------------
EACH
REPORTING 8 SHARED VOTING POWER
PERSON WITH -0-
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9 SOLE DISPOSITIVE POWER
2,974,524**
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10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,974,524**
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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)
55.0%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
**Includes presently exercisable options to purchase an aggregate of 125,000
shares of Common Stock.
<PAGE>
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CUSIP No. 909912 10 7 13D Page 3 of 6 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
BEVERLY PETROCELLI
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 500,000
OWNED BY
EACH
REPORTING
PERSON WITH
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8 SHARED VOTING POWER
-0-
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9 SOLE DISPOSITIVE POWER
500,000
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10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
500,000
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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)
9.5%
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14 TYPE OF REPORTING PERSON*
IN
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<PAGE>
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CUSIP No. 909912 10 7 13D Page 4 of 6 Pages
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SCHEDULE 13D
(Amendment No. 3)
relating to the
Common Stock, $.10 par value
of
United Capital Corp.
This Amendment No. 3 amends the Schedule 13D dated January 20, 1994,
(the "Schedule 13D"), filed by A.F. Petrocelli ("Mr. Petrocelli") and his wife,
Beverly Petrocelli ("Mrs. Petrocelli"). This Amendment No. 3 reflects (i) the
vesting of options to purchase an additional 33,333 shares of Common Stock, $.10
par value, (the "Common Stock") of United Capital Corp. (the "Issuer") held by
Mr. Petrocelli and (ii) gifts of Common Stock by Mr. Petrocelli. The Schedule
13D does not reflect the grant of options to purchase 222,381 shares of Common
Stock to Mr. Petrocelli in June 1997 since none of such options are exercisable
within 60 days of January 21, 1998. All capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Schedule 13D. The items
specified below are hereby amended and supplemented as specified herein.
Item 5. Interest in Securities of the Issuer. Item 5 of the Schedule
13D is hereby amended and supplemented by adding the following:
On November 26, 1997, Mr. Petrocelli gifted an aggregate of 41,900
shares of Common Stock to his children, grandchildren and certain other
individuals.
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CUSIP No. 909912 10 7 13D Page 5 of 6 Pages
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As a result of these transactions and various gifts made by Mr.
Petrocelli to his children and grandchildren in 1996 and the vesting of options
to purchase 33,333 shares of Common Stock in 1997, Mr. Petrocelli is the direct
beneficial owner of 2,974,524 shares of Common Stock including presently
exercisable options, to purchase 125,000 shares of Common Stock, representing
approximately 55.0% of the outstanding Common Stock of the Issuer. Such
percentage is based upon the amount of outstanding Common Stock of the Issuer as
of December 31, 1997 (5,285,847 shares of Common Stock). Such amount does not
include shares held by Mrs. Petrocelli and the adult children and grandchildren
of Mr. Petrocelli. Mrs. Petrocelli is the direct beneficial owner of 500,000
shares of Common Stock representing approximately 9.5% of the outstanding Common
Stock of the Issuer. Such percentage is based upon the amount of outstanding
Common Stock of the Issuer as of December 31, 1997. Such amount does not include
shares held by Mr. Petrocelli and the adult children or grandchildren of Mrs.
Petrocelli.
<PAGE>
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CUSIP No. 909912 10 7 13D Page 6 of 6 Pages
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SIGNATURES
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.
Dated: January __, 1998
/s/
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A.F. Petrocelli
/s/
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Beverly Petrocelli
