SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)*
NAME OF ISSUER: Gish Biomedical, Inc.
TITLE OF CLASS OF SECURITIES: Common Stock
CUSIP NUMBER: 376360103000
NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO
RECEIVE NOTICES AND COMMUNICATIONS:
Natalie I. Koether, Esq., Rosenman & Colin
211 Pennbrook Road, P. O. Box 97
Far Hills, New Jersey 07931 (908) 766-4101
DATE OF EVENT WHICH REQUIRES FILING: March 8, 1999
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: ________
Check the following 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.
*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 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).
(Continued on following pages)
<PAGE>
CUSIP NO.: 37636013000
1. NAME OF REPORTING PERSON: Asset Value Fund Limited Partnership
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) XX (b)
3. [SEC USE ONLY]
4. SOURCE OF FUNDS: WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e): YES NO XX
6. CITIZENSHIP OR PLACE OF ORGANIZATION: New Jersey
7. SOLE VOTING POWER: 457,850
8. SHARED VOTING POWER:
9. SOLE DISPOSITIVE POWER: 457,850
10. SHARED DISPOSITIVE POWER:
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON: 457,850
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: YES NO XX
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 13.27%
14. TYPE OF REPORTING PERSON: PN
<PAGE>
CUSIP NO.: 37636013000
1. NAME OF REPORTING PERSON: Howard F. Bovers
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) XX (b)
3. [SEC USE ONLY]
4. SOURCE OF FUNDS: PF
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e): YES NO XX
6. CITIZENSHIP OR PLACE OF ORGANIZATION: U.S.A.
7. SOLE VOTING POWER: 20,000
8. SHARED VOTING POWER:
9. SOLE DISPOSITIVE POWER: 20,000
10. SHARED DISPOSITIVE POWER:
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON: 20,000
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: YES NO XX
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): .58%
14. TYPE OF REPORTING PERSON: IN
<PAGE>
Item 1. SECURITY AND ISSUER
This Amendment No.1 relates to the Schedule 13D filed on November 25, 1998
in connection with the ownership by Asset Value Fund Limited Partnership ("Asset
Value") and Howard F. Bovers of the common stock, no par value per share
("Shares") of Gish Biomedical, Inc., a California corporation (the "Company" or
"Gish"). Gish's principal executive offices are located at 2681 Kelvin Avenue,
Irvine, California 92614. The capitalized terms used in this Amendment, unless
otherwise defined, shall have the same meaning as in the original Schedule 13D.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since the date of the last filing, Asset Value has acquired 58,000 Shares
at an aggregate purchase price of $153,260.56, and Howard F. Bovers has acquired
9,500 Shares at an aggregate purchase price of $27,053.16, including brokerage
commissions where applicable. Asset Value purchased the Shares with its cash
reserves and Mr. Bovers purchased his Shares with personal funds.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of the close of business on March 8, 1999, Asset Value owned an
aggregate of 457,850 Shares, or approximately 13.27% and Mr. Bovers owned an
aggregate of 20,000 Shares, or approximately .58%.
(b) Asset Value and Mr. Bovers have the sole power to vote and dispose of
457,850 Shares (or approximately 13.27%) and 20,000 Shares (or approximately
.58%), respectively.
Percentage ownership is based upon the total Shares reported as outstanding
in the Company's Form 10-Q for the quarter ended September 30, 1998.
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit C - Transactions in Shares for the past 60 days
<PAGE>
SIGNATURE
---------
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: March 9, 1999
ASSET VALUE FUND LIMITED PARTNERSHIP
By: Asset Value Management, Inc.
General Partner
By: /s/ John W. Galuchie, Jr.
--------------------------------
John W. Galuchie, Jr.
Treasurer and Secretary
/s/ Howard F. Bovers
--------------------------------
Howard F. Bovers
<PAGE>
EXHIBIT C
Transactions in Shares for the Past 60 Days
Shares purchased by Asset Value:
NUMBER OF PRICE
DATE SHARES PURCHASED PER SHARE*
- -------- -------------------------- ------------------
03/02/99 1,600 $2.5316
03/04/99 3,700 $2.625
03/05/99 1,700 $2.625
03/08/99 51,000 $2.625
* Exclusive of brokerage commissions.
Shares purchased by Howard F. Bovers:
NUMBER OF PRICE
DATE SHARES PURCHASED PER SHARE*
- -------- -------------------------- ------------------
03/02/99 5,100 $2.5316
* Exclusive of brokerage commissions.
