7059
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(AMENDMENT NO. ____________)1
Networks Electronic Corp.
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(Name of Issuer)
Common Stock, par value $0.25 per share
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(Title of Class of Securities)
641219100
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(CUSIP Number)
David Wachtel, 9750 De Soto Avenue, Chatsworth, California 91311 (818) 341-0440
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 9, 1998
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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 that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(d), 13d- 1(f) or 13d-1(g), check the
following box o.
Note. Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See
Rule 13d-7(b) for other parties to whom copies are to be sent.
(Continued on following 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).
<PAGE>
SCHEDULE 13D FORMS 7060
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CUSIP NO. 641219100 13D PAGE ________ OF _______ PAGES
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
(1) Mihai D. Patrichi Trust
(2) Ileana Wachtel
(3) David Wachtel
(4) Rodica Patrichi
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
3 SEC USE ONLY
4 SOURCE OF FUNDS*
N/A
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
(1) Mihai D. Patrichi Trust - State of California
(2) Ileana Wachtel - USA
(3) David Wachtel - USA
(4) Rodica Patrichi - USA
NUMBER OF 7 SOLE VOTING POWER
SHARES (4) Rodica Patrichi - 1,103 shares
BENEFICIALLY
OWNED BY 8 SHARED VOTING POWER
EACH (1) - (4) 790,383 shares
REPORTING (2) & (4) David & Ileana Wachtel - 82,277 shares
PERSON WITH
9 SOLE DISPOSITIVE POWER
(4) Rodica Patrichi - 1,103 shares
10 SHARED DISPOSITIVE POWER
(1) - (4) 790,383 shares
(2) & (4) David & Ileana Wachtel - 82,277 shares
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(1) Mihai D.Patrichi Trust - 790,383
(2) Ileana Wachtel - 872,660
(3) David Wachtel - 872,660
(4) Rodica Patrichi - 791,486
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
<PAGE>
1 NAMES OF REPORTING PERSONS
IRS IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
(1) Mihai D. Patrichi Trust
(2) Ileana Wachtel
(3) David Wachtel
(4) Rodica Patrichi
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
(1) Mihai D. Patrichi Trust - 790,383 (47.3%)
(2) Ileana Wachtel - 872,660 (52.1%)
(3) David Wachtel - 872,660 (52.1%)
(4) Rodica Patrichi - 791,486 (47.3%)
14 TYPE OF REPORTING PERSON*
(1) Mihai D. Patrichi Trust - OO
(2) Ileana Wachtel - IN
(3) David Wachtel - IN
(4) Rodica Patrichi - IN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
ITEM 1. SECURITY AND ISSUER:
Common Stock, par value $0.25 per share
Networks Electronic Corp.
9750 De Soto Avenue
Chatsworth, California 91311
ITEM 2. IDENTITY AND BACKGROUND:
(1) (a) Mihai D. Patrichi Trust, State of California
(b) c/o Rodica Patrichi and Ileana Wachtel, 73095 Shadow
Mountain Drive, Palm Desert, CA 902260
(c) Not Applicable
(d) N/A
(e) N/A
(f) N/A
(2) (a) Ileana Wachtel
(b) c/o Ileana Wachtel, 9750 De Soto Avenue, Chatsworth CA 91311
(c) Political Consultant
(d) No
(e) No
(f) USA
(3) (a) David Wachtel
(b) 9750 De Soto Avenue, Chatsworth, California 91311
(c) CEO of Networks Electronic Corp.
(d) No
(e) No
(f) USA
(4) (a) Rodica Patrichi
(b) 73095 Shadow Mountain Drive, Palm Desert, CA 92260
(c) Retired
(d) No
(e) No
(f) USA
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
No purchase is being made. The shares were contributed to the Mihai
D. Patrichi Trust in the amounts and on the dates as set forth on EXHIBIT A
hereto. Ileana Wachtel and Rodica Patrichi are the co-trustees of the Trust.
ITEM 4. PURPOSE OF TRANSACTION:
A court has ordered the trust to sell its shares, which will
effectively result in a change in control of Networks Electronic Corp. The
shares have been held by the Mihai D.
<PAGE>
Patrichi Trust as set forth on EXHIBIT A hereto, with no intention to influence
a change of control of the Company. However, in the matter of In Re: Mihai D.
Patrichi Trust (Case No. BP03796), now pending in the Superior Court of
California for the county of Los Angeles, the court has ruled that the Trust
must dispose of all of its shares in the Company. Sale by the Trust of its
interest in the Company would effect a change in the control of the Company. On
November 9, 1998, the Company retained The Seidler Companies to help determine
the Company's course of conduct, including the possibility of a change of
control being affected by the sale of the Trust's shares.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER:
(1) Mihai Patrichi Trust
(a) 790,383 shares (47.3%)
(b) The trust currently has voting power over the 790,383 shares
(c) No transactions to report
(2) Ileana Wachtel
(a) 872,660 shares (52.1%)
(b) Ileana Wachtel is a trustee of the Mihai Patrichi Trust and
therefore shares voting and disposition power over the 790,383 shares with
Rodica Patrichi. She has shared power over the remaining 82,277 shares with her
husband David Wachtel.
(c) No transactions to report
(3) David Wachtel
(a) 872,660 shares (52.1%)
(b) David Wachtel is married to Ileana Wachtel and therefore is
a beneficial owner of the same shares.
(c) No transactions to report
(4) Rodica Patrichi
(a) 791,486 shares (47.3%)
(b) Rodica Patrichi is a trustee of the Mihai Patrichi Trust
and therefore shares voting and disposition power over the 790,383 shares with
Ileana Wachtel. She has sole voting and disposition power over her remaining
1,103 shares.
(c) No transactions to report
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
Ileana Wachtel and Rodica Patrichi are the trustees of the Mihai
Patrichi Trust and therefore have shared voting and disposition power of the
shares owned by the trust. David Wachtel is the husband of Ileana Wachtel.
ITEM 7. MATERIALS TO BE FILED AS EXHIBITS
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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.
MIHAI D. PATRICHI TRUST
12/18/98
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(Date)
/s/ Ileana Wachtel
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(Signature)
Ileana Wachtel / Trustee
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(Name/Title)
/s/ Rodica Patrichi
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(Signature)
Rodica Patrichi / Trustee
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(Name/Title)
RODICA PATRICHI
12/17/98
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(Date)
/s/ Rodica Patrichi
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(Signature)
Rodica Patrichi
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(Name)
ILEANA WACHTEL
12/17/98
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(Date)
/s/ Ileana Wachtel
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(Signature)
Ileana Wachtel
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(Name)
<PAGE>
DAVID WACHTEL
12/17/98
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(Date)
/s/ David Wachtel
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(Signature)
David Wachtel
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(Name)
The original statement shall be signed by each person on whose behalf
the statement is filed or authorized representative. If the statement is signed
on behalf of a person by his authorized representative (other than an executive
officer or general partner of the filing person), evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name of any title of each person who signs the statement shall be typed or
printed beneath his signature.
<PAGE>
EXHIBIT A
MIHAI D. PATRICHI TRUST SHARES
Share Certificate Number Date of Contribution to Trust Amount
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12314 03-01-71 100,000
12315 03-01-71 100,000
12316 03-01-71 100,000
14741 04-07-81 90,000
15249 07-01-81 50,000
15250 07-01-81 50,000
15251 07-01-81 50,000
15252 07-01-81 50,000
15253 07-01-81 50,000
15254 07-01-81 50,000
2408 06-10-83 1,000
2409 06-10-83 1,000
2410 06-10-83 1,000
2411 06-10-83 1,000
2412 06-10-83 1,000
2413 06-10-83 1,000
2414 06-10-83 1,000
2415 06-10-83 1,000
2416 06-10-83 1,000
2417 06-10-83 1,000
2418 06-10-83 1,000
2419 06-10-83 1,000
4736 09-15-87 100
4737 09-15-87 100
4738 09-15-87 100
1
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Share Certificate Number Date of Contribution to Trust Amount
4739 09-15-87 100
4740 09-15-87 100
4741 09-15-87 100
4742 09-15-87 100
4743 09-15-87 100
4744 09-15-87 100
4745 09-15-87 10,000
4748 09-15-87 1,000
4749 09-15-87 1,000
4750 09-15-87 1,000
4751 09-15-87 1,000
6878 11-21-91 5,845
6466 11-21-91 30,000
7499 12-01-92 37,638
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Total 790,383
2
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