SEALRIGHT COMPANY INC
SC 13D/A, 1998-07-09
PAPERBOARD CONTAINERS & BOXES
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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. 1)*

                               Sealright Co., Inc.
                                (Name of Issuer)

                          Common Stock, $.10 par value
                         (Title of Class of Securities)

                               CUSIP No. 812138105
                                 (CUSIP Number)

                                Thomas F. Steyer
                       Farallon Capital Management, L.L.C.
                         One Maritime Plaza, Suite 1325
                         San Francisco, California 94111
                                 (415) 421-2132
                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)

                                  June 30, 1998
             (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 [ ].

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 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 that Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).

                               Page 1 of 35 Pages
<PAGE>


                                  SCHEDULE 13D
===============================
CUSIP No. 812138105
===============================

- ---------======================================================================
   1     Name of Reporting Person
         S.S. or I.R.S. Identification No. of Above Person

         Farallon Capital Partners, L.P.
- ---------======================================================================
   2     Check the Appropriate Box if a Member of a Group*        (a) [   ]

                                                                  (b) [ X ]
- ---------======================================================================
   3     SEC Use Only

- ---------======================================================================
   4     Source of Funds*

         WC, OO
- ---------======================================================================
   5     Check Box if Disclosure of Legal Proceedings is
         Required Pursuant to Items 2(d) or 2(e)                  [   ]

- ---------======================================================================
   6     Citizenship or Place of Organization

         California
- ----------------------=========================================================
                  7   Sole Voting Power

                      -0-
                ------=========================================================
   Number of      8   Shared Voting Power
    Shares
 Beneficially         -0-
 Owned By Each
   Reporting
  Person With
                ------=========================================================
                  9   Sole Dispositive Power

                      -0-
                ------=========================================================
                 10   Shared Dispositive Power

                      -0-
- ---------======================================================================
   11    Aggregate Amount Beneficially Owned By Each Reporting Person

         -0-
- ---------======================================================================
   12    Check Box if the Aggregate Amount in Row (11)
         Excludes Certain Shares*                                 [   ]

- ---------======================================================================
   13    Percent of Class Represented by Amount in Row (11)

         0.0 %
- ---------======================================================================
   14    Type of Reporting Person*

         PN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 2 of 35 Pages
<PAGE>


                                  SCHEDULE 13D
===============================
CUSIP No. 812138105
===============================

- ---------======================================================================
   1     Name of Reporting Person
         S.S. or I.R.S. Identification No. of Above Person

         Farallon Capital Institutional Partners, L.P.
- ---------======================================================================
   2     Check the Appropriate Box if a Member of a Group*        (a) [   ]

                                                                  (b) [ X ]
- ---------======================================================================
   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)                  [   ]

- ---------======================================================================
   6     Citizenship or Place of Organization

         California
- ----------------------=========================================================
                  7   Sole Voting Power

                      -0-
                ------=========================================================
   Number of      8   Shared Voting Power
    Shares
 Beneficially         -0-
 Owned By Each
   Reporting
  Person With
                ------=========================================================
                  9   Sole Dispositive Power

                      -0-
                ------=========================================================
                 10   Shared Dispositive Power

                      -0-
- ---------======================================================================
   11    Aggregate Amount Beneficially Owned By Each Reporting Person

         -0-
- ---------======================================================================
   12    Check Box if the Aggregate Amount in Row (11)
         Excludes Certain Shares*                                 [   ]

- ---------======================================================================
   13    Percent of Class Represented by Amount in Row (11)

         0.0 %
- ---------======================================================================
   14    Type of Reporting Person*

         PN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 3 of 35 Pages
<PAGE>


                                  SCHEDULE 13D
===============================
CUSIP No. 812138105
===============================

- ---------======================================================================
   1     Name of Reporting Person
         S.S. or I.R.S. Identification No. of Above Person

         Farallon Capital Institutional Partners II, L.P.
- ---------======================================================================
   2     Check the Appropriate Box if a Member of a Group*        (a) [   ]

                                                                  (b) [ X ]
- ---------======================================================================
   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)                  [   ]

- ---------======================================================================
   6     Citizenship or Place of Organization

         California
- ----------------------=========================================================
                  7   Sole Voting Power

                      -0-
                ------=========================================================
   Number of      8   Shared Voting Power
    Shares
 Beneficially         -0-
 Owned By Each
   Reporting
  Person With
                ------=========================================================
                  9   Sole Dispositive Power

                      -0-
                ------=========================================================
                 10   Shared Dispositive Power

                      -0-
- ---------======================================================================
   11    Aggregate Amount Beneficially Owned By Each Reporting Person

         -0-
- ---------======================================================================
   12    Check Box if the Aggregate Amount in Row (11)
         Excludes Certain Shares*                                 [   ]

- ---------======================================================================
   13    Percent of Class Represented by Amount in Row (11)

         0.0 %
- ---------======================================================================
   14    Type of Reporting Person*

         PN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 4 of 35 Pages
<PAGE>


                                  SCHEDULE 13D
===============================
CUSIP No. 812138105
===============================

- ---------======================================================================
   1     Name of Reporting Person
         S.S. or I.R.S. Identification No. of Above Person

         Farallon Capital Institutional Partners III, L.P.
- ---------======================================================================
   2     Check the Appropriate Box if a Member of a Group*        (a) [   ]

                                                                  (b) [ X ]
- ---------======================================================================
   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)                  [   ]

- ---------======================================================================
   6     Citizenship or Place of Organization

         Delaware
- ----------------------=========================================================
                  7   Sole Voting Power

                      -0-
                ------=========================================================
   Number of      8   Shared Voting Power
    Shares
 Beneficially         -0-
 Owned By Each
   Reporting
  Person With
                ------=========================================================
                  9   Sole Dispositive Power

                      -0-
                ------=========================================================
                 10   Shared Dispositive Power

                      -0-
- ---------======================================================================
   11    Aggregate Amount Beneficially Owned By Each Reporting Person

         -0-
- ---------======================================================================
   12    Check Box if the Aggregate Amount in Row (11)
         Excludes Certain Shares*                                 [   ]

- ---------======================================================================
   13    Percent of Class Represented by Amount in Row (11)

         0.0 %
- ---------======================================================================
   14    Type of Reporting Person*

         PN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 5 of 35 Pages
<PAGE>


                                  SCHEDULE 13D
===============================
CUSIP No. 812138105
===============================

- ---------======================================================================
   1     Name of Reporting Person
         S.S. or I.R.S. Identification No. of Above Person

         Tinicum Partners, L.P.
- ---------======================================================================
   2     Check the Appropriate Box if a Member of a Group*        (a) [   ]

                                                                  (b) [ X ]
- ---------======================================================================
   3     SEC Use Only

- ---------======================================================================
   4     Source of Funds*

         WC, OO
- ---------======================================================================
   5     Check Box if Disclosure of Legal Proceedings is
         Required Pursuant to Items 2(d) or 2(e)                  [   ]

- ---------======================================================================
   6     Citizenship or Place of Organization

         New York
- ----------------------=========================================================
                  7   Sole Voting Power

                      -0-
                ------=========================================================
   Number of      8   Shared Voting Power
    Shares
 Beneficially         -0-
 Owned By Each
   Reporting
  Person With
                ------=========================================================
                  9   Sole Dispositive Power

                      -0-
                ------=========================================================
                 10   Shared Dispositive Power

                      -0-
- ---------======================================================================
   11    Aggregate Amount Beneficially Owned By Each Reporting Person

         -0-
- ---------======================================================================
   12    Check Box if the Aggregate Amount in Row (11)
         Excludes Certain Shares*                                 [   ]

- ---------======================================================================
   13    Percent of Class Represented by Amount in Row (11)

         0.0 %
- ---------======================================================================
   14    Type of Reporting Person*

         PN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 6 of 35 Pages
<PAGE>


                                  SCHEDULE 13D
===============================
CUSIP No. 812138105
===============================

- ---------======================================================================
   1     Name of Reporting Person
         S.S. or I.R.S. Identification No. of Above Person

         Farallon Capital Management, L.L.C.
- ---------======================================================================
   2     Check the Appropriate Box if a Member of a Group*        (a) [   ]

                                                                  (b) [ X ]
- ---------======================================================================
   3     SEC Use Only

- ---------======================================================================
   4     Source of Funds*

         OO
- ---------======================================================================
   5     Check Box if Disclosure of Legal Proceedings is
         Required Pursuant to Items 2(d) or 2(e)                  [   ]

- ---------======================================================================
   6     Citizenship or Place of Organization

         Delaware
- ----------------------=========================================================
                  7   Sole Voting Power

                      -0-
                ------=========================================================
   Number of      8   Shared Voting Power
    Shares
 Beneficially         -0-
 Owned By Each
   Reporting
  Person With
                ------=========================================================
                  9   Sole Dispositive Power

                      -0-
                ------=========================================================
                 10   Shared Dispositive Power

                      -0-
- ---------======================================================================
   11    Aggregate Amount Beneficially Owned By Each Reporting Person

         -0-
- ---------======================================================================
   12    Check Box if the Aggregate Amount in Row (11)
         Excludes Certain Shares*                                 [   ]

- ---------======================================================================
   13    Percent of Class Represented by Amount in Row (11)

         0.0 %
- ---------======================================================================
   14    Type of Reporting Person*

         IA, OO
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 7 of 35 Pages
<PAGE>


                                  SCHEDULE 13D
===============================
CUSIP No. 812138105
===============================

- ---------======================================================================
   1     Name of Reporting Person
         S.S. or I.R.S. Identification No. of Above Person

         Farallon Partners, L.L.C.
- ---------======================================================================
   2     Check the Appropriate Box if a Member of a Group*        (a) [   ]

                                                                  (b) [ X ]
- ---------======================================================================
   3     SEC Use Only

- ---------======================================================================
   4     Source of Funds*

         AF
- ---------======================================================================
   5     Check Box if Disclosure of Legal Proceedings is
         Required Pursuant to Items 2(d) or 2(e)                  [   ]

- ---------======================================================================
   6     Citizenship or Place of Organization

         Delaware
- ----------------------=========================================================
                  7   Sole Voting Power

                      -0-
                ------=========================================================
   Number of      8   Shared Voting Power
    Shares
 Beneficially         -0-
 Owned By Each
   Reporting
  Person With
                ------=========================================================
                  9   Sole Dispositive Power

                      -0-
                ------=========================================================
                 10   Shared Dispositive Power

                      -0-
- ---------======================================================================
   11    Aggregate Amount Beneficially Owned By Each Reporting Person

         -0-
- ---------======================================================================
   12    Check Box if the Aggregate Amount in Row (11)
         Excludes Certain Shares*                                 [   ]

- ---------======================================================================
   13    Percent of Class Represented by Amount in Row (11)

         0.0 %
- ---------======================================================================
   14    Type of Reporting Person*

         OO
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 8 of 35 Pages
<PAGE>


                                  SCHEDULE 13D
===============================
CUSIP No. 812138105
===============================

- ---------======================================================================
   1     Name of Reporting Person
         S.S. or I.R.S. Identification No. of Above Person

         Enrique H. Boilini
- ---------======================================================================
   2     Check the Appropriate Box if a Member of a Group*        (a) [   ]

                                                                  (b) [ X ]
- ---------======================================================================
   3     SEC Use Only

- ---------======================================================================
   4     Source of Funds*

         AF, OO
- ---------======================================================================
   5     Check Box if Disclosure of Legal Proceedings is
         Required Pursuant to Items 2(d) or 2(e)                  [   ]

- ---------======================================================================
   6     Citizenship or Place of Organization

         Argentina
- ----------------------=========================================================
                  7   Sole Voting Power

                      -0-
                ------=========================================================
   Number of      8   Shared Voting Power
    Shares
 Beneficially         -0-
 Owned By Each
   Reporting
  Person With
                ------=========================================================
                  9   Sole Dispositive Power

                      -0-
                ------=========================================================
                 10   Shared Dispositive Power

                      -0-
- ---------======================================================================
   11    Aggregate Amount Beneficially Owned By Each Reporting Person

         -0-
- ---------======================================================================
   12    Check Box if the Aggregate Amount in Row (11)
         Excludes Certain Shares*                                 [   ]

- ---------======================================================================
   13    Percent of Class Represented by Amount in Row (11)

         0.0 %
- ---------======================================================================
   14    Type of Reporting Person*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 9 of 35 Pages
<PAGE>


                                  SCHEDULE 13D
===============================
CUSIP No. 812138105
===============================

- ---------======================================================================
   1     Name of Reporting Person
         S.S. or I.R.S. Identification No. of Above Person

         David I. Cohen
- ---------======================================================================
   2     Check the Appropriate Box if a Member of a Group*        (a) [   ]

                                                                  (b) [ X ]
- ---------======================================================================
   3     SEC Use Only

- ---------======================================================================
   4     Source of Funds*

         AF, OO
- ---------======================================================================
   5     Check Box if Disclosure of Legal Proceedings is
         Required Pursuant to Items 2(d) or 2(e)                  [   ]

- ---------======================================================================
   6     Citizenship or Place of Organization

         South Africa
- ----------------------=========================================================
                  7   Sole Voting Power

                      -0-
                ------=========================================================
   Number of      8   Shared Voting Power
    Shares
 Beneficially         -0-
 Owned By Each
   Reporting
  Person With
                ------=========================================================
                  9   Sole Dispositive Power

                      -0-
                ------=========================================================
                 10   Shared Dispositive Power

                      -0-
- ---------======================================================================
   11    Aggregate Amount Beneficially Owned By Each Reporting Person

         -0-
- ---------======================================================================
   12    Check Box if the Aggregate Amount in Row (11)
         Excludes Certain Shares*                                 [   ]

- ---------======================================================================
   13    Percent of Class Represented by Amount in Row (11)

         0.0 %
- ---------======================================================================
   14    Type of Reporting Person*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 10 of 35 Pages
<PAGE>


                                  SCHEDULE 13D
===============================
CUSIP No. 812138105
===============================

- ---------======================================================================
   1     Name of Reporting Person
         S.S. or I.R.S. Identification No. of Above Person

         Joseph F. Downes
- ---------======================================================================
   2     Check the Appropriate Box if a Member of a Group*        (a) [   ]

                                                                  (b) [ X ]
- ---------======================================================================
   3     SEC Use Only

- ---------======================================================================
   4     Source of Funds*

         AF, OO
- ---------======================================================================
   5     Check Box if Disclosure of Legal Proceedings is
         Required Pursuant to Items 2(d) or 2(e)                  [   ]

- ---------======================================================================
   6     Citizenship or Place of Organization

         United States
- ----------------------=========================================================
                  7   Sole Voting Power

                      -0-
                ------=========================================================
   Number of      8   Shared Voting Power
    Shares
 Beneficially         -0-
 Owned By Each
   Reporting
  Person With
                ------=========================================================
                  9   Sole Dispositive Power

                      -0-
                ------=========================================================
                 10   Shared Dispositive Power

                      -0-
- ---------======================================================================
   11    Aggregate Amount Beneficially Owned By Each Reporting Person

         -0-
- ---------======================================================================
   12    Check Box if the Aggregate Amount in Row (11)
         Excludes Certain Shares*                                 [   ]

- ---------======================================================================
   13    Percent of Class Represented by Amount in Row (11)

         0.0 %
- ---------======================================================================
   14    Type of Reporting Person*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 11 of 35 Pages
<PAGE>


                                  SCHEDULE 13D
===============================
CUSIP No. 812138105
===============================

- ---------======================================================================
   1     Name of Reporting Person
         S.S. or I.R.S. Identification No. of Above Person

         Fleur E. Fairman
- ---------======================================================================
   2     Check the Appropriate Box if a Member of a Group*        (a) [   ]

                                                                  (b) [ X ]
- ---------======================================================================
   3     SEC Use Only

- ---------======================================================================
   4     Source of Funds*

         AF
- ---------======================================================================
   5     Check Box if Disclosure of Legal Proceedings is
         Required Pursuant to Items 2(d) or 2(e)                  [   ]

- ---------======================================================================
   6     Citizenship or Place of Organization

         United States
- ----------------------=========================================================
                  7   Sole Voting Power

                      -0-
                ------=========================================================
   Number of      8   Shared Voting Power
    Shares
 Beneficially         -0-
 Owned By Each
   Reporting
  Person With
                ------=========================================================
                  9   Sole Dispositive Power

                      -0-
                ------=========================================================
                 10   Shared Dispositive Power

                      -0-
- ---------======================================================================
   11    Aggregate Amount Beneficially Owned By Each Reporting Person

         -0-
- ---------======================================================================
   12    Check Box if the Aggregate Amount in Row (11)
         Excludes Certain Shares*                                 [   ]

- ---------======================================================================
   13    Percent of Class Represented by Amount in Row (11)

         0.0 %
- ---------======================================================================
   14    Type of Reporting Person*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 12 of 35 Pages
<PAGE>


                                  SCHEDULE 13D
===============================
CUSIP No. 812138105
===============================

- ---------======================================================================
   1     Name of Reporting Person
         S.S. or I.R.S. Identification No. of Above Person

         Jason M. Fish
- ---------======================================================================
   2     Check the Appropriate Box if a Member of a Group*        (a) [   ]

                                                                  (b) [ X ]
- ---------======================================================================
   3     SEC Use Only

- ---------======================================================================
   4     Source of Funds*

         AF, OO
- ---------======================================================================
   5     Check Box if Disclosure of Legal Proceedings is
         Required Pursuant to Items 2(d) or 2(e)                  [   ]

- ---------======================================================================
   6     Citizenship or Place of Organization

         United States
- ----------------------=========================================================
                  7   Sole Voting Power

                      -0-
                ------=========================================================
   Number of      8   Shared Voting Power
    Shares
 Beneficially         -0-
 Owned By Each
   Reporting
  Person With
                ------=========================================================
                  9   Sole Dispositive Power

                      -0-
                ------=========================================================
                 10   Shared Dispositive Power

                      -0-
- ---------======================================================================
   11    Aggregate Amount Beneficially Owned By Each Reporting Person

         -0-
- ---------======================================================================
   12    Check Box if the Aggregate Amount in Row (11)
         Excludes Certain Shares*                                 [   ]

- ---------======================================================================
   13    Percent of Class Represented by Amount in Row (11)

         0.0 %
- ---------======================================================================
   14    Type of Reporting Person*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 13 of 35 Pages
<PAGE>


                                  SCHEDULE 13D
===============================
CUSIP No. 812138105
===============================

- ---------======================================================================
   1     Name of Reporting Person
         S.S. or I.R.S. Identification No. of Above Person

         Andrew B. Fremder
- ---------======================================================================
   2     Check the Appropriate Box if a Member of a Group*        (a) [   ]

                                                                  (b) [ X ]
- ---------======================================================================
   3     SEC Use Only

- ---------======================================================================
   4     Source of Funds*

         AF, OO
- ---------======================================================================
   5     Check Box if Disclosure of Legal Proceedings is
         Required Pursuant to Items 2(d) or 2(e)                  [   ]

- ---------======================================================================
   6     Citizenship or Place of Organization

         United States
- ----------------------=========================================================
                  7   Sole Voting Power

                      -0-
                ------=========================================================
   Number of      8   Shared Voting Power
    Shares
 Beneficially         -0-
 Owned By Each
   Reporting
  Person With
                ------=========================================================
                  9   Sole Dispositive Power

                      -0-
                ------=========================================================
                 10   Shared Dispositive Power

                      -0-
- ---------======================================================================
   11    Aggregate Amount Beneficially Owned By Each Reporting Person

         -0-
- ---------======================================================================
   12    Check Box if the Aggregate Amount in Row (11)
         Excludes Certain Shares*                                 [   ]

- ---------======================================================================
   13    Percent of Class Represented by Amount in Row (11)

         0.0 %
- ---------======================================================================
   14    Type of Reporting Person*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 14 of 35 Pages
<PAGE>


                                  SCHEDULE 13D
===============================
CUSIP No. 812138105
===============================

- ---------======================================================================
   1     Name of Reporting Person
         S.S. or I.R.S. Identification No. of Above Person

         William F. Mellin
- ---------======================================================================
   2     Check the Appropriate Box if a Member of a Group*        (a) [   ]

                                                                  (b) [ X ]
- ---------======================================================================
   3     SEC Use Only

- ---------======================================================================
   4     Source of Funds*

         AF, OO
- ---------======================================================================
   5     Check Box if Disclosure of Legal Proceedings is
         Required Pursuant to Items 2(d) or 2(e)                  [   ]

- ---------======================================================================
   6     Citizenship or Place of Organization

         United States
- ----------------------=========================================================
                  7   Sole Voting Power

                      -0-
                ------=========================================================
   Number of      8   Shared Voting Power
    Shares
 Beneficially         -0-
 Owned By Each
   Reporting
  Person With
                ------=========================================================
                  9   Sole Dispositive Power

                      -0-
                ------=========================================================
                 10   Shared Dispositive Power

                      -0-
- ---------======================================================================
   11    Aggregate Amount Beneficially Owned By Each Reporting Person

         -0-
- ---------======================================================================
   12    Check Box if the Aggregate Amount in Row (11)
         Excludes Certain Shares*                                 [   ]

- ---------======================================================================
   13    Percent of Class Represented by Amount in Row (11)

         0.0 %
- ---------======================================================================
   14    Type of Reporting Person*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 15 of 35 Pages
<PAGE>


                                  SCHEDULE 13D
===============================
CUSIP No. 812138105
===============================

- ---------======================================================================
   1     Name of Reporting Person
         S.S. or I.R.S. Identification No. of Above Person

         Stephen L. Millham
- ---------======================================================================
   2     Check the Appropriate Box if a Member of a Group*        (a) [   ]

                                                                  (b) [ X ]
- ---------======================================================================
   3     SEC Use Only

- ---------======================================================================
   4     Source of Funds*

         AF, OO
- ---------======================================================================
   5     Check Box if Disclosure of Legal Proceedings is
         Required Pursuant to Items 2(d) or 2(e)                  [   ]

- ---------======================================================================
   6     Citizenship or Place of Organization

         United States
- ----------------------=========================================================
                  7   Sole Voting Power

                      -0-
                ------=========================================================
   Number of      8   Shared Voting Power
    Shares
 Beneficially         -0-
 Owned By Each
   Reporting
  Person With
                ------=========================================================
                  9   Sole Dispositive Power

                      -0-
                ------=========================================================
                 10   Shared Dispositive Power

                      -0-
- ---------======================================================================
   11    Aggregate Amount Beneficially Owned By Each Reporting Person

         -0-
- ---------======================================================================
   12    Check Box if the Aggregate Amount in Row (11)
         Excludes Certain Shares*                                 [   ]

- ---------======================================================================
   13    Percent of Class Represented by Amount in Row (11)

         0.0 %
- ---------======================================================================
   14    Type of Reporting Person*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 16 of 35 Pages
<PAGE>


                                  SCHEDULE 13D
===============================
CUSIP No. 812138105
===============================

- ---------======================================================================
   1     Name of Reporting Person
         S.S. or I.R.S. Identification No. of Above Person

         Meridee A. Moore
- ---------======================================================================
   2     Check the Appropriate Box if a Member of a Group*        (a) [   ]

                                                                  (b) [ X ]
- ---------======================================================================
   3     SEC Use Only

- ---------======================================================================
   4     Source of Funds*

         AF, OO
- ---------======================================================================
   5     Check Box if Disclosure of Legal Proceedings is
         Required Pursuant to Items 2(d) or 2(e)                  [   ]

- ---------======================================================================
   6     Citizenship or Place of Organization

         United States
- ----------------------=========================================================
                  7   Sole Voting Power

                      -0-
                ------=========================================================
   Number of      8   Shared Voting Power
    Shares
 Beneficially         -0-
 Owned By Each
   Reporting
  Person With
                ------=========================================================
                  9   Sole Dispositive Power

                      -0-
                ------=========================================================
                 10   Shared Dispositive Power

                      -0-
- ---------======================================================================
   11    Aggregate Amount Beneficially Owned By Each Reporting Person

         -0-
- ---------======================================================================
   12    Check Box if the Aggregate Amount in Row (11)
         Excludes Certain Shares*                                 [   ]

- ---------======================================================================
   13    Percent of Class Represented by Amount in Row (11)

         0.0 %
- ---------======================================================================
   14    Type of Reporting Person*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 17 of 35 Pages
<PAGE>


                                  SCHEDULE 13D
===============================
CUSIP No. 812138105
===============================

- ---------======================================================================
   1     Name of Reporting Person
         S.S. or I.R.S. Identification No. of Above Person

         Thomas F. Steyer
- ---------======================================================================
   2     Check the Appropriate Box if a Member of a Group*        (a) [   ]

                                                                  (b) [ X ]
- ---------======================================================================
   3     SEC Use Only

- ---------======================================================================
   4     Source of Funds*

         AF, OO
- ---------======================================================================
   5     Check Box if Disclosure of Legal Proceedings is
         Required Pursuant to Items 2(d) or 2(e)                  [   ]

- ---------======================================================================
   6     Citizenship or Place of Organization

         United States
- ----------------------=========================================================
                  7   Sole Voting Power

                      -0-
                ------=========================================================
   Number of      8   Shared Voting Power
    Shares
 Beneficially         -0-
 Owned By Each
   Reporting
  Person With
                ------=========================================================
                  9   Sole Dispositive Power

                      -0-
                ------=========================================================
                 10   Shared Dispositive Power

                      -0-
- ---------======================================================================
   11    Aggregate Amount Beneficially Owned By Each Reporting Person

         -0-
- ---------======================================================================
   12    Check Box if the Aggregate Amount in Row (11)
         Excludes Certain Shares*                                 [   ]

- ---------======================================================================
   13    Percent of Class Represented by Amount in Row (11)

         0.0 %
- ---------======================================================================
   14    Type of Reporting Person*

         IN
- ---------======================================================================
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

                               Page 18 of 35 Pages
<PAGE>


      This  Amendment  No. 1 to Schedule 13D amends the  Schedule 13D  initially
filed on June 18, 1998 (collectively, with all amendments thereto, the "Schedule
13D").  The Schedule 13D is being filed to reflect both  purchases of additional
Shares by certain of the Reporting  Persons and the conversion on June 30, 1998,
of all of the Reporting Persons' Shares,  including such additional Shares, into
the right to receive,  for each  Share,  $11.00 in cash and 0.5 shares of common
stock,  par value $.01 per  share,  of JPS  Packaging  Company  pursuant  to the
Agreement and Plan of Merger,  dated as of March 2, 1998, by and among Huhtamaki
Oy, Seal Acquisition  Corporation and the Company (the "Merger Agreement").  For
further  information  regarding the Merger Agreement,  see the Form 8-K filed by
the Company with the Securities and Exchange Commission on March 17, 1998.

Item 2. Identity and Background.

      Footnote  One to the  Schedule 13D is amended and restated in its entirety
as follows:

      1 Of the Shares  reported by FCMLLC on behalf of the Managed  Accounts,  0
Shares (equal to approximately 0.0 % of the total Shares currently  outstanding)
are  held  by  the  Absolute  Return  Fund  of the  Common  Fund,  a  non-profit
corporation whose principal address is 450 Post Road East, Westport, Connecticut
06881. 

Item 3. Source and Amount of Funds and Other Consideration.

      Item 3 of the Schedule 13D is amended and supplemented by the following:

      The net investment cost (including  commissions) is approximately  $24,363
for the 1,800 Shares acquired by FCP since the filing of the prior Schedule 13D,
approximately  $21,656 for the 1,600 Shares acquired by FCIP since the filing of
the prior Schedule 13D,  approximately  $13,535 for the 1,000 Shares acquired by
FCIP II since the filing of the prior Schedule 13D, approximately $5,414 for the
400  Shares  acquired  by FCIP III since the filing of the prior  Schedule  13D,
approximately $1,353 for the 100 Shares acquired by Tinicum

                               Page 19 of 35 Pages
<PAGE>


since the filing of the prior  Schedule  13D and  approximately  $69,028 for the
5,100  Shares  acquired  by the Managed  Accounts  since the filing of the prior
Schedule 13D.

      The consideration for such acquisitions was obtained as follows:  (i) with
respect to FCIP, FCIP II and FCIP III, from working  capital;  (ii) with respect
to the Managed Accounts, from the working capital of each Managed Account and/or
from borrowings  pursuant to margin  accounts  maintained by some of the Managed
Accounts at Goldman,  Sachs & Co.;  and (iii) with  respect to FCP and  Tinicum,
from  working  capital , and/or  from  borrowings  pursuant  to margin  accounts
maintained by FCP and Tinicum at Goldman,  Sachs & Co. FCP,  Tinicum and some of
the Managed Accounts hold certain securities in their respective margin accounts
at  Goldman,  Sachs & Co.,  and the  accounts  may from time to time have  debit
balances. It is not possible to determine the amount of borrowings, if any, used
to acquire the Shares. 

Item 5. Interest in Securities of the Issuer.

      A. Farallon Capital Partners, L.P.

            (a),(b) The  information set forth in Rows 7, 8, 9, 10, 11 and 13 of
                  the  cover  page  hereto  for FCP is  incorporated  herein  by
                  reference.  The percentage  amount set forth in Row 13 of such
                  cover page and of each other cover page filed  herewith and of
                  Footnote  1 hereto is  calculated  based  upon the  11,082,564
                  Shares  outstanding  as of June 30,  1998, as  reported by the
                  Company.

            (c)   The trade  dates,  number of Shares  purchased or sold and the
                  price  per  Share for all  purchases  and sales of the  Shares
                  since the  filing of the prior  Schedule  13D are set forth on
                  Schedule A hereto and are  incorporated  herein by  reference.
                  All of such  transactions were open-market  transactions.  The
                  transfer  date  and  number  of  Shares  transferred  for each
                  transaction  since the filing of the prior  Schedule 13D which
                  is not a purchase  or sale is set forth on  Schedule A. All of
                  such  transfers  were  consummated   pursuant  to  the  Merger
                  Agreement.

                               Page 20 of 35 Pages
<PAGE>


            (d)   FPLLC as General  Partner  has the power to direct the affairs
                  of FCP,  including the disposition of the proceeds of the sale
                  of the Shares.  Steyer is the senior managing member of FPLLC,
                  and Boilini,  Cohen, Downes,  Fairman, Fish, Fremder,  Mellin,
                  Millham and Moore are managing members of FPLLC.

            (e)   As  of  June  30,  1998,  the  Reporting  Person  is  not  the
                  beneficial holder of any Shares.

      B. Farallon Capital Institutional Partners, L.P.

            (a),(b) The  information set forth in Rows 7, 8, 9, 10, 11 and 13 of
                  the  cover  page  hereto  for FCIP is  incorporated  herein by
                  reference.

            (c)   The trade  dates,  number of Shares  purchased or sold and the
                  price  per  Share for all  purchases  and sales of the  Shares
                  since the  filing of the prior  Schedule  13D are set forth on
                  Schedule B hereto and are  incorporated  herein by  reference.
                  All of such  transactions were open-market  transactions.  The
                  transfer  date  and  number  of  Shares  transferred  for each
                  transaction  since the filing of the prior  Schedule 13D which
                  is not a purchase  or sale is set forth on  Schedule B. All of
                  such  transfers  were  consummated   pursuant  to  the  Merger
                  Agreement.

            (d)   FPLLC as General  Partner  has the power to direct the affairs
                  of FCIP, including the disposition of the proceeds of the sale
                  of the Shares.  Steyer is the senior  managing member of FPLLC
                  and Boilini,  Cohen, Downes,  Fairman, Fish, Fremder,  Mellin,
                  Millham and Moore are managing members of FPLLC.

            (e)   As  of  June  30,  1998,  the  Reporting  Person  is  not  the
                  beneficial holder of any Shares.

      C. Farallon Capital Institutional Partners II, L.P.

            (a),(b) The  information set forth in Rows 7, 8, 9, 10, 11 and 13 of
                  the cover page  hereto for FCIP II is  incorporated  herein by
                  reference.

            (c)   The trade  dates,  number of Shares  purchased or sold and the
                  price  per  Share for all  purchases  and sales of the  Shares
                  since the  filing of the prior  Schedule  13D are set forth on
                  Schedule C hereto and are  incorporated  herein by  reference.
                  All of such  transactions were open-market  transactions.  The
                  transfer  date  and  number  of  Shares  transferred  for each
                  transaction  since the filing of the prior  Schedule 13D which
                  is not a purchase or sale is set forth on Schedule C. All

                               Page 21 of 35 Pages
<PAGE>


                  of such  transfers  were  consummated  pursuant  to the Merger
                  Agreement.

            (d)   FPLLC as General  Partner  has the power to direct the affairs
                  of FCIP II,  including the  disposition of the proceeds of the
                  sale of the Shares.  Steyer is the senior  managing  member of
                  FPLLC and Boilini,  Cohen,  Downes,  Fairman,  Fish,  Fremder,
                  Mellin, Millham and Moore are managing members of FPLLC.

            (e)   As  of  June  30,  1998,  the  Reporting  Person  is  not  the
                  beneficial holder of any Shares.

      D. Farallon Capital Institutional Partners III, L.P.

            (a),(b) The  information set forth in Rows 7, 8, 9, 10, 11 and 13 of
                  the cover page hereto for FCIP III is  incorporated  herein by
                  reference.

            (c)   The trade  dates,  number of Shares  purchased or sold and the
                  price  per  Share for all  purchases  and sales of the  Shares
                  since the  filing of the prior  Schedule  13D are set forth on
                  Schedule D hereto and are  incorporated  herein by  reference.
                  All of such  transactions were open-market  transactions.  The
                  transfer  date  and  number  of  Shares  transferred  for each
                  transaction  since the filing of the prior  Schedule 13D which
                  is not a purchase  or sale is set forth on  Schedule D. All of
                  such  transfers  were  consummated   pursuant  to  the  Merger
                  Agreement.

            (d)   FPLLC as General  Partner  has the power to direct the affairs
                  of FCIP III,  including the disposition of the proceeds of the
                  sale of the Shares.  Steyer is the senior  managing  member of
                  FPLLC and Boilini,  Cohen,  Downes,  Fairman,  Fish,  Fremder,
                  Mellin, Millham and Moore are managing members of FPLLC.

            (e)   As  of  June  30,  1998,  the  Reporting  Person  is  not  the
                  beneficial holder of any Shares.

      E. Tinicum Partners, L.P.

            (a),(b) The  information set forth in Rows 7, 8, 9, 10, 11 and 13 of
                  the cover page  hereto for Tinicum is  incorporated  herein by
                  reference.

            (c)   The trade  dates,  number of Shares  purchased or sold and the
                  price  per  Share for all  purchases  and sales of the  Shares
                  since the  filing of the prior  Schedule  13D are set forth on
                  Schedule E hereto and are  incorporated  herein by  reference.
                  All of such  transactions were open-

                               Page 22 of 35 Pages
<PAGE>


                  market  transactions.  The transfer  date and number of Shares
                  transferred for each transaction since the filing of the prior
                  Schedule  13D which is not a purchase  or sale is set forth on
                  Schedule E. All of such transfers were consummated pursuant to
                  the Merger Agreement.

            (d)   FPLLC as General  Partner  has the power to direct the affairs
                  of Tinicum,  including the  disposition of the proceeds of the
                  sale of the Shares.  Steyer is the senior  managing  member of
                  FPLLC and Boilini,  Cohen,  Downes,  Fairman,  Fish,  Fremder,
                  Mellin, Millham and Moore are managing members of FPLLC.

            (e)   As  of  June  30,  1998,  the  Reporting  Person  is  not  the
                  beneficial holder of any Shares.

      F. Farallon Capital Management, L.L.C.

            (a),(b) The  information set forth in Rows 7, 8, 9, 10, 11 and 13 of
                  the cover page  hereto for  FCMLLC is  incorporated  herein by
                  reference.

            (c)   The trade  dates,  number of Shares  purchased or sold and the
                  price  per  Share for all  purchases  and sales of the  Shares
                  since the  filing of the prior  Schedule  13D are set forth on
                  Schedule F hereto and are  incorporated  herein by  reference.
                  All of such  transactions were open-market  transactions.  The
                  transfer  date  and  number  of  Shares  transferred  for each
                  transaction  since the filing of the prior  Schedule 13D which
                  is not a purchase  or sale is set forth on  Schedule F. All of
                  such  transfers  were  consummated   pursuant  to  the  Merger
                  Agreement.

            (d)   FCMLLC, as an investment adviser,  has the power to direct the
                  disposition  of the proceeds of the sale of the Shares held by
                  the Managed Accounts.  Steyer is the senior managing member of
                  FCMLLC and Boilini,  Cohen,  Downes,  Fish,  Fremder,  Mellin,
                  Millham and Moore are managing members of FCMLLC.

            (e)   As  of  June  30,  1998,  the  Reporting  Person  is  not  the
                  beneficial holder of any Shares.

      G. Farallon Partners, L.L.C.

            (a),(b) The information set forth in rows 7, 8, 9, 10, 11, and 13 of
                  the cover  page  hereto  for FPLLC is  incorporated  herein by
                  reference.

            (c)   None.

                               Page 23 of 35 Pages
<PAGE>


            (d)   FPLLC as General  Partner  has the power to direct the affairs
                  of the Partnerships, including the disposition of the proceeds
                  of the  sale of the  Shares.  Steyer  is the  senior  managing
                  member of FPLLC and Boilini,  Cohen,  Downes,  Fairman,  Fish,
                  Fremder,  Mellin,  Millham and Moore are  managing  members of
                  FPLLC.

            (e)   As  of  June  30,  1998,  the  Reporting  Person  is  not  the
                  beneficial holder of any Shares.

      H. Enrique H. Boilini

            (a),(b) The  information set forth in Rows 7, 8, 9, 10, 11 and 13 of
                  the cover page  hereto for Boilini is  incorporated  herein by
                  reference.

            (c)   None.

            (d)   FPLLC as General  Partner  has the power to direct the affairs
                  of the Partnerships, including the disposition of the proceeds
                  of the sale of the Shares.  FCMLLC, as an investment  adviser,
                  has the power to direct the disposition of the proceeds of the
                  sale of the Shares held by the Managed Accounts.  Boilini is a
                  managing member of FCMLLC and FPLLC.

            (e)   As  of  June  30,  1998,  the  Reporting  Person  is  not  the
                  beneficial holder of any Shares.

      I. David I. Cohen

            (a),(b) The  information set forth in Rows 7, 8, 9, 10, 11 and 13 of
                  the cover  page  hereto  for Cohen is  incorporated  herein by
                  reference.

            (c)   None.

            (d)   FPLLC as General  Partner  has the power to direct the affairs
                  of the Partnerships, including the disposition of the proceeds
                  of the sale of the Shares.  FCMLLC, as an investment  adviser,
                  has the power to direct the disposition of the proceeds of the
                  sale of the Shares  held by the Managed  Accounts.  Cohen is a
                  managing member of FCMLLC and FPLLC.

            (e)   As  of  June  30,  1998,  the  Reporting  Person  is  not  the
                  beneficial holder of any Shares.

      J. Joseph F. Downes

                               Page 24 of 35 Pages
<PAGE>


            (a),(b) The  information set forth in Rows 7, 8, 9, 10, 11 and 13 of
                  the cover page  hereto for  Downes is  incorporated  herein by
                  reference.

            (c)   None.

            (d)   FPLLC as General  Partner  has the power to direct the affairs
                  of the Partnerships, including the disposition of the proceeds
                  of the sale of the Shares.  FCMLLC, as an investment  adviser,
                  has the power to direct the disposition of the proceeds of the
                  sale of the Shares held by the Managed  Accounts.  Downes is a
                  managing member of FCMLLC and FPLLC.

            (e)   As  of  June  30,  1998,  the  Reporting  Person  is  not  the
                  beneficial holder of any Shares.

      K. Fleur E. Fairman

            (a),(b) The  information set forth in Rows 7, 8, 9, 10, 11 and 13 of
                  the cover page  hereto for Fairman is  incorporated  herein by
                  reference.

            (c)   None.

            (d)   FPLLC as General  Partner  has the power to direct the affairs
                  of the Partnerships, including the disposition of the proceeds
                  of the sale of the  Shares.  Fairman is a  managing  member of
                  FPLLC.

            (e)   As  of  June  30,  1998,  the  Reporting  Person  is  not  the
                  beneficial holder of any Shares.

      L. Jason M. Fish

            (a),(b) The  information set forth in Rows 7, 8, 9, 10, 11 and 13 of
                  the  cover  page  hereto  for Fish is  incorporated  herein by
                  reference.

            (c)   None.

            (d)   FPLLC as General  Partner  has the power to direct the affairs
                  of the Partnerships, including the disposition of the proceeds
                  of the sale of the Shares.  FCMLLC, as an investment  adviser,
                  has the power to direct the disposition of the proceeds of the
                  sale of the Shares  held by the  Managed  Accounts.  Fish is a
                  managing member of FCMLLC and FPLLC.

            (e)   As  of  June  30,  1998,  the  Reporting  Person  is  not  the
                  beneficial holder of any Shares. 

                               Page 25 of 35 Pages
<PAGE>


      M. Andrew B. Fremder

            (a),(b) The  information set forth in Rows 7, 8, 9, 10, 11 and 13 of
                  the cover page  hereto for Fremder is  incorporated  herein by
                  reference.

            (c)   None.

            (d)   FPLLC as General  Partner  has the power to direct the affairs
                  of the Partnerships, including the disposition of the proceeds
                  of the sale of the Shares.  FCMLLC, as an investment  adviser,
                  has the power to direct the disposition of the proceeds of the
                  sale of the Shares held by the Managed Accounts.  Fremder is a
                  managing member of FCMLLC and FPLLC.

            (e)   As  of  June  30,  1998,  the  Reporting  Person  is  not  the
                  beneficial holder of any Shares.

      N. William F. Mellin

            (a),(b) The  information set forth in Rows 7, 8, 9, 10, 11 and 13 of
                  the cover page  hereto for  Mellin is  incorporated  herein by
                  reference.

            (c)   None.

            (d)   FPLLC as General  Partner  has the power to direct the affairs
                  of the Partnerships, including the disposition of the proceeds
                  of the sale of the Shares.  FCMLLC, as an investment  adviser,
                  has the power to direct the disposition of the proceeds of the
                  sale of the Shares held by the Managed  Accounts.  Mellin is a
                  managing member of FCMLLC and FPLLC.

            (e)   As  of  June  30,  1998,  the  Reporting  Person  is  not  the
                  beneficial holder of any Shares.

      O. Stephen L. Millham

            (a),(b) The  information set forth in Rows 7, 8, 9, 10, 11 and 13 of
                  the cover page  hereto for Millham is  incorporated  herein by
                  reference.

            (c)   None.

            (d)   FPLLC as General  Partner  has the power to direct the affairs
                  of the Partnerships, including the disposition of the proceeds
                  of the sale of the Shares.  FCMLLC, as an investment  adviser,
                  has the power to 

                               Page 26 of 35 Pages
<PAGE>


                  direct  the  disposition  of the  proceeds  of the sale of the
                  Shares  held by the  Managed  Accounts.  Millham is a managing
                  member of FCMLLC and FPLLC.

            (e)   As  of  June  30,  1998,  the  Reporting  Person  is  not  the
                  beneficial holder of any Shares.

      P. Meridee A. Moore

            (a),(b) The  information set forth in Rows 7, 8, 9, 10, 11 and 13 of
                  the cover  page  hereto  for Moore is  incorporated  herein by
                  reference.

            (c)   None.

            (d)   FPLLC as General  Partner  has the power to direct the affairs
                  of the Partnerships, including the disposition of the proceeds
                  of the sale of the Shares.  FCMLLC, as an investment  adviser,
                  has the power to direct the disposition of the proceeds of the
                  sale of the Shares  held by the Managed  Accounts.  Moore is a
                  managing member of FCMLLC and FPLLC.

            (e)   As  of  June  30,  1998,  the  Reporting  Person  is  not  the
                  beneficial holder of any Shares.

      Q. Thomas F. Steyer

            (a),(b) The  information set forth in Rows 7, 8, 9, 10, 11 and 13 of
                  the cover page  hereto for  Steyer is  incorporated  herein by
                  reference.

            (c)   None.

            (d)   FPLLC as General  Partner  has the power to direct the affairs
                  of the Partnerships, including the disposition of the proceeds
                  of the sale of the Shares.  FCMLLC, as an investment  adviser,
                  has the power to direct the disposition of the proceeds of the
                  sale of the Shares held by the Managed Accounts. Steyer is the
                  senior managing member of FCMLLC and FPLLC.

            (e)   As  of  June  30,  1998,  the  Reporting  Person  is  not  the
                  beneficial holder of any Shares.

      The Shares reported hereby for the  Partnerships are owned directly by the
Partnerships  and those reported by FCMLLC on behalf of the Managed Accounts are
owned 

                               Page 27 of 35 Pages
<PAGE>


directly by the Managed Accounts. Each of Boilini, Cohen, Downes, Fish, Fremder,
Mellin,  Millham,  Moore and Steyer may be deemed,  as managing members of FPLLC
and FCMLLC,  to be the  beneficial  owner of all such Shares.  Each of FPLLC and
Fairman, as a managing member of FPLLC, may be deemed to be the beneficial owner
of all such  Shares  owned by the  Partnerships.  FCMLLC may be deemed to be the
beneficial  owner of all such  Shares  owned by the  Managed  Accounts.  Each of
FCMLLC, FPLLC, Boilini, Cohen, Downes, Fairman, Fish, Fremder,  Mellin, Millham,
Moore and Steyer hereby disclaim any beneficial ownership of any such Shares.

                               Page 28 of 35 Pages
<PAGE>


                                   SIGNATURES


      After reasonable  inquiry and to the best of our knowledge and belief, the
undersigned  certify that the  information  set forth in this statement is true,
complete and correct.

Dated: July 9, 1998


                                  /s/ Thomas F. Steyer
                                  ----------------------------------------
                                  FARALLON PARTNERS, L.L.C.,
                                  on its own behalf and as General Partner of
                                  FARALLON CAPITAL PARTNERS, L.P.,
                                  FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.,
                                  FARALLON CAPITAL INSTITUTIONAL PARTNERS II, 
                                  L.P., FARALLON CAPITAL INSTITUTIONAL PARTNERS 
                                  III, L.P. and TINICUM PARTNERS, L.P.
                                  By Thomas F. Steyer,
                                  Senior Managing Member


                                  /s/ Thomas F. Steyer
                                  ----------------------------------------
                                  FARALLON CAPITAL MANAGEMENT, L.L.C.
                                  By Thomas F. Steyer,
                                  Senior Managing Member


                                  /s/ Thomas F. Steyer
                                  ----------------------------------------
                                  Thomas F. Steyer, individually and as 
                                  attorney-in-fact for each of Enrique H.
                                  Boilini, David I. Cohen, Joseph F. Downes, 
                                  Fleur E. Fairman, Jason M. Fish, Andrew B. 
                                  Fremder, William F. Mellin, Stephen L. 
                                  Millham and Meridee A. Moore.


      The Powers of Attorney,  each executed by Boilini, Cohen, Downes, Fairman,
Fish, Fremder,  Mellin,  Millham and Moore,  authorizing Steyer to sign and file
this Schedule 13D on each person's behalf, which were filed with Amendment No. 1
to the  Schedule  13D filed  with the  Securities  and  Exchange  Commission  on
September 26, 1997, by such  Reporting  Persons with respect to the Common Stock
of Sphere Drake Holdings Limited, are hereby incorporated by reference.

                               Page 29 of 35 Pages
<PAGE>


                                   SCHEDULE A

                         FARALLON CAPITAL PARTNERS, L.P.


                                NO. OF SHARES
                                 PURCHASED (P)
                                  SOLD (S) OR             PRICE
       TRADE DATE               TRANSFERRED (T)          PER SHARE
                                                  (including commission)

        06/18/98                   1,800 (P)              $13.54
        06/30/98                  104,732 (T)               N/A (2)

- ------------
      2 Such transfer  represents the conversion of each Share into the right to
receive  $11.00 in cash and 0.5 shares of the common  stock,  par value $.01 per
share, of JPS Packaging Company pursuant to the Merger Agreement.

                              Page 30 of 35 Pages
<PAGE>


                                   SCHEDULE B

                  FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.


                                NO. OF SHARES
                                 PURCHASED (P)
                                  SOLD (S) OR             PRICE
       TRADE DATE               TRANSFERRED (T)          PER SHARE
                                                  (including commission)

        06/18/98                   1,600 (P)              $13.54
        06/30/98                  134,600 (T)              N/A (3)

- ------------
      3 Such transfer  represents the conversion of each Share into the right to
receive  $11.00 in cash and 0.5 shares of the common  stock,  par value $.01 per
share, of JPS Packaging Company pursuant to the Merger Agreement.

                              Page 31 of 35 Pages
<PAGE>


                                   SCHEDULE C

                FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.


                                NO. OF SHARES
                                 PURCHASED (P)
                                  SOLD (S) OR             PRICE
       TRADE DATE               TRANSFERRED (T)          PER SHARE
                                                  (including commission)

        06/18/98                   1,000 (P)              $13.54
        06/30/98                  32,000 (T)               N/A (4)

- ------------
      4 Such transfer  represents the conversion of each Share into the right to
receive  $11.00 in cash and 0.5 shares of the common  stock,  par value $.01 per
share, of JPS Packaging Company pursuant to the Merger Agreement.

                              Page 32 of 35 Pages
<PAGE>


                                   SCHEDULE D

                FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.


                                NO. OF SHARES
                                 PURCHASED (P)
                                  SOLD (S) OR             PRICE
       TRADE DATE               TRANSFERRED (T)          PER SHARE
                                                  (including commission)

        06/18/98                    400 (P)               $13.54
        06/30/98                  32,600 (T)               N/A (5)

- ------------
      5 Such transfer  represents the conversion of each Share into the right to
receive  $11.00 in cash and 0.5 shares of the common  stock,  par value $.01 per
share, of JPS Packaging Company pursuant to the Merger Agreement.

                              Page 33 of 35 Pages
<PAGE>


                                   SCHEDULE E

                             TINICUM PARTNERS, L.P.


                                NO. OF SHARES
                                 PURCHASED (P)
                                  SOLD (S) OR             PRICE
       TRADE DATE               TRANSFERRED (T)          PER SHARE
                                                  (including commission)

        06/18/98                    100 (P)               $13.54
        06/30/98                   7,700 (T)               N/A (6)

- ------------
      6 Such transfer  represents the conversion of each Share into the right to
receive  $11.00 in cash and 0.5 shares of the common  stock,  par value $.01 per
share, of JPS Packaging Company pursuant to the Merger Agreement.

                              Page 34 of 35 Pages
<PAGE>


                                   SCHEDULE F

                       FARALLON CAPITAL MANAGEMENT, L.L.C.


                                NO. OF SHARES
                                 PURCHASED (P)
                                  SOLD (S) OR             PRICE
       TRADE DATE               TRANSFERRED (T)          PER SHARE
                                                  (including commission)

        06/18/98                   4,600 (P)              $13.54
        06/30/98                 264,700 (T) (7)            N/A (8)

        06/18/98                    100 (P)               $13.54
        06/30/98                   6,600 (T)                N/A (8)

        06/18/98                    400 (P)               $13.54
        06/30/98                  42,800 (T)                N/A (8)

- ------------
      7 There was reported on Schedule F to the prior Schedule 13D a purchase of
11,300 Shares on June 10, 1998 at $13.42 price per share (including commission).
In fact,  11,200  Shares were  purchased  at $13.54  price per share  (including
commission).

      8 Such transfer  represents the conversion of each Share into the right to
receive  $11.00 in cash and 0.5 shares of the common  stock,  par value $.01 per
share, of JPS Packaging Company pursuant to the Merger Agreement.

                              Page 35 of 35 Pages


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