SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
Bindley Western Industries, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
090324104
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(CUSIP Number)
Check the following box if a fee is being paid with this statement [x].
(A fee is not required only if the filing 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).
* 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 the disclosures provided
in a prior cover page.
The information required in 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 the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
CUSIP NO. 090324104
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification
Nos. of Above Persons: Palisade Capital Management,
L.L.C., Tax ID#: 22-3330049
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(2) Check the Appropriate Box if a Member of a
Group (See Instructions) (a)
(b)
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(3) SEC Use Only
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(4) Citizenship or Place of Organization: New Jersey
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Number of Shares Beneficially Owned by
Each Reporting Person With (5) Sole Voting Power: 637,050
(6) Shared Voting Power: --
(7) Sole Dispositive Power: 637,050
(8) Shared Dispositive Power: --
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(9) Aggregate Amount Beneficially Owned by Each
Reporting Person: 637,050 (includes 406,050
shares reporting person has right to acquire
upon conversion of registered bonds)
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(10) Check if the Aggregate Amount in Row (9) Excludes
Certain Shares (See Instructions)
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(11) Percent of Class Represented by Amount in Row (9): 5.5%
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(12) Type of Reporting Person (See Instructions): IA
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Item 1(a). Name Of Issuer: Bindley Western Industries, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices: 10333
North Meridian Street, Suite 300, Indianapolis, Indiana 46290
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Item 2(a). Name of Person Filing: Palisade Capital Management, L.L.C.*
* The shares reflected in this Schedule were formerly included in
a report filed by the Whiffletree Division of Smith Barney.
Effective April 10, 1995, the client accounts for which the
shares of the Issuer were acquired were transferred to the
reporting person.
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Item 2(b). Address of Principal Business Office or, if None,
Residence: One Bridge Plaza, Suite 695, Fort Lee, NJ 07024
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Item 2(c). Citizenship: New Jersey
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Item 2(d). Title of Class of Securities: Common Stock
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Item 2(e). CUSIP No.: 090324104
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Item 3. If This Statement Is Filed Pursuant to Rules 13d-1(b), or 13d-2(b),
check whether the Person Filing is a
(a) [ ] Broker or Dealer registered under Section 15 of the Act.
(b) [ ] Bank as defined in section 3(a)(6) of the Act.
(c) [ ] Insurance company as defined in section 3(a)(19) of the Act.
(d) [ ] Investment Company registered under section 8 of the
Investment Company Act.
(e) [ X ] Investment Adviser registered under section 203 of the
Investment Advisers Act of 1940.
(f) [ ] Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of 1974 or
Endowment fund; see Rule 13d-1(b)(1)(ii)(H).
(g) [ ] Parent Holding Company, in accordance with Rule
13d-1(b)(ii)(G) (Note: See Item 7).
(h) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(H).
Item 4. Ownership
(a) Amount Beneficially Owned (as of December 31, 1995):
637,050 (includes 406,050 shares reporting person has a
right to acquire upon conversion of registered bonds)
(b) Percent of Class (as of December 31, 1995):
5.5%
(c) Number of Shares as to which such person has:
(i) sole power to vote or to direct the vote 637,050
(ii) shared power to vote or to direct the vote --
(iii) sole power to dispose or to direct the disposition
of 637,050
(iv) shared power to dispose or to direct the disposition of --
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following [ ].
Item 6. Ownership of More Than Five Percent on Behalf of Another Person
The shares of the Issuer beneficially owned by the reporting
person are held on behalf of the reporting person's clients in
accounts over which the reporting person has complete investment
discretion. No other person has the right to receive or the
power to direct the receipt of dividends from, or the proceeds
from the sale of, such shares. No other person's interest
relates to more than five percent of the class. No client
account contains more than five percent of the class.
Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on by the Parent
Holding Company. N/A
Item 8. Identification and Classification of Members of the Group. N/A
Item 9. Notice of Dissolution of Group. N/A
Item 10. Certification
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose
of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having
such purposes or effect.
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.
February 12, 1996
(Date)
/s/ Steven E. Berman
(Signature)
Steven E. Berman/Member
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(Name/Title)
