FORM 4
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company act of 1935
or Section 30(f) of the Investment Company Act of 1940
OMB APPROVAL
[ ] Check this box if no longer -----------------------------------
subject to Section 16. Form 4 OMB Number 3235-0287
or Form 5 obligations may Expires: September 30, 1998
continue. See Instruction 1(b) Estimated average burden hours per
response 0.5
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1. Name and Address of Reporting Person
McLaughlin, Mark W.
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(Last) (First) (Middle)
13750 U.S. 281 North, Suite 660
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(Street)
San Antonio, TX 78232-4370
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
The Arlen Corporation (ARE)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for (Month/Year)
3/97
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer (Check all applicable)
Director X 10% Owner
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Officer (give title below) Other (specify below)
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7. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
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Form filed by More than One Reporting Person
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<TABLE>
TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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<CAPTION>
1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) or 5. Amount of 6. Owner- 7. Nature of
(Instr. 3) action action Disposed of (D) Securities ship Indirect
Date Code (Instr. 3, 4 and 5) Beneficially Form; Beneficial
(Month/ (Instr. 8) Owned at Direct Ownership
Day/ ----------------------------------------------- End of Month (D) or (Instr. 4)
Year) Code V Amount (A) or Price (Instr. 3 and 4) Indirect
(D) (I)
(Instr. 4)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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Common Stock 03/19/97 P 10,000 A $.10 D
Common Stock 03/19/97 P 15,000 A $.12 D
Common Stock 03/20/97 P 25,000 A $.11 D
Common Stock 03/24/97 P 45,000 A $.12 D
Common Stock 03/27/97 P 55,000 A $.16 5,552,785 D
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly. (Over)
*If the form is filed by more than one reporting person, see Instruction
4(b)(v). SEC 1474 (7-96)
</TABLE>
<TABLE>
FORM 4 (CONTINUED) TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<CAPTION>
1. Title of 2. Conversion 3. Transaction 4. Transaction 5. Number of 6. Date Exercisable
Derivative or Exercise Date Code Derivative and Expiration
Security Price of (Month/Day/ (Instr. 8) Securities Date
(Instr. 3) Derivative Year) Acquired (A) (Month/Day/
Security or Disposed of Year)
(D) ---------------------------
(Instr. 3, 4 and 5) Date Expiration
------------------------------------------ Exercisable Date
Code V (A) (D)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
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Explanation of Responses:
<CAPTION>
7. Title and Amount of 8. Price 9. Number 10. Ownership 11. Nature of
Underlying Securities of of Derivative of Derivative Indirect
(Instr. 3 and 4) Derivative Securities Security: Beneficial
- ------------------------- Security Beneficially Direct (D) Ownership
Amount or (Instr. 5) Owned at end or Indirect (Instr. 4)
Title Number of of Month (I)
Shares (Instr. 4) (Instr. 4)
(S) <C> <C> <C> <C> <C>
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Explanation of Responses:
</TABLE>
**Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually
signed.
If space provided is insufficient, see Instruction 6 for procedure.
/s/ Mark W. McLaughlin April 1, 1997
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** Signature of Reporting Person Date
Page 2
SEC 1474 (7-96)
