UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
THE TURNER CORPORATION
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
900273103
(CUSIP Number)
G.J. Records, Jr., Midland Financial Co., 501 West I-44 Road,
Oklahoma City, OK 73118 (405) 840-7640
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
May 31, 1995
(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 [ ].
Check the following box if a fee is being paid with the statement
[ ]. (A fee is not required only if the reporting person: (1)
has a previous statement on file reporting beneficial ownership
of more than five percent of the class of securities described in
Item 1; and (2) has filed no amendment subsequent thereto
reporting beneficial ownership of five percent or less of such
class.) (See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits,
should be filed with the Commission. See Rule 13d-1(a) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter disclosures provided in
a prior cover page.
The information required on the remainder of this cover 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).
<PAGE>
1. Name of Reporting Person:
S.S. or I.R.S. Identification No. of Above Person:
The Nancy Johnston Trust
IRS #73-6093879
2. Check the Appropriate Box if a Member of a Group: (a) [ ]
(b) [ ]
3. SEC Use Only:
4. Source of Funds:
5. Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e): [ ]
6. Citizenship or Place of Organization:
Oklahoma
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH:
7. Sole Voting Power:
-0-
8. Shared Voting Power:
-0-
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-
14. Type of Reporting Person:
00
- --------------------------------------
Item 1. Security and Issuer.
On April 10, 1995, The Nancy Johnston Trust (the "Trust")
filed a Schedule 13D relating to the common stock of The Turner
Corporation, whose principal executive offices are at 375 Hudson
Street, New York, New York 10014. This Amendment No. 1 reports
the disposition of the 267,500 shares of such common stock (the
"Shares") described in the Schedule 13D.
Item 2. Identity and Background.
No change.
Item 3. Source and Amount of Funds or Other Consideration.
No change.
Item 4. Purpose of Transaction.
No change.
Item 5. Interest in Securities of the Issuer.
(a)(b)(c) On May 31, 1995, the Trust transferred 267,500
Shares to The Records Company, A Limited Partnership (the "Part-
nership") in connection with the termination and liquidation of
the Trust. George J. Records is the sole trustee of the Trust
and the sole general partner of the Partnership. As of the date
hereof, the Trust owns no Shares. The Shares represented
approximately 5.17% of the 5,172,977 shares believed to be
outstanding.
(d) Not applicable.
(e) The Trust ceased to be a beneficial owner of more than
5% of the common stock of the issuer on May 31, 1995.
Item 6. Contracts, Arrangements, Understandings or
Relationships With Respect to Securities of the Issuer.
The Partnership refinanced the Trust's obligations to
Midland Financial Co. and Firstinsure, Inc. under credit
agreements and pledge agreements filed herewith as Exhibits 1-4.
Item 7. Material to be Filed as Exhibits.
No change.
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
May 31, 1995 THE NANCY JOHNSTON TRUST
By GEORGE J. RECORDS
--------------------------------
George J. Records, Trustee
