FORM 4
U.S SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check this box if no longer OMB APPROVAL
subject to Section 16. Form 4 OMB Number 3235-0287
or Form 5 obligations may Expires: April 30, 1997
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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
1. Name and Address of Reporting Person
KARL STEINER HOLDING AG
(Last) (First) (Middle)
HAGENHOLZSTRASSE 60
(Street)
8050 ZURICH, SWITZERLAND
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
THE TURNER CORPORATION (TUR)
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
June 1997
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person to Issuer (Check all applicable)
____ Director __X_ 10% Owner
____ Officer (give title below) ____ Other (specify below)
___________________________________________________________
<PAGE>
FORM 4 (continued)
TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF,
OR BENEFICIALLY OWNED
<TABLE>
<CAPTION>
6. Owner- 7. Nature
3. Trans- 5. Amount of ship Form: of Indirect
2. Trans- action 4. Securities Acquired Securities Bene- Direct Bene-
action Code (A) or Disposed of (D) ficially Owned (D) or ficial
Date (Instr. 8) (Instr. 3, 4 and 5) at End of Indirect Owner-
1. Title of Security (Month/Day/ (A) or Month (I) ship
(Instr. 3) Year) Code V Amount (D) Price (Instr. 3 and 4) (Instr. 4) (Instr. 4)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Over)
(Print or Type Responses) SEC 1474 (3/91)
<PAGE>
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
1. Title of 2. Conversion or 3. Transaction Date 4. Transaction 5. Number of Derivative 6. Date Exercisable
Derivative Exercise Price Code Securities Acquired and Expiration Date
Security of Derivative (Month/Day/Year) (A) or Disposed of (D)
(Instr. 3) Security (Instr. 8) (Instr. 3, 4, and 5) (Month/Day/Year)
Code V (A) (D) Date Exer- Expiration
cisable Date
<S> <C> <C> <C> <C> <C> <C> <C> <C>
8 1/2% Convertible $1,000* 6/30/97 C $6,000,000 7/22/92 7/21/97
Debenture Due 1997
Series D 8 1/2% $10.00* 7/1/97 ** V 6,000 7/1/97 None
Convertible
Preference Stock
<CAPTION>
7. Title and Amount of 8. Price of 9. Number of Derivative 10. Ownership 11. Nature of Indirect
Underlying Securities Derivative Securities Bene- Form of Beneficial Ownership
Security ficially Owned Derivative (Instr. 4)
(Instr. 3 and 4) at End of Month Security:
(Instr. 5) Direct (D)
(Instr. 4) or In-
direct (I)
(Instr. 4)
Title Amount or
Number of
Shares
<C> <C> <C> <C> <C> <C>
Series D 8 1/2% 6,000 $1,000 per share None D
Convertible
Preferred Stock
Common Stock 600,000 $10 per share 6,000*** D
</TABLE>
Explanation of Responses:
* Subject to antidilution adjustments.
** Received on conversion of Debenture.
*** As of July 1, 1997.
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
KARL STEINER HOLDING AG
By /s/ Heinrich Baumann July 1, 1997
Heinrich Baumann Date
Chairman
By /s/ Peter Steiner
Peter Steiner
Chairman
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Page 2
SEC 1474 (3/91)
