<PAGE>1 PAGE 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
AMERICAN SHARED HOSPITAL SERVICES
____________________________________________________________________________
(Name of Issuer)
COMMON STOCK
___________________________________________________________________________
(Title of Class of Securities)
029595105
_________________________________________________________
(CUSIP Number)
JOHN F. HARTIGAN, ESQ. MORGAN, LEWIS & BOCKIUS LLP
801 SOUTH GRAND AVENUE, LOS ANGELES, CA 90017
(213) 612-2500
___________________________________________________________________________
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
NOVEMBER 27, 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).
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<PAGE>2 PAGE 2
SCHEDULE 13D
CUSIP No. 029595105
_________
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
LION ADVISORS, L.P.
___________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) /x/
(B) / /
___________________________________________________________________________
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 (e) / /
___________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
___________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 384,195 SHARES OF COMMON STOCK (INCLUDES 80,051 SHARES
SHARES ISSUABLE UPON THE CONVERSION OF WARRANTS)
BENEFICIALLY __________________________________________________________
OWNED BY 8 SHARED VOTING POWER
EACH __________________________________________________________
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 384,195 SHARES OF COMMON STOCK (INCLUDES 80,051 SHARES
ISSUABLE UPON THE CONVERSION OF WARRANTS)
__________________________________________________________
10 SHARED DISPOSITIVE POWER
___________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
384,195 SHARES OF COMMON STOCK (INCLUDES 80,051 SHARES ISSUABLE UPON
THE CONVERSION OF WARRANTS)
___________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
___________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.9%**
__________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
* SEE INSTRUCTIONS BEFORE FILLING OUT!
** Assumes 4,244,401 shares of Common Stock outstanding as reported by
American Shared Hospital Services on November 8, 1995.
<PAGE>
<PAGE>3 PAGE 3
SCHEDULE 13D
CUSIP No. 029595105
_________
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
AIF II, L.P.
___________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) /x/
(B) / /
___________________________________________________________________________
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 (e) / /
___________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
___________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 170,752 SHARES OF COMMON STOCK (INCLUDES 35,578 SHARES
SHARES ISSUABLE UPON THE CONVERSION OF WARRANTS)
BENEFICIALLY __________________________________________________________
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING __________________________________________________________
PERSON 9 SOLE DISPOSITIVE POWER
WITH 170,752 SHARES OF COMMON STOCK (INCLUDES 35,578 SHARES
ISSUABLE UPON THE CONVERSION OF WARRANTS)
__________________________________________________________
10 SHARED DISPOSITIVE POWER
___________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
170,752 SHARES OF COMMON STOCK (INCLUDES 35,578 SHARES ISSUABLE UPON
THE CONVERSION OF WARRANTS)
___________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
___________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.0%**
___________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
* SEE INSTRUCTIONS BEFORE FILLING OUT!
** Assumes 4,244,401 shares of Common Stock outstanding as reported by
American Shared Hospital Services on November 8, 1995.
<PAGE>
<PAGE>4 PAGE 4
AMENDMENT NO. 2
TO THE
STATEMENT PURSUANT TO RULE 13d-1
OF THE
GENERAL RULES AND REGULATIONS
UNDER THE
SECURITIES EXCHANGE ACT OR 1934, AS AMENDED
_________________________________________________________________
_________________________________________________________________
This Amendment No. 2 supplements and amends the Statement to
Schedule 13D dated May 17, 1995 and the Amendment No. 1 dated
November 13, 1995 (as so amended to date, the "Schedule 13D").
Item 5. Interest in Securities of the Issuer.
______ ____________________________________
Item 5(a) is hereby amended and restated in its entirely as
follows:
(a) Lion Advisors indirectly beneficially owns 384,195
shares of the Common Stock (including 80,051 Warrants) or 8.9% of
the Common Stock outstanding. AIF beneficially owns 170,752
shares of the Common Stock (including 35,578 Warrants) or 4.0% of
the Common Stock outstanding. The Reporting Persons beneficially
own, in the aggregate, 554,947 shares of the Common Stock
(including 115,629 Warrants) or 12.7% of the Common Stock
outstanding. Beneficial ownership of such shares was acquired as
described in Item 4.
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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 and agree that this
statement may be filed jointly with AIF II, L.P.
Dated: November 27, 1995
LION ADVISORS, L.P.
By: Lion Capital Management, Inc.,
General Partner
By: /s/ Michael D. Weiner
_________________________________________
Name: Michael D. Weiner
Title: Vice President
Lion Capital Management, Inc.
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<PAGE>6 PAGE 6
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 and agree that this
statement may be filed jointly with Lion Advisors, L.P.
Dated: November 27, 1995
AIF II, L.P.
By: Apollo Advisors, L.P.,
Managing General Partner
By: Apollo Capital Management, Inc.,
General Partner
By: /s/ Michael D. Weiner
_________________________________________
Name: Michael D. Weiner
Title: Vice President
Apollo Capital Management, Inc.
