UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
Crystal Oil Company
(Name of Issuer)
$.06 Senior Convertible Voting
Preferred Stock (Non-Cumulative)
(Title of Class of Securities)
229385307
(CUSIP Number)
Check the following box if a fee is being paid with this
statement [ ]. (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).
SEC 1745 (2/92)<PAGE>
CUSIP No. 229385307 13G Page 2 of 8 Pages
1 NAME OF REPORTING PERSON Base Assets Trust
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 95-6598-256
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Trust organized under the laws of the State of California
5 SOLE VOTING POWER
0
NUMBER OF
SHARES
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY EACH 1,199,996
REPORTING
PERSON WITH
7 SOLE DISPOSITIVE POWER
0
8 SHARED DISPOSITIVE POWER
1,199,996
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,199,996
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
06.6%
12 TYPE OF REPORTING PERSON*
IC
*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 229385307 13G Page 3 of 8 Pages
1 NAME OF REPORTING PERSON Karl W. Dolk, as Trustee of the Base Assets
Trust
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON ###-##-####
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
5 SOLE VOTING POWER
0
NUMBER OF
SHARES
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY EACH 1,199,996
REPORTING
PERSON WITH
7 SOLE DISPOSITIVE POWER
0
8 SHARED DISPOSITIVE POWER
1,199,996
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,199,996
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
06.6%
12 TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 229385307 13G Page 4 of 8 Pages
1 NAME OF REPORTING PERSON Wilbert F. Schwartz, as Trustee of the Base
Assets Trust
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON ###-##-####
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
5 SOLE VOTING POWER
0
NUMBER OF
SHARES
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY EACH 1,199,996
REPORTING
PERSON WITH
7 SOLE DISPOSITIVE POWER
0
8 SHARED DISPOSITIVE POWER
1,199,996
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,199,996
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
06.6%
12 TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 229385307 13G Page 5 of 8 Pages
1 NAME OF REPORTING PERSON Thomas E. Arnold, as Trustee of the Base
Assets Trust
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON ###-##-####
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
5 SOLE VOTING POWER
0
NUMBER OF
SHARES
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY EACH 1,199,996
REPORTING
PERSON WITH
7 SOLE DISPOSITIVE POWER
0
8 SHARED DISPOSITIVE POWER
1,199,996
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,199,996
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
06.6%
12 TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTION BEFORE FILLING OUT!
SEC 1745 (2/92)<PAGE>
CUSIP No. 229385307 13G Page 6 of 8 Pages
Item 1(a) Name of Issuer
Crystal Oil Co.
Item 1(b) Address of Issuer's Principal Executive Offices
229 Milam Street, Box 21101
Shreveport, LA 71101
Item 2(a) Name of Person Filing
Reference is made to Item 1 of each of the cover pages of this
Schedule 13G, which Items are incorporated herein by reference.
Item 2(b) Address of Principal Business or, if none, Residence
The address of the Base Assets Trust is 11400 West Olympic
Boulevard, Los Angeles, California 90064 and the address of each
of the other reporting persons is in care of the Base Assets
Trust.
Item 2(c) Citizenship
Reference is made to Item 4 of each of the cover pages of this
Schedule 13G, which Items are incorporated herein by reference.
Item 2(d) Title of Class of Securities
Convertible Senior Preferred Stock
Item 2(e) CUSIP Number
229385307
Item 3 Type of Reporting Person
(c)[X] Base Assets Trust, as the liquidating agent of Executive
Life Insurance Company In Rehabilitation/Liquidation, is an
Insurance Company as defined in Section 3(a)(19) of the Act; the
other individual reporting persons, Messrs. Dolk, Schwartz and
Arnold, are trustees of the Base Assets Trust.
Item 4 Ownership
Reference is made to Items 5-9 and 11 of each of the cover pages
of this Schedule 13G, which Items are incorporated herein by
reference.
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CUSIP No. 229385307 13G Page 7 of 8 Pages
This statement is filed to reflect a change in the trustees of
the Base Assets Trust. On February 27, 1995, Karl W. Dolk was
appointed trustee and replaced Richard D. Baum. No change has
occurred in the ownership of securities held by Base Assets Trust
that are the subject of this statement.
Item 5 Ownership of Five Percent or Less of a Class
Not applicable.
Item 6 Ownership of More than Five Percent on Behalf of Another Person
To the knowledge of the reporting persons, 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, the $.06 Senior
Convertible Voting Preferred Stock (Non-Cumulative).
Item 7 Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company
Not applicable.
Item 8 Identification and Classification of Members of the Group
Not applicable.
Item 9 Notice of Dissolution of Group
Not applicable.
Item 10 Certification
By signing below the undersigned certify that, to the best of
their 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.
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CUSIP No. 229385307 13G Page 8 of 8 Pages
Signature
After reasonable inquiry and to the best of their knowledge and belief, the
undersigned certify that the information set forth in this statement is
true, complete and correct.
Date: February 13, 1996
BASE ASSETS TRUST
U/A/D September 3, 1993, as amended and restated
May 6, 1994
/s/ KARL W. DOLK
By: ______________________________
KARL W. DOLK, Trustee
/s/ WILBERT F. SCHWARTZ
By: ______________________________
WILBERT F. SCHWARTZ, Trustee
/s/ THOMAS E. ARNOLD
By: _____________________________
THOMAS E. ARNOLD, Trustee
SEC 1745 (2/92)<PAGE>
