SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
Under the Securities Exchange Act Of 1934 (Amendment No. 1)
Acceptance Insurance Companies Inc.
(NAME OF ISSUER)
Common Stock, $0.40 par value
(TITLE OF CLASS OF SECURITIES)
68417-60-0
(CUSIP NUMBER)
John P. Nelson
Silverstone Group
11516 Miracle Hills Drive, Suite 102
Omaha, NE 68154
(402) 964-5400
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO
RECEIVE
NOTICES AND COMMUNICATIONS)
January 6, 2000
(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(e), 13d-1(f) or 13d-1(g) check the
following box [ ]
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CUSIP No. 68417-60-0
1. Name of Reporting Persons John P. Nelson
I.R.S. Identification
No. of Above Person (entities only)
2. Check the Appropriate Box (a)
if a Member of a Group (b) _X
(See Instructions)
3. SEC Use Only
4. Source of Funds
(See Instructions)
5. Check Box if Disclosure of Legal
Proceedings is Required Pursuant ____
to Items 2(d) or 2(e)
6. Citizenship or Place
of Organization
Number of 7. Sole Voting Power
Shares 261,438.3681
Beneficially 8. Shared Voting Power
Owned by 225,740
Each 9. Sole Dispositive Power
Reporting 261,438.3681
Person With 10. Shared Dispositive Power 225,740
11. Aggregate Amount Beneficially
Owned by Each Reporting Person 487,178.3681
12. Check Box if the Aggregate Amount
in Row (11) Excludes Certain Shares ____________
(See Instructions)
13. Percent of class represented by amount in Row (11) 3.4%
14. Type of Reporting Person
(See Instructions) IN
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ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5 of Schedule 13D is amended in its entirety to read as follows:
John P. Nelson beneficially owns 487,178.3681, or 3.4%, of the
outstanding shares of Common Stock of the Issuer as follows:
* sole voting and dispositive power over 261,438.3681 shares of
Common Stock, of which 12.3681 shares are held in the
Issuer's Employee Stock Ownership Plan, that are owned by
Mr. Nelson;
* shared voting and dispositive power over 117,540 shares of
Common Stock that are owned by Nelson Investment Company of
Council Bluffs, which is controlled by Mr. Nelson;
* shared voting and dispositive power over 4,500 shares of
Common Stock that are owned Anne T. Nelson, his wife;
* shared voting and dispositive power over 3,700 shares of
Common Stock that are owned by a trust for his daughter,
Katherine A. Nelson, and of which he is a trustee;.
* shared voting and dispositive power over 50,000 shares of
Common Stock owned by KAN CO, LLC, which is controlled by
Mr. Nelson; and
* shared voting and dispositive power over 50,000 shares of
Common Stock owned by MOL CO, LLC, which is controlled by
Mr. Nelson.
Mr. Nelson's business address is Silverstone Group, 11516 Miracle
Hills Drive, Suite 102, Omaha, Nebraska 68154. His present principal business
occupation is Chairman of Silverstone Group, an insurance agency. He is a
United States citizen.
Nelson Investment Company of Council Bluffs is an Iowa corporation
with its principal business address at 344 Kenmore Avenue, Council Bluffs,
Iowa, 51503. This corporation is a family owned investment company.
Anne T. Nelson's address is 344 Kenmore Avenue, Council Bluffs, Iowa,
51503. Her present principal occupation is a homemaker, at the foregoing
address. She is a United States citizen.
The Katherine A. Nelson Trust was created under the laws of the State
of Iowa. The address of the grantor of the trust, Katherine A. Nelson, is
5616 Chadwick Road, Fairway, Kansas 66205. She and John P. Nelson are the
trustees of the trust. She is a United States citizen.
KAN CO, LLC is an Iowa limited liability company with its principal
business address at 344 Kenmore Avenue, Council Bluffs, Iowa, 51503. This
company is an investment company.
MOL CO, LLC is an Iowa limited liability company with its principal
business address at 344 Kenmore Avenue, Council Bluffs, Iowa, 51503. This
company is an investment company.
During the last five years, none of the reporting persons nor (as
applicable) their respective officers, directors or controlling persons has
been involved in any criminal proceedings (excluding traffic violations
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or similar misdemeanors), nor has any of the foregoing been a party to any
civil proceeding of a judicial or administrative body of competent jurisdiction
as a result of which he/it has been or is subject to a judgment, decree or
final order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
Mr. Nelson ceased to be the beneficial owner of more than five percent
of the outstanding shares of Common Stock of the Issuer effective January 6,
2000. On that date, the proxy granting Mr. Nelson to vote 320,644 shares of
Common Stock was revoked. He did not receive any compensation for these
shares.
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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.
Dated: April 21, 1999
/s/ John P. Nelson
_____________________
John P. Nelson
