SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D**
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Durakon Industries, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
266334101
(Cusip Number)
Barbara E. Shields
6300 Ridglea Place, Suite 1111
Fort Worth, Texas 76116
(817) 335-8282
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 18, 1998
(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 [ ].
*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).
**The total number of shares of stock reported herein is 262,300, which
constitutes approximately 4.3% of the total number of shares outstanding. All
ownership percentages set forth herein assume that there are 6,128,200 shares
outstanding.
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1. Name of Reporting Person:
Corbin & Company
2. Check the Appropriate Box if a Member of a Group:
(a) / /
Not Applicable
(b) / /
3. SEC Use Only
4. Source of Funds: OO (Funds Received from Advisory Clients)
5. Check box if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e):
/ /
6. Citizenship or Place of Organization: Texas
7. Sole Voting Power: -0-
Number of
Units
Beneficially 8. Shared Voting Power: 262,300 (1)
Owned By
Each
Reporting 9. Sole Dispositive Power: -0-
Person
With
10. Shared Dispositive Power: 262,300 (1)
11. Aggregate Amount Beneficially Owned by Each Reporting Person:
262,300
12. Check Box if the Aggregate Amount in Row (11) Excludes Certain Units:
/ /
13. Percent of Class Represented by Amount in Row (11): 4.3%
14. Type of Reporting Person: IA
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(1) Power is exercised through its Chairman, President and Chief Investment
Officer, David A. Corbin.
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Pursuant to Rule 13d-2(a) of Regulation 13D-G of the General Rules and
Regulations under the Securities Act of 1934, as amended (the "Act"), the
undersigned hereby amends its Schedule 13D Statement Dated November 17, 1998
(the "Schedule 13D"), relating to the Common Stock of Durakon Industries, Inc.
Unless otherwise indicated, all defined terms used herein shall have the same
meanings ascribed to them in the Schedule 13D.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 is hereby amended and restated in its entirety to read as follows:
Corbin & Co. has expended $4,803,083.74 to purchase shares of the Stock.
Such funds were received from Corbin & Co.'s investment advisory clients.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 is hereby amended and restated in its entirety to read as follows:
(a)
Reporting Person
CORBIN & CO.
The aggregate number of shares of the Stock that Corbin & Co. owns
beneficially, pursuant to Rule 13d-3 of the Act, is 262,300, which constitutes
approximately 4.3% of the outstanding shares of the Stock.
Controlling Person
CORBIN
Because of his positions as Chairman, President and Chief Investment
Officer of Corbin & Co., Corbin may, pursuant to Rule 13d-3 of the Act, be
deemed to be the beneficial owner of 262,300 shares of the Stock, which
constitutes approximately 4.3% of the outstanding shares of the Stock.
To the best of the knowledge of the Reporting Person, other than as set
forth above, none of the Item 2 Persons is the beneficial owner of any shares
of the Stock.
(b)
Reporting Person
CORBIN & CO.
Acting through Corbin, its Chairman, President and Chief Investment
Officer, Corbin & Co. has the shared power to vote or to direct the vote and to
dispose or to direct the disposition of 262,300 shares of the Stock.
Controlling Person
CORBIN
As Chairman, President and Chief Investment Officer of Corbin & Co., Corbin
has the shared power to vote or to direct the vote and to dispose or to direct
the disposition of 262,300 shares of the Stock.
(c) Since the filing of the Schedule 13D, Corbin & Co. purchased 400
shares of the Stock at a price of $10.63 per share in an open market transaction
on the NASDAQ National Market.
Since the filing of the Schedule 13D, Corbin & Co. has sold no shares of
the Stock.
As the result of the death of one of Corbin & Co.'s advisory clients and
the termination of other client accounts, the total number of shares of the
Stock held in accounts managed by Corbin & Co. has decreased by 181,125 shares
since the filing of the Schedule 13D.
Except as set forth in this paragraph (c), to the best of the knowledge of
the Reporting Person, none of the Item 2 Persons have effected any transactions
in the Stock since the filing of the Schedule 13D.
(d) All of the shares of the Stock reported herein are owned by Corbin &
Co.'s advisory clients, who have the sole right to receive and the sole power
to direct the receipt of dividends from, or the proceeds from the sale of, such
shares of the Stock. To the best knowledge of Corbin & Co., no client of Corbin
& Co. has an interest in dividends or sale proceeds that relates to 5% or more
of the outstanding shares of the Stock.
(e) As of December 18, 1998, the Reporting Person ceased to be the
beneficial owner of more than five percent of the Stock.
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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: December 23, 1998
CORBIN & COMPANY
By: /s/ Barbara E. Shields
Barbara E. Shields, Vice President
for Client Relations and Legal Affairs
