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- ---------------- U.S. SECURITIES AND EXCHANGED COMMISION ----------------------------
|F O R M 4| Washington, D.C. 20549 | OMB APPROVAL |
- ---------------- |--------------------------|
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP |OMB Number 3235-0287|
[ ] Check this box if |Expires: September 30,1998|
no longer Subject Filed pursuant to Section 16(a) of the Securities Exchanged Act of 1934, |Estimated ave. burden |
to Section 16. Section 17(a) of the Public Utility Holding Company Act of 1935 or |hours per response.....0.5|
Section 30(f) of the Investment Company Act 1940 ----------------------------
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|1.Name and Address of Reporting Person* |2.Issuer Name and Ticker or Trading Symbol |6.Relationship of Reporting Person to |
| | | Issuer (Check all Applicable) |
|LIEFF ANN S |SPEC'S MUSIC, INC. (SPEK) | |
| | | X Director X 10% Owner |
|----------------------------------------|------------------------------------------------|--- --- |
| (Last) (First) (MI)|3.IRS or Soc. Sec. No. |4.Statement for Month/ | X Officer Other |
| | of Reporting Person | Year |---(give title below) ---(Specify below)|
| 1666 NW 82 AVENUE | (Voluntary) | | |
| | | December 1997 | PRESIDENT AND CHIEF EXECUTIVE |
| | | | OFFICER |
|----------------------------------------| |------------------------|----------------------------------------|
| (Street) | |5.If Amendment, Date of |7. Individual or Joint/Group Filing |
| | | Original (Month/Year) | (Check Applicable Line) |
| | | | |
|MIAMI FL 33126 | | | X Form filed by One Reporting Person |
| | | |--- |
| | | | Form filed by More than One |
| | | |--- Reporting Person |
|----------------------------------------------------------------------------------------------------------------------------------|
| (City) (State) (Zip) |
| TABLE I - Non-Derivative Securities Acquired, Disposed of or Beneficially Owned |
|----------------------------------------------------------------------------------------------------------------------------------|
|1.Title of Security |2.Transac- |3.Trans. |4.Security Acquired (A) or |5.Amount of |6. |7.Nature of Indirect|
| (Instr. 3) | tion Date | Code | Disposed of (D) | Securities |Own.| Beneficial |
| |(Mon/Day/Yr)|(Instr.8)| (Instr. 3, 4 & 5) | Beneficially |Form| Ownership |
| | |---------|-------------------------------| Owned at End of|(D) | (Instr. 4) |
| | | | | |(A) | | Month |or | |
| | |Code| V | Amount |(D) | Price | (Instr. 3 & 4) |(I) | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
|<S> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |
|Common Stock | | | | | | $.0000| 1174910 | D | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
|Common Stock | | | | | | $.0000| 4759 | I |401(K) PLAN |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
|Common Stock | | | | | | $.0000| 8300 | I |TRUST FOR DAUGH |
| | | | | | | | | |TER |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
|Common Stock | | | | | | $.0000| 2500 | I |BY SPOUSE |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
|Common Stock | | | | | | $.0000| 2145 | I |401(K) FOR SPOU |
| | | | | | | | | |SE |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | | |
| | | | | | | | | | |
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Reminder: Report on a separate line for each class securities owned directly or indirectly. SEC 1474 (7-96)
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
PAGE: 1 OF 2
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FORM 4 (continued) TABLE II - Derivative Securities Acquired, Disposed of, Beneficially Owned
(e.g., puts, calls, warrants, options, convertible security)
- ------------------------------------------------------------------------------------------------------------------------------------
|1.Title of|2.Conver-|3. |4.Tran- |5.Number of |6.Date |7.Title and Amount |8.Price of|9.Number |10. |11.Nature |
|Derivative|sion or |Trans| saction| Derivative |Exercisable| of Underlying |Derivative| of |Own.| of |
|Security |Exercise |Date | Code | Securities |and | Securities |Security |Derivative|Form|Indirect |
|(Instr. 3)|Price of |(Mon/|(Instr.8)| Acquired (A) or |Expiration | (Instr. 3 & 4) |(Instr. 5)|Securities|of |Beneficial|
| |Deriva- | Day/| | Disposed of (D) |Date | | |Benefi- |Deri|Ownership |
| |tive |Year)| | (Instr. 3, 4 & 5) |(Month/Day/| | |cially |Sec.|(Instr. 4)|
| |Security | | | | Year) | | |Owned at |Dir.| |
| | | | | |-----------|---------------------| |End of |(D) | |
| | | | | | | | |Amount or | |Month |or | |
| | | |---------|---------------------|Date |Exp. | Title |Number of | |(Instr. 4)|Ind.| |
| | | |Code| V | (A) | (D) |Exbl.|Date | |Shares | | |(I) | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|<S> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |
|Stock Opti| $4.5000| | | | | |09/24|09/24|Common Sto| 6000| | 6000| D | |
|on | | | | | | | 1994| 1999|ck | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | (01)| | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|Stock Opti| $4.7500| | | | | |09/19|09/19|Common Sto| 6000| | 6000| D | |
|on | | | | | | | 1995| 2000|ck | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | (01)| | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|Stock Opti| $4.5000| | | | | |10/22|10/22|Common Sto| 6000| | 6000| D | |
|on | | | | | | | 1996| 2001|ck | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | (01)| | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|Stock Opti| $6.0000| | | | | |10/24|10/24|Common Sto| 15000| | 15000| D | |
|on | | | | | | | 1997| 2002|ck | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | (01)| | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|Stock Opti| $4.5000| | | | | |09/30|09/30|Common Sto| 15000| | 15000| D | |
|on | | | | | | | 1998| 2004|ck | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | (02)| | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|Stock Opti| $.6875|06/01| A | | 100000| |06/01|06/01|Common Sto| 100000| $0.6875 | 100000| D | |
|on | | 1997| | | | | 1998| 2007|ck | | | | | |
| | | | | | | | | | | | | | | |
| | | (03)| | | | | (04)| | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
- ------------------------------------------------------------------------------------------------------------------------------------
Explanation of Responses:
(01) Options are 100% exercisable.
(02) Options are Exercisable 25% per year beginning one year from the date of grant and will be fully exercisable on the date
shown.
(03) Effective June 1, 1997, but issued on December 12, 1997.
(04) Options are exercisable at the rate of 8,333 shares per month beginning one month from date of grant.
**Intentional misstatements or omissions of facts constitute Federal /s/ANN S. LIEFF 01/09/1998
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). ------------------------------------------ ----------
**Signature of Reporting Person Date
Note: File three copies of this form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure. SEC 1474 (7-96)
Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMD Number
LIEFF, ANN SPEC'S MUSIC, INC. DEC-1997 PAGE: 2 OF 2
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