Schedule 13D
Amendment #2
Issuer: The Liposome Company, Inc.
Series A Common Stock
CUSIP Number: 53610105
Person authorized to receive notices and communications:
Mark VanDevelde, Ross Financial Corporation
P.O. Box 31363-SMB
Mirco Commerce Centre
Cayman Islands B.W.I.
(345) 949-7950
Date of event which requires filing: April 17, 1997
Name of Reporting Person
Kenneth B. Dart
Source of Funds
None
Citizenship or Place of Organization
Belize
Sole Voting Power
Zero
Shared Voting Power
4,349,346 shares
Sole Dispositive Power
Zero
Shared Dispositive Power
4,349,346 shares
Aggregate Amount Beneficially Owned By Each Reporting Person
4,349,346
These shares are beneficially owned by Ross Financial Corporation as to which
Kenneth B. Dart is the 100% shareholder.
Percent of Class Represented by Amount
12.02%
Type of Reporting Person
IN-Individual
Name of Reporting Person
Ross Financial Corporation
Source of Funds
WC-Working Capital
OO-Margin Borrowing
Citizenship or Place of Organization
Cayman Islands
Sole Voting Power
Zero
Shared Voting Power
4,349,346 shares
Sole Dispositive Power
Zero
Shared Dispositive Power
4,349,346 shares
Aggregate Amount Beneficially Owned By Each Reporting Person
4,349,346 shares
These shares are beneficially owned by Kenneth B. Dart who is the 100%
shareholder.
Percent of Class Represented by Amount
12.02%
Type of Reporting Person
CO-Corporation
JOINT STATEMENT
ITEM 1. SECURITY AND ISSUER
This statement relates to the shares of Series A voting common stock (the
"Common Stock"), of The Liposome Company, Inc., a Delaware corporation (the
"Company"). The principal executive offices of the Company are
located at One Research Way, Princeton Forrestal Center, Princeton, New Jersey,
08540.
ITEM 2. IDENTITY AND BACKGROUND
(A) - (F)
A. Kenneth B. Dart
(1) Business Address
P.O. Box 31300-SMB, Grand Cayman
Cayman Islands, B.W.I.
(2) Principal Employment: President of the following corporation:
(a) Dart Container Corporation
P.O. Box 31372-SMB
Grand Cayman, Cayman Islands, B.W.I. *
*The principal business activity is the manufacture, sale, and recycling of
polystyrene cups and plastic cutlery and dinnerware.
(3) This reporting person has not during the last five years, (i) been
convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors), or
(ii) been
a party to a civil proceeding of a judicial or administrative body of competent
jurisdiction
and as a result of such proceedings was or is subject to a judgement, decree, or
final order
enjoining future violations of, or prohibiting activities subject o, federal or
state
securities laws or finding any violation of such laws.
(4) Citizenship
Belize
B. Ross Financial Corporation
(1) Country of Organization
Cayman Islands
(2) Principal Business
Investment in securities
(3) Address of Principal Business
P.O. Box 31363-SMB
Grand Cayman, Cayman Islands, B.W.I.
(4) Address of Principal Office:
P.O. Box 31363-SMB
Grand Cayman, Cayman Islands, B.W. I.
(5) Name and address of all members of the Board of Directors
Kenneth B. Dart
P.O. Box 31363-SMB
Grand Cayman, Cayman Islands, B.W.I.
(6) Name and address of all officers:
Kenneth B. Dart President/Treasurer
P.O. Box 31363-SMB
Grand Cayman, Cayman Islands, B.W.I.
Mark VanDevelde Secretary
P.O. Box 31363-SMB
Grand Cayman, Cayman Islands, B.W.I.
Foreshore Corporate Services Assistant Secretary
P.O. Box 1994
Grand Cayman, Cayman Islands, B.W.I.
(7) Neither this reporting person, nor, to the best of its knowledge, any of
its directors
and executive officers listed above has, during the last five years, (i)
convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors), or
(ii) been
a party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceedings was or is subject to a
judgement, decree
or final order enjoining future violations of , or prohibiting activities
subject to, federal
or state securities laws or finding any violation of such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
A. Kenneth B. Dart
Kenneth B. Dart has purchased no shares of Common Stock for his own account
but may be deemed to have purchased the shares of Common Stock purchased
by Ross Financial Corporation.
B. Ross Financial Corporation
Ross Financial Corporation has purchased an additional 375,000 shares of
Common Stock for total consideration (including brokerage commission) of
approximately $8,023,750.00 Ross Financial Corporation acquired shares of
Common Stock by using funds from its working capital account and margin
borrowing from its account with Bear, Stearns & Co., Inc.
ITEM 4. PURPOSE OF TRANSACTION
The purpose of the acquisition of Common Stock of each reporting person is
long-term
passive investment. Each reporting person intends to acquire additional
Common Stock
of the issuer, subject to the availability of such stock at prices deemed
attractive by each
of the respective reporting person. However, each reporting person may
determine to
dispose of some or all of its respective holdings. Other than as set forth
herein, each
reporting person has no plans or proposals which relate to or would result in
any of the
actions specified in Item 4 of Form 13D promulgated by the Securities and
Exchange Commission.
ITEM 5. INTEREST IN SECURITIES OF ISSUER
(A) - (B)
A. The information contained in the cover pages to this Schedule 13D
is incorporated herein by reference.
B. As of April 17, 1997, the Reporting Person owned the following
shares of Common Stock.
(1) By virtue of his status as the sole shareholder of Ross
Financial Corporation, Kenneth B. Dart, for purposes of
this Schedule 13D, may be deemed to be a beneficial owner
of all of the shares of Common Stock owned by Ross
Financial Corporation.
(2) Ross Financial Corporation is the direct owner of 4,349,346
shares of Common Stock. The 4,349,346 shares represent
approximately 12.02% of the 36,171,290 shares of Common
Stock outstanding as of February 28, 1997, as reported by the
Company on Form 10-K for the fiscal year ending December 29,
1996 (the "Outstanding Shares").
(3) After netting out the shares held by more than one person,
the Reporting Persons herein have beneficial ownership of an
aggregate of 4,349,346 shares of Common Stock representing
12.02% of the Outstanding Shares.
(c) See Exhibit A attached hereto, and which is incorporated
herein by reference. All of the transactions on Exhibit A
were affected on the NASDAQ.
(d) No other person is known to have the right or power to direct
the receipt of dividends of the proceeds from the sale of shares
of Common Stock.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS,
OR RELATIONSHIPS WITH RESPECT TO SECURITIES
OF THE ISSUER
Kenneth B. Dart is the sole shareholder of Ross Financial Corporation. The
Agreement
among the Reporting Persons with respect to the filing of this Amendment 1 is
incorporated
by reference.
ITEM 7. MATERIAL TO BE FILED WITH EXHIBITS
The following Exhibits are filed herewith.
A. Schedule of Transactions of the voting Common Stock of the Issuer.
B. Agreement among the reporting person with respect to the filing of
the Schedule 13D and any amendments thereto.
After reasonable inquiry and to the best of our knowledge and belief, we each
certify
that the information set forth in this statement is true, complete and correct.
This
statement may be executed in two (2) or more counter parts, each of which shall
be
deemed an original and all of which shall constitute one (1) instrument.
ROSS FINANCIAL CORPORATION
BY: KENNETH B. DART, President
APRIL 17, 1997
AND
KENNETH B. DART
April 17, 1997
EXHIBIT B
This will confirm the agreement by and among all of the undersigned that the
reports on
Schedule 13D filed on or about April 10, 1997 and any amendments thereto with
respect
to the beneficial ownership of the undersigned of the shares of Series A voting
Common
Stock, of The Liposome Company, Inc., a Delaware corporation was, and are being,
filed
on behalf of each of the parties named below. This Agreement may be executed in
two or
more counterparts, each of which shall be deemed an original, but all of which
together
shall constitute one and the same instrument.
ROSS FINANCIAL CORPORATION
BY: KENNETH B. DART, President
April 17, 1997
AND
KENNETH B. DART
April 17, 1997
EXHIBIT A
Ross Financial Corporation
Liposome Inc.
TRADE DAT QUANTITY PRICE COST COMMISSION TOTAL COST
10/14/96 5,346 13.5704 72,547.31 0.00 72,547.31
11/19/96 5,000 16.0625 80,312.50 250.00 80,562.50
11/21/96 5,000 17.0000 85,000.00 250.00 85,250.00
11/21/96 10,000 16.8125 168,125.00 500.00 168,625.00
11/21/96 5,000 16.8750 84,375.00 250.00 84,625.00
11/26/96 3,500 17.0000 59,500.00 175.00 59,675.00
11/27/96 40,000 17.0000 680,000.00 2,000.00 682,000.00
11/27/96 20,000 16.8750 337,500.00 1,000.00 338,500.00
12/03/96 5,000 16.9375 84,687.50 250.00 84,937.50
12/04/96 10,000 16.7500 167,500.00 500.00 168,000.00
12/04/96 30,000 16.8750 506,250.00 1,500.00 507,750.00
12/04/96 25,000 16.9375 423,437.50 1,250.00 424,687.50
12/05/96 27,500 16.8750 464,062.50 1,375.00 465,437.50
12/05/96 2,500 17.0000 42,500.00 125.00 42,625.00
12/06/96 5,000 16.2500 81,250.00 250.00 81,500.00
12/06/96 5,000 16.8750 84,375.00 250.00 84,625.00
12/06/96 20,000 16.9375 338,750.00 1,000.00 339,750.00
12/06/96 63,000 17.0000 1,071,000.00 3,150.00 1,074,150.00
12/09/96 10,000 16.8750 168,750.00 500.00 169,250.00
12/09/96 10,000 16.9375 169,375.00 500.00 169,875.00
12/18/96 13,000 17.0000 221,000.00 650.00 221,650.00
12/18/96 7,500 16.8750 126,562.50 375.00 126,937.50
12/19/96 10,000 16.8750 168,750.00 500.00 169,250.00
12/19/96 35,000 16.9375 592,812.50 1,750.00 594,562.50
12/19/96 85,000 16.6250 1,413,125.00 4,250.00 1,417,375.00
12/19/96 98,000 16.7500 1,641,500.00 4,900.00 1,646,400.00
12/19/96 15,000 16.5625 248,437.50 750.00 249,187.50
03/03/97 5,000 24.0000 120,000.00 250.00 120,250.00
03/11/97 20,000 24.0000 480,000.00 1,000.00 481,000.00
03/11/97 25,000 23.8750 596,875.00 1,250.00 598,125.00
03/11/97 25,000 23.8125 595,312.50 1,250.00 596,562.50
03/11/97 10,000 23.7500 237,500.00 500.00 238,000.00
03/12/97 35,000 24.0000 840,000.00 1,750.00 841,750.00
03/12/97 30,000 23.7500 712,500.00 1,500.00 714,000.00
03/13/97 60,000 24.0000 1,440,000.00 3,000.00 1,443,000.00
03/13/97 30,000 23.8750 716,250.00 1,500.00 717,750.00
03/14/97 45,000 24.0000 1,080,000.00 2,250.00 1,082,250.00
03/17/97 25,000 23.6250 590,625.00 1,250.00 591,875.00
03/17/97 25,000 23.8750 596,875.00 1,250.00 598,125.00
03/17/97 45,000 23.7500 1,068,750.00 2,250.00 1,071,000.00
03/18/97 25,000 24.0000 600,000.00 1,250.00 601,250.00
03/18/97 25,000 23.8750 596,875.00 1,250.00 598,125.00
03/18/97 25,000 23.7500 593,750.00 1,250.00 595,000.00
03/18/97 25,000 23.6250 590,625.00 1,250.00 591,875.00
03/18/97 50,000 23.5000 1,175,000.00 2,500.00 1,177,500.00
03/19/97 55,000 23.5000 1,292,500.00 2,750.00 1,295,250.00
03/19/97 25,000 23.3750 584,375.00 1,250.00 585,625.00
03/19/97 30,000 23.2500 697,500.00 1,500.00 699,000.00
03/19/97 70,000 23.1250 1,618,750.00 3,500.00 1,622,250.00
03/19/97 20,000 23.0000 460,000.00 1,000.00 461,000.00
03/19/97 30,000 22.7500 682,500.00 1,500.00 684,000.00
03/19/97 180,000 22.9965 4,139,370.00 0.00 4,139,370.00
03/20/97 25,000 23.2500 581,250.00 1,250.00 582,500.00
03/21/97 20,000 24.0000 480,000.00 1,000.00 481,000.00
03/24/97 20,000 23.7500 475,000.00 1,000.00 476,000.00
03/25/97 25,000 23.7500 593,750.00 1,250.00 595,000.00
03/25/97 25,000 23.8750 596,875.00 1,250.00 598,125.00
03/25/97 20,000 24.0000 480,000.00 1,000.00 481,000.00
03/26/97 25,000 23.5000 587,500.00 1,250.00 588,750.00
03/26/97 10,000 23.6250 236,250.00 500.00 236,750.00
03/26/97 35,000 23.8750 835,625.00 1,750.00 837,375.00
03/27/97 10,000 23.0000 230,000.00 500.00 230,500.00
03/27/97 10,000 23.3750 233,750.00 500.00 234,250.00
03/27/97 25,000 23.5000 587,500.00 1,250.00 588,750.00
03/27/97 15,000 23.6250 354,375.00 750.00 355,125.00
03/31/97 20,000 19.1250 382,500.00 1,000.00 383,500.00
03/31/97 75,000 19.2500 1,443,750.00 3,750.00 1,447,500.00
03/31/97 10,000 19.3750 193,750.00 500.00 194,250.00
03/31/97 10,000 19.5000 195,000.00 500.00 195,500.00
03/31/97 10,000 19.6250 196,250.00 500.00 196,750.00
03/31/97 20,000 19.7500 395,000.00 1,000.00 396,000.00
03/31/97 45,000 20.0000 900,000.00 2,250.00 902,250.00
03/31/97 20,000 20.1250 402,500.00 1,000.00 403,500.00
04/01/97 15,000 19.6250 294,375.00 0.00 294,375.00
04/01/97 35,000 19.7500 691,250.00 0.00 691,250.00
04/01/97 50,000 19.6250 981,250.00 0.00 981,250.00
04/01/97 70,000 19.5000 1,365,000.00 0.00 1,365,000.00
04/01/97 70,000 19.0000 1,330,000.00 3,500.00 1,333,500.00
04/01/97 40,000 19.1250 765,000.00 2,000.00 767,000.00
04/01/97 20,000 19.1875 383,750.00 1,000.00 384,750.00
04/01/97 100,000 19.2500 1,925,000.00 5,000.00 1,930,000.00
04/01/97 10,000 19.3125 193,125.00 500.00 193,625.00
04/01/97 35,000 19.3750 678,125.00 1,750.00 679,875.00
04/01/97 25,000 19.5000 487,500.00 1,250.00 488,750.00
04/01/97 25,000 19.6250 490,625.00 1,250.00 491,875.00
04/01/97 5,000 19.7500 98,750.00 250.00 99,000.00
04/01/97 10,000 19.8750 198,750.00 500.00 199,250.00
04/02/97 40,000 19.0000 760,000.00 2,000.00 762,000.00
04/02/97 85,000 18.9375 1,609,687.50 4,250.00 1,613,937.50
04/02/97 5,000 18.8750 94,375.00 250.00 94,625.00
04/02/97 20,000 19.1250 382,500.00 1,000.00 383,500.00
04/02/97 10,000 19.2500 192,500.00 500.00 193,000.00
04/02/97 10,000 19.3750 193,750.00 500.00 194,250.00
04/02/97 10,000 19.3125 193,125.00 500.00 193,625.00
04/03/97 15,000 18.8750 283,125.00 750.00 283,875.00
04/03/97 35,000 18.9375 662,812.50 1,750.00 664,562.50
04/03/97 5,000 19.0625 95,312.50 250.00 95,562.50
04/03/97 10,000 19.1250 191,250.00 500.00 191,750.00
04/03/97 5,000 19.6250 98,125.00 250.00 98,375.00
04/03/97 12,500 19.8750 248,437.50 625.00 249,062.50
04/03/97 5,000 19.9375 99,687.50 250.00 99,937.50
04/04/97 20,000 19.0000 380,000.00 1,000.00 381,000.00
04/04/97 1,500 19.7500 29,625.00 75.00 29,700.00
04/04/97 10,000 20.0000 200,000.00 500.00 200,500.00
04/07/97 12,500 20.5000 256,250.00 625.00 256,875.00
04/07/97 10,000 20.6250 206,250.00 500.00 206,750.00
04/07/97 10,000 20.7500 207,500.00 500.00 208,000.00
04/07/97 10,000 20.8750 208,750.00 500.00 209,250.00
04/07/97 7,500 21.0000 157,500.00 375.00 157,875.00
04/08/97 25,000 21.2500 531,250.00 1,250.00 532,500.00
04/08/97 105,000 21.3750 2,244,375.00 5,250.00 2,249,625.00
04/08/97 25,000 21.5000 537,500.00 1,250.00 538,750.00
04/09/97 20,000 21.2500 425,000.00 1,000.00 426,000.00
04/09/97 130,000 21.3750 2,778,750.00 6,500.00 2,785,250.00
04/09/97 50,000 21.5000 1,075,000.00 2,500.00 1,077,500.00
04/11/97 150,000 20.0000 3,000,000.00 7,500.00 3,007,500.00
04/11/97 150,000 19.8125 2,971,875.00 7,500.00 2,979,375.00
04/11/97 50,000 19.7500 987,500.00 2,500.00 990,000.00
04/14/97 10,000 18.8750 188,750.00 500.00 189,250.00
04/14/97 10,000 19.0000 190,000.00 500.00 190,500.00
04/14/97 50,000 19.9375 996,875.00 2,500.00 999,375.00
04/14/97 10,000 20.0000 200,000.00 500.00 200,500.00
04/14/97 100,000 20.2500 2,025,000.00 5,000.00 2,030,000.00
04/14/97 145,000 20.6250 2,990,625.00 7,250.00 2,997,875.00
04/14/97 75,000 20.7500 1,556,250.00 3,750.00 1,560,000.00
04/14/97 25,000 20.8750 521,875.00 1,250.00 523,125.00
04/15/97 50,000 21.0000 1,050,000.00 2,500.00 1,052,500.00
04/16/97 35,000 21.2500 743,750.00 1,750.00 745,500.00
04/16/97 40,000 21.0625 842,500.00 2,000.00 844,500.00
04/16/97 50,000 21.1250 1,056,250.00 2,500.00 1,058,750.00
04/16/97 75,000 21.0000 1,575,000.00 3,750.00 1,578,750.00
04/16/97 25,000 21.5000 537,500.00 1,250.00 538,750.00
04/17/97 100,000 22.0000 2,200,000.00 5,000.00 2,205,000.00
---------------- -----------------------------------------
Totals: 4,349,346 20.7218 ************* 199,700.00 ************
* All transactions reported on this exhibit were effected on the
NASDAQ
