FORM 4
1. Name and Address of Reporting Person
(a) Ross Financial Corporation
P.O. Box 31363-SMB
Cayman Islands, BWI
(b) Dart, Kenneth B.
P.O. Box 31363-SMB
Cayman Islands, BWI
2. Issuer Name and Ticker or Trading Symbol
The Liposome Company, Inc
LIPO
CUSIP# 536310105
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
April 1997
5. If Amendment, Date of Original (Month/Year)
Original; FORM 3 was filed on or about April 15, 1997.
6. Relationship of Reporting Person(s) to Issuer (Check all
applicable)
10% Owner
7. Individual or Joint/Group Filing
Form filed by More than One Reporting Person
TABLE I - Non-Derivative Securities Acquired, Disposed of, or
Beneficially Owned
1. Title of Security
Class A Common Stock
2-4.
Transaction Date Transaction Securities Acquired (A)
(Month/Day/Year) Code Amount Price (per share)
10/14/96 P 5,346 13.5704
11/19/96 P 5,000 16.0625
11/21/96 P 5,000 17.0000
11/21/96 P 10,000 16.8125
11/21/96 P 5,000 16.8750
11/26/96 P 3,500 17.0000
11/27/96 P 40,000 17.0000
11/27/96 P 20,000 16.8750
12/03/96 P 5,000 16.9375
12/04/96 P 10,000 16.7500
12/04/96 P 30,000 16.8750
12/04/96 P 25,000 16.9375
12/05/96 P 27,500 16.8750
12/05/96 P 2,500 17.0000
12/06/96 P 5,000 16.2500
12/06/96 P 5,000 16.8750
12/06/96 P 20,000 16.9375
12/06/96 P 63,000 17.0000
12/09/96 P 10,000 16.8750
12/09/96 P 10,000 16.9375
12/18/96 P 13,000 17.0000
12/18/96 P 7,500 16.8750
12/19/96 P 10,000 16.8750
12/19/96 P 35,000 16.9375
12/19/96 P 85,000 16.6250
12/19/96 P 98,000 16.7500
12/19/96 P 15,000 16.5625
3/ 3/97 P 5,000 24.0000
3/11/97 P 20,000 24.0000
3/11/97 P 25,000 23.8750
3/11/97 P 25,000 23.8125
3/11/97 P 10,000 23.7500
3/12/97 P 35,000 24.0000
3/12/97 P 30,000 23.7500
3/13/97 P 60,000 24.0000
3/13/97 P 30,000 23.8750
3/14/97 P 45,000 24.0000
3/17/97 P 25,000 23.6250
3/17/97 P 25,000 23.8750
3/17/97 P 45,000 23.7500
3/18/97 P 25,000 24.0000
3/18/97 P 25,000 23.8750
3/18/97 P 25,000 23.7500
3/18/97 P 25,000 23.6250
3/18/97 P 50,000 23.5000
3/19/97 P 55,000 23.5000
3/19/97 P 25,000 23.3750
3/19/97 P 30,000 23.2500
3/19/97 P 70,000 23.1250
3/19/97 P 20,000 23.0000
3/19/97 P 30,000 22.7500
3/19/97 P 180,000 22.9965
3/20/97 P 25,000 23.2500
3/21/97 P 20,000 24.0000
3/24/97 P 20,000 23.7500
3/25/97 P 25,000 23.7500
3/25/97 P 25,000 23.8750
3/25/97 P 20,000 24.0000
3/26/97 P 25,000 23.5000
3/26/97 P 10,000 23.6250
3/26/97 P 35,000 23.8750
3/27/97 P 10,000 23.0000
3/27/97 P 10,000 23.3750
3/27/97 P 25,000 23.5000
3/27/97 P 15,000 23.6250
3/31/97 P 20,000 19.1250
3/31/97 P 75,000 19.2500
3/31/97 P 10,000 19.3750
3/31/97 P 10,000 19.5000
3/31/97 P 10,000 19.6250
3/31/97 P 20,000 19.7500
3/31/97 P 45,000 20.0000
3/31/97 P 20,000 20.1250
4/ 1/97 P 15,000 19.6250
4/ 1/97 P 35,000 19.7500
4/ 1/97 P 50,000 19.6250
4/ 1/97 P 70,000 19.5000
4/ 1/97 P 70,000 19.0000
4/ 1/97 P 40,000 19.1250
4/ 1/97 P 20,000 19.1875
4/ 1/97 P 100,000 19.2500
4/ 1/97 P 10,000 19.3125
4/ 1/97 P 35,000 19.3750
4/ 1/97 P 25,000 19.5000
4/ 1/97 P 25,000 19.6250
4/ 1/97 P 5,000 19.7500
4/ 1/97 P 10,000 19.8750
4/ 2/97 P 40,000 19.0000
4/ 2/97 P 85,000 18.9375
4/ 2/97 P 5,000 18.8750
4/ 2/97 P 20,000 19.1250
4/ 2/97 P 10,000 19.2500
4/ 2/97 P 10,000 19.3750
4/ 2/97 P 10,000 19.3125
4/ 3/97 P 15,000 18.8750
4/ 3/97 P 35,000 18.9375
4/ 3/97 P 5,000 19.0625
4/ 3/97 P 10,000 19.1250
4/ 3/97 P 5,000 19.6250
4/ 3/97 P 12,500 19.8750
4/ 3/97 P 5,000 19.9375
4/ 4/97 P 20,000 19.0000
4/ 4/97 P 1,500 19.7500
4/ 4/97 P 10,000 20.0000
4/ 7/97 P 12,500 20.5000
4/ 7/97 P 10,000 20.6250
4/ 7/97 P 10,000 20.7500
4/ 7/97 P 10,000 20.8750
4/ 7/97 P 7,500 21.0000
4/ 8/97 P 25,000 21.2500
4/ 8/97 P 105,000 21.3750
4/ 8/97 P 25,000 21.5000
4/ 9/97 P 20,000 21.2500
4/ 9/97 P 130,000 21.3750
4/ 9/97 P 50,000 21.5000
4/11/97 P 150,000 20.0000
4/11/97 P 150,000 19.8125
4/11/97 P 50,000 19.7500
4/14/97 P 10,000 18.8750
4/14/97 P 10,000 19.0000
4/14/97 P 50,000 19.9375
4/14/97 P 10,000 20.0000
4/14/97 P 100,000 20.2500
4/14/97 P 145,000 20.6250
4/14/97 P 75,000 20.7500
4/14/97 P 25,000 20.8750
4/15/97 P 50,000 21.0000
4/16/97 P 35,000 21.2500
4/16/97 P 40,000 21.0625
4/16/97 P 50,000 21.1250
4/16/97 P 75,000 21.0000
4/16/97 P 25,000 21.5000
4/17/97 P 100,000 22.0000
4/18/97 P 50,000 22.0000
4/18/97 P 25,000 22.0000
4/21/97 P 100,000 22.0000
4/21/97 P 25,000 22.0000
4/21/97 P 50,000 21.7500
4/21/97 P 100,000 21.6250
4/22/97 P 100,000 21.5000
4/22/97 P 200,000 21.5000
4/22/97 P 50,000 21.0000
4/23/97 P 1,000,000 20.8750
4/23/97 P 50,000 21.7500
4/23/97 P 90,000 21.6250
4/24/97 P 30,000 21.6250
4/25/97 P 50,000 21.1250
4/25/97 P 35,000 21.3750
4/25/97 P 100,000 21.1250
4/29/97 P 20,000 21.2500
4/29/97 P 50,000 21.1250
4/29/97 P 15,000 21.2500
4/30/97 P 25,000 22.0000
4/30/97 P 20,000 21.8750
All securities were Acquired.
5. Amount of Securities Beneficially Owned at End of Month
6,534,346
6. Ownership Form: Direct or Indirect
6,534,346 Direct Ross Financial Corporation
6,534,346 Indirect Kenneth B. Dart
7. Nature of Indirect Beneficial Ownership
By Ross Financial Corporation
TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
NONE.
Explanation of Responses:
Kenneth B. Dart is the 100% shareholder of Ross Financial
Corporation. Ross Financial Corporation owns all of the
securities directly.
Ross Financial Corporation
By: Kenneth B. Dart, Its President
Dated: May 15, 1997
Kenneth B. Dart
Dated: May 15, 1997
