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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2 )*
Name of Issuer: Halsey Drug Co., Inc.
Title of Class of Securities: Common
CUSIP No.: 406369108
Check the following box if a fee is being paid with this
statement ( ). (A fee is not required only if the filing
person: (1) has a previous statement on file reporting beneficial
ownership of more than five percent of the class of securities
described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of
such class.) (See Rule 13d-7.)
*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 the disclosures provided
in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities and 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).
(Continued on following page(s))
NOTE: Amounts reported on this cover page are included in the
totals reported on the first cover page.
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Cusip No: 406369108
13G
1. NAME OF REPORTING PERSON
S.S. OR I.R.S IDENTIFICATION NO OF ABOVE PERSON:
Dennis L. Adams 171 36 3284
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*:
a. ( ) b. ( x )
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3. SEC. USE ONLY:
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4. CITIZENSHIP OF PLACE OF ORGANIZATION:
United States of America
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5. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH SOLE VOTING POWER:
1908364
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6. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH SHARED VOTING POWER:
0
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7. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH SOLE DISPOSITIVE POWER:
1908364
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8. NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH SHARED DISPOSITIVE POWER:
0
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON:
1908364
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*:
( )
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
12.44%
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12. TYPE OF REPORTING PERSON*:
IN
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<PAGE> SCHEDULE 13G
Item 1(a) Name of Issuer: Halsey Drug Co.,Inc.
Item 1(b) Address of Issuer's Principal Executive Offices:
1827 Pacific Street
Brokklyn, Ny 11233
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Item 2(a) Name of Person Filing
Dennis L. Adams
Item 2(b) Address of Principal Business Office or, if none,
Residence:
2005 Market Street, Philadephia PA 19103
Item 2(c) Citizenship:
United States of America
Item 2(d) Title of Class of Securities:
Common
Item 2(e) CUSIP Number: 406369108
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Item 3 If this statement is filed pursuant to Rules
13d-1(b), or 13d-2(b), check whether the person
filing is a:
a ( ) Broker or dealer registered under Section
15 of the Act
b ( ) Bank as defined in Section 3(a)(6) of the
Act
c ( ) Insurance company as defined in Section
3(a)(19) of the Act
d ( ) Investment company registered under Section
8 of the Investment Company Act
e ( ) Investment adviser registered under Section
203 of the Investment Advisers Act of 1940
f ( ) Employee Benefit Plan, Pension Fund which
is subject to the provisions of the Employee
Retirement Income Security Act of 1974 or
Endowment Fund; see 240.13d-1(b)(1)(ii)(F)
g ( ) Parent Holding Company, in accordance with
240.13d-1(b)(ii)(G) (Note: See Item 7)
h ( ) Savings Association as defines in Section 3(b)
of the Federal Deposit Insurance Act (12 U.S.C. 1813)
i ( ) Church plan that is excluded from the definition
of an investment company under section 3(c)(14) of the
Unvestment Company Act of 1940 (15 U.S.C. 80a-3)
j ( x ) Group, in accordance with 240.13d-1(b)(1)(ii)(J).
If this statement is files pursuant to 240.13d-1(c), check
this box. (x) See Exhibit A
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Item 4 Ownership
If the percent of the class owned, as of December 31 of the
year covered by the statement, or as of the last day of any
month described in Rule 13d-1(b)(2), if applicable, exceeds
five percent, provide the following information as of that
date and identify those shares which there is a right to
acquire:
(a) Amount Beneficially Owned:
892000
(b) Percent of Class:
6.36
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
892000
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the
disposition of:
892000
(iv) Shared power to dispose or to direct the
dispositon of:
0
Instruction: For computations regarding securities which
represent a right to acquire an underlying security see Rule
13d-3(d)(1).
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Item 5 Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following ( ).
Instruction: Dissolution of a group requires a response to
this item.
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Item 6 Ownership of More than Five Percent on Behalf of
Another Person:
If any other person is known to have the right to receive or
the power to direct the receipt of dividends from, or the
proceeds from the sale of, such securities, a statement to that
effect should be included in response to this item, and if such
interest relates to more than five percent of the class, such
person should be identified. A listing of the shareholders of
an investment company registered under the Investment Company Act
of 1940 or the beneficiaries of employee benefit plan, pension
fund or endowment fund is not required.
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Item 7 Identification and Classification of the
Subsidiary Which Acquired the Security Being
Reported By the Parent Holding Company.
If a parent holding company has filed this schedule,
pursuant to Rule 13d-1(b)(ii)(G) so indicate under Item 3(g) and
attach an exhibit stating the identity and the Item 3
classification of the relevant subsidiary. If a parent holding
company has filed this schedule pursuant to Rule 13d-1(c), attach
an exhibit stating the identification of the relevant subsidiary.
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Item 8 Identification and Classification of the Group
If a group has filed this schedule pursuant to Rule
13d(b)(ii)(H), so indicate under Item 3(h) and attach an exhibit
stating the identity and Item 3 classification of each member of
the group. If a group has filed this schedule pursuant to Rule
13d-1(c), attach an exhibit stating identity of each member of
the group.
See Agreement to File Joint Acquisition Statements attached
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Item 9 Notice of Dissolution of Group
N/A
Notice of dissolution of a group may be furnished as an
exhibit stating the date of the dissolution and that all further
filings with respect to transactions in the security reported on
will be filed, if required, by members of the group, in their
individual capacity. See Item 5.
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Item 10 Certification
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose
of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having
such purposes or effect.
Signature /s/ Dennis L. Adams
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.
Date 03/23/1998
Signature /s/ Dennis L. Adams
Name/Title Dennis L. Adams/Vice President
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EXHIBIT A
Item 3(j) members of the group include:
Dennis L. Adams SSN# 171 36 3284
Michael M. Weisbrot SSN# 071 40 0007
Patrick P. Coyne SSN# 162 58 0829
