<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
THE INTERLAKE CORPORATION
----------------------------------------------
(Name of Issuer)
COMMON STOCK
----------------------------------------------
(Title of Class of Securities)
458702 10 7
--------------------------
(CUSIP Number)
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 of 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 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))
Page 1 of 7 pages
<PAGE>
CUSIP No. 458702 13G Page 2 of 7 pages
- -----------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Longwood Investment Advisors, Inc.
23-2745059
- -----------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ X ]
- -----------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Pennsylvania
- -----------------------------------------------------------------
5. SOLE VOTING POWER
0
- ----------------------------------------------------------
NUMBER OF 6. SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
- -----------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING
PERSON 1,967,000
WITH
- -----------------------------------------------------------
8. SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,967,000
- -----------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (2) EXCLUDES
CERTAIN SHARES*
[ ]
- -----------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
8%
- -----------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IA
- -----------------------------------------------------------------
<PAGE>
CUSIP No. 458702 13G Page 3 of 7 pages
- -----------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert A. Davidson
- ----------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ X ]
- -----------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -----------------------------------------------------------------
5. SOLE VOTING POWER
0
- -----------------------------------------------------------------
NUMBER OF 6. SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
- -----------------------------------------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING
PERSON 2,029,000
WITH
- -----------------------------------------------------------
8. SHARED DISPOSITIVE POWER
0
- -----------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,029,000
- -----------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (2) EXCLUDES
CERTAIN SHARES*
[ ]
- -----------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
8%
- -----------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IN
- -----------------------------------------------------------------
<PAGE>
CUSIP No. 458702-10-7 3G Page 4 of 7 pages
- -----------------------------------------------------------------
Item 1(a) Name of Issuer
--------------
The Interlake Corporation
Item 1(b) Address of Issuer's Principal Executive Offices
-----------------------------------------------
The Interlake Corporation
550 Warrenville Road
Lisle, Illinois 60532-4387
Item 2(a) Name of Person Filing
---------------------
This statement is filed on behalf of (i) Longwood Investment Advisors,
Inc., a Pennsylvania corporation ("LIA") and (ii) Robert A. Davidson.
LIA is registered as an investment adviser under the Investment
Advisers Act of 1940, as amended. Robert A. Davidson is Chief
Investment Officer and a Managing Director of LIA and is responsible
for the selection, acquisition and disposition of securities on behalf
of LIA.
Item 2(b) Address of Principal Business Office, or, if none, Residence
- ----------------------------------------------------------------------
Longwood Investment Advisors, Inc.
Three Radnor Corporate Center
Suite 300
100 Matsonford Road
Radnor, Pennsylvania 19087
Item 2(c) Citizenship
-----------
Pennsylvania
<PAGE>
CUSIP No. 458702-10-7 3G Page 5 of 7 pages
- -----------------------------------------------------------------
Item 2(d) Title of Class of Securities
----------------------------
Common Stock
Item 2(e) CUSIP Number
-----------
458702-10-7
Item 3 If this statement is filed pursuant to Rule 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) (x) 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
(g) ( ) Parent Holding Company, in accordance with 240.13d-1
(b)(ii)(G)
(h) ( ) Group, in accordance with 240.13d-1 (b)(1)(ii)(H)
Item 4 Ownership
---------
(a) and (b) LIA beneficially owned an aggregate of 1,967,000 shares of the
issuer's Common Stock, or approximately 8% of the shares outstanding, as of
December 31, 1996.
(c) LIA had sole power to dispose or to direct the disposition of 1,967,000
shares of issuer's Common Stock. Robert A. Davidson had sole power to dispose or
to direct the disposition of 1,967,000 shares of the issuer's common stock by
virtue of being responsible for the selection, acquisition and disposition of
the portfolio securities on behalf of LIA. Mr. Davidson has sole power to vote
or to direct the vote, and sole power to dispose or direct the disposition of
62,000 shares of the issuer's common stock.
Item 5 Ownership of Five Percent or Less of a Class
--------------------------------------------
Not applicable
<PAGE>
CUSIP No. 458702-10-7 3G Page 6 of 7 pages
- -----------------------------------------------------------------
Item 6 Ownership of More than Five Percent on Behalf of
Another Person
- ---------------------------------------------------------------
Except with respect to the 62,000 shares beneficially owned by
Mr. Davidson, other persons have the right to receive or the
power to direct the receipt of dividends from, or the proceeds
from the sale of, the issuer's shares which are the subject of
this Amendment to Schedule 13G. Of such shares, Longwood
Partners, L.P., of which LIA is the investment advisor, has
such right with respect to 1,396,200 shares.
Item 7 Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on By the Parent
Holding Company
- -----------------------------------------------------------------
Not Applicable
Item 8 Identification and Classification of Members of the
Group
- -----------------------------------------------------------------
Not Applicable
Item 9 Notice of Dissolution of Group
------------------------------
Not Applicable
Item 10 Certification
-------------
Each of the undersigned certifies that, to the best of its or
his knowledge and belief, the securities referred to above
were acquired in the ordinary course of business and were
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 purpose or effect.
<PAGE>
CUSIP No. 458702-10-7 3G Page 7 of 7 pages
- -----------------------------------------------------------------
Signature
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.
February 14, 1997
- --------------------------------------
Date
Longwood Investment Advisors, Inc.
By: /s/ John P. McNiff
----------------------------------
Signature
John P. McNiff, President
-----------------------------------
Name/Title
/s/ Robert A. Davidson
-----------------------------------
Robert A. Davidson
-----------------------------------
Name/Title
<PAGE>
EXHIBIT "A"
Joint Filing Agreement
The undersigned agree that the foregoing Amendment No. 1 to Schedule
13G, dated February 14, 1997 is being filed with the Securities and Exchange
Commission on behalf of each of the undersigned pursuant to Rule 13d-1(f).
Dated: February 14, 1997
LONGWOOD INVESTMENT ADVISORS, INC.
By: /s/ John P. McNiff
--------------------------------
John P. McNiff, President
--------------------------------
Name/Title
/s/ Robert A. Davidson
--------------------------------
Robert A. Davidson
--------------------------------
Name/Title
