SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.__10__)
News Communications, Inc.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
652484601
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(CUSIP Number)
Nadine Shaoul, D.H. Blair Investment Banking Corp.
44 Wall Street, New York, NY 10005 (212) 495-4163
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 9, 1998
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(Date of Event which Requires FIling of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b) (3) or (4), check the following box [ ].
Check the following box if a fee is being paid with this statement [ ].(A fee is
not required only if the reporting 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.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are
to be sent.
*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).
Page 1 of 5 pages
<PAGE>
CUSIP No. 652484601 13D Page 2 of 5 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
J. Morton Davis
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
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4 Source of Funds
See Item #3 herein.
- -------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is required pursuant to
Items 2(d) or 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES 2,648,630
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 2,648,630
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,648,630
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
30.6%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
CUSIP No. 652484601 13D Page 3 of 5 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
D.H. Blair Investment Banking Corp.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 Source of Funds
See Item #3 herein.
- -------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is required pursuant to
Items 2(d) or 2(e)
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 2,473,415
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,473,415
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,473,415
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
28.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
BD
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*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
Page 4 of 5 Pages
J. Morton Davis and D.H. Blair Investment Banking Corp. ("Blair
Investment"), (together, the "Reporting Parties") hereby amend their
statement on Schedule 13D relating to the common stock, $.01 par
value ("Shares") of News Communications, Inc. (the "Issuer") as
follows:
Item 3. is hereby amended by adding the following new paragraph thereto:
Since the previously filed Schedule 13D, Amendment No. 9, the
following purchases were effected: (i) Blair Investment used its
general funds to purchase 5,900 shares of $10.00 Convertible Preferred
Stock for a purchase price of $59,000.00, (ii) Blair Investment used
its general funds to purchase an additional 23,700 Shares for an
aggregate purchase price of $55,087.50, and (iii) Rosalind Davidowitz
used her personal funds to purchase 18,000 Shares for an aggregate
purchase price of $49,377.44.
Item 4. is hereby partially amended by deleting the first sentence thereto and
adding the following sentence at the beginning of Item 4.:
The transaction reported herein was made for investment purposes
only.
Item 5. (a) is hereby amended in its entirety as follows:
As of April 9, 1998, Mr. Davis may be deemed to beneficially own
2,648,630 Shares or 30.6% of the Issuer's Shares issued and
outstanding as follows: (i) 1,867,615 Shares owned by Blair
Investment, (ii) a Warrant to purchase 400,000 Shares at a price of
$2.50 per Share from May 17, 1996 to May 17, 2001 owned by Blair
Investment, (iii) a Warrant to purchase 200,000 Shares at a price of
$2.50 per Share from May 21, 1996 to May 21, 2001 owned by Blair
Investment, (iv) 29,500 Shares underlying 5,900 shares of $10.00
Convertible Preferred Stock (4) owned by Blair Investment, (v) 61,915
Shares owned by Rivkalex Corporation (5), and (vi) 89,600 shares owned
by Rosalind Davidowitz (5).
As of April 9, 1998, Blair Investment may be deemed to beneficially
own 2,497,115 Shares or 28.9% of the Issuer's Shares as indicated in
(i) - (iv) above.
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(4) Each share of $10.00 Convertible Preferred Stock is convertible to five
Shares.
(5) Rivkalex Corporation is a private corporation owned by Mr. Davis' wife,
Rosalind Davidowitz. Filing of this statement shall not be deemed an admission
that J. Morton Davis or Blair Investment beneficially own securities attributed
to Rivkalex or Rosalind Davidowitz for any purpose. J. Morton Davis and Blair
Investment expressly disclaim beneficial ownership of all securities held by
Rivkalex and Rosalind Davidowitz for any purpose.
<PAGE>
Page 5 of 5 pages
Item 5. (c) is hereby amended by adding thereto the following new paragraph:
On April 9, 1998, in a private transaction, Blair Investment
purchased 5,900 shares of $10.00 Convertible Preferred Stock at $10.00
per share for a total purchase price of $59,000.00
No other transactions were made by the Reporting Parties in the
previous sixty days.
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, we certify
that the information set forth in this statement is true, complete and correct.
/s/ J. Morton Davis
Date: April 13, 1998 _____________________________
New York, New York J. Morton Davis
D.H. BLAIR INVESTMENT BANKING CORP.
/s/ David Nachamie
Date: April 13, 1998 by_____________________________
New York, New York David Nachamie
Treasurer
