SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.__12__)
News Communications, Inc.
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(Name of Issuer)
Common Stock, $.01 par value ("the shares")
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(Title of Class of Securities)
652484601
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(CUSIP Number)
David Selengut, Esq. at Ellenoff Grossman & Schole LLP
370 Lexington Avenue NY NY 10017 212-370-1300
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 17, 1999
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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 [ ].
*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 8 pages
<PAGE>
CUSIP No. 652484601 13D Page 2 of 8 Pages
- --------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------
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
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 2,439,909
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 2,439,909
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,439,909
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
35%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
CUSIP No. 652484601 13D Page 3 of 8 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 1,590,003
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,590,003
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,590,003
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
BD
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
CUSIP No. 652484601 13D Page 4 of 8 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Rosalind Davidowitz
- --------------------------------------------------------------------------------
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
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 849,906
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 849,906
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
849,906
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.9%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
Page 5 of 8 Pages
Item 2. (a) is hereby amended in its entirety:
J. Morton Davis, D.H. Blair Investment Banking Corp. ("Blair
Investment") and Rosalind Davidowitz, (together, the "Reporting
Parties"). See attached Exhibit A which is a copy of their agreement
in writing to file this statement on behalf of each of them.
Item 2. (b) through (f) is amended to add disclosure for Rosalind Davidowitz:
(b) Mrs. Davidowitz's business address is 44 Wall St.
New York, New York 10005
(c) Mrs. Davidowitz is a private investor.
(d) Mrs. Davidowitz has not during the last five years been convicted
in a criminal proceeding (excluding traffic violations or
misdemeanors).
(e) Mrs. Davidowitz, during the last five years has not been a party
to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is
subject to a judgement, decree or final order enjoining future
violations of, or prohibitng or mandating activities subject to,
Federal or State Securities laws or finding any violation with
respect to such laws.
(f) Mrs. Davidowitz is a United States citizen.
Item 3. Source and amount of funds or other consideration is hereby amended
as follows:
The Source of the funds for the purchase of shares of News
Communications, Inc. ("Issuer") was from personal funds of the
Reporting Parties. The Reporting Parties purchased the shares of the
Issuer in a rights offering at $1.50 per share. Blair Investment
purchased 749,765 shares and Mrs. Davidowitz purchased 799,401 shares.
Item 4. Purpose of Transaction is hereby amended as follows:
The purchase of the shares was for investment purposes. The shares
were not purchased for any reason listed in Item 4 (a) through (j).
<PAGE>
Page 6 of 8 pages
Item 5. Interest in the Securities of the Issuer is amended in its entirety:
(a) As of February 22, 1999 Mr. Davis may be deemed to beneficially
own 2,439,909 shares or 35% of the Issuer's shares issued and
outstanding as follows: (i) 1,372,303 shares owned by Blair
Investment (ii) Warrants to purchase 207,867 shares owned by
Blair Investment (iii) 9,833 shares issuable upon exercise of
1,967 shares of $10 convertible preferred stock (1) owned by
Blair Investment (iv) 41,006 shares owned by Rivkalex Corporation
(2) and (v) 808,900 shares owned by Rosalind Davidowitz.
As of February 22, 1999 Blair Investment may be deemed to
beneficially own 1,590,003 shares or 23.4% of the Issuer's shares
as indicated in (i) - (iii) above.
As of February 22, 1999 Rosalind Davidowitz may be deemed to
beneficially own 849,906 shares or 12.9% of the Issuer's shares
as indicated in (iv) and (v) above.
(b) See numbers (7) - (10) on the cover page, of this form for each
Reporting Party.
(c) Between February 17, 1999 and February 22, 1999(i) Blair
Investment purchased 749,765 shares at $1.50 per share (ii)
Rosalind Davidowitz purchased 779,033 shares at $1.50 per share
and (iii) Rivkalex Corporation purchased 20,368 shares at $1.50
per share.
Item 6. Contracts, Arrangements, Understandings or Relationships with respect
to the securities of the Issuer.
None
Item 7 Material to be filed as Exhibits
None
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(1) Each share of $10.00 Convertible Preferred Stock is convertible into five
Shares.
(2) Rivkalex Corporation is a private corporation owned by Rosalind
Davidowitz, Mr. Davis' wife. 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. Rosalind Davidowitz expressly disclaims beneficial ownership of all
securities owned by Mr. Davis or Blair Investment for any purpose.
<PAGE>
Page 7 of 8 pages
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: February 22, 1999 ________________________
New York, New York J. Morton Davis
D.H. BLAIR INVESTMENT BANKING CORP.
/s/ David Nachamie
Date: February 22, 1999 _____________________________
New York, New York David Nachamie
Treasurer
Date: February 22, 1999 /s/ Rosalind Davidowitz
New York, New York ____________________________
Rosalind Davidowitz
Page 8 of 8 Pages
EXHIBIT A
AGREEMENT
JOINT FILING OF SCHEDULE 13D
The undersigned hereby agree to jointly prepare and file with
regulatory authorities a Schedule 13D and any future amendments thereto
reporting each of the undersigned's ownership of securities of News
Communications, Inc. and hereby affirm that such Schedule 13D is being
filed on behalf of each of the undersigned.
/s/ J. Morton Davis
Date: February 22, 1999 ________________________
New York, New York J. Morton Davis
D.H. BLAIR INVESTMENT BANKING CORP.
/s/ David Nachamie
Date: February 22, 1999 _____________________________
New York, New York David Nachamie
Treasurer
Date: February 22, 1999 /s/ Rosalind Davidowitz
New York, New York ____________________________
Rosalind Davidowitz
