<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 4)
Top Source Technologies, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, $.001 PAR VALUE
- --------------------------------------------------------------------------------
(Title of Class of Securities)
890530 10 8
- --------------------------------------------------------------------------------
(CUSIP Number)
Check the following box if a fee is being paid with this statement.
[X] (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.)
(CONTINUED ON FOLLOWING PAGES)
PAGE 1 OF 12 PAGES
<PAGE> 2
<TABLE>
<S> <C>
CUSIP NO. 890530 10 8
- ------------------------------------------------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Charles B. Ganz
----------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(2) Check the Appropriate Row if a Member of a Group
(a)
----------------------------------------------------------------------------------------------------
(b)
----------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(3) SEC Use Only
----------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(4) Citizenship or Place of Organization U.S.A.
---------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(5) Sole Voting Power 2,895,454 *
Number of ------------------------------------------------------------------------
Shares Bene-
ficially --------------------------------------------------------------------------------------------------------
Owned by Each (6) Shared Voting Power 0
Reporting -------------------------------------------------------------------
Person With
--------------------------------------------------------------------------------------------------------
(7) Sole Dispositive Power 2,895,454 *
----------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
(8) Shared Dispositive Power 0
--------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person 2,895,454 *
---------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares
-----------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9) 10.18 %
--------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(12) Type of Reporting Person IN
---------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
* The Reporting Person disclaims beneficial ownership of 2,685,604 of these
2,859,454 shares. See Item 4.
PAGE 2 OF 12 PAGES
<PAGE> 3
<TABLE>
<S> <C>
CUSIP NO. 890530 10 8
- -----------------------------------------------------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Ganz Capital Management, Inc.
----------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(2) Check the Appropriate Row if a Member of a Group
(a)
----------------------------------------------------------------------------------------------------
(b)
----------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(3) SEC Use Only
----------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(4) Citizenship or Place of Organization Delaware
---------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(5) Sole Voting Power 2,756,754
Number of ------------------------------------------------------------------------
Shares Bene-
ficially --------------------------------------------------------------------------------------------------------
Owned by Each (6) Shared Voting Power 0
Reporting -------------------------------------------------------------------
Person With
--------------------------------------------------------------------------------------------------------
(7) Sole Dispositive Power 2,756,754
----------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
(8) Shared Dispositive Power 0
--------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person 2,756,754
---------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares *
-----------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9) 9.69 %
--------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(12) Type of Reporting Person IA
---------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
* See Item 4, and the notes thereto.
PAGE 3 OF 12 PAGES
<PAGE> 4
<TABLE>
<S> <C>
CUSIP NO. 890530 10 8
- ------------------------------------------------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
The Probitas Fund, L.P.
----------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(2) Check the Appropriate Row if a Member of a Group
(a)
----------------------------------------------------------------------------------------------------
(b)
----------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(3) SEC Use Only
----------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(4) Citizenship or Place of Organization Delaware
---------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(5) Sole Voting Power 138,700
Number of ------------------------------------------------------------------------
Shares Bene-
ficially --------------------------------------------------------------------------------------------------------
Owned by Each (6) Shared Voting Power 0
Reporting -------------------------------------------------------------------
Person With
--------------------------------------------------------------------------------------------------------
(7) Sole Dispositive Power 138,700
----------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
(8) Shared Dispositive Power 0
--------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person 138,700
---------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares *
-----------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9) 0.49%
--------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(12) Type of Reporting Person PN
---------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
* See Item 4, and the notes thereto.
PAGE 4 OF 12 PAGES
<PAGE> 5
<TABLE>
<S> <C>
CUSIP NO. 890530 10 8
- -------------------------------------------------------------------------------------------------------------------------
(1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Probitas Advisors, Inc.
----------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(2) Check the Appropriate Row if a Member of a Group
(a)
----------------------------------------------------------------------------------------------------
(b)
----------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(3) SEC Use Only
----------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(4) Citizenship or Place of Organization Delaware
---------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(5) Sole Voting Power 138,700
Number of ------------------------------------------------------------------------
Shares Bene-
ficially --------------------------------------------------------------------------------------------------------
Owned by Each (6) Shared Voting Power 0
Reporting -------------------------------------------------------------------
Person With
--------------------------------------------------------------------------------------------------------
(7) Sole Dispositive Power 138,700
----------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
(8) Shared Dispositive Power 0
--------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned by Each Reporting Person 138,700
---------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares *
-----------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(11) Percent of Class Represented by Amount in Row (9) 0.49 %
---------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(12) Type of Reporting Person CO
---------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
* See Item 4, and the notes thereto.
PAGE 5 OF 12 PAGES
<PAGE> 6
ITEM 1(a). NAME OF ISSUER
The Issuer is Top Source Technologies, Inc. ("TPS").
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
The Issuer's principal executive offices are located
at 7108 Fairway Drive, Suite 200, Palm Beach Gardens, Florida
33418.
ITEM 2(a). NAME OF PERSONS FILING
This Schedule 13G is being filed on behalf of Charles
B. Ganz ("Ganz"), Ganz Capital Management, Inc. ("GCM"), The
Probitas Fund, L.P. (the "Fund"),and Probitas Advisors, Inc.
("Advisors").
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
The principal business office of Ganz, GCM, the Fund
and Advisors is 2875 N.E. 191st Street, Penthouse I, North Miami
Beach, Florida 33180.
ITEM 2(c). CITIZENSHIP
Ganz is a United States citizen.
GCM and Advisors are Delaware corporations.
The Fund is a Delaware limited partnership.
ITEM 2(d). TITLE OF CLASS OF SECURITIES
This Statement relates to the Common Stock, par value
$ .001 per share (the "Common Stock"), of TPS.
ITEM 2(e). CUSIP NO.
TPS's CUSIP No. is 890530 10 8.
PAGE 6 OF 12 PAGES
<PAGE> 7
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) [X] Investment Adviser registered under Section 203 of the
Investment Adviser 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 an Endowment Fund; see Rule 13d-1(b)(1)(ii)(F)
(g) [ ] Parent Holding Company, in accordance with Rule 13d-1(b)
(1)(ii)(G) (Note: See Item 7)
(h) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(H)
ITEM 4. OWNERSHIP
<TABLE>
<CAPTION>
Amount Power to Vote Power to Dispose
Beneficially % of -------------------------------------------------------
Reporting Person Owned Class* Sole Shared Sole Shared
======================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Ganz 2,895,454(1)(2) 10.18 2,895,454 0 2,895,454 0
GCM 2,756,754(1)(2) 9.69 2,756,754 0 2,756,754 0
Advisors 138,700(3) 0.49 138,700 0 138,700 0
The Fund 138,700(3) 0.49 138,700 0 138,700 0
======================================================================================================
</TABLE>
* Calculated on the basis of 28,451,477 shares of Common Stock
outstanding on December 31, 1996.
(1) The Reporting Person is deemed to beneficially owns 173,850 of
these shares.
PAGE 7 OF 12 PAGES
<PAGE> 8
(2) Due to the fact that GCM, Advisors and the Fund are under common
control, GCM may be deemed to beneficially own the 138,700 shares owned of
record by the Fund. The Reporting Person disclaims beneficial ownership with
respect to these shares.
(3) Due to the fact that GCM, Advisors, and the Fund are under common
control, Advisors and the Fund may be deemed to beneficially own the 2,756,754
shares owned of record by GCM. The Reporting Persons disclaim beneficial
ownership with respect to these shares except to the extent of 173,850 shares
referred to in (1) above.
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 [ ].
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
By reason of common ownership, Ganz is deemed to own the
2,756,754 shares owned by GCM and the 138,700 owned by Fund.
GCM is a registered investment adviser, investing and
managing funds for its clients, which include individuals,
employee benefit plans, corporations, limited partnerships, charitable
foundations and trusts. GCM beneficially owns 9.69% of TPS's issued
and outstanding shares of Common Stock, on behalf of its clients, in
separate accounts established for each client. Each client owns his,
her or its account, and thereby has the right to receive and the
power to direct the receipt of dividends, if any, from the Common
Stock.
The Fund are investment limited partnerships and Advisors
is a registered investment adviser, investing and managing funds
for its clients, which include individuals, employee benefit plans,
corporations, limited partnerships, charitable foundations and trusts.
The Fund beneficially owns 0.49%, and Advisors is deemed to
beneficially own 0.49% of TPS's issued and outstanding shares of Common
Stock, on behalf of their clients, in separate accounts established for
each client. Each client owns his, her or its account, and thereby has
the
PAGE 8 OF 12 PAGES
<PAGE> 9
right to receive and the power to direct the receipt of dividends, if
any, from the Common Stock.
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
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.
PAGE 9 OF 12 PAGES
<PAGE> 10
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
01/17 , 1997
- ----------------
/s/ CHARLES B. GANZ
------------------------------------
CHARLES B. GANZ
GANZ CAPITAL MANAGEMENT, INC.
By: /s/ Charles B. Ganz
---------------------------------
Charles B. Ganz, President
THE PROBITAS FUND, L.P.
By: Probitas Advisors, Inc., General
Partner
By: /s/ Charles B. Ganz
------------------------------
Charles B. Ganz, President
PROBITAS ADVISORS, INC.
By: /s/ Charles B. Ganz
--------------------------------
Charles B. Ganz, President
PAGE 11 OF 12 PAGES
<PAGE> 11
EXHIBIT A
AGREEMENT TO FILE JOINT SCHEDULE 13G
Pursuant to Rule 13d-1(f)(i), the undersigned hereby consent to the
joint filing of a single statement on their behalf.
01/17 , 1997
- ----------
/s/ Charles B. Ganz
----------------------------------------
CHARLES B. GANZ
GANZ CAPITAL MANAGEMENT, INC.
By: /s/ Charles B. Ganz
-------------------------------------
Charles B. Ganz, President
THE PROBITAS FUND, L.P.
By: Probitas Advisors, Inc., General
Partner
By: /s/ Charles B. Ganz
-----------------------------------
Charles B. Ganz, President
PROBITAS ADVISORS, INC.
By: /s/ Charles B. Ganz
-------------------------------------
Charles B. Ganz, President
PAGE 12 OF 12 PAGES
