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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
-------------
DVI, INC.
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(Name of Issuer)
COMMON STOCK, $.005 PAR VALUE PER SHARE
- --------------------------------------------------------------------------------
(Title of Class of Securities)
252462106
--------------------------
(CUSIP Number)
May 28, 1998
--------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* 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 disclosure
provided in a prior cover page.
The information required on 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 6 Pages
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CUSIP NO. 252462106 13G
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CIBC Trust Company (Bahamas) Limited, as Trustee of
Settlement T-551 (Settlement T-551-1 through Settlement
T-551-7 and Settlement T-551-10 through Settlement
T-551-12)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) / /
(b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Bahamas
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5 SOLE VOTING POWER
1,823,739
NUMBER --------------------------------------------
OF SHARES 6 SHARED VOTING POWER
BENEFICIALLY 0
--------------------------------------------
OWNED BY
7 SOLE DISPOSITIVE POWER
EACH
1,823,739
REPORTING --------------------------------------------
8 SHARED DISPOSITIVE POWER
PERSON
0
WITH: --------------------------------------------
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,823,739
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES
Excludes 716,981 shares issuable to CIBC Trust Company
(Bahamas) Limited, as Trustee of Settlement T-1740 Trusts #14,
#27, #28, #29, #30, #31, #32, #33, #34, #35 and #36 upon
conversion of notes previously issued by the Issuer in a private
placement.
See Item 4 below. /X/
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9).
13.4%
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12 TYPE OF REPORTING PERSON
OO
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Page 2 of 6 Pages
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Item 1(a) Name of Issuer
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DVI, Inc., a Delaware corporation
Item 1(b) Address of Issuer's Principal Executive Offices
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500 Hyde Park
Doylestown, Pennsylvania 18901
Item 2(a) Name of Person Filing
---------------------
CIBC Trust Company (Bahamas) Limited, as Trustee of Settlement
T-551 (Settlement T-551-1 through Settlement T-551-7 and
Settlement T-551-10 through Settlement T-551-12)
Item 2(b) Address of Principal Business Office or, if none, Residence
-----------------------------------------------------------
2nd Floor, CIBC Building
Shirley Street, Nassau Bahamas
Item 2(c) Citizenship
-----------
Bahamas
Item 2(d) Title of Class of Securities
----------------------------
Common Stock, $.005 par value per share (the "Common Stock")
Item 2(e) CUSIP Number
------------
252462106
Item 3 If this Statement is Filed Pursuant to
Section 240.13d-1(b) or Section 240.13d-2(b) or (c)
---------------------------------------------------
Not Applicable
If this Statement is Filed Pursuant to
Section 240.13d-1(c), check this box.
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/X/
Item 4 Ownership
---------
(a) Amount Beneficially Owned as of May 28, 1998:
1,823,739 shares of Common Stock
Page 3 of 6 Pages
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(b) The Reporting Person has been advised by the Issuer that the
total number of shares of Common Stock issued and outstanding as
of May 28, 1998 was 13,560,108.
(c) As of May 28, 1998, the Reporting Person beneficially owned
1,823,739 shares of Common Stock or, to the best of its
knowledge, approximately 13.4% of the issued and outstanding
shares of Common Stock. The Reporting Person has the sole power
to vote and the sole power to dispose of all shares of Common
Stock beneficially owned by it.
(d) As previously reported on a voluntary basis by the Reporting
Person, on June 21, 1994, CIBC Trust Company (Bahamas) Limited,
as Trustee of Settlement T-1740 Trusts #14, #27, #28, #29, #30,
#31, #32, #33, #35 and #36, purchased $7.6 million principal
amount of 9 1/8% Convertible Subordinated Notes due 2002 (the
"Notes") from the Issuer in a private placement. The Notes are
convertible from time to time prior to redemption or maturity by
the holder into shares of Common Stock at a conversion price of
$10.60 per share of Common Stock, subject to standard
anti-dilution adjustment. The Reporting Person hereby disclaims
beneficial ownership of the Notes and the shares of Common Stock
issuable upon conversion thereof. The Reporting Person also
disclaims membership in a "group" for any purpose, including,
without limitation, Section 13(d) of the Securities Exchange Act
of 1934, as amended.
Item 5 Ownership of Five Percent or Less of a Class
--------------------------------------------
Not Applicable
Item 6 Ownership of More Than Five Percent on Behalf of Another Person
---------------------------------------------------------------
Not Applicable
Item 7 Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company
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Not Applicable
Item 8 Identification and Classification
of Members of the Group
-----------------------
Not Applicable
Page 4 of 6 Pages
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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 not acquired and are not
held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and
are not held in connection with or as a participant in any transaction
having that purpose or effect.
Page 5 of 6 Pages
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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.
Date: June 17, 1998
CIBC TRUST COMPANY (BAHAMAS) LIMITED,
as Trustee of Settlement T-551
(Settlement T-551-1 through
Settlement T-551-7 and
Settlement T-551-10 through
Settlement T-551-12)
By: /s/ Carlis Chisholm
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Its: Manager, Trust Department
Page 6 of 6 Pages
