UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
(X) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Kirr, Marbach & Company LLC
621 Washington Street
P.O. Box 1729
Columbus, IN 47201-1729
2. Issuer Name and Ticker or Trading Symbol
Publicker Industries, Inc.
PLKR
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
March 1997
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director (X) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock |03/12/|S | | |D |$1.375 | |I |By partnership (1)(4) |
|97 | | | | | | | | |
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Common Stock |03/12/|S | | |D |$1.375 | |I |By partnership (2)(4) |
|97 | | | | | | | | |
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Common Stock |03/12/|S | | |D |$1.375 | |I |By partnership (3)(4) |
|97 | | | | | | | | |
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<CAPTION>
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
(1) The Reporting Person is a General Partner of 621 Partners, L.P., an Indiana
limited partnership, which holds these
shares.
(2) The Reporting Person is a General Partner of R. Weil & Associates, a New
York limited partnerhip, which holds
these
shares.
(3) The Reporting Person is a General Partner of Appleton Associates, a New
York limited partnership, which holds
these
shares.
(4) The Reporting Person is an investment adviser registered under Section 203
of the Investment Advisers Act of
1940 and holds these shares in fiduciary accounts in the ordinary course of
business and without the purpose or
effect of changing or influencing control of the issuer or engaging in any
arrangement subject to Rule 13d-3(b).
Therefore, the Reporting Person disclaims beneficial ownership of such shares
for the purpose of Section 16 of the
1934 Act based on the exclusion provided by Rule 16a-1(a)(1)(v). If the
Reporting Person nevertheless is deemed
to have beneficial ownership of these shares, such beneficial ownership is
disclaimed for the purposes of Section
16 except to the extent of the Reporting Person's pecuniary interest in such
shares.
SIGNATURE OF REPORTING PERSON
/s/ Kirr, Marbach & Company LLC by Mickey Kim, Member
DATE
April 8, 1997
