UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G/A
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Publicker Industries, Inc.
(Name of Issuer)
Common Stock, $0.10 Par Value
Title of Class of Securities
744635129
(CUSIP Number)
*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).
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SCHEDULE 13G
CUSIP No. 744635129
1 Names of Reporting Persons or
S.S. or I.R.S. Identification Nos. of Above Person
Kirr, Marbach & Company LLC
2 Check the Appropriate Box (a) [ ]
if a Member of a Group (b) [ ]
3 SEC Use Only
4 Citizenship or Place of Organization
Indiana
NUMBER OF 5 Sole Voting Power
SHARES
BENEFICIALLY 1,149,100
OWNED BY
EACH 6 Shared Voting Power
REPORTING
PERSON WITH 0
7 Sole Dispositive Power
1,149,100
8 Shared Dispositive Power
0
9 Aggregate Amount Beneficially Owned by Each
Reporting Person
1,149,100
10 Check Box if the Aggregate Amount in Row (9)
Excludes Certain Shares
Not Applicable
11 Percent of Class Represented by Amount in Row (9)
7.92%
12 Type of Reporting Person
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Item 1 (a) Name of Issuer:
Publicker Industries, Inc.
Item 1 (b) Address of Issuer's Principal Executive
Offices:
1445 East Putnam Avenue
Old Greenwich, CT 06870
Item 2 (a) Name of Person Filing:
Kirr, Marbach & Company LLC ("Kirr
Marbach"), a registered investment
adviser
Item 2 (b) Address of Principal Business Office, or
if none, Residence:
The business address of Kirr Marbach
is 621 Washington Street, Columbus,
IN 47201
Item 2 (c) Citizenship:
Kirr Marbach is a limited liability
company organized under the laws of
the State of Indiana.
Item 2 (d) Title of Class of Securities:
Common Stock, $0.10 Par Value (the
"Common Stock")
Item 2 (e) CUSIP Number:
744635129
Item 3 If this statement is filed pursuant to
Rules 13d-1(b) or 13d-2(b):
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
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D. [ ] Investment Company registered
under section 8 of the
Investment Company Act
E. [X] Investment Adviser registered
under section 203 of the
Investment Advisers 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 Endowment Fund; see
section 240.13d-1(b)(1)(ii)(F)
G. [ ] Parent Holding Company, in
accordance with section
240.13d-1(b)(ii)(G) (Note: See
Item 7)
H. [ ] Group, in accordance with
section 240.13d-1(b)(1)(ii)(H)
Item 4 Ownership:
Item 4 (a) Amount Beneficially Owned:
1,149,100
Item 4 (b) Percent of Class:
7.92%
Item 4 (c) Number of shares as to which such person
has:
(i) sole power to vote or to direct
the vote: 1,149,100
(ii) shared power to vote or to
direct the vote: None
(iii) sole power to dispose or to
direct the disposition of:
1,149,100
(iv) shared power to dispose or to
direct the disposition of:
None
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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:
Kirr Marbach is a general partner of
three limited partnerships, which in the
aggregate are entitled to receive, or to
direct the receipt of, dividends from,
and the proceeds from sale of, all of the
shares beneficially owned by Kirr
Marbach. The interest of each of these
limited partnerships considered
separately does not exceed five percent
of the outstanding shares of the class.
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.
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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.
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.
Dated: April 7, 1997
KIRR MARBACH & COMPANY, LLC
By /s/ Mickey Kim
____________________
Member
____________________
Title
