SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 and 13d-2
( Initial Filing )
Global Pharmaceutical Corp
(Name of Issuer)
Common Stock 378922108
(Title of class of securities) (CUSIP Number)
Check the following box if a fee is being paid with the statement [ ]
(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.)
CUSIP No. 378922108
1 NAME OF REPORTING PERSON: BEAR STEARNS ASSET MANAGEMENT INC.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 06-1135192
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:* (a) [ ]
(b) [ ]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION: NEW YORK
NUMBER OF SHARES 5 SOLE VOTING POWER:
965,000
BENEFICIALLY 6 SHARED VOTING POWER:
OWNED BY -0-
EACH REPORTING 7 SOLE DISPOSITIVE POWER:
965,000
PERSON WITH 8 SHARED DISPOSITIVE POWER:
-0-
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
965,000
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES:*[ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
18.76
12 TYPE OF REPORTING PERSON:*
INVESTMENT ADVISOR
* SEE INSTRUCTIONS BEFORE FILLING OUT!
Item 1(a): Name of Issuer:
Global Pharmaceutical Corp.
Item 1(b): Address of Issuer's Principal Executive Offices:
Castor & Kensington Aves.
Philadelphia, PA 19124-5694
Item 2(a): Name of Person Filing:
Bear Stearns Asset Management Inc.
Item 2(b): Address of Principal Business Office:
575 Lexington Avenue
New York, NY 10167
Item 2(c): Citizenship:
Incorporated in New York
Item 2(d): Title of Class of Securities:
Common Stock
Item 2(e): Cusip Number:
378922108
Item 3: If this statement is filed pursuant to Rule 13d-1(b), or
13d-2(d), check whether the person filing is a:
(e) (x) investment advisor registered under Section 203 of the
Investment Advisors Act of 1940.
Item 4: Ownership:
(a) Amount beneficially owned: 965,000
(b) Percentage of class: 18.76
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote: 965,000
(ii) Shared power to vote or to direct the vote: -0-
(iii) Sole power to dispose or to direct the disposition of:
965,000
(iv) Shared power to dispose or to direct the disposition:
-0-
* Bear Stearns Asset Management Inc. is the "beneficial owner", as that
term is defined in the Commission's Rule 13d-3, of a total of 965,000
shares of common stock representing 18.76% of the outstanding common
stock.
Item 5: Ownership of five or less percent of a class: Not applicable
Item 6: Ownership of more than five percent on behalf of another
person: The Small Cap Value Portfolio has the right to receive and
the power to direct the receipt of dividends from and the proceeds for
the sale of greater than 5% of the common stock of Global Pharma-
ceutical Corp. The Small Cap Portfolio is a separate portfolio of
The Bear Stearns Funds, an open end management investment company
registered under the Investment Company Act of 1940.
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.
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.
Bear Stearns Asset Management Inc.
JANUARY 27, 1999 /S/
(Date) Stehen A. Bornstein
Executive Vice President
