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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL
OWNERSHIP OF SECURITIES
FORM 3
Filed pursuant to Section 16(a) of the Securities Exchange Act of
1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person
Paloma Partners L.L.C.
2 American Lane
Greenwich, Connecticut 06836
2. Date of Event Requiring Statement (Month/Day/Year)
7/30/97
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Issuer Name and Ticker Trading Symbol
Repap Enterprises, Inc., RPAPF
5. Relationship of Reporting Person to Issuer (Check all applicable)
(1)
Director
Officer (give title below)
X 10% Owner
Other (specify below)
6. If Amendment, Date of Original (Month/Day/Year)
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)
Common Stock
2. Amount of Securities Beneficially Owned (Instr. 4)
53,103,273
3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)
I
4. Nature of Indirect Beneficial Ownership (Instr. 5)
Through subsidiary River Road (Canada) LLC
Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
Table II - Derivative Securities Beneficially Owned (e.g. puts,
calls, warrants, options, convertible securities)
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1. Title of Derivative Security (Instr. 4)
9% Convertible Debentures
2. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable Immediately
Expiration Date 6/30/98
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
Title Common Stock
Amount or Number of Shares 88,000
4. Conversion or Exercise Price of Derivative Security
58.824 share per $1,000 price
5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
I
6. Nature of Indirect Beneficial Ownership (Instr. 5)
Through subsidiary River Road (Canada) LLC
Explanation of Responses: (1) Reporting person may be deemed a
director by deputization.
** Intentional misstatement or omissions of facts constitute Federal
Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Paloma Partners LLC
**Signature of Reporting Person Date
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