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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
FORM 4
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. Issuer Name and Ticker Trading Symbol
Repap Enterprises, Inc., [RPAPF]
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for (Month/Day/Year)
12/97
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person to Issuer (Check all applicable)
Director
Officer (give title below)
Chairman
X 10% Owner
Other (specify below)
Table I - Non-Derivative Securities Acquired, Disposed of, or
Beneficially Owned
1. Title of Security (Instr. 3)
2. Transaction Date (Month/Day/Year)
3. Transaction Code (Inst. 8)
V
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
Amount
(A) or (D)
Price
5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and
4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
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7. Nature of Indirect Beneficial Ownership (Instr. 4)
Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
Table II - Derivative Securities Acquired, Disposed of, or Beneficially
Owned (e.g. puts, calls, warrants, options, convertible
securities)
1. Title of Derivative Security (Instr. 3)
9% Convertible Debentures
2. Conversion or Exercisable Price of Derivative Security
58.824 per $1,000 principal
3. Transaction Date (Month/Day/Year)
12/31/97
4. Transaction Code (Instr. 8)
Code P
V
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
(A) $10,001,000* principal amount
(D)
6. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable Imm.
Expiration Date 6/30/98
7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Title Common Stock
Amount or Number of Shares 588,558
8. Price of Derivative Security (Inst. 5)
$8,345,284*
9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
$24,997,000* principal amount
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
I
11. Nature of Indirect Beneficial Ownership (Instr. 4)
Through Sub River Road (Canada) L.L.C.
Explanation of Responses: * In Canadian Funds.
** Intentional misstatement or omissions of facts constitute Federal
Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ S. Donald Sussman January 6, 1998
**Signature of Reporting Person Date
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