SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
January 6, 1997
_________________________________
(Date of earliest event reported)
REFAC Technology Development Corporation
______________________________________________________
(Exact name of Registrant as specified in its charter)
Delaware 0-7704 13-1681234
______________ _____________________ __________________
(State of (Commission File No.) (IRS Employer
Incorporation) Identification No.)
122 East 42nd Street, New York, New York 10168
____________________________________________________________
(Address of principal executive offices, including zip code)
(212) 687-4741
____________________________________________________
(Registrant's telephone number, including area code)
N/A
_____________________________________________________________
(Former name or former address, if changed since last report)
ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
On January 6, 1997, pursuant to the Stock
Repurchase Agreement incorporated by reference herein,
the Registrant purchased 832,912 shares of its common
stock, par value $0.10 per share (the "Shares"), from
Eugene M. Lang and 942,088 Shares from the Eugene M. Lang
Foundation (or a total of 1,775,000 Shares) at a price of
$8.25 per Share (or an aggregate total purchase price of
$14,643,750). The source of funds for such purchase was
the cash and proceeds of sales of marketable securities
of the Registrant and a margin loan of $500,000 from
Paine Webber, Inc. As a result of the foregoing, control
of the Registrant is in the board of directors of the
Registrant.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this
report to be signed on its behalf by the undersigned
thereto duly authorized.
REFAC Technology
Development Corporation
Date: January 15, 1997 By: /s/ Robert L. Tuchman
Name: Robert L. Tuchman
Title: Chief Executive
Officer
