SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
REFAC Technology Development Corporation
____________________________________________________________
(Name of Issuer)
Common Stock, Par Value $0.10 Per Share
____________________________________________________________
(Title of Class and Securities)
758654-10-7
___________________________________________________________
(CUSIP Number of Class of Securities)
Eugene M. Lang Foundation
c/o REFAC Technology Development Corporation
122 East 42nd Street
New York, New York 10168
(212) 687-4741
_____________________________________________________________
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
Copy to:
Mark N. Kaplan, Esq.
Skadden, Arps, Slate, Meagher & Flom
919 Third Avenue
New York, New York 10022
(212) 735-3000
January 6, 1997
(Date of Event which Requires
Filing of this Statement)
If the filing person has previously filed a statement on
Schedule 13G to report the acquisition which is the
subject of this Statement because of Rule d-1(b)(3) or
(4), check the following box: ( )
Check the following box if a fee is being paid with this
Statement: ( )
SCHEDULE 13D
CUSIP No. 758654-10-7
_________________________________________________________________
(1) NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Eugene M. Lang Foundation, 13-6153412
_________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) (x)*
(b) ( )
_________________________________________________________________
(3) SEC USE ONLY
_________________________________________________________________
(4) SOURCE OF FUNDS
OO
_________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) ( )
_________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
New York
_________________________________________________________________
(7) SOLE VOTING POWER
0
SHARES ___________________________________
BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY 0
EACH ___________________________________
REPORTING (9) SOLE DISPOSITIVE POWER
PERSON 0
WITH ___________________________________
(10) SHARED DISPOSITIVE POWER
0
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
_________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN
SHARES ( )
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
0%
_________________________________________________________________
(14) TYPE OF REPORTING PERSON
OO**
_________________________________________________________________
* This response amends the previous filing to reflect that the Eugene M.
Lang Foundation and Eugene M. Lang are members of a group.
** The Eugene M. Lang Foundation is a not-for-profit charitable trust.
This Amendment No. 1 to a Schedule 13D filed by
The Eugene M. Lang Foundation, as heretofore amended,
relates to shares (the "Shares") of the Common Stock, par
value $0.10 per Share, of REFAC Technology Development
Corporation, a Delaware corporation (the "Issuer"), and
is being filed pursuant to Rule 13d-2 under the
Securities Exchange Act of 1934, as amended. The address
of the Issuer's principal executive office is 122 East
42nd Street, New York, New York 10168.
ITEM 4. PURPOSE OF TRANSACTION.
Item 4 is hereby amended supplementally as
follows:
On January 6, 1997, pursuant to the Stock
Repurchase Agreement incorporated by reference herein,
the Foundation sold, and the Issuer purchased, 942,088
Shares at a price per Share of $8.25.
ITEM 5. INTERESTS IN SECURITIES OF THE ISSUER.
Item 5 is hereby amended supplementally as
follows:
(a)-(c) and (e) As of January 6, 1997, the
Foundation has beneficial ownership of 0 Shares. On
January 6, 1997, the Foundation sold, and the Issuer
purchased, 942,088 Shares at a price per Share of $8.25.
SIGNATURE
After reasonable inquiry and to the best of its
knowledge and belief, the undersigned certifies that the
information set forth in this statement is true, complete
and correct.
Dated: January 10, 1997
EUGENE M. LANG FOUNDATION
By: /s/ Eugene M. Lang
Name: Eugene M. Lang
Title: Trustee
