<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Rexene Corporation
(Name of Issuer)
Common Stock, Par Value, $0.01 Per Share
(Title of Class of Securities)
761683101
(CUSIP Number)
James W. Quinn
Allen & Company Incorporated
711 Fifth Avenue, New York, New York 10022, (212) 832-8000
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
April 2, 1996
(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 Schedule 13D, and is filing this
schedule because of Rule 13-d-1(b)(3) or (4), check the following box [ ].
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.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purposes of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 8 Pages <PAGE>
<PAGE>
SCHEDULE 13D
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CUSIP No.761683101 Page 2 of 8 Pages
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===============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Allen Investments III
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
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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
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
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8 SHARED VOTING POWER
105,400
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9 SOLE DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
105,400
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
105,400
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
less than 1%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
222 1746 (9-88)<PAGE>
<PAGE>
SCHEDULE 13D
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CUSIP No.761683101 Page 3 of 8 Pages
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==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
AHI Investments III Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
- --------------------------------------------------------------------------------
8 SHARED VOTING POWER
105,400
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9 SOLE DISPOSITIVE POWER
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
105,400
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
105,400
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
less than 1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)
<PAGE>
<PAGE>
SCHEDULE 13D
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CUSIP No.761683101 Page 4 of 8 Pages
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==============================================================================
1 NAME OF REPORTING PERSON - S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Stanley S. Shuman
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
77,500
- --------------------------------------------------------------------------------
8 SHARED VOTING POWER
0
- --------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
77,500
- --------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
77,500
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [X]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
less than 1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
==============================================================================
*SEE INSTRUCTIONS BELOW BEFORE FILLING OUT!
SEC 1746 (9-88)<PAGE>
<PAGE>
AMENDMENT NO. 1
TO
SCHEDULE 13D
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CUSIP No.761683101 Page 5 of 8 Pages
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The Reporting Persons, hereby amend their Schedule 13D relating to the
Common Stock, par value $0.01 per share, of Rexene Corporation as set forth
below.
Item 5. Interest in Securities of the Issuer
(a) As of the close of business on April 2, 1996 the Reporting Persons,
by virtue of the language of Rule 13d-3(d)(1)(i), may be deemed to own
beneficially in the aggregate the number and percentage of the Issuer's Common
Stock set forth opposite their names below (based upon the number of Shares that
were reported to be outstanding in the Issuer's Form 10-K for the year ended
December 31, 1995).
<PAGE>
<PAGE>
AMENDMENT NO. 1
TO
SCHEDULE 13D
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CUSIP No.761683101 Page 6 of 8 Pages
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<TABLE>
<CAPTION>
================================================================================
Name Shares of Common Stock Percentage
- --------------------------------------------------------------------------------
<S> <C> <C>
Allen Investment III 105,400(1) less than 1%
- --------------------------------------------------------------------------------
AHI Investments III Inc. 105,400(1)(2) less than 1%
- --------------------------------------------------------------------------------
Stanley Shuman 77,500(1) less than 1%
================================================================================
</TABLE>
(1)The aggregate of 182,900 shares of the Common Stock owned by the Reporting
Persons constitutes a portion of an aggregate of 575,049 shares of Common Stock
which were purchased on March 9 and 10, 1995 in participation with the
acquisition by Messrs. Stephen C. Swid ("SCS") and Stephen D. Weinroth ("SDW")
of beneficial ownership of such 575,049 shares of Common Stock in two block
trades over the New York Stock Exchange ("NYSE"). On March 21, 22, and 25 and
April 2, 1996, the Reporting Persons sold an aggregate of 53,100 shares of
Common Stock in participation with the sale by SCS and SDW of an aggregate of
271,000 shares of Common Stock in four block trades over the NYSE. The Common
Stock so acquired by SCS and SDW, together with the Common Stock beneficially
owned by them and acquired prior to March 9, 1995, represented approximately
6.4% of the outstanding Common Stock as reported in a statement on Schedule 13D
filed by SCS and SDW. Solely by virtue of the participation by the Reporting
Persons in the purchase of Common Stock with SCS and SDW in the two block
purchases described above, the Reporting Persons may be deemed to be part of
a "group" together with SCS and SDW within the meaning of Rule 13d-5.However,
no agreement exists between either of the Reporting Persons and either of SCS
and SDW with respect to any further acquisitions of the Common Stock or the
holding, voting or disposing of the Common Stock. Each Reporting Person
disclaims (i) beneficial ownership of the Common Stock beneficially owned by
SCS or SDW and (ii) being part of a "group" together with SCS and SDW within
the meaning of Rule 13d-5. The Reporting Persons have been informed by SCS and
SDW that SCS and SDW have filed with the Securities and Exchange Commission an
amendment to their statement on Schedule 13D with respect to their beneficial
ownership of the Common Stock and the transactions described in this Note (1).
Such amendment to SCS and SDW's Schedule 13D states that SCS and SDW have
ceased to beneficially own 5% of the Common Stock.
<PAGE>
<PAGE>
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CUSIP No.761683101 Page 7 of 8 Pages
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(2) The 105,400 shares of Common Stock owned by Allen Investments are also
attributable to AHI Investments, the sole general partner of Allen
Investments.
(b) Allen Investments shares with AHI Investments, its sole general
partner, the power to vote and shares the power the determine the disposition of
the Common Stock herein. Stanley S. Shuman has sole power to vote or to direct
the disposition of the Common Stock which Mr. Shuman owns personally as reported
in Item 5(a) of this Schedule 13D.
(c) The following table sets forth the transactions effected by each
of the Reporting Persons since the Reporting Persons' last Schedule 13D relating
to the Issuer. Unless otherwise noted, each of the transactions set forth below
reflects a sale effected by means of trades on the New York Stock Exchange.
<TABLE>
<CAPTION>
Price Per
Trade Date Share ($) Allen III AHI III SHUMAN
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
3/21 13.39 6,120 0 4,500
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3/22 13.75 353 0 259
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3/25 13.75 2,344 0 1,724
- ---------------------------------------------------------------------------------
4/2 13.52 21,783 0 16,017
- ---------------------------------------------------------------------------------
<FN>
- ------------
As described in Note (1) to the table set forth in Item 5(a), on March 21, 22,
25 and April 2, 1996, the Reporting Persons sold an aggregate of 53,100 shares
of Common Stock in participation with the sale by SCS and SDW of an aggregate of
271,000 shares of Common Stock.
(e) April 2, 1996.
/TABLE
<PAGE>
<PAGE>
Page 8 of 8 Pages
After reasonable inquiry and to the best of our knowledge and belief, we
certify that the information set forth in this statement is true, complete and
correct.
Dated: April 8, 1996
Allen Investments III
By: ____________________________
James W. Quinn
President
AHI Investments III Inc.
By: ____________________________
James W. Quinn
President
Stanley S. Shuman
By: ____________________________
Stanley S. Shuman
<PAGE>
<PAGE>
Page 8 of 8 Pages
After reasonable inquiry and to the best of our knowledge and belief, we
certify that the information set forth in this statement is true, complete and
correct.
Dated: April 8, 1996
Allen Investments III, Inc.
By: /s/James W. Quinn
James W. Quinn
President
AHI Investments III Inc.
By: /s/James W. Quinn
James W. Quinn
President
Stanley S. Shuman
By: /s/Stanley S. Shuman
Stanley S. Shuman
