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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. __ )*
Noel Group, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
655260107
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(CUSIP Number)
January 8, 1998
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
/_/ Rule 13d-1(b)
/X/ Rule 13d-1(c)
/_/ Rule 13d-1(d)
*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 purpose 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).
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CUSIP No. 655260107
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
Gabriel Capital, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) /_/
(b) /_/
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3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBER OF --------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 706,246 Shares
OWNED BY --------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON --------------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
706,246 Shares
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
706,246 Shares
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions) /_/
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.4%
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12 TYPE OF REPORTING PERSON (See Instructions)
PN
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CUSIP No. 655260107
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
Ariel Fund Limited
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) /_/
(b) /_/
- -------------------------------------------------------------------------------
3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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5 SOLE VOTING POWER
NUMBER OF --------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 1,041,890 Shares
OWNED BY --------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON --------------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
1,041,890 Shares
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,041,890 Shares
- -------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions) /_/
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.1%
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12 TYPE OF REPORTING PERSON (See Instructions)
CO
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CUSIP No. 655260107
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
Ariel Management Corp.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) /_/
(b) /_/
- -------------------------------------------------------------------------------
3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBER OF --------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 1,041,890 Shares
OWNED BY --------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON --------------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
1,041,890 Shares
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,041,890 Shares
- -------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions) /_/
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.1%
- -------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (See Instructions)
CO
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CUSIP No. 655260107
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
J. Ezra Merkin
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) /_/
(b) /_/
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5 SOLE VOTING POWER
NUMBER OF --------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 1,748,136 Shares
OWNED BY --------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON --------------------------------------------------------
WITH 8 SHARED DISPOSITIVE POWER
1,748,136 Shares
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,748,136 Shares
- -------------------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions) /_/
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.5%
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12 TYPE OF REPORTING PERSON (See Instructions)
IN
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Item 1. (a) Name of Issuer:
Noel Group, Inc.
(b) Address of Issuer's Principal Executive Offices:
667 Madison Avenue
New York, NY 10021
Item 2. (a)(b)(c)Name of Person Filing; Address of Principal Business
Office or, if none Residence; Citizenship:
This Schedule 13G is being filed jointly by Gabriel
Capital L.P., a Delaware limited partnership
("Gabriel"), Ariel Fund Limited, a Cayman Islands
corporation ("Ariel Fund"), Ariel Management Corp., a
Delaware corporation ("Ariel") and the Investment
Advisor of Ariel Fund, and J. Ezra Merkin ("Merkin"),
the General Partner of Gabriel (collectively, the
Reporting Persons"). Merkin is also the sole
shareholder, sole director and president of Ariel.
The business address of each of Gabriel, Ariel and
Merkin is 450 Park Avenue, New York, New York 10022
and the business address of Ariel Fund is c/o Maples
& Calder, P.O. Box 309, Grand Cayman, Cayman Islands,
British West Indies. Merkin is a United States
citizen. The Reporting Persons previously filed a
Statement on Schedule 13D relating to the event date
of December 8, 1997 with respect to the Common Stock.
(d) Title of Class of Securities:
Common Stock
(e) CUSIP Number:
655260107
Item 3. If this statement is being filed pursuant to Rule 13d-1(b),
or 13d-2(b), check whether the person filing is an:
(a)[ ] Broker or Dealer registered under Section 15 of the Act
(b)[ ] Bank as defined in section 3(a)(6) of the Act
(c)[ ] Insurance Company as defined in section 3(a)(19) of
the Act
(d)[ ] Investment Company registered under section 8 of the
Investment Company Act of 1940
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(e)[ ] An Investment Adviser in accordance with Rule
13d-1(b)(1)(ii)(E)
(f)[ ] An Employee Benefit Plan or Endowment Fund in
accordance with Rule 13d-1(b)(1)(ii)(F)
(g)[ ] A Parent Holding Company or Control Person in
accordance with Rule 13d-1(b)(ii)(G)
(h)[ ] A Savings Association as defined in Section 3(b) of the
Federal Deposit Insurance Act
(i)[ ] A Church Plan that is excluded from the definition
of an investment company under Section 3(c)(14) of
the Investment Company Act of 1940
(j)[ ] Group, in accordance with 13d-1(b)(1)(ii)(J)
Item 4. Ownership:
(a) Amount Beneficially Owned: 1,748,136*
(b) Percent of Class: 8.5%
(c) Number of Shares as to which such person has:
(i) sole power to vote or direct the vote - 0
(ii) shared power to vote or direct the
vote - 1,748,136*
(iii) sole power to dispose or direct the disposition
of - 0
(iv) shared power to dispose or direct the disposition
of - 1,748,136*
*See Attachment A
Item 5. Ownership of Five Percent or Less of a Class:
If this statement is being filed to report the fact
that as of the date hereof the reporting person has
ceased to be the beneficial owner of more than five
percent of the class of securities check the
following [ ]
Item 6. Ownership of More than Five Percent on Behalf of Another
Person:
N/A
Item 7. Identification and Classification of the Subsidiary which
Acquired the Security Being Reported on by the Parent Holding
Company
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N/A
Item 8. Identification and Classification of Members of the Group
N/A
Item 9. Notice of Dissolution of Group
N/A
Item 10. Certification
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to
above were not acquired and are not held for the
purpose of or with the effect of changing or
influencing the control of the issuer of the
securities and were not acquired and are not held in
connection with or as a participant in any
transaction having that purpose or effect.
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Signature
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
GABRIEL CAPITAL, L.P.
By: /s/ J. Ezra Merkin
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Title: General Partner
ARIEL FUND LIMITED
By: MEESPIERSON MANAGEMENT
(CAYMAN) LIMITED
By: /s/ David Richardson and Martin Byrne
-------------------------------------
Name: David Richardson and Martin Byrne
Title: Director and Authorized Signatory
ARIEL MANAGEMENT CORP.
By: /s/ J. Ezra Merkin
------------------------------------
Name: J. Ezra Merkin
Title: President
/s/ J. Ezra Merkin
------------------------------------
J. EZRA MERKIN
Dated: April 13, 1998
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ATTACHMENT A
As of April 13, 1998, Gabriel is the beneficial owner of
706,246 shares of Common Stock, for a total beneficial ownership of 3.4% of the
outstanding shares of Common Stock. As of March 3, 1998, Ariel Fund is the
beneficial owner of 1,041,890 shares of Common Stock, for a total beneficial
ownership of 5.1% of the outstanding shares of Common Stock. Ariel, as
Investment Advisor to Ariel Fund, has the power to vote and to direct the voting
of and the power to dispose and direct the disposition of the 1,041,890 shares
of Common Stock owned by Ariel Fund. Accordingly, Ariel may be deemed to be the
beneficial owner of 1,041,890 shares of Common Stock, or 5.1% of the outstanding
shares of Common Stock. As the General Partner of Gabriel, Merkin has the power
to vote and to direct the voting of and the power to dispose and direct the
disposition of the 706,246 shares of Common Stock owned by Gabriel. In addition,
as the sole shareholder and president of Ariel, Merkin may be deemed to have the
power to vote and to direct the voting of and the power to dispose and direct
the disposition of the 1,041,890 shares of Common Stock owned by Ariel Fund.
Accordingly, Merkin may be deemed to be the beneficial owner of 1,748,136 shares
of Common Stock, or 8.5% of the outstanding shares of Common Stock.
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AGREEMENT OF JOINT FILING
In accordance with Rule 13d-1(f) under the Securities
Exchange Act of 1934, as amended, the undersigned hereby agree to the joint
filing with all other persons signatory below of a statement on Schedule 13G or
any amendments thereto, with respect to the Common Stock of Noel Group, Inc.,
and that this Agreement be included as an attachment to such filing.
This Agreement may be executed in any number of
counterparts each of which shall be deemed to be an original and all of which
together shall be deemed to constitute one and the same Agreement.
IN WITNESS WHEREOF, the undersigned hereby execute
this Agreement on the 13th day of April, 1998.
GABRIEL CAPITAL, L.P.
By: /s/ J. Ezra Merkin
-------------------------------------
Title: General Partner
ARIEL FUND LIMITED
By: MEESPIERSON MANAGEMENT
(CAYMAN) LIMITED
By: /s/ David Richardson and Martin Byrne
-------------------------------------
Name: David Richardson and Martin Byrne
Title: Director and Authorized Signatory
ARIEL MANAGEMENT CORP.
By: /s/ J. Ezra Merkin
-------------------------------------
Name: J. Ezra Merkin
Title: President
/s/ J. Ezra Merkin
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J. EZRA MERKIN
