<PAGE> OMB Number 3235-0287
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FORM 4
/ / Check this box if no longer
subject to Section 16. Form 4 or
Form 5 obligations may continue.
See Instruction 1(b).
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
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
(Print or Type Responses)
1. Name and Address of Reporting Person
Gruber & McBaine 50 Osgood Place, San Francisco, CA, 94133
Capital Management, LLC,
(Last) (First) (Middle), (Street), (City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol Kushner Locke Company
(KLOC)
3. IRS or Social Security Number of Reporting Person (Voluntary)
________
4. Statement for Month/Year 01/00______
5. If Amendment, Date of Original (Month/Year) ___________
6. Relationship of reporting person to issuer
(Check all applicable)
____ Director __X_ 10% Owner
____ Officer (give ____ Other (specify
title below) below)
______________________
7. Individual or Joint/Group Filing (Check Applicable line)
_X_ Form filed by one Reporting Person
____ Form filed by More than One Reporting Person
SEC 1474 (7-
96)
<PAGE>
FORM 4 (continued) Page _2_ of _3_ Pages
Table I - Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
1. Title of Security (Instr. 3) _____Common Stock_______________________
2. Transaction Date (Month/Day/Year) 01/21/00_________
3. Transaction Code (Instr. 8)
Code _____P______ V _____________
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
Amount 49,600__ (A) or (D) ___A___ Price 5.80_________
5. Amount of Securities Beneficially Owned at End of Month
(Inst. 3 and 4) 2,128,050___________
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
_______I_______
7. Nature of Indirect Beneficial Ownership (Inst. 4)(1)(2)______________
1. Title of Security (Instr. 3) _____Common Stock_______________________
2. Transaction Date (Month/Day/Year) 01/24/00_________
3. Transaction Code (Instr. 8)
Code _____P______ V _____________
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
Amount __62,300_ (A) or (D) ___A___ Price 5.94___________
5. Amount of Securities Beneficially Owned at End of Month
(Inst. 3 and 4) 2,128,050_____________________
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
______I________
7. Nature of Indirect Beneficial Ownership (Inst. 4)(1)(2)_____________
Reminder: Report on a separate line for each class of
securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person,
see Instruction 4(b)(v). SEC 1474 (7-
96)
FORM 4 (continued) Page_3 of_3 Pages
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)
______________________________
2. Conversion or Exercise Price of Derivative Security
_________________
3. Transaction Date (Month/Day/Year) ______________
4. Transaction Code (Instr. 8)
Code ______ V ______
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5) (A) _____________ (D) ______________
6. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable Expiration Date
____________________ ________________________
7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
Title __________________________ Amount or Number of Shares
________
8. Price of Derivative Security (Instr. 5) _______________
9. Number of derivative Securities Beneficially Owned at End of Month
(Instr. 4) _______________
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4) __________________
11. Nature of Indirect Beneficial Ownership (Inst. 4)
_____________________________________________________________________
__________________________________________________________________________
_
Explanation of Responses: (1) As limited liability company that is a
general partner of investment partnerships and an investment adviser for
client accounts. (2)The reporting person has only a pro-rata interest in
the securities with respect to which indirect beneficial ownership is
reported and disclaims beneficial ownership of such securities except to
the extent of the reporting person's pecuniary interest.
J. Patterson McBaine, manager 02/10/00__
**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C.
78ff(a).
Note: File three copies of this Form, one of which must be manually
signed.
If space is insufficient, See Instruction 6 for procedure.
Potential persons who are to respond to the collection
of information contained in this form are not required to respond
unless the form displays a currently valid OMB Number. SEC 1474 (7-96)
