SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.7)
Leak-X Environmental Corporation
(Name of Issuer)
Common Stock. $.001 par value
(Title of class of securities)
521784-10-8
(CUSIP Number)
with copy to: Jack Becker, Esq.
William H. Gelles, Jr. Snow Becker Krauss P.C.
15 Stornowaye 605 Third Avenue
Chappaqua, New York 10514 New York, New York 10158
(914) 238-3994 (212) 687-3860
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
July 1, 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 13d-l(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. 521784-10-8
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
William H. Gelles, Jr. ###-##-####
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ] See Item 5
3) SEC USE ONLY
4) SOURCE OF FUNDS
PF
5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e)
[ ]
6) CITIZENSHIP OR PLACE OF ORGANIZATION
USA
NUMBER 7) SOLE VOTING POWER
OF 2,759,049
SHARES
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY -0-
EACH
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 2,959,049
WITH
10) SHARED DISPOSITIVE POWER
-0-
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,959,049
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[ ]
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.4%
14) TYPE OF REPORTING PERSON
IN
Item 1. Security and Issuer.
This Statement relates to the shares of Common Stock, par
value $.001 per share (the "Shares") of Leak-X Environmental
Corporation (the "Issuer"). The principal place of business of the
Issuer is 790 East Market Street, Suite 270, West Chester,
Pennsylvania 19382-4806.
Item 2. Identity and Background.
This Statement is being filed on behalf of William H. Gelles,
Jr. (the "Reporting Person"), whose address is 15 Stornowaye,
Chappaqua, New York 10514. The Reporting Person is President,
Treasurer and a Director of the Issuer.
During the past five years, the Reporting Person has not been
convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors).
During the past five years, the Reporting Person has not been
a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction resulting in a judgement decree or final
order enjoining future violations of, or prohibiting or mandating
activities subject to, Federal or State securities laws or finding
any violation with respect to such laws.
The Reporting Person is a citizen of the United States of
America.
Item 3. Source and amount of Funds or Other Consideration.
The Reporting Person acquired the Shares by utilizing his
personal funds and by tendering his shares of Gaservice Maintenance
Corporation ("Gaservice") to the Issuer in connection a merger
transaction between the Issuer and Gaservice.
Item 4. Purpose of Transaction.
The Reporting Person initially acquired 1,785,000 of the
Shares as a founder of the Issuer, of which 343,750 were placed in
escrow in connection with Issuer's initial public offering, to be
released upon attaining certain earnings targets. On August 17,
1990, the reporting person acquired 28,960 of the Shares in
exchange for cancellation of indebtedness owed to him by the
Issuer. On November 16, 1990, the Reporting person forfeited the
343,750 Shares then held in escrow and acquired 1,050,000 of the
Shares, including 300,000 Shares placed in escrow, in connection
with the merger between the Issuer and Gaservice. On September 10,
1991, the Reporting person forfeited, without consideration, the
300,000 Shares which were held in escrow.
During 1992 and 1993, the Reporting Person acquired 788,444
shares of the Company's Series A Preferred Stock (the "Series A
Preferred Stock")in consideration for the cancellation of an
aggregate $887,000 of indebtedness owed by the Issuer to the
Reporting Person. The Series A Preferred Stock is convertible into
the Issuer's Common Stock on a one-for-one basis at $1.125 per
share. On July 1, 1996, the Reporting Person converted his 788,444
shares of Series A Preferred Stock into 700,839 shares of the
Issuer's Common Stock.
The Reporting, as an officer and Director of the Issuer,
intends to maintain his equity position in the Issuer, absent any
change in personal circumstances.
Item 5. Interest in Securities of the Issuer.
The Reporting Person may be deemed to beneficially own
2,959,049 Shares or 18.4% of the Issuer's outstanding Common Stock.
The Shares include 200,000 shares which may be acquired by the
Reporting Person upon the exercise of a like number of incentive
stock options, which are exercisable at a price of $.265 until
December 31, 1998. The Reporting Person may be deemed to have sole
voting power with respect to 2,759,049 Shares and sole dispositive
power with respect to 2,959,049 Shares. Such Shares do not include
any shares owned of record by the Reporting Person's adult
children, as to which the Reporting Person disclaims beneficial
ownership.
On July 1, 1996, the Reporting Person converted 788,444
shares of Series A Preferred Stock into 700,839 Shares.
Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer. None.
Item 7. Material to be Filed as Exhibits. None.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in the statement
is true, complete and correct.
Dated: July 31, 1996 /s/ William H. Gelles, Jr.
