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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Magten Asset Management Corp.
35 E. 21st St.
New York, New York
2. Date of Event Requiring Statement (Month/Day/Year)
December 15, 1997
3. IRS Number of Reporting Person
(Voluntary)
4. Issuer Name and Ticker or Trading Symbol
JPS Textile Group, Inc.
JPST
5. Relationship of Reporting Person(s) to Issuer (Check all
applicable)
( ) Director ( ) 10% Owner ( ) Officer (give title
below) (X) Other (1)
(specify below)
6. If Amendment, Date of Original (Month/Day/Year)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
Table I -- Non-Derivative Securities Beneficially Owned
1. Title of Security 2. Amount of 3. Ownership 4. Nature of Indirect
Securities Form: Beneficial Ownership
Beneficially Direct(D) or
Owned Indirect(I)
Common Stock 1,905,435(2) (I) Investment Adviser
or General Partner
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Table II -- Derivative Securities Beneficially Owned
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<S> <C> <C> <C> <C> <C>
1.Title of 2.Date Exer- 3.Title and Amount 4. Conver- 5. Ownership 6. Nature of
Derivative cisable and of Securities sion or Form of Indirect
Security Expiration Underlying Exercise Derivative Beneficial
Date Derivative Security Price of Security:
Ownership
(Month/Day/ --------------- Deri- Direct(D) or
Year) Title Amount or vative Indirect (I)
--------------- Number of Security
Date Expira- Shares
Exer- tion
cisable Date
</TABLE>
(1) The Reporting Person is an investment adviser registered
under Section 203 of the Investment Advisers Act of 1940 and has
voting power and investment power with respect to securities in
its clients' accounts. An employee of the Reporting Person is a
member of the board of directors of the issuer. The Reporting
Person disclaims any obligation to file this report, and this
report shall not be deemed an admission that the Reporting Person
is subject to Section 16 with respect either to the issuer or
such securities.
(2) The amount of securities shown in column 2 of Table 1 of this
Form 3 is owned beneficially by discretionary accounts managed by
the Reporting Person. The Reporting Person disclaims any
beneficial ownership of any such securities reported herein for
purposes of Section 16 or for any other purpose. Nonetheless,
the entire amount of securities held by the accounts is reported
herein.
Explanation of Responses:
SIGNATURE OF REPORTING PERSON
Magten Asset Management Corp.
By: /s/ Talton R. Embry
___________________________
Talton R. Embry
Chairman and Chief
Investment Officer
DATE
February 26, 1998
2
01651001.AI1
