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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No. 1
JPS TEXTILE GROUP, INC.
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(Name of Issuer)
Common Stock, par value $0.01
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(Title of Class of Securities)
46624B30
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(CUSIP Number)
Michael C. Murr, Managing Director
DAYSTAR L.L.C.
411 Theodore Fremd Avenue
Rye, New York 10580
(914) 967-1155
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(Name, Address and Telephone Number
of Person Authorized to Receive
Notices and Communications)
January 6, 1999
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(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-1(b)(3) or (4), check the following box [ ].
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INTRODUCTORY STATEMENT
On February 12, 1998, Daystar L.L.C., a New York limited
liability company ("Daystar"), filed with the Securities and Exchange Commission
a Statement on Schedule 13D (the "Original Statement") relating to shares of
Common Stock, par value $0.01 per share ("Common Stock"), of JPS Textile Group,
Inc., a Delaware corporation (the "Company"), beneficially owned by it. All
capitalized terms used herein and not otherwise defined herein shall have the
same respective meanings as used in the Original Statement.
Item 4 of the Original Statement is hereby amended as
follows:
Item 4. Purpose of Transaction.
Daystar acquired the shares of Common Stock described in Item
3 of the Original Statement (collectively, the "Shares") for the Fund and its
clients solely for investment purposes. On January 6, 1999, Daystar discussed
its views regarding the Company with representatives of another shareholder of
the Company, UBS AG ("UBS"). On January 13, 1999, Daystar and UBS met with
representatives of the Company to discuss their views.
None of Daystar or the Managing Directors currently has any
plan or proposal which relates to or would result in any of the matters listed
in Item 4 of Schedule 13D. However, Daystar may review its investment in the
Company from time to time in light of the Company's operations, prospects,
business development and competitive and strategic matters, and, as a result,
may change its intention with respect to proposing one or more actions to
enhance shareholder value or to effect a change of control of the Company.
In addition, Daystar may, from time to time or at any time,
dispose of Shares or acquire additional shares of Common Stock for the Fund or
Daystar client accounts depending on price and market conditions and other
factors.
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SIGNATURE
After reasonable inquiry and to the best of the undersigned's
knowledge and belief, the undersigned certifies that the information set forth
in this statement is true, complete and correct.
Dated: January 19, 1999
DAYSTAR L.L.C.
By /s/ Michael C. Murr
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Michael C. Murr
Managing Director
