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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE 13-G
Under the Securities Exchange Act of 1934
(Amendment No. 2 )
Flagstar Companies, Inc.
(Name of Issuer)
Common Stock and
$2.25 Preferred Convertible Preferred A
(Title of Class of Securities )
338471-10-5 and 338471-20-4
(CUSIP Number)
Check the following box if a fee is being paid with this statement (A fee
is not required only if the filing person: (1) has a previous statement on
reporting the beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).
*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 the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities and
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).
SEC 1745 (2/92)
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Name of reporting person: Ryback Management Corporation
I.R.S. Identification No. of Above Entity 43-1615580
Check Appropriate Box if a member of a group*
3. SEC use only
4. Citizenship or Place of Organization
Michigan
Number of 5. Sole Voting Power
Shares 1,679,000 convertible preferred stock
results in 11,400,410 common stock
Plus 79,000 addititonal common shares held
Beneficially 6. Shared Voting Power
Owned by
Each 7. Sole Dispositive Power
Reporting 1,679,000 convertible preferred stock
results in 11.400,410 common stock
Plus 79,000 additional common shares held
Person With 8. Shared Dispositive Power
9. Aggregate Amount Beneficially owned by each reporting person:
11,400,410 common shares held by Lindner Dividend Fund
79,000 common shares managed by Ryback Management Corporation
10. Check Box if the Aggregate amount in Row (9) excludes certain shares
11. Percent of Class Represented by Amount in Row (9)
13.47% fully diluted
12. Type of Reporting Person
IA - Ryback Management Corporation IV - Lindner Investment Series Trust
sec 1745 (6-80)
SEE INSTRUCTION BEFORE FILLING OUT!
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SEC 13G
SECURITIES AND EXCHANGE COMMISSION
SCHEDULE 13g Amendment No. 2
Item 1(a) Name of Issuer:
Flagstar Companies, Inc.
Item 1(b) Address of Issuer's Principal Executive Offices:
203 East Main Street
Spartanburg, SC 29319-9966
Item 2(a) Name of Person Filing:
Ryback Management Corporation
Item 2(b) Address of Principal Business Office:
7711 Carondelet Ave., Box 16900, St. Louis, MO 63105
Item 2(c) Citizenship:
Michigan
Items 2(d) Title and Class of Securities:
Common Stock and $2.25 convertible Series A Preferred Stock
Item 2(e) CUSIP:
338471-10-5 and 338471-20-4
Item 3) If this statement is filed pursuant to Rule 13d-1(b) or, 13d-2(b),
check whether the person filing is a:
[X] Investment Company registered under Section 8 of the Investment Company
Act ( LINDNER INVESTMENT SERIES TRUST)
[X] Investment Company Adviser registered under Section 203 of the
Investment Advisers Act of 1940 (RYBACK MANAGEMENT CORPORATION)
Item 4 Ownership:
The Shares listed below were held in a fiduciary capacity by
Ryback Management Corp. and/or Lindner Investment Series Trust
as of December 31, 1995:
(A) Amount beneficially owned: 11,400,410 converted shares held by
Lindner Dividend Fund, Inc.
79,000 shares managed by Ryback Management Corporation
(B) Percent of class: 13.47%
(C) Number of shares as to which such subject COMPANY has:
(1)sole power to vote or direct to vote: 11,479,410
(2)shared power to vote or direct to vote:
(3)sole power to dispose of or direct disposition of: 11,479,410
(4)shared power to dispose or direct disposition of:
Instruction: For computation regarding securities which represent the right
to acquire an underlying security see Rule 13d-3(d)(1).
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Item 5. Ownership of Five Percent or Less of a Class
Not Applicable
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Lindner Dividend Fund,(formerly Lindner Dividend Fund, Inc.), a
registered investment company, would be the holder of more than five
percent of the outstanding common if the holding in the convertible
preferred stock were converted. Lindner Dividend Fund is a separate
series of the Lindner Investment Series Trust.
Item 7. Identification and Classification of the Subsidiary which Acquired
the Security Being Reported On By the Parent Holding Company.
See Item 3
Item 8. Identification and Classification of Members of the Group.
Not Applicable
Item 9. Notice of Dissolution of Group
Not Applicable
Item 10. Certification
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose
of and do not have the effect of changing or influencing the control
of the issuer of such securities and were not acquired in connection
with or as a participant in any transaction having such purposes or
effect.
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.
DATED: January 25, 1996
/S/ Eric E. Ryback, President
Ryback Management Corporation
Lindner Investment Series Trust
(314) 727-5305
