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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
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Odyssey Pictures Corporation
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
676121 10 6
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(CUSIP Number)
Howard J. Kerker, P.C.
600 Madison Avenue, 25th Floor
New York, New York 10022
212-758-0700
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
March 6, 1996
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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 / /
Note. Six copies of this statement, including all
exhibits, should be filed with the Commission. See Rule
13d-1(a) for other parties to whom copies are to be sent.
*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 disclosures provided in a prior cover page.
The information required on the remainder of this cover
page shall not be deemed to be "filed" for the purpose of
Section 18 of the Securities 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).
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SCHEDULE 13D
CUSIP NO. 676121 10 6
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1) Name of Reporting Persons/S.S. or I.R.S. Identification
Nos. of Above Persons.
Ira N. Smith
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2) Check the Appropriate Row if a Member of a Group:
a) / /
b) / /
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3) SEC Use Only
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4) Source of Funds
OO
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5) Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e) / /
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6) Citizenship or Place of Organization
United States Citizen
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Number of 7) Sole Voting Power
Shares 445,231
Beneficially -------------------------------------------------------
Owned by 8) Shared Voting Power
Each -0-
Reporting Person -------------------------------------------------------
With 9) Sole Dispositive Power
445,231
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10) Shared Dispositive Power
-0-
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11) Aggregate Amount Beneficially Owned by Reporting Person
445,231
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12) Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares / /
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13) Percent of Class Represented by Amount in Row (11)
9.5%
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14) Type of Reporting Person
IN
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Item 1. Security and Issuer.
Common Stock, par value $.01 per share, of Odyssey
Pictures Corporation, 1875 Century Park East, Suite 2130,
Los Angeles, California 90067.
Item 2. Identity and Background.
(a) Ira N. Smith
(b) c/o SESAC, 421 W. 54th Street, New York, N.Y.
10019
(c) President and C-Chairman of Odyssey Pictures
Corporation, 421 W. 54th Street, New York, New York 10019.
(d) Not applicable.
(e) Not applicable.
(f) United States citizen.
Item 3. Source and Amount of Funds or Other Consideration.
No funds were used by the reporting person. Beneficial
ownership of the shares reflected in this report was
acquired either as a result of (i) stock options issued by
the Board of Directors of the company in consideration of
services rendered to the company, or (ii) the conversion of
deferred compensation notes into common stock of the
company.
Item 4. Purpose of Transaction.
See response to Item 3 above.
Item 5. Interest in Securities of the Issuer.
(a) 445,231 shares beneficially owned (including
presently exercisable options to purchase 316,667 shares of
common stock), representing 9.5% of class.
(b) Reporting person has sole power to vote and dispose of the shares
referred to in (a); no other person shares voting or dispositive power with
respect to such shares.
(c) Not applicable.
(d) Not applicable.
(e) Not applicable.
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Item 6. Contracts, Arrangements, Understandings or Relationships
With Respect to Securities of the Issuer.
Not Applicable
Item 7. Material to be Filed as Exhibits.
Not Applicable.
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
hereby certify that the information set forth in this statement is true,
complete and correct.
July 28, 1997
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(Date)
/s/ Ira N. Smith
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(Signature)
Ira N. Smith
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(Name and Title)
