FORM 3 OMB APPROVAL
OMB NUMBER:3235-0104
EXPIRES:APRIL 30, 1997
ESTIMATED AVERAGE BURDEN
HOURS PER RESPONSE 0.5
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
J.J. Cramer & Co.
(Last) (First) (Middle)
c/o Cramer & Company, 100 Wall Street
(Street)
New York New York 10005
(City) (State) (ZIP)
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2. Date of Event Requiring Statement (Month/Day/Year)
3/31/97
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3. IRS or Social Security Number of Reporting Person
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4. Issuer Name and Ticker or Trading Symbol
Banner Aerospace, Inc., BAR
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5. Relationship of Reporting Person to Issuer
(Check all applicable)
Director X 10% Owner
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Officer (give title below) Other
---------- ---------- (specify
below)
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6. If Amendment, date of Original
(Month/Day/Year)
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Table I - Non-Derivative Securties Beneficially Owned
<TABLE>
<CAPTION>
3. Ownership 4. Name of
2. Amount of Securities Form: Direct (D) Indirect Beneficial
1. Title of security Beneficially Owned or Indirect (I) Ownership
(Inst.4) (Instr.4) (Inst.5) (Instr.5)
<S> <C> <C> <C>
Common Stock 2,370,200* I By managed account
</TABLE>
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
<PAGE>
FORM 3 (CONTINUED) TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
1. Title of 2. Date Exercisable and 3. Title and Amount of 4. Conversion or 5. Ownership 6. Nature
Derivate Expiration Date Securities Underlying Excercise Price Form of of
Security (Month/Day/Year) Derivative Security of Derivative Derivative Indirect
(Instr.4) (Instr. 4) Security Security: Beneficial
Direct (D) Ownership
or (Instr. 5)
Date Expiration Title Amount or Indirect
Exercisable Date Number of (I)
Shares (Instr. 5)
<S> <C> <C> <C> <C> <C> <C> <C>
</TABLE>
Explanation of Responses:
The reporting person acts as an investment manager of Cramer Partners, L.P., and
as such disclaims the beneficial ownership of the securities except to the
extent of its pecuniary interest therein.
**Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually
signed. If space provided is insufficient, SEE Instruction 6 for procedure.
J.J. CRAMER & CO.
/s/ James J. Cramer 4/9/97
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**Signature of Reporting Person Date
Name: James J. Cramer
Title: President
