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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No.: *
Name of Issuer: Salant Corporation
Title of Class of Securities: Common Stock, $1 par value
CUSIP Number: 793897109
(Name, Address and Telephone Number of Person
Authorized To Receive Notices and Communications)
Felix Kozodoy
Magten Asset Management Corp.
35 East 21st Street
New York, New York 10010
(Date of Event which Requires Filing of this Statement)
May 11, 1999
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(e), 13d-1(f) or 13d-1(g), check the following box [ ]
Note: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits.
See Rule 13d-7(b) for other parties to whom copies are to be
sent.
*The remainder of this cover page shall be filled out for a rep-
orting 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
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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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CUSIP No.: 793897109
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Magten Asset Management Corp.
2. Check the Appropriate Box if a Member of a Group
a.
b. X
3. SEC Use Only
4. Source of Funds
AF
5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
6. Citizenship or Place of Organization
Delaware
Number of Shares Beneficially Owned by Each Reporting Person
With:
7. Sole Voting Power:
8. Shared Voting Power:
5,127,367
9. Sole Dispositive Power:
10. Shared Dispositive Power:
6,549,935
11. Aggregate Amount Beneficially Owned by Each Reporting Person
6,549,935
12. Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares [X]
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13. Percent of Class Represented by Amount in Row (11)
65.49%
14. Type of Reporting Person
IA, CO
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CUSIP No.: 793897109
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Talton R. Embry
2. Check the Appropriate Box if a Member of a Group
a.
b. X
3. SEC Use Only
4. Source of Funds
WC
5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
6. Citizenship or Place of Organization
United States of America
Number of Shares Beneficially Owned by Each Reporting Person
With:
7. Sole Voting Power:
10,508
8. Shared Voting Power:
5,127,367
9. Sole Dispositive Power:
10,508
10. Shared Dispositive Power:
6,549,935
11. Aggregate Amount Beneficially Owned by Each Reporting Person
6,560,443
12. Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares [X]
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13. Percent of Class Represented by Amount in Row (11)
65.60%
14. Type of Reporting Person
IN
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The purpose of this Schedule 13D is to report the ownership of
Magten Asset Management Corp. ("Magten") and Talton R. Embry
(collectively, the "Reporting Persons") in the Common Stock (the
"Common Stock") of Salant Corporation (the "Issuer") of 65.49%
and 65.60%, respectively, of the outstanding Common Stock.
Item 1. Security and Issuer
The title of the class of equity securities to which
this statement relates is: Common Stock.
The name and address of the principal executive and
business office of the Issuer is:
Salant Corporation
1114 Avenue of the Americas
36th Floor
New York, New York 10036
Item 2. Identity and Background
This statement is being filed on behalf of Magten Asset
Management Corp. ("Magten"), a Delaware corporation, and
Talton R. Embry. Magten, a registered investment
adviser, has investment discretion over certain managed
accounts of its investment advisory clients and certain
private investment funds for which it serves as general
partner or investment manager. Mr. Embry is a managing
director and the sole shareholder of Magten. Mr. Embry
has investment discretion over various pension plans of
Magten. The principal office of the Reporting Persons
is at 35 East 21st Street, New York, New York 10010.
On February 26, 1996, Magten and the Maryland Securities
Commissioner entered into a consent order whereby Magten
paid a fine of $1,500. The Maryland Securities
Commissioner alleged that Magten effected investment
advisory transactions in Maryland prior to its
registration as a Maryland investment adviser. Magten
is currently registered as an investment adviser in
Maryland, and its activities are not restricted.
Mr. Embry has not, during the last five years, been
convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors). Mr. Embry has not,
during the last five years, been a party to a civil
proceeding of a judicial or administrative body of
competent jurisdiction which resulted in a judgment,
decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal
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or state securities laws or finding any violations with
respect to such laws.
Talton R. Embry is a citizen of the United States of
America.
Item 3. Source and Amount of Funds or Other Consideration
As of the date hereof, Magten and Mr. Embry are deemed
to beneficially own 6,549,935 and 6,560,443 shares of
Common Stock, respectively. All Shares are held by the
managed accounts. All of the Shares were purchased in
open market transactions. The shares of Common Stock
were distributed to the Reporting Persons in exchange
for 10.50% Bonds of the Issuer (the "Bonds"). The Bonds
were purchased for an aggregate purchase price of
$72,426,586. The funds for the purchase of the Bonds
came from each managed account's own funds, the working
capital of each private investment funds and the fund of
the pension plans. No leverage was used to purchase the
Bonds.
Item 4. Purpose of Transactions
The Common Stock deemed to be beneficially owned by the
Reporting Persons is held for investment purposes.
Notwithstanding the foregoing, one of the Reporting
Persons, Mr. Embry, is a member of the Board of
Directors of the Issuer and as such has had discussions
with Management.
The Reporting Persons have not entered into any
agreements or arrangements relating to the Common Stock.
Except as described above, the Reporting Persons do not
have any plan or proposal which relates to, or would
result in, any of the actions enumerated in Item 4 of
the instructions to the Schedule 13D. The Reporting
Persons reserves the right to acquire additional Shares,
dispose of all or some of the Shares from time to time,
or continue to hold the Shares.
Item 5. Interest in Securities of Issuer
As of the date hereof, Magten and Mr. Embry are deemed
to beneficially own 6,549,935 and 6,560,443 Shares.
Based on information supplied by the Issuer, as of May
20, 1999 there were 10,000,000 Shares outstanding.
Therefore, Magten and Mr. Embry are deemed to
beneficially own 65.49% and 65.60%, respectively the
outstanding Shares. The Reporting Persons have the
shared power to vote or direct the vote of 5,137,875
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Shares. The Reporting Persons do not have the power to
vote or direct the vote of 1,422,568 Shares. The
Reporting Persons have the power to dispose of or direct
the disposition of all 6,560,443 Shares. All
transactions in the Shares effected by the Reporting
Persons during the sixty days prior to May 11, 1999
through the date of this filing were effected in
open-market transactions and are set forth in Exhibit B
hereto.
The Reporting Persons may be deemed to be beneficially
owners of the Shares. Pursuant to Rule 13d-4
promulgated under the Securities Exchange Act of 1934,
the Reporting Persons hereby declare that the filing of
this Schedule 13D shall not be construed as an admission
that the Reporting Persons are the beneficial owners of
the Shares.
Investment advisory clients, on whose behalf the Shares
are held in managed accounts, have the right to receive
and the power to direct the receipt of dividends from,
or the proceeds from the sale of the Shares.
Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer
See Item 4.
Item 7. Material to be Filed as Exhibits
1. An agreement relating to the filing of a joint
statement as required by Rule 13d-1(f) under
the Securities Exchange Act of 1934 is filed
herewith as Exhibit A.
2. A description of the transactions in the
Shares that were effected by the Reporting
Persons during the 60 days prior to May 11,
1999 through the date of this filing is filed
herewith as Exhibit B.
Signature
The undersigned, after reasonable inquiry and to
the best of their knowledge and belief, certify that the
information set forth in this statement is true, complete
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and correct.
MAGTEN ASSET MANAGEMENT CORP.
By: /s/ Talton R. Embry
_____________________________
Talton R. Embry
Managing Director
/s/ Talton R. Embry
_____________________________
Talton R. Embry
May 21, 1999
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Exhibit A
AGREEMENT
The undersigned agree that this Schedule 13D dated
May 21, 1999 relating to the Common Stock of Salant
Corporation shall be filed on behalf of the undersigned.
MAGTEN ASSET MANAGEMENT CORP.
By: /s/ Talton R. Embry
_____________________________
Talton R. Embry
Managing Director
/s/ Talton R. Embry
_____________________________
Talton R. Embry
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Exhibit B
SCHEDULE OF TRANSACTIONS
Price Per Share
Date Shares Purchased or (Sold) (excluding commission)
____ __________________________ _____________________
5/11/99 6,560,443*
*On May 11, 1999 Reporting Persons received Common Stock from the
Issuer in exchange for 10.50% Bonds of the Issuer.
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01651001.AQ4
