SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)
GRANT GEOPHYSICAL, INC.
(Name of Issuer)
$2.4375 CONVERTIBLE EXCHANGEABLE PREFERRED STOCK, $.01 PER SHARE
(Title of Class of Securities)
388085201
(CUSIP Number)
Richard J. Schulman, Esq.
Sills Cummis Zuckerman Radin Tischman Epstein & Gross, P.A.
One Riverfront Plaza
Newark, New Jersey 07102
TEL: (201) 643-7000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 26, 1997
(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 <square>.
<PAGE>
<TABLE>
<CAPTION>
CUSIP NO. 388085201 13D PAGE 2 of 5 PAGES
(1) NAMES OF REPORTING PERSONS.
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Yakil Polak
###-##-####
<S> <C> <C>
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
(b)
(3) SEC USE ONLY
(4) SOURCE OF FUNDS
PF
(5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED <square>
PURSUANT TO ITEMS 2(d) or 2(e)
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
</TABLE>
<TABLE>
<CAPTION>
(7) SOLE VOTING POWER
NUMBER OF
SHARES 144,600
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
<S> <C> <C>
(8) SHARED VOTING POWER
-0-
(9) SOLE DISPOSITIVE POWER
144,600
(10) SHARED DISPOSITIVE POWER
-0-
</TABLE>
<TABLE>
<CAPTION>
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
144,600
<S> <C>
(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES <square>
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.3%
(14) TYPE OF REPORTING PERSON
IN
</TABLE>
<PAGE>
This Amendment is filed on behalf of Yakil Polak and amends and
supplements the initial Schedule 13D dated December 26, 1996.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
This item is supplemented as follows:
The three transactions described in Item 5 below were sales. In addition,
Mr. Polak spent an aggregate of $26,200 from his personal funds to consummate
three previously unreported purchases of an aggregate of 22,000 shares (the
"Shares") of $2.4375 Convertible Exchangeable Preferred Stock, par value $.01
per share (the "Preferred Stock") of Grant Geophysical, Inc., a Delaware
corporation (the "Company"). Mr. Polak paid $1.51 per Share for 10,000 Shares
on January 9, 1997; he paid $1.75 per Share for 2,000 Shares on January 17,
1997; and he paid $0.76 per Share for 10,000 Shares on February 21, 1997. The
Shares constituted an aggregate of 0.96% of the Preferred Stock then
outstanding.
Item 4. PURPOSE OF TRANSACTION.
This item is supplemented as follows:
Mr. Polak acquired all of the Shares for investment purposes only.
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
This item is supplemented as follows:
(a) After giving effect to the transactions described below, Mr.
Polak beneficially owned 144,600 shares of Preferred Stock, all of which he
held directly, representing 6.3% of the Company's outstanding shares of
Preferred Stock.
(b) Mr. Polak has the sole power to vote and sole power to dispose
of all such shares of Preferred Stock.
(c) The following is a description of the transactions in Preferred
Stock Mr. Polak affected during the past sixty days:
Date of Number of Price Per Where and How
SALE SHARES SHARE TRANSACTION WAS EFFECTED
<TABLE>
<CAPTION>
<S> <C> <C> <C>
June 23, 1997 20,000 $6.50 open market through broker
June 26, 1997 24,900 $3.26 open market through broker
June 27, 1997 32,500 $3.90 open market through broker
</TABLE>
(d) No other person is known by the reporting person to have the
right to receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, the securities described in this Item 5.
(e) Not Applicable.
Page 3 of 5
<PAGE>
SIGNATURE
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.
Date: July 1, 1997
Signature: /S/ YAKIL POLAK
---------------------------
Yakil Polak
Page 4 of 5
