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OMB APPROVAL
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OMB Number 3235-0104
Expires: April 30, 1997
Estimated average burden
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3
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
Giddens James W.
Solely as Trustee for the Liquidation of the Business of A.R. Baron & Co., Inc.
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(Last) (First) (Middle)
P.O. Box 359, Bowling Green Station
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(Street)
New York New York 10274
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
7/11/96
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Issuer Name and Ticker or Trading Symbol
Innovir Laboratories, Inc. (NASDAQ Small Capitalization: INVR)
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5 Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [ X ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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6. If Amendment, Date of Original (Month/Day/Year)
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7. Individual or Joint/Group Filing (Check applicable line)
[ X ] Form filed by One [ ] Form filed by More than
Reporting Person One Reporting Person
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FORM 3 (continued)
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Table I -- Non-Derivative Securities Beneficially Owned
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<TABLE>
<CAPTION>
3. Ownership Form:
2. Amount of Securities Direct (D) or
1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr.5)
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<S> <C> <C> <C>
Common Stock, par value 840,974 (I) By Self Solely as Trustee for the
$.013 per share Liquidation of the Business of A.R. Baron
& Co., Inc.
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Responses)
<PAGE>
FORM 3 (continued)
Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 6. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Security Exer- tion of Derivative (I) Ownership
(Instr. 4) cisable Date Title Shares Security (Instr.5) (Instr. 5)
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<S> <C> <C> <C> <C> <C> <C> <C>
Redeemable Class A 8/12/93 8/12/98 Common Stock, par 149,843 $6.5625 (I) By Self
Warrants value $.13 per share Solely as
Trustee for
the Liquida-
tion of the
Business of
A.R. Baron &
Co., Inc.
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Redeemable Class B 8/12/93 8/12/98 Common Stock, par 146,860 $8.20 (I) By Self
Warrants value $.13 per share Solely as
Trustee for
the Liquida-
tion of the
Business of
A.R. Baron &
Co., Inc.
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Unit Purchase Options 8/12/94 8/12/98 Common Stock, par 53,325 $6.30 (I) By Self
value $.13 per share Solely as
Trustee for
the Liquida-
tion of the
Business of
A.R. Baron &
Co., Inc.
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</TABLE>
Explanation of Responses:
/s/ James W. Giddens August 27, 1996
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**Signature of Reporting Person Date
** 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.
<PAGE>
FORM 3 (continued)
Item 1. Name and Address of Reporting Person
James W. Giddens, solely as trustee for the liquidation of the Business
of A.R. Baron & Co., Inc.
P.O. Box 359
Bowling Green Station
New York, NY 10274
Item 2. Date of Event Requiring Statement (Month/Day/Year)
July 11, 1996
Item 4. Issuer Name and Ticker or Trading Symbol
Innovir Laboratories, Inc. (INVR)
Table I: Item 4 (additional disclosure)
Table II: Item 6 (additional disclosure)
James W. Giddens (the "Trustee") was appointed trustee for the liquidation
of the business of A.R. Baron & Co., Inc. ("ARB") pursuant to an order of the
United States District Court for the Southern District of New York, dated July
11, 1996 (the "Court Order") under section 78eee(b)(3) of the Securities
Investor Protection Act. By operation of law, the Trustee is in possession and
effective control of the assets of ARB. Consequently, the Trustee believes that,
for the purposes of Rule 13d-3(a) under the Securities Exchange Act of 1934, the
Trustee may be the beneficial owner of a total of 1,191,002 shares (the
"Shares") of Common Stock, par value $.13 per share (the "Common Stock"), of
Innovir Laboratories, Inc. (the "Issuer"), of which 296,703 are shares of Common
Stock underlying currently exercisable Redeemable Class A and Class B Warrants
of the Issuer and 53,325 are shares of Common Stock underlying currently
exercisable Unit Purchase Options of the Issuer (the Unit Purchase Options
represent currently exercisable options to purchase 17,775 shares of Common
Stock and options to purchase Redeemable Class A and Class B Warrants
exercisable to purchase 35,550 shares of Common Stock). As of the date of the
Court Order, 199,128 of the Shares were directly owned by ARB, and 991,874 of
the Shares (the "Pledged Shares") were pledged to ARB by 110958 Ontario Inc.,
Ken Stokes and Eric Broadley (collectively, the "Note Obligors") pursuant to
Secured Demand Note Collateral Agreements for Equity Capital dated May 22, 1996,
August 31, 1995 and September 7, 1995, respectively (collectively, the "Security
Agreements"), by the Note Obligors in favor of ARB as security for the Note
Obligors' obligations pursuant to Secured Demand Notes dated May 22, 1996,
August 31, 1995 and September 4, 1995, respectively, by the Note Obligors in
favor of ARB. Pursuant to the Security Agreements, the Pledged Shares are held
of record by Bear Stearns as nominee for ARB and ARB has the right under certain
conditions to liquidate the Pledged Shares.
