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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. ____)*
Holly Products, Inc.
________________________________________________________________________________
(Name of Issuer)
Common Stock, No Par
________________________________________________________________________________
(Title of Class of Securities)
436015-10-1
_______________________________________________________________
(CUSIP Number)
Gerald L. Fishman, 30 N. LaSalle St., #3500, Chicago, IL 60602; 312-726-1224
________________________________________________________________________________
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
August 27, 1996
_______________________________________________________________
(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 [_].
Check the following box if a fee is being paid with the statement [X]. (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
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).
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 436015-10-1 Page 2 of 13 Pages
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Leonard Chavin
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 5,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
----
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 5,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
----
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
5,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
.01625%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 436015-10-1 Page 3 of 13 Pages
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert Chavin
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 400,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
----
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 400,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
----
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
400,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
1.3%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 436015-10-1 Page 4 of 13 Pages
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Marvin Marmelstein
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 1,200,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
----
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 1,200,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
----
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,200,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
3.9%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 436015-10-1 Page 5 of 13 Pages
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jason Sharps and Jack Weiss, as Tenants in Common
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF ----
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
100,000
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING ----
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
100,000
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
100,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
.325%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
OO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 436015-10-1 Page 6 of 13 Pages
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jason Sharps
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 10,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
----
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 10,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
----
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
10,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
.325%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 436015-10-1 Page 7 of 13 Pages
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jason Sharps, as Trustee of the Jason Sharps Trust
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 10,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
----
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 10,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
----
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
10,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
.325%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
EP
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
CUSIP NO. 436015-10-1 PAGE 8 OF 13
ITEM 1. Security and Issuer
-------------------
Common Stock, No Par Value
Holly Products, Inc.
200 Monument Road, Suite 10
Bala Cynwyd, Pennsylvania 19004
ITEM 2. Identity and Background
-----------------------
a. Leonard Chavin a. Robert Chavin
b. 4756 S. Ashland Avenue b. 1305 S. Monterey
Chicago, IL 60609 Villa Park, IL 60181
c. Comptroller c. Owner
Howard's Style Shop BFJ Construction
4756 S. Ashland Avenue R.H. Affordable Furniture, Inc.
Chicago, IL 60609 4801 S. Ashland Avenue
Chicago, IL 60609
d. N/A d. N/A
e. N/A e. N/A
f. United States f. United States
----------------------------------------------------------------------
a. Marvin Mermelstein a. Jason Sharps and Jack Weiss,
as Tenants in Common
b. 2450 N. Central Avenue b. Jason Sharps
Chicago, IL 250 S. Wacker Drive
Suite 1000
Chicago, IL 60606
Jack Weiss
2242 Valencia Drive
Northbrook, IL 60062
<PAGE>
CUSIP NO. 436015-10-1 PAGE 9 OF 13
c. Investor c. Jason Sharps-CPA
2450 N. Central Avenue Reifler & Sharps Ltd.
Chicago, IL 60639 250 S. Wacker Drive
Suite 1000
Chicago, IL 60606
Jack Weiss-Investor
2242 Valencia Drive
Northbrook, IL 60062
d. N/A d. N/A
e. N/A e. N/A
f. United States f. United States
----------------------------------------------------------------------
a. Jason Sharps a. Jason Sharps, Trustee
for the Jason Sharps Trust
b. 250 S. Wacker Drive b. 250 S. Wacker Drive
Suite 1000 Suite 1000
Chicago, IL 60606 Chicago, IL 60606
c. Jason Sharps-CPA c. Retirement Trust
Reifler & Sharps Ltd.
250 S. Wacker Drive
Suite 1000
Chicago, IL 60606
d. N/A d. N/A
e. N/A e. N/A
f. United States f. United States
<PAGE>
CUSIP NO. 436015-10-1 PAGE 10 OF 13
ITEM 3. Source and Amount of Funds or Other Consideration
-------------------------------------------------
Leonard Chavin, Robert Chavin, Marvin Mermelstein, Jason Sharps & Jack
Weiss, as Tenants in Common, and Jason Sharps -- Personal Funds
Jason Sharps, as Trustee of the Jason Sharps Trust, purchases made by
the Trust out of Trust assets, of which Jason Sharps is the sole
Trustee, beneficiary and contributor.
ITEM 4. Purpose of Transaction
----------------------
Purchases by the reporting persons were made for investment purposes.
While the reporting persons have no proposal or commitment to do so,
they do contemplate making additional share acquisitions in the
future. The timing and amount of such purchases are currently
unknown.
The Chavin Group may also seek representation on the Issuer's Board of
Directors. No other extraordinary corporate transaction, such as a
merger, reorganization or liquidation involving the Issuer or any
subsidiary is presently contemplated by the Group, nor is any other
material change.
ITEM 5. Interest in Securities of the Issuer
------------------------------------
a. Shares beneficially owned
Leonard Chavin - 5,000 shares (.01625%)
Robert Chavin - 400,000 shares (1.3%)
Marvin Mermelstein - 1,200,000 shares (3.9%)
Jason Sharps & Jack Weiss, TIC - 100,000 shares (.325%)
Jason Sharps - 10,000 shares (.0325%)
Jason Sharps, Trustee of the Jason Sharps Trust - 10,000 shares
(.0325%)
b. Leonard Chavin
Sole Voting Power 5,000
Shared Voting Power ----
Sole Dispositive Power 5,000
Shared Dispositive Power ----
Robert Chavin
Sole Voting Power 400,000
Shared Voting Power ----
Sole Dispositive Power 400,000
Shared Dispositive Power ----
<PAGE>
CUSIP NO. 436015-10-1 PAGE 11 OF 13
Marvin Mermelstein
Sole Voting Power 1,200,000
Shared Voting Power ----
Sole Dispositive Power 1,200,000
Shared Dispositive Power ----
Jason Sharps & Jack Weiss as TIC
Sole Voting Power ----
Shared Voting Power 100,000
Sole Dispositive Power ----
Shared Dispositive Power 100,000
Jason Sharps
Sole Voting Power 10,000
Shared Voting Power ----
Sole Dispositive Power 10,000
Shared Dispositive Power ----
Jason Sharps, Trustee
Sole Voting Power 10,000
Shared Voting Power ----
Sole Dispositive Power 10,000
Shared Dispositive Power ----
c. Leonard Chavin purchased 5,000 shares on August 26, 1996 at $.3125
per share on NASDAQ.
Robert Chavin purchased 375,000 shares at $.3125 per share on
August 26, 1996 and 25,000 shares at $.375 on August 27, 1996 on
NASDAQ.
Marvin Mermelstein purchased 400,000 shares at $0.38 per share and
800,000 shares at $.3778 per share on August 27, 1996 on NASDAQ.
Jason Sharps and Jack Weiss, TIC, purchased 100,000 shares at
$.375 per share on August 27, 1996 on NASDAQ.
Jason Sharps purchased 10,000 shares at $.219 per share on August
16, 1996 on NASDAQ.
Jason Sharps, as Trustee, directed the purchase of 10,000 shares
at $.219 per share on August 15, 1996 on NASDAQ.
d. N/A
e. N/A
<PAGE>
CUSIP NO. 436015-10-1 PAGE 12 OF 13
ITEM 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
---------------------------------------------------------------------
On August 12, 1996, Leonard Chavin and Robert Chavin entered into a
letter agreement under which Robert Chavin agreed to pay Leonard
Chavin as follows:
(a) $500 per week when the stock of the Issuer "doubles" (e.g.,
reaches approximately $.50 per share);
(b) $1,000 per week when said stock triples (e.g., approximately $.75
per share);
(c) $1,500 per week when said stock quadruples (e.g., approximately
$1.00 per share);
(d) $2,000 per week when said stock sells for over $2.00 per share.
This agreement was subscribed to by Mr. Mermelstein on August 27,
1996.
ITEM 7. Material to Be Filed as Exhibits
--------------------------------
a. Power of Attorney and statement of joint filing
b. August 12/27, 1996 Letter Agreement
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.
9/3/96 /s/ Leonard Chavin
- ------------ ----------------------------------------
Date Leonard Chavin
----------------------------------------*
Robert Chavin
----------------------------------------*
Marvin Mermelstein
<PAGE>
CUSIP NO. 436015-10-1 PAGE 13 OF 13
----------------------------------------*
Jason Sharps and
----------------------------------------*
Jack Weiss, as Tenants in Common
----------------------------------------*
Jason Sharps
----------------------------------------*
Jason Sharps, Trustee of the
Jason Sharps Trust
*By: /s/ Leonard Chavin
-----------------------------------
Leonard Chavin, as attorney-in-fact
<PAGE>
EXHIBIT A - PAGE 1
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints
Leonard Chavin his true and lawful attorney-in-fact, an agent with full power of
substitution and resubstitution for him in his name, place and stead, in any and
all capacities to sign a Schedule 13D and any and all amendments to said
Schedule 13D relating to the acquisition of securities of Holly Products, Inc.,
both in the name of the undersigned and under the general collective name "The
Chavin Group" for such joint acquisition of securities of Holly Products, Inc.,
and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission and as
otherwise required under the Securities Exchange Act of 1934, as amended.
WITNESS our hand as of the 27th day of August, 1996.
1. /s/ Leonard Chavin
-----------------------------------------
Leonard Chavin
2. /s/ Robert Chavin
-----------------------------------------
Robert Chavin
3.
-----------------------------------------
Marvin Mermelstein
4. /s/ Jason Sharps
-----------------------------------------
Jason Sharps and
/s/ Jack Weiss
----------------------------------------
Jack Weiss, as Tenants in Common
5. /s/ Jason Sharps
-----------------------------------------
Jason Sharps
6. /s/ Jason Sharps, Trustee
-----------------------------------------
Jason Sharps, Trustee
of the Jason Sharps Trust
<PAGE>
EXHIBIT A - PAGE 2
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints
Leonard Chavin his true and lawful attorney-in-fact, an agent with full power of
substitution and resubstitution for him in his name, place and stead, in any and
all capacities to sign a Schedule 13D and any and all amendments to said
Schedule 13D relating to the acquisition of securities of Holly Products, Inc.,
both in the name of the undersigned and under the general collective name "The
Chavin Group" for such joint acquisition of securities of Holly Products, Inc.,
and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission and as
otherwise required under the Securities Exchange Act of 1934, as amended.
WITNESS our hand as of the 27th day of August, 1996.
1. /s/ Leonard Chavin
-----------------------------------------
Leonard Chavin
2. /s/ Robert Chavin
-----------------------------------------
Robert Chavin
3. /s/ Marvin Mermelstein
-----------------------------------------
Marvin Mermelstein
4. /s/ Jason Sharps
-----------------------------------------
Jason Sharps and
----------------------------------------
Jack Weiss, Tenants Inc Common
5. /s/ Jason Sharps
-----------------------------------------
Jason Sharps
6. /s/ Jason Sharps, Trustee
-----------------------------------------
Jason Sharps, Trustee
of the Jason Sharps Trust
<PAGE>
EXHIBIT B
CHAVIN & CHAVIN
4756 South Ashland Avenue * Chicago, IL 60609
(312) 733-5789 * FAX (312) 847-7365
8/12/96
Leonard Chavin
Chgo, Ill
Dear Mr. Chavin:
I agree to enter into an association with you for the purpose of trying to
gain control of Holly Prod.
I understand you will purchase 5,000 shares at approximately 25
cents per share and I will acquire approximately 500,000 shares at market
value.
In order to induce you to set up this association I agree to pay you a
salary of
(A) 500 per week when the stock doubles
(B) 1,000 per week when the stock triples
(C) 1,500 per week when the stock quadruples
(D) 2,000 per week when the stock sells for over $2.00
I will pay all expenses on this transaction including legal
/s/ Marvin Mermelstein /s/ Robert Chavin
Marvin Mermelstein Robert Chavin
