UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)
BLC FINANCIAL SERVICES, INC.
(Name of Issuer)
Common Stock, par value $.01 per share
055 490 10 6
CUSIP Number
Robert F. Tannenhauser, 919 Third Ave., New York, NY 10022 212-751-5626
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
March 25, 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-I(b)(3) or (4), check the following
box. No.
Check the following box if a fee is being paid with the statement. No.
(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).
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SCHEDULE 13D
CUSIP No. 055 490 10 6
1. Name of Reporting Person: Futuronics Corporation 11-1985337
2. Check the appropriate box if a member of a group: Not applicable.
3. SEC USE ONLY.
4. Source of Funds. WC.
5. Check box if disclosure of legal proceedings is required pursuant to
items 2(d) or 2(e). None.
6. Citizenship or place of organization: New York
Number of Shares Beneficially Owned by Each Reporting Person with:
7. Sole Voting Power: 3,109,964
8. Shared Voting Power: Not applicable.
9. Sole Dispositive Power: 3,109,964
10. Shared Dispositive Power: Not applicable.
11. Aggregate amount beneficially owned by each reporting person:
3,109,964
12. Check box if the aggregate amount in Row (11) excludes certain shares:
Not applicable.
13. Percent of class represented by amount in Row (11): 17.89%
14. Type of reporting person: CO
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Schedule 13D
This Statement constitutes Amendment No. 2 to the Statement on
Schedule 13D filed with the Securities and Exchange Commission on March 1,
1993 (Schedule 13D) with respect to the Common Stock, $.01 par value (the
"Common Stock") of BLC Financial Services, Inc., a Delaware corporation
("BLC"). Capitalized terms not otherwise defined herein shall have the
respective meanings ascribed thereto in Schedule 13D and any amendments
thereto. This statement is filed on behalf of Futuronics Corporation (the
"Reporting Person").
Except as set forth herein, there has been no material change in
the information set forth in Items 1, 2, 3, 4, 5, 6 and 7 of Schedule 13D.
Item 3. Source and Amount of Funds or Other Consideration.
The Reporting Person's response to Item 3 is hereby amended and
supplemented by the following:
On March 25, 1996, the Reporting Person acquired 1,851,852 shares
of BLC Common Stock at a purchase price of $.27 per share in a transaction
privately negotiated transaction. The shares of BLC Common Stock acquired by
the Reporting Person were acquired from working capital.
Item 4. Purpose of Transaction.
The Reporting Person's response to Item 4 is amended and
supplemented by the following:
The shares of BLC Common Stock were acquired by the Reporting
Person for investment purposes. It is possible that, at a future date, the
Reporting Person might acquire additional securities issued by BLC through
open market or privately-negotiated transactions. Any such future decision
will be made by the Reporting Person in light of its financial condition at
that time.
Item 5. Interest in Securities of the Issuer.
The Reporting Person's response to Item 5 is hereby amended and
supplemented by the following:
(a) The Reporting Person is the beneficial owner of an aggregate
of 3,109,964 shares of BLC Common Stock consisting of (i) 2,609,964 shares of
BLC Common Stock owned directly by the Reporting Person, (ii) 250,000 shares
of BLC Common Stock issuable upon the exercise of Class A Warrants (the "Class
A Warrants") owned directly by the Reporting Person, exercisable at $.55 per
share of BLC Common Stock and (iii) 250,000 shares of BLC Common Stock
issuable upon the exercise of Class B Warrants (the "Class B Warrants") owned
directly by the Reporting Person, exercisable at $.65 per share of BLC Common
Stock. The Reporting Person is deemed the beneficial owner of 17.89% of BLC's
Common Stock based upon 17,382,055 shares of Common Stock issued and
outstanding on March 25, 1996 (for purposes of the percentage calculation
includes shares of BLC Common Stock issuable upon exercise of the Class A
Warrants and the Class B Warrants).
(b) The Reporting Person has sole voting and dispositive power
over the 3,109,964 shares of BLC Common Stock (inclusive of the shares of BLC
Common Stock issuable upon the exercise of the Class A Warrants and the Class
B Warrants).
(c) There were no transactions in the class of securities
reported on or effected during the past 60 days by the Reporting Person.
(d) Other than the Reporting Person's controlling shareholder,
namely Peter Blanck, no other person has the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, the
securities reported on.
(e) Not applicable.
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SIGNATURE
After reasonable inquiry and to the best of his knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: September , 1996
FUTURONICS CORPORATION
By: /s/ Peter D. Blanck
Peter D. Blanck,
President
