UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)
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)
April 1, 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: Richard Blanck ###-##-####
2. Check the appropriate box if a member of a group: Not applicable.
3. SEC USE ONLY.
4. Source of funds: Not applicable.
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: United States
Number of Shares Beneficially Owned by Each Reporting Person with:
7. Sole Voting Power: 214,336.
8. Shared Voting Power: 3,286,794 shares (See Item 5)
9. Sole Dispositive Power: 214,536
10. Shared Dispositive Power: 3,286,794 shares (See Item 5)
11. Aggregate amount beneficially owned by each reporting person:
3,501,130 shares (See Item 5)
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): 20.14% (See Item 5)
14. Type of reporting person: IN
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Schedule 13D
This Statement constitutes Amendment No. 1 to the Statement on
Schedule 13D filed with the Securities and Exchange Commission (Schedule 13D)
with respect to the Common Stock, $.01 par value (the "Common Stock") of BLC
Financial Services, Inc. ("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 Richard Blanck
(the "Reporting Person").
Other than 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:
Pursuant to the Last Will and Testament of Albert Blanck, upon Mr.
Blanck's death two Trusts were created: The Albert Blanck Testamentary Trust
A ("Trust A") and The Albert Blanck Testamentary Trust B ("Trust B", Trust A
and Trust B collectively referred to as the "Trusts"). The Reporting Person
was a Trustee and beneficiary of both of the Trusts. Both of the Trusts were
beneficial owners of shares of Common Stock of Futuronics Corporation, a New
York corporation. Pursuant to the redemption offer made by Futuronics to its
shareholders in October 1993, Futuronics redeemed its issued and outstanding
shares of Common Stock for cash and shares of BLC Common Stock. As a result
of such redemption, Trust A and Trust B acquired 643,010 and 176,830 shares of
BLC Common Stock, respectively. Pursuant to the terms of the Trust A Trust
Agreement, on April 1, 1996 Trust A distributed all of the shares of BLC
Common Stock which it previously held to the Trust A beneficiaries.
Consequently, an aggregate of 214,336 shares of BLC Common Stock were
distributed to the Reporting Person (107,168 shares of Common Stock directly
to the Reporting Person and 107,168 to the Reporting Person as Trustee for his
minor children). The Reporting person is deemed the beneficial owner of the
shares of BLC Common Stock distributed to him as Trustee for his minor
children. As a result of the distribution by Trust A, the Reporting Person is
no longer deemed the beneficial owner of the shares of BLC Common Stock
previously owned by Trust A (428,672 shares in the aggregate), the ownership
of which was previously attributable to the Reporting Person as a Trustee and
beneficiary of Trust A. As a Trustee and beneficiary of Trust B, the
Reporting Person is deemed the b beneficial owner of the 176,830 shares of BLC
Common Stock owned by such Trust.
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 acquired by the Reporting Person as
a result of the distribution by Trust A were acquired for investment purposes.
It is possible that, at a future date, the Reporting Person may acquire
additional shares of BLC Common Stock through open market or privately-
negotiated transactions. Any future decision will be made by the Reporting
Person in light of the Reporting Person's financial condition.
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 deemed to be the beneficial owner of
an aggregate of 3,501,130 shares of BLC Common Stock. The Reporting Person's
beneficial ownership consists of (i) 2,609,964 shares of BLC Common Stock and
by Futuronics Corporation of which the Reporting Person is an officer,
director and principal shareholder, (ii) 250,000 shares of BLC Common Stock
issuable upon the exercise of Class A Warrants (the "Class A Warrants")
exercisable at $.55 per share of BLC Common Stock owned directly by Futuronics
Corporation; (iii) 250,000 shares of BLC Common Stock issuable upon the
exercise of Class B Warrants (the "Class B Warrants") exercisable at $.65 per
share of BLC Common Stock owned directly by Futuronics Corporation; (iv)
176,830 shares of BLC Common Stock owned by Trust B of which the Reporting
Person is a Trustee and a beneficiary; and (v) 214,336 shares of BLC Common
Stock (107,168 owned directly by the Reporting Person and 107,168 owned in his
capacity as Trustee for his minor children).
The Reporting Person is deemed the beneficial owner of 20.14% of
BLC's issuable and outstanding Common Stock based upon 17,384,055 shares of
BLC Common Stock issued and outstanding on April 1, 1996 (for purposes of this
percentage calculation, includes shares of BLC Common Stock issuable upon
exercise of the Class A Warrant and the Class B Warrants).
(b) The Reporting Person has sole voting and dispositive power
over 214,336 shares of BLC Common Stock. The Reporting Person has shared
voting and dispositive power with respect to the 3,286,794 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) Transactions in securities in prior 60 days: None.
(d) Others with right to receive or power to direct the receipt
of dividends from, or proceeds from the sale of, the securities: Co-Trustees.
(e) The Reporting Person ceased to be a beneficial owner of five
(5%) or more of the Issuer's Common Stock on May 1, 1996.
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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.
Dated as of September ___, 1996.
/s/ Richard Blanck
Richard Blanck
