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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(AMENDMENT NO. 1 )
BLC FINANCIAL SERVICES, INC.
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(Name of Issuer)
COMMON STOCK 055 490 10 6
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(Title of class of securities) (CUSIP number)
ROBERT F. TANNENHAUSER
BUSINESS LOAN CENTER, INC.
645 MADISON AVENUE
NEW YORK, NY 10022
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(Name, address and telephone number of person authorized to receive
notices and communications)
MARCH 8, 1998
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(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 [_].
(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: When filing this statement in paper form, six copies of this statement,
including exhibits, should be filed with the Commission. See Rule 13d-1(a) for
other parties to whom copies are to be sent.
(Continued on following page(s)
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NYFS10...:\99\26799\0004\1898\SCH4178Z.070
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CUSIP No. 055 490 10 6 13D Page 2 of 6
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1 NAME OF REPORTING PERSON: PETER D. BLANCK
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (A) [_]
(B) [_]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS: 00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT [_]
TO ITEM 2(d) OR 2(e):
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6 CITIZENSHIP OR PLACE OF UNITED STATES OF AMERICA
ORGANIZATION:
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NUMBER OF 7 SOLE VOTING POWER: 589,336
SHARES
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BENEFICIALLY 8 SHARED VOTING POWER: 2,786,794
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER: 589,336
REPORTING
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PERSON WITH 10 SHARED DISPOSITIVE POWER: 2,786,794
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 3,376,130
REPORTING PERSON:
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN [ ]
SHARES:
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 17.30%
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14 TYPE OF REPORTING PERSON: IN
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ITEM 1. SECURITY AND ISSUER.
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., a Delaware
corporation (the "Company"). The principal executive office of the
Company is located at 645 Madison Avenue, New York, New York 10022.
ITEM 2. IDENTITY AND BACKGROUND.
Names of Reporting Person:
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Peter D. Blanck
Address of Reporting Person:
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c/o Business Loan Center, Inc.
645 Madison Avenue
New York, New York 10022
Employment Information of Reporting Person:
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Peter D. Blanck is a professor of law.
Criminal Proceeding:
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The Reporting Person has not been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors)
during the past five years.
Civil Proceeding:
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The Reporting Person has not been a party to a civil
proceeding of a judicial or administrative body of competent
jurisdictions and as a result of such proceeding was or is subject
to a judgment, decree or final order enjoining future violations of,
or prohibiting or mandating activities subject to, federal or state
securities laws or finding any violations with respect to such laws
during the past five years.
Citizenship of Reporting Person:
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United States of America
Page 3 of 6 Pages
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ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The Reporting Person issued an 18-month term note to
Futuronics Corporation to acquire from Futuronics Corporation the
Warrants and Convertible Debenture to which this Statement related.
See Item 5(c).
ITEM 4. PURPOSE OF TRANSACTION.
The acquisition was made for investment purposes only.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The Reporting Person beneficially owns (i) 85,737 shares
owned directly by Peter D. Blanck, (ii) 211,933 shares deemed owned
by Peter D. Blanck as custodian for his four children, (iii) 75,000
shares underlying options owned by Peter D. Blanck, (iv) 176,830
shares owned by a Trust created under the Will of Albert Blanck
under which Peter D. Blanck is a Trustee and Beneficiary, (v)
2,609,964 shares owned by Futuronics Corporation of which Peter D.
Blanck is an officer and director, (vi) 83,334 shares that may be
acquired upon the exercise of Warrants by Peter D. Blanck as
custodian for his four children, (vii) 100,000 shares that may be
acquired upon the conversion of a debenture by Peter D. Blanck and
(viii) 33,332 shares that may be acquired upon the conversion of a
debenture by Peter D.
Blanck as custodian for his four children.
(b) The Reporting Person has shared voting and dispositive
power with respect to 2,786,794 shares of Common Stock. The
Reporting Person has sole voting and dispositive power with respect
to 589,336 shares of Common Stock.
(c) On March 8, 1998, the Reporting Person acquired from
Futuronics Corporation (i) 83,333 Warrants at $.35 per Warrant, (ii)
83,333 Warrants at $.45 per Warrant and (iii) a $66,666 Convertible
Debenture.
On March 13, 1998, the Reporting Person exercised Warrants to
purchase 83,333 shares of Common Stock at a price of $.55 per
Warrant.
Page 4 of 6 Pages
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(d) Others with right to receive or power to direct the
receipt of dividends from, or proceeds from, the sale of securities:
None.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Not applicable.
ITEM 7. MATERIALS TO BE FILED AS EXHIBITS.
Not applicable.
Page 5 of 6 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Date: May 26, 1998
/s/ Peter D. Blanck
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Peter D. Blanck
Page 6 of 6 Pages
