UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Global Pharmaceutical Corporation
(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE
(Title of Class of Securities)
378922108
(CUSIP Number)
*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 the disclosures provided in a prior cover page.
The information required in 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>
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Frederick R. Adler
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
(b)
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
5 SOLE VOTING POWER
NUMBER OF
SHARES 625,300 shares (includes 17,500 shares of Common
Stock issuable upon exercise of a currently
exercisable warrant and 136,495 shares held by 1520
Partners, Ltd., a limited partnership of which
Frederick R. Adler is the general partner ("1520
Partners")).
BENEFICIALLY
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 0
PERSON
WITH
7 SOLE DISPOSITIVE POWER
625,300 shares (includes 17,500 shares of Common
Stock issuable upon exercise of a currently
exercisable warrant and 136,495 shares held by 1520
Partners).
8 SHARED DISPOSITIVE POWER
0
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
625,300 shares (includes 17,500 shares of Common Stock issuable upon
exercise of a currently exercisable warrant and 136,495 shares held by
1520 Partners).
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.5% (includes 17,500 shares of Common Stock issuable upon exercise of
a currently exercisable warrant and 136,495 shares held by 1520
Partners).
12 TYPE OF REPORTING PERSON
IN
<PAGE>
Item 1(a) NAME OF ISSUER:
Global Pharmaceutical Corporation
Item 1(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
Castor and Kensington Avenues
Philadelphia, Pennsylvania 19124
Item 2(a) NAME OF PERSON FILING:
Frederick R. Adler
Item 2(b) Address of Principal Business Office, or if none, residence:
c/o Venad Management, Inc.
1520 South Ocean Boulevard
Palm Beach, Florida 33480
Item 2(c) CITIZENSHIP:
Mr. Adler is a citizen of the United States.
Item 2(d) TITLE OF CLASS OF SECURITIES:
Common Stock, par value $.01
Item 2(e) CUSIP NUMBER:
378922108
Item 3 Not Applicable
Item 4 OWNERSHIP:
(a) Amount beneficially owned:
See Item 9 of the cover page attached hereto
(b) Percent of Class:
See Item 11 of the cover page attached hereto
(c) See Items 5 through 8 of the cover page attached hereto
Item 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
Not Applicable
Item 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
Not Applicable
Item 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY:
Not Applicable
Item 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:
Not Applicable
Item 9 NOTICE OF DISSOLUTION OF GROUP:
Not Applicable
Item 10 CERTIFICATION:
Not Applicable
<PAGE>
SIGNATURES
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.
February 12, 1997
/s/ Frederick R. Adler
