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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
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).
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CUSIP NO. 378922108 13G Page 2 of 5 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NUMBER OF ABOVE PERSON
Frederick R. Adler
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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 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5 SOLE VOTING POWER
482,431 shares - See Item 4(a)
NUMBER OF
SHARES ----------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 0
REPORTING
PERSON ----------------------------------------------------
WITH
7 SOLE DISPOSITIVE POWER
482,431 shares - See Item 4(a)
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8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
482,431 shares -- See Item 4(a)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES
[ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.8% - See Item 4(a)
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12 TYPE OF REPORTING PERSON
IN
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CUSIP NO. 378922108 13G Page 3 of 5 Pages
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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:
The 664,249 shares of Common Stock beneficially owned by
the Reporting Person includes 17,500 shares of Common
Stock issuable upon exercise of a currently exercisable
warrant, 136,495 shares held by 1520 Partners, Ltd., a
limited partnership of which the Reporting Person is the
general partner and 181,818 shares of Common Stock which
are issuable upon the conversion of 5,000 shares of
Series A Convertible Preferred Stock (the "Series A
Preferred"). The Series A Preferred is convertible at
any time at the election of the holder into such numbers
of shares of Common Stock as is determined by dividing
the liquidation preference (initially set at $100 per
share of Series A Preferred) by the lower of (a) $2.75
per share (subject to adjustment pursuant to the terms of
the stock purchase agreement under which the shares were
purchased) or (b) the average closing price of the Common
Stock for the five trading days immediately preceding the
day on which the holder elects to convert the shares of
Series A Preferred, subject in all cases to adjustment
for stock dividends, stock splits and other similar
recapitalization events; but in no event less than $2.00
per share.
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CUSIP NO. 378922108 13G Page 4 of 5 Pages
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(b) Percent of Class:
See Item 11 of the cover page attached hereto and Item 4(a)
above.
(c) Number of Shares as to which such person has:
(i) Sole power to vote or to direct the vote:
See Item 5 of the cover page attached hereto and
Item 4(a) above.
(ii) Shared power to vote or to direct the vote:
See Item 6 of the cover page attached hereto.
(iii) Sole power to dispose or to direct the disposition
of:
See Item 7 of the cover page attached hereto and
Item 4(a) above.
(iv) Shared power to dispose or to direct the disposition
of:
See Item 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
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CUSIP NO. 378922108 13G Page 5 of 5 Pages
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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, 1998
/s/ Frederick R. Adler
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