MULTIMEDIA ACCESS CORP
4, 1997-09-10
RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT
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- ------
FORM 4               U.S. SECURITIES AND EXCHANGE COMMISSION
- -------                       Washington D.C. 20549

                                                       OMB APPROVAL
- ------------------------------------       -------------------------------------
[ ] Check box if no longer                 OMB Number                  3235-0287
     subject to Section 16. Form 4         Expires:                 May 31, 1994
     or Form 5 obligations may             Estimated average burden
     continue. See Instruction 1(b).       hours per response............... 0.5
                                           -------------------------------------

                 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section
17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the
                         Investment Company Act of 1940
<TABLE>
<CAPTION>
<C>                                      <C>                                          <C>                                          
- ---------------------------------------  -------------------------------------------  ----------------------------------------------
1. Name and Address of Reporting Person  2. Issuer Name and Ticker or Trading Symbol  6. Relationship of Reporting Person to Issuer
                                                                                              (Check all applicable)
   ADKINS      M.      DOUGLAS              MULTIMEDIA ACCESS CORPORATION (MMAC)              Director          X  10% Owner
- ---------------------------------------  -------------------------------------------      ----                 ----
   (Last)    (First)      (Middle)       3. IRS or Social Security  4. Statement for          Officer (give        Other (specify
                                            Number of Reporting        Month/Year 5/97    ----         title   ----        below)
   1601 ELM STREET NO. 3000                 Person (Voluntary)                                         below)               
- ---------------------------------------                            -----------------                  
            (Street)                                               5. If Amendment,   
                                                                      Date of Original                   ----------------
   DALLAS      TX        75201                                       (Month/Year)     
- ---------------------------------------  -------------------------------------------------------------------------------------------
  (City)     (State)     (Zip)                    TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED

<CAPTION>
- ----------------------------------  -------------------------------------------------  ---------------------------------------------
<C>                                 <C>        <C>         <C>                         <C>                <C>          <C>          
1. Title of Security                2. Trans-  3. Trans-   4. Securities Acquired (A)  5. Amount of       6. Owner-    7. Nature    
   (Instr. 3)                          action     action      or Disposed of (D)          Securities         ship         of        
                                       Date       Code        (Instr. 3, 4 and 5)         Beneficially       Form:        Indirect  
                                                (Instr. 8)                                Owned at           Direct       Beneficial
                                               ----------- --------------------------     End of             (D) or       Ownership 
                                      (Month/                                             Month              Indirect     (Instr. 4)
                                       Day/     Code    V   Amount    (A) or   Price      (Instr. 3 and 4)   (I)                    
                                       Year)                          (D)                                    (Instr. 4)             
- ----------------------------------  -------------------------------------------------  ---------------------------------------------

Common Stock                         8/13/97      S          5,000      D     $4.00       304,396             D
Common Stock                         8/20/97      S         25,000      D     $4.00       304,396             D
Common Stock                         8/21/97      S          9,000      D     $4.125      304,396             D
Common Stock                         8/25/97      S         15,000      D     $4.03125    304,396             D
Common Stock                         8/28/97      S          5,000      D     $4.00       304,396             D
- ----------------------------------  ---------- ------ ---- --------- ------- --------- ------------------- ---------- --------------
Reminder:  Report on a separate line for each class of  securities  beneficially
owned directly or indirectly.                                                                                                 (Over)
                         (Print or Type Responses)                                                                   SEC 1474 (8-92)
</TABLE>

<PAGE>



FORM 4 (CONTINUED)      TABLE II - DERIVATIVE SECURITIES
                  ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
                     (E.G., PUTS, CALLS, WARRANTS, OPTIONS,
                             CONVERTIBLE SECURITIES)

<TABLE>
<CAPTION>
<C>                               <C>          <C>         <C>         <C>                   <C>            <C>                   
- -------------------------------   -----------  ---------   ----------  --------------------  -------------  ----------------------
1. Title of Derivative Security   2. Conver-   3. Trans-   4. Trans-   5. Number of          6. Date Exer-  7. Title and Amount of
  (Instr. 3)                         sion or      action      tion        Derivative            cisable         Underlying Secur- 
                                     Exercise     Date        Code        Securities Ac-        Expiration      ities             
                                     Price of    (Month/     (Instr.      quired (A) or         Date           (Instr. 3 and 4)   
                                     Deriv-       Day/        8)          Disposed of          (Month/Day/                        
                                     ative        Year)                  (D)                      Year)                           
                                     Security                            (Instr. 3, 4 and 5) 

                                                                                              Date     Expir              Amount
                                                            Code   V     (A)      (D)         Exer-    ation   Title      or
                                                                                              cisable  Date               Number
                                                                                                                          of Shares

 REDEEMABLE COMMON STOCK           $4.50        8/13/97      S                    6,000       8/4/97   2/6/02  Common       6,000 
PURCHASE WARRANTS                                                                                               Stock            
<CAPTION>
                              <C>       <C>          <C>           <C>       
                              --------- ------------ -----------   ------------
                              8. Price  9. Number    10. Owner-    11. Nature
                                 of        of Deriv-     ship          of
                                 Deriv-    ative         Form of       Indirect
                                 ative     Secur-        Deriv-        Bene-
                                 Secur-    ities         ative         ficial
                                 ity       Bene-         Secur-        Owner-
                                (Instr.    ficially      ity:          ship
                                 5)        Owned         Direct       (Instr. 4)
                                           at End        (D)
                                           of Month      or In-
                                          (Instr. 4)     direct
                                                         (I)
                                                         (Instr. 4)


 REDEEMABLE COMMON STOCK       $1.95       488,525         D
PURCHASE WARRANTS                  

Explanation of Responses:




                                                                                            /s/ M. Douglas Adkins           8/30/97
                                                                                            ----------------------------   ---------
**   Intentional misstatements or omissions of facts constitute Federal Criminal         ** Signature of Reporting Person    Date
     Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed.
       If space provided is insufficient, see Instruction 6 for procedure.                                                    PAGE 2
                                                                                                                     SEC 2270 (3/91)
</TABLE>


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