UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)
IPI, INC.
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(Name of Issuer)
COMMON STOCK, PAR VALUE $.01 PER SHARE
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(Title of Class of Securities)
449805100
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(CUSIP Number)
DAVID ENGEL
15155 TECHNOLOGY DRIVE
EDEN PRAIRIE, MN 55344
(612) 975-6200
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
JANUARY 5, 1998
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(Date of Event Which Requires Filing
of This Statement)
(Cover page continued on next page)
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SCHEDULE 13G
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CUSIP NO. 449805100 PAGE 2 OF 5 PAGES
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1 NAMES OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
Jacobs Industries, Inc. ("JII")
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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
Minnesota
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5 SOLE VOTING POWER
NUMBER OF
1,672,772 shares
SHARES --------- ---------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY
-0- (see item 4)
OWNED BY
EACH --------- ---------------------------------------------
7 SOLE DISPOSITIVE POWER
REPORTING
1,672,772 shares
PERSON --------- ---------------------------------------------
8 SHARED DISPOSITIVE POWER
WITH
-0- (see item 4)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,672,772 shares (see item 4)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [X]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
35%
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12 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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ITEM 1(a). NAME OF ISSUER.
IPI, Inc.
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES.
15155 Technology Drive
Eden Prairie, MN 55344
ITEM 2(a). NAME OF PERSON FILING.
Jacobs Industries, Inc.
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE.
100 South Fifth Street
Suite 2500
Minneapolis, MN 55402
ITEM 2(c). CITIZENSHIP.
Incorporated in Minnesota
ITEM 2(d). TITLE OF CLASS OF SECURITIES.
Common Stock, Par Value $.01 per share
ITEM 2(e). CUSIP NO.
449805100
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ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b), OR
13d-2(b), CHECK WHETHER THE PERSON IS A:
[ ] (a) Broker or Dealer registered under Section 15 of the Act;
[ ] (b) Bank as defined in Section 3(a)(6) of the Act;
[ ] (c) Insurance Company as defined in Section 3(a)(19) of the Act;
[ ] (d) Investment Company registered under Section 8 of the Investment
Company Act;
[ ] (e) Investment Adviser registered under Section 203 of the Investment
Advisers Act of 1940;
[ ] (f) Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of 1974
or Endowment Fund; see Rule 13d-1(b)(1)(ii)(F);
[ ] (g) Parent Holding Company, in accordance with Rule 13d-1(b)(ii)(G)
(Note: See Item 7); or
[ ] (h) Group, in accordance with Rule 13d-1(b)(1)(ii)(H).
Not Applicable.
ITEM 4. OWNERSHIP.
(a) Amount Beneficially Owned (1): 1,672,772 shares
(b) Percent of Class (based on 4,734,087 shares outstanding)(1): 35%
(c) Number of shares as to which such person has:
(i) Sole power to vote or
to direct the vote: 1,672,772 shares
(ii) Shared power to vote or
to direct the vote (1): -0- shares
(iii) Sole power to dispose or
to direct the disposition of: 1,672,772 shares
(iv) Shared power to dispose or
to direct the disposition of (1): -0- shares
(1) Shares do not include 1,592,044 shares purchased by Marshall
Financial Group, Inc. ("Marshall") with respect to which JII has entered
into a buy-sell agreement with Marshall and to which JII disclaims
current beneficial ownership. Marshall has pledged 1,512,772 of such
shares to secure its promissory note to JII. Upon any default under the
security and pledge agreement, JII has the right to vote such shares. All
1,672,772 shares owned by JII are subject to the buy-sell agreement.
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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.
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: January 12, 1997.
Jacobs Industries, Inc.
By: /s/ David A. Mahler
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David A. Mahler, CFO, Treas.
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