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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
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
/ / Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person
Scharf Gilbert D.
(Last) (First) (Middle)
P.O. Box 1124
(Street)
Ponte Vedra Beach Florida 32004
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Maxcor Financial Group Inc. (formerly Financial Services Acquisition
(Corporation) (Common Stock: "MAXF")
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
11/97
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person to Issuer (Check all applicable)
/X/ Director / / 10% Owner
/X/ Officer (give title below) / / Other (specify below)
President, Chairman of the Board of Chief Executive Officer
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7. Individual or Joint/Group Filing (Check applicable line)
/X/ Form filed by One Reporting Person
/ / Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
5. Amount
of Secu-
rities
4. Securities Acquired (A) Bene- 6. Ownership
2. Trans- 3. Trans- or Disposed of (D) ficially Form:
action action (Instr. 3, 4 and 5) Owned at Direct 7. Nature of
Date Code ----------------------------- End of (D) or Indirect
(Month/ (Instr. 8) (A) Month Indirect Beneficial
1. Title of Security Day/ ------------- Amount or Price (Instr. (I) Ownership
(Instr. 3) Year) Code V (D) 3 and 4) (Instr. 4) (Instr. 4)
- ----------------------------- ---------- ------ ----- ------------ --- ---------- ----------- ------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
a. Common Stock, par value 11/17/97 A 33,006 A (1) 605,339 D
$.001
b. Common Stock, par value 11/17/97 A 86,461 A (1) 345,794 I By Gilbert D.
$.001 Scharf Living
Trust (of which
the Reporting
Person is sole
trustee)
c.
d.
e.
f.
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
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<TABLE>
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Table II--Derivative Securities Acquired, Disposed of or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
2. Conver- 5. Number of Deriv- 6. Date Exercisable
sion or 3. Trans- ative Securities and Expiration Date
Exercise action 4. Transac- Acquired (A) or (Month/Day/Year)
Price of Date tion Code Disposed of (D) ----------------------
Deriv- (Month/ (Instr. 8) (Instr. 3, 4, and 5) Date
1. Title of Derivative Security ative Day/ ------------- -------------------------- Exercis- Expiration
(Instr. 3) Security Year) Code V (A) (D) able Date
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
a. Series A Redeemable $5.00 11/17/97 D 198,000 Immediate 11/30/01
Common Stock Purchase Warrants
b. Series A Redeemable $5.00 11/17/97 D 518,666 Immediate 11/30/01
Common Stock Purchase Warrants
<CAPTION>
9. Number of 10. Ownership
Derivative Form of
Securities Derivative
7. Title and Amount of Underlying Benefi- Security:
Securities (Instr. 3 and 4) cially Direct 11. Nature of
---------------------------------------- 8. Price of Owned at (D) or Indirect
Amount or Derivative End of Indirect Beneficial
1. Title of Derivative Title Number of Security Month (I) Ownership
Security (Instr. 3) Shares (Instr. 5) (Instr. 4) (Instr. 4) (Instr. 4)
- --------------------------- --------------------------- ----------- ------------- ------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
a. Series A Redeemable Common Stock, par value 198,000 (1) 0 D
Common Stock Purchase $.001
Warrants
b. Series A Redeemable Common Stock, par value 518,666 (1) 0 I By Gilbert D.
Common Stock Purchase $.001 Scharf Living
Warrants Trust (of which
the Reporting
Person is
sole trustee)
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Explanation of Responses:
(1) On October 16, 1997, the Issuer commenced an exchange offer (the "Offer")
pursuant to which it offered to exchange 0.1667 of a share of its Common
Stock for each and every of its outstanding Redeemable Common Stock
Purchase Warrants (regardless of whether Series A or Series B), with cash
paid in lieu of issuing fractional shares. The Issuer consummated the
Offer on November 17, 1997. Pursuant to the Offer, the Reporting Person
tendered all 198,000 Warrants directly held by him and caused to be
tendered all 518,666 Warrants indirectly held by him and received in
exchange therefor 33,006 shares (to be held directly) and 86,461 shares (to
be held indirectly) of Common Stock, respectively.
/s/ Gilbert D. Scharf December 10, 1997
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**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal Criminal
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 insufficent, see Instruction 6 for procedure.
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