UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
(X) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
TAYLOR, JOHN L.
201 Brookfield Parkway
Greenville, SC 29607
USA
2. Issuer Name and Ticker or Trading Symbol
Moovies, Inc.
MOOV
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
March 1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Chairman of the Board, President and Chief Executive Officer
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 |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock $.001 par valu|3/2/98|S(1)| |500 |D |2.3125 |0 |D | |
e | | | | | | | | | |
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Common Stock $.001 par valu|3/6/98|S(1)| |500 |D |2.125 |0 |I |As Custodian |
e | | | | | | | | | |
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Common Stock $.001 par valu|3/6/98|J(2)| |339,639 |D |(2) | | | |
e | | | | | | | | | |
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Common Stock $.001 par valu|3/6/98|J(3)| |7,400 |D |(3) | | | |
e | | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) Transactions reported are sales resulting from a foreclosure in a margin
call.
(2) Exchanged for an aggregate of 254,729 shares of Common Stock of Video
Update, Inc. ("Video Update"),
having a value of $2.273 per share, pursuant to a merger (the "Merger") of a
wholly-owned subsidiary of Video
Update with and into the
Issuer.
(3) Exchanged for an aggregate of 5,550 shares of Common Stock of Video Update,
Inc. ("Video Update"),
having a value of $2.273 per share, pursuant to a merger (the "Merger") of a
wholly-owned subsidiary of Video
Update with and into the
Issuer.
SIGNATURE OF REPORTING PERSON
John L. Taylor
DATE
March 9, 1998
