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OMB APPROVAL
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OMB Number 3235-0104
Expires: September 30, 1998
Estimated average burden
hours per response ....... 0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
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
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1. Name and Address of Reporting Person*
AMBER ARBITRAGE LDC
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(Last) (First) (Middle)
c/o Custom House Fund Management Limited
31 Kildare Street
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(Street)
Dublin Ireland 2
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
9/25/97
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Issuer Name and Ticker or Trading Symbol
JTS Corporation (JTS)
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5. Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [ X ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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6. If Amendment, Date of Original (Month/Day/Year)
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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 Beneficially Owned
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<TABLE>
<CAPTION>
3. Ownership Form:
2. Amount of Securities Direct (D) or
1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr.5)
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<S> <C> <C> <C>
Common Stock, par value $.001 per share 14,950,000 I Owned of record by Pax Clearing Company
Limited Partnership, the Reporting
Person's clearing firm.
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the Form is filed by more than one Reporting Person, see Instruction
5(b)(v)
Page 1 of 2
<PAGE>
FORM 3 (continued)
Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 6. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Derivative Exer- tion of Derivative (I) Ownership
Security (Instr. 4) cisable Date Title Shares Security (Instr.5) (Instr. 5)
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<S> <C> <C> <C> <C> <C> <C> <C>
Series D Convertible 9/25/97 N/A Commmon Stock, par 40,815,000 $.65625 D
Preferred Stock* value $.001 per share
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Series D Convertible 9/25/97 N/A Commmon Stock, par 22,480,773 $.65625 D
Preferred Stock** value $.001 per share
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</TABLE>
Explanation of Responses: *Relates to 8,163 shares of Series D Convertible
Preferred Stock owned by Reporting Person.
** Relates to that portion of the 14,695 shares of Series D Convertible
Preferred Stock held in escrow pursuant to the terms of an escrow agreement
dated September 26, 1997 among the Issuer, the Reporting Person and certain
other purchasers of Series D Convertible Preferred Stock, that can be converted
by the Reporting Person into shares of Common Stock within 60 days based on the
authorized shares of Common Stock currently available for such conversion. An
additional 50,994,227 shares of Common Stock will be issuable upon conversion of
the remaining shares of Series D Convertible Preferred Stock to the Reporting
Person when the number of authorized shares of Common Stock is increased to
accommodate such conversion. The Reporting Person may cause the delivery of such
shares from the escrow at any time until May 31, 1998.
/s/ Peter Anderson 10/06/97
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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 insufficient. See Instruction 6 for procedure.
Alternatively, this form is permitted to be submitted to the
Commission in electronic format at the option of the reporting person
pursuant to Rule 101(b)(4) of Regulation S-T.
Page 2 of 2
(122795DTI)