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OMB APPROVAL
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OMB Number 3235-0104
Expires: April 30, 1997
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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
Giddens James W.
Solely as Trustee for the Litigation of the Business of A.R. Baron & Co., Inc.
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(Last) (First) (Middle)
P.O. Box 359, Bowling Green Station
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(Street)
New York New York 10274
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
7/11/96
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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
Paperclip Imaging Software, Inc. (NASDAQ Small Capitalization: PCLP)
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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/Year)
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7. Individual or Joint/Group Filing (Check applicable line)
[ X ] Form filed by One [ ] Form filed by More than
Reporting Person One Reporting Person
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FORM 3 (continued)
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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 $.01 per 2,042,740 (I) By Self Soley as Trustee for the
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share Liquidation of the Business of A.R. Baron &
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Co., Inc.
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Responses)
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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 Security Exer- tion of Derivative (I) Ownership
(Instr. 4) cisable Date Title Shares Security (Instr.5) (Instr. 5)
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<S> <C> <C> <C> <C> <C> <C> <C>
Redeemable Class A 9/12/95 9/12/00 Common Stock, par 685,162 $6.25 (I) By Self
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Purchase Warrants value $.01 per share Solely as
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Trustee for
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the
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Liquidation
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of the
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Business of
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A.R. Baron &
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Co., Inc.
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</TABLE>
Explanation of Responses:
/s/ James W. Giddens August 27, 1996
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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.
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FORM 3 (continued)
Item 1. Name and Address of Reporting Person
James W. Giddens, solely as trustee for the liquidation of the Business
of A.R. Baron & Co., Inc.
P.O. Box 359
Bowling Green Station
New York, NY 10274
Item 2. Date of Event Requiring Statement (Month/Day/Year)
July 11, 1996
Item 4. Issuer Name and Ticker or Trading Symbol
Paperclip Imaging Software, Inc. (PCLP)
Table I: Item 4 (additional disclosure)
Table II: Item 6 (additional disclosure)
James W. Giddens (the "Trustee") was appointed trustee for the liquidation
of the business of A.R. Baron & Co., Inc. ("ARB") pursuant to an order of the
United States District Court for the Southern District of New York, dated July
11, 1996 (the "Court Order") under section 78eee(b)(3) of the Securities
Investor Protection Act. By operation of law, the Trustee is in possession and
effective control of the assets of ARB. Consequently, the Trustee believes that
for the purposes of Rule 13d-3(a) under the Securities Exchange Act of 1934, the
Trustee may be the beneficial owner of a total of 2,727,902 shares of (the
"Shares") of Common Stock, par value $.01 per share (the "Common Stock"), of
Paperclip Imaging Software, Inc. (the "Issuer"), of which $685,162 are Shares of
Common Stock underlying currently exercisable Class A Warrants of the Issuer. As
of the date of the Court Order, 122,562 of the Shares (the "Proprietary Shares")
were directly owned by ARB and 2,605,340 of the Shares (the "Pledged Shares")
were pledged to ARB by 110958 Ontario Inc. and Ken Stokes (collectively, the
"Note Obligors") pursuant to a Secured Demand Note Collateral Agreement for
Equity Capital dated May 22, 1996 and August 31, 1995, respectively
(collectively, the "Security Agreements") by the Note Obligors in favor of ARB
as security for the Note Obligors' obligations pursuant to Secured Demand Notes
dated May 22, 1996 and August 31, 1995, respectively by the Note Obligors in
favor of ARB. Pursuant to the Security Agreements, the Pledged Shares are held
of record by Bear Stearns as nominee for ARB and ARB has the right under certain
conditions to liquidate the Pledged Shares.
