SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d-
1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
(Amendment No. 2)
OAKLEY, INC.
(Name of Issuer)
Common Stock, $.01 par value per share
(Title of Class of Securities)
673662 10 2
(CUSIP Number)
Donna Gordon
Oakley, Inc.
One Icon
Foothill Ranch, California 92610
(714) 951-0991
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
with a copy to:
Jeffrey H. Cohen, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
300 South Grand Avenue, Suite 3400
Los Angeles, California 90071-3144
(213) 687-5000
December 11, 1997
(Date of Event which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d- 1(b)(3) or (4), check the
following box: ___
/ /
CUSIP No. 673662 10 2 13D
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(1) NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
James Jannard
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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(a)/ /
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(b)/ /
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS*
PF
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(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) ___
/ /
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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: (7) SOLE VOTING POWER
: 37,660,000
:----------------------------------
:
NUMBER OF SHARES BENEFICIALLY : (8) SHARED VOTING POWER
OWNED BY EACH REPORTING : -0-
PERSON WITH :----------------------------------
: (9) SOLE DISPOSITIVE POWER
: 37,660,000
:----------------------------------
:(10) SHARED DISPOSITIVE
: POWER
: -0-
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
37,660,000
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(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* ___
/ /
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(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
53.3%
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(14) TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
This Amendment No. 2 amends and restates Amendment No. 1, dated
December 11, 1997 (the "Amendment No. 1"), to the Statement on Schedule
13D, dated September 10, 1997 (the "Schedule 13D"), relating to shares of
the common stock, $.01 par value per share ("Shares"), of Oakley, Inc., a
Washington corporation (the "Company").
Unless otherwise indicated, each capitalized term used but not
otherwise defined herein shall have the meaning assigned to such term in
the Schedule 13D.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Item 3 of Amendment No. 1 is hereby amended and restated as
follows:
The aggregate amount of funds required by the Reporting Person
to purchase the 1,100,000 Shares acquired directly by him since the
filing of the Schedule 13D was $10,744,406.25. The funds used to purchase
such Shares were obtained from the Reporting Person's personal funds.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5 of Amendment No. 1 is hereby amended and restated as
follows:
(a) The Reporting Person is the beneficial owner of the
37,660,000 Shares, or approximately 53.3% of the Shares outstanding.
(b) The Reporting Person has sole voting and dispositive power
with respect to the 37,660,000 Shares beneficially owned by him.
(c) The Reporting Person effected the following open market
purchases of Shares since the date which is 60 days from December 11,
1997:
Date of Amount of Price
Transaction Securities Involved per Share
----------- ------------------- ---------
10/27/97 33,000 $ 9.3750
10/27/97 4,000 9.4375
10/27/97 13,000 9.5000
10/27/97 20,000 9.3125
10/27/97 15,000 9.2500
10/27/97 14,000 9.0000
10/28/97 10,000 8.7500
10/29/97 12,800 9.2500
10/29/97 12,200 9.3125
11/10/97 6,000 9.1250
11/10/97 44,000 9.1875
11/11/97 20,000 9.1250
11/11/97 2,900 9.0625
11/12/97 2,700 9.0000
11/12/97 18,400 9.0625
11/12/97 6,000 9.1250
11/24/97 18,000 9.0000
11/24/97 4,000 9.0625
11/24/97 28,000 9.1250
12/01/97 19,500 9.4375
12/01/97 1,000 9.3750
12/01/97 19,500 9.5000
12/01/97 3,500 9.5625
12/04/97 1,300 9.6875
12/04/97 21,500 9.7500
12/04/97 2,200 9.8125
12/04/97 8,500 9.8750
12/04/97 15,000 9.9375
12/05/97 11,300 10.0000
12/05/97 7,200 9.8750
12/09/97 15,000 10.0625
12/09/97 13,500 10.0000
12/10/97 68,500 10.0000
12/10/97 18,500 9.9375
12/11/97 4,000 9.9375
12/11/97 1,000 9.8750
12/11/97 35,000 9.7500
12/11/97 245,000 9.6250
12/11/97 5,000 9.6875
12/22/97 23,000 9.1875
12/22/97 15,500 9.2500
12/22/97 17,000 9.3125
12/22/97 7,000 9.3750
12/22/97 7,000 9.5000
12/22/97 30,500 9.6250
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 16, 1998
/s/ JAMES JANNARD
______________________
James Jannard
