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FORM 3
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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
(Print or Type Responses)
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1. Name and Address of Reporting Person
Stonehill Partners, L.P.
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(Last) (First) (Middle)
110 East 59th Street, 30th Floor
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(Street)
New York New York 10022
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(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
7/11/97
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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
Caspen Oil, Inc. (CSPN)
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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)
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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(Page 1 of 2 Pages)
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FORM 3 (continued)
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Table I - Non-Derivative Securities Beneficially Owned
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1. Title of Security 2. Amount of 3. Ownership 4. Nature of
(Instr. 4) Securities Form: Direct Indirect
Beneficially (D) or Beneficial
Owned Indirect (I) Ownership
(Instr. 4) (Instr. 5) (Instr. 5)
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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 II - Derivative Securities Beneficially Owned (e.g.,
puts, calls, warrants, options, convertible securities)
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1. Title of Derivative Security (Instr. 4)
Series A $1.80 Cumulative Convertible Preferred Shares,
par value $1.00 per share
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2. Date Exercisable and Expiration Date (Month/Day/Year)
Immediately N/A
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Date Exercisable Expiration Date
3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)
Common Stock, par
value $.01 per share 84,220
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Title Amount or Number
of Shares
4. Conversion 5. Ownership 6. Nature of
or Exercise Form of Indirect
Price of Derivative Beneficial
Derivative Security: Ownership
Security Direct (D) (Instr. 5)
or Indirect
(I)(Instr. 5)
** D
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Explanation of Responses:
* This form is being filed to report beneficial ownership of more than
10% of a class of equity securities, although it is not clear that the
Series A $1.80 Cumulative Covertible Preferred Shares ("Series A
Preferred Shares") is a separate class of equity securities under the
applicable rules, as the holders of the Series A Preferred Shares vote
together with the holders of the Series C Preferred Shares, par value
$1.00 per share, and Series E Preferred Shares, par value $1.00 per
share, on most matters. If those three series of preferred stock were
treated as a single class of equity securities, Stonehill would hold
less than 7.3% of such class.
** Each Series A Preferred Share is convertible into 1.132 shares of
Common Stock, par value $.01 per share.
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.
/s/ John A. Motulsky August 14, 1997
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Signature of Reporting Person Date
Stonehill Partners, L.P.
by John A. Motulsky,
General Partner
(Page 2 of 2 Pages)