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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)
Crown Vantage, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
228622106
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(CUSIP Number)
Check the following box if a fee is being paid with this statement [ ].
Page 1 of 7 Pages
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SCHEDULE 13G
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CUSIP NO. 228 622 106 13G Page 2 of 7 Pages
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1. NAME OF REPORTING PERSONS
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Crown Vantage, Inc. Employee Stock Ownership Plan Trust
I.R.S. Identification No. 13-7067357
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [x]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Virginia
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NUMBER OF 5. SOLE VOTING POWER -0-
SHARES -------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER 1,402,223
OWNED BY EACH --------------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER -0-
PERSON WITH --------------------------------------------------------
8. SHARED DISPOSITIVE POWER 1,402,223
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,402,223
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.5%
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12. TYPE OF REPORTING PERSON
EP
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SCHEDULE 13G
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ITEM 1.
(a) Name of Issuer:
Crown Vantage, Inc.
(b) Address of Issuer's Principal Executive Offices:
300 Lakeside Drive
Oakland, CA 94612
ITEM 2.
(a) Name of Person Filing:
The Bank of New York, as Trustee for
Crown Vantage, Inc. Employee Stock Ownership Plan Trust
(b) Address of Principal Business Office:
The Bank of New York
Master Trust/Master Custody Division
One Wall Street
New York, NY 10286
(c) Citizenship:
New York
(d) Title of Class of Securities:
Common Stock
(e) CUSIP Number:
228 622 106
Page 3 of 7 Pages
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SCHEDULE 13G
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ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(b), OR 13D-2(b), CHECK
WHETHER THE PERSON FILING IS A:
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(b), OR 13D-2(b),
CHECK WHETHER THE PERSON FILING IS A:
(a) ___ Broker or Dealer registered under Section 15 of the Act
(b) ___ Bank as defined in Section 3(a)(6) of the Act
(c) ___ Insurance Company as defined in Section 3(a)(19) of the Act
(d) ___ Investment Company registered under Section 8 of the
Investment Company Act
(e) ___ Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940
(f) X Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of
1974 or Endowment Fund; see Section 240.13d-1(b)(ii)(F)
(g) ___ Parent Holding Company, in accordance with Section
240.13d-1(b)(ii) (G) (Note: See Item 7)
(h) ___ Group, in accordance with Section 240.13d-1(b)(ii)(H)
ITEM 4. OWNERSHIP
As of December 31, 1997:
(a) Amount Beneficially Owned:
1,402,223
(b) Percent of Class:
14.5%
Page 4 of 7 Pages
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SCHEDULE 13G
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(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
-0-
(ii) shared power to vote or to direct the vote
1,402,223
(iii) sole power to dispose or to direct the disposition of
-0-
(iv) shared power to dispose or to direct the disposition of
1,402,223
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
The Bank of New York, as Trustee, holds the stock of Crown Vantage, Inc.
(the "Company") for the exclusive benefit of participants and
beneficiaries in the Crown Vantage, Inc. Employee Stock Ownership Plan
(the "Plan") pursuant to the terms of the Plan and the trust agreement
between the Company and the Trustee with respect to the Plan, dated as of
August 1, 1995.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
Not applicable
Page 5 of 7 Pages
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SCHEDULE 13G
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ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Not applicable
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the
effect of changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a participant in
any transaction having such purposes or effect.
Page 6 of 7 Pages
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SCHEDULE 13G
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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.
Date: February 11, 1998
/s/ Anthony Passanesi
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(Signature)
Anthony Passanesi
Vice President
The Bank of New York
One Wall Street
New York, New York 10286
Page 7 of 7 Pages
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EXHIBIT INDEX
Exhibit I Statement of The Bank of New York
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EXHIBIT I
The filing of this Schedule 13G shall not be construed as an admission
that The Bank of New York or any of its subsidiaries is, for the purposes of
Section 13(d) or 13(g) of the Securities Exchange Act of 1934, the beneficial
owner of the securities covered by this Schedule 13G.
