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Gildea John W, et al. – ‘SC 13G/A’ on 2/12/99 re: Quipp Inc

As of:  Friday, 2/12/99   ·   Accession #:  889812-99-523   ·   File #:  5-37630

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 2/12/99  Gildea John W                     SC 13G/A               1:9K   Quipp Inc                         Global Fin’l Press/NY/FA
          Gildea John W
          Network Fund III, Ltd.

Amendment to Statement of Beneficial Ownership   —   Schedule 13G
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13G/A    Amendment No. 1                                        7     22K

Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
"Schedule 13G
5Item 3. If this statement is filed pursuant to Section 240.13d-1(b) or Section 240.13d-2(b) or (c), check whether the person filing is a:
"Item 4. Ownership (at March 9, 1998)
6Item 5. Ownership of Five Percent or Less of a Class
"Item 6. Ownership of More than Five Percent on Behalf of Another Person
"Item 7. Certification 
SC 13G/A1st Page of 7TOC↑TopPreviousNext↓BottomJust 1st
 

 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

 Under the Securities Exchange Act of 1934
(Amendment No. 1)*

 Quipp, Inc.
 -----------
(Name of Issuer)

Common Stock, $.01 par value
----------------------------
(Title of Class of Securities)

74880210
--------
(CUSIP Number)

February 4, 1999
 ---------------------------------------------------------
 (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule 
is filed:                                                                       

|_| Rule 13d-1(b)                                                               

|X| Rule 13d-1(c)                                                               

|_| Rule 13d-1(d)                                                               

*The remainder of this cover page shall be filled out for a reporting person's  
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter disclosure
provided in a prior cover page.                                                 

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of   
1934 ("Act") or otherwise subject to the liabilities of that section of the Act 
but shall be subject to all other provisions of the Act (however, see the       
Notes).                                                                         

 Page 1 of 7


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SCHEDULE 13G

CUSIP No. 748802 10                                                             

1        Name of Reporting Person                                               
S.S. or I.R.S. Identification No. of Above Person             

John W. Gildea                              

2        Check the Appropriate Box If a Member of a Group (See Instructions)    
                                a. |_|
                                b. |X|

3        SEC Use Only                                                           

4        Citizenship or Place of Organization                                   

United States                               

5        Sole Voting Power        

Number of                           10,000                                  
Shares                                                                    
Beneficially           6        Shared Voting Power                             
Owned By                              0                                     
Each                                                                    
Reporting            7        Sole Dispositive Power                        
Person                               10,000                               
With                                                                    
8        Shared Dispositive Power 
 0

9        Aggregate Amount Beneficially Owned by Each Reporting Person           

10,000                    

10       Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares   
(See Instructions)                                            
                       |_|

11       Percent of Class Represented By Amount in Row 9                        

.6%                       

12       Type of Reporting Person (See Instructions)                            

IN                                          

Page 2 of 7 


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SCHEDULE 13G                                                                    

CUSIP No. 748802 10                                                             

1        Name of Reporting Person                                               
S.S. or I.R.S. Identification No. of Above Person             

Network Fund III, Ltd.                      

2        Check the Appropriate Box If a Member of a Group (See Instructions)    
                      a. |_|
                      b. |X|

3        SEC Use Only                                                           

4        Citizenship or Place of Organization                                   

Cayman Islands                              

5        Sole Voting Power        

Number of                             0                                     
Shares                                                                    
Beneficially           6        Shared Voting Power                             
Owned By                              0                                     
Each                                                                    
Reporting            7        Sole Dispositive Power                        
Person                               0                                    
With                                                                    
8        Shared Dispositive Power 
 0

9        Aggregate Amount Beneficially Owned by Each Reporting Person           

0                         

10       Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares   
(See Instructions)                                            
   |_|

11       Percent of Class Represented By Amount in Row 9                        

0%                        

12       Type of Reporting Person (See Instructions)                            

CO                                          

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        This Amendment No. 1 to the Schedule 13G (the "Schedule 13G") that was
filed with the Securities and Exchange Commission on March 11, 1998 on behalf of
Mr. John W. Gildea and Network Fund III, Ltd. (the "Fund", and together with Mr.
Gildea, the "Reporting Persons") in respect of their beneficial ownership of    
shares of common stock, par value $.01 per share ("Common Stock"), of Quipp,    
Inc. (the "Company") represents the final amendment of the Schedule 13G by the  
Reporting Persons. On February 4, 1999, the Fund sold all of its shares of      
Common Stock of the Company in a series of open market transactions, thus       
reducing the Fund's beneficial ownership of Common Stock of the Company to zero.
Mr. Gildea is the direct beneficial owner of 10,000 shares of Common Stock of   
the Company.                                                                    

Item 1.                                                                         

(a) Name of Issuer                                                    

Quipp, Inc.                                             

(b) Address of Issuer's Principal Executive Offices                   

4800 N.W. 157th Street                                  
Miami, Florida 33014                                    

Item 2.                                                                         

(a) Name of Persons Filing                                            

John W. Gildea                                          
Network Fund III, Ltd.                                  

(b) Address of Principal Business Office or, if none, Residence       

John W. Gildea                                          
115 East Putnam Avenue                                  
Greenwich, Connecticut 06830                            

Network Fund III, Ltd.                                  
P.O. Box 219                                            
Butterfield House                                       
Grand Cayman, Cayman Islands  B.W.I.                    

(c) Citizenship                                                       

John W. Gildea - United States                          
Network Fund III, Ltd. - Cayman Islands                 

(d) Title of Class of Securities                                      

Common Stock, par value $.01 per share                  

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(e) CUSIP Number                                                      

748802 10                                               

Item 3.  If this statement is filed pursuant to Section 240.13d-1(b) or Section 
240.13d-2(b) or (c), check whether the person filing is a:    

(a) |_|  Broker or dealer registered under section 15 of the Act            
(15 U.S.C. 78o);                                          

(b) |_|  Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);     

(c) |_|  Insurance company as defined in section 3(a)(19) of the Act (15    
U.S.C. 78c);                                              

(d) |_|  Investment  company  registered  under section 8 of the  Investment
Company Act of 1940 (15 U.S.C. 80a-8);                    

(e) |_|  An investment adviser in accordance with                           
Section 240.13d-1(b)(1)(ii)(E);                           

  (f) |_|  An employee benefit plan or endowment fund in accordance with Section
240.13d-1(b)(1)(ii)(F);                                   

(g) |_|  A parent holding company or control person in accordance with      
240.13d-1(b)(ii)(G);                                      

(h) |_|  A savings  association as defined in Section 3(b) of the Federal   
Deposit Insurance Act (12 U.S.C. 1813);                   

(i) |_|  A church plan that is excluded from the definition of an           
 investment company under section 3(c)(14) of the Investment
Company Act of 1940 (15 U.S.C. 80a-3);                    

(j) |_|  Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).          

If this statement is filed pursuant to Section 240.13d-1(c), check this box. |X|

Item 4.   Ownership (at March 9, 1998)                                          

(a) Amount Beneficially Owned (See note to Item 4(a)).                

John W. Gildea - 10,000                                     
Network Fund III, Ltd. - 0                                  

(b) Percent of Class                                                  

John W. Gildea - .6%                                        
Network Fund III, Ltd. - 0%                                 

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(c) Number of shares as to which such person has:                     

i)    sole power to vote or to direct the vote          

John W. Gildea - 10,000                     
Network Fund III, Ltd. - 0                  

ii)   shared power to vote or to direct the vote        

John W. Gildea - 0                          
Network Fund III, Ltd. - 0                  

  iii) sole power to dispose or to direct the disposition of

John W. Gildea - 10,000                     
Network Fund III, Ltd. - 0                  

     iv)   shared power to dispose or to direct the disposition of

John W. Gildea - 0                          
Network Fund III, Ltd. - 0                  

Item 5.  Ownership of Five Percent or Less of a Class                           

         If this statement is being filed to report the fact that as of the date
hereof the reporting persons have ceased to be the beneficial owners of more    
than five percent of the class of securities, check the following |X|           

Item 6.  Ownership of More than Five Percent on Behalf of Another Person        

Not applicable.                                         

Item 7.  Certification                                                          

  By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for 
the purpose of or with the effect of changing or influencing the control of the 
issuer of the securities and were not acquired and are not held in connection   
with or as a participant in any transaction having that purpose or effect.      

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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.                                                                        

                               February 12, 1999
                                    ----------------------
                                    Date

                                      /s/ John W. Gildea
                                    ----------------------
                                  John W. Gildea

                                    NETWORK FUND III, LTD.

                                               By:     GILDEA MANAGEMENT COMPANY
                                                Investment Advisor

                                        By:     /s/ John W. Gildea
                                                  ------------------------------
                                  Name: John W. Gildea
                              Title: President

 Page 7 of 7

Dates Referenced Herein   and   Documents Incorporated by Reference

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Filed on:2/12/997SC 13G/A
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