Kimsouth Realty Inc. – ‘4’ on 8/2/96 re: Kimsouth Realty Inc.

As of:  Friday, 8/2/96   ·   Accession #:  903112-96-573   ·   File #:  1-11998

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Statement of Changes in Beneficial Ownership of Securities by an Insider   —   Form 4   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 4           Statement of Changes in Beneficial Ownership of        4±    17K 
                Securities by an Insider                                         

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FORM 4          U.S. SECURITIES AND EXCHANGE COMMISSION            OMB APPROVAL 
Washington, D.C. 20549      

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP            

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            

/  / Check this box if no longer                       OMB Number 2325-0287     
   subject to Section 16. Form 4 or                  Expires: April 30, 1997
    Form 5 obligations may                            Estimated average burden
    continue. See Instruction 1(b).                   hours per response...0.5

1.  Name and Address of Reporting Person                                        

Gildea           John                                W.                 
(Last)           (First)                           (Middle)             

c/o Gildea Management Company, 115 East Putnam Avenue                   
      (Street)

Greenwich         CT                                06830               
(City)            (State)                             (Zip)             

2.  Issuer Name and Tickler or Trade Symbol                                     

FAC Realty, Inc. (formerly known as Factory Stores                      
of America, Inc.)/Fact Str                                            

3.  IRS or Social Security Number of Reporting Person                           
(Voluntary)                                                             

4.  Statement for Month/Year                                                    

7/96                                                                    

5.  If Amendment, Date of Original  (Month/Day/Year)                            

6.  Relationship of Reporting Person to Issuer                                  
(Check all applicable)              

X    Director                             10% Owner               
  Officer (give title below)           Other (specify below)

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TABLE I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned                                                  

                                                                                                                                  
1. Title of Security  2. Trans-  3. Transaction  4. Securities Acquired (A)  5. Amount of         6. Ownership     7. Nature      
   (Instr. 3)            action     Code            or Disposed of (D)          Securities           Form:            of Indirect 
                         Date       (Instr.8)       (Instr. 3, 4 and 5)         Beneficially         Direct (D)       Beneficial  
                         (Month/                                                Owned at End         or Indirect      Ownership   
                         Day/                                                   of Month             (I)                          
                         Year)                                                                                                    
                                    Code   V      Amount (A) or (D)   Price     (Instr. 3 and 4)  (Instr. 4)          (Instr. 4)  

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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.    (Over)             
                                                          (Print or Type Responses)                            SEC 1474 (8-92)    

387037.1                                                                      

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FORM 4 (continued)             Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned                       
                                        (e.g., put, calls, warrants, options, convertible securities)                               

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1. Title of Derivative Security    2. Conver-       3. Trans-       4. Transac-          5. Number of Deriv-       6. Date Exer-    
                                      sion or          action          tion Code            ative Securities          cisable and   
   (Instr. 3)                         Exercise         Date                                 Acquired (A) or           Expiration    
                                      Price of                         (Instr. 8)           Disposed of (D)           Date          
                                      Deriv-           (Month/                                                       (Month/Day/    
                                      ative            Day/                                 (Instr. 3, 4,            Year)          
                                      Security         Year)                                and 5)                                  

                                                                                                                   Date      Expir- 
                                                                                                                   Exer-     ation  
                                                                                                                   cisable   Date   
                                                                     Code         V         (A)          (D)                        

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Preferred Stock                           N/A       7/22/96             J*               40,000           A        Currently    N/A 

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1. Title of Derivative Security        7. Title and Amount of       8. Price of     9. Number      10. Owner-     11. Nature of     
                                          Underlying Securities        Derivative   of Deriv-      ship Form of   Indirect          
   (Instr. 3)                                                          Security     ative          Derivative     Beneficial        
                                          (Instr. 3 and 4)                          Securities     Security:      Ownership         
                                                                       (Instr. 5)   Beneficially   Direct (D) or                    
                                                                                    Owned at       Indirect (I)   (Instr. 4)        
                                                                                    End of         (Instr. 4)                       
                                                                                    Month                                           
                                                                                    (Instr. 4)                                      
                                          Title      Amount or                                                                      
                                                     Number of                                                                      
                                                     Shares                                                                         

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Preferred Stock                        Common         111,111           N/A            40,000           D                           
                                       Stock                                                                                        

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Explanation of Responses:                                                                                                           

*   Notes issued by the issuer and held by the reporting person were exchanged by the issuer for shares of Preferred Stock which    
    may be converted at any time into shares of Common Stock of the issuer.                                                         

**Intentional misstatements or omissions of facts constitute Federal Criminal Violations.                                           
  See 18 U.S.C.  1001 and 15 U.S.C. 78ff(a).                                                                                        

 By:  /s/John W. Gildea                        8/1/96                                                                               
   **Signature of Reporting Person             Date                                                                                 

Note:        File three copies of this Form, one of which must be manually signed.                                                  
             If space provided is insufficient, see Instruction 6 for procedure.                                                    
                                                       Page 2                                                                       
SEC 1474 (8-92)                                                                                                                     

387037.1                                                                        

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘4’ Filing		Date		First		Last			Other Filings
		4/30/97		1					DEF 14A
Filed on:		8/2/96
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