Bayly George V – ‘5’ for 12/31/02 re: Packaging Dynamics Corp.

On:  Tuesday, 2/4/03, at 4:08pm ET   ·   For:  12/31/02   ·   Accession #:  950172-3-292   ·   File #:  0-49741

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Annual Statement of Changes in Beneficial Ownership of Securities by an Insider   —   Form 5   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 5           Annual Statement of Changes in Beneficial              4±    12K 
                Ownership of Securities by an Insider                            


FORM 5                                                                        
 U.S. SECURITIES AND EXCHANGE COMMISSION     _____________________
          WASHINGTON, D.C.  20549            |    OMB APPROVAL     |
           ANNUAL STATEMENT OF               |_____________________|
     CHANGES IN BENEFICIAL OWNERSHIP         |OMB NUMBER: 3235-0362|
                                             |EXPIRES:             |
                                             | JANUARY 31, 2005    |
  Filed pursuant to Section 16(a) of the     |ESTIMATED AVERAGE    |
    Securities Exchange Act of 1934,         |BURDEN HOURS         |
   Section 17(a) of the Public Utility       |PER RESPONSE......1.0|
      Holding Company Act of 1935            |_____________________|
or Section 30(h) of the Investment                              
Company Act of 1940                               

/__/ Check box if no longer subject to                                          
Section 16.  Form 4 or Form 5 obligations may                         
continue.  See Instructions 1(b).                                     

/  / Form 3 Holdings Reported                                                   

/__/ Form 4 Transactions Reported                                               

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1. Name and Address of Reporting Person*                                        

Bayly                      George                          V.     
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(Last)                      (First)                    (Middle)   

3900 W. 43rd Street         
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(Street)    

Chicago                   Illinois                      60632   
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(City)                      (State)                      (Zip)    

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2. Issuer Name and Ticker or Trading Symbol                                     
Packaging Dynamics Corporation (PKDY)                                 
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3. IRS Identification Number of Reporting Person, if an entity (Voluntary)      

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4. Statement of Month/Year                                                      
December/2002                                                         
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5. If Amendment, Date of Original (Month/Year)                                  

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6. Relationship of Reporting Person(s) to Issuer (Check all applicable)         
X  Director                                   10% Owner                 
---                                        ---                            
Officer (give title below)                 Other (specify below)  
---                                        ---                            

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7. Individual or Joint/Group Reporting (check applicable line)                  
X   Form Filed by One Reporting Person                                  
---                                                                       
Form Filed by More than one Reporting Person                    
---                                                                       

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Table I - Non-Derivative Securities Acquired, Disposed of, or                   
Beneficially Owned                                          
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1. Title of Security (Instr. 3)                                                 
Common Stock                                                          
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2. Transaction Date (Month/Day/Year)                                            
07/01/02                                                              
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3. Transaction Code (Instr. 8)                                                  
J(1)                                                                  
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4.  Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)              

183,189                       A                               
-----------------           -----------------          ---------------- 
Amount                     (A) or (D)                   Price 
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5. Amount of Securities Beneficially Owned at the end of Issuer's Fiscal Year   
(Instr. 3 and 4)                                                          

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6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)                        
D                                                             
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7. Nature of Indirect Beneficial Ownership (Instr. 4)                           

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[TYPE ENTRIES HERE]                                                             

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TABLE II - Derivative Securities Acquired, Disposed of, or Beneficially         
Owned (e.g., puts, calls, warrants, options, convertible  
securities)                                               
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1. Title of Derivative Security (Instr. 3)                                      

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2. Conversion or Exercise Price of Derivative Security                          

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3. Transaction Date (Month/Day/Year)                                            

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4. Transaction Code (Instr. 8)                                                  

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5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr.      
3, 4 and 5)                                                               

-------------------                       ------------------    
(A)                                        (D)    
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6. Date Exercisable and Expiration Date (Month/Day/Year)                        

-------------------                       ------------------    
Date Exercisable                        Expiration Date     
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)                   

----------------------------------       --------------------------     
      Title                         Amount or Number of Shares
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8. Price of Derivative Security (Instr. 5)                                      

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9. Number of Derivative Securities Beneficially Owned at End of Year            
(Instr. 4)                                                                

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10. Ownership of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)     

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11. Nature of Indirect Beneficial Ownership (Instr. 4)                          

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[TYPE ENTRIES HERE]                                                             

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EXPLANATION OF RESPONSES: (1) Mr. Bayly acquired shares of common stock in
connection with the distribution by Ivex Packaging Corporation to its           
stockholders of all its ownership interest in Packaging Dynamics Corporation.   

/s/ George V. Bayly                              02/04/03     
----------------------------------                -----------------       
**  SIGNATURE OF REPORTING PERSON                       DATE              

_____________________________                                                   

*  If the form is filed by more than one reporting person, see                
instruction 4(b)(v).                                                    

**  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          

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Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘5’ Filing		Date		Other Filings
		1/31/05
Filed on:		2/4/03		3,  5
For Period end:		12/31/02		10-K,  5,  ARS
				List all Filings