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Phillips Daniel T – ‘SC 13G/A’ on 2/13/98 re: Firstplus Financial Group Inc

As of:  Friday, 2/13/98   ·   Accession #:  899078-98-60   ·   File #:  5-47527

Previous ‘SC 13G’:  ‘SC 13G’ on 2/14/97   ·   Latest ‘SC 13G’:  This Filing

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

 2/13/98  Phillips Daniel T                 SC 13G/A               1:11K  Firstplus Financial Group Inc     Jenkens & Gilchrist, PC

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

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13G/A    Schedule 13G - Amendment Number 1                      7     26K

Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
4Item 3. Not Applicable
5Item 4. Ownership
"Item 5. Ownership of Five Percent or Less of a Class
6Item 6. Ownership of More than Five Percent on Behalf of Another Person
"Item 7. Identification and Classification of the Subsidiary Which Acquired the
"Item 8. Identification and Classification of Members of the Group
"Item 9. Notice of Dissolution of Group
"Item 10. Certification 
SC 13G/A1st Page of 7TOC↑TopPreviousNext↓BottomJust 1st
 

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

SCHEDULE 13G
(Amendment Number 1)

 Under the Securities Exchange Act of 1934

 FIRSTPLUS FINANCIAL GROUP, INC.
(Name of Issuer)

Common Stock, $.01 Par Value
(Title of Class of Securities)

 749207 10 6
(CUSIP Number)

*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 the
disclosures 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).                                                                         

(Continued on following pages)

 Page 1 of 7 Pages


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CUSIP No. 749207 10 6                  Schedule 13G            Page 2 of 7 Pages

--------------------------------------------------------------------------------
1         NAME OF REPORTING PERSON                            Daniel T. Phillips
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON           

--------------------------------------------------------------------------------
2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                     
                                                 (a) [X]

                                                 (b) [ ]

--------------------------------------------------------------------------------
3         SEC USE ONLY                                                          

--------------------------------------------------------------------------------
4         CITIZENSHIP OR PLACE OF ORGANIZATION                                  

             United States

--------------------------------------------------------------------------------
      5        SOLE VOTING POWER

NUMBER OF                                       4,585,206     

        SHARES                       This number includes 4,518,540 shares
                                        which are owned by Phillips Partnership.
       BENEFICIALLY                     Mr. Phillips has the sole voting control
                                      over the shares through an irrevocable
       OWNED BY                       five-year voting proxy.  See footnotes
                  1 and 2 to Item 4.
            EACH              --------------------------------------------------
        6        SHARED VOTING POWER
REPORTING                                                     
                                   0
        PERSON WITH           --------------------------------------------------
            7         SOLE DISPOSITIVE POWER

                                        66,666
                              --------------------------------------------------
              8         SHARED DISPOSITIVE POWER

                                           4,518,540
--------------------------------------------------------------------------------
9         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON          

                                             4,585,206

--------------------------------------------------------------------------------
10        CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* 

--------------------------------------------------------------------------------
11        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9                       

                                           12.3%

--------------------------------------------------------------------------------
12        TYPE OF REPORTING PERSON*                                             

                                        IN

--------------------------------------------------------------------------------

*SEE INSTRUCTION BEFORE FILLING OUT!


SC 13G/A3rd Page of 7TOC1stPreviousNext↓BottomJust 3rd

CUSIP No. 140475 10 4                  Schedule 13G            Page 3 of 7 Pages

--------------------------------------------------------------------------------
1         NAME OF REPORTING PERSON                          Phillips Partnership
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON           

--------------------------------------------------------------------------------
2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                     
                                                 (a) [X]

                                                 (b) [ ]

--------------------------------------------------------------------------------
3         SEC USE ONLY                                                          

--------------------------------------------------------------------------------
4         CITIZENSHIP OR PLACE OF ORGANIZATION                                  

     Texas

--------------------------------------------------------------------------------
      5        SOLE VOTING POWER

NUMBER OF                                       0             
           SHARES             --------------------------------------------------
BENEFICIALLY          6        SHARED VOTING POWER              
OWNED BY                                                    
EACH                                         0          
         REPORTING            --------------------------------------------------
PERSON WITH           7         SOLE DISPOSITIVE POWER          

                                   0
                              --------------------------------------------------
              8         SHARED DISPOSITIVE POWER

                                           4,518,540
--------------------------------------------------------------------------------
9         AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON          

                                             4,518,540

--------------------------------------------------------------------------------
10        CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* 

--------------------------------------------------------------------------------
11        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9                       

                                           12.1%

--------------------------------------------------------------------------------
12        TYPE OF REPORTING PERSON*                                             

                                        PN

--------------------------------------------------------------------------------

*SEE INSTRUCTION BEFORE FILLING OUT!


SC 13G/A4th Page of 7TOC1stPreviousNext↓BottomJust 4th

CUSIP No. 749207 10 6               Schedule 13G               Page 4 of 7 Pages

Item 1.                                                                         

(a)  Name of Issuer:                                                  
--------------                                              

FIRSTPLUS Financial Group, Inc.                             

(b)  Address of Issuer's Principal Executive Offices:                 
-----------------------------------------------             

1600 Viceroy Drive                                          
Dallas, Texas 75235                                         

Item 2.                                                                         

(a)  Name of Person Filing:                                           
---------------------                                       

Daniel T. Phillips                                          

Phillips Partnership                                        

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

1600 Viceroy Drive                                          
Dallas, Texas 75235                                         

1600 Viceroy Drive                                          
Dallas, Texas 75235                                         

(c)  Citizenship:                                                     
-----------                                                 

Daniel T. Phillips - United States                          
Phillips Partnership - Texas                                

(d)  Title of Class of Securities:                                    

Common Stock, $.01 par value                                

(e)  CUSIP No.:                                                       

749207 10 6                                                 

Item 3. Not Applicable.                                                         


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CUSIP No. 749207 10 6                 Schedule 13G             Page 5 of 7 Pages

Item 4. Ownership.                                                              
---------                                                       

                                                        [Enlarge/Download Table]


     The following  information  relates to the reporting  person's ownership of                        
Common Stock, $.01 par value, of the issuer as of December 31, 1997.                                    

                                                                Daniel T. Phillips  Phillips Partnership
                                                                ------------------  --------------------
                                                                                                        
(a)      Amount Beneficially Owned:                                  4,585,206             4,518,540    
         -------------------------                                                                      

(b)      Percent of Class:                                                12.3%                 12.1%   
         ----------------                                                                               

(c)      Number of Shares as to                                                                         
         ----------------------                                                                         
         Which Such Person Has:                                                                         
         ---------------------                                                                          

         (i)      Sole power to vote or                              4,585,206(1)                  0    
                  to direct the vote:                                                                   

         (ii)     shared power to vote                                       0                     0    
                  or to direct the vote:                                                                

         (iii)     sole power to dispose                                 66,666                     0   
                  or to direct the                                                                      
                  disposition of:                                                                       

         (iv)     shared power to                                    4,518,540(2)          4,518,540(2) 
                  dispose or to direct                                                                  
                  the disposition of:                                                                   


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  person has ceased to be the  beneficial
          owner of more than five percent of the class of securities,  check the
following [ ].                                              

--------                                                                        

(1)  Includes  4,518,540  shares of Common Stock owned by Phillips  Partnership.
     The general partner of Phillips Partnership is Lenox Investment Corporation
     ("Lenox"),  which is owned 50% by Daniel T.  Phillips  and 50% by his wife.
     The limited  partners of Phillips  Partnership  are the Daniel T.  Phillips
     Trust, Daniel T. Phillips and Merlene M. Phillips,  Mr. Phillips' wife. Mr.
     Phillips has voting  control over the shares owned by Phillips  Partnership
through an irrevocable  five-year  voting proxy.                      

(2)  Mr. Phillips shares  dispositive  power over the 4,518,540  shares owned by
     Phillips  Partnership with his wife, due to his and his wife's ownership of
Phillips Partnership's general partner.                               


SC 13G/A6th Page of 7TOC1stPreviousNext↓BottomJust 6th

CUSIP No. 749207 10 6                 Schedule 13G             Page 6 of 7 Pages

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

Not Applicable.                                             

Item 7.  Identification  and Classification of the Subsidiary Which Acquired the
         -----------------------------------------------------------------------
Security Being Reported on by the Parent Holding Company.     
--------------------------------------------------------      

Not Applicable.                                             

Item 8. Identification and Classification of Members of the Group.              
---------------------------------------------------------       

Not Applicable.                                             

Item 9. Notice of Dissolution of Group.                                         
------------------------------                                  

Not Applicable.                                             

Item 10. Certification.                                                         
-------------                                                 

Not Applicable.                                             

     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 13,1998                                                          

                      DANIEL T. PHILLIPS

                                By:   /s/ Daniel T. Phillips
                                                --------------------------------
                              Name:   Daniel T. Phillips

                        PHILLIPS PARTNERSHIP

                                                By: Lenox Investment Corporation

                                            By:   /s/ Daniel T. Phillips
                                                      --------------------------
                                                Authorized Signatory


SC 13G/ALast Page of 7TOC1stPreviousNext↓BottomJust 7th

CUSIP No. 749207 10 6               Schedule 13G               Page 7 of 7 Pages

 EXHIBIT A

Joint Filing Agreement

     In accordance with Rule 13d-1(f)  promulgated under the Securities Exchange
Act of 1934,  as amended,  the persons  named below agree to the joint filing on
behalf of each of them of a statement  on  Schedule  13G  (including  amendments
thereto)  with  respect to the  shares of Common  Stock of  FIRSTPLUS  Financial
Group, Inc. and further agree that this Joint Filing Agreement be included as an
exhibit  to such  joint  filing.  Each  party  to this  Joint  Filing  Agreement
expressly  authorizes  each  other  party  to  file  on its  behalf  any and all
amendments to such statement.                                                   

Date: February 13, 1998                                                         

                      DANIEL T. PHILLIPS

                                By:   /s/ Daniel T. Phillips
                                                --------------------------------
                                          Name:   Daniel T. Phillips

                        PHILLIPS PARTNERSHIP

                                                By: Lenox Investment Corporation

                                                    By:   /s/ Daniel T. Phillips
                                                          ----------------------
                                                          Authorized Signatory

Dates Referenced Herein   and   Documents Incorporated by Reference

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Filed on:2/13/98710-QT,  SC 13G/A
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