U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 4
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
[X] Check box if no longer subject to Section 16. Form 4 or Form 5 obligations
may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person
Magten Asset Management Corp.
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(Last) (First) (Middle)
35 E. 21st Street
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(Street)
New York New York 10010
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
JPS Textile Group, Inc.
JPST
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3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
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4. Statement for Month/Year
06/02
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [x] 10% Owner
[ ] Officer (give title below) [x] Other* (specify below)
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7. Individual or Joint/Group Filing (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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6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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Common Stock 06/30/02 J** 913,362 D** 75,324 I ***
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If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Response) (Over)
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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10.
9. Owner-
Number ship
of Form
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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Explanation of Responses:
* The Reporting Person is an investment adviser registered under Section
203 of the Investment Advisers Act of 1940 and has voting power and
investment power with respect to securities in its clients' accounts.
The Chairman and Chief Investment Officer of the Reporting Person is a
member of the board of directors of the issuer. The Reporting Person
disclaims any obligation to file this report, and this report shall not
be deemed an admission that the Reporting Person is subject to Section
16 with respect either to the issuer or such securities.
** On June 30, 2002, Magten distributed in kind 913,362 shares of the
Issuer's Common Stock to investment advisory clients.
*** The amount of securities shown in columns 4 and 5 of Table 1 of this
Form 4 is owned beneficially by discretionary accounts managed by the
Reporting Person. The Reporting Person disclaims any beneficial
ownership of any such securities reported herein for purposes of Section
16 or for any other purpose. Nonetheless, the entire amount of
securities held by the accounts is reported herein.
/s/ Talton R. Embry June 10, 2002
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Chairman and Chief Investment Officer
Signature of Reporting Person Date
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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