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SEC 1473 Potential persons who are to respond to the collection of information
(7-97) contained in this form are not required to respond unless the form
displays a currently valid OMB control number.
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|Form 3 | OMB APPROVAL
--------- OMB Number: 3235-0104
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549 Expires: December 31, 2001
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF Estimated average burden
SECURITIES hours per response...0.5
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
(Print or Type Responses)
|=============================|=====================|=====================================|
|1. | 2. | 4. |
|Name and Address of | Date of Event | Issuer Name and Tickler or Trading |
|Reporting Person* | Requiring Statement | Symbol |
| | (Month/Day/Year) | |
| Baxter, James N. | | Acola Corp. |
|-----------------------------| | |
|(Last) (First) (Middle)| | Trading Symbol: ACAC |
| | 10/16/02 | |
| 39 Neck Road |
| |
|-----------------------------|=====================|=====================================|======================|
| (Street) | 3. | 5. | 6. If Amendment, |
| | I.R.S.Identification| Relationship of Reporting Person(s) | Date of Original |
|Madison, CT 06443 | Number of Reporting | to Issuer | |
|-----------------------------| Person, if an entity| (Check all applicable) | (Month/Day/Year) |
| (City) (State) (Zip) | (voluntary) | | |
| | | X Director X 10% Owner | |
| | | --- --- | |
| | | |======================|
| | | X Officer (give Other (speci-| 7. Individual or |
| | | --- title below) --- fy below)| Joint/Group Filing|
| | | | (Check Applicable |
| | | | Line) |
| | | | |
| | | President | X Form filed by One|
| | | | --- Reporting Person |
| | | | |
| | | | Form filed by |
| | | | --- More than One |
| | | | Reporting Person |
| | | | |
| | | | |
|================================================================================================================|
| Table I -- Non-Derivative Securities Beneficially Owned |
|========================|=====================|=====================================|===========================|
|1. |2. |3. |4. |
|Title of Security |Amount of Securities |Ownership Form: Direct (D) or |Nature of Indirect |
|(Instr. 4) |Beneficially Owned |Indirect (I) |Beneficial Ownership |
| |(Instr. 4) |(Instr. 5) |(Instr. 5) |
| | | | |
|========================|=====================|=====================================|===========================|
|Common Stock Class A | 7,701,318 shares | I | By Global Investment
Alliance Inc. |
|Common Stock Class B | 540,000 shares | I | By Global Investment |
| | Alliance Inc. |
|========================|=====================|=====================================|===========================|
| | | |
|========================|=====================|=====================================|===========================|
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===============================================================================================================
| Table II -- Derivative Securities Beneficially Owned (e.g., puts, |
| calls, warrants, options, convertible securities) |
|==========|================|========================|=========|==================|===========================|
|1. |2. |3. |4. |5. |6. |
|Title of |Date Exer- |Title and Amount of |Conver- |Ownership |Nature of Indirect |
|Derivative|cisable and |Securities Underlying |sion or | |Beneficial Ownership |
|Security |Expiration |Derivative Security |Exercise |Form of |(Instr. 5) |
|(Instr. 4)|Date |(Instr. 4) |Price of |Derivative | |
| |(Month/Day/Year)| |Deri- |Securities: | |
| | | |vative | | |
| N/A | | |Security |Direct (D) | |
| | | | |or | |
| | | | |Indirect (I) | |
| | | | | | |
| | | | |(Instr. 5) | |
| | | | | | |
|==========|=======|========|===============|========| | | |
| |Date |Expira- | Title |Amont | | | |
| |Exer- |tion | |or | | | |
| |cisable|Date | |Number | | | |
| | | | |of | | | |
| | | | |Shares | | | |
|==========|=======|========|===============|========|=========|==================|===========================|
| | | | | | | | |
|==========|=======|========|===============|========|=========|==================|===========================|
| | | | | | | | |
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| | | | | | | | |
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| | | | | | | | |
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
Explanation of Responses:
/s/ James N. Baxter October 28, 2002
--------------------------------------- -----------------
Signature of Reporting Person Date
James N. Baxter
2