UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16. Form 4 or
Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person
Robert Capozzi
c/o Magten Asset Management Corp.
35 E. 21st St.
New York, New York
2. Issuer Name and Ticker or Trading Symbol
JPS Textile Group, Inc.
JPST
3. IRS Number of Reporting Person (Voluntary)
4. Statement for Month/Year
5/01
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s)to Issuer (Check all
applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) (
) Other * (specify below)
7. Individual or Joint/Group Filing (check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED,
DISPOSED OF, OR BENEFICIALLY OWNED
1. Title of Security| 2. Transaction| 3. Transaction| 4. Securities | 5. Amount of | 6. Ownership |7. Nature of |
(Instr. 3) | Date | Code | Acquired (A) | Securities | Form: | Indirect |
| | (Instr. 8) | or Disposed | Beneficially | Direct (D) | Beneficial|
| (Month/ | | of (D) | Owned at End | or Indirect| Ownership |
| Day/ | | (Instr. 3,4, | of Month | (I) | (Instr. 4)|
| Year) | | and 5) | (Instr. 3 and 4)| (Instr. 4) | |
| | | | |(A) or| | | | |
| | Code | V | Amount|(D) |Price| | | |
_________________________________________________________________________________________________________________________________
Common Stock 5/31/01 J** 10,187 D ** 1,010,528 I ***
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TABLE II -- DERIVATIVE SECURITIES ACQUIRED,
DISPOSED OF, OR BENEFICIALLY OWNED
1. Title of | 2. Conver- | 3. Trans- | 4. Trans- | 5. Number of | 6. Date Exer- | 7. Title and Amount |
Derivative | sion or | action | action | Derivative | cisable and | of Underlying |
Security | Exercise | Date | Code | Securities | Expiration | Securities |
(Instr. 3) | Price of | (Month/ | (Instr. | Acquired | Date | (Instr. 3 and 4) |
| Deri- | Date/ | 8) | (A) or | (Month/Day/ | |
| vative | Year) | | Disposed of | Year) | |
| Security | | | (D) (Instr. | | |
| | | | 3, 4 and 5) | | |
| | |____________|_________________|___________________|_____________________|
| | | | | | | | | | |
| | | | | | | Date | Expira- | | Amount or |
| | | | | | | Exer- | tion | | Number of |
| | | Code | V | (A) | (D) | cisable | Date | Title | Shares |
___________________|_____________|____________|______|_____|________|________|_________|_________|________|____________|
| | | | | | | | | | |
l l l l l l l l l l l
| 8. Price of | 9. Number of | 10. Ownership | 11. Nature of |
| Derivative | derivative | Form of | Indirect |
| Security | Securities | Derivative | Beneficial |
| (Instr. 5) | Benefi- | Security | Ownership |
| | cially | Direct (D) | (Instr. 4) |
| | Owned at | or Indirect | |
| | End of | (I) (Instr. | |
| | Month | 4) | |
| | (Instr. 4) | | |
Explanation of Responses:
* The Reporting Person is a member of the Board of Directors
of the Issuer and is an Officer of Magten Asset Management
Corp. ("Magten"), 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.
** On May 31, 2001, Magten distributed in kind 10,187 shares
of the Issuer's Common Stock to one of its 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.
Signature of Reporting Person:
By: /s/ Robert S. Capozzi
___________________________
Robert S. Capozzi
Date: June 7, 2001
** Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. See 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 is sufficient, see Instruction 6 for
procedure.
01651001.BD4