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

    Magten Asset Management Corp.
    35 E. 21st St.
    New York, New York

2.  Issuer Name and Ticker or Trading Symbol

    JPS Industries, Inc.
    JPST

3.  IRS Number of Reporting Person (Voluntary)

4.  Statement for Month/Year

    1/01

5.  If Amendment, Date of Original (Month/Year)


6.  Relationship of Reporting Person(s)to Issuer (Check all
    applicable)

    ( ) Director  ( ) 10% Owner (  ) Officer (give title
    below) (X) 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             1/23/01         J**             18,391     D  **     1,020,715               I               ***
---------------------------------------------------------------------------------------------------------------------------------




                                           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 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.  An employee 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 January 23, 2001, Magten distributed in kind 18,391
      shares of the Issuer's Common Stock to an investment
      advisory client upon termination of the advisory agreement.

***   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:

MAGTEN ASSET MANAGEMENT CORP.

By: /s/Talton R. Embry
    ___________________________
      Talton R. Embry
       Chairman and Chief
       Investment Officer

Date: February 8, 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.BA3