4 1 d383651_form-4.txt 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 [_] Check 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 Embry Talton R. -------------------------------------------------------------------------------- (Last) (First) (Middle) c/o Magten Asset Management Corp., 410 Park Avenue -------------------------------------------------------------------------------- (Street) New York New York 10022 -------------------------------------------------------------------------------- (City) (State) (Zip) ------------------------------------------------------------------------------ 2. Issuer Name and Ticker or Trading Symbol Salant Corporation - SLNT ------------------------------------------------------------------------------ 3. IRS Identification Number of Reporting Person, if an Entity (Voluntary) ------------------------------------------------------------------------------ 4. Statement for Month/Year 02/07/03 ------------------------------------------------------------------------------ 5. If Amendment, Date of Original (Month/Year) ------------------------------------------------------------------------------ 6. Relationship of Reporting Person 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 ================================================================================

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) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 0102/2907/03 S* 155,000 D** $48.2589/sh ~~205~~83,~~192~~692 I *** ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ====================================================================================================================================

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) ================================================================================

Explanation of Responses: * The Reporting Person is the Chairman and Chief Investment Officer of Magten Asset Management Corp. ("Magten"), an investment adviser which has voting power and investment power with respect to securities in its clients' accounts. This report shall not be deemed an admission that the Reporting Person is subject to Section 16 with respect to such securities. ** On February 7, 2003, Magten sold 55,000 shares of the Issuer's Common Stock on behalf of 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 February 10, 2003 --------------------------------------------- ----------------------- Talton R. Embry 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. Page 2 01651.0001 #383651

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