OMB APPROVAL
OMB Number: 3235-0104
Expires:  September 30, 1998
Estimated average burden hours per response    0.5

                              UNITED STATES
                   SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.  20549  

                     INITIAL STATEMENT OF BENEFICIAL
                         OWNERSHIP OF SECURITIES

                                 FORM 3

    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


1.  Name and Address of Reporting Person

    Westgate International L.P.
    c/o Midland Bank Trust Corporation (Cayman) Limited
    P.O. Box 1109
    Mary Street
    Grand Cayman, Cayman Islands BWI

2.  Date of Event Requiring Statement (Month/Day/Year)

    6/20/97

3.  IRS or Social Security Number of Reporting Person (Voluntary)

4.  Issuer Name and Ticker Trading Symbol

    Toy Biz, Inc. (TBZ)

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

     (1)
     X Director
       Officer (give title below)
       10% Owner
       Other (specify below)

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

Table I - Non-Derivative Securities Beneficially Owned

1.  Title of Security (Instr. 4)

    No securities owned

2.  Amount of Securities Beneficially Owned (Instr. 4)

3.  Ownership Form: Direct (D) or Indirect (I) (Instr. 5)

4.  Nature of Indirect Beneficial Ownership (Instr. 5)

Reminder:  Report on a separate line for each class of securities
beneficially owned directly or indirectly.

Table II - Derivative Securities Beneficially Owned (e.g. puts,
calls, warrants, options, convertible securities)

1.  Title of Derivative Security (Instr. 4)

Page 1 of 2

2.  Date Exercisable and Expiration Date (Month/Day/Year)

    Date Exercisable

    Expiration Date

3.  Title and Amount of Securities Underlying Derivative Security
    (Instr. 4)

    Title
    Amount or Number of Shares

4.  Conversion or Exercise Price of Derivative Security

5.  Ownership Form of Derivative Security: Direct (D) or Indirect (I)
    (Instr. 5)

6.  Nature of Indirect Beneficial Ownership (Instr. 5)

Explanation of Responses: (1) Reporting person may be deemed a
director by deputization.

** Intentional misstatement or omissions of facts constitute Federal
Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).


WESTGATE INTERNATIONAL, L.P.

By:  Martley International, Inc., as Attorney-in-Fact

    By:  Paul E. Singer                        6/30/97
         **Signature of Reporting Person       Date
           Paul E. Singer
           President




Page 2 of 2