SEC FORM 3

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

EWING TIMOTHY G

(Last)

(First)

(Middle)

4514 COLE AVENUE

SUITE 808

(Street)

DALLAS

75205

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
06/14/2004

3. Issuer Name and Ticker or Trading Symbol
TRANS WORLD CORP [ TWOC ]

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

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

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

6. 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 Beneficially Owned
1. Title of Security (Instr. 4)	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)
Common shares	3,559,338	I⁽¹⁾	See Footnotes

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Warrants	02/23/2001	12/31/2005	Common shares	20,000	$150	I⁽¹⁾	See Footnotes
Warrants	02/23/2001	12/31/2005	Common shares	6,000	$100	I⁽¹⁾	See Footnotes

Explanation of Responses:

1. Ewing & Partners holds indirectly 3,559,338 shares of Common Stock of Trans World Corporation and 26,000 warrants expiring 12/31/05 with 20,000 having an exercise price of $150.00 and 6,000 warrants having an exercise price of $100 through the accounts of Value Partners, Ltd., of which Ewing & Partners is the general partner. Ewing & Partners receives an asset-based fee and an allocation of profits from the Value Partners overall portfolio. Mr. Ewing reports the securities held indirectly by Ewing & Partners because, as the managing partner of Ewing & Partners at the time of purchase, Mr. Ewing controlled the disposition and voting of the securities. Mr. Ewing disclaims beneficial ownership of these securities except to the extent of the pecuniary interest therein, and this report shall not be deemed as admission that Mr. Ewing is the beneficial owner of these securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

	Timothy G. Ewing	07/20/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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