<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Plymouth Commercial Mortgage Fund
-----------------------------------------------------------
(Name of Issuer)
common shares of beneficial interest
-----------------------------------------------------------
(Title of Class of Securities)
CIK 0001022105 EIN 74-6439983
-----------------------------------------------------------
(CUSIP Number)
John Mosher, Greystone Advisers, Inc.
13333 Blanco Road, Suite 314, San Antonio, Texas 78216-7756
-----------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 27, 1996
-----------------------------------------------------------
(Date of Event which Requires
Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b) or (4), check the following box / /.
Check the following box if a fee is being paid with the statement /X/.
(A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class. See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purposes of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provision of the Act (however, see
the Notes)
(Continued on the following page(s))
Page 1 of 13 Pages
<PAGE> 2
FORM 13(d) QUESTIONNAIRE
<TABLE>
CUSIP NO.
- -------------------------------------------------------------------------------------------------------
<S> <C>
1) Your name and social security number or IRS Identification No.(1)
SouthWest Federated Holding Company, Inc. EIN 74-2705987
- -------------------------------------------------------------------------------------------------------
2) Are you are a member of a group that owns the shares of Plymouth giving rise to the need to file
this form?(2)
No
- -------------------------------------------------------------------------------------------------------
3) SEC Use Only
- -------------------------------------------------------------------------------------------------------
4) Source of Funds with which you acquired the subject shares.
OO
Your choices are:
SC Subject company (company whose securities
are being acquired)
BK Bank
AF Affiliate (of reporting person)
WC Working Capital (of reporting person)
PF Personal funds (of reporting person)
OO Other
- -------------------------------------------------------------------------------------------------------
5) Check if disclosure of legal proceedings is required pursuant to items 2(d) or 2(e).(3)
None
- -------------------------------------------------------------------------------------------------------
6) Citizenship or place of organization (4)
Delaware
- -------------------------------------------------------------------------------------------------------
7) Sole Voting Power (5)
50,000
--------------------------------------------------------------------------------
Number of 8) Shared Voting Power
Shares 20,697
Beneficially --------------------------------------------------------------------------------
Owned
- -------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
</TABLE>
Page 2
<PAGE> 3
<TABLE>
<S> <C>
9) Sole Dispositive Power
50,000
--------------------------------------------------------------------------------
10) Shared Dispositive Power
20,697
- -------------------------------------------------------------------------------------------------------
11) Aggregate amount beneficially owned by each reporting person (6)
SouthWest Federated Holding Company, Inc.--70,697
- -------------------------------------------------------------------------------------------------------
12) Check if the aggregate amount in row 11 excludes certain shares (7)
n/a
- -------------------------------------------------------------------------------------------------------
13) Percent of class represented by amount in row 11 (8)
7.276%
- -------------------------------------------------------------------------------------------------------
14) Type of reporting person
CO
Your choices are:
BD Broker dealer
BK Bank
IC Insurance company
IV investment company
IA investment adviser
EP Employee benefit plan, pension fund, or
endowment fund
HC Parent holding company
CO Corporation
PN Partnership
IN Individual
OO Other
</TABLE>
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Page 3
<PAGE> 4
ITEM 1: SECURITY AND ISSUER:
Security: Common shares of beneficial interest (only one class)
Issuer: Plymouth Commercial Mortgage Fund
ITEM 2: YOUR IDENTITY AND BACKGROUND (9)
This form is filed on behalf of SouthWest Federated Holding Company, Inc. The
following data is pertinent to that company.
a. Name: SouthWest Federated Holding Company, Inc.
b. Incorporated in: Delaware
c. Principal Business: The company is the sole owner of SouthWest
Federated, Inc. SouthWest Federated, Inc. has, in its own right,
bought distressed debt, restructured it, and resold it to other
purchasers. Most often, however, it has acted as general partner of
various limited partnerships that have engaged in such business. Most
but not all of the debt has been secured by real estate. SouthWest
Federated Holding Company is also a limited partner in some of the
partnerships. None of the SouthWest Federated entities is acquiring
new debt now that Plymouth is operating, but the debt that they
previously acquired is still being worked.
d. Address of principal business: 13333 Blanco Road, Suite 314, San
Antonio, Texas 78216-7756
e. Address of principal office: 13333 Blanco Road, Suite 314, San
Antonio, Texas 78216-7756
f. Convictions within past 5 years: None
g. Securities violations within the past 5 years: None
<TABLE>
- -------------------------------------------------------------------------------
The following designated people and entities have the relationship indicated to
SouthWest Federated Holding Company, Inc.
- -------------------------------------------------------------------------------
<S> <C>
Executive Officers: Robert R. Swendson--President
Lon A. Critchfield--Sr. V.P.
John Mosher--V.P., C.F.O.
Larry D. Krause--Secretary/Treasurer
- -------------------------------------------------------------------------------
Directors: Robert R. Swendson
Goodhue W. Smith, III
- -------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
Page 4
<PAGE> 5
<TABLE>
- ----------------------------------------------------------------------------
<S> <C>
Controlling Persons: Robert R. Swendson
Whitney Holdings, L.L.C.
Cavco Trust
Gene Furnish
- ----------------------------------------------------------------------------
Officers of Controlling Robert R. Swendson--President
Persons: Larry D. Krause--Secretary/Treasurer
- ----------------------------------------------------------------------------
Directors of Controlling Robert R. Swendson
Persons: Goodhue W. Smith, III
</TABLE>
Pertinent data relating to the above listed persons and entities are as
follows:
<TABLE>
- ----------------------------------------------------------------------------
Whitney Holdings, L.L.C. (shareholder)
- ----------------------------------------------------------------------------
<S> <C>
Organized in: Nevada
- ----------------------------------------------------------------------------
Address of principal 30 South Wynden
business Houston, Texas 77056
- ----------------------------------------------------------------------------
Address of principal office 30 South Wynden
Houston, Texas 77056
- ----------------------------------------------------------------------------
Convictions within past 5 None
years:
- ----------------------------------------------------------------------------
Securities violations within None
the past 5 years
- ----------------------------------------------------------------------------
</TABLE>
<TABLE>
- ----------------------------------------------------------------------------
<S> <C>
Cavco Trust (shareholder)
- ----------------------------------------------------------------------------
Organized in: Oklahoma
- ----------------------------------------------------------------------------
Address of principal 13333 Blanco Road, Suite 314
business San Antonio, Texas 78216
- ----------------------------------------------------------------------------
Address of principal office 13333 Blanco Road, Suite 314
San Antonio, Texas 78216
- ----------------------------------------------------------------------------
Convictions within past 5 None
years:
- ----------------------------------------------------------------------------
Securities violations within None
the past 5 years
- ----------------------------------------------------------------------------
</TABLE>
- ----------------------------------------------------------------------------
Page 5
<PAGE> 6
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
Robert R. Swendson (shareholder, director, and executive officer)
- ----------------------------------------------------------------------------------------
<S> <C>
Address: 13333 Blanco Road, Suite 314, San Antonio, Texas
78216
- ----------------------------------------------------------------------------------------
Occupation: President of Plymouth Commercial Mortgage Fund
and Greystone Advisers
- ----------------------------------------------------------------------------------------
Convictions within past 5 None
years:
- ----------------------------------------------------------------------------------------
Securities violations within None
the past 5 years
- ----------------------------------------------------------------------------------------
Citizenship: U.S.
- ----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
Goodhue W. Smith, III (shareholder and director)
- ----------------------------------------------------------------------------------------
<S> <C>
Address: 311 Third Street, Suite 300, San Antonio, Texas
78205
- ----------------------------------------------------------------------------------------
Occupation: Investment banker
- ----------------------------------------------------------------------------------------
Convictions within past 5 None
years:
- ----------------------------------------------------------------------------------------
Securities violations within None
the past 5 years
- ----------------------------------------------------------------------------------------
Citizenship: U.S.
- ----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
Lon D. Critchfield (executive officer)
- ----------------------------------------------------------------------------------------
<S> <C>
Address: 13333 Blanco Road, Suite 314, San Antonio, Texas
78216
- ----------------------------------------------------------------------------------------
Occupation: Senior Vice President of Plymouth Commercial
Mortgage Fund
- ----------------------------------------------------------------------------------------
Convictions within past 5 None
years:
- ----------------------------------------------------------------------------------------
Securities violations within None
the past 5 years
- ----------------------------------------------------------------------------------------
Citizenship: U.S.
- ----------------------------------------------------------------------------------------
</TABLE>
- ------------------------------------------------------------------------------
Page 6
<PAGE> 7
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
John Mosher (executive officer)
- ----------------------------------------------------------------------------------------
<S> <C>
Address: 13333 Blanco Road, Suite 314, San Antonio, Texas
78216
- ----------------------------------------------------------------------------------------
Occupation: CFO of Plymouth Commercial Mortgage Fund
- ----------------------------------------------------------------------------------------
Convictions within past 5 None
years:
- ----------------------------------------------------------------------------------------
Securities violations within None
the past 5 years
- ----------------------------------------------------------------------------------------
Citizenship: U.S.
- ----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
Larry D. Krause (executive officer)
- ----------------------------------------------------------------------------------------
<S> <C>
Address: 13333 Blanco Road, Suite 314, San Antonio, Texas
78216
- ----------------------------------------------------------------------------------------
Occupation: Treasurer of Plymouth Commercial Mortgage Fund
- ----------------------------------------------------------------------------------------
Convictions within past 5 None
years:
- ----------------------------------------------------------------------------------------
Securities violations within None
the past 5 years
- ----------------------------------------------------------------------------------------
Citizenship: U.S.
- ----------------------------------------------------------------------------------------
</TABLE>
ITEM 3: SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION: (10)
The company has acquired shares of Plymouth in two transactions.
The first was an exchange offer in which the SouthWest Federated, Inc's general
partnership's interest in SWF 1995 Limited Partnership was converted into
20,697 shares of beneficial interest in Plymouth. Thus, no funds were used
directly in that transaction. The original acquisition of the partnership
interest was funded by working capital. This transaction was on or about
September 27, 1996.
On or about November 27, 1996, SouthWest Federated, Inc. sold 15,000 of its
shares to Cliff Wheeler in exchange for forgiveness of debt.
In addition to the above, SouthWest Federated, Inc, purchased another 15,000
shares of Plymouth. The source of funds for such purchase was borrowed from
Shiloh Oil Corporation.
- --------------------------------------------------------------------------------
Page 7
<PAGE> 8
Further, 50,000 of the reported shares are not actually issued but are
represented by a right to have such shares issued. Thus, to date, no funds have
been used for their acquisition.
ITEM 4: PURPOSE OF TRANSACTION:
Do you have any plans or proposals that relate to or might result in any of the
following:
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
Proposal Yes No
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Acquisition by any person of additional securities of Plymouth of the X
disposition of any securities of Plymouth?
- ------------------------------------------------------------------------------------------------------------
An extraordinary corporate transaction such as a merger, reorganization, or X
liquidation involving Plymouth or any of its subsidiaries?
- ------------------------------------------------------------------------------------------------------------
A sale or transfer of a material amount of assets of Plymouth or any of its X
subsidiaries?
- ------------------------------------------------------------------------------------------------------------
Any change in the present board of trustees or management of Plymouth, X
including any plans or proposals to change the number or terms of trustees or
to fill any existing vacancies on the board?
- ------------------------------------------------------------------------------------------------------------
Any material change in the present capitalization or dividend policy of X
Plymouth?
- ------------------------------------------------------------------------------------------------------------
Any other material change in Plymouth's business or corporate X
structure? (11)
- ------------------------------------------------------------------------------------------------------------
Changes in Plymouth's charter, bylaws, or instruments corresponding X
thereto or other actions that may impede the acquisition of control of
Plymouth by any person?
- ------------------------------------------------------------------------------------------------------------
Causing a class of Plymouthsections securities to be delisted from a national X
securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities association?
- ------------------------------------------------------------------------------------------------------------
A class of Plymouthsections equity securities becoming eligible for termination
X of registration pursuant to section 12(g) (4) of the'34 Act?
- ------------------------------------------------------------------------------------------------------------
Any action similar to any of those enumerated above? X
- ------------------------------------------------------------------------------------------------------------
</TABLE>
ITEM 5: INTEREST IN SECURITIES OF THE ISSUER.
(A) Number of Shares of Plymouth (12): 70,697
Number of shares divided by 971,627: 7.276%
- --------------------------------------------------------------------------------
Page 8
<PAGE> 9
(B)
The number of shares as to which you have:
<TABLE>
- --------------------------------------------------------------------
<S> <C>
Sole power to vote or direct vote 50,000
- --------------------------------------------------------------------
Shared power to vote or direct vote 20,697
- --------------------------------------------------------------------
Sole power to dispose or direct disposition 50,000
- --------------------------------------------------------------------
Shared power to dispose or direct disposition 20,697
- --------------------------------------------------------------------
</TABLE>
If you share any of the above powers, with respect to each person with whom you
share such power, please state:
The shared power is with SouthWest Federated, Inc., which is a wholly owned
subsidiary. That subsidiary directly owns the 20,697 shares.
a. Name: SouthWest Federated, Inc.
b. Incorporated in: Texas
c. Principal Business: SouthWest Federated, Inc., in its own right,
has bought distressed debt, restructured it, and resold it to other
purchasers. Most often, however, it has acted as general partner of
various limited partnerships that have engaged in such business.
Most but not all of the debt has been secured by real estate.
d. Address of principal business: 13333 Blanco Road, Suite 314, San
Antonio, Texas 78216-7756
e. Address of principal office: 13333 Blanco Road, Suite 314, San
Antonio, Texas 78216-7756
f. Convictions within past 5 years: None
g. Securities violations within the past 5 years: None
<TABLE>
- --------------------------------------------------------------------------
SouthWest Federated, Inc.
- --------------------------------------------------------------------------
<S> <C>
Executive Officers: Robert R. Swendson--President
Lon A. Critchfield--Sr. V.P.
John Mosher--V.P., C.F.O.
Larry D. Krause--Secretary/Treasurer
- --------------------------------------------------------------------------
Directors: Robert R. Swendson
Goodhue W. Smith, III
- --------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
Page 9
<PAGE> 10
<TABLE>
- ------------------------------------------------------------------------------
<S> <C>
Controlling Persons: SouthWest Federated Holding Company, Inc.
- ------------------------------------------------------------------------------
Officers of Controlling Robert R. Swendson--President
Persons: Larry D. Krause--Secretary/Treasurer
- ------------------------------------------------------------------------------
Directors of Controlling Robert R. Swendson
Persons: Goodhue W. Smith, III
- ------------------------------------------------------------------------------
</TABLE>
(c) As to any purchases or sales of Plymouth shares in the last sixty
days (or since the most recent filing on Schedule 13D (section 240.13f-191),
whichever is less), please state:
(1) the identity of the person who effected the transaction
These shares were acquired partly in an exchange offer for limited partnership
interests in SWF 1995 Limited Partnership and partly in a confidential private
placement. Duncan-Smith Securities, Inc. was the placement agent in both
instances.
(2) the date of the transaction;
Exchange Offer: September 27, 1997
Purchase: December 26, 1997
(3) the amount of securities involved;
Exchange Offer: 20,697
Purchase: 15,000
(4) the price per share or unit; and
Exchange Offer: $10.00
Purchase: $10.00
(5) where and how the transaction was effected.
These shares were acquired partly in an exchange offer for limited partnership
interests in SWF 1995 Limited Partnership and partly in a confidential private
placement. Duncan-Smith Securities, Inc. was the placement agent in both
instances.
(D) If any other person is known to have the right or the power to
direct the receipt of dividends from, or the proceeds from the sale of, such
securities, a statement to that effect should be included in response to this
item and, if such interest relates to more than five percent of the class, such
person should be identified.
- --------------------------------------------------------------------------------
Page 10
<PAGE> 11
None
(E) If applicable, state the date on which you ceased to be the
beneficial owner of more than five percent of Plymouthsections shares..
Not Applicable
ITEM 6: CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Describe any contracts, arrangements, understanding or relationships (legal or
otherwise) between you and anyone else regarding Plymouth shares, including but
not limited to:13
- --------------------------------------------------------------------------------
<TABLE>
- ----------------------------------------------------------------------------------------
<S> <C>
Transfer SouthWest Federated Holding Company has the right to
purchase up to 50,000 additional shares for $10.00 per
share by May 22, 1997.
- ----------------------------------------------------------------------------------------
Voting None
- ----------------------------------------------------------------------------------------
Finders Fees None
- ----------------------------------------------------------------------------------------
Joint Ventures None
- ----------------------------------------------------------------------------------------
Loan or option None
arrangements
- ----------------------------------------------------------------------------------------
Puts or calls None
- ----------------------------------------------------------------------------------------
Guarantees of profits None
- ----------------------------------------------------------------------------------------
Division or profits or None
loss
- ----------------------------------------------------------------------------------------
Giving or withholding None
of proxies
- ----------------------------------------------------------------------------------------
</TABLE>
ITEM 7: MATERIAL TO BE FILED AS EXHIBIT
Copies of written agreements among all persons for whom this form 13(d) is
filed. (14)
Copies of all written agreements, contracts, arrangements, understanding, plans
or proposals relating to
(1) the borrowing of funds to finance the acquisition as disclosed in
Item 3;
Chuck Vose loan documents
- --------------------------------------------------------------------------------
Page 11
<PAGE> 12
(2) the acquisition of issuer control, liquidation, sale of assets,
merger, or change in business or corporate structure or any other
matter as disclosed in Item 4; and
(3) the transfer or voting of the securities, findersections fees,
joint ventures, options, puts. calls, guarantees of loans, guarantees
against loss or of profit, or the giving or withholding of any proxy
as disclosed in Item 6
Right to acquire 50,000 shares
Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete, and
correct.
Date:
------------------------
Signature:
----------------------------------------
Printed Name:
-------------------------------------
if applicable:
Representative of:
-----------------------------------
(if a corporation or other artificial entity)
Title:
----------------------------------------------
===============================================================================
1. Disclosure of SSN or tax ID number is voluntary. As to the name required,
please furnish the full legal name of the person for whom the report is filed.
If the reporting person is a corporation or other artificial entity, state the
complete name of the entity as it appears in the organizational documents.
2. Insofar as management is aware, no one needing to fill out this form is a
member of a group. If you have any questions or doubts about this, please let
us know.
3. This questions refers to the item 2 that appears on page 3 of this
worksheet.
4. For individuals, we assume the answer for everyone is "U.S." For Trinity
University, we need to know the jurisdiction of organization.
5. As far as we know, each person required to fill out this form has sole
voting power over all securities of Plymouth in respect of which this form must
be filled out. If you have any questions about this, please let us know.
6. Add up, 7, 8, 9, and 10.
- -------------------------------------------------------------------------------
Page 12
<PAGE> 13
7. This applies only if you have disclaimed beneficial ownership of certain
shares that are otherwise reported and, on the basis of the disclaimer, are not
included in the ratio.
8. Divide the aggregate number of share you report by 971,627, which is the
total number of issued and outstanding shares of Plymouth, plus 50,000 shares
subject to an option that has no material contingencies..
9. If the entity filling out this form is a corporation or other artificial
entity, please state (i) the name, (ii) state or other place of organization,
(iii) principal business, (iv) address of principal business, (v) address of
principal office, and (vi) information required by items (d) and (e).
10. If you borrowed any money to buy Plymouth shares, please state the name of
the bank. Under special circumstances, the name of the bank can be kept from
the public records but it must still be revealed to the SEC. Let is know if you
wish to explore this.
11. Regulation 13d gives as an example of a change, any plans or proposals to
make changes in Plymouth's investment policy for which a vote is required by
section 13 of the Investment Company Act of 1940, but only if Plymouth is a
registered closed end investment company. Although Plymouth is registered
under the 1943 Act, it is not a registered closed end investment company.
12. If you are a shareholder of SouthWest Federal Holding Company, Inc., you
must include and separately identify a proportionate amount of the 50,000 shares
SouthWest Federated Holding Company, Inc, is entitled to acquire.
13. Include the name or any other person with whom such contracts, arrangement,
understanding or relationships have been entered into. Include such information
for any Plymouth shares that are pledged or otherwise subject to a contingency
the occurrence of which would give another person voting power or investment
power over such securities, except that disclosure or standard default and
similar provisions contained in loan agreements need not to be included.
14. If you are filing this as an individual and not as a group, then there will
be no such agreement.
- -------------------------------------------------------------------------------
Page 13
