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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION STATEMENT PURSUANT TO RULES 13D-1 AND 13D-2
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. [_______])
WILSHIRE REAL ESTATE INVESTMENT TRUST INC.
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(Name of issuer)
Common Stock, par value $0.0001 per share
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(Title of class of securities)
971892104
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(CUSIP number)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
|_| Rule 13d-1(b)
|_| Rule 13d-1(c)
|X| Rule 13d-1(d)
Page 1 of 5 Pages
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CUSIP No. 971892104 13G Page 2 of 5 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS Wilshire Financial Services Group
Inc.
I.R.S. IDENTIFICATION NO. OF ABOVE 93-1223879
PERSONS (ENTITIES ONLY)
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER 990,000
SHARES
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER 0
OWNED BY
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER 990,000
REPORTING
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER 0
WITH
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 990,000
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 8.6%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON* CO
________________________________________________________________________________
Page 2 of 5 Pages
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Item 1(a). Name of Issuer:
Wilshire Real Estate Investment Trust Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
1776 SW Madison Street
Portland, OR 97205
Item 2(a). Name of Person Filing:
Wilshire Financial Services Group Inc.
Item 2(b). Address of Principal Business Office or, if none, Residence:
1776 SW Madison Street
Portland, OR 97205
Item 2(c). Citizenship:
United States
Item 2(d). Title of Class of Securities:
Common Stock, par value $.0001 per share
Item 2(e): CUSIP Number:
971892104
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or
13d-2(b), check whether the person filing is a:
Not Applicable
Item 4. Ownership
(a) Amount beneficially owned:
990,000 shares of Common Stock, par value $.0001 per share
(b) Percent of class:
8.6%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote 990,000
(ii) Shared power to vote or direct the vote 0
(iii) Sole power to dispose or to direct the disposition
of 990,000
(iv) Shared power to dispose or to direct the disposition
of 0
Page 3 of 5 Pages
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Other Interests
In addition to the ownership by Wilshire Financial Services Group Inc.
("WFSG") of shares of the Issuer, WFSG and its officers and directors have other
relationships with the Issuer. Pursuant to a management agreement, the business
and investment affairs of the Issuer are managed by Wilshire Realty Services
Corporation ("WRSC"), a Delaware corporation. WRSC is a wholly-owned subsidiary
of WFSG. Two of the five directors of the Issuer, Andrew A. Wiederhorn and
Lawrence A. Mendelsohn, in addition to their positions as both officers and
directors of the Issuer, are officers and directors of WFSG and WRSC.
Item 5. Ownership of Five Percent or Less of a Class
Not Applicable
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not Applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company
Not Applicable.
Item 8. Identification and Classification of Members of the Group
Not Applicable.
Item 9. Notice of Dissolution of the Group
Not Applicable.
Item 10. Certification
Not Applicable.
Page 4 of 5 Pages
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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: August 12, 1999 WILSHIRE FINANCIAL SERVICES GROUP INC.
/s/ Lawrence A. Mendelsohn
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Lawrence A. Mendelsohn
President
Page 5 of 5 Pages
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