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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No. 2)*
USP Real Estate Investment Trust
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(Name of Issuer)
Shares of Beneficial Interest
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(Title of Class of Securities)
903370-10-4
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(CUSIP Number)
Marc C. Krantz, Kohrman Jackson & Krantz P.L.L.,
1375 East 9th Street, Cleveland, Ohio 44114, 216-736-7204
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
August 22, 1997
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(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)(3) or (4), check the following box [ ].
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 purpose 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 provisions of the Act (however, see
the Notes).
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<TABLE>
SCHEDULE 13D
CUSIP NO. 903370-10-4
<S> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Turkey Vulture Fund XIII, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC,OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Ohio
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 289,000
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING 223,200
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PERSON 10 SHARED DISPOSITIVE POWER
WITH -0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
289,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.5%
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14 TYPE OF REPORTING PERSON*
OO
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</TABLE>
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<TABLE>
SCHEDULE 13D
CUSIP NO. 903370-10-4
<S> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Richard M. Osborne Trust
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Ohio
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 289,000
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING 25,000
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PERSON 10 SHARED DISPOSITIVE POWER
WITH -0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
289,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.5%
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14 TYPE OF REPORTING PERSON*
OO
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</TABLE>
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<TABLE>
SCHEDULE 13D
CUSIP NO. 903370-10-4
<S> <C>
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Calabrese
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
US
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 289,000
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING 40,800
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PERSON 10 SHARED DISPOSITIVE POWER
WITH -0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
289,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.5%
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14 TYPE OF REPORTING PERSON*
IN
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</TABLE>
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CUSIP No. 903370-10-4
Pursuant to Rule 13d-1(f)(1), this Amendment No. 2 to Schedule 13D
Statement is filed jointly on behalf of Turkey Vulture Fund XIII, Ltd., an Ohio
limited liability company (the "Fund"), the Richard M. Osborne Trust (the
"Trust") and Steven A. Calabrese for the purpose of reporting acquisitions by
the Fund and the Trust of shares of beneficial interest, $1.00 par value per
share (the "Shares"), of USP Real Estate Investment Trust, an Iowa trust
("USP").
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 of Schedule 13D is hereby amended and supplemented as follows:
The Shares reported herein as having been acquired by the Fund were
acquired for the aggregate purchase price of approximately $148,000 with a
combination of working capital of the Fund and margin debt from Everen
Securities, Inc. ("Everen"). A copy of the agreement setting forth the terms
of the Fund's Everen margin debt is attached to the Schedule 13D Statement
filed on June 27, 1997 (the "Original Schedule 13D") as Exhibit 7.1.
The Shares reported herein as having been acquired by the Trust were
acquired for the aggregate purchase price of approximately $71,500 with working
capital of the Trust.
Item 4. Purpose of Transaction.
Item 4 of Schedule 13D is hereby amended and supplemented as follows:
Mr. Osborne has met with management of USP to discuss its business
strategies and intends to continue such meetings.
Pacific Gateway Properties, Inc., a New York corporation ("Pacific
Gateway") that Mr. Osborne may be deemed to control, has made a preliminary
proposal regarding a business combination to be negotiated among Pacific
Gateway, USP and Cedar Income Fund, Ltd., an Iowa corporation ("Cedar"). Mr.
Osborne is Chairman of the Board and Mr. Calabrese is also a director of
Pacific Gateway. The terms, conditions and structure of any such business
combination will depend on, among other things, (1) the reactions of management
of USP and Cedar to Pacific Gateway's preliminary proposal, (2) Pacific
Gateway's completion of its due diligence regarding the financial position and
real estate portfolio of USP and Cedar, (3) review of Pacific Gateway's
financial position and real estate portfolio by USP and Cedar, (4) real estate
and securities market conditions and (5) other relevant factors. There can be
no assurance that any business combination or other transaction will occur
between Pacific Gateway, USP or Cedar.
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CUSIP No. 903370-10-4
As previously reported, Mr. Osborne, the Fund and Mr. Calabrese reserve
the right to modify their plans and proposals described in this Item 4.
Further, subject to applicable laws and regulations, they may formulate plans
and proposals that may result in the occurrence of an event set forth in (i)
through (viii) of Item 4 in the Original Schedule 13D or in Item 4 of Schedule
13D, as promulgated by the Securities and Exchange Commission.
Item 5. Interest in Securities of the Issuer.
Item 5 of Schedule 13D is hereby amended and supplemented as follows:
(a) According to the most recently available filing with the Securities
and Exchange Commission by USP, there are 3,880,000 Shares outstanding.
The Fund beneficially owns 223,200 Shares, or approximately 5.8% of the
outstanding Shares, the Trust owns 25,000 Shares, or approximately 0.6% of the
outstanding Shares, and Mr. Calabrese owns 40,800 Shares, or approximately 1.0%
of the outstanding Shares. As sole Manager of the Fund and sole trustee of the
Trust, Mr. Osborne may be deemed to beneficially own all Shares owned by the
Fund and the Trust.
(b) Except as described in the Voting Agreement, which is attached as
Exhibit 7.5 to Amendment No. 1 to the Schedule 13D Statement filed on July 14,
1997 ("Amendment No. 1") and incorporated herein by reference, Mr. Osborne, as
sole trustee of the Trust and sole Manager of the Fund, has sole power to vote,
or to direct the voting of, and the sole power to dispose or to direct the
disposition of, the Shares owned by the Trust and Fund. Except as described in
the Voting Agreement, Mr. Calabrese has sole power to vote, or to direct the
voting of, and the sole power to dispose or to direct the disposition of, the
Shares owned by him.
Pursuant to the Voting Agreement, Mr. Osborne and Mr. Calabrese have
agreed to vote together, as they mutually agree, on any matter submitted to a
vote of the shareholders of USP during the term of the agreement. Because of
the Voting Agreement, the Trust, the Fund and Mr. Calabrese may be deemed a
group under Rule 13d-5(b) promulgated under the Securities Exchange Act of
1934, as amended, with respect to all 289,000 Shares beneficially owned by
them.
(c) Since the filing of Amendment No. 1, the Fund has purchased 33,000
Shares in open market transactions as set forth below:
<TABLE>
Approximate Per Share Price
Date Number of Shares (Excluding Commissions)
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<S> <C> <C>
July 22, 1997 5,000 $4.50
August 18, 1997 17,000 $4.47
August 22, 1997 7,500 $4.50
August 28, 1997 3,500 $4.50
</TABLE>
Since the filing of Amendment No. 1, the Trust purchased 16,000 Shares in
an open market transaction for $4.47 per Share on August 1, 1997.
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CUSIP No. 903370-10-4
Since the filing of Amendment No. 1, Mr. Calabrese has not purchased any
Shares.
(d) Not Applicable.
(e) Not Applicable.
Item 7. Materials to be Filed as Exhibits.
Exhibit 7.7 Joint Filing Agreement
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CUSIP No. 903370-10-4
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.
Dated: September 2, 1997 TURKEY VULTURE FUND XIII, LTD.
By: /s/ Richard M. Osborne
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Richard M. Osborne, Manager
RICHARD M. OSBORNE TRUST
By:/s/ Richard M. Osborne
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Richard M. Osborne, Trustee
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CUSIP No. 903370-10-4
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.
Dated: September 2, 1997 STEVEN A. CALABRESE
/s/ Steven A. Calabrese
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CUSIP No. 903370-10-4
Exhibit Index
Exhibit 7.7 Joint Filing Agreement
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EXHIBIT 7.7
AGREEMENT OF JOINT FILING
Pursuant to Rule 13d-1(f) promulgated under the Securities Exchange Act of
1934, as amended, the undersigned persons hereby agree to file with the
Securities and Exchange Commission, the Statement on Schedule 13D (the
"Statement") to which this Agreement is attached as an exhibit, and agree that
such Statement, as so filed, is filed on behalf of each of them.
This Agreement may be executed in counterparts, each of which when so
executed shall be deemed to be an original, and all of which together shall be
deemed to constitute one and the same instrument.
IN WITNESS WHEREOF, the undersigned have executed this Agreement.
Dated: September 2, 1997 TURKEY VULTURE FUND XIII, LTD.
By: /s/ Richard M. Osborne
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Richard M. Osborne, Manager
RICHARD M. OSBORNE TRUST
By: /s/ Richard M. Osborne
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Richard M. Osborne, Trustee
STEVEN A. CALABRESE
/s/ Steven A. Calabrese
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