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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO Rule 13d-2(a)
(Amendment No. ______)
Property Capital Trust, Inc.
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(Name of issuer)
Common Stock, $.01 par value per share
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(Title of class of securities)
74343M102
(CUSIP number)
Mr. Arthur Altman
c/o Lane Altman & Owens
101 Federal Street
Boston, MA 02110
(617) 345-9800
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(Name, address and telephone number of person authorized to receive notices and
communications)
May 28, 1999
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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 that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box [_] .
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 7 Pages)
________________________________
*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 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).
<PAGE>
SCHEDULE 13D
<TABLE>
<CAPTION>
CUSIP No. 74343M102 Page 2 of 7 Pages
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<C> <S> <C>
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)
DNB Corporation
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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*
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
Massachusetts
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NUMBER OF 7 SOLE VOTING POWER
SHARES 51,543
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH ---------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
51,543
PERSON ---------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
51,543
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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)
10.7%
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14 TYPE OF REPORTING PERSON *
CO
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</TABLE>
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
<TABLE>
<CAPTION>
CUSIP No. 74343M102 Page 3 of 7 Pages
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<C> <S> <C>
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)
Arthur D. Altman
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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*
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
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES 51,543
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
EACH ---------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
51,543
PERSON ---------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
51,543
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [X]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.7%
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14 TYPE OF REPORTING PERSON *
IN
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</TABLE>
* SEE INSTRUCTIONS BEFORE FILLING OUT!
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Page 4 of 7 Pages
Item 1. Security of the Issuer.
----------------------
The securities to which this statement relates are the Common Stock, par
value $.01 per share (the "Common Stock"), of Property Capital Trust, Inc., a
Maryland corporation (the "Company"). The principal executive offices of the
Company are located at 177 Milk Street, Boston, Massachusetts 02109.
Item 2. Identity and Background.
-----------------------
This statement is being filed jointly on behalf of DNB Corporation, a
Massachusetts corporation (the "Corporation"), and Arthur D. Altman, who owns
approximately 80% of the issued and outstanding shares of the Corporation and is
the president, the treasurer and a director of the Corporation (collectively,
the "Reporting Persons"). The business address or principal office address of
the Corporation is as follows: 101 Federal Street, Boston, Massachusetts 02110.
The principal business of the Corporation is investment.
The names, business or residence addresses and present principal
occupations and the name and principal business address of the employer of each
executive officer and director of the Corporation and controlling person are set
forth below:
Arthur D. Altman is an attorney. He is a partner at Lane Altman &
Owens LLP located at 101 Federal Street, Boston, Massachusetts 02110.
Kenneth Sheiffer is a director of the Corporation and is self
employed. His residence address is 36 Hillside Drive, Wayland, MA
01778.
During the last five years, neither any of the Reporting Persons nor Mr.
Sheiffer has been convicted in any criminal proceeding (excluding traffic
violations or similar misdemeanors) or has been a party to any civil proceeding
of a judicial or administrative body of competent jurisdiction and as a result
of such proceeding was or is subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or mandating activities subject
to, federal or state securities laws or finding any violations with respect to
such laws.
Each of Messrs. Altman and Sheiffer is a citizen of the United States.
The Reporting Persons are filing this statement because such Reporting
Persons may be deemed to be members of a group for purposes of Section 13(d) of
the Securities Exchange Act of 1934, as amended (the "Exchange Act").
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Page 5 of 7 Pages
Item 3. Source and Amount of Funds or Other Consideration.
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On May 26, 1999, Framingham York Associates Limited Partnership, a
Massachusetts limited partnership ("FYA"), purchased an aggregate of 319,489
shares of Common Stock of the Company in exchange for $1 million in cash.
Immediately following such purchase, FYA distributed such shares to its partners
based on their pro rata percentage interests in FYA. The Corporation was a
limited partner of FYA and received 51,543 shares of the Common Stock of the
Company (the "Securities"), representing its pro rata percentage interest in
FYA, in such distribution.
Item 4. Purpose of Transaction.
----------------------
The Reporting Persons acquired the Securities for investment purposes.
From time to time, the Reporting Persons or Mr. Sheiffer may acquire additional
shares of Common Stock of the Company or may dispose of the Securities,
depending on various factors, including, but not limited to, general economic
and business conditions, monetary and stock market conditions and future
developments affecting the Reporting Persons, Mr. Sheiffer or the Company.
Except as set forth above, the Reporting Persons do not have any present plan or
proposal to take any action enumerated in the instructions to Item 4 of Schedule
13D under the Exchange Act.
Item 5. Interest in Securities of the Issuer.
------------------------------------
(a) Amount Beneficially Owned:
As of the date hereof, the Corporation directly owns 51,543 shares of
Common Stock of the Company. Based upon there being approximately
479,226 shares of Common Stock outstanding (includes the number of
shares directly and beneficially owned by the Corporation), the
Corporation directly and beneficially owns approximately 10.7% of such
outstanding shares.
As of the date hereof, Mr. Altman is deemed the beneficial owner of
the Securities acquired by the Corporation in the distribution
discussed in item 3 above, or an aggregate of 51,543 shares of Common
Stock of the Company. Pursuant to Rule 13d-4 of the Exchange Act, Mr.
Altman disclaims beneficial ownership of the Securities except to the
extent of his pecuniary interest therein.
(b) The responses of the Reporting Persons to Items 7 through 11 of the
cover pages to this statement relating to the beneficial ownership of
shares of Common Stock of the Company are incorporated herein by
reference.
(c) Other than as otherwise described herein, neither the Reporting
Persons nor Mr. Sheiffer has effected any transactions in the Common
Stock of the Company during the preceding 60 days.
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Page 6 of 7 Pages
(d) Not applicable
(e) Not applicable
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
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to Securities of the Issuer.
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None
Item 7. Material to be Filed as Exhibits.
--------------------------------
None
* * *
This statement speaks as of its date, and no inference should be drawn that
no change has occurred in the facts set forth herein after the date hereof.
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Page 7 of 7 Pages
SIGNATURES
After reasonable inquiry and to the best of its knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
Date: June 9, 1999
DNB CORPORATION
By: /s/ Arthur D. Altman
----------------------
Name: Arthur D. Altman
Title: President
/s/ Arthur D. Altman
____________________________________
Arthur D. Altman
