UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)*
PRESIDENTIAL REALTY CORPORATION
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(Name of Issuer)
CLASS B COMMON STOCK
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(Title of Class of Securities)
741004204
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(CUSIP Number)
S. Wilzig Izak
Wilshire Oil Company of Texas
921 Bergen Avenue, 11th Floor, Jersey City, New Jersey 07306
201-420-2800
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
March 31, 1995
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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 ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-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 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 the
disclosures provided in a prior cover page.
The information required in 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.)
<PAGE>
CUSIP No. 741004204
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(1) NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Wilshire Oil Company of Texas - 840513668
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS
WC
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(5) CHECK 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
Delaware
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(7) SOLE VOTING POWER
NUMBER OF 191,100
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SHARES (8) SHARED VOTING POWER
-0-
BENEFICIALLY
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(9) SOLE DISPOSITIVE POWER
OWNED BY 191,100
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EACH REPORTING (10) SHARED DISPOSITIVE POWER
-0-
PERSON WITH
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
191,100
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(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
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(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1%
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(14) TYPE OF REPORTING PERSON
CO
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<PAGE>
Item 1. Security and Issuer
Class B Common Stock
Presidential Realty Corporation (the "Issuer")
180 South Broadway
White Plains, New York 10605
Item 2. Identity and Background
This Schedule 13D is filed on behalf of Wilshire Oil Company of Texas
("Wilshire"), a Delaware corporation. Wilshire is engaged in the exploration and
development of oil and gas, both in its own name and through several
wholly-owned subsidiaries in the United States and Canada. Wilshire's real
estate division owns investment real estate properties in Arizona, Texas,
Florida, Georgia and New Jersey. Wilshire also holds investments in certain
marketable securities. Wilshire's principal executive offices are located at 921
Bergen Avenue, 11th Floor, Jersey City, New Jersey 07306.
Each executive officer and each director of Wilshire is a citizen of
the United States except W. Martin Willschick, who is a citizen of Canada. The
name, business address and present principal occupation of each executive
officer and director are set forth in Annex I to this Schedule 13D which is
incorporated herein by this reference.
During the past five years, to the best of Wilshire's knowledge,
neither Wilshire nor any of its executive officers or directors has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of which Wilshire or
such person 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 violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration
Wilshire first invested in the Issuer's Class B Common Stock during
1991. Wilshire's holdings in the Class B Common Stock first exceeded 5% of the
total outstanding shares of Class B Common Stock on March 31, 1995. On that
date, Wilshire purchased 11,000 shares of Class B Common Stock in five separate
transactions on the open market at an aggregate purchase price of $77,000. After
the purchase of the 11,000 shares, Wilshire held 161,100 shares of Class B
Common Stock, or 5.3% of the total outstanding Class B Common Stock at that
time. Wilshire acquired an additional 30,000 shares of Class B Common Stock in
20 separate open market transactions in the months of April, May, June, July,
November and December, 1995. The amount of Class B Common Stock purchased in
each transaction ranged from 200 to 4,000 shares. All purchases by Wilshire were
funded by Wilshire's working capital. Wilshire has not effected any transactions
in the Issuer's Class B Common Stock since December 31, 1995.
Item 4. Purpose of Transaction
Wilshire has no present plans or proposals of the type set forth in
paragraphs (a) through (j) of Item 4 of Schedule 13D. Wilshire may, from time to
time, purchase additional shares of Class B Common Stock or dispose of all or a
portion of the shares of Class B Common Stock beneficially owned by it, either
in the open market or in privately negotiated transactions.
Item 5. Interest in Securities of the Issuer
As of November 6, 1998 (as reported in the Issuer's Form 10-Q for the
period ended September 30, 1998), there were 3,121,198 shares of Class B Common
Stock issued and outstanding. As of that same date, Wilshire beneficially owned
191,100 shares of Class B Common Stock, or 6.1% of the total outstanding shares
<PAGE>
of Class B Common Stock. Wilshire has sole power to vote, or to direct the vote,
and sole power to dispose, or to direct the disposition, as to all 191,100
shares of Class B Common Stock beneficially owned by it.
To the best of Wilshire's knowledge, no executive officer or director
of Wilshire beneficially owns any shares of the Issuer's Class B Common Stock,
nor have any transactions in the Issuer's Class B Common Stock been effected
during the past 60 days by Wilshire or, to the best knowledge of Wilshire, by
any executive officer or director of Wilshire. In addition, no person is known
to Wilshire to have the right to receive or the power to direct the receipt of
distributions from, or proceeds from the sale of, the shares of Class B Common
Stock beneficially owned by Wilshire.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
Not applicable.
Item 7. Material to Be Filed as Exhibits
Not applicable.
<PAGE>
ANNEX I
DIRECTORS AND EXECUTIVE OFFICERS
Set forth below are the name and present principal occupation of each
director and executive officer of Wilshire Oil Company of Texas as of March 5,
1999. The business address of each such director and executive officer is c/o
Wilshire Oil Company of Texas, 921 Bergen Avenue, 11th Floor, Jersey City, New
Jersey 07306.
NAME PRINCIPAL OCCUPATION
Dr. Ira F. Braun Director of Neuro Interventional Radiology, Miami
Vascular Institute; Clinical Professor of
Radiology, University of Miami
Milton Donnenberg Formerly President, Milton Donnenberg Assoc.,
Realty Management, Carlstadt, N.J.
S. Wilzig Izak Chairman of the Board and Chief Executive Officer
of Wilshire
Eric J. Schmertz, Esq. Of Counsel to the law firm of Rivkin, Radler &
Kremer; Edward F. Carlough Distinguished
Professor, Hofstra University School of Law,
Hempstead, N.Y.
Dr. William J. Schwartz Chief of Opthamology, Good Samaritan Hospital,
Suffern, N.Y.
Ernest Wachtel President, Ellmax Corp., Builders and Realty
Investors, Elizabeth, N.J.
W. Martin Willschick Manager, Capital Financing of the Municipality of
Metropolitan Toronto, Canada
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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.
March 10, 1999
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(Date)
WILSHIRE OIL COMPANY OF TEXAS
By: /s/ S. Wilzig Izak
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(Signature)
S. Wilzig Izak, Chairman and Chief Executive
Officer
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(Name/Title)
Attention: Intentional misstatements or omissions of fact
constitute Federal criminal violations (See 18 U.S.C. 1001)
