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FORM 4
[ ] Check box if no
longer subject to
Section 16, Form 4 and
Form 5 obligations may
continue. See Instruction 1(b)
U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and address of Reporting Person
Asch, Arthur L.
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(Last) (First) (MI)
350 Park Avenue
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(Street)
New York NY 10022
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
REXX ENVIRONMENTAL CORPORATION (REX)
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3. IRS or Social Security Number
of Reporting Person (Voluntary) ###-##-####
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4. Statement for Month/Year | 5. If Amendment, Date of
| Original (Month/Year)
04/99 |
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6. Relationship of Reporting Person to Issuer (Check all applicable)
[ X ] Director [ X ] 10% Owner
[ X ] Officer [ ] Other (specify below)
(give title below)
Chairman of the Board of Directors
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7. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
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Form filed by More than One Reporting Person
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TABLE I - Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
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1. Title of Security | 2. Transaction Date | 3. Transaction Code | 4. Securities Acquired (A) or Disposed
(Instr. 3) | (Month/Day/Year) | (Instr. 8) | of (D) (Instr. 3, 4 & 5)
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| | Code | V | Amount | (A) | Price
| | | | | (D) |
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Common Stock | 04/26/99 | J(1) | | 80,000 | D |
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</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
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1. Title of Security | 5. Amount of Securities | 6. Ownership Form: | 7. Nature of Indirect Beneficial
(Instr. 3) | Beneficially Owned at | Direct (D) or | Ownership (Instr. 4)
| End of Month | Indirect (I) |
| (Instr. 3 & 4) | (Instr. 4) |
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Common Stock | 431,051(2) | D(2) |
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| 25,000(3) | I(3) |
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
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TABLE II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
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1. Title of Derivative Security | 2. Conversion or | 3. Transaction Date | 4. Transaction | 5. Number of Derivative
(Instr. 3) | Exercise Price of | (Month/Day/Year) | Code (Instr.| Securities Acquired
| Derivative Security | | 8) | (A) or Disposed of
| | | | (D) (Instr. 3, 4 & 5)
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| | | Code | V | (A) | (D)
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Stock Options | | | | | |
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</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
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1. Title of Derivative Security | 6. Date Exercisable and | 7. Title and Amount of Underlying | 8. Price of Derivative
(Instr. 3) | Expiration Date | Securities (Instr. 3 & 4) | Security (Instr. 5)
| (Month/Day/Year) | |
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| Date | Expiration | Title | Amount |
| Exercisable | Date | | |
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Stock Options | | | | |
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</TABLE>
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<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
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1. Title of Derivative Security | 9. Number of Derivative | 10. Ownership Form of Derivative | 11. Nature of Indirect
(Instr. 3) | Securities Beneficially | Security: Direct (D) or | Beneficial Ownership
| Owned at End of Month | Indirect (I) (Instr. 4) | (Instr. 4)
| (Instr. 4) | |
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Stock Options | 70,000 shares(4) | D |
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</TABLE>
Explanation of Responses:
(1) Reflects gift transfers by the Reporting Person to members of his immediate
family, in whose holdings he has no beneficial ownership.
(2) Includes 60,000 shares underlying options exercisable within 60 days, and
excludes 10,000 additional shares underlying options not exercisable within
60 days.
(3) Held by the Reporting Person's wife in which he disclaims beneficial
ownership.
(4) Reflects shares underlying the options referred to in note (2), above.
/s/ Arthur L. Asch 05/07/99
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Arthur L. Asch Date
**Signature of Reporting Person
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
