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FORM 4
[X] Check this box if no ------------------------------------
longer subject to OMB APPROVAL
Section 16. Form 4 or ------------------------------------
Form 5 obligations may OMB Number 3235-0287
continue. See Instruction 1(b) Expires: September 30, 1998
Estimated average burden
hours per response .............0.5
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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 MICHAEL A.
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(Last) (First) (MI)
445 PARK AVE.
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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
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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)
9/00 |
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6. Relationship of Reporting Person to Issuer (Check all applicable)
[X(1)] Director [ ] 10% Owner
[X(1)] Officer [ ] Other (specify below)
(give title below)
President and Treasurer
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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. Security 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) or| Price
| | | | | (D) |
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Common Stock | | | | | |
| | | | | |
| | | | | |
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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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| 50,000(2) | D |
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| 46,000 | I(3) |
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* If the Form is filed by more than one reporting person, see Instruction 5(b)(v).
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
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FORM 4 (continued)
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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 or Number |
| Exercisable | Date | | of Shares |
| | | | |
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Stock Options | | | Common Stock | 50,000(4) |
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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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</TABLE>
Explanation of Responses:
/s/ Michael A. Asch 10/6/00
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**Signature of Reporting Person Date
** 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 is insufficient, see Instruction 6 for procedure.
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(1) The Reporting Person ceased being a director and officer of the Issuer on
September 19, 2000, on the merger of the Issuer into a subsidiary of Newtek
Capital, Inc. ("Newtek"), pursuant to the Issuer's shareholders' approval
on that date. On the merger, each share of common stock of the Issuer was
converted into one share of common stock of Newtek.
(2) Excludes stock underlying options.
(3) Reflects 20,000 shares of Issuer's common stock held by the Reporting
Person's spouse; the Reporting Person disclaims beneficial ownership
therein. Also reflects 26,000 shares of Issuer's Common Stock held by the
Reporting Person as custodian for minor children.
(4) On the merger referred to in note (1), all said options were converted into
options to purchase common stock of Newtek. The options are exercisable
within 60 days.