U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3/A
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
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
NATIONAL INCOME REALTY TRUST
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(Last) (First) (Middle)
280 Park Avenue, East Building, 20th Floor
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(Street)
New York New York 10017
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
May 1, 1997
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Issuer Name and Ticker or Trading Symbol
EXCAL ENTERPRISES, INC. (EXCL)
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5 Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [X] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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6. If Amendment, Date of Original (Month/Year)
May 12, 1997
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Table I -- Non-Derivative Securities Beneficially Owned
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<TABLE>
<CAPTION>
3. Ownership Form:
2. Amount of Securities Direct (D) or
1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr.5)
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<S> <C> <C> <C>
Common Stock, par value $.001 per share 398,000 D
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Common Stock, par value $.001 per share 202,000 I By officer and trustee of Trust(1)
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Responses)
<PAGE>
FORM 3/A (continued)
Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 6. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Security Exer- tion of Derivative (I) Ownership
(Instr. 4) cisable Date Title Shares Security (Instr.5) (Instr. 5)
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<S> <C> <C> <C> <C> <C> <C> <C>
--
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</TABLE>
Explanation of Responses: (1) The Reporting Person and William S. Friedman, the
CEO and Trustee of the Trust may be deemed to have formed a "group" under Rule
13d-5(b)(1) and the Reporting Person may therefore be deemed to have beneficial
ownership of the Trustee's shares for the purpose of determining whether the
Trust is a 10% owner of the issuer's securities.
NATIONAL INCOME REALTY TRUST
By: /s/ William S. Friedman May 13, 1997
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William S. Friedman, Trustee 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.
