<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(AMENDMENT NO. 37)
AMERICAN REALTY TRUST, INC.
(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
(Title of Class of Securities)
029-177-409
(CUSIP Number)
ROBERT A. WALDMAN, 10670 N. CENTRAL EXPRESSWAY, SUITE 600, DALLAS, TEXAS 75231
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
JUNE 12, 1998
(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 which is the subject of this Schedule 13D, and is filing this
schedule because of Rules 13d-1(b)(3) or (4), check the following box [ ].
<PAGE> 2
CUSIP NO. 029-177-409 PAGE 2
- --------------------------------------------------------------------------------
1) Names of Reporting Persons S.S. or I.R.S. Identification Nos. of Above
Persons
BASIC CAPITAL MANAGEMENT, INC. 75-2261065
- --------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ........................................................................
(b) ........................................................................
- --------------------------------------------------------------------------------
3) SEC Use Only ...............................................................
- --------------------------------------------------------------------------------
4) Source of Funds (See Instructions) .........................................
- --------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
................................................................................
- --------------------------------------------------------------------------------
6) Citizenship or Place of Organization NEVADA
- --------------------------------------------------------------------------------
7) Sole Voting Power 5,535,626
Number of
Shares --------------------------------------------------------------
Beneficially
Owned by 8) Shared Voting Power -0-
Each
Reporting --------------------------------------------------------------
Person
With 9) Sole Dispositive Power 5,535,626
--------------------------------------------------------------
10) Shared Dispositive Power -0-
- --------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person 5,535,626
- --------------------------------------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
................................................................................
- --------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11) 51.7%
- --------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions) CO
- --------------------------------------------------------------------------------
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CUSIP NO. 029-177-409 PAGE 3
- --------------------------------------------------------------------------------
1) Names of Reporting Persons S.S. or I.R.S. Identification Nos. of Above
Persons
NATIONAL OPERATING, L.P. 75-2163170
- --------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ........................................................................
(b) ........................................................................
- --------------------------------------------------------------------------------
3) SEC Use Only ...............................................................
- --------------------------------------------------------------------------------
4) Source of Funds (See Instructions) .........................................
- --------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
................................................................................
- --------------------------------------------------------------------------------
6) Citizenship or Place of Organization DELAWARE
- --------------------------------------------------------------------------------
7) Sole Voting Power 195,732
Number of
Shares --------------------------------------------------------------
Beneficially
Owned by 8) Shared Voting Power -0-
Each
Reporting --------------------------------------------------------------
Person
With 9) Sole Dispositive Power 195,732
--------------------------------------------------------------
10) Shared Dispositive Power -0-
- --------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person 195,732
- --------------------------------------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
................................................................................
- --------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11) 1.8%
- --------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions) PN
- --------------------------------------------------------------------------------
<PAGE> 4
CUSIP NO. 029-177-409 PAGE 4
- --------------------------------------------------------------------------------
1) Names of Reporting Persons S.S. or I.R.S. Identification Nos. of Above
Persons
THE GENE E. PHILLIPS CHILDREN'S TRUST 13-6599759
- --------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) .......................................................................
(b) .......................................................................
- --------------------------------------------------------------------------------
3) SEC Use Only ...............................................................
- --------------------------------------------------------------------------------
4) Source of Funds (See Instructions) .........................................
- --------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
................................................................................
- --------------------------------------------------------------------------------
6) Citizenship or Place of Organization TEXAS
- --------------------------------------------------------------------------------
7) Sole Voting Power 98,332
Number of
Shares --------------------------------------------------------------
Beneficially
Owned by 8) Shared Voting Power -0-
Each
Reporting --------------------------------------------------------------
Person
With 9) Sole Dispositive Power 98,332
--------------------------------------------------------------
10) Shared Dispositive Power -0-
- --------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person 98,332
- --------------------------------------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
................................................................................
- --------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11) 0.9%
- --------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions) OO
- --------------------------------------------------------------------------------
<PAGE> 5
CUSIP NO. 029-177-409 PAGE 5
- --------------------------------------------------------------------------------
1) Names of Reporting Persons S.S. or I.R.S. Identification Nos. of Above
Persons
CONTINENTAL MORTGAGE AND EQUITY TRUST 94-2738844
- --------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) .......................................................................
(b) .......................................................................
- --------------------------------------------------------------------------------
3) SEC Use Only ...............................................................
- --------------------------------------------------------------------------------
4) Source of Funds (See Instructions) .........................................
- --------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e)
................................................................................
- --------------------------------------------------------------------------------
6) Citizenship or Place of Organization CALIFORNIA
7) Sole Voting Power 818,088
Number of
Shares --------------------------------------------------------------
Beneficially
Owned by 8) Shared Voting Power -0-
Each
Reporting --------------------------------------------------------------
Person
With 9) Sole Dispositive Power 818,088
--------------------------------------------------------------
10) Shared Dispositive Power -0-
- --------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person 818,088
- --------------------------------------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
................................................................................
- --------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11) 7.6%
- --------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions) 00
- --------------------------------------------------------------------------------
<PAGE> 6
AMERICAN REALTY TRUST, INC.
CUSIP NO. 029-177-409
ITEM 1. SECURITY AND ISSUER
Item 1 is hereby amended to read as follows:
This amendment relates to the Common Shares, $0.01 par value (the
"Shares"), of American Realty Trust, Inc., a Georgia corporation (the
"Company"), and amends the statement on Schedule 13D filed on February 26, 1998.
The principal executive offices of the Company are located at 10670 North
Central Expressway, Suite 600, Dallas, Texas 75231.
ITEM 2. IDENTITY AND BACKGROUND
Item 2 is hereby amended to read as follows:
This statement is being filed on behalf of Basic Capital Management,
Inc. ("BCM"), National Operating, L.P. ("NOLP"), the Gene E. Phillips
Children's Trust (the "GEP Trust") and Continental Mortgage and Equity
Trust ("CMET") (collectively the "Reporting Persons").
BCM, NOLP, the GEP Trust and CMET may be deemed to constitute a
"person" within the meaning of Section 13(d) of the Securities Exchange Act of
1934, as amended, because BCM is beneficially owned by a trust established for
the benefit of Gene E. Phillips' children and the executive officers of CMET are
also executive officers of BCM. Gene E. Phillips is a general partner of Syntek
Asset Management, L.P.
("SAMLP"), which is the general partner of NOLP.
(I) BCM is a corporation organized and existing under the laws of the
State of Nevada. BCM's principal business activity is the provision of advisory
services for real estate investment trusts. Its principal place of business and
principal office is located at 10670 North Central Expressway, Suite 600 Dallas,
Texas 75231.
BCM is owned by Realty Advisors, Inc., a Nevada corporation. Realty
Advisors, Inc. is owned by a trust established for the benefit of the
children of Gene E. Phillips. The directors and executive officers of
BCM are as follows:
Name Position(s) with BCM
- ---- --------------------
Randall M. Paulson President
Thomas A. Holland Executive Vice President and
Chief Financial Officer
6
<PAGE> 7
Name Position(s) with BCM
- ---- ---------------------
Clifford C. Towns, Jr. Executive Vice President - Finance
Karl L. Blaha Executive Vice President -
Commercial Asset Management
Bruce A. Endendyk Executive Vice President
A. Cal Rossi, Jr. Executive Vice President
Cooper B. Stuart Executive Vice President
Dan S. Allred Senior Vice President -
Land Development
Robert A. Waldman Senior Vice President,
General Counsel and Secretary
Drew D. Potera Vice President, Treasurer
and Securities Manager
Mickey Ned Phillips Director
Ryan T. Phillips Director
Mr. Paulson's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Paulson's present principal
occupation is President of BCM. Mr. Paulson is a citizen of the United
States of America.
Mr. Holland's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Holland's present principal
occupation is Executive Vice President and Chief Financial Officer of
BCM. Mr. Holland is a citizen of the United States of America.
Mr. Towns' business address is 10670 North Central Expressway, Suite
600, Dallas, Texas 75231. Mr. Towns' present principal occupation is
Executive Vice President - Finance of BCM. Mr. Towns is a citizen of
the United States of America.
Mr. Blaha's business address is 10670 North Central Expressway, Suite
600, Dallas, Texas 75231. Mr. Blaha's present principal occupation
is Executive Vice President - Commercial Asset Management of BCM. Mr.
Blaha is a citizen of the United States of America.
Mr. Endendyk's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Endendyk's present principal
occupation is Executive Vice President of BCM. Mr. Endendyk is a
citizen of the United States of America.
7
<PAGE> 8
Mr. Rossi's business address is 10670 North Central Expressway, Suite
600, Dallas, Texas 75231. Mr. Rossi's present principal occupation
is Executive Vice President of BCM. Mr. Rossi is a citizen of the
United States of America.
Mr. Stuart's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Stuart's present principal
occupation is Executive Vice President of BCM. Mr. Stuart is a citizen
of the United States of America.
Mr. Allred's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Allred's present principal
occupation is Senior Vice President - Land Development of BCM. Mr.
Allred is a citizen of the United States of America.
Mr. Waldman's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Waldman's present principal
occupation is Senior Vice President, General Counsel and Secretary of
BCM. Mr. Waldman is a citizen of the United States of America.
Mr. Potera's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Potera's present principal
occupation is Vice President, Treasurer and Securities Manager of BCM.
Mr. Potera is a citizen of the United States of America.
Mickey Ned Phillips' business address is 264 Rolling Hills Circle,
Gaffney, South Carolina 29340. Mr. M. Phillips' present principal
occupation is owner of Phillips Remodeling Co. Mr. M. Phillips is a
citizen of the United States of America.
Ryan T. Phillips' business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. R. Phillips' present principal
occupation is an independent real estate investor. Mr. R. Phillips is
a citizen of the United States of America.
(II) NOLP is a Delaware limited partnership engaged in the business of
investing in real estate and real estate related assets. The principal place of
business and principal office of NOLP is 10670 North Central Expressway, Suite
600, Dallas, Texas 75231.
NOLP has no officers or directors. The general partner of NOLP is
SAMLP. The general partners of SAMLP are Syntek Asset Management, Inc.
and Mr. Gene E. Phillips who, through his position as a general partner
of SAMLP, is a controlling person of NOLP.
Mr. Gene E. Phillips' business address is 10670 North Central
Expressway, Suite 600, Dallas, Texas 75231. Mr. G. Phillips' present
principal occupation is Chief Executive Officer and President of Syntek
West, Inc. Mr. G. Phillips is a citizen of the United States of
America.
8
<PAGE> 9
(III) The GEP Trust is a trust formed under the laws of Texas for the
benefit of the children of Mr. Gene E. Phillips. The trustee of GEP Trust is Mr.
Gene E. Phillips' brother, Donald W. Phillips. Information with respect to Mr.
Gene E. Phillips is disclosed in (II) above.
Donald W. Phillips' business address is 10670 North Central
Expressway, Suite 515, Dallas, Texas 75231. Mr. D. Phillips' present
principal occupation is President and owner of Big D Oil Field
Equipment Sales. Mr. D. Phillips is a citizen of the United States of
America.
(IV) CMET is a real estate investment trust organized and existing
under the law of the State of California. CMET's principal business activity is
investments in real estate. As of June 19, 1998, the Company owned 40.8% of
CMET's outstanding securities. The principal place of business and principal
office of CMET is located at 10670 North Central Expressway, Suite 600, Dallas,
Texas 75231.
The following is a list of each executive officer and trustee of CMET:
Name Position(s) with CMET
- ---- ---------------------
Randall M. Paulson President
Thomas A. Holland Executive Vice President, Chief
Financial Officer and Secretary
Karl L. Blaha Executive Vice President -
Commercial Asset Management
Bruce A. Endendyk Executive Vice President
Robert A. Waldman Senior Vice President
and General Counsel
Drew D. Potera Vice President and Treasurer
Richard W. Douglas Trustee
Larry E. Harley Trustee
R. Douglas Leonhard Trustee
Murray Shaw Trustee
Ted P. Stokely Trustee
Martin L. White Trustee
Edward G. Zampa Trustee
9
<PAGE> 10
Information with respect to Messrs. Paulson, Holland, Blaha, Endendyk,
Waldman and Potera is disclosed in (I) above.
Mr. Douglas' business address is 3030 McKinney Avenue, #1201,
Dallas, Texas 75204. Mr. Douglas' present principal occupation is
President of Dallas Chamber of Commerce. Mr. Douglas is a citizen
of the United States of America.
Mr. Harley's business address is 8520 Breakers Point, Dallas,
Texas 75243. Mr. Harley is retired. Mr. Harley is a citizen of
the United States of America.
Mr. Leonhard's business address is 13230 Hunters Lark, San
Antonio, Texas 78230. Mr. Leonhard is retired. Mr. Leonhard is
a citizen of the United States of America.
Mr. Shaw's business address is 5615 Bayton Loop, Austin, Texas
78745. Mr. Shaw's present principal occupation is Chairman of the
Board of Stephen F. Austin University. Mr. Shaw is a citizen of the
United States of America.
Mr. Stokely's business address is 10670 North Central Expressway,
Suite 515, Dallas, Texas 75231. Mr. Stokely's present principal
occupation is General Manager of Minority and Elderly Housing
Assistance Foundation, Inc. Mr. Stokely is a citizen of the United
States of America.
Mr. White's business address is 8051 Coach Drive, Oakland,
California 94605. Mr. Martin is Chairman and Chief Executive
Officer of Community Based Developers, Inc. Mr. White is a citizen
of the United States of America.
Mr. Zampa's business address is Number Fifty Osgood Place, Suite
110, San Francisco, California 94133. Mr. Zampa is General Partner
of Edward G. Zampa and Company. Mr. Zampa is a citizen of the
United States of America.
During the last five (5) years, (i) none of the persons enumerated in
(I) through (IV) above has been convicted in a criminal proceeding (excluding
traffic violations and similar misdemeanors) and (ii) none of such persons was a
party to a 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
violation with respect to such laws.
10
<PAGE> 11
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5(a), 5(b) and 5(c) are hereby amended to read as follows:
(a) SHARE OWNERSHIP
The following tables show the Shares owned directly and beneficially by
the persons named in Item 2 hereof on the date of this statement:
<TABLE>
<CAPTION>
Shares Owned Directly
---------------------
Number of Percent of
Name Shares Class (1)
- ---- ---------- ----------
<S> <C> <C>
BCM 5,535,626 51.7%
CMET 818,088 7.6%
NOLP 195,732 1.8%
GEP Trust 98,332 0.9
TOTAL 6,647,778 62.1%
</TABLE>
<TABLE>
<CAPTION>
Shares Owned Beneficially
-------------------------
Number of Percent of
Name Shares Class (1)
- ---- ---------- ----------
<S> <C> <C>
BCM 5,535,626 51.7%
CMET 818,088 7.6%
NOLP 195,732 1.8%
GEP Trust 98,332 0.9%
Ryan T. Phillips (2)(3) 5,633,958 52.6%
M. Ned Phillips (2) 5,535,626 51.7%
Gene E. Phillips (4) 195,732 1.8%
Total shares beneficially
owned by Reporting Persons 6,647,778 62.1%
</TABLE>
- --------------------------
(1) Percentage calculations are based upon 10,711,921 Shares outstanding at
April 30, 1998. Total and addends may not match due to rounding.
(2) May be deemed to be the beneficial owner of Shares held directly by BCM by
virtue of the relationship to BCM described in Item 2.
11
<PAGE> 12
(3) May be deemed to be the beneficial owner of Shares held directly by the GEP
Trust by virtue of the relationship to the GEP Trust described in Item 2.
(4) May be deemed to be the beneficial owner of Shares held directly by NOLP by
virtue of the relationship to NOLP described in Item 2.
(b) VOTING AND DISPOSITIVE POWER
The Trustee of the GEP Trust has complete voting and dispositive power
over the 98,332 Shares held by the GEP Trust. Each of the Trustees of CMET share
voting and dispositive power over the 818,088 Shares held by CMET. Each of the
Directors of BCM exercise voting and dispositive power over the 5,535,626 Shares
held by BCM.
(c) TRANSACTIONS IN SECURITIES
The following table lists the purchase transactions in the Shares that
were effected by the Reporting Persons during the past sixty days.
<TABLE>
<CAPTION>
Reporting Number of Price Type of
Person Date Shares Per Share Transaction
- --------- ---- -------------- --------- -----------
<S> <C> <C> <C> <C>
BCM 04/14/98 900 $14.625 Open Market
BCM 04/14/98 2,600 $14.625 Open Market
BCM 04/15/98 400 $14.625 Open Market
BCM 04/15/98 43,100 $14.625 Private Market
BCM 04/15/98 100 $14.625 Open Market
BCM 04/15/98 184,732 $14.625 Open Market
BCM 04/16/98 600 $14.625 Open Market
BCM 04/20/98 200 $14.625 Open Market
BCM 04/21/98 200 $14.625 Open Market
BCM 04/23/98 200 $14.625 Open Market
BCM 04/24/98 5,000 $14.625 Open Market
BCM 04/24/98 2,200 $14.50 Open Market
BCM 04/27/98 500 $14.625 Open Market
BCM 04/27/98 1,500 $14.625 Open Market
BCM 04/30/98 500 $14.625 Open Market
BCM 05/04/98 200 $14.625 Open Market
BCM 05/05/98 1,000 $14.625 Open Market
BCM 05/06/98 500 $14.625 Open Market
BCM 05/07/98 200 $14.625 Open Market
BCM 05/11/98 200 $14.625 Open Market
BCM 05/12/98 100 $14.625 Open Market
BCM 05/13/98 400 $14.625 Open Market
BCM 05/14/98 100 $14.625 Open Market
BCM 05/15/98 100 $14.625 Open Market
</TABLE>
12
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<TABLE>
<CAPTION>
Reporting Number of Price Type of
Person Date Shares Per Share Transaction
- --------- ---- ------------- --------- -----------
<S> <C> <C> <C> <C>
BCM 05/27/98 30,211 $14.5625 Open Market
BCM 05/29/98 200 $14.50 Open Market
BCM 06/01/98 500 $14.50 Open Market
BCM 06/02/98 500 $14.5625 Open Market
BCM 06/02/98 1,500 $14.50 Open Market
BCM 06/04/98 2,000 $14.50 Open Market
BCM 06/04/98 1,500 $14.50 Open Market
BCM 06/05/98 2,000 $14.50 Open Market
BCM 06/08/98 1,000 $14.50 Open Market
BCM 06/09/98 1,000 $14.50 Open Market
BCM 06/09/98 1,000 $14.50 Open Market
BCM 06/11/98 1,000 $14.50 Open Market
BCM 06/12/98 100 $14.50 Open Market
</TABLE>
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
Item 6 is hereby amended to read as follows:
BCM has pledged 46,711 shares to Advest, Inc., pledged 8,000 shares to
Ameritrade, pledged 100,000 shares to American Express Financial, pledged 29,000
shares to BA Investment Services, pledged 551,084 shares to Bear Stearns,
pledged 91,144 shares to Brown & Company, pledged 38,500 shares to Christensen
Burke, pledged 84,000 shares to CJ Lawrence, pledged 30,201 shares to Cutter &
Co., pledged 375,011 shares to Dean Witter, pledged 20,000 shares to First
Southwest Securities, pledged 20,000 shares to First Union Brokerage, pledged
165,000 shares to Fleet Brokerage Services, pledged 177,000 shares to Foothill
Capital, pledged 89,000 shares to Global Strategies, pledged 79,000 shares to
Gruntal & Company, pledged 475,000 shares to Grand Pacific, pledged 96,000
shares to Hambrecht & Quist, pledged 61,800 shares to J.C. Bradford & Co.,
pledged 85,800 shares to Legg Mason (TX), pledged 25,500 shares to May
Financial, pledged 116,000 shares to McDonald & Company, pledged 271,500 shares
to Morgan Keegan, pledged 120,000 shares to Norwest Investment Services, pledged
810,000 shares to Preferred Bank, pledged 192,000 shares to The Principal,
pledged 370,758 shares to Dain Rauscher, pledged 76,400 shares to Raymond James,
pledged 89,052 shares to Regions Investment, pledged 97,000 shares to Robert
Baird, pledged 79,800 shares to Southland Securities, pledged 22,400 shares to
Tucker Anthony, pledged 465,000 shares to United Pacific, pledged 94,000 shares
to Wachovia, pledged 161,124 shares to Wedbush Morgan and pledged 209,552 shares
to Wheatfirst in stock margin accounts maintained by it with such brokers.
13
<PAGE> 14
BCM has also pledged 225,000 shares to United Pacific, pledged 177,000
shares to Foothill Capital, pledged 810,000 shares to Preferred Bank and pledged
475,000 shares to Grand Pacific pursuant to loan agreements with such lenders.
NOLP has pledged 195,732 shares to Lehman (NY) in a stock margin
account maintained by it with such broker.
CMET has pledged 655,288 shares to Dean Witter and pledged 162,800
shares to JW Charles in stock margin accounts maintained by it with such
brokers.
GEP Trust has pledged 98,332 shares to Dean Witter (NY) in a stock
margin account maintained by it with such broker.
14
<PAGE> 15
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in the statement is true, complete and
correct.
Dated: July 2 , 1998
---
BASIC CAPITAL MANAGEMENT, INC.
By: /s/ Drew D. Potera
----------------------------------------
Drew D. Potera, Vice President
NATIONAL OPERATING, L.P.
By: Syntek Asset Management, L.P.
General Partner
By: Syntek Asset Management, Inc.
Managing General Partner
By: /s/ Randall M. Paulson
----------------------------------------
Randall M. Paulson, President
GENE E. PHILLIPS CHILDREN'S TRUST
By: /s/ Donald W. Phillips
----------------------------------------
Donald W. Phillips, Trustee
CONTINENTAL MORTGAGE AND EQUITY TRUST
By: /s/ Randall M. Paulson
----------------------------------------
Randall M. Paulson, President
15
