<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 20 )*
TRANSCONTINENTAL REALTY INVESTORS, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $0.01 Par Value
- --------------------------------------------------------------------------------
(Title of Class of Securities)
893-617-209
-----------------------------------
(CUSIP Number)
Robert A. Waldman
10670 North Central Expressway, Suite 600
Dallas, Texas 75231 (214) 692-4758
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
December 9, 1994
-----------------------------------
(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 Rule 13d-1(b)(3) or (4), check the following box / /.
Check the following box if a fee is being paid with the statement / /. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) 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
disclosures provided in a prior cover page.
The information required on 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> 2
SCHEDULE 13D
CUSIP NO. 893-617-209 PAGE 2 OF 17 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
American Realty Trust, Inc.
54-0697989
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Georgia
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
642,147
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
642,147
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
642,147
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 3
SCHEDULE 13D
CUSIP NO. 893-617-209 PAGE 3 OF 17 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Basic Capital Management, Inc.
75-2261065
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
- --------------------------------------------------------------------------------
5 CHECK BOX 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
NUMBER OF
130,475
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
130,475
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
130,475
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 4
SCHEDULE 13D
CUSIP NO. 893-617-209 PAGE 4 OF 17 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Syntek Asset Management, L.P.
75-2163161
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
- --------------------------------------------------------------------------------
5 CHECK BOX 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
NUMBER OF
17,650
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
17,650
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,650
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 5
SCHEDULE 13D
CUSIP NO. 893-617-209 PAGE 5 OF 17 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Continental Mortgage and Equity Trust
94-2738844
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
- --------------------------------------------------------------------------------
5 CHECK BOX 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
NUMBER OF
53,000
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
53,000
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
53,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 6
SCHEDULE 13D
CUSIP NO. 893-617-209 PAGE 6 OF 13 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Gene E. Phillips Children's Trust
13-6599769
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
- --------------------------------------------------------------------------------
5 CHECK BOX 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
NUMBER OF
31,000
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
31,000
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
31,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.2%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 7
TRANSCONTINENTAL REALTY INVESTORS, INC.
CUSIP NO. 893 617 209
Item 1. Security and Issuer
Item 1 is hereby amended to read as follows:
This statement relates to the Common Shares, $.01 par value (the
"Shares"), of Transcontinental Realty Investors, Inc. ("TRI"), a Nevada
corporation (the "Corporation"), and amends the amended statement on Schedule
13D filed on September 30, 1994. The principal executive offices of TRI 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"), American Realty Trust, Inc. ("ART"), Continental Mortgage and
Equity Trust ("CMET"), Syntek Asset Management, L.P. ("SAMLP") and the Gene E.
Phillips Children's Trust (the "GEP Trust") (collectively the "Reporting
Persons").
BCM, ART, CMET, SAMLP, and the GEP Trust may be deemed to constitute a
"person" within the meaning of Section 13 (d) of the Securities Exchange Act of
1934, as amended, because Gene E. Phillips is a general partner of Syntek Asset
Management, L.P., BCM is beneficially owned by a trust established for the
benefit of Mr. Phillips' children, BCM serves as advisor to CMET and ART, and
Mr. Phillips' son, Ryan T. Phillips, serves as a director of BCM and ART and
is a beneficiary of the GEP Trust.
(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. The principal place of
business and principal office of BCM is 10670 North Central Expressway, Suite
600 Dallas, Texas 75231. BCM was known as National Realty Advisors, Inc. until
it changed its name on October 1, 1992.
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:
<TABLE>
<CAPTION>
Name Position(s) with BCM
- ---- --------------------
<S> <C>
Oscar W. Cashwell President
Hamilton P. Schrauff Executive Vice President and
Chief Financial Officer
Karl L. Blaha Executive Vice President and Director of Commercial Management
</TABLE>
7
<PAGE> 8
<TABLE>
<CAPTION>
Name Position(s) with BCM
- ---- --------------------
<S> <C>
Stephen R. Young Executive Vice President - Director
of Acquisitions
Randall M. Paulson Executive Vice President
Clifford C. Towns, Jr. Executive Vice President,
Finance
Thomas A. Holland Senior Vice President and
Chief Accounting Officer
Robert A. Waldman Senior Vice President, General
Counsel and Secretary
Drew D. Potera Vice President, Treasurer
and Securities Manager
Ryan T. Phillips Director
M. Ned Phillips Director
</TABLE>
Mr. Cashwell's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Cashwell's present principal occupation is
the President of BCM. Mr. Cashwell 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 of BCM. Mr. Towns is a citizen of the United States
of America.
Mr. Schrauff's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Schrauff's present principal occupation
is Executive Vice President and Chief Financial Officer of BCM. Mr. Schrauff
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 - Director of Commercial Management of BCM. Mr. Blaha
is a citizen of the United States of America.
Mr. Young's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Young's present principal occupation is
Executive Vice President - Director of Acquisitions of BCM. Mr. Young is a
citizen of the United States of America.
Mr. Paulson's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Paulson is Executive Vice President of
BCM. Mr. Paulson is a citizen of the United States of America.
8
<PAGE> 9
Mr. Holland's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Holland's present principal occupation is
Senior Vice President and Chief Accounting Officer of BCM. Mr. Holland 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.
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.
M. Ned Phillips' business address is 264 Rolling Hills Circle,
Gaffney, South Carolina 29340. M. Ned Phillips' present principal occupation
is owner of Phillips Remodeling Co. M. Ned 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. Ryan T. Phillips' present
principal occupation is an independent real estate investor. Ryan T. Phillips
is a citizen of the United States of America.
(II) 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. 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:
<TABLE>
<CAPTION>
Name Position(s) with CMET
---- ---------------------
<S> <C>
Oscar W. Cashwell President
Hamilton P. Schrauff Executive Vice President and
Chief Financial Officer
Karl L. Blaha Executive Vice President and
Director of Commercial
Management
Thomas A. Holland Senior Vice President and
Chief Accounting Officer
</TABLE>
9
<PAGE> 10
<TABLE>
<CAPTION>
Name Position(s) with CMET
---- ---------------------
<S> <C>
Robert A. Waldman Vice President, Secretary and
Corporate Counsel
Drew D. Potera Treasurer
Geoffrey C. Etnire Trustee
A. Bob Jordan Trustee
Willie K. Davis Trustee
Randall K. Gonzalez Trustee
Bennett B. Sims Trustee
Ted P. Stokley Trustee
</TABLE>
Information with respect to Messrs. Cashwell, Potera, Schrauff,
Blaha, Waldman and Holland is disclosed in (I) above.
Mr. Entire's business address is 4900 Hopyard Road, Suite 260,
Pleasanton, California 94588. Mr. Etnire's present principal occupation is an
Attorney. Mr. Etnire is a citizen of the United States of America.
Mr. Stokely's business address is 10670 North Central Expressway,
Suite 640, Dallas, Texas 75231. Mr. Stokely's present principal occupation is
Real Estate Consultant for Eldercare Housing Foundation. Mr. Stokely is a
citizen of the United States of America.
Mr. Jordan's business address is 6051 North Brookline, Suite 119,
Oklahoma City, Oklahoma 73112. Mr. Jordan's present principal occupation is
an Attorney. Mr. Jordan is a citizen of the United States of America.
Mr. Davis' business address is 333 Union Street, Suite 400,
Nashville, Tennessee 37201. Mr. Davis' present principal occupation is
Chairman of Mid-South Financial Corporation. Mr. Davis is a citizen of the
United States of America.
Mr. Gonzalez's business address is 4455 Alpha Road, Building 2,
Dallas, Texas 75244. Mr. Gonzalez's present principal occupation is Vice
President of TMC Realty Advisors, Inc. Mr. Gonzalez is a citizen of the United
States of America.
Mr. Sims' business address is 62 West 91st Street, Apt. #3, New
York, New York 10024. Mr. Sims' present principal occupation is Professor at
New York University. Mr. Sims is a citizen of the United States of America.
10
<PAGE> 11
(III) The GEP Trust is a trust formed under the laws of Texas for
the benefit of the children of Gene E. Phillips. The trustee of the GEP Trust
is Mr. Phillips' brother, Donald W. Phillips.
Gene E. Phillips' business address is 10670 North Central
Expressway, Suite 600, Dallas, Texas 75231. Gene E. Phillips' present
principal occupation is Chief Executive Officer of Syntek West, Inc. Gene E.
Phillips is a citizen of the United States of America.
Donald W. Phillips' business address is 10670 North Central
Expressway, Suite 410, Dallas, Texas 75231. Donald W. Phillips' present
principal occupation is President and owner of Big D Oil Field Equipment Sales.
Donald W. Phillips is a citizen of the United States of America.
(IV) ART is a real estate investment company organized and existing
as a Georgia corporation. ART's principal business activities include
investment in real estate and in other business ventures. The principal place
of business and principal office of ART is located at 10670 North Central
Expressway, Suite 600, Dallas, Texas 75231.
The following is a list of each executive officer and director of
ART:
<TABLE>
<CAPTION>
Name Position(s) with ART
---- --------------------
<S> <C>
G. Wayne Watts Director
Al Gonzalez Director
Ryan T. Phillips Director
Tilmon Kreiling, Jr. Director
Oscar Cashwell Director
Karl L. Blaha President
Hamilton P. Schrauff Executive Vice President and
Chief Financial Officer
Thomas A. Holland Senior Vice President and
Chief Accounting Officer
Robert A. Waldman Secretary and Vice President
Drew D. Potera Treasurer
</TABLE>
11
<PAGE> 12
Information with respect to Messrs. Blaha, Schrauff, Potera,
Holland, Waldman and Ryan T. Phillips is disclosed in (I) above.
Mr. Watts' business address is P.O. Box 27081, Greenville, South
Carolina 29616. Mr. Watts' present principal occupation is President of
Palmetto Industries. Mr. Watts is a citizen of the United States of America.
Mr. Gonzalez's business address is 5440 Harvest Hill Road, Suite
250, Dallas, Texas 75230. Mr. Gonzalez' present principal occupation is
President of AGE Refining, Inc. Mr. Gonzalez is a citizen of the United States
of America.
Mr. Kreiling's business address is 4627 Kelsey Road, Dallas, Texas
75229. Mr. Kreiling's present principal occupation is President of Kreiling
Associates & Co. Mr. Kreiling is a citizen of the United States of America.
(V) SAMLP 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 SAMLP is located at 10670 North Central
Expressway, Suite 600, Dallas, Texas 75231.
SAMLP has no officers or directors. The general partners of SAMLP
are Gene E. Phillips and Syntek Asset Management, Inc. ("SAMI"). SAMI is a
corporation organized and existing under the laws of the State of Texas. SAMI
is a wholly-owned subsidiary of BCM. SAMI's principal business activities
include investment in real estate and in other business ventures. Its principal
place of business and principal office is located 10670 North Central
Expressway, Suite 600, Dallas, Texas 75231.
Information with respect to Mr. Phillips is disclosed in (III)
above.
During the last five (5) years, (i) none of the persons enumerated
in (I) through (V) above, as amended, 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.
12
<PAGE> 13
Item 5. Interest in Securities of the Issuer
Item 5 is hereby amended to read as follows:
(a) Share Ownership
The following tables show the Shares owned directly and
beneficially by the Reporting Persons on the date of this statement:
Shares Owned Directly
<TABLE>
<CAPTION>
Number of Percent of
Name Shares Class (1)
- ---- --------- ----------
<S> <C> <C> <C>
BCM 130,475 4.9%
CMET 53,000 2.0%
ART 642,147 24.0%
SAMLP 17,650 0.7%
GEP Trust 31,000 1.2%
TOTAL 874,272 32.8%
</TABLE>
Shares Owned Beneficially
<TABLE>
<CAPTION>
Number of Percent of
Name Shares Class (1)
- ---- --------- ----------
<S> <C> <C>
ART 642,147 24.0%
BCM 130,475 4.9%
CMET 53,000 2.0%
SAMLP 17,650 0.7%
Gene E. Phillips (2) 17,650 0.7%
GEP Trust 31,000 1.2%
G. Wayne Watts (3) 642,147 24.0%
Al Gonzalez (3) 642,147 24.0%
M. Ned Phillips (4) 130,475 4.9%
Ryan Phillips (3)(4)(5) 803,622 30.0%
Tilmon Kreiling (3) 642,147 24.0%
Oscar W. Cashwell (3)(4) 772,622 28.8%
Total shares beneficially
owned by Reporting Persons 874,272 32.8%
</TABLE>
_____________________
13
<PAGE> 14
(1) Percentage calculations are based upon 2,674,850 Shares
outstanding at December 9, 1994. Total and addends may not
match due to rounding.
(2) May be deemed to be a beneficial owner of the Shares held
directly by SAMLP by virtue of the relationship to SAMLP as
described in Item 2, as herein amended.
(3) May be deemed to be a beneficial owner of the Shares held
directly by ART by virtue of the relationship to ART as
described in Item 2, as herein amended.
(4) May be deemed to be a beneficial owner of the Shares held
directly by BCM by virtue of the relationship to BCM as
described in Item 2.
(5) May be deemed to be a beneficial owner of the Shares held
directly by the GEP Trust by virtue of the relationship to the
GEP Trust as described in Item 2.
(b) Voting and Dispositive Power
Each of the directors of ART share voting and dispositive power over
the 642,147 Shares owned by ART. Each of the directors of BCM exercise voting
and dispositive power over the 130,475 Shares held by BCM. Each of the
Trustees of CMET share voting and dispositive power over the 53,000 Shares held
by CMET. The Trustee of GEP Trust has complete voting and dispositive power
over all of the Shares owned by the GEP Trust.
(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>
ART 10/10/94 100 $14.25 Open Market
ART 10/11/94 600 $14.25 Open Market
ART 10/12/94 100 $14.25 Open Market
ART 10/13/94 300 $14.25 Open Market
ART 10/13/94 100 $14.25 Open Market
ART 10/14/94 400 $14.25 Open Market
ART 10/17/94 600 $14.25 Open Market
ART 10/17/94 300 $14.25 Open Market
ART 10/18/94 100 $14.25 Open Market
ART 10/19/94 200 $14.25 Open Market
ART 10/21/94 100 $14.25 Open Market
ART 10/24/94 400 $14.25 Open Market
ART 10/25/94 1,600 $14.25 Open Market
</TABLE>
14
<PAGE> 15
<TABLE>
<S> <C> <C> <C> <C>
ART 10/26/94 500 $14.25 Open Market
ART 10/27/94 700 $14.25 Open Market
ART 10/31/94 800 $14.25 Open Market
ART 10/31/94 800 $14.25 Open Market
ART 11/01/94 100 $14.25 Open Market
ART 11/02/94 100 $14.25 Open Market
ART 11/03/94 500 $14.25 Open Market
ART 11/04/94 100 $14.25 Open Market
ART 11/07/94 1,400 $14.25 Open Market
ART 11/08/94 300 $14.25 Open Market
ART 11/09/94 400 $14.25 Open Market
ART 11/10/94 500 $14.25 Open Market
ART 11/11/94 400 $14.25 Open Market
ART 11/14/94 100 $14.25 Open Market
ART 11/15/94 700 $14.25 Open Market
ART 11/15/94 300 $14.25 Open Market
ART 11/16/94 300 $14.25 Open Market
ART 11/17/94 1,000 $14.25 Open Market
ART 11/17/94 600 $14.25 Open Market
ART 11/22/94 1,000 $14.125 Open Market
ART 11/22/94 2,900 $14.25 Open Market
ART 11/22/94 1,000 $14.00 Open Market
ART 11/29/94 1,100 $14.25 Open Market
ART 11/30/94 500 $14.25 Open Market
ART 12/01/94 500 $14.25 Open Market
ART 12/02/94 500 $14.25 Open Market
ART 12/05/94 400 $14.25 Open Market
ART 12/05/94 400 $14.25 Open Market
ART 12/06/94 1,000 $14.25 Open Market
ART 12/07/94 300 $14.25 Open Market
ART 12/08/94 1,000 $14.25 Open Market
ART 12/09/94 200 $14.25 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:
ART has pledged 5,000 shares to Accutrade, pledged 4,250 shares to
Advest, pledged 9,000 shares to Alex Brown (TX), pledged 33,750 shares to
Allied, pledged 2,000 shares to Arnold Securities, pledged 10,000 shares to
Baker & Co., pledged 13,000 shares to Bidwell, pledged 4,900 shares to Brown &
Co., pledged 12,050 shares to C.J. Lawrence, pledged 300 shares to Chatfield
Dean, pledged 10,000 shares to Comerica, pledged 9,000 shares to Cowen & Co.,
pledged 20,096 shares to Dean Witter (IL), pledged 6,000 shares to Dillon Read,
pledged 1,900 shares to Equitable, pledged 19,000 shares to First Alabama,
pledged 2,000 shares to First Southwest, pledged 12,000 shares to Global
Strategies, pledged 28,538 shares to Goldman Sachs, pledged 3,000 shares to
Hamilton Investments, pledged 12,000 shares to Hambrecht & Quist, pledged
20,000 shares to Legg Mason (TX), pledged 25,171 shares to Kemper Sec.(CA),
pledged 16,100 shares to Kemper Sec. (TX), pledged 14,000 shares to Kidder
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Peabody, pledged 27,000 shares to Kidder Peabody (NY), pledged 10,000 shares to
Kirpatrick Pettis, pledged 14,000 shares to Legg Mason, pledged 9,000 shares to
Lehman Brothers, pledged 5,000 shares to Lombard, pledged 8,000 shares to
Mabon, pledged 2,000 shares to May Financial, pledged 20,000 shares to McDonald
& Co., pledged 15,000 shares to Montgomery, pledged 16,000 shares to Mutual
Securities, pledged 23,000 shares to NationsBanc, pledged 19,475 shares to Ohio
Co., pledged 13,000 shares to Olde, pledged 25,000 shares to Oppenheimer (NY),
pledged 18,171 shares to Oppenheimer (TX), pledged 3,000 shares to Pacific
Brokerage, pledged 3,000 shares to Paine Webber (TX), pledged 2,000 shares to
Paine Webber (NY), pledged 16,000 shares to The Principal, pledged 10,000
shares to Prudential (PA), pledged 15,171 shares to Prudential (TX), pledged
6,000 shares to Quick & Reilly, pledged 12,625 shares to Robert Baird, pledged
16,400 shares to Rodman & Renshaw, pledged 1,700 to Schramme Sec., pledged
10,550 shares to Securities of America, pledged 16,000 shares to Thomas F.
White, pledged 5,000 shares to Tucker Anthony, pledged 6,000 shares to Wachovia
and pledged 1,000 shares to Washington Discount in stock margin accounts
maintained by it with such brokers.
BCM has pledged 3,300 shares to Accutrade, pledged 3,900 shares to
Advest, pledged 4,700 shares to Allied, pledged 2,100 shares to Baker & Co.,
pledged 3,000 shares to Brown & Co., pledged 4,000 shares to C.J. Lawrence,
2,000 shares to Cowen & Co., pledged 3,600 shares to Dean Witter (CA), pledged
5,000 shares to Dillon Read, pledged 7,000 shares to H.D. Vest, pledged 2,300
shares to Hambrecht & Quist, pledged 5,000 to IDS Financial, pledged 5,000
shares to Kemper Sec. (TX), pledged 4,000 shares to Kirpatrick Pettis, pledged
5,000 shares to Legg Mason, pledged 2,000 shares to Lombard, pledged 2,000
shares to Mabon, pledged 2,000 shares to Neuberger, pledged 2,000 shares to
Ohio Co., pledged 6,000 shares to Olde, pledged 10,000 shares to Paine Webber
(TX), pledged 10,950 shares to Piper Jaffray, pledged 3,000 shares to The
Principal, pledged 2,000 shares to Prudential (PA), pledged 13,625 shares to
Prudential (TX), pledged 2,000 shares to Prudential (TX) #2, pledged 5,000
shares to Rodman & Renshaw, pledged 5,000 shares to Signet, pledged 2,000
shares to Southwest Sec., 2,000 shares to Wachovia and pledged 3,000 shares to
Worthen in stock margin accounts maintained by it with such brokers.
CMET has pledged 10,000 shares to Goldman Sachs, pledged 11,000 shares
to Neuberger and pledged 32,000 shares to Prudential (TX) #2 in stock margin
accounts maintained by it with such brokers.
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SIGNATURES
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.
Dated: December 29, 1994
SYNTEK ASSET MANAGEMENT, L.P.
By: Syntek Asset Management, Inc.
Managing General Partner
By: /s/Hamilton P. Schrauff
Hamilton P. Schrauff
Executive Vice President
AMERICAN REALTY TRUST, INC.
By: /s/Karl L. Blaha
Karl L. Blaha
President
BASIC CAPITAL MANAGEMENT, INC.
By: /s/Hamilton P. Schrauff
Hamilton P. Schrauff
Executive Vice President
GENE E. PHILLIPS CHILDREN'S TRUST
By: /s/Donald W. Phillips
Donald W. Phillips
Trustee
CONTINENTAL MORTGAGE AND EQUITY TRUST
By: /s/Hamilton P. Schrauff
Hamilton P. Schrauff
Executive Vice President
17
