TRANSCONTINENTAL REALTY INVESTORS INC
SC 13D/A, 1995-07-11
REAL ESTATE INVESTMENT TRUSTS
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<PAGE>   1
                                UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C.  20549


                                 SCHEDULE 13D


                  UNDER THE SECURITIES EXCHANGE ACT OF 1934
                             (AMENDMENT NO. 23 )*



                   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) 692-4785
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
                               Communications)


                                June 30, 1995
                     -----------------------------------
           (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                    716,847

           SHARES              -------------------------------------------------
                               8     SHARED VOTING POWER                        
        BENEFICIALLY           
                                         -0-
          OWNED BY                                 
                               ------------------------------------------------
            EACH               9     SOLE DISPOSITIVE POWER
                    
          REPORTING                    716,847
                                                
           PERSON              ------------------------------------------------
                               10    SHARED DISPOSITIVE POWER                  
            WITH    
                                         -0-
                                                
- ------------------------------------------------------------------------------- 
11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      716,847
              
- --------------------------------------------------------------------------------
12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
                                                                            /  /



- --------------------------------------------------------------------------------
13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      26.8%
              
- --------------------------------------------------------------------------------
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                  144,175

           SHARES              -------------------------------------------------
                               8     SHARED VOTING POWER                        
        BENEFICIALLY           
                                     -0-
          OWNED BY                                 
                               ------------------------------------------------
            EACH               9     SOLE DISPOSITIVE POWER
                    
          REPORTING                  144,175
                                                
           PERSON              ------------------------------------------------
                               10    SHARED DISPOSITIVE POWER                  
            WITH    
                                     -0-
                                                
- ------------------------------------------------------------------------------- 
11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      144,475
              
- --------------------------------------------------------------------------------
12    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
                                                                            /  /



- --------------------------------------------------------------------------------
13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

      5.4%
              
- --------------------------------------------------------------------------------
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           
                                     -0-
          OWNED BY                                 
                               ------------------------------------------------
            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           
                                     -0-
          OWNED BY                                 
                               ------------------------------------------------
            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   17   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           
                                     -0-
          OWNED BY                                 
                               ------------------------------------------------
            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 March 17, 1995.  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 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

Clifford C. Towns, Jr.                               Executive Vice President,
                                                       Finance
</TABLE>





                                       7
<PAGE>   8
<TABLE>
<CAPTION>
     Name                                            Position(s) with BCM
     ----                                            --------------------
<S>                                                 <C>
Stephen R. Young                                     Executive Vice President and
                                                       Director of Acquisitions

Randall M. Paulson                                   Executive Vice President

Bruce A. Endendyk                                    Executive Vice President

Cooper B. Stuart                                     Executive Vice President

Mark W. Branigan                                     Executive Vice President

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
</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. 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. 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. 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. Endendyk's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231.  Mr.  Endendyk is Executive Vice President of
BCM.  Mr. Endendyk 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 is Executive Vice President of BCM.
Mr. Stuart is a citizen of the United States of America.

            Mr. Branigan's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231.  Mr.  Branigan is Executive Vice President of
BCM.  Mr. Branigan 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 Senior Vice President and Chief Accounting Officer of BCM.  Mr. Holland 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.

            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

</TABLE>




                                       9
<PAGE>   10
<TABLE>
<CAPTION>
       Name                                            Position(s) with CMET
       ----                                            ---------------------
<S>                                                  <C>                                
Randall M. Paulson                                   Executive Vice President

Bruce A. Endendyk                                    Executive Vice President

Thomas A. Holland                                    Senior Vice President and
                                                       Chief Accounting Officer

Robert A. Waldman                                    Senior Vice President, Secretary   
                                                       and General Counsel

Drew D. Potera                                       Treasurer

Geoffrey C. Etnire                                   Trustee

Bennett B. Sims                                      Trustee

Ted P. Stokley                                       Trustee

Martin L. White                                      Trustee

John P. Parsons                                      Trustee

Harold Furst                                         Trustee

Edward G. Zampa                                      Trustee
</TABLE>

            Information with respect to Messrs. Cashwell, Potera, Schrauff,
Blaha, Paulson, Endendyk, Waldman and Holland is disclosed in (I) above.

            Mr. Etnire'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. 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.

            Mr. White's business address is 8051 Coach Drive, Oakland,
California 94605.  Mr. White is Chairman and Chief Executive Officer of
Community Based Developers, Inc.  Mr. White is a citizen of the United States
of America.

            Mr. Parsons' business address is 73155 Deer Grass Drive, Palm
Desert, California 92262.  Mr. Parsons' is Chairman and Chief Executive Officer
of Pierpont Corporation.  Mr. Parsons is a citizen of the United States of
America.





                                       10
<PAGE>   11
            Mr. Furst's business address is Two Bryant Street, San Francisco,
California 94105.  Mr. Furst is Executive Vice President of SONY Signatures.
Mr. Furst is an independent business consultant with emphasis on economic and
financial matters.  Mr. Furst 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.

            (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

Dale A. Crenwelge                             Director

Oscar Cashwell                                Director

Karl L. Blaha                                 President
</TABLE>





                                       11
<PAGE>   12
<TABLE>
<CAPTION>
     Name                                     Position(s) with ART
     ----                                     --------------------
<S>                                           <C>
Hamilton P. Schrauff                          Executive Vice President and
                                                Chief Financial Officer

Randall M. Paulson                            Executive Vice President

Bruce A. Endendyk                             Executive Vice President

Thomas A. Holland                             Senior Vice President and
                                                Chief Accounting Officer

Robert A. Waldman                             Senior Vice President,                
                                                Secretary and General Counsel

Drew D. Potera                                Treasurer
</TABLE>

            Information with respect to Messrs. Cashwell, Blaha, Schrauff,
Potera, Holland, Paulson, Endendyk, 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' business address is 4455 Alpha Road, Building #2,
Dallas, Texas 75244.  Mr. Gonzalez' present principal occupation is President
of AGE Refining, Inc.  Mr. Gonzalez is a citizen of the United States of
America.

            Mr. Crenwelge's business address is 10208 Echo Ridge Drive, Austin,
Texas 78750.  Mr. Crenwelge is President of Longhorn Consultants Commercial
Real Estate Group, Inc. and Crenwelge Commercial Consultants, Inc.  Mr.
Crenwelge 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.





                                       12
<PAGE>   13
           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.

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:

<TABLE>
<CAPTION>
                                                       Shares Owned Directly
                                                       ---------------------

                                                 Number of                       Percent of
Name                                               Shares                         Class (1) 
- ----                                             ---------                       ----------
<S>                                                <C>                               <C>
BCM                                                144,175                            5.4%
CMET                                                53,000                            2.0%
ART                                                716,847                           26.8%
SAMLP                                               17,650                            0.7%
GEP Trust                                           31,000                            1.2%

                 TOTAL                             962,672                           36.0%
</TABLE>

                                                    
                           
<TABLE>
<CAPTION>

                                                     Shares Owned Beneficially
                                                     -------------------------

                                                 Number of                        Percent of
Name                                               Shares                         Class (1) 
- ----                                             ---------                        ----------
<S>                                                <C>                               <C>
ART                                                716,847                           26.8%
BCM                                                144,175                            5.4%
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)                                 716,847                           26.8%
Al Gonzalez (3)                                    716,847                           26.8%
Ryan Phillips (3)(4)(5)                            892,022                           33.3%
Dale A. Crenwelge (3)                              716,847                           26.8%
Oscar W. Cashwell (3)(4)                           861,022                           32.2%
Total shares beneficially
  owned by Reporting Persons                       962,672                           36.0%
</TABLE>





                                       13
<PAGE>   14
         (1)     Percentage calculations are based upon 2,674,850 Shares
                 outstanding at April 28, 1995.  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 716,847 Shares owned by ART.  The director of BCM exercises voting and
dispositive power over the 144,175 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                       03/20/95            300                   $15.00           Open Market
ART                       03/21/95            500                   $15.00           Open Market
ART                       03/22/95          1,000                   $15.00           Open Market
ART                       03/23/95            100                   $15.00           Open Market
ART                       03/24/95            900                   $15.00           Open Market
ART                       03/24/95          1,000                   $15.00           Open Market
ART                       03/24/95            400                   $15.00           Open Market
ART                       03/27/95            100                   $15.00           Open Market
ART                       03/28/95            500                   $15.00           Open Market
ART                       03/28/95          1,000                   $15.00           Open Market
ART                       03/30/95            700                   $15.00           Open Market
ART                       03/31/95            300                   $15.00           Open Market
ART                       03/31/95          1,000                   $15.00           Open Market
</TABLE>





                                       14
<PAGE>   15
<TABLE>
<CAPTION>
Reporting                                Number of                Price                 Type of
Person                    Date             Shares                Per Share            Transaction
- ---------                 ----           ----------              ---------            -----------
<S>                       <C>               <C>                     <C>              <C>
ART                       04/03/95            100                   $15.00           Open Market
ART                       04/04/95            900                   $15.00           Open Market
ART                       04/04/95            200                   $15.00           Open Market
ART                       04/07/95            600                   $15.00           Open Market
BCM                       04/18/95            100                   $15.00           Open Market
ART                       04/18/95            200                   $15.00           Open Market
BCM                       04/20/95            100                   $15.00           Open Market
BCM                       05/09/95            400                   $15.00           Open Market
BCM                       05/10/95            300                   $15.00           Open Market
BCM                       05/11/95          1,100                   $15.00           Open Market
ART                       05/11/95            100                   $15.00           Open Market
ART                       05/12/95            200                   $15.00           Open Market
BCM                       05/15/95            900                   $15.00           Open Market
BCM                       05/16/95            500                   $15.00           Open Market
ART                       05/16/95            800                   $15.00           Open Market
ART                       05/17/95          1,000                   $15.00           Open Market
BCM                       05/17/95          4,000                   $15.00           Open Market
ART                       05/17/95            900                   $15.00           Open Market
ART                       05/18/95            600                   $15.00           Open Market
ART                       05/19/95            600                   $15.00           Open Market
BCM                       05/22/95            600                   $15.00           Open Market
ART                       05/23/95            700                   $15.00           Open Market
ART                       05/24/95            100                   $15.00           Open Market
ART                       05/24/95            100                   $15.00           Open Market
ART                       05/26/95            900                   $15.00           Open Market
ART                       05/26/95            100                   $15.00           Open Market
ART                       05/30/95            100                   $15.00           Open Market
ART                       05/31/95            200                   $15.00           Open Market
ART                       06/01/95            400                   $15.00           Open Market
ART                       06/02/95            400                   $15.00           Open Market
ART                       06/05/95            100                   $15.00           Open Market
ART                       06/06/95            100                   $15.00           Open Market
ART                       06/06/95          1,000                   $15.00           Open Market
ART                       06/07/95            300                   $15.00           Open Market
ART                       06/09/95            700                   $15.00           Open Market
ART                       06/09/95          1,700                   $15.00           Open Market
ART                       06/12/95            600                   $15.00           Open Market
ART                       06/13/95            300                   $15.00           Open Market
ART                       06/14/95            200                   $15.00           Open Market
ART                       06/15/95            500                   $15.00           Open Market
ART                       06/19/95            700                   $15.00           Open Market
ART                       06/20/95            300                   $15.00           Open Market
ART                       06/20/95            400                   $15.00           Open Market
ART                       06/21/95            300                   $15.00           Open Market
ART                       06/23/95            200                   $15.00           Open Market
ART                       06/26/95            100                   $15.00           Open Market
ART                       06/28/95          1,900                   $15.00           Open Market
ART                       06/29/95            700                   $15.00           Open Market
ART                       06/30/95            300                   $15.00           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:





                                       15
<PAGE>   16
         ART has pledged 6,300 shares to Accutrade, pledged 6,250 shares to
Advest, pledged 3,000 shares to The Advisors Group, pledged 9,000 shares to
Alex Brown (TX), pledged 33,750 shares to Allied, pledged 3,000 shares to
Arnold Securities, pledged 10,000 shares to Baker & Co., pledged 9,000 shares
to Bear Stearns, pledged 13,000 shares to Bidwell, pledged 9,000 shares to
Brokerage Svcs Div., pledged 4,900 shares to Brown & Co., pledged 12,050 shares
to C.J.  Lawrence, pledged 2,000 shares to Ceres Securities, pledged 10,000
shares to Comerica, pledged 10,000 shares to Cowen & Co., pledged 21,096 shares
to Dean Witter (CA), pledged 10,000 shares to Dillon Read, pledged 4,400 shares
to Equitable, pledged 21,000 shares to First Alabama, pledged 6,000 shares to
First Southwest, pledged 12,000 shares to Global Strategies, pledged 28,538
shares to Goldman Sachs, pledged 12,000 shares to Hambrecht & Quist,  pledged
10,000 shares to Howe Barnes, pledged 12,000 shares to JB Oxford, pledged 2,000
shares to Jefferies (TX), pledged 3,300 shares to JW Charles, pledged 25,171
shares to Kemper Sec. (CA), pledged 16,100 shares to Kemper Sec. (TX), pledged
12,000 shares to Kirpatrick Pettis, pledged 15,000 shares to Legg Mason (NY),
pledged 20,000 shares to Legg Mason (TX), pledged 7,000 shares to Lombard,
pledged 3,700 shares to May Financial, pledged 20,000 shares to McDonald & Co.,
pledged 15,000 shares to Montgomery, pledged 10,000 shares to Morgan Keegan,
pledged 16,000 shares to Mutual Securities, pledged 38,171 shares to
NationsBanc, pledged 4,000 shares to Nationwide Sec., pledged 19,475 shares to
Ohio Co., pledged 15,000 shares to Olde, pledged 25,000 shares to Oppenheimer
(NY), pledged 28,171 shares to Oppenheimer (TX), pledged 4,000 shares to
Pacific Brokerage, pledged 1,000 shares to Piper Jaffray, pledged 22,000 shares
to The Principal, pledged 17,000 shares to Quick & Reilly, pledged 1,000 shares
to Rauscher Pierce, pledged 12,625 shares to Robert Baird, pledged 20,400
shares to Rodman & Renshaw, pledged 2,500 shares to Roney & Co., pledged 1,700
shares to Schramme Sec., pledged 10,550 shares to Securities of America,
pledged 2,000 shares to Smith Barney, pledged 1,000 shares to Smith Barney
(FL), pledged 16,000 shares to Thomas F. White, pledged 8,500 shares to Tucker
Anthony, pledged 4,000 shares to UBS Securities, pledged 7,000 shares to
Wachovia, pledged 8,000 shares to Washington Discount and pledged 2,300 shares
to Wedbush Morgan 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 10,000 shares to the Advisors Group, pledged 10,700 shares to
Allied, pledged 2,100 shares to Baker & Co., pledged 2,700 shares to Brokerage
Svcs Div., pledged 4,000 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 1,000 shares to First
Alabama, pledged 7,000 shares to H.D. Vest, pledged 2,300 shares to Hambrecht &
Quist, pledged 6,000 shares 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 (NY), pledged 2,000 shares to Legg Mason (TX), pledged 2,000 shares
to Lombard, pledged 2,000 shares to The Ohio Co., pledged 6,000 shares to Olde,
pledged 15,625 shares to Oppenheimer (TX), 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 5,000 shares to
Rodman & Renshaw, pledged 5,000 shares to Signet, pledged 3,000 shares to
Southwest Sec., pledged 3,000 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 JW Charles in stock margin accounts
maintained by it with such brokers.





                                       16
<PAGE>   17
                                   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: July 11, 1995

                                        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


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