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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 26)*
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)
April 5, 1996
-----------------------------------
(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
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 1,154,771
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 1,154,771
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,154,771
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
38.8%
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 280,412
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 280,412
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
280,412
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.0%
--------------------------------------------------------------------------------
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> 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
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
26,475
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
26,475
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
26,475
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
79,500
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
79,500
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
79,500
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 46,500
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 46,500
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
46,500
--------------------------------------------------------------------------------
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*
00
--------------------------------------------------------------------------------
*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. ("TCI"), a Nevada
corporation (the "Corporation"), and amends the amended statement on Schedule
13D filed on December 29, 1995. The principal executive offices of TCI 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>
Randall M. Paulson President
Oscar W. Cashwell Executive Vice President
Thomas A. Holland Executive Vice President and Chief Financial Officer
Clifford C. Towns, Jr. Executive Vice President, Finance
Bruce A. Endendyk Executive Vice President
</TABLE>
7
<PAGE> 8
<TABLE>
<CAPTION>
Name Position(s) with BCM
---- --------------------
<S> <C>
Cooper B. Stuart Executive Vice President
Mark W. Branigan Executive Vice President
Lynn W. Humphries Senior Vice President-Commerical Asset Management
Robert A. Waldman Senior Vice President, General Counsel and Secretary
Drew D. Potera Vice President, Treasurer and Securities Manager
Ryan T. Phillips Director
Mickey Ned Phillips Director
</TABLE>
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. Cashwell's business address is 10670 North Central
Expressway, Suite 600, Dallas, Texas 75231. Mr. Cashwell's present principal
occupation is Executive Vice President of BCM. Mr. Cashwell 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 - 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 of BCM. Mr. Towns 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.
Mr. Branigan's business address is 10670 North Central
Expressway, Suite 600, Dallas, Texas 75231. Mr. Branigan's present principal
occupation is Executive Vice President of BCM. Mr. Branigan is a citizen of
the United States of America.
Mr. Humphries' business address is 10670 North Central
Expressway, Suite 600, Dallas, Texas 75231. Mr. Humphries' present principal
occupation is Senior Vice President-Commercial Asset Management of BCM. Mr.
Humphries 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. Waldmans' present
8
<PAGE> 9
principal occupation is Senior Vice President, Secretary and General Counsel 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.
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. 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.
Mr. Mickey Ned Phillips' business address is 264 Rolling Hills
Circle, Gaffney, South Carolina 29340. Mr. Phillips' present principal
occupation is owner of Phillips Remodeling Co. Mr. 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>
Randall M. Paulson President
Thomas A. Holland Executive Vice President and Chief Financial Officer
Bruce A. Endendyk Executive Vice President
Lynn W. Humphries Senior Vice President - Commercial Asset Management
Robert A. Waldman Senior Vice President, Secretary and General Counsel
Drew D. Potera Treasurer
Bennett B. Sims Trustee
Ted P. Stokely Trustee
Martin L. White Trustee
</TABLE>
9
<PAGE> 10
<TABLE>
<CAPTION>
Name Position(s) with CMET
---- ---------------------
<S> <C>
John P. Parsons Trustee
Edward G. Zampa Trustee
</TABLE>
Information with respect to Messrs. Paulson, Holland,
Endendyk, Humphries, Waldman and Potera is disclosed in (I) above.
Mr. Stokely's business address is 10670 North Central
Expressway, Suite 515, 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.
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.
10
<PAGE> 11
The following is a list of each executive officer and director
of ART:
<TABLE>
<CAPTION>
Name Position(s) with ART
---- --------------------
<S> <C>
Karl L. Blaha President
Thomas A. Holland Executive Vice President and Chief Financial Officer
Randall M. Paulson Executive Vice President
Bruce A. Endendyk Executive Vice President
Lynn W. Humphries Senior Vice President-Commercial Asset Management
Robert A. Waldman Senior Vice President, Secretary and General Counsel
Drew D. Potera Treasurer
Ryan T. Phillips Director
Al Gonzalez Director
Oscar W. Cashwell Director
Dale A. Crenwelge Director
</TABLE>
Information with respect to Messrs. Cashwell, Paulson,
Holland, Endendyk, Humphries, Waldman, Potera and Ryan Phillips is disclosed in
(I) above.
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 of Carmel Realty, Inc. Mr. Blaha 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's present principal occupation is the
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
11
<PAGE> 12
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.
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> <C>
BCM 280,412 7.0%
CMET 79,500 2.0%
ART 1,154,771 28.8%
SAMLP 26,475 0.7%
GEP Trust 46,500 1.2%
TOTAL 1,587,658 39.6%
</TABLE>
<TABLE>
<CAPTION>
Shares Owned Beneficially
-------------------------
Number of Percent of
Name Shares Class (1)
---- --------- ----------
<S> <C> <C>
ART 1,154,771 28.8%
BCM 280,412 7.0%
CMET 79,500 2.0%
SAMLP 26,475 0.7%
Gene E. Phillips (2) 26,475 0.7%
GEP Trust 46,500 1.2%
Al Gonzalez (3) 1,154,771 28.8%
Ryan Phillips (3)(4)(5) 1,481,683 36.9%
Dale A. Crenwelge (3) 1,154,771 28.8%
Oscar W. Cashwell (3)(4) 1,435,183 35.7%
Total shares beneficially
owned by Reporting Persons 1,587,658 39.6%
</TABLE>
12
<PAGE> 13
(1) Percentage calculations are based upon 4,012,275
Shares outstanding at March 15, 1996. 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 1,154,771 Shares owned by ART. Each of the directors of BCM exercises
voting and dispositive power over the 280,412 Shares held by BCM. Each of the
Trustees of CMET share voting and dispositive power over the 79,500 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>
BCM 02/05/96 200 $15.00* Open Market
BCM 02/06/96 800 $15.00* Open Market
ART 02/06/96 200 $15.00* Open Market
ART 02/07/96 700 $15.00* Open Market
ART 02/08/96 100 $15.00* Open Market
BCM 02/08/96 1,000 $15.00* Open Market
ART 02/08/96 100 $15.00* Open Market
ART 02/08/96 1,000 $15.00* Open Market
ART 02/12/96 1,100 $15.00* Open Market
ART 02/15/96 400 $15.00* Open Market
ART 02/16/96 400 $15.00* Open Market
BCM 02/20/96 800 $15.00* Open Market
BCM 02/21/96 100 $15.00* Open Market
BCM 02/23/96 500 $15.00* Open Market
BCM 02/26/96 600 $15.00* Open Market
ART 02/27/96 1,000 $15.00* Open Market
</TABLE>
13
<PAGE> 14
<TABLE>
<CAPTION>
Reporting Number of Price Type of
Person Date Shares Per Share Transaction
------- ---- -------- --------- -----------
<S> <C> <C> <C> <C>
BCM 02/28/96 1,000 $15.00* Open Market
BCM 02/28/96 100 $14.875* Open Market
BCM 02/28/96 100 $15.00* Open Market
BCM 02/29/96 400 $15.00* Open Market
ART 03/04/96 300 $10.00 Open Market
ART 03/06/96 300 $10.00 Open Market
ART 03/07/96 400 $10.00 Open Market
ART 03/08/96 1,000 $10.00 Open Market
BCM 03/13/96 2,000 $10.00 Open Market
BCM 03/13/96 700 $10.00 Open Market
ART 03/14/96 100 $10.00 Open Market
BCM 03/15/96 1,200 $10.00 Open Market
BCM 03/18/96 1,000 $10.00 Open Market
BCM 03/18/96 200 $ 9.875 Open Market
BCM 03/19/96 600 $10.00 Open Market
BCM 03/20/96 1,200 $10.00 Open Market
BCM 03/22/96 1,700 $10.00 Open Market
BCM 03/25/96 300 $10.00 Open Market
ART 03/27/96 1,700 $10.00 Open Market
BCM 03/28/96 1,000 $10.00 Open Market
BCM 03/29/96 1,200 $10.00 Open Market
BCM 04/01/96 100 $10.00 Open Market
BCM 04/02/96 700 $10.00 Open Market
ART 04/02/96 1,000 $10.00 Open Market
BCM 04/03/96 3,000 $10.00 Open Market
ART 04/04/96 200 $10.00 Open Market
ART 04/08/96 600 $10.00 Open Market
ART 04/09/96 1,200 $10.00 Open Market
BCM 04/09/96 100 $ 9.50 Open Market
BCM 04/09/96 900 $ 9.625 Open Market
ART 04/09/96 2,000 $10.00 Open Market
BCM 04/10/96 1,000 $10.00 Open Market
ART 04/11/96 200 $10.00 Open Market
ART 04/12/96 2,800 $10.00 Open Market
BCM 04/12/96 1,900 $10.00 Open Market
BCM 04/15/96 1,500 $10.00 Open Market
BCM 04/16/96 2,600 $10.00 Open Market
BCM 04/16/96 100 $10.00 Open Market
BCM 04/18/96 400 $10.00 Open Market
BCM 04/19/96 800 $10.00 Open Market
BCM 04/22/96 200 $10.00 Open Market
BCM 04/24/96 100 $10.00 Open Market
BCM 04/25/96 100 $10.00 Open Market
BCM 04/26/96 1,000 $10.00 Open Market
BCM 04/29/96 100 $ 9.750 Open Market
BCM 04/29/96 400 $ 9.875 Open Market
BCM 04/29/96 500 $10.00 Open Market
ART 05/01/96 300 $10.00 Open Market
BCM 05/03/96 500 $ 9.50 Open Market
</TABLE>
*Reflects presplit shares and presplit share prices.
Item 6. Contracts, Arrangements, Understandings or Relationships with respect
to Securities of the Issuer.
14
<PAGE> 15
Item 6 is hereby amended to read as follows:
ART has pledged 13,875 shares to Advest, pledged 4,500 shares to The
Advisors Group, pledged 13,500 shares to Alex Brown (TX), pledged 4,500 shares
to Arnold Securities, pledged 18,000 shares to Baker & Co., pledged 96,038
shares to Bear Stearns, pledged 22,500 shares to Bidwell, pledged 13,500 shares
to Brokerage Svcs Div., pledged 7,350 shares to Brown & Co., pledged 18,075
shares to C.J. Lawrence, pledged 17,000 shares to Cowen & Co., pledged 1,500
shares to Dain Bosworth, pledged 34,644 shares to Dean Witter (CA), pledged
12,000 shares to Dillon Read, pledged 8,100 shares to Equitable, pledged 37,757
shares to Everen Sec. (CA), pledged 24,150 shares to Everen Sec. (TX), pledged
15,000 shares to First Southwest, pledged 18,000 shares to Global Strategies,
pledged 42,807 shares to Goldman Sachs, pledged 18,000 shares to Hambrecht &
Quist, pledged 29,675 shares to Interstate/J.L., pledged 22,500 shares to JB
Oxford, pledged 3,000 shares to Jefferies (TX), pledged 4,300 shares to JW
Charles, pledged 15,000 shares to Josephthal, Lyon, pledged 19,500 shares to
Kirpatrick Pettis, pledged 25,500 shares to Legg Mason (NY), pledged 30,000
shares to Legg Mason (TX), pledged 10,500 shares to Lombard, pledged 3,000
shares to Marsh Block, pledged 5,550 shares to May Financial, pledged 30,000
shares to McDonald & Co., pledged 22,500 shares to Montgomery, pledged 19,500
shares to Morgan Keegan, pledged 24,000 shares to Mutual Securities, pledged
78,707 shares to NationsBanc Cap., pledged 6,000 shares to Nationwide Sec.,
pledged 22,500 shares to Olde, pledged 37,500 shares to Oppenheimer (NY),
pledged 42,257 shares to Oppenheimer (TX), pledged 6,000 shares to Pacific
Brokerage, pledged 33,000 shares to The Principal, pledged 25,500 shares to
Quick & Reilly, pledged 34,500 shares to Rauscher Pierce, pledged 31,500 shares
to Regions Investment, pledged 3,750 shares to Roney & Co., pledged 15,825
shares to Securities of America, pledged 24,000 shares to Thomas F. White,
pledged 20,250 shares to Tucker Anthony, pledged 6,000 shares to UBS
Securities, pledged 11,500 shares to Wachovia, pledged 12,000 shares to
Washington Discount and pledged 38,663 shares to Wedbush Morgan in stock margin
accounts maintained by it with such brokers.
BCM has pledged 5,850 shares to Advest, pledged 15,000 shares to the
Advisors Group, pledged 22,050 shares to Allied, pledged 9,000 shares to
American Express Financial, pledged 6,550 shares to Baker & Co., pledged 21,375
shares to Bear Stearns, pledged 4,050 shares to Brokerage Svcs Div., pledged
6,000 shares to Brown & Co., pledged 6,000 shares to C.J. Lawrence, pledged
2,000 shares to Chatfield Dean, pledged 1,500 shares to Chemical Sec., pledged
9,000 shares to Cowen & Co., pledged 5,400 shares to Dean Witter (CA), pledged
10,500 shares to Dillon Read, pledged 8,500 shares to Everen Sec. (CA), pledged
7,500 shares to Everen Sec (TX), pledged 10,500 shares to H.D. Vest, pledged
6,450 shares to Hambrecht & Quist, pledged 10,500 shares to Interstate/J.L.,
pledged 2,000 shares to JB Oxford, pledged 6,000 shares to Kirpatrick Pettis,
pledged 7,500 shares to Legg Mason (NY), pledged 3,000 shares to Legg Mason
(TX), pledged 7,500 shares to Lombard, pledged 3,000 shares to NationsBanc
Cap., pledged 3,000 shares to The Ohio Co., pledged 9,000 shares to Olde,
pledged 23,437 shares to Oppenheimer (TX), pledged 4,500 shares to The
Principal, pledged 3,000 shares to Raymond James, pledged 3,000 shares to
Regions Investment, pledged 7,500 shares to Rodman & Renshaw, pledged 8,250
shares to Signet, pledged 4,500 shares to Southwest Sec., pledged 7,000 shares
to Wachovia, pledged 1,000 shares to Wedbush Morgan, and pledged 4,500 shares
to Worthen in stock margin accounts maintained by it with such brokers.
15
<PAGE> 16
CMET has pledged 15,000 shares to Goldman Sachs, pledged 48,000 shares
to JW Charles and pledged 16,500 shares to Neuberger in stock margin accounts
maintained by it with such brokers.
SAMLP has pledged 26,475 shares to Bear Stearns in stock margin
accounts maintained by it with such broker.
GEP Trust has pledged 46,500 shares to Dean Witter (NY) in stock
margin accounts maintained by it with such broker.
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: May 14, 1996.
SYNTEK ASSET MANAGEMENT, L.P.
By: Syntek Asset Management, Inc.
Managing General Partner
By: /s/ RANDALL M. PAULSON
------------------------------------
Randall M. Paulson
President
AMERICAN REALTY TRUST, INC.
By: /s/ KARL L. BLAHA
------------------------------------
Karl L. Blaha
President
BASIC CAPITAL MANAGEMENT, INC.
By: /s/ DREW D. POTERA
------------------------------------
Drew D. Potera
Treasurer
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
17
