SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Final Amendment)*
NAME OF ISSUER: Banyan Short Term Income Trust
TITLE OF CLASS OF SECURITIES: Shares of Beneficial Interest
CUSIP NUMBER: 06683L104000
NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO
RECEIVE NOTICES AND COMMUNICATIONS:
John W. Galuchie, Jr.
Asset Value Fund Limited Partnership
376 Main Street, P. O. Box 74
Bedminster, New Jersey 07921
(908) 234-0300
DATE OF EVENT WHICH REQUIRES FILING: June 9, 1995
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: ________
Check the following 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 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).
(Continued on following pages)
<PAGE>
CUSIP NO.: 06683L104000
1. NAME OF REPORTING PERSON: Asset Value Fund Limited Partnership
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a) (b) X
3. [SEC USE ONLY]
4. SOURCE OF FUNDS: WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e):
6. CITIZENSHIP OR PLACE OF ORGANIZATION: New Jersey
7. SOLE VOTING POWER: 0
8. SHARED VOTING POWER: 0
9. SOLE DISPOSITIVE POWER: 0
10. SHARED DISPOSITIVE POWER: 0
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON: 0
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES:
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0%
14. TYPE OF REPORTING PERSON: PN
<PAGE>
Item 1. SECURITY AND ISSUER.
This Statement is the Final Amendment (this "Schedule") as it relates to
the Schedule 13D dated December 21, 1994, filed on behalf of Asset Value Fund
Limited Partnership ("Asset Value") with regard to the benefcial ownership of
Shares of Benefical Interest, no par value, of Banyan Short Term Income Trust
("Shares"), a Massachusetts business trust which qualifies as a real estate
investment trust (the "Trust"). The principal executive offices of the Trust are
located at 150 South Wacker Drive, Chicago, Illinois 60606.
The capitalized terms used throughout the Final Amendment and the
restatement of all prior Amendments, which are not otherwise defined herein,
shall have the same meaning as in the original Schedule 13D.
Item 2. IDENTITY AND BACKGROUND.
(a), (b) and (c) This Schedule is being filed by Asset Value, a limited
partnership engaged in investing in securities. The sole general partner of
Asset Value is Asset Value Management, Inc. ("Asset Value Management"). Asset
Value Management is a wholly-owned subsidiary of Kent Financial Services, Inc.
("Kent"), whose principal business is the operation of T. R. Winston & Company,
Inc. ("TRW"), its wholly-owned subsididary, which is a securities broker-dealer
registered with the National Assocation of Securities Dealers, Inc. Asset Value,
Asset Value Management, Kent and TRW all maintain offices at 376 Main Street,
Bedminster, New Jersey, 07921. (See Exhibits A and B for information, including
addresses and principal businesses or occupations, about the executive officers
and directors of Asset Value Management and Kent, respectively.)
(d) During the past five years neither Asset Value, Asset Value Management,
Kent, nor any of the persons listed on Exhibits A and B has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) During the past five years, neither Asset Value, Asset Value
Management, Kent, nor any of the persons listed on Exhibits A and B has been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of which was 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.
(f) Asset Value is a New Jersey limited partnership, and Asset Value
Management and Kent are Delaware corporations. TRW is a New Jersey Corporation.
All individuals listed on Exhibits A and B are citizens of the United States.
<PAGE>
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
As of December 30, 1994, Asset Value has acquired 490,300 Shares at an
aggregate purchase price of $962,501.50 including brokerage commissions. Asset
Value utilized funds on hand for the purchase of the Shares.
AMENDMENT NO. 1 Item 3 is hereby amended by the addition of the following:
Since the previous filing, Asset Value has acquired 81,600 additional
Shares at an aggregate purchase price of $164,985.75, including any brokerage
commissions. Asset Value utilized funds on hand for the purchase of the Shares.
AMENDMENT NO. 2 Item 3 is hereby amended by the addition of the following:
Since the previous filing, Asset Value has acquired 81,100 Shares at an
aggregate purchase price of $173,972.00, including any brokerage commissions.
Asset Value utilized funds on hand for the purchase of the Shares.
Item 4. PURPOSE OF TRANSACTION.
Asset Value acquired the Shares for capital appreciation. In Asset Value's
view, the Shares are undervalued because management has not operated the Trust
to maximize shareholder values.
Asset Value believes that the Trust could reduce its overhead and produce a
concomitant increase in earnings. In the opinion of Asset Value, the Trust
should consider selling its assets and reinvesting the proceeds in higher
yielding properties. In this connection, Asset Value may seek control of the
Trust's Board of Trustees, either through negotiation with the current
management or in an election. No specific plans have been drawn that would be
reportable under Item 4 of Schedule 13D.
Depending on market conditions and alternative investment opportunities,
Asset Value may acquire or sell Shares irrespective of other considerations set
forth herein.
<PAGE>
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of the close of business on December 30, 1994, Asset Value
beneficially owned 490,300 Shares representing 7.35% of Shares reported as
outstanding for the quarter ended September 30, 1994.
(b) The information presented in Items 7 through 10 of the cover sheet to
this Schedule 13D is incorporated herein by reference.
(c) Exhibit C annexed hereto sets forth all transactions in Shares effected
by Asset Value in the sixty days preceding the date of this Statement, the dates
of such transactions, and the per Share purchase or sale price. The transactions
reported herein, unless otherwise indicated, were open market transactions
effected on the American Stock Exchange.
AMENDEMENT NO. 1: Item 5 is hereby amended to update the information
provided as follows:
(a) As of the close of business on January 16, 1995, Asset Value
beneficially owned 571,900 Shares, representing 8.58% of the Shares outstanding
based on 6,667,410 Shares outstanding on November 10, 1994, as reported in the
Form 10-QSB for the nine months ended September 30, 1994.
AMENDEMENT NO. 2: Item 5 is hereby amended to update the information
provided as follows:
(a) As of the close of business on March 1, 1995, Asset Value benefically
owned 653,000 Shares which represents 9.79% of Shares outstanding based on the
Shares reported as outstanding in the Form 10-QSB for the nine months ended
September 30, 1994.
FINAL AMENDEMENT: Item 5 is hereby amended to update the information
provided as follows:
On June 9, 1995, Asset Value sold 653,000 Shares at a price of $3.00 per
Share (the "Sale"). The Sale was effected in the third market. There were no
other transactions in Shares by Asset Value in the past sixty days.
<PAGE>
Item 7. MATERIAL TO BE AS EXHIBITS .
Exhibit A - Executive Officers and Directors of Asset Value.
(Incorporated herein by reference to Banyan Schedule 13D
dated December 21, 1994)
Exhibit B - Executive Officers and Directors of Kent.
(Incorporated herein by reference to Banyan Schedule 13D
dated December 21, 1994)
Exhibit C - All transactions in Banyan Shares of Beneficial
Interest effected in the past sixty days from the date
of the original Schedule 13D dated December 21, 1994 and
from the date of each subsequent amendment.
<PAGE>
SIGNATURE
---------
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: June 9, 1995
ASSET VALUE FUND LIMITED PARTNERSHIP
By: Asset Value Management, Inc.
General Partner
/S/ JOHN W. GALUCHIE, JR.
-----------------------------
John W. Galuchie, Jr.
Treasurer and Secretary
<PAGE>
EXHIBIT C
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<S> <C> <C>
NUMBER OF PRICE
DATE SHARES PURCHASED PER SHARE*
- ---- ---------------- ----------
ORIGINAL SCHEDULE 13 FILED ON
DECEMBER 21, 1994:
11/01/94 500 1.75
11/03/94 3,200 1.875
11/04/94 800 1.875
11/07/94 2,400 1.875
11/09/94 500 1.875
11/10/94 500 1.875
11/11/94 3,500 1.875
11/11/94 37,400 2.00
11/15/94 1,000 1.875
11/16/94 1,400 2.00
11/18/94 1,600 2.00
11/21/94 1,400 1.875
11/21/94 1,000 1.875
11/22/94 1,800 1.875
11/23/94 1,500 1.875
11/25/94 1,000 1.875
11/28/94 200 1.875
11/29/94 1,400 1.875
11/30/94 800 1.875
12/01/94 3,600 1.875
12/02/94 2,000 1.875
12/05/94 5,600 1.875
12/06/94 3,100 1.875
12/07/94 1,800 1.875
12/08/94 800 1.875
12/13/94 13,800 1.875
12/13/94 2,900 1.875
12/14/94 2,400 1.875
12/15/94 6,000 1.875
12/15/94 15,300 1.75
12/20/94 6,200 2.00
12/21/94 7,100 2.00
12/22/94 14,600 2.00
12/22/94 7,000 2.00
12/22/94 2,000 2.00
12/23/94 16,900 2.00
12/23/94 6,000 2.00
12/27/94 15,000 2.00
12/27/94 1,900 1.875
12/28/94 32,900 1.875
12/29/94 54,100 2.00
12/29/94 400 1.875
12/30/94 800 1.75
12/30/94 5,000 1.875
<PAGE>
SCHEDULE 13D/A - AMENDMENT 1:
01/03/95 500 1.875
01/04/95 1,200 1.875
01/05/95 1,000 1.875
01/05/95 800 1.9375
01/06/95 100 1.875
01/09/95 400 1.875
01/09/95 2,100 1.9375
01/10/95 1,200 1.875
01/11/95 1,600 1.875
01/11/95 39,000 2.00
01/13/95 4,000 2.00
01/16/95 21,000 2.00
01/16/95 400 2.0625
01/16/95 8,300 2.125
SCHEDULE 13D/A - AMENDMENT 2:
01/28/95 2,800 2.125
02/24/95 2,900 2.125
02/27/95 200 2.125
02/28/95 56,900 2.125
03/01/95 18,300 2.125
NUMBER OF PRICE
DATE SHARES SOLD PER SHARE*
- ---- ------------ ---------
SCHEDULE 13D/A - FINAL:
06/09/95 653,000 3.00
* Exclusive of brokerage commissions, if any.
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