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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
American Business Financial Services, Inc.
(Name of Issuer)
Common Stock, $.001 par value
(Title of Class of Securities)
02476B106
(CUSIP Number)
Orin S. Kramer
Kramer Spellman, L.P.
2050 Center Avenue, Suite 300
Fort Lee, New Jersey
07024
(201) 592-1234
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 4, 1998
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of SS 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [ ].
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SCHEDULE 13D
CUSIP No. 02476B106
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Kramer Spellman, L.P.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable a[ ]
b[ ]
3. SEC USE ONLY
4. SOURCE OF FUNDS*
OO
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
None
8. SHARED VOTING POWER
SHARES
BENEFICIALLY 164,600
OWNED BY
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON None
WITH
10. SHARED DISPOSITIVE POWER
164,600
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
164,600
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.7%
14. TYPE OF REPORTING PERSON*
PN
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SCHEDULE 13D
CUSIP No. 02476B106
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Orin S. Kramer
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable a[ ]
b[ ]
3. SEC USE ONLY
4. SOURCE OF FUNDS*
OO
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
7. SOLE VOTING POWER
None
8. SHARED VOTING POWER
SHARES
BENEFICIALLY 164,600
OWNED BY
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON None
WITH
10. SHARED DISPOSITIVE POWER
164,600
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
164,600
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.7%
14. TYPE OF REPORTING PERSON*
IN
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SCHEDULE 13D
CUSIP No. 02476B106
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jay S. Spellman
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable a[ ]
b[ ]
3. SEC USE ONLY
4. SOURCE OF FUNDS*
OO
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
7. SOLE VOTING POWER
None
8. SHARED VOTING POWER
SHARES
BENEFICIALLY None
OWNED BY
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON None
WITH
10. SHARED DISPOSITIVE POWER
None
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
None
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
14. TYPE OF REPORTING PERSON*
IN
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This statement amends and supplements the information set forth in the
Schedule 13D filed by the Reporting Persons (as defined therein) with the
Securities and Exchange Commission on November 7, 1997, and constitutes
Amendment No. 1 to the Schedule 13D. Capitalized terms used herein without
definition shall have the meaning assigned to such terms in the Schedule 13D.
Item 5. Interest in Securities of the Issuer
Item 5 of the Schedule 13D is revised and amended in its entirety as
set forth below:
(a)-(b) On the date of this Statement:
(i) Mr. Kramer has beneficial ownership for purposes of Section 13(d)
of the Securities Exchange Act of 1934 ("Beneficial Ownership") of 164,600
shares of the Common Stock, par value $.001 per share, of American Business
Financial Services, Inc. ("Common Stock") by virtue of his position as general
partner of KS. Such shares represent 4.7% of the issued and outstanding Common
Stock. Mr. Kramer shares voting power and dispositive power over the Common
Stock with Kramer Spellman, L.P. ("KS").
(ii) Mr. Spellman no longer has Beneficial Ownership of any Common
Stock as a result of his withdrawal as a general partner of KS effective as of
December 31, 1997. Accordingly, Mr. Spellman no longer shares voting power or
dispositive power over the Common Stock with Mr. Kramer and KS.
(iii) KS has Beneficial Ownership of 164,600 shares of Common Stock by
virtue of its position as general partner of, or discretionary investment
manager to, the Partnerships and Managed
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Accounts, as the case the may be, holding such shares of Common Stock. Such
shares represent 4.7% of the issued and outstanding Common Stock. KS shares
voting power and dispositive power over such shares with Mr. Kramer.
The percentages used herein are calculated based upon the 3,523,406
shares of Common Stock stated to be issued and outstanding as of February 1,
1998, as reflected in the Company's Annual Report on Form 10-QSB for the three
months ended December 31, 1997.
(c) The trading dates, number of shares sold and the average price per
share (including commissions, if any) for all transactions by the Reporting
Persons during the past 60 days are set forth in Schedule I hereto. All such
transactions were over-the-counter transactions.
(d) No person other than each respective record owner referred to
herein of shares of Common Stock is known to have the right to receive or the
power to direct the receipt of dividends from or the proceeds upon the sale of
shares of Common Stock, except that the respective shareholders, partners or
owners as relevant, of the Partnerships and the Managed Accounts have the right
to participate in the receipt of dividends from or the proceeds upon the sale of
shares of Common Stock held for their respective accounts.
(e) Effective December 31, 1997, Mr. Spellman ceased to be the
Beneficial Owner of more than 5% of the outstanding shares of Common Stock as a
result of his withdrawal as a general partner of KS as of that date.
Additionally, effective May 4,
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1998, both KS and Mr. Kramer each ceased to be a Beneficial Owner of more than
5% of the outstanding shares of Common Stock.
Item 7. Material to be Filed as Exhibits
Joint Filing Agreement among KS, Mr. Kramer and Mr. Spellman, dated
November 7, 1997 (filed as Exhibit 99 to the initial Schedule 13D and
incorporated herein by reference).
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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.
May 11, 1998.
KRAMER SPELLMAN L.P.
By: /s/ Orin S. Kramer
_____________________________
Name: Orin S. Kramer
Title: General Partner
/s/ Orin S. Kramer
_____________________________
Orin S. Kramer
/s/ Jay S. Spellman
_____________________________
Jay S. Spellman
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Schedule I
__________
Date Shares Sold Price Per Share
____ ___________ _______________
03/09/98 2,000 25.189
03/13/98 3,000 24.439
03/19/98 500 24.450
03/24/98 1,000 25.439
04/02/98 3,000 23.939
04/03/98 500 23.940
04/07/98 2,000 24.002
04/21/98 2,500 24.564
04/24/98 45,000 23.542
05/04/98 60,000 24.466
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