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<TABLE>
FORM 4 U.S. SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
WASHINGTON, D.C. 20549 OMB NUMBER: 3235-0287
[ ] Check this box if no longer Expires: May 31, 1994
subject to Section 16. Form 4 Estimate average burden
or Form 5 obligations may STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP hours per response.....0.5
continue. See Instructions 1(b)
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section
17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the
Investment Company Act of 1940
1.Name and Address of Reporting Person 2. Issuer Name and Ticker 6. Relationship of Reporting Person to Issuer
Gotham Partners, L.P./Gotham or Trading Symbol (Check all applicable)
Partners II, L.P./Section H Director X 10% Owner
Partners, L.P./William A. Allstar Inns, Inc. ----- -----
Ackman/David P. Berkowtiz
(Last) (First) (Middle) 3. IRS or Social Security 4. Statement for Officer (give Other
Number of Reporting Month/Year ----- title -----(specify
c/o Gotham Partners, L.P. Person (voluntary) below) below)
237 Park Avenue, 9th Floor 13-3700768 May, 1996
(Street) 5 If Amendment,
Date of Original
(Month/Year) --------------------------------
New York, New York 10017 October, 1995
(City) (State) (Zip)
<CAPTION>
TABLE I NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired 5. Amount of 6. Owner- 7. Nature
(Instr. 3) action action (A)or Disposed of (D) Securities ship of
Date Code Benefic- Form: Indirect
(Instr. 8) (Instr. 3, 4 and 5) ially Direct Bene-
(Month/ Owned at (D) or ficial
Day/ Code V Amount (A) or Price End of Indirect Owner-
Year) (D) Month (I) ship
(Instr. 3 (Instr. (Instr.
and 4) 4) 4)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock* 5/2/96 P 184 A $22.00 112,461 D
Common Stock** 5/2/96 P 2,800 A $22.00 2,850 D
Common Stock* 5/15/96 P 1,950 A $22.25 112,461 D
Common Stock** 5/15/96 P 50 A $22.25 2,850 D
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
(Print or Type Responses) SEC 1474 (8-92)
</TABLE>
<TABLE>
<CAPTION>
1.Title of 2.Conver- 3.Trans- 4.Transac- 5.Number of 6.Date Exer- 7.Title 8.Price 9.Number 10.Owner- 11.Na-
Derivative sion or action tion Code Derivative cisable and Amount of of Deriv- ship ture
Security Exercise Date (Instr. 8) Securities and Expir- of Under- Deriv- ative Form of In-
(Instr. 3) Price (Month/ Acquired (A) ation Date lying ative Secur- of De- direct
of Day/ or Disposed (Month/ Securities Secur- ities rivative Bene-
Deriva- Year) of (D) Day/Year) ity Bene- Secu- ficial
tive (Instr. 3,- (Instr. 3 (Instr ficially rity; Own-
Security 4, and 5) and4) . 5) Owned Direct ership
at End (D) or (Instr
Amount of Indi- . 4)
Date Expir- or Month rect (I)
Exer- ation Title Number (Instr. (Instr.
cisa- Date of 4) 4)
Code V (A) (D) ble Shares
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GOTHAM PARTNERS, L.P., and GOTHAM PARTNERS II, L.P.
* Represents securities acquired or beneficially owned by By: Section H Partners, L.P., its general partner
Gotham Partners, L.P.
** Represents securities acquired or beneficially owned by
Gotham Partners II, L.P. By: KARENINA CORPORATION, By: DPB CORPORATION,
general partner of Section H general partner of Section H
This statement also reports the indirect interest of Partners, L.P. Partners, L.P.
Section H Partners, L.P., in the common stock of William A. Ackman, President David P. Berkowitz, President
Allstar Inns, Inc., by virtue of its being a general
partner of each of Gotham Partners, L.P. and Gotham
Partners II, L.P.
/s/ William A. Ackman 6/10/96
---------------------------------------------- -------------
**Signature of Reporting Person Date
/s/ David P. Berkowitz 6/10/96
---------------------------------------------- -------------
**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. See 18 U.S.C. 1001 and 15.
U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. Page 2
If space provided is insufficient, see Instruction 6 for procedure. SEC 1474 (8-92)
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