<TABLE>
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[] Check this box if no longer U.S. SECURITIES AND EXCHANGE COMMISSION
subject to Section 16. Form 4
or Form 5 obligations may continue. Washington, D.C. 20549
See Instruction 1(b).
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
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 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting Person to
Reporting Person* Issuer (Check all applicable)
Advanced Financial, Inc.
x Director x 10% Owner
- ------------------------------ ----------------------------- ---------------------------
(Last) (First) (Middle) 3. IRS or Social Security 4. Statement for x Officer __ Other
Number of Reporting Month/Year (give title (specify
Person (Voluntary) February 1999 below) below)
Chief Executive Officer and Chairman of the
Board
- ------------------------------ --------------------------- -------------------------------------------
(Street) 5. If Amendment, Date of 7. Individual or Joint/Group Filing
Holtgraves, Philip J. Original(Month/Year (Check applicable line)
x Form filed by One Reporting
Person
__ Form filed by More than One
Reporting Person
- ------------------------ -----------------------------------------------------------------------------------------------------
(City) (State) (Zip) Table 1 - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned.
<S> <C> <C> <C> <C> <C> <C>
- ------------------------ ---------------- ------------ --------------------------- ------------------ --------------- --------
1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Ownership 7.Nature of
(Instr. 3) action action or Disposed of (D) Securities Form: Indirect
date: Code (Instr. 3, 4 and 5) Beneficially Direct Beneficial
(Instr.8) Owned at (D) or Ownership
End of Mth. Indirect (Instr.4)
(Month/ (Instr. 3 (I)
Day/ and 4) (Instr.4)
Year)
------- ---- ---------- ------ ---------
Code V Amount (A) Price
or
(D)
- ------------------------ ---------------- ------- ---- ---------- ------ --------- ------------------ --------------- -------------
Common Stock 2/19/99 P 1,800,000 A (1) 1,800,000 I By: First
Investment
Mortgage Co.
(2)
- ------------------------ ---------------- ------- ---- ---------- ------ --------- ------------------ --------------- -------------
- ------------------------ ---------------- ------- ---- ---------- ------ --------- ------------------ --------------- -------------
- ------------------------ ---------------- ------- ---- ---------- ------ --------- ------------------ --------------- -------------
* If the Form is filed by more than one Reporting Person, see instruction 4(b)(v).
Reminder:Report on a separate line for each class of securities beneficially owned directly or indirectly. (Print or Type Responses)
<PAGE>
FORM 4 (continued) Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants,
options, convertible securities)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1.Title 2.Conver- 3.Trans- 4.Transac- 5.Number of 6.Date Exercisable 7.Title and Amount 8.Price of 9.Number 10.Owner- 11.Nature
of sion or action tion Code Derivative and Expiration Date of Underlying Derivative of Deriv- ship of In-
Deriv- Exercise Date (Instr. 8) Securities (Month/Day/Year) Securities Security ative Form of direct
Secu- Price of (Month/ Acquired(A) (Instr.3 and 4) Instr.5) Securi- Deriv- Bene-
rity Deriv- Day/ or Disposed ties ative ficial
(Inst. ative Year) of(D)(Instr. Benefi- Security; Owner-
3) Security 3, 4, and 5) cially Direct ship
Owned at (D)or (Instr.
End of Indirect 4)
Month (I)
(Instr. (Instr.
4) 4)
---------------------------------------------------------------
Code V (A) (D) Date Expira-
Exer- tion Date
cisable
==================================================================================================================================
2/19/99 2/19/2000 Common 3,000,000 (4) 1 I By:First
Stock $.50 2/19/99 P 1 (3) Stock Investment
Option Mortgage
Co.(1)
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Explanation of Responses: (1) First Mortgage Investment Co. ("FMIC")
released its second mortgage (having a principal balance of $200,000) on the
real property of Advanced Financial Inc. (the "Company"); (2) the Reporting
Person is the trustee of The Philip J. Holtgraves Revocable Trust dated June 6,
1989, which is the sole shareholder of FMIC; (3) For additional consideration,
the option expiration date may be extended to 2/19/2001; and (4) the Company
issued the option to encourage (a) FMIC's participation in the Amended Joint
Plan of Reorganization dated July 29, 1998 (the "Plan") of the Company and its
wholly-owned subsidiary, confirmed by the United States Bankruptcy Court for
the District of Kansas on November 13, 1998 and (b) FMIC's further investment
in the Company.
/s/ Philip J. Holtgraves March 10, 1999
---------------------------------
** 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.
If space provided is insufficient, see Instruction 6 for procedure.
