<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMMENDMENT NO. 28)*
AMERICAN REALTY TRUST, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $0.01 Par Value
- --------------------------------------------------------------------------------
(Title of Class of Securities)
029-177-409
------------------------------------------------------------
(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)
March 31, 1994
------------------------------------------------------------
(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 ammendment 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 informtion 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. 029-177-409 PAGE 2 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
Nevada
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 1,105,951
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 1,105,951
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,105,951
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
37.0%
- --------------------------------------------------------------------------------
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> 3
SCHEDULE 13D
CUSIP NO. 029-177-409 PAGE 3 OF 17 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
National Operating, L.P.
75-2163170
- --------------------------------------------------------------------------------
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
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 48,933
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 48,933
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
48,933
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.6%
- --------------------------------------------------------------------------------
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> 4
SCHEDULE 13D
CUSIP NO. 029-177-409 PAGE 4 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
Texas
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 24,583
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 24,583
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
24,583
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.8%
- --------------------------------------------------------------------------------
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> 5
SCHEDULE 13D
CUSIP NO. 029-177-409 PAGE 5 OF 17 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Clifton Phillips
###-##-####
- --------------------------------------------------------------------------------
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
United States of America
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 445
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 445
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
445
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than one-tenth of one percent
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*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. 029-177-409 PAGE 6 OF 17 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ryan T. Phillips
###-##-####
- --------------------------------------------------------------------------------
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
United States of America
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 445
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
1,130,979*
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 445
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
1,130,979*
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,130,979*
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
37.9%* *Includes shares reported by Other Reporting Persons.
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*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
SCHEDULE 13D
CUSIP NO. 029-177-409 PAGE 7 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
California
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 204,522
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
-0-
OWNED BY
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 204,522
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
204,522
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.8%
- --------------------------------------------------------------------------------
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> 8
AMERICAN REALTY TRUST, INC.
CUSIP NO. 029-177-409
Item 1. Security and Issuer
Item 1 is hereby amended to read as follows:
This amendment relates to the Common Shares, $0.01 par value (the
"Shares"), of American Realty Trust, Inc., a Georgia corporation (the "Trust"),
successor to American Realty Trust, a District of Columbia business trust, and
amends the statement on Schedule 13D filed on September 24, 1993. The
principal executive offices of the Trust 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 Gene E. Phillips
("Phillips"), Basic Capital Management, Inc. ("BCM"), Continental Mortgage and
Equity Trust ("CMET"), National Operating, L.P. ("NOLP"), the Gene E. Phillips
Children's Trust (the "GEP Trust") and Ryan Phillips (collectively the
"Reporting Persons").
Gene E. Phillips, BCM, CMET, NOLP, the GEP Trust and Ryan Phillips may
be deemed to constitute a "person" within the meaning of Section 13 (d) of the
Securities Exchange Act of 1934, as amended, because BCM is beneficially owned
by a trust established for the benefit of Mr. Phillips' children and the
executive officers of BCM are also executive officers of CMET. Ryan Phillips
is a director of BCM and the adult son of Gene E. Phillips. Mr. Phillips is a
general partner of Syntek Asset Management, L. P . ("SAMLP"), which is the
general partner of NOLP and Mr. Phillips' children, including Ryan T. Phillips,
are beneficiaries 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 was known as National Realty Advisors, Inc. until it changed
its name on October 1, 1992.
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 a
follows:
8
<PAGE> 9
<TABLE>
<CAPTION>
Name Position(s) with BCM
- ---- ----------- ---- ---
<S> <C>
Oscar W. Cashwell President & Director of Property
and Asset Management
Hamilton P. Schrauff Executive Vice President and
Chief Financial Officer
Karl L. Blaha Executive Vice President -Director
Commercial Management
Clifford A. Towns, Jr. Executive Vice President,
Finance
Thomas A. Holland Senior Vice President and
Chief Accounting Officer
Robert A. Waldman Vice President, Corporate
Counsel and Secretary
Drew D. Potera Vice President, Treasurer
and Securities Manager
Ryan T. Phillips Director
M. Ned Phillips Director
</TABLE>
Oscar W. Cashwell's business address is 10670 North Central
Expressway, Suite 600, Dallas, Texas 75231. Mr. Cashwell's present principal
occupation is the President of BCM. Mr. Cashwell is a citizen of the United
States of America.
Mr. Schrauff's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Schrauff's present principal occupation
is Executive Vice President and Chief Financial Officer of BCM. Mr. Schrauff
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. Blaha's business address is 10670 North Central Expressway, Suite
600, Dallas, Texas 75231. Mr. Blaha's present principal occupation is
Executive Vice President - Director of Commercial Management of BCM. Mr. Blaha
is a citizen of the United States of America.
9
<PAGE> 10
Mr. Holland's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Holland's present principal occupation is
Senior Vice President and Chief Accounting Officer of BCM. Mr. Holland 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. Waldman's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Waldman's present principal occupation is
Vice President, Corporate Counsel and Secretary of BCM. Mr. Waldman is a
citizen of the United States of America.
M. Ned Phillips' business address is 264 Rolling Hills Circle,
Gaffney, South Carolina 29340. M. Ned Phillips' present principal occupation
is owner of Phillips Remodeling Co. M. Ned Phillips is a citizen of the United
States of America.
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.
(II) NOLP 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 NOLP is 10670 North Central Expressway, Suite
600, Dallas, Texas 75231.
NOLP has no officers or directors. The general partner of NOLP is
SAMLP. The general partners of SAMLP are Syntek Asset Management, Inc. and Mr.
Phillips who, through his position as a general partner of SAMLP, is a
controlling person of NOLP.
Gene E. Phillips' business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Phillips' present principal occupation is
Chief Executive Officer of Syntek West, Inc. Mr. Phillips is a citizen of the
United States of America.
(III) 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. As of March 31, 1994, the Trust owned 30.4% of
CMET's outstanding
10
<PAGE> 11
securities. 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>
Oscar W. Cashwell President
Hamilton P. Schrauff Executive Vice President and
Chief Financial Officer
Karl L. Blaha Executive Vice President -
Director of Commercial
Management
Thomas A. Holland Senior Vice President and
Chief Accounting Officer
Robert A. Waldman Vice President and Secretary
Drew D. Potera Treasurer
Willie K. Davis Trustee
Raymond V.J. Schrag Trustee
Randall K. Gonzalez Trustee
Bennett B. Sims Trustee
Ted P. Stokely Trustee
Geoffrey C. Etnire Trustee
Dan L. Johnston Trustee
A. Bob Jordan Trustee
</TABLE>
Information with respect to Messrs. Cashwell, Holland, Schrauff,
Blaha, Waldman and Potera is disclosed in (I) above.
Mr. Davis' business address is 333 Union Street, Suite 400, Nashville,
Tennessee 37201. Mr. Davis' present principal occupation is Chairman of
Mid-South Financial Corporation. Mr. Davis is a citizen of the United States
of America.
11
<PAGE> 12
Mr. Schrag's business address is 36 West 44th Street, Suite 1407, New
York, New York 10036. Mr. Schrag's present principal occupation is an
Attorney in New York. Mr. Schrag is a citizen of the United States of America.
Mr. Gonzalez's business address is 4455 Alpha Road, Building 2,
Dallas, Texas 75244. Mr. Gonzalez's present principal occupation is Vice
President of TMC Realty Advisors, Inc. Mr. Gonzalez is a citizen of the United
States of America.
Mr. Sims' business address is 529 W. 42nd Street, #8N, New York, New
York 10036. Mr. Sims' present principal occupation is Professor at New York
University. Mr. Sims is a citizen of the United States of America.
Mr. Etnire's business address is 4900 Hopyard Road, Suite 260,
Pleasanton, California 94588. Mr. Etnire's present principal occupation is an
Attorney. Mr. Etnire is a citizen of the United States of America.
Mr. Stokely's business address is 10670 North Central Expressway,
Suite 600, 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. Johnston's business address is 645 Madison Avenue, Suite 2200,
New York, New York 10022. Mr. Johnston's present principal occupation is an
Attorney. Mr. Johnston is a citizen of the United States of America.
Mr. Jordan's business address is 6051 North Brookline, Suite 119,
Oklahoma City, Oklahoma 73112. Mr. Jordan's present principal occupation is
an Attorney. Mr. Jordan is a citizen of the United States of America.
(IV) The GEP Trust is a trust formed under the laws of Texas for the
benefit of the children of Mr. Phillips. The trustee of the GEP Trust is Mr.
Phillips' brother, Donald W. Phillips. Information with respect to Mr. Phillips
is disclosed in (II) above.
Donald W. Phillips' business address is 10670 North Central
Exepressway, Suite 600, 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.
During the last five (5) years, (i) none of the persons enumerated in
(I) through (VI) above has been convicted in a criminal proceeding (excluding
traffic violations and similar misdemeanors) and (ii) none of such persons was
a party to a
12
<PAGE> 13
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 4. Purpose of the Transaction
Item 4 is hereby amended to read as follows:
The purpose of the acquisition of the Shares by BCM is for investment
and additionally, to better align the interests of BCM with the Shareholders of
the Trust.
The Reporting Persons consider the Shares to be an attractive
investment and anticipate that they may, subject to prevailing market
conditions, availability of financing and other factors, increase their
ownership of the Trust through additional market purchases.
Item 5. Interest in Securities of the Issuer
Item 5(a), 5(b) and 5(c) are hereby amended to read as follows:
(a) Share Ownership
The following tables show the Shares owned directly and beneficially
by the persons named in Item 2 hereof on the date of this statement:
<TABLE>
<CAPTION>
Shares Owned Directly
---------------------
Number of Percent of
Name Shares Class (1)
- ---- --------- ----------
<S> <C> <C>
BCM 1,105,951 37.0%
CMET 204,522 6.8
NOLP 48,933 1.6
Phillips 0 0
GEP Trust 24,583 0.8
Ryan Phillips 445 *
TOTAL 1,384,879 46.4%
</TABLE>
13
<PAGE> 14
<TABLE>
<CAPTION>
Shares Owned Beneficially
-------------------------
Number of Percent of
Name Shares Class (1)
- ---- --------- ----------
<S> <C> <C>
BCM 1,105,951 37.0%
CMET 204,522 6.8
NOLP 48,933 1.6
GEP Trust 24,583 0.8
Ryan Phillips (2)(3) 1,130,979 37.9
M. Ned Phillips (2) 1,105,951 34.3
Phillips (4) 48,933 1.6
Total shares beneficially owned
by Reporting Persons 1,384,879 46.4%
</TABLE>
__________________
* less than one-tenth of one percent
(1) Percentage calculations are based upon 2,981,677 Shares outstanding at
March 31, 1994. Total and addends may not match due to rounding.
(2) May be deemed to be the beneficial owner of Shares held directly by BCM
by virtue of the relationship to BCM described in Item 2.
(3) May be deemed to be the beneficial owner of Shares held directly by the
GEP Trust by virtue of the relationship to GEP Trust described in
Item 2.
(4) May be deemed to be the beneficial owner of Shares held directly by NOLP
by virtue of the relationship to NOLP described in Item 2.
(b) Voting and Dispositive Power
The Trustee of GEP Trust has complete voting and dispositive power
over the 24,583 Shares held by the GEP Trust. Mr. Phillips shares voting and
dispositive power over the 48,933 Shares held by NOLP. Each of the Trustees of
CMET share voting and dispositive power over the 204,522 Shares held by CMET.
Each of the Directors of BCM exercise voting and dispositive power over the
1,105,951 Shares held by BCM. Ryan T. Phillips has complete voting and
dispositive power over the 445 Shares held directly by him.
(c) Transactions in Securities
14
<PAGE> 15
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 02/16/94 800 $12.75 Open Market
BCM 02/24/94 600 $12.75 Open Market
BCM 02/25/94 100 $12.75 Open Market
BCM 02/28/94 400 $12.75 Open Market
BCM 03/02/94 100 $12.75 Open Market
BCM 03/02/94 1,000 $12.75 Open Market
BCM 03/02/94 1,000 $12.75 Open Market
BCM 03/03/94 1,000 $12.75 Open Market
BCM 03/03/94 700 $12.75 Open Market
BCM 03/07/94 300 $12.75 Open Market
BCM 03/30/94 1,000 $12.75 Open Market
BCM 03/30/94 1,000 $12.75 Open Market
BCM 03/30/94 1,000 $12.75 Open Market
BCM 03/30/94 500 $12.75 Open Market
BCM 03/31/94 700 $12.75 Open Market
</TABLE>
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
Item 6 is hereby amended to read as follows:
BCM has pledged 20,000 shares to Advest, Inc., pledged 166,667 shares
to the Bank of Baltimore, pledged 90,266 Shares to Bear Stearns & Co., pledged
19,936 shares to Brown & Company Securities Corporation, pledged 12,200 shares
to Baker & Co., Inc., pledged 20,000 shares to Cowen & Company, pledged 21,000
shares to Dillon Read and Co., Inc., pledged 56,600 shares to Dean Witter
Reynolds, pledged 27,000 shares to First National Brokers, pledged 10,000
shares to Gruntal & Co., pledged 21,700 shares to Hambrest & Quist
Incorporated, pledged 17,000 shares to Howard, Weil, Labouisse, Friedrichs,
Incorporated, pledged 24,900 shares to IDS Financial Services, Inc., pledged
12,000 shares to Kennedy Cabot & Company, pledged 27,000 shares to Legg Mason
Wood Walker, Incorporated, pledged 10,000 shares to Lehman Brothers, pledged
20,000 shares to Lombrad Institutional Brokerage, pledged 20,281 shares to
Mabon Securities Corp., pledged 10,000 shares to the Ohio Company, pledged
10,000 shares to Paine Webber, pledged 73,583 shares to Piper Jaffray, pledged
20,000 shares to Quick & Reilly, pledged 10,000 shares to Rodman & Renshaw,
pledged 28,600 shares to Southwest Securities, pledged 20,000 shares to
Shearson Lehman Hutton, pledged 25,000 shares to Alex Brown, pledged 27,800
shares to H D Vest Financial Services, pledged 19,055 shares to Kidder Peabody,
pledged
15
<PAGE> 16
25,000 shares to Olde Discount Stock Brokers, pledged 19,700 shares to Addison
Securities, Inc., pledged 22,000 shares to Capital Institutional, Inc., pledged
20,000 shares to CJ Lawrence, Inc., pledged 5,000 shares to First Alabama
Investments, Inc., pledged 20,263 shares to First National Brokerage, pledged
20,500 shares to Kemper Securities Group, Inc., pledged 19,400 shares to
Kirpatrick Pettis, pledged 20,000 shares to Northpark Securities, Inc., pledged
20,000 shares to Eppler, Guerin and Turner, Inc., pledged 20,000 shares to
Signet Financial Services, Inc., pledged 18,200 shares to Wachovia Brokerage
Service, pledged 10,000 shares to Worthen Financial Services and pledged 26,100
shares to Scottsdale Securities, Inc. in stock margin accounts maintained by it
with such brokers.
NOLP has pledged 48,933 shares to Shearson Lehman Hutton in stock
margin accounts maintained by it with such broker.
CMET has pledged 40,700 shares to Scottsdale Securities,
Inc., pledged 7,700 shares to Jeffries & Co., pledged 114,781 shares to
Neuberger & Berman and pledged 41,341 shares to Smith Barney in stock margin
accounts maintained by it with such brokers.
16
<PAGE> 17
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in the statement is true, complete and
correct.
Dated: April 8, 1994
BASIC CAPITAL MANAGEMENT, INC.
By:/s/ Oscar W. Cashwell
Oscar W. Cashwell
President
NATIONAL OPERATING, L.P.
By: Syntek Asset Management, L.P.
General Partner
By:/s/ Gene E. Phillips
Gene E. Phillips
a General Partner
GENE E. PHILLIPS CHILDREN'S TRUST
By:/s/ Donald W. Phillips
Donald W. Phillips
Trustee
CONTINENTAL MORTGAGE AND EQUITY TRUST
By:/s/ Oscar W. Cashwell
Oscar W. Cashwell
President
RYAN PHILLIPS
By:/s/ Ryan T. Phillips
Ryan T. Phillips
17
