<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 32)*
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 15, 1996
-----------------------------------
(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 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 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 13 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
2,456,430
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
2,456,430
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,456,430
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
41.9
- --------------------------------------------------------------------------------
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 13 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
97,866
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
97,866
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
97,866
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7
- --------------------------------------------------------------------------------
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 15 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Gene E. Phillips Children's Trust
13-6599759
- --------------------------------------------------------------------------------
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
49,166
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
49,166
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
49,166
- --------------------------------------------------------------------------------
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 13 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
409,044
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
409,044
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
409,044
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.0
- --------------------------------------------------------------------------------
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> 6
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
"Company"), and amends the statement on Schedule 13D filed on March 9, 1995.
The principal executive offices of the Company 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 Basic Capital Management,
Inc. ("BCM"), Continental Mortgage and Equity Trust ("CMET"), National
Operating, L.P. ("NOLP"), and Gene E. Phillips Children's Trust (the "GEP
Trust") (collectively the "Reporting Persons").
BCM, CMET, NOLP, and the GEP Trust 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 Gene E. Phillips' children and the executive officers of BCM
are also executive officers of CMET. Gene E. Phillips ("Phillips") is a
general partner of Syntek Asset Management, L. P. ("SAMLP"), which is the
general partner of NOLP.
(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. It's principal place of business
and principal office is located at 10670 North Central Expressway, Suite 600
Dallas, Texas 75231.
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 as
follows:
<TABLE>
<CAPTION>
Name Position(s) with BCM
---- --------------------
<S> <C>
Randall M. Paulson President
Oscar W. Cashwell Executive Vice President
</TABLE>
6
<PAGE> 7
<TABLE>
<S> <C>
Thomas A. Holland Executive Vice President and
Chief Financial Officer
Clifford C. Towns, Jr. Executive Vice President, Finance
Bruce A. Endendyk Executive Vice President
Cooper B. Stuart Executive Vice President
Mark W. Branigan Executive Vice President
Robert A. Waldman Senior Vice President, General
Counsel and Secretary
Drew D. Potera Vice President, Treasurer and Securities Manager
Mickey Ned Phillips Director
Ryan T. Phillips Director
</TABLE>
Mr. Paulson's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Paulson's present principal occupation is
President of BCM. Mr. Paulson is a citizen of the United States of America.
Oscar W. Cashwell's business address is 10670 North Central
Expressway, Suite 600, Dallas, Texas 75231. Mr. Cashwell's present principal
occupation is the Executive Vice President of BCM. Mr. Cashwell is a citizen of
the United States of America.
Mr. Holland's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Holland's present principal occupation is
Executive Vice President and Chief Financial Officer of BCM. Mr. Holland 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, Finance of BCM. Mr. Towns is a citizen of the United States of
America.
Mr. Endendyk's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Endendyk's present principal occupation
is Executive vice President of BCM. Mr. Endendyk is a citizen of the United
States of America.
Mr. Stuart's business address is 10670 North Central Expressway, Suite
600, Dallas, Texas 75231. Mr. Stuart's present principal occupation is
Executive Vice President of BCM. Mr. Stuart is a citizen of the United States
of America.
7
<PAGE> 8
Mr. Branigan's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Branigan's present principal occupation is
Executive Vice President of BCM. Mr. Branigan 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
Senior Vice President, General Counsel and Secretary of BCM. Mr. Waldman 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.
Mickey 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. Mickey 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 1, 1996, the Company owned 37.7% of
CMET's outstanding securities. The principal place of business and principal
office of CMET is located at 10670 North Central Expressway, Suite 600, Dallas,
Texas 75231.
8
<PAGE> 9
The following is a list of each executive officer and trustee of CMET;
<TABLE>
<CAPTION>
Name Position(s) with CMET
---- ---------------------
<S> <C>
Randall M. Paulson President
Thomas A. Holland Executive Vice President and
Chief Financial Officer
Bruce A. Endendyk Executive Vice President
Robert A. Waldman Senior Vice President, Secretary
and General Counsel
Drew D. Potera Treasurer
Bennett B. Sims Trustee
Ted P. Stokely Trustee
Martin L. White Trustee
John P. Parsons Trustee
Edward G. Zampa Trustee
</TABLE>
Information with respect to Messrs. Paulson, Holland, Endendyk,
Waldman and Potera is disclosed in (I) above.
Mr. Sims, business address is 62 W. 91st Street, Apt #3, New York, New
York 10024. Mr. Sims' present principal occupation is Professor at New York
University. Mr. Sims 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
General Manager of Minority and Elderly Housing Assistance Foundation, Inc. Mr.
Stokely is a citizen of the United States of America.
Mr. White's business address is 8051 Coach Drive, Oakland, California
94605. Mr. White is Chairman and Chief Executive Officer of Community Based
Developers, Inc. Mr. White is a citizen of the United States of America.
Mr. Parsons' business address is 73155 Deer Grass Drive, Palm Desert,
California 92262. Mr. Parsons is chairman and Chief Executive Officer of
Pierpont Corporation. Mr. Parsons is a citizen of the United States of America.
Mr. Zampa's business address is Number Fifty Osgood
9
<PAGE> 10
Place, Suite 110, San Francisco, California 94133. Mr. Zampa is General Partner
of Edward G. Zampa and Company. Mr. Zampa 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
Expressway, 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 (IV) 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 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 Stockholders of
the Company.
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 Company 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:
10
<PAGE> 11
<TABLE>
<CAPTION>
Shares Owned Directly
---------------------
Number of Percent of
Name Shares Class (1)
- ---- --------- ----------
<S> <C> <C>
BCM 2,456,430 41.9%
CMET 409,044 7.0%
NOLP 97,866 1.7%
GEP Trust 49,166 0.8%
TOTAL 3,012,506 51.4%
</TABLE>
<TABLE>
<CAPTION>
Shares Owned Beneficially
-------------------------
Number of Percent of
Name Shares Class (1)
- ---- --------- ----------
<S> <C> <C>
BCM 2,456,430 41.9%
CMET 409,044 7.0%
NOLP 97,866 1.7%
GEP Trust 49,166 0.8%
Ryan T. Phillips (2)(3) 2,505,596 42.7%
M. Ned Phillips (2) 2,456,430 41.9%
Phillips (4) 97,866 1.7%
Total shares beneficially
owned by Reporting Persons 3,012,506 51.4%
</TABLE>
- ---------------------------
(1) Percentage calculations are based upon 5,858,328 Shares outstanding at
March 1, 1996. 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 49,166 Shares held by the GEP Trust. Each of the Trustees of
CMET share voting and dispositive power over the 409,044 Shares held by CMET.
Each of the Directors of BCM exercise voting and dispositive power over the
2,456,430 Shares
11
<PAGE> 12
held by BCM.
(c) Transactions in Securities
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 Data Shares Per Share Transaction
- ------ ---- ------ --------- -----------
<S> <C> <C> <C> <C>
BCM 01/18/96 1,000 $8.375 Open Market
BCM 01/19/96 300 $8.500 Open Market
BCM 01/22/96 100 $8.500 Open Market
BCM 01/22/96 100 $8.250 Open Market
BCM 01/23/96 1,000 $8.500 Open Market
BCM 01/26/96 300 $8.500 Open Market
BCM 02/01/96 200 $9.500 Open Market
BCM 02/02/96 300 $9.500 Open Market
BCM 02/06/96 500 $9.500 Open Market
BCM 02/06/96 200 $9.500 Open Market
BCM 02/07/96 1,000 $9.500 Open Market
BCM 02/07/96 200 $9.500 Open Market
BCM 02/08/96 100 $9.500 Open Market
BCM 02/09/96 700 $9.500 Open Market
BCM 02/12/96 1,000 $9.500 Open Market
BCM 02/14/96 1,166 $9.500 Open Market
BCM 02/15/96 2,000 $9.500 Open Market
BCM 02/20/96 700 $9.500 Open Market
BCM 02/21/96 300 $9.500 Open Market
BCM 02/21/96 1,000 $9.500 Open Market
BCM 02/23/96 1,000 $9.500 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 44,000 shares to Advest, Inc., pledged 52,000 shares
to Advisors Group, pledged 2,000 shares to Allied Research, pledged 50,000
shares to American Express Financial, pledged 36,000 shares to Baker & Co.,
Inc., pledged 366,560 shares to Bear Stearns & Co., pledged 43,272 shares to
Brown & Company, pledged 24,000 shares to Chatfield Dean & Co., pledged 27,000
shares to Chemical Securities, pledged 42,000 shares to CJ Lawrence, Inc.,
pledged 47,000 shares to Cowen & Company, pledged 188,200 shares to Dean
Witter, pledged 50,000 shares to Dillon Read and Co., pledged 137,000 shares to
Everen Sec. (CA), pledged 52,000 shares to Everen Sec. (TX), pledged 58,000
shares to H D Vest Financial Services, pledged 48,000 shares to Hambrecht &
Quist Incorporated, pledged 25,000 shares to Interstate/JL, pledged 2,000
shares to JB Oxford, pledged 40,000 shares to Jefferies (TX), pledged 42,000
shares to Kirkpatrick Pettis, pledged 54,000 shares to
12
<PAGE> 13
Legg Mason, pledged 42,400 shares to Legg Mason (TX), pledged 44,000 shares to
Lombard, pledged 24,000 shares to Montgomery, pledged 120,900 shares to
NationsBank Cap., pledged 36,200 shares to the Ohio Company, pledged 52,000
shares to Olde, pledged 120,200 shares to Oppenheimer (TX), pledged 38,110
shares to Paine Webber (WA), pledged 42,000 shares to The Principal, pledged
44,400 shares to Quick & Reilly, pledged 38,000 shares to Raymond James,
pledged 43,526 shares to Regions Investment, pledged 43,000 shares to Rodman &
Renshaw, pledged 46,000 shares to Signet, pledged 57,200 shares to Southwest
Sec., pledged 45,400 shares to Wachovia, pledged 104,500 shares to Wedbush
Morgan, and pledged 47,500 shares to Worthen in stock margin accounts
maintained by it with such brokers.
NOLP has pledged 97,866 shares to Lehman (NY) in stock margin accounts
maintained by it with such broker.
CMET has pledged 15,400 shares to Jeffries & Co., pledged 81,400
shares to JW Charles, pledged 229,526 shares to Neuberger & Berman, and pledged
82,682 shares to Smith Barney in stock margin accounts maintained by it with
such brokers.
GEP Trust has pledged 49,166 shares to Dean Witter in stock margin
accounts maintained by it with such broker.
13
<PAGE> 14
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 3, 1996.
BASIC CAPITAL MANAGEMENT, INC.
By: /s/ DREW D. POTERA
-----------------------------------
Drew D. Potera
Vice President
NATIONAL OPERATING, L.P.
By: Syntek Asset Management, L.P.
General Partner
By: Syntek Asset Management, Inc.
Managing General Partner
By: /s/ RANDALL M. PAULSON
-------------------------------
Randall M. Paulson
President
GENE E. PHILLIPS CHILDREN'S TRUST
By: /s/ DONALD W. PHILLIPS
-----------------------------------
Donald W. Phillips
Trustee
CONTINENTAL MORTGAGE AND EQUITY TRUST
By: /s/ RANDALL M. PAULSON
-----------------------------------
Randall M. Paulson
President
14
