<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 34)*
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)
June 19, 1997
-----------------------------------
(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
5,245,360
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
5,245,360
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,245,360
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
43.0%
- --------------------------------------------------------------------------------
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 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
195,732
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
195,732
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
195,732
- --------------------------------------------------------------------------------
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 13 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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
98,332
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
98,332
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
98,332
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.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
818,088
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
818,088
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
-0-
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
818,088
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.7%
- --------------------------------------------------------------------------------
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 October 17, 1996.
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 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
Thomas A. Holland Executive Vice President and
Chief Financial Officer
Clifford C. Towns, Jr. Executive Vice President - Finance
Karl L. Blaha Executive Vice President -
Commercial Asset Management
Mark W. Branigan Executive Vice President
</TABLE>
6
<PAGE> 7
<TABLE>
<CAPTION>
Name Position(s) with BCM
- ---- --------------------
<S> <C>
Bruce A. Endendyk Executive Vice President
A. Cal Rossi, Jr. Executive Vice President
Cooper B. Stuart Executive Vice President
Dan S. Allred Senior Vice President -
Land Development
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.
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. Blaha's business address is 10670 North Central Expressway, Suite 600,
Dallas, Texas 75231. Mr. Blaha's present principal occupation is Executive Vice
President - Commercial Asset Management of BCM. Mr. Blaha is a citizen of the
United States of America.
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. 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. Rossi's business address is 10670 North Central Expressway, Suite 600,
Dallas, Texas 75231. Mr. Rossi's present principal occupation is Executive Vice
President of BCM. Mr. Rossi is a citizen of the United States of America.
7
<PAGE> 8
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.
Mr. Allred's business address is 10670 North Central Expressway, Suite
600, Dallas, Texas 75231. Mr. Allred's present principal occupation is Senior
Vice President - Land Development of BCM. Mr. Allred 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 April 30, 1997, the Company owned 40.6% 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, Chief
Financial Officer and Secretary
Karl L. Blaha Executive Vice President -
Commercial Asset Management
Mark W. Branigan Executive Vice President
Bruce A. Endendyk Executive Vice President
Robert A. Waldman Senior Vice President
and General Counsel
Drew D. Potera Vice President and Treasurer
Ted P. Stokely Trustee
Edward L. Tixier Trustee
Martin L. White Trustee
Edward G. Zampa Trustee
</TABLE>
Information with respect to Messrs. Paulson, Holland, Blaha, Branigan,
Endendyk, Waldman and Potera is disclosed in (I) above.
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. Martin is Chairman and Chief Executive Officer of Community Based
Developers, Inc. Mr. Martin is a citizen of the United States of America.
Mr. Zampa's business address is Number Fifty Osgood 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.
Mr. Tixier's business address is 110 Longhorn Lane, Dripping Springs,
Texas. Mr. Tixier's present principal occupation is President of Tixier, Inc.
Mr. Tixier is a citizen of the United States of America.
9
<PAGE> 10
(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 GET 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 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:
Shares Owned Directly
---------------------
<TABLE>
<CAPTION>
Number of Percent of
Name Shares Class (1)
- ---- --------- ----------
<S> <C> <C>
BCM 5,245,360 43.0%
CMET 818,088 6.7%
NOLP 195,732 1.6%
GET Trust 98,332 0.8%
TOTAL 6,192,812 50.8%
</TABLE>
Shares Owned Beneficially
-------------------------
<TABLE>
<CAPTION>
Number of Percent of
Name Shares Class (1)
- ---- --------- ----------
<S> <C> <C>
BCM 5,245,360 43.0%
CMET 818,088 6.7%
NOLP 195,732 1.6%
GET Trust 98,332 0.8%
Ryan T. Phillips (2)(3) 5,343,692 43.8%
M. Ned Phillips (2) 5,245,360 43.0%
Phillips (4) 98,332 .8%
Total shares beneficially
owned by Reporting Persons 6,192,812 50.8%
</TABLE>
- ---------------
10
<PAGE> 11
(1) Percentage calculations are based upon 12,194,644 Shares outstanding at
April 30, 1997. 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
GET Trust by virtue of the relationship to GET 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 GET Trust has complete voting and dispositive power over
the 98,332 Shares held by the GET Trust. Each of the Trustees of CMET share
voting and dispositive power over the 818,088 Shares held by CMET. Each of the
Directors of BCM exercise voting and dispositive power over the 5,245,360
Shares 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 Date Shares Per Share Transaction
- --------- -------- --------- --------- -----------
<S> <C> <C> <C> <C>
BCM 04/17/97 1,900 $12.500 Open Market
BCM 04/23/97 2,100 $12.500 Open Market
BCM 04/25/97 1,100 $12.500 Open Market
BCM 04/28/97 900 $12.500 Open Market
BCM 04/28/97 1,000 $12.500 Open Market
BCM 04/28/97 1,000 $12.500 Open Market
BCM 04/28/97 1,000 $12.500 Open Market
BCM 04/29/97 700 $12.500 Open Market
BCM 04/30/97 300 $12.500 Open Market
BCM 04/30/97 2,000 $12.500 Open Market
BCM 05/01/97 600 $12.500 Open Market
BCM 05/02/97 5,500 $12.500 Open Market
BCM 05/02/97 1,000 $12.500 Open Market
BCM 05/05/97 1,000 $12.500 Open Market
BCM 05/05/97 10,000 $12.500 Open Market
BCM 05/07/97 1,000 $12.375 Open Market
BCM 05/08/97 500 $12.000 Open Market
BCM 05/08/97 5,000 $11.750 Open Market
BCM 05/08/97 9,000 $12.000 Open Market
BCM 05/08/97 500 $11.875 Open Market
BCM 05/08/97 8,000 $12.000 Open Market
BCM 05/09/97 4,500 $11.750 Open Market
BCM 05/12/97 6,500 $11.750 Open Market
BCM 05/12/97 3,700 $11.750 Open Market
BCM 05/13/97 4,800 $11.750 Open Market
BCM 05/13/97 300 $11.750 Open Market
</TABLE>
11
<PAGE> 12
<TABLE>
<CAPTION>
Reporting Number of Price Type of
Person Date Shares Per Share Transaction
- --------- -------- --------- --------- -----------
<S> <C> <C> <C> <C>
BCM 05/14/97 400 $11.750 Open Market
BCM 05/15/97 3,800 $11.750 Open Market
BCM 05/15/97 4,000 $11.750 Open Market
BCM 05/16/97 800 $11.750 Open Market
BCM 05/19/97 200 $11.750 Open Market
BCM 05/20/97 4,000 $11.750 Open Market
BCM 05/20/97 5,500 $11.750 Open Market
BCM 05/20/97 5,000 $11.750 Open Market
BCM 05/20/97 8,000 $11.750 Open Market
BCM 05/21/97 900 $11.750 Open Market
BCM 05/22/97 2,600 $11.750 Open Market
BCM 05/27/97 500 $11.875 Open Market
BCM 05/28/97 1,300 $11.750 Open Market
BCM 05/29/97 200 $11.750 Open Market
BCM 05/30/97 1,300 $11.750 Open Market
BCM 06/02/97 2,000 $11.750 Open Market
BCM 06/02/97 1,700 $11.750 Open Market
BCM 06/02/97 700 $11.750 Open Market
BCM 06/03/97 1,300 $11.750 Open Market
BCM 06/04/97 900 $11.750 Open Market
BCM 06/05/97 600 $11.750 Open Market
BCM 06/06/97 100 $11.750 Open Market
BCM 06/11/97 1,400 $11.750 Open Market
BCM 06/11/97 7,100 $11.750 Open Market
BCM 06/18/97 1,900 $11.750 Open Market
BCM 06/19/97 200 $11.750 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 97,000 shares to Advest, Inc., pledged 4,000 shares to
Allied Research, pledged 100,000 shares to American Express Financial, pledged
79,000 shares to Baker & Co., pledged 30,500 shares to BA Investment Services,
pledged 99,000 shares to Interfirst Capital Corporation, pledged 486,120 shares
to Bear Stearns, pledged 91,144 shares to Brown & Company, pledged 38,500
shares to Christensen Burke, pledged 56,000 shares to Chatfield Dean, pledged
84,000 shares to CJ Lawrence, pledged 94,000 shares to Cowen & Co., pledged
30,100 shares to Cutter & Co., pledged 344,800 shares to Dean Witter, pledged
165,000 shares to Fleet Brokerage Services, pledged 89,000 shares to Global
Strategies, pledged 96,000 shares to Hambrecht & Quist, pledged 500 shares to
Hampshire Securities, pledged 9,200 shares to J.C. Bradford & Co., pledged
85,800 shares to Legg Mason (TX), pledged 25,500 shares to May Financial,
pledged 116,000 shares to McDonald & Company, pledged 211,400 shares to Morgan
Keegan, pledged 104,400 shares to Olde, pledged 101,000 shares to Oppenheimer
(NY), pledged 240,400 shares to Oppenheimer (TX), pledged 76,220 shares to
Paine Webber (WA), pledged 192,000 shares to The Principal, pledged 344,400
shares to Rauscher Pierce, pledged 76,400 shares to Raymond James, pledged
89,052 shares to Regions Investment, pledged 108,800 shares to Signet, pledged
54,400 shares to Southland Securities, pledged 120,800 shares to T.F. White,
pledged 94,000 shares to Wachovia and pledged 121,124 shares to Wedbush Morgan
in stock margin accounts maintained by it with such brokers.
12
<PAGE> 13
BCM has also pledged 465,000 shares to United Pacific and pledged 177,000
shares to Foothill Capital pursuant to loan agreements with such lenders.
NOLP has pledged 195,732 shares to Lehman (NY) in a stock margin account
maintained by it with such broker.
CMET has pledged 165,364 shares to Dean Witter, pledged 30,800 shares to
Jeffries & Co., pledged 162,800 shares to JW Charles and pledged 459,124 shares
to Neuberger & Berman in stock margin accounts maintained by it with such
brokers.
GEP Trust has pledged 98,332 shares to Dean Witter (NY) in a stock margin
account maintained by it with such broker.
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: July 23, 1997.
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
/s/ Donald W. Phillips
--------------------------------------
Donald W. Phillips, Trustee
CONTINENTAL MORTGAGE AND EQUITY TRUST
By: /s/ Randall M. Paulson
--------------------------------------
Randall M. Paulson, President
13
