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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)
TIS Mortgage Investment Company
(Name of Issuer)
Common Stock
(Title of Class of Securities)
872527106
(CUSIP Number)
Benjamin L. Douglas
Shartsis Friese & Ginsburg LLP
One Maritime Plaza, 18th Floor
San Francisco, CA 94111
(415) 421-6500
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
March 20, 1998
(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(e), 13d-1(f) or 13d-1(g), check
the following box / /.
Note: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7(b) 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).
Potential persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays
a currently valid OMB control number.
SEC 1746 (10-97)<PAGE>
<PAGE>
CUSIP No. 872527106 Page 2 of 11 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Thomas Bruce Akin
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- ---------------------------------------------------------------------------
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
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 76,300
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 36,500
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 76,300
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
36,500
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
112,800
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.4%
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
<PAGE>
<PAGE>
CUSIP No. 872527106 Page 3 of 11 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Karen Hochster Akin
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- ---------------------------------------------------------------------------
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
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 12,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
12,000
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,000
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
<PAGE>
<PAGE>
CUSIP No. 872527106 Page 4 of 11 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Genevieve Hochster Trust
22-652-7812
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New Jersey
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH -0-
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
<PAGE>
<PAGE>
CUSIP No. 872527106 Page 5 of 11 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Blair S. Akin
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- ---------------------------------------------------------------------------
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
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 5,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,000
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,000
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
<PAGE>
<PAGE>
CUSIP No. 872527106 Page 6 of 11 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Kyle Peterson Akin
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- ---------------------------------------------------------------------------
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
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 13,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
13,000
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,000
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2%
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
<PAGE>
<PAGE>
CUSIP No. 872527106 Page 7 of 11 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
IRS IDENTIFICATION NO. OF ABOVE PERSON
Blake Douglas Akin
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- ---------------------------------------------------------------------------
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
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 6,500
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
6,500
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,500
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1%
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
<PAGE>
<PAGE>
CUSIP No. 872527106 Page 8 of 11 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of Common Stock (the "Stock") of TIS
Mortgage Investment Company ("TIS"). The principal executive office of TIS
is located at 655 Montgomery Street, San Francisco, CA 94111.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this statement and the persons enumerated in Instruction
C of Schedule 13D and, where applicable, their respective places of
organization, general partners, directors, executive officers and controlling
persons, and the information regarding them, are as follows:
(a) The names of the persons filing this statement are Thomas Bruce
Akin (Thomas Akin), Karen Hochster Akin ("Karen Akin"), Genevieve Hochster
Trust (the "Trust"), Blair S. Akin ("Blair Akin"), Kyle Peterson Akin ("Kyle
Akin"), Blake Douglas Akin ("Blake Douglas Akin") (collectively, the
"Filers").
(b) The address of the filers is 10 Via Elverano, Tiburon, CA 94920.
(c) Thomas Akin is the Manager of Talkot Capital, LLC, which is located
at 2400 Bridgeway, Suite 200, Sausalito, CA 94965. Karen Akin is a
homemaker. Blair Akin, Kyle Akin and Blake Akin are minors.
(d) During the last five years, none of the Filers has been convicted
in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) During the last five years, none of the Filers 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.
(f) All of the Filers who are natural persons are citizens of the
United States of America. The Trust is organized under the laws of New
Jersey.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used in purchasing the Stock were as follows:
Purchaser Source of Funds Amount
Thomas Akin PF $162,137.50
Karen Akin PF $ 25,500.00
The Trust PF Not applicable
Blair Akin PF $ 10,625.00
Kyle Akin PF $ 27,625.00
Blake Akin PF $ 13,812.50
<PAGE>
<PAGE>
CUSIP No. 872527106 Page 9 of 11 Pages
ITEM 4. PURPOSE OF TRANSACTION.
The Filers have acquired the Stock primarily for investment. The Filers are
concerned with the deteriorating performance of TIS and its management's
inability to perform. The costs of operating TIS continue to increase as a
percent of equity. The Filers may seek representation on the Board of
Directors of TIS to influence fiduciary action, including, but not limited
to, decreasing management expenses and actions to increase shareholder value.
The Filers intend to review continuously their options with respect to their
investment in the Stock and expressly reserve their right to (a) purchase
additional shares of the Stock; (b) dispose of all or part of their holdings
of the Stock by public or private sales or otherwise, at such prices and on
such terms as they may deem advisable; or (c) take such other action with
respect to their investment in the Stock as they may deem appropriate,
including meeting or consulting with the management or the Board of Directors
of TIS to discuss TIS's assets, corporate structure, dividend policies,
capital operations, properties management and personnel or potential
extraordinary transactions such as a merger, reorganization or liquidation of
TIS or any of its assets or subsidiaries, and contacting other stockholders
of TIS to discuss corporate strategy or any of the foregoing matters.
Except as set forth above, the Filers have no present plans or proposals that
would result in or relate to any of the transactions described in Item 4 of
Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The beneficial ownership of the Stock of the persons named in Item 2 of this
statement is as follows at the date hereof:
Aggregate
Beneficially
Owned Voting Power Dispositive Power
Name Number Percent Sole Shared Sole Shared
Thomas Akin 112,800 1.4% 76,300 36,500 76,300 36,500
Karen Akin 12,000 0.1% -0- 12,000 -0- 12,000
The Trust -0- 0.0% -0- -0- -0- -0-
Blair Akin 5,000 0.1%- -0- 5,000 -0- 5,000
Kyle Akin 13,000 0.2% -0- 13,000 -0- 13,000
Blake Akin 6,500 0.1% -0- 6,500 -0- 6,500
The persons filing this statement effected the following transactions in the
Stock on the dates indicated, and such transactions are the only transactions
in the Stock by the persons filing this statement since January 18, 1998:
<PAGE>
<PAGE>
CUSIP No. 872527106 Page 10 of 11 Pages
Purchase Number Price Per
Name or Sale Date of Shares Share ($)
Thomas Akin S 3/17/98 14,000 2.1875
Blair Akin S 3/17/98 6,000 2.1875
Karen Akin S 3/17/98 25,000 2.1875
The Trust S 3/20/98 20,000 2.3125
Thomas Akin S 3/23/98 100,000 2.25
Thomas Akin S 3/24/98 149,100 2.1875
Thomas Akin S 3/25/98 9,100 2.375
All transactions were executed as open market transactions.
The Filers ceased to beneficially own more than five percent of the
outstanding shares of the Stock as of March 20, 1998.
ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Thomas Akin is the trustee of the Trust, the guardian of Blair Akin and Kyle
Akin and the custodian of Blake Akin. As such, he has the power to vote the
Stock held by such persons and to direct the receipt of dividends from, or
the proceeds from the sale of, the Stock held by such persons. In addition,
Thomas Akin shares such power with respect to the Stock held by Karen Akin,
who is his wife.
<PAGE>
<PAGE>
CUSIP No. 72527106 Page 11 of 11 Pages
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Not applicable.
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I certify that
the information set forth in this statement is true, complete and correct.
DATED: May 21, 1998
/s/ Thomas Bruce Akin
Thomas Bruce Akin
/s/ Karen Hochster Akin
Karen Hochster Akin
GENEVIEVE HOCHSTER TRUST
By: /s/ Thomas Bruce Akin
Thomas Bruce Akin, Trustee
BLAIR S. AKIN
By: /s/ Thomas Bruce Akin
Thomas Bruce Akin, Guardian
KYLE PETERSON AKIN
By: /s/ Thomas Bruce Akin
Thomas Bruce Akin, Guardian
BLAKE DOUGLAS AKIN
By: /s/ Thomas Bruce Akin
Thomas Bruce Akin, Custodian
