<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
TIS Mortgage Investment Company
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
872527106
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(CUSIP Number)
Lorraine O. Legg
655 Montgomery Street, Suite 800
San Francisco, California 94111
Telephone No. (415) 393-8000
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
December 28, 1999
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(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 (S)(S) 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box 1.
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See (S) 240.13d-7(b) for other
parties to whom copies are to be sent.
(Continued on following pages) (Page 1 of 9 Pages)
___________________
*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).
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SCHEDULE 13D
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CUSIP NO. 872527106 PAGE 2 OF 9 PAGES
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- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Pacific Securitization, Inc.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
California
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SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,613,070
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,613,070
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,613,070
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
18.1%
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TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
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CUSIP NO. 872527106 PAGE 3 OF 9 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
E & L Associates, Inc.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
California
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SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,613,070
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,613,070
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,613,070
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
18.1%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
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CUSIP NO. 872527106 PAGE 4 OF 9 PAGES
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- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Corporate Capital Investment Advisors
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
California
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,613,070
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,613,070
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,613,070
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
18.1%
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TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
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CUSIP NO. 872527106 PAGE 5 OF 9 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lorraine O. Legg
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
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SOLE VOTING POWER
7
NUMBER OF 206,700
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,613,070
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 206,700
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,613,070
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,819,770
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
20.1%
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TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
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CUSIP NO. 872527106 PAGE 6 OF 9 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Patricia M. Howe
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 155,820
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,613,070
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 155,820
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,613,070
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,768,890
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
19.7%
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TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
Item 5. Interest in Securities of the Issuer.
(a) Pacific Securitization, Inc. ("Pacific") directly, and E&L
Associates, Inc. ("E&L") and Corporate Capital Investment Advisors ("CCIA")
indirectly (through their direct and indirect ownership of Pacific), own
1,613,070 shares (or approximately 18.1% of the outstanding shares) of Issuer
Common Stock. Ms. Legg owns 56,700 shares of Issuer Common Stock either directly
or indirectly through certain trusts or an IRA account, has the currently
exercisable right to acquire 150,000 shares of Issuer Common Stock (at an
exercise price of $2.25 per share) under options granted to her by the Issuer,
and indirectly beneficially owns the 1,613,070 shares of Issuer Common Stock
owned by Pacific. The total number of shares that Ms. Legg directly or
indirectly beneficially owns is 1,819,770 shares (or approximately 20.1% of the
outstanding shares) of Issuer Common Stock. Ms. Howe owns 53,820 shares of
Issuer Common Stock either directly or indirectly through an IRA account, has
the currently exercisable right to acquire 100,000 shares of Issuer Common Stock
(at an exercise price of $2.25 per share) under options granted to her by the
Issuer, has the currently exercisable right to acquire 1,000 shares of Issuer
Common Stock (at an exercise price of $1.2513 per share) under options granted
to her by the Issuer, has the currently exercisable right to acquire 1,000
shares of Issuer Common Stock (at an exercise price of $1.08 per share) under
options granted to her by the Issuer, and indirectly beneficially owns the
1,613,070 shares of Issuer Common Stock owned by Pacific. The total number of
shares that Ms. Howe directly or indirectly beneficially owns is 1,768,890
shares (or approximately 19.7% of the outstanding shares) of Issuer Common
Stock.
(b) Pacific, E&L, CCIA, Ms. Legg and Ms. Howe have shared voting and
shared dispositive power with respect to the 1,613,070 shares of Issuer Common
Stock held by Pacific. Ms. Legg has sole voting and sole dispositive power with
respect to the other shares and options held by her. Ms. Howe has sole voting
and sole dispositive power with respect to the other shares and options held by
her.
(c) Except for the grant of the option described in Item 6 below, none
of Pacific, E&L, CCIA, Ms. Legg or Ms. Howe has effected any transactions in
Issuer Common Stock in the last 60 days.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understanding or Relationships With Respect
to Securities of the Issuer.
On December 28, 1999, Pacific granted J. David Schemel, a director of
Issuer, an option (the "Option") to purchase 65,000 Shares, in consideration of
certain past services rendered to Pacific related to Pacific's earlier
acquisition of certain properties (including Novato Markets). The Option has an
exercise price of $0.10 per share (subject to reduction by the amount of any
cash dividends paid after the grant of the Option, but before the Option is
exercised, provided that the exercise price is not reduced below $0.05 per
share), is exercisable immediately and expires on December 27, 2009.
Page 7 of 9
<PAGE>
Item 7. Material to be Filed as Exhibits.
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
1 Joint Filing Agreement*
2 Pacific Securitization Inc. Stock Option Grant for Shares of TIS
Mortgage Investment Company - Stock Option Agreement
</TABLE>
______________
* Previously filed as "Exhibit A" to the Schedule 13D, filed with the Securities
and Exchange Commission on February 12, 1999.
Page 8 of 9
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: January 28, 2000
Pacific Securitization, Inc.
By /s/ Lorraine O. Legg
----------------------------
Lorraine O. Legg, President
E & L Associates, Inc.
By /s/ Lorraine O. Legg
----------------------------
Lorraine O. Legg, President
Corporate Capital Investment Advisors
By /s/ Lorraine O. Legg
----------------------------
Lorraine O. Legg, President
/s/ Lorraine O. Legg
------------------------------
Lorraine O. Legg
/s/ Patricia M. Howe
------------------------------
Patricia M. Howe
Page 9 of 9
<PAGE>
EXHIBIT 2
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PACIFIC SECURITIZATION INC.
STOCK OPTION GRANT
FOR SHARES OF
TIS MORTGAGE INVESTMENT COMPANY
STOCK OPTION AGREEMENT
----------------------
This STOCK OPTION AGREEMENT, dated as of December 28, 1999 ( the "Grant
------------------
Date"), is between PACIFIC SECURITIZATION INC. ("PSI"), and J. DAVID SCHEMEL
-------------------------- ----------------
(the "Optionee).
WHEREAS, PSI desires to afford the Optionee an opportunity to purchase
shares of common stock of TIS Mortgage Investment Company ("TISMIC") as
hereinafter provided.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter
set forth and for other good and valuable consideration, the parties hereto,
intending to be legally bound hereby, agree as follows:
1. Grant of Option. PSI hereby grants to the Optionee the right and
---------------
option (the "Option") to purchase all or any part of an aggregate of 65,000
shares of common stock of TISMIC, par value $0.001 per share, presently owned
by PSI. The Option is in all respects limited and conditioned as hereinafter
provided.
2. Purchase Price. The purchase price of the common shares covered
--------------
by the Option shall be $0.10 per common share. This purchase price shall be
reduced (but not below 50% of the amount in the preceding sentence) by the
amount of cash dividends per common share declared and paid by TISMIC between
the Grant Date and the date the Option is exercised.
3. Term. Unless earlier terminated, this Option shall expire on
----
December 27, 2009 (the "Expiration Date"), which date is not more than 10 years
from the Grant Date. This Option shall not be exercisable on or after the
Expiration Date.
4. Method of Exercising Option. (a) This Option may be exercised by
---------------------------
written notice to PSI at its principal office. Such notice (a suggested form of
which is attached) shall state the election to exercise the Option and the
number of common shares with respect to which it is being exercised, be signed
by the person or persons so exercising the Option, and be accompanied by payment
of the full Option price for such common shares. The Option price shall be paid
to PSI in cash, or by certified check, bank draft or postal or express money
order.
(b) Upon receipt of such notice and payment, PSI shall deliver a
certificate or certificates representing the common shares with respect to which
the Option is so exercised. Such certificate(s) shall be registered in the name
of the person or persons so
<PAGE>
exercising the Option (or, if the Option is exercised by the Optionee and if the
Optionee so requests in the notice exercising the Option, shall be registered in
the name of the Optionee and the Optionee's spouse, jointly, with right of
survivorship) and shall be delivered as provided above to or upon the written
order of the person or persons exercising the Option. In the event the Option is
exercised by any person or persons after the death or disability of the
Optionee, the notice shall be accompanied by appropriate proof of the right of
such person or persons to exercise the Option.
5. Common Shares to be Purchased for Investment. Optionee
--------------------------------------------
understands and acknowledges that the shares covered by the Option have never
been, and in the future may not be, registered under the Securities Act of 1933
and that, as a consequence, those shares are not freely tradable. If and after
Optionee exercises all or any portion of the Option, he will therefore have to
bear the risk of his investment for an unknown period of time. Optionee
understands and agrees that he will not be able to resell or otherwise transfer
any of those shares or any interest in any of those shares unless the shares are
so registered for resale or Optionee obtains a written opinion of counsel,
satisfactory to PSI and TISMIC, to the effect that Optionee may resell the
shares or otherwise transfer an interest in the shares. PSI, TISMIC or both may
require that any person exercising any portion of the Option provide
satisfactory assurances that all shares acquired under the Option are being
acquired for investment for Optionee's account and not with a view to
distribution. Certificates representing the shares may be legended accordingly.
6. Non-Transferability of Option. Notwithstanding Section 4(b), this
-----------------------------
Option is not assignable or transferable, in whole or in part, by the Optionee
other than by will or by the laws of descent and distribution. During the
lifetime of the Optionee, the Option shall be exercisable only by the Optionee
or, in the event of his disability, by his legal representative.
7. Governing Law. This Option Agreement shall be construed in
-------------
accordance with, and its interpretation shall be governed by, California law.
IN WITNESS WHEREOF, PSI has caused the Stock Option Agreement to be
duly executed by its duly authorized officers, and the Optionee has hereunto set
his hand, all on the day and year first above written.
ATTEST: PACIFIC SECURITIZATION INC.
/s/ John E. Castello By: /s/ Lorraine O. Legg
- ---------------------- ------------------------------------
Witness President and Chief Executive Officer
/s/ Kathryne M. Starrit /s/ J. David Schemel
- ------------------------- ------------------------------------
Witness J. David Schemel
<PAGE>
PACIFIC SECURITIZATION INC.
Notice of Exercise of Stock Option
I hereby exercise the stock option granted to me pursuant to a Stock
Option Agreement dated as of ____________, by PACIFIC SECURITIZATION INC. for
the purchase of shares in TIS Mortgage Investment Company, with respect to the
following number of shares of TIS Mortgage Investment Company's common stock,
par value $0.001 per common share, covered by said option:
Number of Common Shares to be purchased ___________
Option price per Common Share $__________
Total Option Price $__________
Enclosed is cash or my check, bank draft or postal or express money order in the
amount of $________________ in full payment for such Common Shares.
Please have the certificate or certificates representing the purchased
Common Shares registered in the following name or names : *
and sent to: _________________________.
DATED: , 19___.
__________________________________
Optionee's Signature
__________________
* Certificates may be registered in the name of the Optionee alone or in the
joint names (with right of survivorship) of the Optionee and his or her spouse.
