<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Resource America, Inc.
(Name of Issuer)
Common Stock, .01 par value
(Title of Class of Securities)
761195205
(CUSIP Number)
George Abraham
FBR Ashton, Limited Partnership
1001 19th Street, North
18th Floor
Arlington, Virginia
22209
(703) 312-9707
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
July 24, 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 [ ].
Page 1 of 15
Exhibit Index Appears on Page 13
<PAGE> 2
SCHEDULE 13D
CUSIP NO. 761195205
---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FBR Ashton, Limited Partnership
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
276,780
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
370,750
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
276,780
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
370,750
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
370,750
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.15%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*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> 3
SCHEDULE 13D
CUSIP NO. 761195205
---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FBR Opportunity Fund, Ltd. Class A
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
37,225
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
370,750
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
37,225
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
370,750
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
370,750
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.15%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
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> 4
SCHEDULE 13D
CUSIP NO. 761195205
---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FBR Private Equity Fund, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
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
28,595
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
370,750
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
28,595
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
370,750
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
370,750
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.15%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*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> 5
SCHEDULE 13D
CUSIP NO. 761195205
---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Friedman Billings Ramsey & Co., Inc
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
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
28,150
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
370,750
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
28,150
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
370,750
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
370,750
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.15%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
BD, 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> 6
SCHEDULE 13D
CUSIP NO. 761195205
---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Friedman Billings Ramsey Investment Management, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
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
None
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
370,750
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
None
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
370,750
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
370,750
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.15%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, 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> 7
SCHEDULE 13D
CUSIP NO. 761195205
---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FBR OFFSHORE MANAGEMENT, INC.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
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
None
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
370,750
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
None
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
370,750
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
370,750
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.15%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
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> 8
Item 1. Security and Issuer
This statement on Schedule 13D (the "Statement") relates to the
Common Stock, par value .01 per share (the "Common Stock"), of Resource
America, Inc., a Delaware corporation (the "Company"). The principal executive
offices of the Company are located at 1521 Locust Street, Philadelphia,
Pennsylvania 19102.
Item 2. Identity and Background
The Statement is being filed by (1) FBR Ashton, Limited Partnership,
a Maryland limited partnership ("Ashton"), (2) FBR Opportunity Fund, Ltd. Class
A, a Bermuda chartered corporation ("Opportunity Fund"), (3) FBR Private Equity
Fund, L.P., a Delaware limited partnership ("Equity Fund"), (4) Friedman
Billings Ramsey & Co., Inc., a Delaware corporation, ("FBR"), (5) Friedman
Billings Ramsey Investment Management, Inc. ("Investment Management"), a
Delaware corporation and (6) FBR Offshore Management, Inc. a Delaware
Corporation ("Offshore Management") (collectively referred to herein as the
"Reporting Persons").
Ashton, the Opportunity Fund and the Equity Fund are investment
entities. Investment Management, a registered investment advisor serves as a
general partner to Ashton and the Equity Fund and as a discretionary investment
manager to these accounts. Likewise, Offshore Management is a registered
investment advisor that serves the Opportunity Fund as discretionary investment
manager. FBR is a registered broker-dealer. The principal offices of the
Reporting Persons other than the Opportunity Fund are located at 1001 19th
Street, North, Arlington, Virginia 22209. The principle offices of the
Opportunity Fund are located at 44 Church Street, Hamilton, HM FX Bermuda.
None of the Reporting Persons has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors) during the
last five years.
During the last five years, none of the Reporting Persons has been 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 3. Sources and Amounts of Funds or Other Consideration
Ashton, the Opportunity Fund, the Equity Fund and FBR expended an
aggregate of approximately $11,192,188(excluding brokerage commissions, if any)
to purchase the 358,150 shares of Common Stock purchased by them on July 24,
1997. The source of funds for each purchase was from the working
<PAGE> 9
capital of Ashton, the Opportunity Fund, the Equity Fund and FBR, as the case
may be.
Item 4. Purpose of Transaction
The purpose of the acquisition of the shares of Common Stock by each
of the Reporting Persons is for investment. Each Reporting Person may,
depending on market conditions, make further purchases of Common Stock from
time to time and may dispose of any or all of the shares of Common Stock held
by it at any time or effect other transactions which could result in any of the
actions specified in clauses (a) through (j) of Item 4 of the Instructions to
Schedule 13D.
Except as set forth above, the Reporting Persons do not have any
present plans or proposals that relate to or would result in any of the actions
required to be described in Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer
(a)-(b) On the date of this Statement:
(i) Ashton is the direct beneficial owner of 276,780 shares of Common
Stock, which constituted approximately 6.08% of the issued and outstanding
Common Stock.
(ii) The Opportunity Fund is the direct beneficial owner of 37,225
shares of Common Stock, which constituted approximately .82% of the issued and
outstanding Common Stock.
(iii) The Equity Fund is the direct beneficial owner of 28,595 shares
of Common Stock, which constituted approximately .63% of the issued and
outstanding Common Stock.
(iv) FBR is the direct beneficial owner of 28,150 shares of Common
Stock, which constituted approximately .62% of the issued and outstanding
Common Stock.
Each of Ashton, the Opportunity Fund, the Equity Fund and FBR may be
deemed to own beneficially (as defined in Rule 13d-3 promulgated under the
Securities Exchange Act of 1934, as amended) the shares of Common Stock
directly owned beneficially by each other due to their common control.
Each of such persons disclaims beneficial ownership of such shares of Common
Stock for all other purposes. In addition, each of Ashton, the Opportunity
Fund, the Equity Fund and FBR may be deemed to share the power to vote or to
direct the vote and to dispose or to direct the disposition
<PAGE> 10
of the shares of Common Sock directly owned beneficially by each other.
Investment Management in its capacity as general partner and
investment manager to Ashton and the Equity Fund, and Offshore Management in
its capacity as investment manager to the Opportunity Fund, may be deemed to own
beneficially (as defined in Rule 13d-3 promulgated under the Securities
Exchange Act of 1934, as amended) the shares of Common Stock directly owned
beneficially by Ashton and the Equity Fund and the Opportunity Fund,
respectively, as well as the other Reporting Persons due to their common
control. Each of such persons disclaims beneficial ownership of such
shares of Common Stock for all other purposes. In addition, each of Investment
Management and Offshore Management may be deemed to share the power to vote or
to direct the vote and to dispose or to direct the disposition of the shares of
Common Sock directly owned beneficially by the Reporting Persons.
The percentages used herein are calculated based upon the 4,549,746
shares of Common Stock stated to be issued and outstanding as of July 24, 1997,
based on discussions with Resource America, Inc.
(c) The trading dates, number of shares purchased and price per share
(including commissions, if any) for all transactions by the Reporting Persons
during the past 60 days are set forth in Schedule I hereto. All such
transactions occurred in a privately negotiated purchase.
(d) No person other than each respective record owner referred to
herein of shares of Common Stock is known to have the right to receive or the
power to direct the receipt of dividends from or the proceeds of sale of shares
of Common Stock.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings, or
Relationships with Respect to Securities of the Issuer.
None.
Item 7. Material to be Filed as Exhibits
Exhibit A: Joint Filing Agreement among the Reporting
Persons.
<PAGE> 11
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.
July 31, 1997.
FBR ASHTON, LIMITED PARTNERSHIP
By: /s/ George Abraham
----------------------------------------
Managing Director of General Partner
FBR OPPORTUNITY FUND, LTD. CLASS A
By: /s/ George Abraham
----------------------------------------
Alternate Director
FBR PRIVATE EQUITY FUND, L.P.
By: /s/ George Abraham
----------------------------------------
Managing Director of General Partner
FRIEDMAN BILLINGS RAMSEY & CO., INC.
By: /s/ Emanuel J. Friedman
----------------------------------------
Chairman
FRIEDMAN BILLINGS RAMSEY
INVESTMENT MANAGEMENT, INC.
By: /s/ George Abraham
----------------------------------------
Managing Director
FBR OFFSHORE MANAGEMENT, INC.
By: /s/ George Abraham
----------------------------------------
Managing Director
<PAGE> 12
Schedule I
<TABLE>
<CAPTION>
Shares Price
Name Date Purchased Per Share
- ---- ---- --------- ---------
<S> <C> <C> <C>
FBR Ashton Limited 7/24/97 266,180 $31.25
Partnership
FBR Private Equity 7/24/97 32,225 31.25
Fund, L.P.
FBR Opportunity Fund, 7/24/97 28,595 31.25
Ltd., Class A
Friedman Billings Ramsey 7/24/97 28,150 31.25
& Co., Inc.
</TABLE>
<PAGE> 13
Exhibit Index
<TABLE>
<CAPTION>
Exhibit Page No.
- -------- --------
<S> <C>
Exhibit A: Joint Filing Agreement, dated
July 31, 1997, among
FBR Ashton, Limited Partnership
FBR Opportunity Fund, LTD. Class A
FBR Private Equity Fund, L.P.
Friedman Billings Ramsey & Co., Inc.
Friedman Billings Ramsey Investment
Management, Inc.
FBR Offshore
Management, Inc.
</TABLE>
<PAGE> 1
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on Schedule 13D dated
July 31, 1997 with respect to the Common Stock of Resource America, Inc. is,
and any amendments thereto signed by each of the undersigned shall be, filed on
behalf of each of us pursuant to and in accordance with the provisions of Rule
13d-1(f) under the Securities Exchange Act of 1934.
This Agreement may be executed in counterparts, each of which shall
for all purposes be deemed to be an original and all of which shall constitute
one and the same instrument.
Dated: July 31, 1997
FBR ASHTON, LIMITED PARTNERSHIP
By: /s/ George Abraham
--------------------------------
Managing Director of General Partner
FBR OPPORTUNITY FUND, LTD. CLASS A
By: /s/ George Abraham
--------------------------------
Alternate Director
FBR PRIVATE EQUITY FUND, L.P.
By: /s/ George Abraham
--------------------------------
Managing Director of General Partner
FRIEDMAN BILLINGS RAMSEY & CO., INC.
By: /s/ Emanuel J. Friedman
--------------------------------
Chairman
FRIEDMAN BILLINGS RAMSEY
INVESTMENT MANAGEMENT, INC.
By: /s/ George Abraham
--------------------------------
Managing Director
FBR OFFSHORE MANAGEMENT, INC.
By: /s/ George Abraham
--------------------------------
Managing Director
