[TEXT]
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 22, 1997
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Resource America, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-4408 72-0654145
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(State or other jurisdiction (Commission (IRS Employer
incorporation) File Number) Identification No.)
1521 Locust Street, Philadelphia, Pennyslvania 19102
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (215) 546-5005
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Item 5. Other Events.
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Close of Private Placement of Senior Notes. On July 22, 1997, registrant
closed the private placement of $115 million in Senior Notes due August 1,
2004. Net proceeds to the registrant were $110,400,000.
Repayment of $8 million Senior Secured Note. On July 24, 1997, registrant
paid in full a promissory note held by Physicians Insurance Company of Ohio
("PICO"), a wholly owned subsidiary of PICO Holdings, Inc. (NASDAQ:PICO).
The note, in the principal amount of $8,000,000 was due May 25, 2004.
Exercise of Warrants. On July 24, 1997, registrant issued 983,150
unregistered shares of its common stock upon the exercise of all of the
warrants held by Physicians Insurance Company of Ohio. Proceeds to the
Company were $3,662,500. Immediately upon such exercise, PICO further sold
these shares in a private transaction.
Change in membership of the Board of Directors. On July 24, 1997, John R.
Hart, President of PICO Holdings, Inc. resigned as a director of the
registrant. Also on July 24, 1997, Scott F. Schaeffer and Daniel G. Cohen,
officers of the registrant were elected to the Board of Directors of the
registrant to serve until the 1999 and 2000 Annual Meetings of Stockholders
of the registrant, respectively.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
RESOURCE AMERICA, INC.
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(Registrant)
Dated: July 25, 1997 By: /s/Nancy J. McGurk
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Nancy J. McGurk
Vice President - Finance and Treasurer
