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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
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)
April 24, 1998
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 the
disclosures provided in a prior cover page.
The information required in 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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CUSIP No. 761195205 13G Page 2 of 12 Pages
---------------- ------ -----
- --------------------------- --------------------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Kramer Spellman, L.P.
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
None
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 540,000
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
540,000
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
540,000
- ---------- ---------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
8.3%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 761195205 13G Page 3 of 12 Pages
--------------- ----- ------
- ------------------------- -----------------------------
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Orin S. Kramer
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5 SOLE VOTING POWER
1,800
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 540,000
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 1,800
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
540,000
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
541,800
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
8.3%
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12 TYPE OF REPORTING PERSON*
IN
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 761195205 13G Page 4 of 12 Pages
------------------ - ----- ------
- ---------------------------- ----------------------------
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Jay S. Spellman
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5 SOLE VOTING POWER
None
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY None
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
None
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- ---------- ---------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.0%
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- ---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 761195205 13G Page 5 of 12 Pages
---------------- ---- ---------
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Boston Provident Partners, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a)
(b)
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
295,200
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY None
OWNED BY
------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 295,200
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
None
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
295,200
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.5%
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTION BEFORE FILLING OUT!
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Item 1(a): Name of Issuer:
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Resource America, Inc. (the "Company").
Item 1(b): Address of Issuer's Principal Executive
- ---------- ---------------------------------------
Offices:
--------
1521 Locust Street
Philadelphia, Pennsylvania 19102
Items 2(a) Name of Person Filing; Address of Principal
- ---------- -------------------------------------------
and 2(b): Business Office:
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This Statement is being filed by (1) Kramer
Spellman, L.P., a Delaware limited
partnership ("KS"); (2) Orin S. Kramer, in
his capacity as (i) general partner of KS,
(ii) an individual holder of Common Stock,
par value $.01, of the Company ("Common
Stock"), and (iii) a discretionary investment
manager of his minor children's investment
accounts; (3) Jay S. Spellman, in his
capacity as a former general partner of KS
("Mr. Spellman"); and (4) Boston Provident
Partners, L.P., a Delaware limited
partnership ("Boston Provident"). KS serves
as a general partner to investment
partnerships, including Boston Provident, and
as a discretionary investment manager to
managed accounts. The principal offices of KS
and Boston Provident are located at 2050
Center Avenue, Suite 300, Fort Lee, New
Jersey 07024, which is also the business
address of Mr. Kramer and Mr. Spellman.
The shares of Common Stock which are the
subject of this Statement are held directly
by investment partnerships for which KS
serves as the general partner, managed
accounts for which KS serves as discretionary
investment manager (collectively, the
"Partnerships and Managed Accounts"), and by
Mr. Kramer.
Item 2(c): Citizenship:
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Mr. Kramer and Mr. Spellman are both United
States citizens.
Item 2(d): Title of Class of Securities:
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Common stock, par value $.01 per share.
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Item 2(e): CUSIP Number:
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761195205
Item 3: If this statement is filed pursuant to
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ss.240.13d-1(b) or 240.13d-2(b) or (c),
------------------------------------------
check whether the person filing is a:
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Not Applicable.
Items 4(a)-(c): Ownership:
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As of April 24, 1998:
(1) KS had beneficial ownership of 540,000
shares of Common Stock by virtue of its
position as general partner of, or
discretionary investment manager to, the
Partnerships and Managed Accounts, as the
case may be, holding such shares of Common
Stock. Such shares represent 8.3% of the
issued and outstanding Common Stock. KS
shares voting power and dispositive power
over such shares with Mr. Kramer.
(2) Mr. Kramer had beneficial ownership of
541,800 shares of Common Stock by virtue of
his position as (i) general partner of KS
(540,000 shares of Common Stock representing
8.3%), and (ii) an individual holder of
Common Stock and discretionary investment
manager of his minor children's investment
accounts (1800 shares of Common Stock
representing less than 0.1%). Such shares
represent 8.3% of the issued and outstanding
Common Stock. Mr. Kramer has sole voting
power and dispositive power over the shares
of Common Stock described in (ii) above, and
shares voting power and dispositive power
over the shares of Common Stock described in
(i) above with KS.
(3) Mr. Spellman no longer had beneficial
ownership of any Common Stock as a result of
his withdrawal as a general partner of KS
effective as of December 31, 1997.
Accordingly, Mr. Spellman no longer shares
voting power or dispositive power over the
Common Stock with Mr. Kramer or KS.
(4) Boston Provident had beneficial ownership
of 295,200 shares of Common Stock by virtue
of its sole ownership of such shares of
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Common Stock. Such shares represent 4.5% of
the issued and outstanding Common Stock.
The percentages used herein are calculated
based upon the 4,748,537 shares of Common
Stock stated to be issued and outstanding as
of January 31, 1998, as reflected in the
Company's Quarterly Report on Form 10-Q for
the three months December 31, 1997, and the
1,753,044 shares of Common Stock issued by
the Company in a secondary offering reported
on April 24, 1998.
Item 5: Ownership of Five Percent or Less of a Class:
- ------- ---------------------------------------------
Effective December 31, 1997, Mr. Spellman
ceased to be the beneficial owner of more
than five percent of the outstanding shares
of Common Stock as a result of his withdrawal
as a general partner of KS as of that date.
Additionally, effective April 24, 1998,
Boston Provident ceased to be the beneficial
owner of more than five percent of the
outstanding shares of Common Stock.
Item 6: Ownership of More than Five Percent
- ------- -----------------------------------
on Behalf of Another Person:
----------------------------
No person other than each respective record
owner of shares of Common Stock referred to
herein is known to have the right to receive
or the power to direct the receipt of
dividends from, or proceeds upon the sale of,
shares of Common Stock, except that the
respective shareholders, partners or owners,
as relevant, of the Partnerships and the
Managed Accounts have the right to
participate in the receipt of dividends from,
or proceeds upon the sale of, the shares of
Common Stock held for their respective
accounts.
Item 7: Identification and Classification of the
- ------- ----------------------------------------
Subsidiary Which Acquired the Security Being
--------------------------------------------
Reported on By the Parent Holding Company:
-----------------------------------------
Not Applicable.
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Item 8: Identification and Classification of
- ------- ------------------------------------
Members of the Group:
---------------------
Not Applicable.
Item 9: Notice of Dissolution of Group:
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Not Applicable.
Item 10: Certification:
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By signing below each of the undersigned
certifies that, to the best of the
undersigned's knowledge and belief, the
securities referred to above were not
acquired and are not held for the purpose of
or with the effect of changing or influencing
the control of the issuer of the securities
and were not acquired and are not held in
connection with or as a participant in any
transaction having that purpose or effect.
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SIGNATURE
After reasonable inquiry and to the best of the undersigned's knowledge
and belief, each of the undersigned certifies that the information set forth in
this Statement is true, complete and correct.
Dated: April 28, 1998
KRAMER SPELLMAN, L.P.
By: /s/ Orin S. Kramer
Name: Orin S. Kramer
Title: General Partner
/s/ Orin S. Kramer
Orin S. Kramer
/s/ Jay S. Spellman
Jay S. Spellman
BOSTON PROVIDENT PARTNERS, L.P.
By: Kramer Spellman, L.P.
By: /s/ Orin S. Kramer
Name: Orin S. Kramer
Title: General Partner
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EXHIBIT INDEX
Exhibit A: Joint Filing Agreement, dated April 28, 1998,
among the signatories to this Schedule 13G.
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Exhibit A
JOINT FILING AGREEMENT
PURSUANT TO RULE 13d-1(k)(1)
The undersigned acknowledge and agree that the foregoing Statement on
Schedule 13G is filed on behalf of each of the undersigned and that all
subsequent amendments to the Statement on Schedule 13G shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
filing agreements. The undersigned acknowledge that each shall be responsible
for the timely filing of such amendments, and for the completeness and accuracy
of the information concerning it contained therein, but shall not be responsible
for the completeness and accuracy of the information concerning the others,
except to the extent that it knows or has reason to believe that such
information is inaccurate. This Agreement may be executed in any number of
counterparts and all of such counterparts taken together shall constitute one
and the same instrument.
Dated: April 28, 1998
KRAMER SPELLMAN, L.P.
By: /s/ Orin S. Kramer
Name: Orin S. Kramer
Title: General Partner
/s/ Orin S. Kramer
Orin S. Kramer
/s/ Jay S. Spellman
Jay S. Spellman
BOSTON PROVIDENT PARTNERS, L.P.
By: Kramer Spellman, L.P.
By: /s/ Orin S. Kramer
Name: Orin S. Kramer
Title: General Partner