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<TABLE>
FORM 4 U.S. SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
WASHINGTON, D.C. 20549 OMB NUMBER:
[ ] Check this box if no longer Expires:
subject to Section 16. Form 4 Estimate average burden
or Form 5 obligations may hours per response.....
continue. See Instructions 1(b)
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of
1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
1.Name and Address of Reporting Person 2. Issuer Name and Ticker 6. Relationship of Reporting Person to Issuer
Gotham Partners, L.P./Section H or Trading Symbol (Check all applicable)
Partners, L.P./William Ackman/ Hallwood Realty Partners, L.P.
David Berkowitz Trading Symbol: HRY Director X 10% Owner
----- -----
(Last) (First) (Middle) 3. IRS or Social Security 4. Statement for Officer (give Other
c/o Gotham Partners, L.P. Number of Reporting Month/Year ----- title ----- (specify
Person (voluntary) July, 1996 below) below)
(Street) 5 If Amendment,
237 Park Avenue, 9th Floor Date of Original
(Month/Year) --------------------------------
(City) (State) (Zip)
New York, New York 10017
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TABLE I NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired 5. Amount of 6. Owner- 7. Nature
(Instr. 3) action action (A)or Disposed of (D) Securities ship of
Date Code Benefic- Form: Indirect
(Instr. 8) (Instr. 3, 4 and 5) ially Direct Bene-
(Month/ Owned at (D) or ficial
Day/ Code V Amount (A) or Price End of Indirect Owner-
Year) (D) Month (I) ship
(Instr. 3 (Instr. (Instr.
and 4) 4) 4)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Units representing limited
partnership interests 7/30/96 P 5,800 A $29.1721 240,994 D
/unit units
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
(Print or Type Responses) SEC 1474 (8-92)
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<CAPTION>
TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
1.Title of 2.Conver- 3.Trans- 4.Transac- 5.Number of 6.Date Exer- 7.Title 8.Price 9.Number 10.Owner- 11.Na-
Derivative sion or action tion Code Derivative cisable and Amount of of Deriv- ship ture
Security Exercise Date (Instr. 8) Securities and Expir- of Under- Deriv- ative Form of In-
(Instr. 3) Price (Month/ Acquired (A) ation Date lying ative Secur- of De- direct
of Day/ or Disposed (Month/ Securities Secur- ities rivative Bene-
Deriva- Year) of (D) Day/Year) ity Bene- Secu- ficial
tive (Instr. 3,- (Instr. 3 (Instr ficially rity; Own-
Security 4, and 5) and4) . 5) Owned Direct ership
at End (D) or (Instr
Amount of Indi- . 4)
Date Expir- or Month rect (I)
Exer- ation Title Number (Instr. (Instr.
cisa- Date of 4) 4)
Code V (A) (D) ble Shares
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Explanation of Responses:
GOTHAM PARTNERS, L.P.
By: Section H Partners, L.P., its general partner
By: KARENINA CORPORATION,
general partner of Section H Partners, L.P.
** Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. See 18 U.S.C. 1001 and 15.
U.S.C. 78ff(a).
/s/ William A. Ackman August 2, 1996
--------------------------------- ----------------
**Signature of Reporting Person Date
By: DPB CORPORATION,
general partner of Section H Partners, L.P.
/s/ David P. Berkowitz August 2, 1996
--------------------------------- ----------------
**Signature of Reporting Person Date
Note: File three copies of this Form, one of which must be manually signed. Page 2
If space provided is insufficient, see Instruction 6 for procedure. SEC 1474 (8-92)
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