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OMB APPROVAL
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- -------- OMB Number: 3235-0287
FORM 4 Expires: September 30, 1998
- -------- Estimated average burden
/ X / Check this block if no longer hours per response .... 0.5
subject to Section 16. ---------------------------
Form 4 or Form 5
obligations may continue.
See Instruction 1(c).
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities 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
<TABLE>
<S> <C> <C> <C>
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1. Name and Address of Reporting Person 2. Issuer Name and Ticker 4. Statement for 6. Relationship of Reporting
Fensterheim Asher or Trading Symbol Month/Year Person to Issuer
- ---------------------------------------- CITYSCAPE FINANCIAL November 1997 (Check all applicable)
(Last) (First) (Middle) CORP. (CTYS) --------------------------
---------------------------- 5. If Amendment, Date of ___ Director ___10% Owner
565 Taxter Road 3. IRS or Social Security Original (Month/Year) ___ Officer _X_ Other
- ---------------------------------------- Number of Reporting (give (specify
(Street) Person (Voluntary) -------------------------- title below) below)
Elmsford New York 10523 Former Director/10% Owner
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(City) (State) (Zip) 7. Individual or Joint/
Group Filing Reporting
(Check Applicable Line)
_X_ Form filed by One
Reporting Person
___ Form filed by
More than One
Reporting Person
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TABLE 1 -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security 2. Transaction Date 3. Transaction 4. Securities Acquired(A)
(Instr. 3) (Month/Day/Year) Code or Disposed of (D)
(Instr. 8) (Instr. 3, 4 and 5)
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Code V Amount (A) or (D) Price
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COMMON STOCK 11/11/97 J(1) 20,000 D $1.53
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COMMON STOCK 11/12/97 J(1) 20,000 D $1.38
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COMMON STOCK 11/13/97 J(1) 20,000 D $1.44
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COMMON STOCK 11/14/97 J(1) 20,000 D $2.00
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COMMON STOCK 11/17/97 J(1) 20,000 D $1.86
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COMMON STOCK 11/04/97 J(2) 100,000 D $1.52
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1. Title of Security 5. Amount of Securities 6. Ownership Form: 7. Nature of Indirect
(Instr. 3) Beneficially Owned at Direct (D) or Beneficial
End of Month Indirect (I) Ownership
(Instr. 3 and 4) (Instr. 4) (Instr. 4)
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COMMON STOCK D
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COMMON STOCK D
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COMMON STOCK D
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COMMON STOCK D
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COMMON STOCK D
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COMMON STOCK D
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COMMON STOCK 182,700 D
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COMMON STOCK 30,000(3) I By spouse
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</TABLE>
Reminder: Report on a separate line for each class
of securities beneficially owned directly or indirectly. Page 1
(Print or Type Responses) SEC 1474 (8/92)
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<TABLE>
<CAPTION>
FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
5. Number of 6. Date
Derivative Exercisable and
2. Conver- Securities Expiration Date
sion, or 4. Transaction Acquired (A) or (Month/Day/Year)
Exercise Code Disposed of (D) ---------------------
Price of (Instr. 8) (Instr. 3, 4 and 5 Expira-
1. Title of Derivative Derivative 3. Transaction Date ---------------- ------------------- Date tion
Security (Instr. 3) Security (Month/Day/Year) Code V (A) (D) Exercisable Date
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Borrowed Shares (4) 1 : 1 immediately N/A
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Non-Employee $15.19 7/29/98 7/29/07
Director Stock
Option (right to buy)
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Non-Employee $14.00 6/4/98 6/1/07
Director Stock
Option (right to buy)
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Non-Employee $2.63 6/1/96 6/1/05
Director Stock
Option (right to buy)
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Non-Employee $2.63 6/1/97 6/1/05
Director Stock
Option (right to buy)
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Non-Employee $22.56 6/4/97 6/12/06
Director Stock
Option (right to buy)
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</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
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7. Title and Amount of 9. Number of 10. Ownership
Underlying Securities Derivative Form of
(Instr. 3 and 4) Securities Derivative 11. Nature of
- ----------------------------- 8. Price of Beneficially Security: Indirect
Amount or Derivative Owned at Direct (D) or Beneficial
Number Security End of Month Indirect (I) Ownership
Title of Shares (Instr. 5) (Instr. 4) (Instr. 4) (Instr. 4)
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COMMON 345,000 0 D
STOCK
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COMMON 9,000 9,000 D
STOCK
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COMMON 6,000 6,000 D
STOCK
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COMMON 20,000 20,000 D
STOCK
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COMMON 20,000 20,000 D
STOCK
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COMMON 6,000 6,000 D
STOCK
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</TABLE>
Explanation of Responses:
NA972800.013/5
Page 2
SEC 1474 (8/92)
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(1) On February 26, 1997, the reporting person entered into a Credit Facility
with Bear Stearns Securities Corp. ("Bear Stearns") pursuant to which balances
outstanding under the Credit Facility are secured by a pledge of the reporting
person's securities. Pursuant to the terms of the Credit Facility, Bear Stearns
sold these securities and applied the proceeds from such sale to the
outstanding balance of the Credit Facility.
(2) On March 28, 1997, the reporting person entered into a Credit Facility with
Prudential Securities Incorporated (("Prudential") pursuant to which balances
outstanding under the Credit Facility are secured by a pledge of the reporting
person's securities. Pursuant to the terms of the Credit Facility, Prudential
sold these securities and applied the proceeds from such sale to the
outstanding balance of the Credit Facility.
(3) The reporting person disclaims beneficial ownership of these securities,
and this report shall not be deemed an admission that the reporting person is
the beneficial owner of such securities for purposes of Section 16 or for any
other purpose.
(4) On December 16, 1996, the reporting person entered into a Credit Facility
with Hudson Valley Bank ("Hudson Valley"). On October 17, 1997, the reporting
person's son-in-law pledged securities as collateral for the Credit Facility.
The reporting person is required to return the borrowed shares to his
son-in-law. Pursuant to the terms of the Credit Facility, Hudson
Valley sold these securities and applied the proceeds ($1,202,940) from such
sale to the outstanding balance of the Credit Facility.
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note. File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
/s/ Asher Fensterheim 12/10/97
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**Signature of Reporting Person Date
