<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
ENGEL GENERAL DEVELOPERS LTD
(Name of Issuer)
Class A Ordinary Shares, par value New Israeli Shekels 0.1 per share
(Title of Class of Securities)
292829108
(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)
December 23, 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. 292829108
---------------------
- --------------------------------------------------------------------------------
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
487,500
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
779,200
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
487,500
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
779,200
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
779,200
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.06%
- --------------------------------------------------------------------------------
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. 292829108
---------------------
- --------------------------------------------------------------------------------
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
91,700
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
779,200
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
91,700
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
779,200
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
779,200
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.06%
- --------------------------------------------------------------------------------
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. 292829108
---------------------
- --------------------------------------------------------------------------------
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
779,200
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
None
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
779,200
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
779,200
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.06%
- --------------------------------------------------------------------------------
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> 5
SCHEDULE 13D
CUSIP NO. 292829108
---------------------
- --------------------------------------------------------------------------------
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
779,200
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
None
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
779,200
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
779,200
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.06%
- --------------------------------------------------------------------------------
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> 6
SCHEDULE 13D
CUSIP NO. 292829108
---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Emanuel J. Friedman
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
200,000
SHARES -----------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
779,200
OWNED BY EACH -----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
REPORTING
200,000
PERSON -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
779,200
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
779,200
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.06%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*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
Item 1. Security and Issuer
This statement on Schedule 13D (the "Statement") relates to the Class
A Ordinary Shares, par value New Israeli Shekels 0.1 per share (the "Common
Stock"), of Engel General Developers Ltd Class A Ordinary Shares, an Israeli
corporation (the "Company"). The principal executive offices of the Company
are located at 66 Hahistadrut Avenue, Haifa Bay, Israel 32960.
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) Friedman
Billings Ramsey Investment Management, Inc. ("Investment Management"), a
Delaware corporation (4) FBR Offshore Management, Inc. a Delaware
Corporation ("Offshore Management") and Emanuel J. Friedman, a United States
citizen. ("Mr. Friedman") (collectively referred to herein as the
"Reporting Persons").
Ashton and the Opportunity Fund are investment entities. Investment
Management, a registered investment advisor serves as a general partner and as
a discretionary investment manager to Ashton. Likewise, Offshore Management is
a registered investment advisor that serves the Opportunity Fund as
discretionary investment manager. Mr. Friedman serves as the portfolio manager
for Ashton and the Opportunity Fund and may be deemed to beneficially own
shares of Company Common Stock held by a member of his immediate family.
Mr. Friedman disclaims beneficial ownership of such shares. The principle
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 and Mr. Friedman, expended an
aggregate of approximately $7,172,370 (excluding brokerage commissions, if
any) to purchase the 779,200 total shares of Common Stock held by them on
January 2, 1998. The source of funds was from the working
<PAGE> 8
capital of Ashton and the Opportunity Fund, as the case may be. The source of
funds for shares held by Mr. Friedman was personal funds. In addition, Ashton,
the Opportunity Fund and Mr. Friedman hold these securities through margin
accounts maintained with Bear Stearns & Co., Inc., which extends margin credit
to either Ashton, the Opportunity Fund or Mr. Friedman, as the case may be, as
and when required to open or carry positions in the accounts, subject to
applicable Federal margin requirements, stock exchange rules and the firms
credit policies. The position held in the account, are pledged as collateral
security for the repayment of debit balances, if any, in the account.
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 487,500 shares of
Common Stock, which constituted approximately 5.67% of the issued and
outstanding Common Stock.
(ii) The Opportunity Fund is the direct beneficial owner of 91,700
shares of Common Stock, which constituted approximately 1.07% of the issued and
outstanding Common Stock.
(iii) Mr. Friedman is the indirect beneficial owner of 200,000 shares
held by a member of his immediate family, which constituted in the aggregate
approximately 2.33% of the issued and outstanding Common Stock.
Each of Ashton, the Opportunity Fund, and Mr. Friedman 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 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, and Mr. Friedman may be deemed
to share the power to vote or to direct the vote and to dispose or to direct
the disposition
<PAGE> 9
of the shares of Common Stock directly owned beneficially by each other.
Investment Management in its capacity as general partner and
investment manager to Ashton, 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 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 Stock directly owned
beneficially by the Reporting Persons.
The percentages used herein are calculated based upon the 8,600,000
shares of Common Stock stated to be issued and outstanding as of January 2,
1998, based on discussions with the Company.
(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.
(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> 10
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.
January 2, 1998.
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
FRIEDMAN BILLINGS RAMSEY
INVESTMENT MANAGEMENT, INC.
By: /s/ George Abraham
----------------------------------------
Managing Director
FBR OFFSHORE MANAGEMENT, INC.
By: /s/ George Abraham
----------------------------------------
Managing Director
/s/ Emanuel J. Friedman
------------------------------------
Emanuel J. Friedman
<PAGE> 11
Schedule I
<TABLE>
<CAPTION>
Shares Price
Name Date Purchased Per Share
- ---- ---- --------- ---------
<S> <C> <C> <C>
FBR Ashton Limited N/A N/A N/A
Partnership
FBR Opportunity Fund, N/A N/A N/A
Ltd., Class A
Emanuel J. Friedman 12/23/97 200,000 8.625
</TABLE>
<PAGE> 12
Exhibit Index
<TABLE>
<CAPTION>
Exhibit Page No.
- -------- --------
<S> <C> <C>
Exhibit A: Joint Filing Agreement, dated
January 2, 1998, among
FBR Ashton, Limited Partnership
FBR Opportunity Fund, LTD. Class A
Friedman Billings Ramsey Investment
Management, Inc.
FBR Offshore
Management, Inc.
Emanuel J. Friedman
</TABLE>
<PAGE> 1
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on Schedule 13D dated
January 2, 1998 with respect to the Common Stock of Engel General Developers
Ltd 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: January 2, 1998
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
FRIEDMAN BILLINGS RAMSEY
INVESTMENT MANAGEMENT, INC.
By: /s/ George Abraham
--------------------------------
Managing Director
FBR OFFSHORE MANAGEMENT, INC.
By: /s/ George Abraham
--------------------------------
Managing Director
/s/ Emanuel J. Friedman
------------------------------------
Emanuel J. Friedman
