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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
Wellsford Real Properties, Inc.
(Name of Issuer)
Common Stock, $.01 par value per share
(Title of Class of Securities)
950240 10 1
(CUSIP Number)
* 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
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).
Page 1 of 9 Pages
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CUSIP NO. 950240 10 1 13G PAGE 2 OF 9 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON: Advisory Research, Inc.
1 S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
#36-2831881
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF
None
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 903,425 shares
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING
None
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
903,425 shares
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
903,425 shares
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.5%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IA
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 950240 10 1 13G PAGE 3 OF 9 PAGES
- ----------------------- ---------------------
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NAME OF REPORTING PERSON: David B. Heller
1 S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SSN ###-##-####
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States citizen
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF None
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
903,425 shares
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING None
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
903,425 shares
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
903,425 shares
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.5%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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Item 1(a) Name of Issuer:
--------------
Wellsford Real Properties, Inc.
Item 1(b) Name of Issuer's Principal Executive Offices:
--------------------------------------------
650 Fifth Avenue
New York, New York 10020
Item 2(a) Name of Person Filing:
---------------------
Advisory Research, Inc.
David B. Heller
Item 2(b) Address of Principal Business Office or, if none, Residence:
- -------------------------------------------------
Two Prudential Plaza
180 N. Stetson, Suite 5780
Chicago, Illinois 60601
Item 2(c) Citizenship:
-----------
Advisory Research, Inc. is a Delaware corporation.
David B. Heller is a United States citizen.
Item 2(d) Title of Class of Securities:
----------------------------
Common Stock, $.01 par value per share.
Item 2(e) CUSIP No.:
---------
950240 10 1
Item 3 If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b),
check whether the person filing is a:
------------------------------------------------------------------
(a) [ ] Broker or Dealer registered under Section 15 of the Act
(b) [ ] Bank as defined in Section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act.
(Advisory Research, Inc.)
Page 4 of 9 Pages
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(e) [X] Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940
(f) [ ] Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of
1974 or Endowment Fund
(g) [ ] Parent Holding Company, in accordance with Rule
13d-1(b)(1)(ii)(G)
(h) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(H)
Item 4 Ownership:
---------
(a) Amount Beneficially Owned:
Advisory Research, Inc. 903,425
David B. Heller 903,425
(b) Percent of Class:
Advisory Research, Inc. 5.5%
David B. Heller 5.5%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
None
(ii) Shared power to vote or to direct the vote:
Advisory Research, Inc. 903,425
David B. Heller 903,425
(iii) Sole power to dispose or to direct the disposition of:
None
(iv) Shared power to dispose or to direct the disposition of:
Advisory Research, Inc. 903,425
David B. Heller 903,425
As of December 31, 1997, Advisory Research, Inc. was the direct
beneficial owner of 903,425 shares of
Page 5 of 9 Pages
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Wellsford Real Properties, Inc. Common Stock. David B. Heller is
President and the controlling shareholder of Advisory Research, Inc.
Item 5 Ownership of Five Percent or Less of a Class:
--------------------------------------------
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial owner
of more than five percent of the class of securities, check the
following [ ].
Item 6 Ownership of More Than Five Percent on Behalf of Another Person:
---------------------------------------------------------------
No other person has the right to receive or the power to direct the
receipt of dividends from, or the proceeds from the sale of, the
shares reported hereunder.
Item 7 Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company:
----------------------------------------------------------------------
Not applicable.
Item 8 Identification and Classification of Members of the Group:
---------------------------------------------------------
Not applicable.
Item 9 Notice of Dissolution of Group:
------------------------------
Not applicable.
Item 10 Certification:
-------------
By certifying below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary
course of business and were not acquired for the purpose of and do not
have the effect of changing or influencing the control of the issuer
of such securities and were not acquired in connection with or as a
participant in any transaction having such purposes or effect.
Page 6 of 9 Pages
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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.
Date: February 13, 1998
ADVISORY RESEARCH, INC.
By: /s/ DAVID B. HELLER
-------------------
Name: David B. Heller
Its: President
Page 7 of 9 Pages
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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.
Date: February 13, 1998
By: /s/ DAVID B. HELLER
-------------------
David B. Heller
Page 8 of 9 Pages
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EXHIBIT
-------
SCHEDULE 13G JOINT FILING AGREEMENT
The undersigned and each other person executing this joint filing agreement
agree as follows:
(i) The undersigned and each other person executing this joint filing
agreement are individually eligible to use the Schedule 13G to which this
Exhibit is attached, and such Schedule 13G is filed on behalf of the undersigned
and each other person executing this joint filing agreement; and
(ii) The undersigned and each other person executing this joint filing
agreement are responsible for the timely filing of such Schedule 13G and any
amendments thereto, and for the completeness and accuracy of the information
concerning such person contained therein; but none of the undersigned or any
other person executing this joint filing agreement is responsible for the
completeness or accuracy of the information concerning any other persons making
the filing, unless such person knows or has reason to believe that such
information is accurate.
This Agreement may be executed in one or more counterparts by each
person executing this joint filing agreement, and each such counterparts shall
be an original but all of which, taken together, shall constitute but one and
the same instrument.
Dated: February 13, 1998
ADVISORY RESEARCH, INC.
By: /s/ DAVID B. HELLER
-------------------------
Name: David B. Heller
Its: President
/s/ DAVID B. HELLER
-------------------
David B. Heller
Page 9 of 9 Pages
