<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
---------
WILSHIRE REAL ESTATE INVESTMENT TRUST INC.
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(Name of Issuer)
COMMON ($.0001 PAR VALUE)
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(Title of Class of Securities)
971892104
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(CUSIP Number)
HOWARD AMSTER, 23811 CHAGRIN BLVD #200,
BEACHWOOD, OH 44122-5525 (216) 595-1047
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
10/26/98
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(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 / /.
NOTE: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom copies
are to be sent.
*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 on 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).
(Continued on following page(s))
<PAGE>
CUSIP No. 971892104 13D Page of Pages
--------- --- ---
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
HOWARD AMSTER
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(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) /x/
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(3) SEC Use Only
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(4) Source of Funds*
PF
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
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(6) Citizenship or Place of Organization
USA
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Number of Shares (7) Sole Voting
Beneficially Owned Power 348000
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 586000
--------------------------------------------------
(9) Sole Dispositive
Power 348000
--------------------------------------------------
(10) Shared Dispositive
Power 586000
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
425000
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
3.696%
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(14) Type of Reporting Person*
IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 971892104 13D Page of Pages
--------- --- ---
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
TAMRA F. GOULD
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(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) /x/
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(3) SEC Use Only
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(4) Source of Funds*
PF
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
USA
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 242000
--------------------------------------------------
(9) Sole Dispositive
Power
--------------------------------------------------
(10) Shared Dispositive
Power 242000
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
0
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
0
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(14) Type of Reporting Person*
IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 971892104 13D Page of Pages
--------- --- ---
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
AMSTER TRADING COMPANY
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(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) /x/
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(3) SEC Use Only
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(4) Source of Funds*
WC
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
USA
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 344000
--------------------------------------------------
(9) Sole Dispositive
Power
--------------------------------------------------
(10) Shared Dispositive
Power 344000
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
0
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
0
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 971892104 13D Page of Pages
--------- --- ---
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
AMSTER TRADING COMPANY CHARITABLE REMAINDER UNITRUSTS
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) /x/
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(3) SEC Use Only
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(4) Source of Funds*
AF
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
USA
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 344000
--------------------------------------------------
(9) Sole Dispositive
Power
--------------------------------------------------
(10) Shared Dispositive
Power 344000
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
344000
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
2.99%
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(14) Type of Reporting Person*
OO
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 971892104 13D Page of Pages
--------- --- ---
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
HOWARD AMSTER & TAMRA F. GOULD CHARITABLE REMAINDER UNITRUST
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) /x/
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
AF
- -------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
USA
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 242000
--------------------------------------------------
(9) Sole Dispositive
Power
--------------------------------------------------
(10) Shared Dispositive
Power 242000
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
242000
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
2.1%
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(14) Type of Reporting Person*
OO
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 971892104 13D Page of Pages
--------- --- ---
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
RAMAT SECURITIES LTD
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(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) /x/
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(3) SEC Use Only
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(4) Source of Funds*
WC
- -------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
USA
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 77000
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power
--------------------------------------------------
(9) Sole Dispositive
Power 77000
--------------------------------------------------
(10) Shared Dispositive
Power
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
77000
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
.67%
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(14) Type of Reporting Person*
BD
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*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13D
CUSIP No. 971892104
Item 1. Security and Issuer
Wilshire Real Estate Investment Trust Inc.
Common stock ($.0001 Par Value)
Wilshire Real Estate Investment Trust Inc.
1776 S W Madison St.
Portland, OR 97205
Andrew A. Wiederhorn, Chairman/CEO/CFO/Sec/Treas
Item 2. Identity and Background.
Howard Amster and Tamra F. Gould are husband and wife. Each has independent
assets and each disclaims any beneficial ownership in the other's assets.
Howard Amster is a 99 1/2% owner of Amster Trading Company and as such can be
deemed the beneficial owner of such entity and maybe deemed to have shared
voting and dispositive power over shares owned by Amster Trading Company.
Howard Amster is a 83% owner of Ramat Securities Ltd. Mr. Amster can be
deemed to be a beneficial owner of any securities owned by Ramat Securities
Ltd. Mr. Amster is not an officer of Ramat Securities Ltd. and does not
control the voting or dispositive power of any securities owned by Ramat
Securities Ltd.
Howard Amster and Tamra F. Gould Charitable Remainder Unitrust has been 100%
funded by Howard Amster. Because he has the right to change the trustee of
this trust, he can be deemed to have the right to shared voting and
dispositive power over any security owned by the trust. While Mr. Amster
receives certain income distributions from the trust during his lifetime, the
assets owned by the trust benefits charitable purposes. Both, Mr. Amster and
Ms. Gould disclaim beneficial ownership of the securities owned by this trust.
Amster Trading Company Charitable Remainder Unitrusts have been 100% funded
by Amster Trading Company. Because Amster Trading Company has the right to
change the trustee of the trusts, it can be deemed to have the right to
shared voting and dispositive power over any security owned by the trusts.
While Amster Trading Company receives certain income distributions from the
trusts, the assets owned by the trusts benefits charitable purposes. Amster
Trading Company disclaims beneficial ownership of the securities owned by
these trusts.
<PAGE>
a) Howard Amster
b) 25812 Fairmount Blvd., Beachwood, Ohio 44122
c) Present principal occupation -- Investment Consultant Everen Securities,
Inc. Securities Brokerage Firm 23811 Chagrin Blvd, Suite 200 Beachwood,
Ohio 44122
d) Howard Amster has not been convicted in any criminal proceedings
(excluding traffic violations or similar misdemeanors, if any) within
the last five years.
e) Howard Amster has not been a party to any civil proceedings of a
judicial or administrative body of competent jurisdiction of the type
described in Item 2 of Schedule 13D within the last five years.
f) USA
a) Tamra F. Gould
b) 25812 Fairmount Blvd, Beachwood, Ohio 44122.
c) Present principal occupation -- Securities Trader Tamar Securities,
Inc., a Broker Dealer 25812 Fairmount Blvd., Beachwood, Oh 44122
d) Tamra F. Gould has not been convicted in any criminal proceedings
(excluding traffic violations or similar misdemeanors, if any) within the
last five years.
e) Tamra F. Gould has not been a party to any civil proceedings of a
judicial or administrative body of competent jurisdiction of the type
described in Item 2 of schedule 13D within the last five years.
f) USA
Amster Trading Company
25812 Fairmount Blvd
Beachwood, Ohio 44122
Investments
d) Neither the officers, directors, or shareholders of Amster Trading
Company have been convicted in any criminal proceedings (excluding
traffic violations or similar misdemeanors, if any) within the last five
years.
e) Neither the officers, directors, or shareholders of Amster Trading
Company have been a party to any civil proceedings of a judicial or
administrative body of competent jurisdiction of the type described in
Item 2 of Schedule 13D within the last five years.
Amster Trading Company Charitable Remainder Unitrusts
22674 Halburton Road, Beachwood, Ohio 44122
Charitable Remainder Unitrusts
d) Neither the trusts or the trustee of the Amster Trading Company
Charitable Remainder Unitrusts have been convicted in any criminal
proceedings (excluding traffic violations or similar misdemeanors,
if any) within the last five years.
e) Neither the trusts or the trustee of the Amster Trading Company
Charitable Remainder Unitrusts have been a party to any civil proceedings
of a judicial or administrative body of competent jurisdiction of the
type described in Item 2 of Schedule 13D within the last five years.
Howard Amster and Tamra F. Gould Charitable Remainder Unitrust
22674 Halburton Road, Beachwood, Ohio 44122
Charitable Remainder Unitrust
d) Neither the trust or the trustee of the Howard Amster and Tamra F. Gould
Charitable Remainder Unitrust have been convicted in any criminal
proceedings (excluding traffic violations or similar misdemeanors,
if any) within the last five years.
e) Neither the trust or the trustee of the Howard Amster and Tamra F. Gould
Charitable Remainder Unitrust have been a party to any civil proceedings
of a judicial or administrative body of competent jurisdictions of the
type described in Item 2 of Schedule 13D within the last five years.
Ramat Securities Ltd
23811 Chagrin Blvd, Suite 200, Beachwood, Ohio 44122
Broker Dealer
d) Neither the members or unitholders of Ramat Securities Ltd have been
convicted in any criminal proceedings (excluding traffic violations or
similar misdemeanors, if any) within the last five years.
e) Neither the members or unitholders of Ramat Securities Ltd have been a
party to any civil proceedings of a judicial or administrative body of
competent jurisdictions of the type described in Item 2 of Schedule 13D
within the last five years.
<PAGE>
Item 3. Source and Amount of Funds or Other Consideration
Willshire Real Estate Investment Trust Inc. was purchased for the following:
Howard Amster's Individual Retirement Accounts purchased with personal funds
without borrowing. The total consideration of the purchases is $1,098,767.48
Amster Trading Company Charitable Remainder Unitrusts purchased with trust
assets without borrowing. The total consideration of the purchases is
$1,046,189.30
Howard Amster and Tamra F. Gould Charitable Remainder Unitrust purchased with
trust assets without borrowing. The total consideration of the purchases is
$781,443.30
Ramat Securities Ltd. purchased with working capital and margined borrowing
with Bear Stearns & Co. The total consideration of the purchases is
$322,040.00
Item 4. Purposes of Transaction
Howard Amster's Individual Retirement Accounts, Amster Trading Company
Charitable Remainder Unitrusts, Howard Amster and Tamra F. Gould Charitable
Remainder Unitrust, and Ramat Securities Ltd. each acquired their shares for
purposes of investment.
There are no present plans or proposals by any of the purchasers of record or
the beneficial owners as reported in this Schedule 13D which relate to or
would result in the following:
a) The acquisition by any person of additional securities of the issuer, or
the disposition of securities of the issuer provided, however, the
reporting persons might acquire additional shares or other securities of
the issuer or dispose of some or all of their shares depending upon
market conditions and their personal circumstances;
b) An extraordinary corporate transaction, such as a merger, reorganization
or liquidation, involving the issuer or any of its subsidiaries;
c) A sale or transfer of a material amount of assets of the issuer or any
of its subsidiaries;
d) Any change in the present board of directors or management of the
issuer, including any plans or proposals to change the number of terms
of directors or to fill any existing vacancies on the board;
e) Any material change in the present capitalization or dividend policy of
the issuer;
f) Any other material change in the issuer's business or corporate
structure;
g) Changes in the issuer's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control of
the issuer by any person;
h) Causing a class of securities of the issuer to be delisted from a
national securities exchange or cease to be authorized to be quoted in
an inter-dealer quotation system of a registered national securities
association;
i) A class of equity securities of the issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Act; or
j) Any action similar to any of those enumerated above.
<PAGE>
Item 5. Interest in securities of the Issuer
b) The aggregate amount owned by the Group of Reporting Persons is
1,011,000 shares or 8.79% of the outstanding shares.
Howard Amster in his individual retirement accounts owns 348,000
shares or 3.03% of the outstanding shares.
Amster Trading Company Charitable Remainder Unitrusts owns 344,000
shares or 2.99% of the outstanding shares.
Howard Amster and Tamra F. Gould Charitable Remainder Unitrust owns
242,000 shares or 2.1% of the outstanding shares.
Ramat Securities Ltd owns 77,000 shares or .67% of the outstanding
shares.
c) The following table reflects shares acquired on NASDAQ as open market
transactions:
<TABLE>
<CAPTION>
Name Date Shares Price Executed by
<S> <C> <C> <C> <C>
Howard Amster IRA 10/9/98 34,000 3.50 EVEREN Securities
10/19/98 24,000 3.25 EVEREN Securities
10/20/98 40,000 3.25 EVEREN Securities
10/26/98 250,000 3.0625 EVEREN Securities
Amster Trading Co 10/9/98 28,000 3.50 EVEREN Securities
Charitable Remainder 10/16/98 50,000 3 Friedman, Billings, Ramsey
Unitrusts 10/19/98 10,000 3.25 EVEREN Securities
10/20/98 36,000 3.25 Friedman, Billings, Ramsey
10/21/98 50,000 3.3125 Friedman, Billings, Ramsey
10/27/98 170,000 2.837 Friedman, Billings, Ramsey
Howard Amster/ 10/9/98 38,000 3.50 EVEREN Securities
Tamra F. Gould 10/16/98 50,000 3 Friedman, Billings, Ramsey
Charitable Remainder 10/19/98 10,000 3.25 EVEREN Securities
Unitrust 10/20/98 144,000 3.25 Friedman, Billings, Ramsey
Ramat Securities Ltd 4/1/98 7,000 16.063 Friedman, Billings, Ramsey
10/9/98 40,000 3.2504 Friedman, Billings, Ramsey
10/27/98 30,000 2.6528 Friedman, Billings, Ramsey
</TABLE>
<PAGE>
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
There are no contracts, arrangements, understandings or
relationships with respect to securities of the issuer with any
persons except as set forth in items 2, 3, 5 above.
Item 7. Material to be Filed as Exhibits.
Agreement between Howard Amster and Tamra F. Gould concerning this
Schedule 13D.
Signature
After reasonable inquiry and to the best of my knowledge and belief,
we certify that the information set forth in this statement is true,
complete and correct.
Date: 10/29/98
/s/ /s/ /s/
Howard Amster Amster Trading Howard Amster &
Company Tamra F. Gould
Charitable Remainder
Unitrust
/s/ /s/ /s/
Tamra F. Gould Amster Trading Co Ramat Securities Ltd
Charitable Remainder
Unitrusts
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AGREEMENT
Howard Amster and Tamra F. Gould hereby agree that the Schedule 13D to which
this Agreement is attached as an exhibit is filed on behalf of each of them.
Date 10/29/98
/s/ /s/
Howard Amster Tamra F. Gould
