<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
---------
AMERICAN RESIDENTIAL INVESTMENT TRUST, INC.
--------------------------------------------------------
(Name of Issuer)
COMMON ($.01 PAR VALUE)
--------------------------------------------------------
(Title of Class of Securities)
02926T-10-3
--------------------------------------------------------
(CUSIP Number)
HOWARD AMSTER, 23811 CHAGRIN BLVD #200, BEACHWOOD OH 44122-5525 (216) 595-1047
- ------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
9-10-98
--------------------------------------------------------
(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 1 of 10 Pages
--- ----
<PAGE>
CUSIP No. 02926T-10-3 13D Page 2 of 10 Pages
----------- --- ----
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
HOWARD AMSTER
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
PF
- -------------------------------------------------------------------------------
(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 607500
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 23800
--------------------------------------------------
(9) Sole Dispositive
Power 607500
--------------------------------------------------
(10) Shared Dispositive
Power 23800
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
687500
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
X
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
8.47%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 02926T-10-3 13D Page 3 of 10 Pages
----------- --- ----
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
TAMRA F. GOULD
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
PF
- -------------------------------------------------------------------------------
(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 4800
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 76100
--------------------------------------------------
(9) Sole Dispositive
Power 4800
--------------------------------------------------
(10) Shared Dispositive
Power 76100
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
70000
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
X
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
.86%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 02926T-10-3 13D Page 4 of 10 Pages
----------- --- ----
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
GOULD TRADING COMPANY
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(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 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 65200
--------------------------------------------------
(9) Sole Dispositive
Power 0
--------------------------------------------------
(10) Shared Dispositive
Power 65200
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
65200
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
X
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
.8%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
CO
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 02926T-10-3 13D Page 5 of 10 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 7300
--------------------------------------------------
(9) Sole Dispositive
Power
--------------------------------------------------
(10) Shared Dispositive
Power 7300
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
7300
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
.09%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
OO
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 02926T-10-3 13D Page 6 of 10 Pages
----------- --- ----
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
HOWARD M. AMSTER 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 900
--------------------------------------------------
(9) Sole Dispositive
Power
--------------------------------------------------
(10) Shared Dispositive
Power 900
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
900
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
.01%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
OO
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 02926T-10-3 13D Page 7 of 10 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/
- -------------------------------------------------------------------------------
(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 11600
--------------------------------------------------
(9) Sole Dispositive
Power
--------------------------------------------------
(10) Shared Dispositive
Power 11600
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
11600
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
1.43%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
OO
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 02926T-10-3 13D Page 8 of 10 Pages
----------- --- ----
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
AMSTER LTD PARTNERSHIP
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(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
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 3600
--------------------------------------------------
(9) Sole Dispositive
Power
--------------------------------------------------
(10) Shared Dispositive
Power 3600
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
3600
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
.04%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
PN
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 02926T-10-3 13D Page 9 of 10 Pages
----------- --- ----
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
PLEASANT LAKE APTS LIMITED PARTNERSHIP
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(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
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 400
--------------------------------------------------
(9) Sole Dispositive
Power
--------------------------------------------------
(10) Shared Dispositive
Power 400
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
400
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
.00%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
PN
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP No. 02926T-10-3 13D Page 10 of 10 Pages
----------- ---- ----
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
RAMAT SECURITIES LTD
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(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 80000
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power
--------------------------------------------------
(9) Sole Dispositive
Power 80000
--------------------------------------------------
(10) Shared Dispositive
Power
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
80000
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
.99%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
BD
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
Schedule 13D
CUSIP No. 02926T-10-3
Item 1. Security and Issuer
American Residential Investment Trust, Inc., common stock ($.01 par value)
American Residential Investment Trust, Inc.
445 Marine View Avenue, Suite 230
Del Mar, California 92014
John M. Robbins, Jr., Chairman of the Board and Chief Executive Officer
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 and Tamra F. Gould are general partners of Amster Limited
Partnership. Mr. Amster and Tamra F. Gould can be deemed to have the right to
shared and dispositive power over any security owned by the partnership.
Howard Amster is the president of Pleasant Lake Apts. Corp. the general
partner of Pleasant Lake Apts Limited Partnership. Mr. Amster can be deemed
to have the right to shared and dispositive power over any security owned by
the partnership.
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 M. Amster 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. Mr. Amster disclaims beneficial ownership
of the securities owned by this trust.
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
trusts, the assets owned by the trusts benefits charitable purposes. Amster
Trading Company disclaims beneficial ownership of the securities owned by
these trusts.
<PAGE>
Tamra F. Gould is 100% owner of Gould Trading Company and as such can be
deemed the beneficial owner of such entity and may be deemed to have shared
voting and dispositive power over shares owned by Gould Trading Company.
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,
Oh 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) President 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 Limited Partnership
25812 Fairmount Blvd, Beachwood, Ohio 44122
Investments
d) Neither the partners or the partnership have been convicted in any
criminal proceedings (excluding traffic violations or similar
misdemeanors, if any) within the last five years.
e) Neither the partners or the partnership 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.
Gould Trading Company
25812 Fairmount Blvd, Beachwood, Ohio 44122
Investments
d) Neither the officers, directors, or shareholders of Gould 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 Gould 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
<PAGE>
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 M. Amster Charitable Remainder Unitrust
22674 Halburton Road, Beachwood, Ohio 44122
Charitable Remainder Unitrust
d) Neither the trust or the trustee of the Howard M. Amster 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 M. Charitable Remainder
Unitrust 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.
Pleasant Lake Apt Limited Partnership
7530 Lucerne Drive, Suite 101, Middleburg Heights, Oh 44130
Investments
d) Neither the partners of Pleasant Lake Apt Limited Partnership or the
partnership have been convicted in any criminal proceedings (excluding
traffic violations or similar misdemeanors, if any) within the last five
years.
e) Neither the partners of Pleasant Lake Apt Limited Partnership or the
partnership 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 the 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.
Item 3. Source and Amount of Funds or Other Consideration
Howard Amster purchased (in his personal and individual retirement accounts)
<PAGE>
American Residential Investment Trust with personal funds without borrowing.
The total consideration of the purchases is $3,430,803.75
Tamra F. Gould purchased in her individual retirement accounts American
Residential Investment Trust with personal funds without borrowing.
The total consideration of the purchases is $43,501.81
Gould Trading Company purchased American Residential Investment Trust with
working capital and margined borrowing from Everen Securities, Inc.
The total consideration of the purchases is $485,855.09
Amster Limited Partnership purchased American Residential Investment Trust
with partnership capital without borrowing.
The total consideration of the purchases is $30,986.17
Amster Trading Company Charitable Remainder Unitrusts purchased American
Residential Investment Trust with trust assets without borrowing.
The total consideration of the purchases is $94,232.73
Howard M. Amster Charitable Remainder Unitrust purchased American Residential
Investment Trust with trust assets without borrowing.
The total consideration of the purchases is $7,220.30
Howard Amster and Tamra F. Gould Charitable Remainder Unitrust purchased
American Residential Investment Trust with trust assets without borrowing.
The total consideration of the purchases is $44,680.80
Pleasant Lake Apt Limited Partnership purchased American Residential
Investment Trust with partnership capital without borrowing.
The total consideration of the purchases is $3,458.51
Ramat Securities Ltd. purchased American Residential Investment Trust with
working capital and margined borrowing with Bear Stearns & Co.
The total consideration for the purchases is $572,384.80
Item 4. Purpose of Transaction
Howard Amster, Tamra F. Gould, Gould Trading Company, Amster Ltd
Partnership, Amster Trading Company Charitable Remainder Unitrusts, Howard M.
Amster Charitable Remainder Unitrust, Howard Amster and Tamra F. Gould
Charitable Remainder Unitrust, Pleasant Lake Apt Limited Partnership, Ramat
Securities Ltd. acquired the 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 of other securities of
the issuer or dispose of some or all of their shares depending upon
market conditions and 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,
<PAGE>
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
any 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.
Item 5. Interest in securities of the Issuer
(a)(b) The aggregate amount owned by the Reporting Persons is 761,300
shares or 9.63% of the outstanding shares.
Howard Amster in his name and individual retirement accounts owns
607,500 shares or 7.49% of the outstanding shares.
Tamra F. Gould in her individual retirement accounts owns 4,800
shares or .06% of the outstanding shares.
Gould Trading Company owns 65,200 shares or .80% of the outstanding
shares.
Amster Ltd Partnership owns 3,600 shares or .04% of the outstanding
shares.
Amster Trading Company Charitable Remainder Unitrusts own 11,600
shares or .14% of the outstanding shares.
Howard M. Amster Charitable Remainder Unitrust owns 900 shares or
.01% of the outstanding shares.
Howard Amster and Tamra F. Gould Charitable Remainder Unitrust owns
7,300 shares or .09% of the outstanding shares.
Pleasant Lake Apt Ltd Partnership owns 400 shares or .00% of the
outstanding shares.
Ramat Securities Ltd owns 80,000 shares or 1.00% of the outstanding
shares.
c) The following table reflects shares acquired on the New York Stock
Exchange as open market transactions that were executed by Everen
Securities, Inc.
<TABLE>
<CAPTION>
Name Date Shares Price
<S> <C> <C> <C>
Howard Amster 7/21/98 4800 9.2138
Howard Amster IRA 7/21/98 24800 9.2138
7/24/98 45000 9.0156
7/31/98 25000 8.75
8/07/98 2000 8.375
8/10/98 800 8.6875
8/13/98 8500 8.6875
8/20/98 21700 7.962
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
8/27/98 55500 6.1666
8/31/98 23000 6
9/03/98 37800 5.8125
9/10/98 358600 4.875
Tamra F. Gould IRA 7/24/98 4800 9.0156
Gould Trading Co 7/24/98 40200 9.0156
9/10/98 25000 4.875
Amster Ltd Partnership 7/21/98 3600 8.5678
Amster Trading Co 7/21/98 1900 9.2138
Charitable Remainder 8/06/98 3000 8.25
Unitrusts 8/20/98 5800 7.962
9/03/98 900 5.8125
Howard M Amster 8/20/98 900 7.962
Charitable Remainder
Unitrust
Howard Amster/ 8/20/98 900 7.962
Tamra F. Gould 9/03/98 6400 5.8125
Charitable Remainder
Unitrust
Pleasant Lake Apt 8/04/98 400 8.5678
Ltd Partnership
Ramat Securities Ltd 7/15/98 1100 9.8125
7/21/98 21000 9.2138
8/17/98 5000 8.5625
8/20/98 15000 7.9375
9/01/98 8000 6.1875
9/03/98 9900 5.8125
9/10/98 20000 4.875
</TABLE>
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: 9/15/98
<PAGE>
/s/ /s/ /s/
Howard Amster Amster Ltd Howard Amster &
Partnership Tamra F. Gould
Charitable Remainder
Unitrust
/s/ /s/ /s/
Tamra F. Gould Amster Trading Co Pleasant Lake Apt
Charitable Remainder Ltd Partnership
Unitrusts
/s/ /s/ /s/
Gould Trading Howard M. Amster Ramat Securities Ltd
Company Charitable Remainder
Unitrust
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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 9/15/98 /s/ /s/
Howard Amster Tamra F. Gould
