<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934*
(Amendment No. )
PHYSICIANS RESOURCE GROUP, INC.
- - - -
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- - - -
- --------------------------------------------------------------------------------
(Title of Class of Securities)
71941S101
- - - -
- --------------------------------------------------------------------------------
(CUSIP Number)
MARK R. RILEY, ESQ.
THE ALPERT COMPANIES
THREE ALLEN CENTER
333 CLAY, SUITE 4515
HOUSTON, TEXAS 77002
(713) 651-3999
- - - -
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
NOVEMBER 24, 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.
[ ]
Check the following box if a fee is being paid with this statement [x]. (A
fee is not required only if the reporting person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class
of securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of less than five percent of such class.
See Rule 13d-7.)
Page 1 of 22 Pages
<PAGE> 2
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
ROBERT ALPERT
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS
PF
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
2,123,000
SHARES -----------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
108,000
OWNED BY -----------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
2,123,000
REPORTING -----------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
119,400
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,123,000
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
7.1%
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
- --------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 22 Pages
<PAGE> 3
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
DANRO CORPORATION
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
- --------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
1,674,300
SHARES -----------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
NONE
OWNED BY -----------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
1,674,300
REPORTING -----------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,674,300
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.6%
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
- --------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 22 Pages
<PAGE> 4
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
WILDWOOD CAPITAL COMPANY
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
- --------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
235,000
SHARES -----------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
NONE
OWNED BY -----------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
235,000
REPORTING -----------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
235,000
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.8%
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
PN
- --------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 22 Pages
<PAGE> 5
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
MARKUS VENTURES, L.P.
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
- --------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
658,000 Includes 274,800 shares owned by Markus
Investments, Inc.
SHARES -----------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
NONE
OWNED BY -----------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
658,000 Includes 274,800 shares owned by Markus
Investments, Inc.
REPORTING -----------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
NONE
- -----------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
658,000
- -----------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- -----------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
2.2%
- -----------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
PN
- -----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 22 Pages
<PAGE> 6
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
MARKUS INVESTMENTS, INC.
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
- --------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
274,800
SHARES -----------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
NONE
OWNED BY -----------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
274,800
REPORTING -----------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
274,800
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.9%
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
CO
- --------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT
Page 6 of 22 Pages
<PAGE> 7
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
JAMES VENTURES, L.P.
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
- --------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
781,300
SHARES -----------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
NONE
OWNED BY -----------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
781,300
REPORTING -----------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
781,300
THIS AMOUNT INCLUDES SHARES ON LOAN TO JAMES INVESTMENTS, INC.
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
2.6%
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
PN
- --------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT
Page 7 of 22 Pages
<PAGE> 8
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
MARK RILEY
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS
PF
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
10,000
SHARES -----------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
108,000 AS TRUSTEE FOR THE ROMAN MERKER TRUST AND THE
DANIEL ALPERT TRUST WITH MR. ALPERT IS GRANTOR OF THE
TRUSTS
OWNED BY -----------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
10,000
REPORTING -----------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
108,000 AS TRUSTEE FOR THE ROMAN MERKER TRUST AND THE
DANIEL ALPERT TRUST WITH MR. ALPERT IS GRANTOR OF THE
TRUSTS
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
10,000
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES**
[X]
Mr. Riley is a general partner of Cypress Partners. Mr. Riley
disclaims any beneficial interest in the 91,994 shares owned by Cypress
Partners. Mr. Riley does not have voting or dispositive power over the shares
owned by Cypress Partners.
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
.1%
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
- --------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 8 of 22 Pages
<PAGE> 9
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
THE ROMAN MERKER TRUST
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
- --------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
54,000
SHARES -----------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
NONE
OWNED BY -----------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
54,000
REPORTING -----------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
54,000
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
.2%
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
OO
- --------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 9 of 22 Pages
<PAGE> 10
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
THE DANIEL ALPERT TRUST
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS
WC
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
- --------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
54,000
SHARES -----------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
NONE
OWNED BY -----------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
54,000
REPORTING -----------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
54,000
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
.2%
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
OO
- --------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 22 Pages
<PAGE> 11
- --------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
GLADYS ALPERT
- --------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
(3) SEC USE ONLY
- --------------------------------------------------------------------------------
(4) SOURCE OF FUNDS
PF
- --------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
11,400
SHARES -----------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
NONE
OWNED BY -----------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
11,400
REPORTING -----------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
11,400 MR. ALPERT HAS DISCRETIONARY TRADING AUTHORITY
OVER MRS. GLADYS ALPERT'S SHARES
- --------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
11,400
- --------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- --------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
.1%
- --------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **
IN
- --------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 11 of 22 Pages
<PAGE> 12
ITEM 1. SECURITY AND ISSUER.
This Schedule 13D relates to shares of Common Stock (the "Shares") of
Physicians Resource Group, Inc. (the "Company"). The address of the Company is
Three Lincoln Centre, 5430 LBJ Freeway, Suite 1540, Dallas, Texas 75240.
ITEM 2. IDENTITY AND BACKGROUND.
(a) This Schedule is filed on behalf of (i) Mr. Robert Alpert,
(ii) Danro Corporation, (iii) Wildwood Capital Company, (iv) Markus Ventures,
L.P., (v) James Ventures, L.P., (vi) Markus Investments, Inc.,(vii) Mr. Mark
Riley, (viii) The Roman Merker Trust, (ix) The Daniel Alpert Trust and (x) Mrs.
Gladys Alpert.
Mr. Robert Alpert is the sole shareholder and President of Danro
Corporation. Mr. Mark Riley is the Executive Vice President, General Counsel
and Treasurer of Danro Corporation.
Danro Corporation is the Managing General Partner of (i) Wildwood
Capital Company, (ii) Markus Ventures, L.P., and (iii) James Ventures, L.P.
Markus Ventures, L.P. is the sole shareholder of Markus Investments,
Inc. Mr. Robert Alpert is the Chairman of Markus Investments, Inc. Mr. Mark
Riley is the President, General Counsel and Treasurer of Markus Investments,
Inc.
James Ventures, L.P. is the sole shareholder of James Investments,
Inc. Mr. Robert Alpert is the Chairman of James Investments, Inc. Mr. Mark
Riley is the President, General Counsel and Treasurer of James Investments,
Inc.
Mr. Mark Riley is the Trustee of each of the Roman Merker Trust and
the Daniel Alpert Trust. Roman Merker and Daniel Alpert are the sons of Mr.
Robert Alpert and the beneficiaries of the trusts, respectively. Mr. Alpert is
the grantor of the trusts.
Mr. Mark Riley is a general partner of Cypress Partners.
Mrs. Gladys Alpert is the mother of Robert Alpert.
The reporting entities and individuals (collectively, the "Group") are
making a joint filing pursuant to Rule 13d-1(f) because, by reason of the
relationship as described herein, they may be deemed to be a "group" within the
meaning of Section 13(d)(3) with respect to acquiring, holding and disposing of
Shares.
(b) The address of the principal place of business and principal
office of each person referred to in paragraph (a) is Three Allen Center, 333
Clay, Suite 4515, Houston, Texas 77002.
(c) The principal business of each of Wildwood Capital Company,
Markus Ventures, L.P., Markus Investments, Inc., and James Ventures, L.P. is
that of a private investment fund, engaged in the purchase and sale of
securities for investment for its own account.
The principal business of Danro Corporation is that of a management
services company and as Managing General Partner of affiliated partnerships.
The principal occupation of Mr. Alpert is as President of Danro
Corporation, Managing General Partner of affiliated partnerships.
The principal occupation of Mr. Mark Riley is as Executive Vice
President, General Counsel and Treasurer of Danro Corporation and of affiliated
entities.
The principal occupation of Mrs. Gladys Alpert is as an investor.
(d) None of the persons referred to in paragraph (a) above has,
during
Page 12 of 22 Pages
<PAGE> 13
the last five years, been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
(e) None of the persons referred to in paragraph (a) above has,
during the last five years, 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.
(f) Each individual referred to in paragraph (a) above is a citizen
of the United States. Danro Corporation, Markus Investments, Inc. and James
Investments, Inc. are each a corporation formed under the laws of the State of
Texas. Wildwood Capital Company is a general partnership formed under the laws
of the State of Texas. Markus Ventures, L.P. and James Ventures, L.P. are
limited partnerships formed under the laws of the State of Texas. The Roman
Merker Trust and the Daniel Alpert Trust are grantor trusts formed under the
laws of the State of Texas.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The net investment cost (including commissions) is (i)$17,821,439.38
for 2,123,000 Shares beneficially owned by Mr. Alpert, (ii) $108,125.00 for
10,000 Shares beneficially owned by Mr. Riley, and (iii) $51,220.00 for 11,400
Shares beneficially owned by Mrs. Gladys Alpert. The aggregate net investment
cost for the 2,144,000 Shares beneficially owned by the Group is
$17,980,784.58.
The Shares purchased by the Group were purchased with the investment
capital of the respective member of the Group.
ITEM 4. PURPOSE OF THE TRANSACTION.
The Group believes that it will advance proposals to management and the
Board of Directors of the Company suggesting the refocusing of management's
attention on the enhancement of shareholder value or proposals to add to or
replace current management of the Company. Although the Group has no plans at
present to seek control or a change in management of the Company, the Group does
consider it reasonably likely that its activities in the future could include
seeking control of the Company, the acquisition of additional shares of the
Company, or seeking a change in the present Board of Directors or management of
the Company. In determining whether to purchase additional shares of the Company
and in formulating any plan or proposal to acquire control of the Company, the
Group intends to consider various factors, including the Company's financial
condition, business and prospects, other developments concerning the Company,
reaction of the Company to the Group's ownership of the Shares, price levels of
the Common Stock, other opportunities available to the Group, developments with
respect to the Group's business and general economic, money and stock market
conditions.
In addition, depending upon, among other things, the matters referred
to above, the Group may attempt to sell all or a portion of its Shares from
time to time in the open market, in brokers' transactions, in transactions
directly with market makers, in privately negotiated transactions, or a
combination of the foregoing.
Other than as set forth above, none of the Reporting Persons has any
plans or proposals which relate to, or could result in, any of the matters
referred to in paragraphs (b) through (j), inclusive, of Item 4 of Schedule
13D. Such entities and persons may, at any time and from time to time, review
or reconsider their position with respect to any of such matters, but have no
present intention of doing so.
Page 13 of 22 Pages
<PAGE> 14
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The approximate aggregate percentage of Shares reported
beneficially owned by each person herein is based on 29,927,313 Shares
outstanding as of November 3, 1997, as reflected in the Form 10Q of the Company
for the period ending September 30, 1997.
As of the date hereof:
(i) Danro owns directly no Shares. By reason of the provisions
of Rule 13d-3 of the Act, Danro may be deemed to own beneficially 1,695,300
Shares, including (a) the 235,000 Shares owned directly by Wildwood Capital
Company, (b) the 404,200 Shares owned directly by Markus Ventures, L.P. and the
274,800 Shares owned by Markus Investments, Inc., and (c) the 781,300 Shares
owned directly by James Ventures, L.P. (constituting approximately .8%, 2.3%
and 2.6% of the Shares outstanding, respectively).
(ii) The Roman Merker Trust and the Daniel Alpert Trust each
own directly 54,000 Shares, constituting approximately .2% and .2% of the
Shares outstanding, respectively).
(iii) Mr. Riley owns 10,000 Shares directly. Mr. Riley is A
general partner of Cypress Partners. By reason of the provisions of Rule 13d-3
of the Act, Mr. Riley may be deemed to own beneficially 91,994 Shares owned
directly by Cypress Partners, constituting approximately .3% of the shares
outstanding. Mr. Riley disclaims any beneficial interest in the 91,994 shares
owned by Cypress Partners. Mr. Riley does not have voting or dispositive power
over the Shares owned by Cypress Partners.
(iv) Mrs. Gladys Alpert owns directly 11,400 Shares,
constituting less than .1% of the Shares outstanding.
(v) Mr. Alpert owns directly 340,700 Shares, constituting
approximately 1.1% of the Shares outstanding. Mr. Alpert, by reason of Rule
13d-3 of the Act, may be deemed to own beneficially the Shares owned by each of
the entities in (i) and (ii) above (2,123,000 Shares, representing approximately
7.1% of the shares outstanding).
(b) Danro Corporation has the power to vote and dispose of the Shares
owned by (i) Wildwood Capital Company, (ii) Markus Ventures, L.P., and (iii)
James Ventures, L.P., which power may be exercised by the managing general
partner of each such Partnership. Mr. Alpert has voting and investment power
over Shares managed by Danro Corporation.
(c) The trading dates, number of Shares purchased or sold and price
per share for all transactions in the Shares, from the 60th day prior to
November 24, 1997, until December 5, 1997, by the Group are set forth on
Schedules A through G. All such transactions were effected through the
New York Stock Exchange.
(d) No person other than each respective record owner referred to
herein of Shares is known to have the right to receive or the power to direct
the receipt of dividends from or the proceeds of sale of such Shares.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
Other than the agreement described in Item 7 below, there are no
contracts, understandings or relationships (legal or otherwise) among the
persons named in Item 2 hereof and between such persons or any person with
respect to any securities of the Company, including but not limited to transfer
or voting of any
Page 14 of 22 Pages
<PAGE> 15
of the Shares, finder's fees, joint ventures, loan or option arrangements, puts
or calls, guarantees of profits, division of profits or loss, or the giving or
withholding of proxies.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
There is filed herewith as Exhibit 1 a written agreement relating to
the filing of joint acquisition statements, as required by Rule 13d-1(f)(1) of
the Securities Act of 1934.
After reasonable inquiry and to the best of their knowledge and
belief, the undersigned certify that the information set forth in this
statement is true, complete and correct.
December 5, 1997
/s/ ROBERT ALPERT
Robert Alpert, as
President of Danro Corporation.
/s/ ROBERT ALPERT
Robert Alpert, as
President of Danro Corporation as
Managing General Partner of
Wildwood Capital Company
/s/ ROBERT ALPERT
Robert Alpert, as
President of Danro Corporation as
Managing General Partner of
Markus Ventures, L.P.
/s/ ROBERT ALPERT
Robert Alpert, as
President of Danro Corporation as
Managing General Partner of
James Ventures, L.P.
/s/MARK RILEY
Mark Riley, as
President of Markus Investments, Inc.
/s/MARK RILEY
Mark Riley, as
Trustee of the Roman Merker Trust
/s/MARK RILEY
Mark Riley, as
Trustee of the Daniel Alpert Trust
/s/ ROBERT ALPERT
Robert Alpert
/s/MARK RILEY
Mark Riley
/s/GLADYS ALPERT
Gladys Alpert
Page 15 of 22 Pages
<PAGE> 16
Schedules A
Robert Alpert
<TABLE>
<CAPTION>
Trade Date Unit Cost Cost Shares
<S> <C> <C> <C>
11/19/97 7.05 352,500 50,000
11/19/97 6.93 72,717 10,500
11/20/97 6.82 289,850 42,500
11/21/97 7.99 37,546 4,700
11/24/97 7.03 425,217 60,500
11/24/97 7.01 350,694 50,000
11/25/97 6.88 292,401 42,500
</TABLE>
Page 16 of 22 Pages
<PAGE> 17
Schedules B
MARKUS VENTURES, L.P.
<TABLE>
<CAPTION>
Trade Date Unit Cost Cost Shares
<S> <C> <C> <C>
9/25/97 10.43 20,850 2,000
9/25/97 10.55 84,400 8,000
9/25/97 10.68 53,375 5,000
9/25/97 10.86 54,313 5,000
9/25/97 10.61 53,068 5,000
9/26/97 10.67 175,032 16,400
9/26/97 10.74 178,202 16,600
9/29/97 10.74 269,516 25,100
9/30/97 10.68 32,025 3,000
9/30/97 10.68 32,025 3,000
9/30/97 10.68 10,680 1,000
12/3/97 4.43 221,500 50,000
12/5/97 3.71 638,856 172,000
</TABLE>
Page 17 of 22 Pages
<PAGE> 18
Schedules C
MARKUS INVESTMENTS, INC.
<TABLE>
<CAPTION>
Trade Date Unit Cost Cost Shares
<S> <C> <C> <C>
12/1/97 5.54 138,567 25,000
</TABLE>
Page 18 of 22 Pages
<PAGE> 19
Schedules D
JAMES VENTURES, L.P.
<TABLE>
<CAPTION>
Trade Date Unit Cost Cost Shares
<S> <C> <C> <C>
10/2/97 11.13 44,500 4,000
10/7/97 11.18 676,093 60,500
10/8/97 10.98 125,220 11,400
10/8/97 10.98 588,752 53,600
10/9/97 10.59 847,130 80,000
10/10/97 10.31 7,215 700
10/14/97 10.45 429,360 41,100
10/15/97 10.03 971,335 96,800
10/20/97 9.92 96,190 9,700
10/21/97 9.81 482,657 49,200
10/22/97 8.99 107,000 11,900
10/22/97 9.45 472,645 50,000
10/23/97 8.80 247,285 28,100
10/24/97 8.93 116,030 13,000
10/27/97 8.78 175,618 20,000
10/28/97 8.05 144,905 18,000
10/29/97 7.93 718,802 90,700
10/30/97 7.63 67,182 8,800
10/31/97 7.13 56,350 7,900
11/28/97 5.76 437,150 75,900
12/1/97 5.84 292,249 50,000
</TABLE>
Page 19 of 22 Pages
<PAGE> 20
Schedules E
THE ROMAN MERKER TRUST
<TABLE>
<CAPTION>
Trade Date Unit Cost Cost Shares
<S> <C> <C> <C>
12/3/97 4.49 242,622 54,000
</TABLE>
Page 20 of 22 Pages
<PAGE> 21
Schedules F
THE DANIEL ALPERT TRUST
<TABLE>
<CAPTION>
Trade Date Unit Cost Cost Shares
<S> <C> <C> <C>
12/3/97 4.49 242,622 54,000
</TABLE>
Page 21 of 22 Pages
<PAGE> 22
Schedules G
GLADYS ALPERT
<TABLE>
<CAPTION>
Trade Date Unit Cost Cost Shares
<S> <C> <C> <C>
12/3/97 4.49 51,220 11,400
</TABLE>
Page 22 of 22 Pages
<PAGE> 1
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
<S> <C>
1 Joint Acquisition Statement
</TABLE>
<PAGE> 2
EXHIBIT 1
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13D-1(f)1
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13D, as amended, is filed on behalf of each of the undersigned and
that all subsequent amendments to this statement on Schedule 13D, as amended,
shall be filed on behalf of each of the undersigned without the necessity of
filing additional joint acquisition statements. The undersigned acknowledge
that each shall be responsible for the timely filing of such amendments, and
for the completeness and accuracy of the information concerning him or it
contained therein, but shall not be responsible for the completeness and
accuracy of the information concerning the other, except to the extent that he
or it knows or has reason to believe that such information is inaccurate.
/s/ ROBERT ALPERT
Robert Alpert, as
President of Danro Corporation.
/s/ ROBERT ALPERT
Robert Alpert, as
President of Danro Corporation as
Managing General Partner of
Wildwood Capital Company
/s/ ROBERT ALPERT
Robert Alpert, as
President of Danro Corporation as
Managing General Partner of
Markus Ventures, L.P.
/s/ ROBERT ALPERT
Robert Alpert, as
President of Danro Corporation as
Managing General Partner of
James Ventures, L.P.
/s/MARK RILEY
Mark Riley, as
President of Markus Investments, Inc.
/s/MARK RILEY
Mark Riley, as
Trustee of the Roman Merker Trust
/s/MARK RILEY
Mark Riley, as
Trustee of the Daniel Alpert Trust
/s/ ROBERT ALPERT
Robert Alpert
/s/MARK RILEY
Mark Riley
/s/GLADYS ALPERT
Gladys Alpert
