SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)
Wilshire Real Estate Investment Trust Inc.
_____________________________________________________________________________
(Name of Issuer)
Common Stock, par value $0.0001 per share
_____________________________________________________________________________
(Title of Class of Securities)
971892104
_____________________________________________________________________________
(CUSIP Number)
Value Partners, Ltd.
4514 Cole Avenue
Suite 808
Dallas, Texas 75205
Attn.: Timothy G. Ewing
(214) 522-2100
____________________________________________________________________________
(Name, Address, Telephone Number of Person Authorized to Receive Notices and
Communications)
December 1, 1999
____________________________________________________________________________
(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 that is the subject of this Schedule 13D, and is
filing this schedule because of Rule Sections 240.13d-1(e), 240.13d-1(f)
or 240.13d-1(g), check the following box [ ].
Note: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7(b) for
other parties to whom copies are to be sent.
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 (the "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).
CUSIP No. 971892104 13D
____________________________________________________________________________
1 NAMES OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Value Partners, Ltd. 75-2291866
____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(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)
N/A
____________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
____________________________________________________________________________
NUMBER OF SHARES BENEFICIALLY 7 SOLE VOTING POWER
OWNED BY EACH REPORTING
PERSON WITH 486,000
_________________________________________
8 SHARED VOTING POWER
0*
_________________________________________
9 SOLE DISPOSITIVE POWER
486,000
_________________________________________
10 SHARED DISPOSITIVE POWER
0*
____________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
486,000*
____________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
____________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.23%
____________________________________________________________________________
14 TYPE OF REPORTING PERSON
PN
____________________________________________________________________________
*But see Item 5.
CUSIP No. 971892104 13D
____________________________________________________________________________
1 NAMES OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Ewing & Partners 75-2741747
____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
____________________________________________________________________________
3 SEC USE ONLY
____________________________________________________________________________
4 SOURCE OF FUNDS
N/A
____________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [ ]
PURSUANT TO ITEM 2(d) OR 2(e)
N/A
____________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
____________________________________________________________________________
NUMBER OF SHARES BENEFICIALLY 7 SOLE VOTING POWER
OWNED BY EACH REPORTING
PERSON WITH 0
___________________________________________
8 SHARED VOTING POWER
486,000*
____________________________________________
9 SOLE DISPOSITIVE POWER
0
____________________________________________
10 SHARED DISPOSITIVE POWER
486,000*
_____________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
486,000*
_____________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMO ROW (11) EXCLUDES CERTAIN SHARES [ ]
_____________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.23%*
_____________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
____________________________________________________________________________
*But See Item 5.
CUSIP No. 971892104 13D
_____________________________________________________________________________
1 NAMES OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Timothy G. Ewing ###-##-####
_____________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
_____________________________________________________________________________
3 SEC USE ONLY
_____________________________________________________________________________
4 SOURCE OF FUNDS
N/A
_____________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT [ ]
TO ITEM 2(d) OR 2(e)
N/A
____________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
_____________________________________________________________________________
NUMBER OF SHARES BENEFICIALLY 7 SOLE VOTING POWER
OWNED BY EACH REPORTING PERSON
WITH 0
_____________________________________
8 SHARED VOTING POWER
486,000*
_____________________________________
9 SOLE DISPOSITIVE POWER
0
_____________________________________
10 SHARED DISPOSITIVE POWER
486,000*
_____________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
486,000*
_____________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
_____________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.23%*
_____________________________________________________________________________
14 TYPE OF REPORTING PERSON
IN
_____________________________________________________________________________
*But See Item 5.
<PAGE>
Amendment No. 2 to Schedule 13D
Value Partners, Ltd. ("Value Partners") by this statement ("Amendment
No. 2") hereby amends its Schedule 13D filed with the Securities and Exchange
Commission on February 9, 1999, as amended on March 1, 1999 (collectively the
"Schedule 13D"), with respect to the shares of common stock, par value
$0.0001 per share (the "Common Stock"), of Wilshire Real Estate Investment
Trust Inc. (the "Company"). All defined terms refer to terms defined herein
and in the Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
_____________________________________________
On December 1, 1999, Value Partners sold 514,000 shares of Common Stock
for $2.125 per share (gross proceeds of $1,092,250), which reduced its
holdings of Common Stock to 486,000 shares. Based on 11,500,000 issued and
outstanding shares of Common Stock on October 31, 1999 (as reflected in the
Company's Report on Form 10-Q for the three months ended September 30, 1999),
Value Partners beneficially owns 4.23% of the outstanding Common Stock. As a
result, Value Partners and the other reporting persons are no longer required
to report holdings of Common Stock on Schedule 13D.
1
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
VALUE PARTNERS, LTD.
By: EWING & PARTNERS, its General Partner
December 7, 1999 By: /s/ Timothy G. Ewing
____________________________
Timothy G. Ewing,
Managing Partner
EWING & PARTNERS
December 7, 1999 By: /s/ Timothy G. Ewing
_____________________________
Timothy G. Ewing,
Managing Partner
December 7, 1999 /s/ Timothy G. Ewing
_____________________________
Timothy G. Ewing
