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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934*
(Amendment No. 2)
Wilshire Real Estate Investment, Inc.
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(Name of Issuer)
Common Stock, $.0001 par value
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(Title of Class of Securities)
971892104
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(CUSIP Number)
December 31, 1999
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant
to which this Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 8 Pages
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CUSIP No. 971892104 13G Page 2 of 7 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Kramer Spellman, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
None
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NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 475,100
OWNED BY --------- -------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH None
--------- -------------------------------------------------------
8 SHARED DISPOSITIVE POWER
475,100
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
475,100
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.13%
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12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 971892104 13G Page 3 of 7 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Orin S. Kramer
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5 SOLE VOTING POWER
4,000
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NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 475,100
OWNED BY --------- -------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 4,000
--------- -------------------------------------------------------
8 SHARED DISPOSITIVE POWER
475,100
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
479,100
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10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.17%
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12 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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Item 1(a): Name of Issuer:
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Wilshire Real Estate Investment, Inc.,
formerly known as Wilshire Real Estate
Investment Trust, Inc. (the "Company").
Item 1(b): Address of Issuer's Principal Executive Offices:
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1310 SW 17th Street
Portland, Oregon 97201
Items 2(a) Name of Person Filing; Address of Principal
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and 2(b): Business Office:
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This Statement is being filed by (1) Kramer Spellman,
L.P., a Delaware limited partnership ("KS"); and (2)
Orin S. Kramer, in his capacity as general partner of KS
and an individual holder of common stock, par value
$.0001, of the Company ("Common Stock"). KS serves as a
general partner to investment partnerships and as a
discretionary investment manager to managed accounts.
The principal office of KS is located at 2050 Center
Avenue, Suite 300, Fort Lee, New Jersey 07024, which is
also the business address of Mr. Kramer.
The shares of Common Stock which are the subject of this
Statement are held directly by investment partnerships
for which KS serves as the general partner, managed
accounts for which KS serves as discretionary investment
manager (collectively, the "Partnerships and Managed
Accounts"), and by Mr. Kramer.
Item 2(c): Citizenship:
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Mr. Kramer is a United States citizen.
Item 2(d): Title of Class of Securities:
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Common stock, par value $.0001 per share.
Item 2(e): CUSIP Number:
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971892104
Item 3: If this statement is filed pursuant to
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ss.ss.240.13d-1(b) or 240.13d-2(b) or (c), check
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whether the person filing is a:
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Not Applicable.
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Items 4(a)-(c): Ownership:
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As of December 31, 1999:
(1) KS had beneficial ownership of 475,100 shares of
Common Stock by virtue of its position as general
partner of, or discretionary investment manager to, the
Partnerships and Managed Accounts, as the case may be,
holding such shares of Common Stock. Such shares
represent 4.13% of the issued and outstanding Common
Stock. KS shares voting power and dispositive power over
such shares with Mr. Kramer.
(2) Mr. Kramer had beneficial ownership of 479,100
shares of Common Stock by virtue of his position as (i)
general partner of KS (475,100 shares of Common Stock
representing 4.13%), and (ii) an individual holder of
Common Stock (4,000 shares of Common Stock representing
less than 0.1%). Such shares represent 4.17% of the
issued and outstanding Common Stock. Mr. Kramer has sole
voting power and dispositive power over the shares of
Common Stock described in (ii) above, and shares voting
power and dispositive power over the shares of Common
Stock described in (i) above with KS.
The percentages used herein are calculated based upon
the 11,500,000 shares of Common Stock stated to be
issued and outstanding as of October 31, 1999, as
reflected in the Company's Quarterly Report on Form 10-Q
for the quarterly period ended September 30, 1999.
Item 5: Ownership of Five Percent or Less of a Class:
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If this statement is being filed to report the fact that
as of the date hereof the reporting person has ceased to
be the beneficial owner of more than five percent of the
class of securities, check the following
[X]
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Item 6: Ownership of More than Five Percent on Behalf
- ------ ---------------------------------------------
of Another Person:
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No person other than each respective record owner of
shares of Common Stock referred to herein is known to
have the right to receive or the power to direct the
receipt of dividends from, or proceeds upon the sale of,
shares of Common Stock, except that the respective
shareholders, partners or owners, as relevant, of the
Partnerships and the Managed Accounts have the right to
participate in the receipt of dividends from, or
proceeds upon the sale of, the shares of Common Stock
held for their respective accounts.
Item 7: Identification and Classification of the
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Subsidiary Which Acquired the Security Being
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Reported on By the Parent Holding Company:
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Not Applicable.
Item 8: Identification and Classification of
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Members of the Group:
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Not Applicable.
Item 9: Notice of Dissolution of Group:
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Not Applicable.
Item 10: Certification:
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By signing below each of the undersigned certifies that,
to the best of the undersigned's knowledge and belief,
the securities referred to above were not acquired and
are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the
securities and were not acquired and are not held in
connection with or as a participant in any transaction
having that purpose or effect.
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SIGNATURE
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After reasonable inquiry and to the best of the undersigned's knowledge and
belief, each of the undersigned certifies that the information set forth in this
Statement is true, complete and correct.
Dated: February 10, 2000
KRAMER SPELLMAN, L.P.
By: /s/ Orin S. Kramer
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Name: Orin S. Kramer
Title: General Partner
/s/ Orin S. Kramer
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Orin S. Kramer
