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OMB APPROVAL
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OMB Number: 3235-0145
Expires: August 31, 1999
Estimated average burden
hours per form ........14.90
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13d-2(a)
WILSHIRE REAL ESTATE INVESTMENT INC
______________________________________________________________________________
(Name of Issuer)
COMMON STOCK
______________________________________________________________________________
(Title and Class of Securities)
9718921045
________________________________________________
(CUSIP Number)
Jeffrey S. Lambert, Strome Investment Management, L.P.
100 Wilshire Blvd., 15/th/ Floor, Santa Monica, CA 90401 (310) 917-6600
______________________________________________________________________________
(Name, Address and 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 which is the subject of this Schedule 13D, and is filing this
schedule because of (S)(S) 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 (S)240.13d-7(b) 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).
<PAGE>
- ---------------------------- ----------------------------
CUSIP NO. 9718921045 PAGE 2 OF 19 PAGES
- ---------------------------- ----------------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
Strome Investment Management, L.P., #95-4450882
- ------------------------------------------------------------------------------
CHECK THE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK THE BOX IF DISCLOSURE OF LEGAL PROCEDINGS IS REQUIRED PURSUANT
5 TO ITEMS 2(d) OR 2(e) [ ]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES -------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,105,000
OWNED BY -------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING -------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 1,105,000
- -------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,105,000
- ------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.61%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN, IA
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- ---------------------------- ----------------------------
CUSIP NO. 9718921045 PAGE 3 OF 19 PAGES
- ---------------------------- ----------------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
SSCO, Inc., 95-4450883
- ------------------------------------------------------------------------------
CHECK THE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK THE BOX IF DISCLOSURE OF LEGAL PROCEDINGS IS REQUIRED PURSUANT
5 TO ITEMS 2(d) OR 2(e) [ ]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- -------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES -------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,105,000
OWNED BY -------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING -------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 1,105,000
- -------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,105,000
- ------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.61%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO, HC
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- ---------------------------- ----------------------------
CUSIP NO. 9718921045 PAGE 4 OF 19 PAGES
- ---------------------------- ----------------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
Mark E. Strome
- ------------------------------------------------------------------------------
CHECK THE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK THE BOX IF DISCLOSURE OF LEGAL PROCEDINGS IS REQUIRED PURSUANT
5 TO ITEMS 2(d) OR 2(e) [ ]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES -----------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,105,000
OWNED BY -----------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING -----------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 1,105,000
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,105,000
- ------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
9.61%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN, HC
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- ------------------------- -------------------------
CUSIP NO. 9718921045 PAGE 5 OF 19 PAGES
- ------------------------- -------------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
Strome Partners, L.P., #95-4372590
- ------------------------------------------------------------------------------
CHECK THE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK THE BOX IF DISCLOSURE OF LEGAL PROCEDINGS IS REQUIRED PURSUANT
5 TO ITEMS 2(d) OR 2(e) [ ]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES -----------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
178,800
OWNED BY -----------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING -----------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 178,800
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
178,800
- ------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
1.55%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- ------------------------- -------------------------
CUSIP NO. 9718921045 PAGE 6 OF 19 PAGES
- ------------------------- -------------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
Strome Offshore Limited
- ------------------------------------------------------------------------------
CHECK THE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK THE BOX IF DISCLOSURE OF LEGAL PROCEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Cayman Islands
- ------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES -----------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
705,200
OWNED BY -----------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING -----------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 705,200
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
705,200
- ------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
6.13%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- ------------------------- -------------------------
CUSIP NO. 9718921045 PAGE 7 OF 19 PAGES
- ------------------------- -------------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
Strome Hedgecap Fund, L.P., #95-4385662
- ------------------------------------------------------------------------------
CHECK THE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK THE BOX IF DISCLOSURE OF LEGAL PROCEDINGS IS REQUIRED PURSUANT
5 TO ITEMS 2(d) OR 2(e) [ ]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES -----------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
187,850
OWNED BY -----------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING -----------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 187,850
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
187,850
- ------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
1.63%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- ------------------------- ------------------------
CUSIP NO. 9718921045 PAGE 8 OF 19 PAGES
- ------------------------- ------------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
Strome Hedgecap Limited
- ------------------------------------------------------------------------------
CHECK THE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK THE BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
5 TO ITEMS 2(d) OR 2(e) [ ]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Cayman Islands
- ------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES
-------------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
33,150
OWNED BY
-------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING
-------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 33,150
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
33,150
- ------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.29%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- ------------------------- ------------------------
CUSIP NO. 9718921045 PAGE 9 OF 19 PAGES
- ------------------------- ------------------------
Item 1. Security and Issuer
This statement on Schedule 13D relates to the Common Stock, par value
$0.0001 (the "Stock"), of Wilshire Real Estate Investment Inc. (the
"Company"). The Stock trades on the NASDAQ National Market. The Company's
principal executive offices are located at 1776 S.W. Madison Street,
Portland, Oregon 97205. The number of issued and outstanding shares of
Stock as of October 31, 1999, as set forth in the Company's Quarterly
Report on Form 10-Q for the period ended September 30, 1999, is 11,500,000.
Item 2. Identity and Background
(a) This statement on Schedule 13D is being filed by (i) Strome Partners, L.P.
("SP") with respect to shares of Stock held or beneficially owned by the
partnership; (ii) Strome Offshore Limited ("SOFF") with respect to shares
of Stock held or beneficially owned by the corporation; (iii) Strome
Hedgecap Fund, L.P. ("SHCF") with respect to shares of Stock held or
beneficially owned by the partnership; (iv) Strome Hedgecap Limited
("SHCL") with respect to shares of Stock held or beneficially owned by the
corporation; (v) Strome Investment Management, L.P. ("SIM"), a registered
investment adviser, as general partner and discretionary investment adviser
of SP and SHCF, and as discretionary investment adviser of SOFF and SHCL;
(vi) SSCO, Inc. ("SSCO") as sole general partner of SIM; and (vii) Mark E.
Strome ("Strome"), a settlor and trustee of The Mark E. Strome Living
Trust, dated 1/16/97, as the controlling shareholder of SSCO. SP, SOFF,
SHCF and SHCL may each be referred to individually as a "Fund" and
collectively as the "Funds"and the Funds together with SIM, SSCO and Strome
are collectively referred to hereinafter as the "Reporting Persons."
SIM's beneficial ownership of the Stock is direct because of its general
partnership interests in SP and SHCF who directly own shares of the Stock.
SIM also has direct beneficial ownership of the Stock as a result of its
discretionary authority to buy, sell and vote shares of such Stock for its
investment advisory clients (i.e., the Funds). SSCO's and Strome's
beneficial ownership are indirect as a result of their ownership of SIM,
and is reported solely because Rule 13-d(1)(a) promulgated under the
Securities Exchange Act of 1934 (the "Act"), as amended, requires any
person who is "directly or indirectly" the beneficial owner of more than
five percent of any equity security of a specific class to file a Schedule
13D within the specific time period. The answers on blocks 8, 10, 11 and
13 on pages 3 and 4 above and in response to item 5 by SSCO and Strome are
given on the basis of the "indirect" beneficial ownership referred to in
such Rule, based on the direct beneficial ownership of the Stock by SIM and
the relationship of SSCO and Strome to SIM.
Information with respect to each Reporting Person is given solely by the
respective Reporting Person, and no Reporting Person undertakes hereby any
responsibility for the accuracy or completeness of such information
concerning any other Reporting Person.
(b) The business address for all Reporting Persons is 100 Wilshire Blvd., 15th
Floor, Santa Monica, California 90401.
(c) The business of (i) SP is that of a private investment partnership engaging
in the purchase and sale of securities for investment for its own account;
(ii) SOFF is that of a private offshore investment corporation engaging in
the purchase and sale of securities for investment for its own account;
(iii) SHCF is that of a private investment partnership engaging in the
purchase and sale of securities
<PAGE>
- ------------------------- ------------------------
CUSIP NO. 9718921045 PAGE 10 OF 19 PAGES
- ------------------------- ------------------------
for investment for its own account; (iv) SHCL is that of a private offshore
investment corporation engaging in the purchase and sale of securities for
investment for its own account; (v) SIM is to provide discretionary
investment management services to institutional clients; (vi) SSCO is to
serve as the general partner of SIM; and (vii) Strome is to provide
discretionary investment management services through SIM.
(d) None of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) None of the Reporting Persons 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) (i) SP is a Delaware limited partnership; (ii) SOFF is a Cayman Islands
corporation; (iii) SHCF is a Delaware limited partnership; (iv) SHCL is a
Cayman Islands corporation; (v) SIM is a Delaware limited partnership; (vi)
SSCO is a Delaware corporation; and (vii) Strome is a United States
citizen.
Item 3. Source and Amount of Funds or Other Consideration.
The net investment cost (including commissions, if any) of the shares of
Stock beneficially owned by SP is $624,060.00. The source of funds for
this consideration was working capital.
The net investment cost (including commissions, if any) of the shares of
Stock beneficially owned by SOFF is $2,466,170.00. The source of funds for
this consideration was working capital.
The net investment cost (including commissions, if any) of the shares of
Stock beneficially owned by SHCF is $657,135.00. The source of funds for
this consideration was working capital.
The net investment cost (including commissions, if any) of the shares of
Stock beneficially owned by SHCL is $115,965.00. The source of funds for
this consideration was working capital.
Item 4. Purpose of Transaction.
The Reporting Persons acquired the Stock as an investment and view their
investment as having significant potential for increased value. The
Reporting Persons believe that the Company's stock has underperformed. The
Reporting Persons believe that the Company is too small to operate
independently and should either be liquidated or acquired by a larger
entity. The Reporting Persons are disappointed with the performance of the
Company's management. The Reporting Persons intend to use their positions
as significant shareholders to communicate with management their views with
respect to enhancing shareholder value. The Reporting Persons may also
discuss with other shareholders their views on the current performance of
management. The Reporting Persons are considering a shareholder proposal
seeking liquidation of the Company or seeking to engage investment bankers
to solicit bids for the sale of the Company.
The Reporting Persons reserve the right to change their plans or
<PAGE>
- ------------------------- ------------------------
CUSIP NO. 9718921045 PAGE 11 OF 19 PAGES
- ------------------------- ------------------------
intentions and to take any and all actions that they deem appropriate to
maximize the value of their investments, including, among other things,
acquiring additional securities of the Company, disposing of any securities
of the Company owned by them, seeking representation on the Board of
Directors, soliciting other shareholders to participate with the Reporting
Persons to replace a majority of the Board of Directors, or formulating
other plans or proposals regarding the Company or its securities to the
extent deemed advisable by the Reporting Persons in light of their general
investment policies, market conditions, subsequent developments affecting
the Company, the general business and future prospects of the Company, tax
aspects or other factors.
Except as set forth above, the Reporting Persons do not have any current
intention, plan or proposal with respect to: (a) the acquisition by any
person of additional securities of the Company, or the disposition of
securities of the Company; (b) an extraordinary corporate transaction, such
as a merger, reorganization or liquidation, involving the Company or any of
its subsidiaries; (c) a sale or transfer of a material amount of assets of
the Company or any of its subsidiaries; (d) any change in the present board
of directors or management of the Company, including any plans or proposals
to change the number or term of directors or to fill any existing vacancies
on the board; (e) any material change in the present capitalization or
dividend policy of the Company; (f) any other material change in the
Company's business or corporate structure; (g) changes in the Company's
charter, bylaws or instruments corresponding thereto or other actions which
may impede the acquisition of control of the Company by any person; (h)
causing a class of securities of the Company to be delisted from a national
securities exchange, if any, or cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities
association; (i) a class of equity securities of the Company becoming
eligible for termination of a 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) As of the date hereof, each member of the Group has the following interest
in the securities of the Issuer:
(i) SP beneficially owns 178,800 shares of Stock and is the beneficial
owner of 1.55% of the Stock.
(ii) SOFF beneficially owns 705,200 shares of Stock and is the beneficial
owner of 6.13% of the Stock.
(iii) SHCF beneficially owns 187.850 shares of Stock and is the beneficial
owner of 1.63% of the Stock.
(iv) SHCL beneficially owns 33,150 shares of Stock and is the beneficial
owner of 0.29% of the Stock.
(v) SIM, (y) as general partner of and discretionary investment adviser
to SP and SHCF and (z) discretionary investment adviser to SOFF and
SHCL, beneficially owns 1,105,000 shares of Stock and is the
beneficial owner of 9.61% of the Stock.
(vi) SSCO, as the general partner of SIM, beneficially owns 1,105,000
shares of the Stock and is the beneficial owner of 9.61% of the
Stock.
<PAGE>
- -------------------------- --------------------------
CUSIP NO. 9718921045 PAGE 12 OF 19 PAGES
- -------------------------- --------------------------
(vii) Strome, as a settlor and trustee of The Mark E. Strome Living
Trust dated 1/16/97, which trust is the controlling shareholder
of SSCO, beneficially owns 1,105,000 shares of the Stock, and is
the beneficial owner of 9.61% of the Stock.
The Reporting Persons in the aggregate may be deemed to own an aggregate of
9.61% of the Stock.
(b) SIM, a registered investment adviser, SSCO, its general partner and Strome,
a trustee of SSCO's controlling shareholder, have the right or the power to
direct the receipt of dividends from the Stock, to direct the receipt of
proceeds from the sale of Stock to SIM's investment advisory clients (i.e.,
the Funds) and to direct the vote on behalf of the Funds.
<TABLE>
<CAPTION>
=============================================================================================
No. of Shares Percentage Sole Shared Power Sole Shared Power
Beneficially Class Power to Vote Power to to Dispose
Owned to Vote Dispose
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SP 178,800 1.55% 0 178,800 0 178,800
- ---------------------------------------------------------------------------------------------
SOFF 705,200 6.13% 0 705,200 0 705,200
- ---------------------------------------------------------------------------------------------
SHCF 187,850 1.63% 0 187,850 0 187,850
- ---------------------------------------------------------------------------------------------
SHCL 33,150 0.29% 0 33,150 0 33,150
- ---------------------------------------------------------------------------------------------
SIM 1,105,000 9.61% 0 1,105,000 0 1,105,000
- ---------------------------------------------------------------------------------------------
SSCO 1,105,000 9.61% 0 1,105,000 0 1,105,000
- ---------------------------------------------------------------------------------------------
Strome 1,105,000 9.61% 0 1,105,000 0 1,105,000
=============================================================================================
</TABLE>
(c) The trading dates, number of shares purchased or sold and price paid
per share for all transactions by the Reporting Persons since October 8, 1999
are set forth below. All such transactions were open market transactions and
were effected on the NASDAQ National Market. No other transactions were effected
by the Reporting Persons during such period.
<TABLE>
<CAPTION>
========================================================================================
PARTY TRADE DATE BOUGHT (SOLD) NET AMOUNT PER SHARE
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SP 10/29/99 4,000 $ 11,160.00 $2.7900
- ----------------------------------------------------------------------------------------
SP 11/01/99 2,000 $ 5,580.00 $2.7900
- ----------------------------------------------------------------------------------------
SP 11/30/99 (7,200) $ 15,511.15 $2.1543
- ----------------------------------------------------------------------------------------
SP 12/01/99 40,000 $ 89,100.00 $2.2275
- ----------------------------------------------------------------------------------------
SOFF 10/29/99 16,000 $ 44,640.00 $2.7900
- ----------------------------------------------------------------------------------------
SOFF 11/01/99 (2,000) $ 5,580.00 $2.7900
- ----------------------------------------------------------------------------------------
SOFF 11/30/99 (28,800) $ 62,044.61 $2.1543
- ----------------------------------------------------------------------------------------
SOFF 12/01/99 160,000 $356,400.00 $2.2275
- ----------------------------------------------------------------------------------------
SSHF 10/29/99 4,250 $ 11,857.50 $2.7900
========================================================================================
</TABLE>
<PAGE>
- ------------------------ -------------------------
CUSIP NO. 9718921045 PAGE 13 OF 19 PAGES
- ------------------------ -------------------------
================================================================================
SSHF 11/30/99 (7,650) $ 16,480.60 $2.1543
- --------------------------------------------------------------------------------
SSHF 12/01/99 42,500 $ 94.668.75 $2.2275
- --------------------------------------------------------------------------------
SSHL 10/29/99 750 $ 2,092.50 $2.7900
- --------------------------------------------------------------------------------
SSHL 11/30/99 (1,350) $ 2,908.34 $2.1543
- --------------------------------------------------------------------------------
SSHL 12/01/99 7,500 $ 16,706.25 $2.2275
================================================================================
(d) No person other than each respective owner referred to herein of Stock
is known to have the right to receive or the power to direct the receipt of
dividends from or the proceeds from the sale of such Stock.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
to Securities of the Issuer.
Strome may be deemed to be an ultimate controlling person of the Funds. Except
as described in Item 2 above, the Reporting Persons have no contracts,
arrangements, understandings or relationships (legal or otherwise) with any
person with respect to securities of the Company.
Item 7. Material to be Filed as Exhibits.
EXHIBIT A Identification and Classification of Members of the Group
EXHIBIT B Statement With Respect to Joint Filing of Schedule 13D
EXHIBIT C Disclaimer of Beneficial Ownership
EXHIBIT D Power of Attorney Forms for Schedule 13D and 13G and Forms 13F
Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
STROME PARTNERS, L.P.
By: Strome Investment Management, L.P., general partner
by its general partner, SSCO, Inc.
/s/ Jeffrey S. Lambert
By: --------------------------------
Jeffrey S. Lambert
Chief Operating Officer
STROME OFFSHORE LIMITED
/s/ Jeffrey S. Lambert
By: -----------------------------
Jeffrey S. Lambert
Director
STROME HEDGECAP FUND, L.P.
By: Strome Investment Management, L.P., general partner
<PAGE>
- ------------------------ -------------------------
CUSIP NO. 9718921045 PAGE 14 OF 19 PAGES
- ------------------------ -------------------------
by its general partner, SSCO, Inc.
/s/ Jeffrey S. Lambert
By: --------------------------------
Jeffrey S. Lambert
Chief Operating Officer
STROME HEDGECAP LIMITED
/s/ Jeffrey S. Lambert
By: -----------------------------
Jeffrey S. Lambert
Director
STROME INVESTMENT MANAGEMENT, L.P.
By: SSCO, Inc., general partner
/s/ Jeffrey S. Lambert
By: --------------------------------
Jeffrey S. Lambert
Chief Operating Officer
SSCO, INC.
/s/ Jeffrey S. Lambert
By: -----------------------------
Jeffrey S. Lambert
Chief Operating Officer
MARK E. STROME
/s/ Jeffrey S. Lambert
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Mark E. Strome
Date: December 9, 1999
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CUSIP NO. 9718921045 PAGE 15 OF 19 PAGES
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EXHIBIT A
Identification and Classification of Members of the Group
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Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as
amended, the members of the group making this joint filing are identified and
classified as follows:
Name Classification
---- --------------
Strome Partners, L.P. A private limited partnership that
purchases and sells securities for
investment for its own account
Strome Offshore Limited A private offshore investment
corporation that purchases and
sells securities for investment for
its own account
Strome Hedgecap Fund, L.P. A private limited partnership that
purchases and sells securities for
investment for its own account
Strome Hedgecap Limited A private offshore investment
corporation that purchases and
sells securities for investment for
its own account
Strome Investment Management, L.P. Investment Adviser registered under
(the "Adviser") the Investment Advisers Act of 1940
SSCO, Inc. ("General Partner") A control person due to its role as
General Partner of the Adviser
Mark E. Strome A control person of the Adviser and
settlor and trustee of the trust
that is the controlling shareholder
of the General Partner
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CUSIP NO. 9718921045 PAGE 16 OF 19 PAGES
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EXHIBIT B
JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(k)(1)
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This agreement is made pursuant to Rule 13d-1(k)(1) under the Securities
Exchange Act of 1934, as amended (the "Act") by and among the parties listed
below, each referred to herein as a "Joint Filer." The Joint Filers agree that
a statement of beneficial ownership as required by Section 13(d) of the Act and
the Rules thereunder may be filed on each of their behalf on Schedule 13D or
Schedule 13G, as appropriate, and that said joint filing may thereafter be
amended by further joint filings. The Joint Filers state that they each satisfy
the requirements for making a joint filing under Rule 13d-1.
Dated: December 9, 1999
STROME PARTNERS, L.P.
By: Strome Investment Management, L.P., general partner
by its general partner, SSCO, Inc.
/s/ Jeffrey S. Lambert
By: --------------------------------
Jeffrey S. Lambert
Chief Operating Officer
STROME OFFSHORE LIMITED
/s/ Jeffrey S. Lambert
By: -----------------------------
Jeffrey S. Lambert
Director
STROME HEDGECAP FUND, L.P.
By: Strome Investment Management, L.P., general partner
by its general partner, SSCO, Inc.
/s/ Jeffrey S. Lambert
By: --------------------------------
Jeffrey S. Lambert
Chief Operating Officer
STROME HEDGECAP LIMITED
/s/ Jeffrey S. Lambert
By: -----------------------------
Jeffrey S. Lambert
Director
STROME INVESTMENT MANAGEMENT, L.P.
By:, SSCO, Inc., general partner
/s/ Jeffrey S. Lambert
By: --------------------------------
Jeffrey S. Lambert
Chief Operating Officer
SSCO, INC.
/s/ Jeffrey S. Lambert
By: ------------------------------------
Jeffrey S. Lambert
Chief Operating Officer
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CUSIP NO. 9718921045 PAGE 17 OF 19 PAGES
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MARK E. STROME
/s/ Jeffrey S. Lambert
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Mark E. Strome
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CUSIP NO. 9718921045 PAGE 18 OF 19 PAGES
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EXHIBIT C
Disclaimer of Beneficial Ownership
----------------------------------
Bank Plus Corporation
Common Stock
1,105,000 Shares*
SSCO, Inc. and Mark E. Strome disclaim beneficial ownership as to all shares
beneficially owned for Section 13(d) filing purposes by Strome Investment
Management, L.P. as investment adviser.
*The shares reported and disclaimed herein are $.01 par value Common Stock of
the issuer.
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CUSIP NO. 9718921045 PAGE 19 OF 19 PAGES
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EXHIBIT D
POWER OF ATTORNEY FORM FOR
SCHEDULES 13D AND 13G AND FORM 13F
I, Mark E. Strome in my individual capacity and as a principal of Strome
Investment Management, L.P., hereby appoint Jeffrey S. Lambert as attorney-in-
fact and agent, in all capacities, to execute, on my behalf and on behalf of
Strome Investment Management, L.P. and to file with the appropriate issuers,
exchanges and regulatory authorities, any and all Schedules 13D and 13G and
Forms 13F and documents relating thereto required to be filed under the
Securities Exchange Act of 1934, as amended, including exhibits, attachments and
amendments thereto and request for confidential information contained therein.
I hereby grant to said attorney-in-fact full authority to do every act necessary
to be done in order to effectuate the same as fully, to all intents and
purposes, as I could if personally present, thereby ratifying all that said
attorneys-in-fact and agents may lawfully do or cause to be done by virtue
hereof.
I hereby execute this power of attorney on this 25/th/ day of May, 1999
/s/ Mark Strome
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Mark E. Strome
