-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U98YwizxuwGJWBU0gDCiGzICvy1XL4IOKmJADVX3nRZBzhe9UrHj1h43QRoCMY9H 1v/1voaU1pMQlkEN+0aWng== 0000899140-99-000131.txt : 19990211 0000899140-99-000131.hdr.sgml : 19990211 ACCESSION NUMBER: 0000899140-99-000131 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990210 GROUP MEMBERS: KRAMER SPELLMAN L P ET AL GROUP MEMBERS: ORIN S. KRAMER SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: RESOURCE ASSET INVESTMENT TRUST CENTRAL INDEX KEY: 0001045425 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 232919819 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: SEC FILE NUMBER: 005-53667 FILM NUMBER: 99528270 BUSINESS ADDRESS: STREET 1: 1521 LOCUST ST STREET 2: 6TH FL CITY: PHILADELPHIA STATE: PA ZIP: 19102 BUSINESS PHONE: 2155465119 MAIL ADDRESS: STREET 1: 1521 LOCUST ST STREET 2: 6TH FL CITY: PHILADELPHIA STATE: PA ZIP: 19102 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: KRAMER SPELLMAN L P ET AL CENTRAL INDEX KEY: 0000931328 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 2050 CENTER AVE CITY: FORT LEE STATE: NJ ZIP: 07024 SC 13G/A 1 AMENDMENT NO. 1 TO SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934* (Amendment No. 1) Resource Asset Investment Trust ------------------------------- (Name of Issuer) Common Stock, $.01 par value ---------------------------- (Title of Class of Securities) 761196104 --------- (CUSIP Number) December 31, 1998 ----------------- (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 CUSIP No. 7611961013G 13G Page 2 of 8 Pages ----------- ----------------- - ---------- --------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) Kramer Spellman, L.P. - ---------- --------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - ---------- --------------------------------------------------------------------- 3 SEC USE ONLY - ---------- --------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------- ------ ---------------------------------------------------- 5 SOLE VOTING POWER None ------ ---------------------------------------------------- NUMBER OF 6 SHARED VOTING POWER SHARES BENEFICIALLY 239,200 OWNED BY EACH ------ ---------------------------------------------------- REPORTING 7 SOLE DISPOSITIVE POWER PERSON WITH None ------ ---------------------------------------------------- 8 SHARED DISPOSITIVE POWER 239,200 - ---------- --------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON 239,200 - ---------- --------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* - ---------- --------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 3.9% - ---------- --------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* PN - ---------- --------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! CUSIP No. 761196104 13G Page 3 of 8 Page --------- ---------------- - ---------- --------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) Orin S. Kramer - ---------- --------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - ---------- --------------------------------------------------------------------- 3 SEC USE ONLY - ---------- --------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------- ------ ---------------------------------------------------- 5 SOLE VOTING POWER 2,200 ------ ---------------------------------------------------- NUMBER OF 6 SHARED VOTING POWER SHARES BENEFICIALLY 239,200 OWNED BY EACH ------ ---------------------------------------------------- REPORTING 7 SOLE DISPOSITIVE POWER PERSON WITH 2,200 ------ ---------------------------------------------------- 8 SHARED DISPOSITIVE POWER 239,200 - ---------- --------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON 241,400 - ---------- --------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* - ---------- --------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 3.9% - ---------- --------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* IN - ---------- --------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! Item 1(a): Name of Issuer: - --------- -------------- Resource Asset Investment Trust (the "Company"). Item 1(b): Address of Issuer's Principal Executive - --------- --------------------------------------- Offices: ------- 1845 Walnut Street, 10th Floor Philadelphia, Pennsylvania 19103 Items 2(a) Name of Person Filing; Address of Principal - ---------- ------------------------------------------- and 2(b): Business Office: - -------- --------------- 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 $.01, 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: - --------- ----------- Mr. Kramer is a United States citizen. Item 2(d): Title of Class of Securities: - --------- ---------------------------- Common stock, par value $.01 per share. Item 2(e): CUSIP Number: - --------- ------------ 761196104 Item 3: If this statement is filed pursuant to - ------ -------------------------------------- ss.ss.240.13d-1(b) or 240.13d-2(b) or (c), ------------------------------------------ check whether the person filing is a: ------------------------------------ Not Applicable. Page 4 of 8 Pages Items 4(a)-(c): Ownership: - -------------- --------- As of December 31, 1998: (1) KS had beneficial ownership of 239,200 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 3.9% 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 241,400 shares of Common Stock by virtue of his position as (i) general partner of KS (239,200 shares of Common Stock representing 3.9%), and (ii) an individual holder of Common Stock (2,200 shares of Common Stock representing less than 0.1%). Such shares represent 3.9% 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 6,165,334 shares of Common Stock stated to be issued and outstanding as of October 31, 1998, as reflected in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 1998. Item 5: Ownership of Five Percent or Less of a Class: - ------ -------------------------------------------- As of December 31, 1998, both KS and Mr. Kramer ceased to be the beneficial owner of more than five percent of the outstanding shares of Common Stock. Page 5 of 8 Pages Item 6: Ownership of More than Five Percent on Behalf - ------ --------------------------------------------- of Another Person: ----------------- 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 - ------ ---------------------------------------- Subsidiary Which Acquired the Security Being -------------------------------------------- Reported on By the Parent Holding Company: ----------------------------------------- Not Applicable. Item 8: Identification and Classification of - ------ ------------------------------------ Members of the Group: -------------------- Not Applicable. Item 9: Notice of Dissolution of Group: - ------ ------------------------------ Not Applicable. Item 10: Certification: - ------- ------------- 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. Page 6 of 8 Pages SIGNATURE --------- 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, 1999 KRAMER SPELLMAN, L.P. By: /s/ Orin S. Kramer ----------------------- Name: Orin S. Kramer Title: General Partner /s/ Orin S. Kramer -------------------------------- Orin S. Kramer Page 7 of 8 Pages EXHIBIT A --------- Joint Filing Agreement, dated May 15, 1998, between the signatories to this Schedule 13G (filed as Exhibit A to the initial Schedule 13G and incorporated herein by reference). Page 8 of 8 Pages -----END PRIVACY-ENHANCED MESSAGE-----