<SEC-DOCUMENT>0000902664-05-000778.txt : 20120629
<SEC-HEADER>0000902664-05-000778.hdr.sgml : 20120629
<ACCEPTANCE-DATETIME>20050309162546
ACCESSION NUMBER:		0000902664-05-000778
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20050309
DATE AS OF CHANGE:		20050309

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST UNION REAL ESTATE EQUITY & MORTGAGE INVESTMENTS
		CENTRAL INDEX KEY:			0000037008
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				346513657
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-19676
		FILM NUMBER:		05669636

	BUSINESS ADDRESS:	
		STREET 1:		7 BULFINCH PLACE
		STREET 2:		SUITE 500 PO BOX 9507
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114
		BUSINESS PHONE:		6175704614

	MAIL ADDRESS:	
		STREET 1:		7 BULFINCH PLACE
		STREET 2:		SUITE 500 PO BOX 9507
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST UNION REALTY
		DATE OF NAME CHANGE:	19691012

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KING STREET CAPITAL MGMT LLC
		CENTRAL INDEX KEY:			0001218199
		IRS NUMBER:				133978904

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		65 EAST 55TH STREET
		STREET 2:		30TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-812-3100

	MAIL ADDRESS:	
		STREET 1:		65 EAST 55TH STREET
		STREET 2:		30TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>srz05-0350firstunion.txt
<DESCRIPTION>FIRST UNION RE EQUITY & MORTGAGE INVESTMENTS
<TEXT>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934


             First Union Real Estate Equity and Mortgage Investments
                                (Name of Issuer)

                          Common Stock, Par Value $1.00
                         (Title of Class of Securities)

                                    337400105
                                 (CUSIP Number)

                                February 28, 2005
             (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>


CUSIP No. 337400105                  SC 13G                     Page 2 of 12

-----------------------------------------------------------------------------
     (1)  NAME OF REPORTING PERSON
          I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
          King Street Capital, L.P.
          13-38-12174
-----------------------------------------------------------------------------
     (2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                    (a) [ ]
                                                                    (b) [x]
-----------------------------------------------------------------------------
     (3)  SEC USE ONLY

-----------------------------------------------------------------------------
     (4)  CITIZENSHIP OR PLACE OF ORGANIZATION
               Delaware
-----------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES
               --------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    4,888,889
OWNED BY       --------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      --------------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    4,888,889
-----------------------------------------------------------------------------
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED
          BY EACH REPORTING PERSON
          4,888,889
-----------------------------------------------------------------------------
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT
          IN ROW (9) EXCLUDES CERTAIN SHARES                             [ ]
-----------------------------------------------------------------------------
    (11)  PERCENT OF CLASS REPRESENTED
          BY AMOUNT IN ROW (9)
          13.6%
-----------------------------------------------------------------------------
    (12)  TYPE OF REPORTING PERSON
          PN
-----------------------------------------------------------------------------


<PAGE>


CUSIP No. 337400105                  SC 13G                     Page 3 of 12

-----------------------------------------------------------------------------
     (1)  NAME OF REPORTING PERSON
          I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
          King Street Advisors, L.L.C.
          13-38-12173
-----------------------------------------------------------------------------
     (2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                    (a) [ ]
                                                                    (b) [x]
-----------------------------------------------------------------------------
     (3)  SEC USE ONLY

-----------------------------------------------------------------------------
     (4)  CITIZENSHIP OR PLACE OF ORGANIZATION
               Delaware
-----------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES
               --------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    4,888,889
OWNED BY       --------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      --------------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    4,888,889
-----------------------------------------------------------------------------
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED
          BY EACH REPORTING PERSON
          4,888,889
-----------------------------------------------------------------------------
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT
          IN ROW (9) EXCLUDES CERTAIN SHARES                             [ ]
-----------------------------------------------------------------------------
    (11)  PERCENT OF CLASS REPRESENTED
          BY AMOUNT IN ROW (9)
          13.6%
-----------------------------------------------------------------------------
    (12)  TYPE OF REPORTING PERSON
          OO, IA
-----------------------------------------------------------------------------


<PAGE>


CUSIP No. 337400105                  SC 13G                     Page 4 of 12

-----------------------------------------------------------------------------
     (1)  NAME OF REPORTING PERSON
          I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
          King Street Capital Management, L.L.C.
          13-3978904
-----------------------------------------------------------------------------
     (2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                    (a) [ ]
                                                                    (b) [x]
-----------------------------------------------------------------------------
     (3)  SEC USE ONLY

-----------------------------------------------------------------------------
     (4)  CITIZENSHIP OR PLACE OF ORGANIZATION
               Delaware
-----------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES
               --------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    4,888,889
OWNED BY       --------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      --------------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    4,888,889
-----------------------------------------------------------------------------
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED
          BY EACH REPORTING PERSON
          4,888,889
-----------------------------------------------------------------------------
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT
          IN ROW (9) EXCLUDES CERTAIN SHARES                             [ ]
-----------------------------------------------------------------------------
    (11)  PERCENT OF CLASS REPRESENTED
          BY AMOUNT IN ROW (9)
          13.6%
-----------------------------------------------------------------------------
    (12)  TYPE OF REPORTING PERSON
          OO, IA
-----------------------------------------------------------------------------


<PAGE>


CUSIP No. 337400105                  SC 13G                     Page 5 of 12

-----------------------------------------------------------------------------
     (1)  NAME OF REPORTING PERSON
          I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
          O. Francis Biondi, Jr.
-----------------------------------------------------------------------------
     (2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                    (a) [ ]
                                                                    (b) [x]
-----------------------------------------------------------------------------
     (3)  SEC USE ONLY

-----------------------------------------------------------------------------
     (4)  CITIZENSHIP OR PLACE OF ORGANIZATION
               United States of America
-----------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES
               --------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    4,888,889
OWNED BY       --------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      --------------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    4,888,889
-----------------------------------------------------------------------------
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED
          BY EACH REPORTING PERSON
          4,888,889
-----------------------------------------------------------------------------
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT
          IN ROW (9) EXCLUDES CERTAIN SHARES                             [ ]
-----------------------------------------------------------------------------
    (11)  PERCENT OF CLASS REPRESENTED
          BY AMOUNT IN ROW (9)
          13.6%
-----------------------------------------------------------------------------
    (12)  TYPE OF REPORTING PERSON
          IN
-----------------------------------------------------------------------------


<PAGE>


CUSIP No. 337400105                  SC 13G                     Page 6 of 12

-----------------------------------------------------------------------------
     (1)  NAME OF REPORTING PERSON
          I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
          Brian J. Higgins
-----------------------------------------------------------------------------
     (2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                    (a) [ ]
                                                                    (b) [x]
-----------------------------------------------------------------------------
     (3)  SEC USE ONLY

-----------------------------------------------------------------------------
     (4)  CITIZENSHIP OR PLACE OF ORGANIZATION
                United States of America
-----------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES
               --------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    4,888,889
OWNED BY       --------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      --------------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    4,888,889
-----------------------------------------------------------------------------
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
          4,888,889
-----------------------------------------------------------------------------
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT
          IN ROW (9) EXCLUDES CERTAIN SHARES                             [ ]
-----------------------------------------------------------------------------
    (11)  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
          13.6%
-----------------------------------------------------------------------------
    (12)  TYPE OF REPORTING PERSON
          IN
-----------------------------------------------------------------------------


<PAGE>


CUSIP No. 337400105                  SC 13G                     Page 7 of 12

ITEM 1(a).  NAME OF ISSUER:
            First Union Real Estate Equity and Mortgage Investments

ITEM 1(b).  ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
            7 Bulfinch Place, Suite 500 P.O. Box 9507, Boston MA, 02114

Item 2(a).  Name of Person Filing:

            This Schedule 13G is being jointly filed by King Street Capital,
L.P. ("KSC L.P."), King Street Advisors, L.L.C. ("KSA"), King Street Capital
Management, L.L.C. ("KSCM"), O. Francis Biondi, Jr. and Brian J. Higgins. KSC
L.P., KSA, Messrs. Biondi and Higgins are collectively referred to herein as
"Reporting Persons".

      (b).  Address of Principal Business Office, or if None, Residence:

            The principal business address of each of the other Reporting
            Persons is:

            65 East 55th Street
            30th Floor
            New York, New York 10022

      (c).  Citizenship:

            Messrs. Biondi and Higgins are both United States citizens. Each of
the other Reporting Persons is organized under the laws of the State of
Delaware, U.S.A.

ITEM 2(d).  TITLE OF CLASS OF SECURITIES: Common Stock, Par Value $1.00

ITEM 2(e).  CUSIP NUMBER:

            337400105

ITEM 3.     IF THIS STATEMENT IS FILED PURSUANT TO 13d-1(b) OR 13d-2(b) OR (c),
CHECK WHETHER THE PERSON FILING IS A:

          (a)  [ ]   Broker or dealer registered under Section 15 of the Act

          (b)  [ ]   Bank as defined in Section 3(a)(6) of the Act

          (c)  [ ]   Insurance Company as defined in Section 3(a)(19) of the
                     Act

          (d)  [ ]   Investment Company registered under Section 8 of the
                     Investment Company Act of 1940

          (e)  [ ]   Investment Adviser registered under Section 203 of the
                     Investment Advisers Act of 1940:
                     see Rule 13d-1(b)(1)(ii)(E)

          (f)  [ ]   Employee Benefit Plan, Pension Fund which is subject to
                     the provisions of the Employee Retirement Income


<PAGE>


CUSIP No. 337400105                  SC 13G                     Page 8 of 12

                     Security Act of 1974 or Endowment Fund; see
                     Rule 13d-1(b)(1)(ii)(F)

          (g)  [ ]   Parent Holding Company, in accordance with
                     Rule 13d-1(b)(ii)(G)

          (h)  [ ]   Savings Associations as defined in Section 3(b) of the
                     Federal Deposit Insurance Act

          (i)  [ ]   Church Plan that is excluded from the definition of an
                     investment company under Section 3(c)(14) of the Investment
                     Company Act of 1940

          (j)  [ ]   Group, in accordance with Rule 13d-1(b)(1)(ii)(J)

ITEM 4.   OWNERSHIP.

KSC L.P.:

      On February 28, 2005, KSC L.P. purchased 880,000 shares of B-1 Cumulative
Convertible Redeemable Preferred Shares ("Preferred Stock") convertible into
4,888,889 shares of Common Stock. The Common Stock underlying the Preferred
Stock represents 13.6% of the total outstanding shares of Common Stock as of
that date.

      KSC L.P. may be deemed to have shared voting and dispositive power over
the 4,888,889 shares of Common Stock it owns, or 13.6% of the total
outstanding shares of Common Stock.

KSA:

      Because KSA is the general partner of KSC L.P., pursuant to Rule 13d-1,
as of February 28, 2005, KSA may be deemed to be the beneficial owner of
4,888,889 shares of Common Stock, or 13.6% of the total outstanding shares of
Common Stock on that date, consisting of the shares owned by KSC L.P.

      Because of the relationship described above, KSA may be deemed to have
shared voting and dispositive power over the 4,888,889 shares of Common Stock,
or 13.6% of the total outstanding shares of Common Stock.

KSCM:

      Because KSCM has been delegated certain investment advisory
responsibilities by KSA on behalf of KSC L.P., pursuant to Rule 13d-1, as of
February 28, 2005, KSCM may be deemed to be the beneficial owner of 4,888,889
shares of Common Stock, or 13.6% of the total outstanding shares of Common Stock
on that date, consisting of the shares owned by KSC L.P.

      Because of the relationship described above, KSCM may be deemed to have
shared voting and dispositive power over the 4,888,889 shares of Common Stock,
or 13.6% of the total outstanding shares of Common Stock.

O. FRANCIS BIONDI, JR.:


<PAGE>


CUSIP No. 337400105                  SC 13G                     Page 9 of 12

      Because Mr. Biondi is a Managing Principal of KSA, pursuant to Rule 13d-1,
as of February 28, 2005, Mr. Biondi may be deemed to be the beneficial owner of
4,888,889 shares of Common Stock, or 13.6% of the total outstanding shares of
Common Stock on that date, consisting of the shares owned by KSC L.P.

      Because of the relationship described above, Mr. Biondi may be deemed to
have shared voting and dispositive power over an aggregate of 4,888,889 shares
of Common Stock, or 13.6% of the total outstanding shares of Common Stock,
consisting of shares owned by KSC L.P.

BRIAN J. HIGGINS:

      Because Mr. Higgins is a Managing Principal of KSA, pursuant to Rule
13d-1, as of February 28, 2005, Mr. Higgins may be deemed to be the beneficial
owner of 4,888,889 shares of Common Stock, or 13.6% of the total outstanding
shares of Common Stock on that date, consisting of the shares owned by KSC L.P.

      Because of the relationship described above, Mr. Higgins may be deemed to
have shared voting and dispositive power over an aggregate of 4,888,889 shares
of Common Stock, or 13.6% of the total outstanding shares of Common Stock,
consisting of shares owned by KSC L.P.

      Because of the relationships described above, the Reporting Persons may be
deemed to constitute a "group" within the meaning of Rule 13d-5 under the
Securities and Exchange Act of 1934, and as such, each member of the group would
be deemed to beneficially own, in the aggregate, all of the shares of
the Common Stock held by members of the group. The Reporting Persons do not
admit that they constitute a group within the meaning of Rule 13d-5.

ITEM 5.   OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
          If this statement is being filed to report the fact that as of the
          date hereof the Reporting Persons have ceased to be the beneficial
          owner of more than five percent of the class of securities, check the
          following [ ].

ITEM 6.   OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
          See Item 4.

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.  (if filing pursuant to Rule 13d-1(c))

          Each of the Reporting Persons hereby makes the following
certification:


<PAGE>


CUSIP No. 337400105                  SC 13G                     Page 10 of 12

          By signing below each Reporting Person certifies that, to the best of
its 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 not held
in connection with or as a participant in any transaction having that purpose or
effect.


<PAGE>


CUSIP No. 337400105                  SC 13G                     Page 11 of 12

                                   SIGNATURES

      After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.

Dated: March 9, 2005
       ----------------------

King Street Capital, L.P.*
By: King Street Advisors, L.L.C.,
      its general partner

By: /s/ Brian J. Higgins
    -------------------------
Name: Brian J. Higgins
Title: Managing Principal


King Street Advisors, L.L.C.*

By: /s/ Brian J. Higgins
    -------------------------
Name: Brian J. Higgins
Title: Managing Principal


King Street Capital Management, L.L.C.*

By: /s/ Brian J. Higgins
    -------------------------
Name: Brian J. Higgins
Title: Managing Principal


/s/ Brian J. Higgins
-----------------------------
    Brian J. Higgins*


/s/ O. Francis Biondi, Jr.
------------------------------
    O. Francis Biondi, Jr.*

* The Reporting Persons disclaim beneficial ownership over the First Preferred
Stock reported herein except to the extent of its or his pecuniary interest
therein.

The original statement shall be signed by each person on whose behalf the
statement is filed or his authorized representative. If the statement is signed
on behalf of a person by his authorized representative other than an executive
officer or general partner of the filing person, evidence of the
representative's authority to sign on behalf of such person shall be filed with
this statement, provided, however, that a power of attorney, for this


<PAGE>


CUSIP No. 337400105                  SC 13G                     Page 12 of 12

purpose which is already on file with the Commission may be incorporated by
reference. The name and any title of each person who signs the statement shall
be typed or printed beneath his signature.

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 for other
parties for whom copies are to be sent.

Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>