-----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, WXfj/6oz4+kCMugYGjGGm6U1N6st25qJNfFqQu3/gVNQ0/YXkPR+dsaY0IdPNswC x811n+dFV/ap5gNBFX4mQQ== 0000944209-99-001889.txt : 19991213 0000944209-99-001889.hdr.sgml : 19991213 ACCESSION NUMBER: 0000944209-99-001889 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19991210 GROUP MEMBERS: MARK E. STROME GROUP MEMBERS: SSCO, INC GROUP MEMBERS: STROME HEDGECAP FUND, L.P. GROUP MEMBERS: STROME HEDGECAP LIMITED GROUP MEMBERS: STROME INVESTMENT MANAGEMENT LP GROUP MEMBERS: STROME INVESTMENT MANAGEMENT, L.P. GROUP MEMBERS: STROME OFFSHORE LIMITED GROUP MEMBERS: STROME PARTNERS, L.P. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: WILSHIRE REAL ESTATE INVESTMENT TRUST INC CENTRAL INDEX KEY: 0001048566 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 911851535 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: SEC FILE NUMBER: 005-54067 FILM NUMBER: 99772833 BUSINESS ADDRESS: STREET 1: 1301 S W 17TH STREET CITY: PORTLAND STATE: OR ZIP: 97201 BUSINESS PHONE: 5032235600 MAIL ADDRESS: STREET 1: 1301 S W 17TH STREET CITY: PORTLAND STATE: OR ZIP: 97201 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: STROME INVESTMENT MANAGEMENT LP CENTRAL INDEX KEY: 0000936711 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 954450882 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 100 WILSHIRE BLVD STREET 2: 15TH FLOOR CITY: SANTA MONICA STATE: CA ZIP: 90401 MAIL ADDRESS: STREET 1: 100 WILSHIRE BLVD STREET 2: 15TH FLOOR CITY: SANTA MONICA STATE: CA ZIP: 90401 FORMER COMPANY: FORMER CONFORMED NAME: STROME SUSSKIND INVESTMENT MANAGEMENT LP DATE OF NAME CHANGE: 19950202 SC 13D 1 SCHEDULE 13D -------------------------------- OMB APPROVAL -------------------------------- OMB Number: 3235-0145 Expires: August 31, 1999 Estimated average burden hours per form ........14.90 -------------------------------- 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). - ---------------------------- ---------------------------- 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 - ---------------------------- ---------------------------- 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 - ---------------------------- ---------------------------- 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 - ------------------------- ------------------------- 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 - ------------------------- ------------------------- 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 - ------------------------- ------------------------- 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 - ------------------------- ------------------------ 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 - ------------------------- ------------------------ 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 - ------------------------- ------------------------ 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 - ------------------------- ------------------------ 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. - -------------------------- -------------------------- 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.
============================================================================================= No. of Shares Percentage Sole Shared Power Sole Shared Power Beneficially Class Power to Vote Power to to Dispose Owned to Vote Dispose - --------------------------------------------------------------------------------------------- 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 =============================================================================================
(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.
======================================================================================== PARTY TRADE DATE BOUGHT (SOLD) NET AMOUNT PER SHARE - ---------------------------------------------------------------------------------------- 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 ========================================================================================
- ------------------------ ------------------------- 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 - ------------------------ ------------------------- 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 - ------------------------------ Mark E. Strome Date: December 9, 1999 - ------------------------ ------------------------- CUSIP NO. 9718921045 PAGE 15 OF 19 PAGES - ------------------------ ------------------------- EXHIBIT A Identification and Classification of Members of the Group --------------------------------------------------------- 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 - ------------------------ ------------------------- CUSIP NO. 9718921045 PAGE 16 OF 19 PAGES - ------------------------ ------------------------- EXHIBIT B JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(k)(1) --------------------------------------------------- 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 - ------------------------ ------------------------- CUSIP NO. 9718921045 PAGE 17 OF 19 PAGES - ------------------------ ------------------------- MARK E. STROME /s/ Jeffrey S. Lambert - ------------------------------ Mark E. Strome - ------------------------ ------------------------- CUSIP NO. 9718921045 PAGE 18 OF 19 PAGES - ------------------------ ------------------------- 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. - ------------------------ ------------------------- CUSIP NO. 9718921045 PAGE 19 OF 19 PAGES - ------------------------ ------------------------- 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 - ------------------------------ Mark E. Strome -----END PRIVACY-ENHANCED MESSAGE-----