-----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, T3P6EsES7NetvSVfhtX5HPRuxQ7H5ukAvHFHQKdvp162MsVfUnWQQiW8X0N3k7O7 DYHq9dR8Wgabu6+tTX2sbw== 0001012975-98-000225.txt : 19981009 0001012975-98-000225.hdr.sgml : 19981009 ACCESSION NUMBER: 0001012975-98-000225 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981008 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19981008 SROS: NASD FILER: 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: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-23911 FILM NUMBER: 98722579 BUSINESS ADDRESS: STREET 1: C/O WILSHIRE FINANCIAL SERVICES GROUP IN STREET 2: 1776 SW MADISON STREET CITY: PORTLAND STATE: OR ZIP: 97205 BUSINESS PHONE: 5032235600 MAIL ADDRESS: STREET 1: C/O WILSHIRE FINANCIAL SERVICES GROUP IN STREET 2: 1776 SW MADISON STREET CITY: PORTLAND STATE: OR ZIP: 97205 8-K 1 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ----------------------------------------------------- FORM 8-K ----------------------------------------------------- CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 October 1, 1998 ------------------------ Date of report (Date of earliest event reported) WILSHIRE REAL ESTATE INVESTMENT TRUST INC. (Exact name of registrant as specified in its charter) Maryland 0-23911 52-2081138 - --------------- ---------------------- ----------------------- (State or other Commission File Number (I.R.S. Employer jurisdiction of Identification Number) incorporation) 1776 SW Madison Street, Portland, OR 97205 --------------------------------------------------------- (Address of principal executive offices)(Zip Code) (503) 223-5600 Registrant's telephone number, including area code Not Applicable --------------------------------------------------------- (Former name or former address, if changed since last report) - -------------------------------------------------------------------------------- - 1 - Item 5. Other Events. The news release of Wilshire Real Estate Investment Trust Inc. (the "Company"), dated October 1, 1998, responds to claims of Southern Pacific Funding Corp. ("SFC"), is incorporated herein by reference and filed herewith as Exhibit 99. Subsequent to the Company's press release dated October 1, 1998, SFC filed a Chapter 11 liquidation proceeding. The Company anticipates that either through court proceedings or agreement with SFC, the securities or servicing rights either will be awarded to the Company or will be sold and the Company paid all amounts to which it is entitled. Item 7. Financial Statements and Exhibits. (c) Exhibits. 99 News release of Wilshire Real Estate Investment Trust Inc. dated October 1, 1998. - 2 - SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WILSHIRE REAL ESTATE INVESTMENT TRUST INC. Date: October 8, 1998 By: /s/ Chris Tassos --------------------------- Chris Tassos Executive Vice President and Chief Financial Officer - 3 - EX-99 2 EXHIBIT 99 Wilshire Real Estate Investment Trust Inc. Responds to Claims of Southern Pacific Funding Corp. October 1, 1998 06:33 AM PORTLAND, Ore.--(BUSINESS WIRE)--Oct. 1, 1998--Wilshire Real Estate Partnership L.P., the operating partner of Wilshire Real Estate Investment Trust Inc. WREI ("Wilshire") announced that as part of its ordinary business of entering into repurchase agreements with specialty finance companies, it entered into a repurchase agreement with Southern Pacific Funding Corp. ("SFC") in which certain mortgage-backed securities have been sold to Wilshire by SFC. Wilshire believes the value of the securities is sufficient to protect Wilshire if SFC is unable to repurchase the securities at a later date. SFC also has transferred the master servicing rights for the loans underlying the securities purchased by Wilshire to Wilshire and to Wilshire Funding Corporation, a Wilshire Financial Services Group Inc. (WFSG) subsidiary. Without notifying Wilshire, SFC obtained a temporary court order until Oct. 9, 1998 that prevents Wilshire from liquidating the securities without 10 days' notice. The court order, even if continued, will have no effect on the value of the securities and servicing rights already transferred to Wilshire. Wilshire Real Estate Investment Trust was formed to invest in real properties and in distressed commercial and multifamily mortgage loans in the United States, mortgage-backed securities, and international mortgage loans and real properties. The company's business and investment affairs are managed by Wilshire Realty Services Corp., a subsidiary of Wilshire Financial Services Group Inc. WFSG which specializes in loan portfolio acquisition and securitization, mortgage banking and loan servicing. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause - 4 - actual results to differ materially from those projected in such statements. All of the statements contained in this release which are not identified as historical should be considered forward-looking. In connection with certain forward-looking statements contained in this release and those that may be made in the future by or on behalf of the Company which are identified as forward-looking, the Company notes that there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements. Such factors include but are not limited to, the real estate market, the availability of pools of loans at acceptable prices, and the availability of financing for loan pool acquisitions, and interest rates and overseas expansion. Accordingly, there can be no assurance that the forward-looking statements contained in this release will be realized or that actual results will not be significantly higher or lower. Readers of this release should consider these facts in evaluating the information contained herein. The inclusion of the forward-looking statements contained in this release should not be regarded as a representation by the Company or any other person that the forward-looking statements contained in this release will be achieved. In light of the foregoing, readers of this release are cautioned not to place undue reliance on the forward- looking statements contained herein. - 5 - -----END PRIVACY-ENHANCED MESSAGE-----