-----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, SJvnYO+8hml7DpLIgAkGn55rSwjJkl/EoR8CJ2eZr2Xqm+ga4DNG+hitV1+NLc+C rFBWx6HviZ/yDqjx1z0ciw== 0001047469-98-038916.txt : 19981103 0001047469-98-038916.hdr.sgml : 19981103 ACCESSION NUMBER: 0001047469-98-038916 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19981102 GROUP MEMBERS: AMSTER HOWARD GROUP MEMBERS: AMSTER TRADING COMPANY GROUP MEMBERS: AMSTER TRADING COMPANY CHARITABLE REMAINDER UNITRUSTS GROUP MEMBERS: HOWARD AMSTER & TAMARA F GOULD CHARITABLE REMAINDER UNITRUST GROUP MEMBERS: RAMAT SECURITIES LTD GROUP MEMBERS: TAMRA F. GOULD 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: 98736045 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 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: AMSTER HOWARD CENTRAL INDEX KEY: 0000904853 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 25812 FAIRMONT BLVD CITY: BEACHWOOD STATE: OH ZIP: 44122 BUSINESS PHONE: 2165951047 SC 13D 1 SCHEDULE 13D SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. )* --------- WILSHIRE REAL ESTATE INVESTMENT TRUST INC. -------------------------------------------------------- (Name of Issuer) COMMON ($.0001 PAR VALUE) -------------------------------------------------------- (Title of Class of Securities) 971892104 -------------------------------------------------------- (CUSIP Number) HOWARD AMSTER, 23811 CHAGRIN BLVD #200, BEACHWOOD, OH 44122-5525 (216) 595-1047 -------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) 10/26/98 -------------------------------------------------------- (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 Rule 13d-1(b)(3) or (4), check the following box / /. NOTE: Six copies of this statement, including all exhibits, should be filed with the Commission. See Rule 13d-1(a) 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). (Continued on following page(s)) CUSIP No. 971892104 13D Page of Pages --------- --- --- - ------------------------------------------------------------------------------- (1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above Persons HOWARD AMSTER - ------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member (a) / / of a Group* (b) /x/ - ------------------------------------------------------------------------------- (3) SEC Use Only - ------------------------------------------------------------------------------- (4) Source of Funds* PF - ------------------------------------------------------------------------------- (5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) - ------------------------------------------------------------------------------- (6) Citizenship or Place of Organization USA - ------------------------------------------------------------------------------- Number of Shares (7) Sole Voting Beneficially Owned Power 348000 by Each Reporting -------------------------------------------------- Person With (8) Shared Voting Power 586000 -------------------------------------------------- (9) Sole Dispositive Power 348000 -------------------------------------------------- (10) Shared Dispositive Power 586000 - ------------------------------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person 425000 - ------------------------------------------------------------------------------- (12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* - ------------------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 3.696% - ------------------------------------------------------------------------------- (14) Type of Reporting Person* IN - ------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! CUSIP No. 971892104 13D Page of Pages --------- --- --- - ------------------------------------------------------------------------------- (1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above Persons TAMRA F. GOULD - ------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member (a) / / of a Group* (b) /x/ - ------------------------------------------------------------------------------- (3) SEC Use Only - ------------------------------------------------------------------------------- (4) Source of Funds* PF - ------------------------------------------------------------------------------- (5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) - ------------------------------------------------------------------------------- (6) Citizenship or Place of Organization USA - ------------------------------------------------------------------------------- Number of Shares (7) Sole Voting Beneficially Owned Power by Each Reporting -------------------------------------------------- Person With (8) Shared Voting Power 242000 -------------------------------------------------- (9) Sole Dispositive Power -------------------------------------------------- (10) Shared Dispositive Power 242000 - ------------------------------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person 0 - ------------------------------------------------------------------------------- (12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* - ------------------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 0 - ------------------------------------------------------------------------------- (14) Type of Reporting Person* IN - ------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! CUSIP No. 971892104 13D Page of Pages --------- --- --- - ------------------------------------------------------------------------------- (1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above Persons AMSTER TRADING COMPANY - ------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member (a) / / of a Group* (b) /x/ - ------------------------------------------------------------------------------- (3) SEC Use Only - ------------------------------------------------------------------------------- (4) Source of Funds* WC - ------------------------------------------------------------------------------- (5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) / / - ------------------------------------------------------------------------------- (6) Citizenship or Place of Organization USA - ------------------------------------------------------------------------------- Number of Shares (7) Sole Voting Beneficially Owned Power by Each Reporting -------------------------------------------------- Person With (8) Shared Voting Power 344000 -------------------------------------------------- (9) Sole Dispositive Power -------------------------------------------------- (10) Shared Dispositive Power 344000 - ------------------------------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person 0 - ------------------------------------------------------------------------------- (12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* - ------------------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 0 - ------------------------------------------------------------------------------- (14) Type of Reporting Person* CO - ------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! CUSIP No. 971892104 13D Page of Pages --------- --- --- - ------------------------------------------------------------------------------- (1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above Persons AMSTER TRADING COMPANY CHARITABLE REMAINDER UNITRUSTS - ------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member (a) / / of a Group* (b) /x/ - ------------------------------------------------------------------------------- (3) SEC Use Only - ------------------------------------------------------------------------------- (4) Source of Funds* AF - ------------------------------------------------------------------------------- (5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) - ------------------------------------------------------------------------------- (6) Citizenship or Place of Organization USA - ------------------------------------------------------------------------------- Number of Shares (7) Sole Voting Beneficially Owned Power by Each Reporting -------------------------------------------------- Person With (8) Shared Voting Power 344000 -------------------------------------------------- (9) Sole Dispositive Power -------------------------------------------------- (10) Shared Dispositive Power 344000 - ------------------------------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person 344000 - ------------------------------------------------------------------------------- (12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* - ------------------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 2.99% - ------------------------------------------------------------------------------- (14) Type of Reporting Person* OO - ------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! CUSIP No. 971892104 13D Page of Pages --------- --- --- - ------------------------------------------------------------------------------- (1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above Persons HOWARD AMSTER & TAMRA F. GOULD CHARITABLE REMAINDER UNITRUST - ------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member (a) / / of a Group* (b) /x/ - ------------------------------------------------------------------------------- (3) SEC Use Only - ------------------------------------------------------------------------------- (4) Source of Funds* AF - ------------------------------------------------------------------------------- (5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) - ------------------------------------------------------------------------------- (6) Citizenship or Place of Organization USA - ------------------------------------------------------------------------------- Number of Shares (7) Sole Voting Beneficially Owned Power by Each Reporting -------------------------------------------------- Person With (8) Shared Voting Power 242000 -------------------------------------------------- (9) Sole Dispositive Power -------------------------------------------------- (10) Shared Dispositive Power 242000 - ------------------------------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person 242000 - ------------------------------------------------------------------------------- (12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* - ------------------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) 2.1% - ------------------------------------------------------------------------------- (14) Type of Reporting Person* OO - ------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! CUSIP No. 971892104 13D Page of Pages --------- --- --- - ------------------------------------------------------------------------------- (1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above Persons RAMAT SECURITIES LTD - ------------------------------------------------------------------------------- (2) Check the Appropriate Box if a Member (a) / / of a Group* (b) /x/ - ------------------------------------------------------------------------------- (3) SEC Use Only - ------------------------------------------------------------------------------- (4) Source of Funds* WC - ------------------------------------------------------------------------------- (5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) - ------------------------------------------------------------------------------- (6) Citizenship or Place of Organization USA - ------------------------------------------------------------------------------- Number of Shares (7) Sole Voting Beneficially Owned Power 77000 by Each Reporting -------------------------------------------------- Person With (8) Shared Voting Power -------------------------------------------------- (9) Sole Dispositive Power 77000 -------------------------------------------------- (10) Shared Dispositive Power - ------------------------------------------------------------------------------- (11) Aggregate Amount Beneficially Owned by Each Reporting Person 77000 - ------------------------------------------------------------------------------- (12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares* - ------------------------------------------------------------------------------- (13) Percent of Class Represented by Amount in Row (11) .67% - ------------------------------------------------------------------------------- (14) Type of Reporting Person* BD - ------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! SCHEDULE 13D CUSIP No. 971892104 Item 1. Security and Issuer Wilshire Real Estate Investment Trust Inc. Common stock ($.0001 Par Value) Wilshire Real Estate Investment Trust Inc. 1776 S W Madison St. Portland, OR 97205 Andrew A. Wiederhorn, Chairman/CEO/CFO/Sec/Treas Item 2. Identity and Background. Howard Amster and Tamra F. Gould are husband and wife. Each has independent assets and each disclaims any beneficial ownership in the other's assets. Howard Amster is a 99 1/2% owner of Amster Trading Company and as such can be deemed the beneficial owner of such entity and maybe deemed to have shared voting and dispositive power over shares owned by Amster Trading Company. Howard Amster is a 83% owner of Ramat Securities Ltd. Mr. Amster can be deemed to be a beneficial owner of any securities owned by Ramat Securities Ltd. Mr. Amster is not an officer of Ramat Securities Ltd. and does not control the voting or dispositive power of any securities owned by Ramat Securities Ltd. Howard Amster and Tamra F. Gould Charitable Remainder Unitrust has been 100% funded by Howard Amster. Because he has the right to change the trustee of this trust, he can be deemed to have the right to shared voting and dispositive power over any security owned by the trust. While Mr. Amster receives certain income distributions from the trust during his lifetime, the assets owned by the trust benefits charitable purposes. Both, Mr. Amster and Ms. Gould disclaim beneficial ownership of the securities owned by this trust. Amster Trading Company Charitable Remainder Unitrusts have been 100% funded by Amster Trading Company. Because Amster Trading Company has the right to change the trustee of the trusts, it can be deemed to have the right to shared voting and dispositive power over any security owned by the trusts. While Amster Trading Company receives certain income distributions from the trusts, the assets owned by the trusts benefits charitable purposes. Amster Trading Company disclaims beneficial ownership of the securities owned by these trusts. a) Howard Amster b) 25812 Fairmount Blvd., Beachwood, Ohio 44122 c) Present principal occupation -- Investment Consultant Everen Securities, Inc. Securities Brokerage Firm 23811 Chagrin Blvd, Suite 200 Beachwood, Ohio 44122 d) Howard Amster has not been convicted in any criminal proceedings (excluding traffic violations or similar misdemeanors, if any) within the last five years. e) Howard Amster has not been a party to any civil proceedings of a judicial or administrative body of competent jurisdiction of the type described in Item 2 of Schedule 13D within the last five years. f) USA a) Tamra F. Gould b) 25812 Fairmount Blvd, Beachwood, Ohio 44122. c) Present principal occupation -- Securities Trader Tamar Securities, Inc., a Broker Dealer 25812 Fairmount Blvd., Beachwood, Oh 44122 d) Tamra F. Gould has not been convicted in any criminal proceedings (excluding traffic violations or similar misdemeanors, if any) within the last five years. e) Tamra F. Gould has not been a party to any civil proceedings of a judicial or administrative body of competent jurisdiction of the type described in Item 2 of schedule 13D within the last five years. f) USA Amster Trading Company 25812 Fairmount Blvd Beachwood, Ohio 44122 Investments d) Neither the officers, directors, or shareholders of Amster Trading Company have been convicted in any criminal proceedings (excluding traffic violations or similar misdemeanors, if any) within the last five years. e) Neither the officers, directors, or shareholders of Amster Trading Company have been a party to any civil proceedings of a judicial or administrative body of competent jurisdiction of the type described in Item 2 of Schedule 13D within the last five years. Amster Trading Company Charitable Remainder Unitrusts 22674 Halburton Road, Beachwood, Ohio 44122 Charitable Remainder Unitrusts d) Neither the trusts or the trustee of the Amster Trading Company Charitable Remainder Unitrusts have been convicted in any criminal proceedings (excluding traffic violations or similar misdemeanors, if any) within the last five years. e) Neither the trusts or the trustee of the Amster Trading Company Charitable Remainder Unitrusts have been a party to any civil proceedings of a judicial or administrative body of competent jurisdiction of the type described in Item 2 of Schedule 13D within the last five years. Howard Amster and Tamra F. Gould Charitable Remainder Unitrust 22674 Halburton Road, Beachwood, Ohio 44122 Charitable Remainder Unitrust d) Neither the trust or the trustee of the Howard Amster and Tamra F. Gould Charitable Remainder Unitrust have been convicted in any criminal proceedings (excluding traffic violations or similar misdemeanors, if any) within the last five years. e) Neither the trust or the trustee of the Howard Amster and Tamra F. Gould Charitable Remainder Unitrust have been a party to any civil proceedings of a judicial or administrative body of competent jurisdictions of the type described in Item 2 of Schedule 13D within the last five years. Ramat Securities Ltd 23811 Chagrin Blvd, Suite 200, Beachwood, Ohio 44122 Broker Dealer d) Neither the members or unitholders of Ramat Securities Ltd have been convicted in any criminal proceedings (excluding traffic violations or similar misdemeanors, if any) within the last five years. e) Neither the members or unitholders of Ramat Securities Ltd have been a party to any civil proceedings of a judicial or administrative body of competent jurisdictions of the type described in Item 2 of Schedule 13D within the last five years. Item 3. Source and Amount of Funds or Other Consideration Willshire Real Estate Investment Trust Inc. was purchased for the following: Howard Amster's Individual Retirement Accounts purchased with personal funds without borrowing. The total consideration of the purchases is $1,098,767.48 Amster Trading Company Charitable Remainder Unitrusts purchased with trust assets without borrowing. The total consideration of the purchases is $1,046,189.30 Howard Amster and Tamra F. Gould Charitable Remainder Unitrust purchased with trust assets without borrowing. The total consideration of the purchases is $781,443.30 Ramat Securities Ltd. purchased with working capital and margined borrowing with Bear Stearns & Co. The total consideration of the purchases is $322,040.00 Item 4. Purposes of Transaction Howard Amster's Individual Retirement Accounts, Amster Trading Company Charitable Remainder Unitrusts, Howard Amster and Tamra F. Gould Charitable Remainder Unitrust, and Ramat Securities Ltd. each acquired their shares for purposes of investment. There are no present plans or proposals by any of the purchasers of record or the beneficial owners as reported in this Schedule 13D which relate to or would result in the following: a) The acquisition by any person of additional securities of the issuer, or the disposition of securities of the issuer provided, however, the reporting persons might acquire additional shares or other securities of the issuer or dispose of some or all of their shares depending upon market conditions and their personal circumstances; b) An extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the issuer or any of its subsidiaries; c) A sale or transfer of a material amount of assets of the issuer or any of its subsidiaries; d) Any change in the present board of directors or management of the issuer, including any plans or proposals to change the number of terms of directors or to fill any existing vacancies on the board; e) Any material change in the present capitalization or dividend policy of the issuer; f) Any other material change in the issuer's business or corporate structure; g) Changes in the issuer's charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the issuer by any person; h) Causing a class of securities of the issuer to be delisted from a national securities exchange 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 issuer becoming eligible for termination of 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 b) The aggregate amount owned by the Group of Reporting Persons is 1,011,000 shares or 8.79% of the outstanding shares. Howard Amster in his individual retirement accounts owns 348,000 shares or 3.03% of the outstanding shares. Amster Trading Company Charitable Remainder Unitrusts owns 344,000 shares or 2.99% of the outstanding shares. Howard Amster and Tamra F. Gould Charitable Remainder Unitrust owns 242,000 shares or 2.1% of the outstanding shares. Ramat Securities Ltd owns 77,000 shares or .67% of the outstanding shares. c) The following table reflects shares acquired on NASDAQ as open market transactions:
Name Date Shares Price Executed by Howard Amster IRA 10/9/98 34,000 3.50 EVEREN Securities 10/19/98 24,000 3.25 EVEREN Securities 10/20/98 40,000 3.25 EVEREN Securities 10/26/98 250,000 3.0625 EVEREN Securities Amster Trading Co 10/9/98 28,000 3.50 EVEREN Securities Charitable Remainder 10/16/98 50,000 3 Friedman, Billings, Ramsey Unitrusts 10/19/98 10,000 3.25 EVEREN Securities 10/20/98 36,000 3.25 Friedman, Billings, Ramsey 10/21/98 50,000 3.3125 Friedman, Billings, Ramsey 10/27/98 170,000 2.837 Friedman, Billings, Ramsey Howard Amster/ 10/9/98 38,000 3.50 EVEREN Securities Tamra F. Gould 10/16/98 50,000 3 Friedman, Billings, Ramsey Charitable Remainder 10/19/98 10,000 3.25 EVEREN Securities Unitrust 10/20/98 144,000 3.25 Friedman, Billings, Ramsey Ramat Securities Ltd 4/1/98 7,000 16.063 Friedman, Billings, Ramsey 10/9/98 40,000 3.2504 Friedman, Billings, Ramsey 10/27/98 30,000 2.6528 Friedman, Billings, Ramsey
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer. There are no contracts, arrangements, understandings or relationships with respect to securities of the issuer with any persons except as set forth in items 2, 3, 5 above. Item 7. Material to be Filed as Exhibits. Agreement between Howard Amster and Tamra F. Gould concerning this Schedule 13D. Signature After reasonable inquiry and to the best of my knowledge and belief, we certify that the information set forth in this statement is true, complete and correct. Date: 10/29/98 /s/ /s/ /s/ Howard Amster Amster Trading Howard Amster & Company Tamra F. Gould Charitable Remainder Unitrust /s/ /s/ /s/ Tamra F. Gould Amster Trading Co Ramat Securities Ltd Charitable Remainder Unitrusts - ------------------------------------------------------------------------------ AGREEMENT Howard Amster and Tamra F. Gould hereby agree that the Schedule 13D to which this Agreement is attached as an exhibit is filed on behalf of each of them. Date 10/29/98 /s/ /s/ Howard Amster Tamra F. Gould -----END PRIVACY-ENHANCED MESSAGE-----