SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* Halcyon Structured Asset Management LP (Last) (First) (Middle) 477 MADISON AVENUE 8TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 06/20/2005	3. Issuer Name and Ticker or Trading Symbol FIRST UNION REAL ESTATE EQUITY & MORTGAGE INVESTMENTS [ FUR ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
B-1 Cumulative Convertible Redeemable Preference Shares	(1)	(1)	Common Shares of Beneficial Interest	3,592,594	$4.5(2)	I	See footnote(3)

1. Name and Address of Reporting Person* Halcyon Structured Asset Management LP (Last) (First) (Middle) 477 MADISON AVENUE 8TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Halcyon Structured Asset Management LLC (Last) (First) (Middle) 477 MADISON AVENUE 8TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. These securities are immediately convertible and have no expiration date.

2. Halcyon Structured Opportunities Fund L.P. ("Halcyon Structured Fund") owns 646,667 B-1 Cumulative Convertible Redeemable Preference Shares of the Issuer. These securities are presently convertible into 3,592,594 Common Shares of Beneficial Interest of the Issuer.

3. The securities reported herein are held for the account of Halcyon Structured Fund. Halcyon Structured Asset Management LP ("Halcyon Management LP") is the investment manager of Halcyon Structured Fund. Halcyon Structured Asset Management LLC is the general partner of Halcyon Management LP. Steven G. Mandis, the Chief Investment Officer of Halcyon Management LP, serves as a member of the Board of Trustees of the Issuer. Each of the Reporting Persons disclaims beneficial ownership of the securities held for the account of Halcyon Structured Fund except to the extent of its pecuniary interest therein.

Remarks:

The filing of this statement shall not be deemed to be an admission that either Reporting Person is the beneficial owner of any securities not held directly for its respective account for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise.

	Steven G. Mandis, Chief Investment Officer, Halcyon Structured Asset Management LP	06/24/2005
	Steven G. Mandis, Vice-Chairman, Halcyon Structured Asset Management LLC	06/24/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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