-----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, FSzm+Od50r+2R/6zYtz766dt6UmHXbbupSMYI5h3p8sQEVhQ6Mr+tDoz1DzQ52kB qB+QjAJRrfjHPVR8KL8LsQ== 0000904853-02-000003.txt : 20020413 0000904853-02-000003.hdr.sgml : 20020413 ACCESSION NUMBER: 0000904853-02-000003 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20020116 GROUP MEMBERS: AMSTER TRADING COMPANY GROUP MEMBERS: RAMAT SECURITIES LTD. FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: AMSTER HOWARD CENTRAL INDEX KEY: 0000904853 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 25812 FAIRMONT BLVD CITY: BEACHWOOD STATE: OH ZIP: 44122 BUSINESS PHONE: 2165951047 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: WILSHIRE FINANCIAL SERVICES GROUP INC CENTRAL INDEX KEY: 0001024321 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 931223879 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-49579 FILM NUMBER: 2510442 BUSINESS ADDRESS: STREET 1: 1776 SW MADISON STREET CITY: PORTLAND STATE: OR ZIP: 97205 BUSINESS PHONE: 5032235600 MAIL ADDRESS: STREET 1: 1776 SW MADISON ST CITY: PORTLAND STATE: OR ZIP: 97205 SC 13D/A 1 wfsg.txt United States Securities and Exchange Commission Washington DC 20549 Schedule 13D/A Under the Securities and Exchange Act of 1934 (Amendment No. 3) Wilshire Financial Services Group Inc (Name of Issuer) Common Stock, Par Value $.01 Title of Class of Securities 971867205 (CUSIP Number) Howard Amster, 23811 Chagrin Blvd., suite 200 Beachwood Ohio 44122-5525, (216) 595-1047 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) 1/9/2002 (Date of Event Which Requires Filing of this Statement) If this filing person has previously filed a statement on Schedule 13G to report this 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 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) 1 Name of Reporting Person HOWARD AMSTER 2 If a member group a) / / b) /X/ 3 SEC Use only 4 Source of Funds PF 5 Check if Disclosure 6 Citizenship USA Number of Shares 7 Sole Voting 2,355,850 Beneficially Owned By Each 8 Shared Voting 254,034 Reporting Person With 9 Sole Dispositive 2,355,850 10 Shared Dispositive 254,034 11 Aggregate Amount Beneficially owned 2,599,331 12 Check if Aggregate Amount (11) Excludes Certain Shares 13 Percent of Class Represented by amount in row (11) 13.28 % 14 Type of Reporting Person IN 1 Name of Reporting Person Amster Trading Company 2 If a member group a) / / b) /X/ 3 SEC Use only 4 Source of Funds WC 5 Check if Disclosure 6 Citizenship or Place of Organization USA Number of Shares 7 Sole Voting Beneficially Owned By Each 8 Shared Voting 254,034 Reporting Person With 9 Sole Dispositive 10 Shared Dispositive 254,034 11 Aggregate Amount Beneficially owned 254,034 12 Check if Aggregate Amount (11) Excludes Certain Shares 13 Percent of Class Represented by amount in row (11) 1.30 % 14 Type of Reporting Person CO 1 Name of Reporting Person Ramat Securities Ltd 2 If a member group a) / / b) /X/ 3 SEC Use only 4 Source of Funds WC 5 Check if Disclosure 6 Citizenship or Place of Organization USA Number of shares 7 Sole Voting 243,481 Beneficially Owned By Each 8 Shared Voting Reporting Person With 9 Sole Dispositive 243,481 10 Shared Dispositive 11 Aggregate Amount Beneficially owned 243,481 12 Check if Aggregate Amount (11) Excludes Certain Shares 13 Percent of Class Represented by amount in row (11) 1.24 % 14 Type of Reporting Person BD There are no changes to the Schedule 13D, as amended except as set forth in this third amendment. Item 1. Security and Issuer Wilshire Financial Services Group Inc. common stock This Schedule 13D amendment number 3 is being filed because a member of the group acquired a debenture which is convertible into common stock. All share amounts in this amendment assume that the debentures were converted into common stock (which has not occurred and cannot occur until 7/1/02). Item 3. Source and Amount of Funds or Other Consideration Howard Amster, in his individual retirement account, purchased Wilshire Financial Service Group Inc. 8% Convertible Subordinated Debentures due December 15, 2005 with personal funds without borrowing. The total consideration for the purchase of debentures reported on this amendment is $2,250,000.00, bringing Mr. Amster's total investment to $3,714,100.49. Item 4. Purpose of Transaction On January 9, 2002, Mr. Amster purchased $ 2,250,000.00 of Wilshire Financial Services Group Inc. 8% Convertible Subordinated Debentures due December 15, 2005 in a private placement from the Issuer. At anytime after 7/1/02 and provided that all filings of the Issuer have been made, Mr. Amster has the right to convert his debentures into common stock. The maximum number of shares of common stock that can be issued to Mr. Amster on conversion of the debentures varies from 937,500 to 993,750 shares. Item 5. Interest in Securities of the Issuer Interest in Securities of the Issuer if all Convertible Debentures were converted (at the minimum or maximum conversion terms) to common shares and added to current common stock holdings. (a)(b) The aggregate amount owned by the Reporting Persons prior to the acquisition of the debentures is 1,859,615 shares or 11.49 % of the outstanding shares. As a result of the acquisition of the debentures the aggregate amount owned by the Reporting Persons will increase to between 2,797,115 shares and 2,853,365 shares or between 14.43 % and 14.57 % of the outstanding shares. Howard Amster in his individual retirement accounts owned prior to the acquisition of the debentures 1,362,100 shares or 8.42 % of the outstanding shares. As a result of the acquisition of the debentures the aggregate amount owned by Mr. Amster will increase to between 2,299,600 shares and 2,355,850 shares or between 11.86 % and 12.03 % of the outstanding shares. Amster Trading Company owns 254,034 shares or 1.57 % of the outstanding shares prior to the debenture offering or between 1.31 % and 1.30 % of the outstanding shares after the debenture offering. Ramat Securities Ltd owns 243,481 shares or 1.50 % of the outstanding shares prior to the debenture offering or between 1.26 % and 1.24 % of the outstanding shares after the debenture offering. c) Description of Transaction
Identity Date Bonds Price Executed By Howard Amster 1/9/02 $ 2,250,00.00 100 Issuer
Signature. After reasonable inquiry and to the best of our knowledge and belief, we certify that the information set forth in this statement is true, complete and correct. Date: 1/16/02 Howard Amster Amster Trading Company By: Howard Amster Title: President Ramat Securities Ltd. By: David Zlatin Title: Principal -----END PRIVACY-ENHANCED MESSAGE-----