0001026505-05-000003.txt : 20120614 0001026505-05-000003.hdr.sgml : 20120614 20050316151014 ACCESSION NUMBER: 0001026505-05-000003 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20050316 DATE AS OF CHANGE: 20050316 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SUNSET FINANCIAL RESOURCES INC CENTRAL INDEX KEY: 0001270436 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 161685692 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-79769 FILM NUMBER: 05685085 BUSINESS ADDRESS: STREET 1: 10245 CENTURION PARKWAY STREET 2: 3RD FLOOR CITY: JACKSONVILLE STATE: FL ZIP: 32256 BUSINESS PHONE: 9044254099 MAIL ADDRESS: STREET 1: 10245 CENTURION PARKWAY STREET 2: 3RD FLOOR CITY: JACKSONVILLE STATE: FL ZIP: 32256 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: AKIN THOMAS B CENTRAL INDEX KEY: 0001026505 IRS NUMBER: 545824213 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: BUSINESS PHONE: 9494808300 MAIL ADDRESS: STREET 1: C/O ACACIA RESEARCH CORPORATION STREET 2: 500 NEWPORT CENTER DRIVE, 7TH FLOOR CITY: NEWPORT BEACH STATE: CA ZIP: 92660 SC 13D 1 sfomar05.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 SUNSET FINANCIAL RESOURCES, INC (Name of Issuer) COMMON STOCK, $0.01 PAR VALUE PER SHARE (Title of Class of Securities) 867708109 (CUSIP number) Thomas B. Akin Talkot Capital, LLC 2400 Bridgeway, Suite 300 Sausalito, CA 94965 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) March 15, 2005 (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(e), 13d-1(f) or 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 Rule 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). Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. 1 NAME OF REPORTING PERSON IRS IDENTIFICATION NO. OF ABOVE PERSON Thomas Bruce Akin ----------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) /x/ ----------------------------------------------------------------------------- 3 SEC USE ONLY ----------------------------------------------------------------------------- 4 SOURCE OF FUNDS* PF ----------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) / / ----------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America ----------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES 446,800 BENEFICIALLY -------------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH 659,700 REPORTING -------------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH 446,800 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 659,700 ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 446,800 ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.28% ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN 1 NAME OF REPORTING PERSON IRS IDENTIFICATION NO. OF ABOVE PERSON Talkot Crossover Fund, L.P. ----------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) /x/ ----------------------------------------------------------------------------- 3 SEC USE ONLY ----------------------------------------------------------------------------- 4 SOURCE OF FUNDS* GF ----------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) / / ----------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America ----------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES -0- BENEFICIALLY --------------------------------------------------------- OWNED BY 8 SHARED VOTING POWER EACH -0- REPORTING --------------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH -0- --------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- ----------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 212,900 ----------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / ----------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.04% ----------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* GR ITEM 1. SECURITY AND ISSUER. This statement relates to shares of Common Stock (the "Stock") of Sunset Financial Resources, Inc. ("SFO"). The principal executive office of SFO is located at 10245 Centurion Parkway, Third Floor, Jacksonville, Florida 32256. ITEM 2. IDENTITY AND BACKGROUND. The persons filing this statement and the persons enumerated in Instruction C of Schedule 13D and, where applicable, their respective places of organization, general partners, directors, executive officers and controlling persons, and the information regarding them, are as follows: The names of the persons filing this statement are Thomas Bruce Akin (Thomas Akin), and the Talkot Crossover Fund (the Fund). (a) The names of the persons filing this statement are Thomas Bruce Akin ("Thomas Akin"), Talkot Crossover Fund, L.P. ("the Fund"), (collectively, the "Filers"). (b) The address of the filers is 10 Via El Verano, Tiburon, CA 94920. The Talkot Crossover Fund, L.P. is located at 2400 Bridgeway, Suite 300, Sausalito, CA 94965. (c) Thomas Akin is the Managing General Partner of the Talkot Crossover Fund, L.P. which is located at 2400 Bridgeway, Suite 300, Sausalito, CA 94965. (d) During the last five years, none of the Filers has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) During the last five years, none of the Filers was 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) All of the Filers who are natural persons are citizens of the United States of America. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. The source and amount of funds used in purchasing the Stock were as follows: Purchaser Source of Funds Amount Thomas Akin PF $4,680,152 The Fund GF $2,402,265 ITEM 4. PURPOSE OF TRANSACTION. The Filers have acquired the Stock primarily for investment. The Filers feel SFO to be a significantly undervalued asset with increasing earnings and dividend capability. The Filers intend to review continuously their options with respect to their investment in the Stock and expressly reserve their right to (a) purchase additional shares of the Stock; (b) dispose of all or part of their holdings of the Stock by public or private sales or otherwise, at such prices and on such terms as they may deem advisable; or (c) take such other action with respect to their investment in the Stock as they may deem appropriate, including meeting or consulting with the management or the Board of Directors of SFO to discuss SFO's assets, corporate structure, dividend policies, capital operations, properties management and personnel or potential extraordinary transactions such as a merger, reorganization or liquidation of SFO or any of its assets or subsidiaries, and contacting other stockholders of SFO to discuss corporate strategy on any of the foregoing matters. Except as set forth above, the Filers have no present plans or proposals that would result in or relate to any of the transactions described in Item 4 of Schedule 13D. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. (a) Aggregate number and percentage of securities beneficially owned: Thomas Akin is the direct beneficial owner of 446,800 shares of Common Stock, representing approximately 4.28% of Sunset Financial Resources, Inc. Common Stock based upon 12,450,000 shares outstanding per Sunset's 10-Q dated November 10, 2004. Talkot Crossover Fund, L.P. is the direct beneficial owner of 212,900 shares of Common Stock, representing approximately 2.04% of Sunset Financial Resources, Inc. Common Stock based upon 12,450,000 shares outstanding per Sunset's 10-Q dated November 10, 2004. By virtue of the relationship between Mr. Akin and the Fund described in Item 2, Mr. Akin may be deemed to possess indirect beneficial ownership of the shares of Common Stock beneficially owned by the Fund. Mr. Akin and The Fund own collectively 659,700 shares representing approximately 6.31% of shares outstanding. (b) The beneficial ownership of the Stock of the persons named in Item 2 of this statement is as follows at the date hereof: Aggregate Beneficially Owned Voting Power Dispositive Power Name Number Percent Sole Shared Sole Shared Thomas Akin 446,800 4.28% 446,800 659,700 446,800 659,700 The Fund 212,900 2.04% -0- -0- -0- -0- (c) Transactions effected during the past 60 days or since the most recent filing on Schedule 13D, whichever is less: Purchase Amount of Price Per Name or Sale Date Common Stock Share ($) Thomas Akin P 01/14/05 25,000 $10.26690 Thomas Akin P 01/31/05 10,000 $10.17250 Thomas Akin P 02/15/05 2,000 $ 9.86000 Thomas Akin P 02/28/05 1,000 $ 9.79000 Thomas Akin P 03/08/05 4,500 $ 9.58161 Thomas Akin P 03/10/05 8,300 $ 9.64057 Thomas Akin P 03/11/05 15,000 $ 9.73877 Thomas Akin P 03/11/05 5,900 $ 9.73877 ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. Thomas Akin is the Managing General Partner of the Fund. As such, he has the power to vote the Stock held by such persons and to direct the receipt of dividends from, or the proceeds from the sale of, the Stock held by such persons. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. Not applicable. SIGNATURES After reasonable inquiry and to the best of my knowledge, I certify that the information set forth in this statement is true, complete and correct. DATED: March 15, 2005 /s/ Thomas Bruce Akin Thomas Bruce Akin TALKOT CROSSOVER FUND, L.P. By: /s/ Thomas Bruce Akin Thomas Bruce Akin, Managing General Partner