0001171520-14-000610.txt : 20140826 0001171520-14-000610.hdr.sgml : 20140826 20140826164711 ACCESSION NUMBER: 0001171520-14-000610 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20140826 DATE AS OF CHANGE: 20140826 GROUP MEMBERS: BRIDGE EQUITIES III LLC GROUP MEMBERS: FJ CAPITAL LONG SHORT EQUITY FUND LLC GROUP MEMBERS: FJ CAPITAL MANAGEMENT LLC GROUP MEMBERS: MARTIN S. FRIEDMAN GROUP MEMBERS: REALTY INVESTMENT CO INC. GROUP MEMBERS: SUNBRIDGE HOLDINGS LLC GROUP MEMBERS: SUNBRIDGE MANAGER LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SUN BANCORP INC /NJ/ CENTRAL INDEX KEY: 0001017793 STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL BANKS, NEC [6029] IRS NUMBER: 521382541 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-53335 FILM NUMBER: 141065704 BUSINESS ADDRESS: STREET 1: 226 LANDIS AVENUE CITY: VINELAND STATE: NJ ZIP: 08360 BUSINESS PHONE: 8566917700 MAIL ADDRESS: STREET 1: 226 LANDIS AVE CITY: VINELAND STATE: NJ ZIP: 08360 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: FJ Capital Management LLC CENTRAL INDEX KEY: 0001599170 IRS NUMBER: 261588525 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 1313 DOLLEY MADISON BLVD. STREET 2: SUITE 306 CITY: MCLEAN STATE: VA ZIP: 22101 BUSINESS PHONE: (703) 875-8378 MAIL ADDRESS: STREET 1: 1313 DOLLEY MADISON BLVD. STREET 2: SUITE 306 CITY: MCLEAN STATE: VA ZIP: 22101 SC 13G 1 eps5845.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. _)*

 

Sun Bancorp (SNBC)
(Name of Issuer)
 
Common Stock
(Title of Class of Securities)
 
86663B2016
(CUSIP Number)
 
8/21/2014
(Date of Event Which Requires Filing of this Statement)

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

  Rule 13d-1(b)
     
  Rule 13d-1(c)
     
  Rule 13d-1(d)

 

* 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 the disclosures provided in a prior cover page.

 

The information required in 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). 

 

 
 
 

 

  CUSIP No .  86663B2016   Page 2 of 12

 

1

 

NAME OF REPORTING PERSONS

I.R.S. IDENTIFICATION NO. OF ABOVE  PERSONS (ENTITIES ONLY)

 

FJ Capital Management, LLC

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

(a) [x]

(b) [_]

 

3

 

SEC USE ONLY

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware
NUMBER OF
SHARES
5 SOLE VOTING POWER  
BENEFICIALLY
OWNED BY
6 SHARED VOTING POWER 1,023,058 (1)
EACH
REPORTING
7 SOLE DISPOSITIVE POWER  
PERSON
WITH
8 SHARED DISPOSITIVE POWER 164,372 (2)

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,023,058 (1)

 

10

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

[  ]

 

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

5.87%

 

12

 

TYPE OF REPORTING PERSON

 

OO
                 

 

(1)Consists of 126,034 shares of common stock held by FJ Capital Long/Short Equity Fund LLC, of which FJ Capital Management LLC is the managing member, 858,686 shares held by Bridge Equities III LLC, of which FJ Capital Management LLC is the sub-investment advisor, and 38,338 shares of common stock held by a managed account that FJ Capital Management manages and that is the record owner. Mr. Friedman is the managing member of FJ Capital Management LLC.

 

(2)Consists of 126,034 shares of common stock held by FJ Capital Long/Short Equity Fund LLC, of which FJ Capital Management LLC is the managing member, and 38, 338 shares owned by a managed account that FJ Capital Management manages and is the record owner. Mr. Friedman is the managing member of FJ Capital Management LLC.
 
 

 

  CUSIP No 86663B2016   Page 3 of 12

 

1

 

NAME OF REPORTING PERSONS

I.R.S. IDENTIFICATION NO. OF ABOVE  PERSONS (ENTITIES ONLY)

 

FJ Capital Long Short Equity Fund LLC

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

(a) [x]

(b) [_]

 

3

 

SEC USE ONLY

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware
NUMBER OF
SHARES
5 SOLE VOTING POWER  
BENEFICIALLY
OWNED BY
6 SHARED VOTING POWER 126,034 (1)
EACH
REPORTING
7 SOLE DISPOSITIVE POWER  
PERSON
WITH
8 SHARED DISPOSITIVE POWER

 

126,034 (1)

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

126,034 (1)

 

10

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

[  ]

 

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

.72%

 

12

 

TYPE OF REPORTING PERSON

 

OO
                 

 

(1)Consists of 126,034 shares of common stock.
 
 

 

CUSIP No 86663B2016   Page 4 of 12

 

 

1

 

NAME OF REPORTING PERSONS

I.R.S. IDENTIFICATION NO. OF ABOVE  PERSONS (ENTITIES ONLY)

 

Martin Friedman

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

(a) [x]

(b) [_]

 

3

 

SEC USE ONLY

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States
NUMBER OF
SHARES
5 SOLE VOTING POWER  
BENEFICIALLY
OWNED BY
6 SHARED VOTING POWER 1,023,058 (1)
EACH
REPORTING
7 SOLE DISPOSITIVE POWER  
PERSON
WITH
8 SHARED DISPOSITIVE POWER 164,372 (2)

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,023,058 (1)

 

10

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

[  ]

 

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

5.87%

 

12

 

TYPE OF REPORTING PERSON

 

IN
         

 

(1)Consists of 126,034 shares of common stock held by FJ Capital Long/Short Equity Fund LLC, of which FJ Capital Management LLC is the managing member, 858,686 shares held by Bridge Equities III LLC, of which FJ Capital Management LLC is the sub-investment advisor, and 38,338 shares of common stock held a managed account that FJ Capital Management manages and that is the record owner. Mr. Friedman is the managing member of FJ Capital Management LLC.

 

(2)Consists of 126,034 shares of common stock held by FJ Capital Long/Short Equity Fund LLC, of which FJ Capital Management LLC is the managing member, and 38,338 shares owned by a managed account that FJ Capital Management manages and that is the record owner. Mr. Friedman is the managing member of FJ Capital Management LLC.

 
 

 

CUSIP No 86663B2016   Page 5 of 12

 

 

1

 

NAME OF REPORTING PERSONS

I.R.S. IDENTIFICATION NO. OF ABOVE  PERSONS (ENTITIES ONLY)

 

Bridge Equities III LLC

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

(a) [x]

(b) [_]

 

3

 

SEC USE ONLY

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware
NUMBER OF
SHARES
5 SOLE VOTING POWER  
BENEFICIALLY
OWNED BY
6 SHARED VOTING POWER 858,686 (1)
EACH
REPORTING
7 SOLE DISPOSITIVE POWER  
PERSON
WITH
8 SHARED DISPOSITIVE POWER

 

858,686 (1)

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

858,686  (1)

 

10

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

[  ]

 

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

4.92%

 

12

 

TYPE OF REPORTING PERSON

 

OO
         

 

(1)Consists of 858,686 shares of common stock.
 
 

 

CUSIP No 86663B2016   Page 6 of 12

 

 

1

 

NAME OF REPORTING PERSONS

I.R.S. IDENTIFICATION NO. OF ABOVE  PERSONS (ENTITIES ONLY)

 

SunBridge Manager LLC

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

(a) [x]

(b) [_]

 

3

 

SEC USE ONLY

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware
NUMBER OF
SHARES
5 SOLE VOTING POWER  
BENEFICIALLY
OWNED BY
6 SHARED VOTING POWER 858,686 (1)
EACH
REPORTING
7 SOLE DISPOSITIVE POWER  
PERSON
WITH
8 SHARED DISPOSITIVE POWER

 

858,686 (1)

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

858,686 (1)

 

10

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

[  ]

 

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

4.92%

 

12

 

TYPE OF REPORTING PERSON

 

OO
         

 

(1)Consists of 858,686 shares of common stock held by Bridge Equities III LLC, of which SunBridge Manager, LLC is the Managing Member.
 
 

 

CUSIP No 86663B2016   Page 7 of 12

 

 

1

 

NAME OF REPORTING PERSONS

I.R.S. IDENTIFICATION NO. OF ABOVE  PERSONS (ENTITIES ONLY)

 

SunBridge Holdings LLC

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

(a) [x]

(b) [_]

 

3

 

SEC USE ONLY

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware
NUMBER OF
SHARES
5 SOLE VOTING POWER  
BENEFICIALLY
OWNED BY
6 SHARED VOTING POWER 858,686 (1)
EACH
REPORTING
7 SOLE DISPOSITIVE POWER  
PERSON
WITH
8 SHARED DISPOSITIVE POWER

 

858,686 (1)

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

858,686 (1)

 

10

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

[  ]

 

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

4.92%

 

12

 

TYPE OF REPORTING PERSON

 

OO
         

 

 

(1)Consists of 858,686 shares of common stock held by Bridge Equities III LLC, of which SunBridge Manager, LLC is the Managing Member. SunBridge Holdings, LLC is the Managing Member of SunBridge Manager, LLC.
 
 

 

CUSIP No 86663B2016   Page 8 of 12

 

 

1

 

NAME OF REPORTING PERSONS

I.R.S. IDENTIFICATION NO. OF ABOVE  PERSONS (ENTITIES ONLY)

 

Realty Investment Company Inc.

 

 

2

 

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

(a) [x]

(b) [_]

 

3

 

SEC USE ONLY

 

 

 

4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Maryland
NUMBER OF
SHARES
5 SOLE VOTING POWER  
BENEFICIALLY
OWNED BY
6 SHARED VOTING POWER 858,686 (1)
EACH
REPORTING
7 SOLE DISPOSITIVE POWER  
PERSON
WITH
8 SHARED DISPOSITIVE POWER

 

858,686 (1)

 

9

 

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

858,686 (1)

 

10

 

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

[  ]

 

11

 

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

4.92%

 

12

 

TYPE OF REPORTING PERSON

 

CO
         

 

(1)Consists of 858,686 shares of common stock held by Bridge Equities III LLC, of which SunBridge Manager, LLC is the Managing Member. SunBridge Holdings, LLC is the Managing Member of SunBridge Manager, LLC. Realty Investment Company, Inc. is the Manager of SunBridge Holdings, LLC.

 

 
 

 

CUSIP No 486663B2016   Page 9 of 12

 

Item 1(a).   Name of Issuer:
     
    Sun Bancorp (SNBC)
     
Item 1(b).   Address of Issuer’s Principal Executive Offices:
     
   

226 Landis Avenue

Vineland, NJ 08360

     
Item 2(a).   Name of Person Filing:
     
    FJ Capital Management, LLC
     
Item 2(b).   Address of Principal Business Office or, if None, Residence:
     
    FJ Capital Management, LLC
1313 Dolley Madison Blvd, Ste 306
McLean, VA  22101

FJ Capital Long Short Equity Fund LLC
1313 Dolley Madison Blvd., Ste 306
    McLean, VA 22101

Martin S. Friedman
1313 Dolley Madison Blvd., Ste 306
McLean, VA 22101

Bridge Equities III LLC
8171 Maple Lawn Blvd, Suite 375
Fulton, MD 20759

SunBridge Manager LLC
8171 Maple Lawn Blvd, Suite 375
Fulton, MD 20759

SunBridge Holdings LLC
8171 Maple Lawn Blvd, Suite 375
Fulton, MD 20759

Realty Investment Company Inc
8171 Maple Lawn Blvd, Suite 375
Fulton, MD 20759
     
Item 2(c).   Citizenship:
     
    FJ Capital Long Short Equity Fund LLC, Bridge Equities III LLC, FJ Capital Management LLC, SunBridge Manager LLC, SunBridge Holdings LLC – Delaware limited liability companies
    Martin S. Friedman – United States citizen
    Realty Investment Company Inc – Maryland corporation
 
 

 

CUSIP No 486663B2016   Page 10 of 12

 

Item 2(d).   Title of Class of Securities:
     
    Common Stock
     
Item 2(e).   CUSIP Number:
     
    86663B2016
     
Item 3. If This Statement is Filed Pursuant to §§240.13d-1(b), or 240.13d-2(b) or (c), Check Whether the Person Filing is a:  
       

 

  (a) o Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o).
       
  (b) o Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c).
       
  (c) o Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c).
       
  (d) o Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).
       
  (e) o An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);

 

  (f) o An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);
       
  (g) o A parent holding company or control person in accordance with §240.13d-1(b)(ii)(G);
       
  (h) o A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
       
  (i) o A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act (15 U.S.C. 80a-3);
       
  (j) o Group, in accordance with §240.13d-1(b)(1)(ii)(J).

 

Item 4. Ownership.
   
  Ownership information is provided as of:

 

  (a) Amount beneficially owned:  
       
      FJ Capital Management LLC – 1,023,058 shares
FJ Capital Long Short Equity Fund LLC – 126,034 shares
Bridge Equities III LLC – 858,686 shares
Martin S. Friedman – 1,023,058 shares
SunBridge Manager LLC – 858,686 shares
SunBridge Holdings LLC -  858,686 shares
Realty Investment Company Inc – 858,686 shares
       
         
 
 

 

CUSIP No 486663B2016   Page 11 of 12

 

  (b) Percent of class:
     
    FJ Capital Management LLC – 5.87%
FJ Capital Long Short Equity Fund LLC - 0.72%
Martin S. Friedman – 5.87%
Bridge Equities III LLC -4.92%
SunBridge Manager LLC – 4.92%
SunBridge Holdings LLC – 4.92%
Realty Investment Company Inc -4.92%
     
  (c) Number of shares as to which such person has:
     
    (i) Sole power to vote or to direct the vote
       
      All Reporting Persons – 0
       
    (ii) Shared power to vote or to direct the vote
       
      FJ Capital Management LLC – 1,023,058 shares
FJ Capital Long Short Equity Fund LLC – 126,034 shares
Bridge Equities III LLC – 858,686 shares
Martin S. Friedman – 1,023,058 shares
SunBridge Manager LLC – 858,686 shares
SunBridge Holdings LLC -  858,686 shares
Realty Investment Company Inc – 858,686 shares
       
    (iii) Sole power to dispose or to direct the disposition of
       
      All Reporting Persons – 0
       
    (iv) Shared power to dispose or to direct the disposition of
       
      FJ Capital Management LLC – 164,372 shares
FJ Capital Long Short Equity Fund LLC – 126,034 shares
Bridge Equities III LLC – 858,686 shares
Martin S. Friedman – 164,372 shares
SunBridge Manager LLC – 858,686 shares
SunBridge Holdings LLC -  858,686 shares
Realty Investment Company Inc – 858,686 shares

 

 
 

 

CUSIP No 86663B2016   Page 12 of 12

 

Item 5. Ownership of Five Percent or Less of a Class.
   
  If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [_].
   
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
   
  If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
   
Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
   
  If a parent holding company or control person has filed this schedule, pursuant to Rule 13d-1(b)(1)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company or control person has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary
   
Item 8. Identification and Classification of Members of the Group.
   
  If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identity of each member of the group.
   
Item 9. Notice of Dissolution of Group.
   
  Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
   
Item 10. Certification.

 

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

 

 
 

SIGNATURE

 

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

   
Date: 08/26/2014

FJ Capital Long/Short Equity Fund LLC

By: FJ Capital Management LLC, its Managing Member

 

By:      /s/ Martin S. Friedman

Name: Martin S. Friedman
Title: Managing Member

 

 

 

 

 

FJ Capital Management LLC

 

 

By:       /s/ Martin S. Friedman

Name:

Title:

 

 

 

 

 

 

/s/ Martin S. Friedman

MARTIN S. FRIEDMAN

 

 
 

 

 

 

Bridge Equities III, LLC

By: SunBridge Manager, LLC, its Managing Member

 

By:     /s/ Christine A. Shreve

Name: Christine A. Shreve

Title: Manager

 

 

 

SunBridge Manager, LLC

 

 

By:     /s/ Christine A. Shreve

Name: Christine A. Shreve

Title: Manager

 

 

 

SunBridge Holdings, LLC

By: Realty Investment Company, Inc., its Manager

 

 

By:     /s/ Christine A. Shreve

Name: Christine A. Shreve

Title: President

 

 

 

realty investment company, inc.

 

 

By:     /s/ Christine A. Shreve

Name: Christine A. Shreve

Title: President

 

 

Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C, 1001)

 

 

 
 

Exhibit 1

Joint Filing Agreement

The undersigned agree that this Schedule 13G, and all amendments thereto, relating to the Common Stock Sun Bancorp (SNBC) shall be filed on behalf of the undersigned.

FJ Capital Long/Short Equity Fund LLC   Bridge Equities III, LLC
By: FJ Capital Management, LLC   By: SunBridge Manager, LLC, its Managing Member
         
         
         
By: /s/ Martin S. Friedman   By: /s/ Christine A. Shreve
  Name: Martin S. Friedman     Name:  Christine A. Shreve
  Title:  Managing Member     Title: Manager
         
          
FJ Capital Management LLC   SunBridge Manager, LLC
         
         
By: /s/ Martin S. Friedman   By: /s/ Christine A. Shreve
  Name:       Name:  Christine A. Shreve
  Title:     Title: Manager
         
      SunBridge Holdings, LLC
      By: Realty Investment Company, Inc., its Manager
         
         
/s/ Martin S. Friedman   By: /s/ Christine A. Shreve
MARTIN S. FRIEDMAN     Name:  Christine A. Shreve
        Title:  President
         
         
      realty investment company, inc.
         
         
      By: /s/ Christine A. Shreve
        Name:  Christine A. Shreve
        Title: President