-----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, IiaVr5uKidtWs0b7tif+nKHqryzPZ3/lFbqjbe3hkv2lGIjwi226V98B+ZOBY5Fw obrhhcrFZpqAh1uWwSyOKw== 0000950133-97-002660.txt : 19970804 0000950133-97-002660.hdr.sgml : 19970804 ACCESSION NUMBER: 0000950133-97-002660 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19970801 SROS: NASD GROUP MEMBERS: FBR ASHTON L P GROUP MEMBERS: FBR ASHTON, LIMITED PARTNERSHIP GROUP MEMBERS: FBR OFFSHORE MGT., INC. GROUP MEMBERS: FBR OPPORTUNITY FUND, LTD. CLASS A GROUP MEMBERS: FBR PRIVATE EQUITY FUND, L.P. GROUP MEMBERS: FRIEDMAN BILLINGS RAMSEY & CO., INC. GROUP MEMBERS: FRIEDMAN BILLINGS RAMSEY INVESTMENT MGT., INC. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: RESOURCE AMERICA INC CENTRAL INDEX KEY: 0000083402 STANDARD INDUSTRIAL CLASSIFICATION: SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153] IRS NUMBER: 720654145 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-12039 FILM NUMBER: 97649572 BUSINESS ADDRESS: STREET 1: 1521 LOCUST STREET CITY: PHILADELPHIA STATE: PA ZIP: 19102 BUSINESS PHONE: 2155465005 MAIL ADDRESS: STREET 1: 2876 SOUTH ARLINGTON ROAD CITY: AKRON STATE: OH ZIP: 44312 FORMER COMPANY: FORMER CONFORMED NAME: RESOURCE EXPLORATION INC DATE OF NAME CHANGE: 19890214 FORMER COMPANY: FORMER CONFORMED NAME: SMTR CORP DATE OF NAME CHANGE: 19700522 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: FBR ASHTON L P CENTRAL INDEX KEY: 0000886446 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 521696538 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 1001 19TH ST NORTH STREET 2: 10TH FL CITY: ARLINGTON STATE: VA ZIP: 22209 BUSINESS PHONE: 7033129707 MAIL ADDRESS: STREET 1: 1001 19TH ST NORTH STREET 2: 10TH FL CITY: ARLINGTON STATE: VA ZIP: 22209 SC 13D 1 SCHEDULE 13D RE: RESOURCE AMERICA, INC. 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 Resource America, Inc. (Name of Issuer) Common Stock, .01 par value (Title of Class of Securities) 761195205 (CUSIP Number) George Abraham FBR Ashton, Limited Partnership 1001 19th Street, North 18th Floor Arlington, Virginia 22209 (703) 312-9707 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) July 24, 1997 (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 [ ]. Page 1 of 15 Exhibit Index Appears on Page 13 2 SCHEDULE 13D CUSIP NO. 761195205 --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON FBR Ashton, Limited Partnership - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* Not Applicable (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Maryland - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 276,780 SHARES ----------------------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 370,750 OWNED BY EACH ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER REPORTING 276,780 PERSON ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER WITH 370,750 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 370,750 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.15% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. 3 SCHEDULE 13D CUSIP NO. 761195205 --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON FBR Opportunity Fund, Ltd. Class A - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* Not Applicable (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Bermuda - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 37,225 SHARES ----------------------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 370,750 OWNED BY EACH ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER REPORTING 37,225 PERSON ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER WITH 370,750 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 370,750 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.15% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. 4 SCHEDULE 13D CUSIP NO. 761195205 --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON FBR Private Equity Fund, L.P. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* Not Applicable (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 28,595 SHARES ----------------------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 370,750 OWNED BY EACH ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER REPORTING 28,595 PERSON ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER WITH 370,750 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 370,750 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.15% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. 5 SCHEDULE 13D CUSIP NO. 761195205 --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Friedman Billings Ramsey & Co., Inc - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* Not Applicable (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 28,150 SHARES ----------------------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 370,750 OWNED BY EACH ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER REPORTING 28,150 PERSON ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER WITH 370,750 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 370,750 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.15% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* BD, CO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. 6 SCHEDULE 13D CUSIP NO. 761195205 --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Friedman Billings Ramsey Investment Management, Inc. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* Not Applicable (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF None SHARES ----------------------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 370,750 OWNED BY EACH ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER REPORTING None PERSON ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER WITH 370,750 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 370,750 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.15% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IA, CO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. 7 SCHEDULE 13D CUSIP NO. 761195205 --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON FBR OFFSHORE MANAGEMENT, INC. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* Not Applicable (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF None SHARES ----------------------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 370,750 OWNED BY EACH ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER REPORTING None PERSON ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER WITH 370,750 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 370,750 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.15% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. 8 Item 1. Security and Issuer This statement on Schedule 13D (the "Statement") relates to the Common Stock, par value .01 per share (the "Common Stock"), of Resource America, Inc., a Delaware corporation (the "Company"). The principal executive offices of the Company are located at 1521 Locust Street, Philadelphia, Pennsylvania 19102. Item 2. Identity and Background The Statement is being filed by (1) FBR Ashton, Limited Partnership, a Maryland limited partnership ("Ashton"), (2) FBR Opportunity Fund, Ltd. Class A, a Bermuda chartered corporation ("Opportunity Fund"), (3) FBR Private Equity Fund, L.P., a Delaware limited partnership ("Equity Fund"), (4) Friedman Billings Ramsey & Co., Inc., a Delaware corporation, ("FBR"), (5) Friedman Billings Ramsey Investment Management, Inc. ("Investment Management"), a Delaware corporation and (6) FBR Offshore Management, Inc. a Delaware Corporation ("Offshore Management") (collectively referred to herein as the "Reporting Persons"). Ashton, the Opportunity Fund and the Equity Fund are investment entities. Investment Management, a registered investment advisor serves as a general partner to Ashton and the Equity Fund and as a discretionary investment manager to these accounts. Likewise, Offshore Management is a registered investment advisor that serves the Opportunity Fund as discretionary investment manager. FBR is a registered broker-dealer. The principal offices of the Reporting Persons other than the Opportunity Fund are located at 1001 19th Street, North, Arlington, Virginia 22209. The principle offices of the Opportunity Fund are located at 44 Church Street, Hamilton, HM FX Bermuda. None of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years. During the last five years, none of the Reporting Persons has been 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. Item 3. Sources and Amounts of Funds or Other Consideration Ashton, the Opportunity Fund, the Equity Fund and FBR expended an aggregate of approximately $11,192,188(excluding brokerage commissions, if any) to purchase the 358,150 shares of Common Stock purchased by them on July 24, 1997. The source of funds for each purchase was from the working 9 capital of Ashton, the Opportunity Fund, the Equity Fund and FBR, as the case may be. Item 4. Purpose of Transaction The purpose of the acquisition of the shares of Common Stock by each of the Reporting Persons is for investment. Each Reporting Person may, depending on market conditions, make further purchases of Common Stock from time to time and may dispose of any or all of the shares of Common Stock held by it at any time or effect other transactions which could result in any of the actions specified in clauses (a) through (j) of Item 4 of the Instructions to Schedule 13D. Except as set forth above, the Reporting Persons do not have any present plans or proposals that relate to or would result in any of the actions required to be described in Item 4 of Schedule 13D. Item 5. Interest in Securities of the Issuer (a)-(b) On the date of this Statement: (i) Ashton is the direct beneficial owner of 276,780 shares of Common Stock, which constituted approximately 6.08% of the issued and outstanding Common Stock. (ii) The Opportunity Fund is the direct beneficial owner of 37,225 shares of Common Stock, which constituted approximately .82% of the issued and outstanding Common Stock. (iii) The Equity Fund is the direct beneficial owner of 28,595 shares of Common Stock, which constituted approximately .63% of the issued and outstanding Common Stock. (iv) FBR is the direct beneficial owner of 28,150 shares of Common Stock, which constituted approximately .62% of the issued and outstanding Common Stock. Each of Ashton, the Opportunity Fund, the Equity Fund and FBR may be deemed to own beneficially (as defined in Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended) the shares of Common Stock directly owned beneficially by each other due to their common control. Each of such persons disclaims beneficial ownership of such shares of Common Stock for all other purposes. In addition, each of Ashton, the Opportunity Fund, the Equity Fund and FBR may be deemed to share the power to vote or to direct the vote and to dispose or to direct the disposition 10 of the shares of Common Sock directly owned beneficially by each other. Investment Management in its capacity as general partner and investment manager to Ashton and the Equity Fund, and Offshore Management in its capacity as investment manager to the Opportunity Fund, may be deemed to own beneficially (as defined in Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended) the shares of Common Stock directly owned beneficially by Ashton and the Equity Fund and the Opportunity Fund, respectively, as well as the other Reporting Persons due to their common control. Each of such persons disclaims beneficial ownership of such shares of Common Stock for all other purposes. In addition, each of Investment Management and Offshore Management may be deemed to share the power to vote or to direct the vote and to dispose or to direct the disposition of the shares of Common Sock directly owned beneficially by the Reporting Persons. The percentages used herein are calculated based upon the 4,549,746 shares of Common Stock stated to be issued and outstanding as of July 24, 1997, based on discussions with Resource America, Inc. (c) The trading dates, number of shares purchased and price per share (including commissions, if any) for all transactions by the Reporting Persons during the past 60 days are set forth in Schedule I hereto. All such transactions occurred in a privately negotiated purchase. (d) No person other than each respective record owner referred to herein of shares of Common Stock is known to have the right to receive or the power to direct the receipt of dividends from or the proceeds of sale of shares of Common Stock. (e) Not applicable. Item 6. Contracts, Arrangements, Understandings, or Relationships with Respect to Securities of the Issuer. None. Item 7. Material to be Filed as Exhibits Exhibit A: Joint Filing Agreement among the Reporting Persons. 11 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. July 31, 1997. FBR ASHTON, LIMITED PARTNERSHIP By: /s/ George Abraham ---------------------------------------- Managing Director of General Partner FBR OPPORTUNITY FUND, LTD. CLASS A By: /s/ George Abraham ---------------------------------------- Alternate Director FBR PRIVATE EQUITY FUND, L.P. By: /s/ George Abraham ---------------------------------------- Managing Director of General Partner FRIEDMAN BILLINGS RAMSEY & CO., INC. By: /s/ Emanuel J. Friedman ---------------------------------------- Chairman FRIEDMAN BILLINGS RAMSEY INVESTMENT MANAGEMENT, INC. By: /s/ George Abraham ---------------------------------------- Managing Director FBR OFFSHORE MANAGEMENT, INC. By: /s/ George Abraham ---------------------------------------- Managing Director 12 Schedule I
Shares Price Name Date Purchased Per Share - ---- ---- --------- --------- FBR Ashton Limited 7/24/97 266,180 $31.25 Partnership FBR Private Equity 7/24/97 32,225 31.25 Fund, L.P. FBR Opportunity Fund, 7/24/97 28,595 31.25 Ltd., Class A Friedman Billings Ramsey 7/24/97 28,150 31.25 & Co., Inc.
13 Exhibit Index
Exhibit Page No. - -------- -------- Exhibit A: Joint Filing Agreement, dated July 31, 1997, among FBR Ashton, Limited Partnership FBR Opportunity Fund, LTD. Class A FBR Private Equity Fund, L.P. Friedman Billings Ramsey & Co., Inc. Friedman Billings Ramsey Investment Management, Inc. FBR Offshore Management, Inc.
EX-99.A 2 JOINT FILING AGREEMENT. 1 EXHIBIT A JOINT FILING AGREEMENT The undersigned hereby agree that the statement on Schedule 13D dated July 31, 1997 with respect to the Common Stock of Resource America, Inc. is, and any amendments thereto signed by each of the undersigned shall be, filed on behalf of each of us pursuant to and in accordance with the provisions of Rule 13d-1(f) under the Securities Exchange Act of 1934. This Agreement may be executed in counterparts, each of which shall for all purposes be deemed to be an original and all of which shall constitute one and the same instrument. Dated: July 31, 1997 FBR ASHTON, LIMITED PARTNERSHIP By: /s/ George Abraham -------------------------------- Managing Director of General Partner FBR OPPORTUNITY FUND, LTD. CLASS A By: /s/ George Abraham -------------------------------- Alternate Director FBR PRIVATE EQUITY FUND, L.P. By: /s/ George Abraham -------------------------------- Managing Director of General Partner FRIEDMAN BILLINGS RAMSEY & CO., INC. By: /s/ Emanuel J. Friedman -------------------------------- Chairman FRIEDMAN BILLINGS RAMSEY INVESTMENT MANAGEMENT, INC. By: /s/ George Abraham -------------------------------- Managing Director FBR OFFSHORE MANAGEMENT, INC. By: /s/ George Abraham -------------------------------- Managing Director -----END PRIVACY-ENHANCED MESSAGE-----