-----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, Dc+pdK18rwzOCrT0OQmUNRA3GfwuImazAxJ1WHfNXARwmvabF1VMN5NO1/TYQyzD N5Scdye2iSknJnlvfPfWrQ== 0001019056-05-000975.txt : 20050913 0001019056-05-000975.hdr.sgml : 20050913 20050913153944 ACCESSION NUMBER: 0001019056-05-000975 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20050913 DATE AS OF CHANGE: 20050913 GROUP MEMBERS: COLUMBIA AVENUE CAPITAL, LLC GROUP MEMBERS: KENNETH H. SHUBIN STEIN, MD, CFA GROUP MEMBERS: SPENCER CAPITAL MANAGEMENT, LLC GROUP MEMBERS: SPENCER CAPITAL OFFSHORE OPPORTUNITY FUND, LTD. GROUP MEMBERS: SPENCER CAPITAL OFFSHORE PARTNERS, LLC GROUP MEMBERS: SPENCER CAPITAL OPPORTUNITY FUND, LP GROUP MEMBERS: SPENCER CAPITAL PARTNERS, LLC GROUP MEMBERS: SPENCER CAPITAL SMALL CAP FUND, LP GROUP MEMBERS: SPENCER SMALL CAP PARTNERS, LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: RESOURCE AMERICA INC CENTRAL INDEX KEY: 0000083402 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 720654145 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-32277 FILM NUMBER: 051082217 BUSINESS ADDRESS: STREET 1: 1845 WALNUT STREET STREET 2: SUITE 1000 CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 215-546-5005 MAIL ADDRESS: STREET 1: 1845 WALNUT STREET STREET 2: SUITE 1000 CITY: PHILADELPHIA STATE: PA ZIP: 19103 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: Spencer Capital Management, LLC CENTRAL INDEX KEY: 0001311910 IRS NUMBER: 820581852 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 200 W. 57TH STREET, SUITE 602 CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-586-4198 MAIL ADDRESS: STREET 1: 200 W. 57TH STREET, SUITE 602 CITY: NEW YORK STATE: NY ZIP: 10019 SC 13G/A 1 resource_13ga.txt SCHEDULE 13G/A --------------------------- OMB APPROVAL --------------------------- OMB Number: 3235-0145 Expires: October 31,2002 Estimated average burden hours per response....14.90 --------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 1 )* ------- RESOURCE AMERICA, INC. - -------------------------------------------------------------------------------- (Name of Issuer) Class A Stock, par value $.01 - -------------------------------------------------------------------------------- (Title of Class of Securities) 761195205 ----------------------------------- (CUSIP Number) August 16, 2005 - -------------------------------------------------------------------------------- (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) [X] 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). 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. Page 1 of 13 pages CUSIP No. 761195205 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. KENNETH H. SHUBIN STEIN, MD, CFA I.R.S. Identification Nos. of above persons (entities only). - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization United States - -------------------------------------------------------------------------------- Number of 5. Sole Voting Power 800,288 Shares Bene- ------------------------------------------------------ ficially owned 6. Shared Voting Power by Each ------------------------------------------------------ Reporting 7. Sole Dispositive Power 800,288 Person With: ------------------------------------------------------ 8. Shared Dispositive Power - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 800,288 - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 4.37% - -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) IN - -------------------------------------------------------------------------------- Page 2 of 13 pages CUSIP No. 761195205 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. SPENCER CAPITAL MANAGEMENT, LLC I.R.S. Identification Nos. of above persons (entities only). - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Delaware - -------------------------------------------------------------------------------- Number of 5. Sole Voting Power 716,392 Shares Bene- ------------------------------------------------------ ficially owned 6. Shared Voting Power 0 by Each ------------------------------------------------------ Reporting 7. Sole Dispositive Power 716,392 Person With: ------------------------------------------------------ 8. Shared Dispositive Power 0 - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 716,392 - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 3.91% - -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) HC - -------------------------------------------------------------------------------- Page 3 of 13 pages CUSIP No. 761195205 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. SPENCER CAPITAL OPPORTUNITY FUND, LP I.R.S. Identification Nos. of above persons (entities only). - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Delaware - -------------------------------------------------------------------------------- Number of 5. Sole Voting Power 373,678 Shares Bene- ------------------------------------------------------ ficially owned 6. Shared Voting Power 0 by Each ------------------------------------------------------ Reporting 7. Sole Dispositive Power 373,678 Person With: ------------------------------------------------------ 8. Shared Dispositive Power 0 - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 373,678 - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 2.04% - -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) PN - -------------------------------------------------------------------------------- Page 4 of 13 pages CUSIP No. 761195205 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. SPENCER CAPITAL PARTNERS, LLC I.R.S. Identification Nos. of above persons (entities only). - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Delaware - -------------------------------------------------------------------------------- Number of 5. Sole Voting Power 373,678 Shares Bene- ------------------------------------------------------ ficially owned 6. Shared Voting Power 0 by Each ------------------------------------------------------ Reporting 7. Sole Dispositive Power 373,678 Person With: ------------------------------------------------------ 8. Shared Dispositive Power 0 - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 373,678 - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 2.04% - -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) HC - -------------------------------------------------------------------------------- Page 5 of 13 pages CUSIP No. 761195205 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. SPENCER CAPITAL OFFSHORE OPPORTUNITY FUND, LTD. I.R.S. Identification Nos. of above persons (entities only). - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Cayman Islands - -------------------------------------------------------------------------------- Number of 5. Sole Voting Power 293,326 Shares Bene- ------------------------------------------------------ ficially owned 6. Shared Voting Power 0 by Each ------------------------------------------------------ Reporting 7. Sole Dispositive Power 293,326 Person With: ------------------------------------------------------ 8. Shared Dispositive Power 0 - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 293,326 - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 1.60% - -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) OO - -------------------------------------------------------------------------------- Page 6 of 13 pages CUSIP No. 761195205 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. SPENCER CAPITAL OFFSHORE PARTNERS, LLC I.R.S. Identification Nos. of above persons (entities only). - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Delaware - -------------------------------------------------------------------------------- Number of 5. Sole Voting Power 293,326 Shares Bene- ------------------------------------------------------ ficially owned 6. Shared Voting Power 0 by Each ------------------------------------------------------ Reporting 7. Sole Dispositive Power 293,326 Person With: ------------------------------------------------------ 8. Shared Dispositive Power 0 - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 293,326 - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 1.60% - -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) HC - -------------------------------------------------------------------------------- Page 7 of 13 pages CUSIP No. 761195205 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. SPENCER CAPITAL SMALL CAP FUND, LP I.R.S. Identification Nos. of above persons (entities only). - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Delaware - -------------------------------------------------------------------------------- Number of 5. Sole Voting Power 49,388 Shares Bene- ------------------------------------------------------ ficially owned 6. Shared Voting Power 0 by Each ------------------------------------------------------ Reporting 7. Sole Dispositive Power 49,388 Person With: ------------------------------------------------------ 8. Shared Dispositive Power 0 - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 49,388 - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 0.27% - -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) PN - -------------------------------------------------------------------------------- Page 8 of 13 pages CUSIP No. 761195205 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. SPENCER SMALL CAP PARTNERS, LLC I.R.S. Identification Nos. of above persons (entities only). - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Delaware - -------------------------------------------------------------------------------- Number of 5. Sole Voting Power 49,388 Shares Bene- ------------------------------------------------------ ficially owned 6. Shared Voting Power 0 by Each ------------------------------------------------------ Reporting 7. Sole Dispositive Power 49,388 Person With: ------------------------------------------------------ 8. Shared Dispositive Power 0 - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 49,388 - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 0.27% - -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) HC - -------------------------------------------------------------------------------- Page 9 of 13 pages CUSIP No. 761195205 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. COLUMBIA AVENUE CAPITAL LLC I.R.S. Identification Nos. of above persons (entities only). - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization Oklahoma - -------------------------------------------------------------------------------- Number of 5. Sole Voting Power 83,896 Shares Bene- ------------------------------------------------------ ficially owned 6. Shared Voting Power 0 by Each ------------------------------------------------------ Reporting 7. Sole Dispositive Power 83,896 Person With: ------------------------------------------------------ 8. Shared Dispositive Power 0 - -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 83,896 - -------------------------------------------------------------------------------- 10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ] - -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 0.46% - -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) HC - -------------------------------------------------------------------------------- Page 10 of 13 pages Item 1. (a) The name of the issuer is Resource America, Inc. (the "Issuer"). (b) The principal executive office of the Issuer is located at 1845 Walnut Street, Suite 1000, Philadelphia, PA 19103. Philadelphia, PA 19103 Item 2. (a) The name of the person filing this statement (the "Statement") is Kenneth H. Shubin Stein, MD, CFA. Dr. Shubin Stein is the controlling person of Spencer Capital Management, LLC, a Delaware limited liability company ("SCM"), Spencer Capital Partners, LLC, a Delaware limited liability company ("SCP"), Spencer Capital Opportunity Fund, LP, a Delaware limited partnership ("SCF"), Spencer Capital Offshore Opportunity Fund, Ltd., a Cayman Islands exempted company ("SCOF"), Spencer Capital Offshore Partners, LLC, a Delaware limited liability company ("SCOP"), Spencer Capital Small Cap Fund, LP, a Delaware limited partnership ("SCSCF"), Spencer Small Cap Partners, LLC, a Delaware limited liability company ("SSCP") and is a portfolio manager for Columbia Avenue Capital LLC, an Oklahoma limited liability company ("CAC") (collectively, the "Filers"). (b) The Principal Business Office of the Filers is 1995 Broadway, Suite 1801, New York, New York 10023, except for CAC, whose Principal Business Office is 415 South Boston Avenue, 9th Floor, Tulsa, Oklahoma 74103. (c) For citizenship information see item 4 of the cover sheet of each Filer. (d) This Statement relates to the Class A Stock of the Issuer. (e) The CUSIP Number of the Class A stock of the Issuer is 761195205. 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) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). (d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) [ ] An investment adviser in accordance with "240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with "240.13d-1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with "240.13d-1(b)(1)(ii)(G); (h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] Group, in accordance with "240.13d-1(b)(1)(ii)(J); Item 4. Ownership. See Items 5-9 and 11 on the cover page for each filer. ---------------- Instruction. For computations regarding securities which represent a right to acquire an underlying security see "240.13d-3(d)(1). Page 11 of 13 pages 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. [X] Instruction: Dissolution of a group requires a response to this item. 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 five 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. If a parent holding company or control person has filed this schedule, pursuant to Rule 13d-1(b)(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. Kenneth H. Shubin Stein, MD, CFA is the manager, controlling person and member of SCM, SCP, SCOP and SSCP and a portfolio manager for CAC. SCM is the investment manager of SCF, SCOF and SCSCF. SCP serves as the general partner of SCF. SCOP serves as the management company of SCOF. SSCP serves as the general partner of SSCF. SCF, SCOF, SCSCF, and CAC are private investment vehicles formed for the purpose of investing and trading in a wide variety of securities and financial instruments, and they directly own the Class A shares reported in this Statement. [ ] EXHIBIT ATTACHED Item 8. Identification and Classification of Members of the Group If a group has filed this schedule pursuant to Rule 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. [ ] EXHIBIT ATTACHED Item 10. Certification (a) The following certification shall be included if the statement filed pursuant to "240.13d-1(b): By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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. The following certification shall be included if the statement filed pursuant to "240.13d-1(c): (b) 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. Page 12 of 13 pages 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. Dated: September 13, 2005 /s/ KENNETH H. SHUBIN STEIN, MD, CFA, ----------------------------------------- Kenneth H. Shubin Stein, MD, CFA, Authorized Signatory The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative other than an executive officer or general partner of the filing person, evidence of the representative's authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See "240.13d-7 for other parties for whom copies are to be sent. Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001) Page 13 of 13 pages -----END PRIVACY-ENHANCED MESSAGE-----