SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Spencer Capital Management, LLC

(Last) (First) (Middle)
1995 BROADWAY, SUITE 1801

(Street)
NEW YORK NY 10023

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
RESOURCE AMERICA INC [ REXI ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
04/21/2008
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 04/21/2008 S 2,211 D $9.4 1,805,192 I See Footnotes(1)(2)
Common Stock 04/21/2008 S 100 D $9.41 1,805,092 I See Footnotes(1)(2)
Common Stock 04/21/2008 S 702 D $9.42 1,804,390 I See Footnotes(1)(2)
Common Stock 04/21/2008 S 100 D $9.43 1,804,290 I See Footnotes(1)(2)
Common Stock 04/21/2008 S 1,000 D $9.7 1,803,290 I See Footnotes(1)(2)
Common Stock 04/21/2008 S 500 D $9.73 1,802,790 I See Footnotes(1)(2)
Common Stock 04/21/2008 S 100 D $9.76 1,802,690 I See Footnotes(1)(2)
Common Stock 04/22/2008 S 400 D $9.05 1,802,290 I See Footnotes(1)(2)
Common Stock 04/22/2008 S 1,400 D $9.06 1,800,890 I See Footnotes(1)(2)
Common Stock 04/22/2008 S 5,000 D $9.09 1,795,890 I See Footnotes(1)(2)
Common Stock 04/22/2008 S 12,000 D $9.1 1,783,890 I See Footnotes(1)(2)
Common Stock 04/22/2008 S 8,000 D $9.12 1,775,890 I See Footnotes(1)(2)
Common Stock 04/22/2008 S 200 D $9.14 1,775,690 I See Footnotes(1)(2)
Common Stock 04/22/2008 S 3,597 D $9.2 1,772,093 I See Footnotes(1)(2)
Common Stock 04/22/2008 S 203 D $9.21 1,771,890 I See Footnotes(1)(2)
Common Stock 04/22/2008 S 200 D $9.22 1,771,690 I See Footnotes(1)(2)
Common Stock 04/22/2008 S 2,198 D $9.23 1,769,492 I See Footnotes(1)(2)
Common Stock 04/22/2008 S 1,702 D $9.24 1,767,790 I See Footnotes(1)(2)
Common Stock 04/22/2008 S 1,400 D $9.25 1,766,390 I See Footnotes(1)(2)
Common Stock 04/22/2008 S 600 D $9.26 1,765,790 I See Footnotes(1)(2)
Common Stock 04/22/2008 S 100 D $9.27 1,765,690 I See Footnotes(1)(2)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
Spencer Capital Management, LLC

(Last) (First) (Middle)
1995 BROADWAY, SUITE 1801

(Street)
NEW YORK NY 10023

(City) (State) (Zip)
1. Name and Address of Reporting Person*
Shubin Stein Kenneth H

(Last) (First) (Middle)
1995 BROADWAY, SUITE 1801

(Street)
NEW YORK NY 10023

(City) (State) (Zip)
Explanation of Responses:
1. This Form 4 is filed on behalf of Kenneth H. Shubin Stein, MD, CFA, an individual ("Dr. Shubin Stein"), and Spencer Capital Management, LLC, a Delaware limited liability company ("SCM", and together with Dr. Shubin Stein, the "Reporting Persons"). SCM is an investment management firm and is the investment manager of certain investment funds. Dr. Shubin Stein is the controlling person of SCM and certain investment funds and a portfolio manager of certain investment funds.
2. As of the date of this filing, funds and accounts managed by SCM owned 1,765,690 shares of Common Stock. By reason of the provisions of Rule 16a-1 of the Exchange Act and the relationship of the Reporting Persons with each other, Dr. Shubin Stein and SCM may be deemed to be the beneficial owners of an indeterminate portion of the 1,765,690 shares of Common Stock for purposes of Section 16 of the Exchange Act. Each of the Reporting Persons disclaims beneficial ownership of all shares of the Common Stock, except to the extent of any direct or indirect pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person is a beneficial owner of the shares of Common Stock reported as beneficially owned herein for purposes of Section 16 of the Exchange Act or for any other purpose.
Remarks:
Exhibit List Exhibit 99.1 - Joint Filer Information
/s/ Kenneth H. Shubin Stein, MD, CFA, Authorized Signatory for Spencer Capital Management, LLC 04/23/2008
/s/ Kenneth H. Shubin Stein, MD, CFA 04/23/2008
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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