UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO.8)*
SHELBOURNE PROPERTIES I, INC.
--------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.01 PAR VALUE
--------------------------------------------------------------------------------
(Title of Class of Securities)
821373107
--------------------------------------------------------------------------------
(CUSIP Number)
Michael L. Ashner
100 Jericho Quadrangle, Suite 214
Jericho, New York 11753
(516) 822-0022
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
JUNE 14, 2002
--------------------------------------------------------------------------------
(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 [ ].
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) 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 (the "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).
SCHEDULE 13D
---------------------------------------------
CUSIP No. 821373107
---------------------------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Michael L. Ashner
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
N/A
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 82,326 shares (1)
SHARES ------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH ------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 82,326 shares (1)
------------------------------------------------
10 SHARED DISPOSITIVE POWER
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
82,326 shares (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.81%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
(1) Comprised entirely of shares owned by HX Investors L.P. of which Exeter
Capital Corporation is the sole general partner an entity in which Mr.
Ashner is the sole shareholder and director.
*SEE INSTRUCTIONS BEFORE FILLING OUT!
PAGE 2 of 6
SCHEDULE 13D
---------------------------------------------
CUSIP No. 821373107
---------------------------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
HX Investors L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (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 82,326 shares
SHARES ------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH ------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 82,326 shares
------------------------------------------------
10 SHARED DISPOSITIVE POWER
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
82,326 shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.81%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
PAGE 3 of 6
This Amendment No. 8 amends certain information contained in the Schedule
13D filed jointly by Michael L. Ashner and HX Investors, L.P. on February 25,
2002 with respect to Shelbourne Properties I, Inc. (the "Company"), as amended
by Amendment No. 1 thereto filed on March 19, 2002, as further amended by
Amendment No. 2 thereto filed on March 27, 2002, as further amended by Amendment
No. 3 thereto filed on April 8, 2002, as further amended by Amendment No. 4
thereto filed on April 19, 2002, as further amended by Amendment No. 5 thereto
filed on April 30, 2002, as further amended by Amendment No. 6 thereto filed on
May 16, 2002, as further amended by Amendment No. 7 thereto filed on May 22,
2002 (as amended, the "13D"). Capitalized terms used but not defined herein have
the meanings ascribed to them in the 13D.
Item 3. Source and Amount of Funds or Other Consideration.
The aggregate amount of funds used to purchase the additional 5,896 shares
of Common Stock held by HX was $254,478. The source of funds used to purchase
such shares was capital contributions from partners of HX.
Item 5. Interest in Securities of the Issuer.
(a) The aggregate percentage of the outstanding shares of Common Stock
reported owned by each Reporting Person is based upon 839,286 shares of Common
Stock outstanding which represents the number of shares reported outstanding in
the Company's most recently filed report on Form 10-Q less the number of shares
that the Company has disclosed it has repurchased from affiliates of NorthStar.
As of the close of business on June 14, 2002:
(i) HX owns 82,326 shares which constitute approximately 9.81% of the
shares of Common Stock outstanding.
(ii) Michael L. Ashner owns no shares of Common Stock directly. As the
sole shareholder and director of Exeter, the sole general partner of HX,
Mr. Ashner may be deemed under the provisions of Rule 13d-3 of the Exchange
Act Rules to be the beneficial owner of all 82,326 shares owned by HX. Such
shares constitute approximately 9.81% of the shares of Common Stock
outstanding.
(b) Mr. Ashner has the sole power to vote or to direct the vote and the
sole power to dispose of, or to direct the disposition of, the shares of Common
Stock owned by HX.
(c) Set forth on Schedule 1 hereto is a description of all transactions in
shares of Common Stock that were effected during the past sixty days by the
Reporting Persons.
PAGE 4 of 6
SIGNATURE
After reasonable inquiry and to the best of their knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: June 17, 2002
HX INVESTORS L.P.
By: Exeter Capital Corporation
General Partner
By: /s/ Michael L. Ashner
-------------------------
Michael L. Ashner, President
/s/ Michael L. Ashner
-------------------------
Michael L. Ashner
PAGE 5 of 6
SCHEDULE 1
Set forth below is a description of all transactions in shares of
Common Stock that were effected during the past sixty days by the Reporting
Persons. Except as otherwise indicated, all such transactions were purchases
effected by HX on the open market.
DATE NUMBER OF SHARES PRICE PER SHARE
---- ---------------- ---------------
5/1/02 200 $41.50
5/6/02 100 $42.00
5/8/02 300 $42.28
5/9/02 500 $42.50
5/10/02 700 $42.50
5/13/02 100 $42.50
5/15/02(a) 7,422 $42.00
5/23/2002 900 $42.51
5/24/2002 500 $42.56
5/28/2002 900 $42.85
6/4/2002 300 $43.28
6/5/2002 1100 $43.50
6/10/2002 400 $43.50
6/11/2002 1500 $43.51
6/12/2002 100 $43.50
6/13/2002 196 $43.50
(a) Acquired through privately negotiated transaction.
PAGE 6 of 6