OMB Number 3235-0145
United States
Securities and Exchange Commission
Washington DC 20549
Schedule 13D
Under the Securities and Exchange Act of 1934
ECC Capital Corporation
Name of Issuer
common stock
Title of Class of Securities
26826M108
CUSIP Number
Howard Amster, 23811 Chagrin Blvd., Suite 200
Beachwood, Ohio 44122-5525, 216 595-1047
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
3/27/06
(Date of Event which Requires Filing of this Statement)
If this filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of 240.13d-1(e) (f) or (g), check the
following box / /.
Note: Scheduled 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 to who 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 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 ("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).
1 Name of Reporting Person Howard Amster
2 If a member group a) / /
b) /X/
3 SEC Use only
4 Source of Funds PF
5 Check if Disclosure
6 Citizenship U.S.A.
Number of Shares 7 Sole Voting 1,067,000
Beneficially
Owned By Each 8 Shared Voting 4,516,000
Reporting Person
With 9 Sole Dispositive 1,067,000
10 Shared Dispositive 4,516,000
11 Aggregate Amount Beneficially owned 4,528,200
12 Check if Aggregate Amount (11) Excludes Certain Shares
13 Percent of Class Represented by amount in row (11) 4.52 %
14 Type of Reporting Person IN
1 Name of Reporting Person Howard M Amster
Charitable Remainder Unitrust
2 If a member group a) / /
b) /X/
3 SEC Use only
4 Source of Funds AF
5 Check if Disclosure
6 Citizenship U.S.A.
Number of Shares 7 Sole Voting
Beneficially
Owned By Each 8 Shared Voting 25,200
Reporting Person
With 9 Sole Dispositive
10 Shared Dispositive 25,200
11 Aggregate Amount Beneficially owned 25,200
12 Check if Aggregate Amount (11) Excludes Certain Shares
13 Percent of Class Represented by amount in row (11) 0.03 %
14 Type of Reporting Person OO
1 Name of Reporting Person Howard M Amster 2005
Charitable Remainder Unitrust
2 If a member group a) / /
b) /X/
3 SEC Use only
4 Source of Funds AF
5 Check if Disclosure
6 Citizenship U.S.A.
Number of Shares 7 Sole Voting
Beneficially
Owned By Each 8 Shared Voting 183,600
Reporting Person
With 9 Sole Dispositive
10 Shared Dispositive 183,600
11 Aggregate Amount Beneficially owned 183,600
12 Check if Aggregate Amount (11) Excludes Certain Shares
13 Percent of Class Represented by amount in row (11) 0.18 %
14 Type of Reporting Person OO
1 Name of Reporting Person Amster Limited Partnership
2 If a member group a) / /
b) /X/
3 SEC Use only
4 Source of Funds WC
5 Check if Disclosure
6 Citizenship USA
Number of Shares 7 Sole Voting
Beneficially
Owned By Each 8 Shared Voting 32,100
Reporting Person
With 9 Sole Dispositive
10 Shared Dispositive 32,100
11 Aggregate Amount Beneficially owned 32,100
12 Check if Aggregate Amount (11) Excludes Certain Shares
13 Percent of Class Represented by amount in row (11) 0.03 %
14 Type of Reporting Person PN
1 Name of Reporting Person Amster Trading Company
2 If a member group a) / /
b) /X/
3 SEC Use only
4 Source of Funds WC
5 Check if Disclosure
6 Citizenship USA
Number of Shares 7 Sole Voting
Beneficially
Owned By Each 8 Shared Voting 1,266,000
Reporting Person
With 9 Sole Dispositive
10 Shared Dispositive 1,266,000
11 Aggregate Amount Beneficially owned 420,000
12 Check if Aggregate Amount (11) Excludes Certain Shares
13 Percent of Class Represented by amount in row (11) 0.42 %
14 Type of Reporting Person CO
1 Name of Reporting Person Amster Trading Company
Charitable Remainder Unitrusts
2 If a member group a) / /
b) /X/
3 SEC Use only
4 Source of Funds AF
5 Check if Disclosure
6 Citizenship
Number of Shares 7 Sole Voting
Beneficially
Owned By Each 8 Shared Voting 846,000
Reporting Person
With 9 Sole Dispositive
10 Shared Dispositive 846,000
11 Aggregate Amount Beneficially owned 846,000
12 Check if Aggregate Amount (11) Excludes Certain Shares
13 Percent of Class Represented by amount in row (11) 0.84 %
14 Type of Reporting Person OO
1 Name of Reporting Person Pleasant Lake Apts. Corp.
2 If a member group a) / /
b) /X/
3 SEC Use only
4 Source of Funds WC
5 Check if Disclosure
6 Citizenship U.S.A.
Number of Shares 7 Sole Voting
Beneficially
Owned By Each 8 Shared Voting 64,800
Reporting Person
With 9 Sole Dispositive
10 Shared Dispositive 64,800
11 Aggregate Amount Beneficially owned 64,800
12 Check if Aggregate Amount (11) Excludes Certain Shares
13 Percent of Class Represented by amount in row (11) 0.07 %
14 Type of Reporting Person CO
1 Name of Reporting Person Ramat Securities Ltd.
2 If a member group a) / /
b) /X/
3 SEC Use only
4 Source of Funds WC
5 Check if Disclosure
6 Citizenship U.S.A.
Number of Shares 7 Sole Voting
Beneficially
Owned By Each 8 Shared Voting 2,900,000
Reporting Person
With 9 Sole Dispositive
10 Shared Dispositive 2,900,000
11 Aggregate Amount Beneficially owned 2,900,000
12 Check if Aggregate Amount (11) Excludes Certain Shares
13 Percent of Class Represented by amount in row (11) 2.89 %
14 Type of Reporting Person BD
1 Name of Reporting Person Tova Financial, Inc.
2 If a member group a) / /
b) /X/
3 SEC Use only
4 Source of Funds WC
5 Check if Disclosure
6 Citizenship USA
Number of Shares 7 Sole Voting
Beneficially
Owned By Each 8 Shared Voting 7,125
Reporting Person
With 9 Sole Dispositive
10 Shared Dispositive 7,125
11 Aggregate Amount Beneficially owned 0
12 Check if Aggregate Amount (11) Excludes Certain Shares
13 Percent of Class Represented by amount in row (11) 0.00 %
14 Type of Reporting Person CO
1 Name of Reporting Person Tova Financial, Inc. Charitable
Remainder Unitrust
2 If a member group a) / /
b) /X/
3 SEC Use only
4 Source of Funds AF
5 Check if Disclosure
6 Citizenship
Number of Shares 7 Sole Voting
Beneficially
Owned By Each 8 Shared Voting 7,125
Reporting Person
With 9 Sole Dispositive
10 Shared Dispositive 7,125
11 Aggregate Amount Beneficially owned 7,125
12 Check if Aggregate Amount (11) Excludes Certain Shares
13 Percent of Class Represented by amount in row (11) 0.01 %
14 Type of Reporting Person OO
1 Name of Reporting Person ZAK Group LLC
2 If a member group a) / /
b) /X/
3 SEC Use only
4 Source of Funds WC
5 Check if Disclosure
6 Citizenship U.S.A.
Number of Shares 7 Sole Voting
Beneficially
Owned By Each 8 Shared Voting 44,300
Reporting Person
With 9 Sole Dispositive
10 Shared Dispositive 44,300
11 Aggregate Amount Beneficially owned 44,300
12 Check if Aggregate Amount (11) Excludes Certain Shares
13 Percent of Class Represented by amount in row (11) 0.04 %
14 Type of Reporting Person OO
1 Name of Reporting Person David Zlatin
2 If a member group a) / /
c) /X/
3 SEC Use only
4 Source of Funds PF
5 Check if Disclosure
6 Citizenship U.S.A.
Number of Shares 7 Sole Voting 2,400
Beneficially
Owned By Each 8 Shared Voting 2,951,425
Reporting Person
With 9 Sole Dispositive 2,400
10 Shared Dispositive 2,951,425
11 Aggregate Amount Beneficially owned 2,946,700
12 Check if Aggregate Amount (11) Excludes Certain Shares
13 Percent of Class Represented by amount in row (11) 2.94 %
14 Type of Reporting Person IN
1 Name of Reporting Person Gilda Zlatin
2 If a member group a) / /
d) /X/
3 SEC Use only
4 Source of Funds PF
5 Check if Disclosure
6 Citizenship U.S.A.
Number of Shares 7 Sole Voting 500
Beneficially
Owned By Each 8 Shared Voting 7,125
Reporting Person
With 9 Sole Dispositive 500
10 Shared Dispositive 7,125
11 Aggregate Amount Beneficially owned 500
12 Check if Aggregate Amount (11) Excludes Certain Shares
13 Percent of Class Represented by amount in row (11) 0.0 %
14 Type of Reporting Person IN
Item 1. Security and Issuer
ECC Capital Corporation
common stock
CUSIP Number 26826M108
ECC Capital Corporation
1833 Alton Parkway
Irvine, California 92606
949 856-8300
Item 2. Identity and Background
Howard Amster
a) Howard Amster
b) 23811 Chagrin Blvd., # 200, Beachwood, Ohio 44122-5525
c) Present principal occupation- Real Estate Operator
23811 Chagrin Blvd. # 200, Beachwood, Oh 44122-5525
d) Howard Amster has not been convicted in any criminal proceedings
(excluding traffic violations or similar misdemeanors, if any) within
the last five years.
e) Howard Amster has not been party to any civil proceedings of
a judicial or administrative body or competent jurisdiction of the type
described in Item 2 of Schedule 13D within the last five years.
f) U.S.A.
Howard M Amster Charitable Remainder Unitrust
Howard M Amster Charitable Remainder Unitrust has
been funded by Howard Amster . Because Howard Amster
has the right to change the trustee of the trust, he can be
deemed to have the right to shared voting and dispositive power
over any security owned by the trust. While Howard Amster
receives certain income distributions from the trust, the assets
owned by the trust benefits charitable purposes. Howard Amster
disclaims beneficial ownership of the securities owned by the
trust. Howard Amster is the sole trustee of the Howard M
Amster Charitable Remainder Unitrust, although he has
no pecuniary interest in the trust and therefore disclaims
beneficial ownership of shares owned by the trust.
a) Howard M Amster Charitable Remainder Unitrust
b) 23811 Chagrin Blvd., # 200
Beachwood, Ohio 44122-5525
c) Charitable Remainder Unitrust
d) Neither Howard Amster or the trustee have been convicted
in any criminal proceedings (excluding traffic violations or
similar misdemeanors, if any) within the last five years.
e) Neither Howard Amster or the trustee have been a party to
any civil proceedings of a judicial or administrative body or
competent jurisdictions of the type described in Item 2 of
Schedule 13D within the last five years.
f) U.S.A.
Howard M Amster 2005 Charitable Remainder Unitrust
Howard M Amster 2005 Charitable Remainder Unitrust has
been funded by Howard Amster . Because Howard Amster
has the right to change the trustee of the trust, he can be
deemed to have the right to shared voting and dispositive power
over any security owned by the trust. While Howard Amster
receives certain income distributions from the trust, the assets
owned by the trust benefits charitable purposes. Howard Amster
disclaims beneficial ownership of the securities owned by the
trust. Howard Amster is the sole trustee of the Howard M
Amster 2005 Charitable Remainder Unitrust, although he has
no pecuniary interest in the trust and therefore disclaims
beneficial ownership of shares owned by the trust.
a) Howard M Amster 2005 Charitable Remainder Unitrust
b) 23811 Chagrin Blvd., # 200
Beachwood, Ohio 44122-5525
c) Charitable Remainder Unitrust
d) Neither Howard Amster or the trustee have been convicted
in any criminal proceedings (excluding traffic violations or
similar misdemeanors, if any) within the last five years.
e) Neither Howard Amster or the trustee have been a party to
any civil proceedings of a judicial or administrative body or
competent jurisdictions of the type described in Item 2 of
Schedule 13D within the last five years.
f) U.S.A.
Amster Limited Partnership
Howard Amster is a 10 % owner and General Partner of Amster
Limited Partnership and as such can be deemed the beneficial owner
of such entity and may be deemed to have shared voting and dispositive
power over shares owned by Amster Limited Partnership.
a) Amster Limited Partnership
b) 23811 Chagrin Blvd., # 200
Beachwood, Ohio 44122-5525
c) Investments
d) Neither the officers, directors or partners of Amster Ltd.
Partnership have been convicted in any criminal proceedings
(excluding traffic violations or similar misdemeanors, if any)
within the last five years.
e) Neither the officers, directors or partners of Amster
Ltd. Partnership have been a party to any civil proceedings of a
judicial or administrative body or competent jurisdictions of the
type described in Item 2 of Schedule 13D within the last five years.
f) U.S.A.
Amster Trading Company
Howard Amster is the 100% owner of Amster Trading Company and
as such can be deemed the beneficial owner of such entity and may be
deemed to have shared voting and dispositive power over shares owned
by Amster Trading Company.
a) Amster Trading Company
b) 23811 Chagrin Blvd., # 200
Beachwood, Ohio 44122-5525
c) Investments
d) Neither the officers, directors, or shareholder of Amster
Trading Company have been convicted in any criminal proceedings
(excluding traffic violations or similar misdemeanors, if any)
within the last five years.
e) Neither the officers, directors, or shareholder of Amster
Trading Company have been a party to any civil proceedings of a
judicial or administrative body or competent jurisdictions of the
type described in Item 2 of Schedule 13D within the last five years.
f) U.S.A.
Amster Trading Company Charitable Remainder Unitrusts
Amster Trading Company Charitable Remainder Unitrusts have
been funded by Amster Trading Company. Because Amster
Trading Company has the right to change the trustee of the
trusts, it can be deemed to have the right to shared voting and
dispositive power over any security owned by the trusts. While
Amster Trading Company receives certain income distributions
from the trusts, the assets owned by the trusts benefits charitable
purposes. Amster Trading Company disclaims beneficial ownership
of the securities owned by these trusts. Howard Amster is the sole
trustee of the Amster Trading Company Charitable Remainder
Unitrusts although he has no pecuniary interest in the trusts and
therefore disclaims beneficial ownership of shares owned by the
trusts.
a) Amster Trading Company Charitable Remainder Unitrusts
b) 23811 Chagrin Blvd., # 200
Beachwood, Ohio 44122-5525
c) Charitable Remainder Unitrusts
d) Neither the officers, directors, or shareholders of Amster
Trading Company have been convicted in any criminal proceedings
(excluding traffic violations or similar misdemeanors, if any)
within the last five years.
e) Neither the officers, directors, or shareholders of Amster
Trading Company have been a party to any civil proceedings of a
judicial or administrative body or competent jurisdictions of the
type described in Item 2 of Schedule 13D within the last five years.
f) U.S.A.
Pleasant Lake Apts. Corp.
Howard Amster is the 100 % owner of Pleasant Lake Apts. Corp.
and as such can be deemed the beneficial owner of such entity
and may be deemed to have shared voting and dispositive power
over shares owned by Pleasant Lake Apts. Ltd. Corp.
a) Pleasant Lake Apts. Corp.
b) 23811 Chagrin Blvd., # 200
Beachwood, Ohio 44122-5525
c) Investments
d) Neither the officers, directors or shareholder of Pleasant
Lake Apts. Corp. have been convicted in any criminal proceedings
(excluding traffic violations or similar misdemeanors, if any)
within the last five years.
e) Neither the officers, directors or shareholder of Pleasant
Lake Apts. Corp. have been a party to any civil proceedings of a
judicial or administrative body or competent jurisdictions of the
type described in Item 2 of Schedule 13D within the last five years.
f) U.S.A.
Ramat Securities Ltd., 23811 Chagrin Blvd., # 200, Beachwood, Ohio 44122
Securities Firm
David Zlatin and Howard Amster are the unitholders of Ramat
Securities Ltd., an Ohio Limited Liability Company.
David Zlatin is a 17 % owner/principal of Ramat Securities Ltd.
and has joint control of voting and dispositive power over all
securities owned by Ramat Securities Ltd. While David Zlatin
directly or indirectly does not beneficially own 5 %
of ECC Capital Corporation, he because of such voting and
dispositive power, might be deemed a beneficial owner of these
shares owned by Ramat Securities Ltd.
Howard Amster is an 83 % owner/principal of Ramat Securities Ltd.
and has joint control of voting and dispositive power over all
securities owned by Ramat Securities Ltd. Mr. Amster because
of such voting and dispositive power, might be deemed beneficial
owner of ECC Capital Corporation shares owned by Ramat
Securities. Ltd.
d) Neither the members or unitholders of Ramat Securities Ltd. have
been convicted in any criminal proceedings (excluding traffic
violations or similar misdemeanors, if any) within the last five years.
e) Neither the members or unitholders of Ramat Securities Ltd.
have been a party to any civil proceedings of a judicial or
administrative body or competent jurisdictions of the type described
in Item 2 of Schedule 13D within the last five years.
f) U.S.A.
Tova Financial, Inc.
David Zlatin is a 50 % owner of Tova Financial, Inc. and as such can
be deemed the beneficial owner of such entity and may be deemed to
share shared voting and dispositive power over shares owned by
Tova Financial, Inc.
Gilda Zlatin is a 50 % owner of Tova Financial, Inc. and as such can
be deemed the beneficial owner of such entity and may be deemed to
share shared voting and dispositive power over shares owned by
Tova Financial, Inc.
a) Tova Financial, Inc.
b) 2562 Biscayne Blvd.
Beachwood, Ohio 44122-1773
c) Investments
d) Neither the officers, directors or shareholders of Tova Financial
Inc. have been convicted in any criminal proceedings
(excluding traffic violations or similar misdemeanors, if any)
within the last five years.
e) Neither the officers, directors or shareholders of Tova Financial
Inc. have been a party to any civil proceedings of a
judicial or administrative body or competent jurisdictions of the
type described in Item 2 of Schedule 13D within the last five years.
f) U.S.A.
Tova Financial, Inc., Charitable Remainder Unitrust
Tova Financial, Inc., Charitable Remainder Unitrust has been
funded by Tova Financial, Inc. Because Tova Financial, Inc.
has the right to change the trustee of the trust, and it can be deemed
to have the right to shared voting and dispositive power over
any security owned by the trust. While Tova Financial, Inc.
receives certain income distributions from the trust, the assets
owned by the trust benefits charitable purposes. Tova Financial
Inc. disclaims beneficial ownership of the securities owned by
the trust. David Zlatin and Gilda Zlatin are co-trustees of the
Tova Financial, Inc. Charitable Remainder Unitrust, although
they have no pecuniary interest in the trust and therefore disclaim
beneficial ownership of shares owned by the trust.
a) Tova Financial, Inc., Charitable Remainder Unitrust
b) 2562 Biscayne Blvd.
Beachwood, Ohio 44122-1773
c) Charitable Remainder Unitrust
d) Neither the officers, directors, or shareholders of Tova
Financial, Inc. have been convicted in any criminal proceedings
(excluding traffic violations or similar misdemeanors, if any)
within the last five years.
e) Neither the officers, directors, or shareholders of Tova
Financial, Inc. have been a party to any civil proceedings of a
judicial or administrative body or competent jurisdictions of the
type described in Item 2 of Schedule 13D within the last five years.
ZAK Group LLC
David Zlatin is a 36 % owner of ZAK Group LLC and as such can be
deemed to be a beneficial owner of such entity and may be deemed to have
shared voting and dispositive power shares owned by ZAK Group LLC.
Amster Limited Partnership is a 28 % owner of ZAK Group LLC and as
such can be deemed to be a beneficial owner of such entity and may be
deemed to have shared voting and dispositve power owned by ZAK
Group LLC.
a) ZAK Group LLC
b) 221 Allynd Blvd., Chardon, Ohio 44024-1010
c) Investments
d) Neither the officers, directors or members of ZAK Group LLC
have been convicted in any criminal proceedings (excluding traffic
violations or similar misdemeanors, if any) within the last five years.
e) Neither the officers, directors or members of ZAK Group LLC
have been a party to any civil proceedings of a judicial or administrative
body of competent jurisdiction of the type described in Item 2 of
Schedule 13D within the last five years.
David Zlatin
David Zlatin and Gilda Zlatin are husband and wife. Except for Tova
Financial, Inc., and Tova Financial, Inc. Charitable Remainder
Unitrust, each disclaims any shared voting and dispositive power
over shares of ECC Capital Corporation that each may own
as a beneficial owner.
a) David Zlatin
b) 2562 Biscayne Blvd., Beachwood, Ohio 44122-1773
c) Present principal occupation- Principal, Ramat Securities Ltd.,
securities firm- 23811 Chagrin Blvd. # 200, Beachwood, Oh 44122-5525
d) David Zlatin has not been convicted in any criminal proceedings
(excluding traffic violations or similar misdemeanors, if any) within
the last five years.
e) David Zlatin has not been party to any civil proceedings of
a judicial or administrative body or competent jurisdiction of the type
described in Item 2 of Schedule 13D within the last five years.
Gilda Zlatin
David Zlatin and Gilda Zlatin are husband and wife. Except for Tova
Financial, Inc., and Tova Financial, Inc. Charitable Remainder
Unitrust, each disclaims any shared voting and dispositive power
over shares of ECC Capital Corporation that each may own
as a beneficial owner.
a) Gilda Zlatin
b) 2562 Biscayne Blvd., Beachwood, Ohio 44122-1773
c) Present principal occupation- Teacher
On leave/sabbatical.
d) Gilda Zlatin has not been convicted in any criminal proceedings
(excluding traffic violations or similar misdemeanors, if any) within
the last five years.
e) Gilda Zlatin has not been party to any civil proceedings of
a judicial or administrative body or competent jurisdiction of the type
described in Item 2 of Schedule 13D within the last five years.
For information purposes only
Clients and employees (excluding Mr. Amster and Mr. Zlatin)
of Ramat Securities own 710,750 shares of ECC Capital
Corporation or 0.71 % of the Registrant's common shares.
Clients and employees (excluding Mr. Amster and Mr. Zlatin)
of Ramat Securities Ltd. do not have ownership, no shared
voting, no dispositive power, no pecuniary interest in
in any shares in Registrant's common shares nor
to any other securities owned directly or indirectly by
Ramat Securities Ltd. Clients and employees of
Ramat Securities Ltd. (excluding Mr. Amster and Mr. Zlatin)
disclaim being a member of this group.
Ramat Securities has no ownership, no shared voting,
no dispositive, no pecuniary interest in Registrant's
common shares nor in any other securities owned
directly or indirectly by its clients or employees
(excluding Mr. Amster and Mr. Zlatin).
Item 3. Source and Amount of Funds or Other Consideration
Howard Amster, in his personal and individual retirement accounts
purchased all 1,067,000 common shares with personal funds without
borrowing. The total consideration for the purchases is
is $ 2,603,892.85.
Howard M Amster Charitable Remainder Unitrust purchased
all 25,200 common shares with trust assets without borrowing.
The total consideration for the purchase was $ 61,958.66.
Howard M Amster 2005 Charitable Remainder Unitrust purchased
all 183,600 common shares with trust assets without borrowing.
The total consideration for the purchase was $ 433,551.46.
Amster Ltd. Partnership purchased all 32,100 common
shares with partnership funds without borrowing. The total
consideration for these purchases is $ 72,308.33
Amster Trading Company purchased all 420,000 common shares
with working capital without borrowing. The total consideration
for these purchases is $ 1,065,450.92.
Amster Trading Company Charitable Remainder Unitrusts purchased
all 846,000 common shares with trust assets without borrowing.
The total consideration for these purchases is $ 2,148,401.95.
Pleasant Lake Apts. Ltd. Corp. purchased all 64,800 common
shares with partnership funds without borrowing. The total
consideration for these purchases is $ 158,124.34.
Ramat Securities Ltd. purchased all 2,900,000 common shares
with working capital without borrowing. The total consideration
for these purchases is $ 4,729,525.98.
Tova Financial, Inc. Charitable Remainder Unitrust purchased
all 7,125 common shares with trust assets without borrowing.
The total consideration for the purchase is $ 16,238.25.
ZAK Group LLC purchased all 44,300 common shares
with working capital without borrowing. The total consideration
for the purchase is $ 86,582.18. .
David Zlatin , in his individual retirement and K accounts purchased
all 2,400 common shares with personal funds and without
borrowing. The total consideration for the purchases is $ 5,552.50.
Gilda Zlatin in her individual retirement account purchased
all 500 common shares with personal funds and without
borrowing. The total consideration for the purchase is $ 1179.
Item 4. Purpose of Transaction
Howard Amster, Howard M Amster Charitable Remainder
Unitrust, Howard M Amster 2005 Charitable Remainder Unitrust,
Amster Limited Partnership, Amster Trading Company,
Amster Trading Company Charitable Remainder Unitrusts,
Pleasant Lake Apts. Corp., Ramat Securites Ltd.,
Tova Financial Inc. Charitable Remainder Unitrust,
Zak Group Ltd., David Zlatin, Gilda Zlatin acquired their
shares for purposes of investment and may deemed to
be a group.
There are no present plans or proposals by this group of
record or the beneficial owners as reported in this Schedule 13D which
relates to or would result in the following:
a. The acquisition by any person of additional securities of the
issuer, or the disposition of securities of the issuer provided, however,
the reporting persons might acquire additional shares or other securities
of the issuer or dispose of some or all of their shares depending upon
market conditions and their personal circumstances;
b. An extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the issuer or any of its
subsidiaries;
c. A sale or transfer or a material amount of assets of the issuer or
any of its subsidiaries;
d. Any change in the present board of directors or management of the
issuer, including any plans or proposals to change the number of the terms
of directors or to fill any existing vacancies on the board;
e. Any material change in the present capitalization or
dividend policy of the issuer;
f. Any other material in the issuer's business or corporate structure;
g. Changes in the issuer's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control of
the issuer by any person;
h. Causing a class of securities of the issuer to be delisted from a
national securities exchange or cease to be authorized to be quoted in
an inter-dealer quotation system of a registered national securities
association;
i) A class of equity securities of the issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Act; or
j. Any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer
As of November 11, 2005, the Registrant had 100,213,989 shares
of common stock outstanding. Refer to 10-Q for quarterly
period ending September 30, 2005.
(a)(b) The aggregate amount owned by this Reporting Group is
5,593,025 shares or 5.58 % of the outstanding shares.
Howard Amster in his name and individual retirement accounts
owns 1,067,000 shares or 1.07 % of the common outstanding shares.
Howard M Amster Charitable Remainder Unitrust owns
25,200 shares or 0.03 % of the common outstanding shares.
Howard M Amster 2005 Charitable Remainder Unitrust owns
183,600 shares or 0.18 % of the common outstanding shares.
Amster Limited Partnership owns 32,100 common
shares or 0.03 % of the common outstanding shares.
Amster Trading Company owns 420,000 shares or
0.42 % of the common outstanding shares.
Amster Trading Company Charitable Remainder Unitrusts
own 846,000 shares or 0.84 % of the common outstanding shares.
Pleasant Lake Apts. Ltd. Corporation owns 64,800 common
shares or 0.07 % of the common outstanding shares.
Ramat Securities Ltd. owns 2,900,000 common shares or
2.89 % of the common outstanding shares.
Tova Financial, Inc. Charitable Remainder Unitrust
owns 7,125 or 0.01 % of the common outstanding shares.
ZAK Group LLC owns 44,300 common shares or
0.04 % of the common outstanding shares.
David Zlatin owns 2,400 common shares or
0.0 % of the common outstanding shares.
Gilda Zlatin owns 500 common shares or
0.0 % of the common outstanding shares.
c) Description of Transactions
All purchases were executed on a listed stock exchange
as an open market transaction.
Executing
Identity Date Shares Price Broker
Howard Amster 11/14/05 30,800 2.7259 Bear, Stearns
and his 11/15/05 102,300 2.4819 Bear, Stearns
Individual 11/16/05 238,200 2.3451 Bear, Stearns
Retirement Accounts 11/17/05 46,100 2.4322 Bear, Stearns
12/01/05 30,000 2.9624 Bear, Stearns
12/02/05 28,000 2.9358 Bear, Stearns
12/06/05 20,000 2.6962 Bear, Stearns
12/07/05 50,000 2.528 Bear, Stearns
12/08/05 50,000 2.568 Bear, Stearns
12/09/05 20,000 2.3771 Bear, Stearns
12/13/05 47,600 2.3942 Bear, Stearns
01/13/06 69,700 2.5347 Bear, Stearns
01/18/06 8,500 2.3173 Bear, Stearns
01/24/06 72,200 2.3158 Bear, Stearns
01/30/06 199,700 2.2684 Bear, Stearns
01/31/06 53,900 2.2544 Bear, Stearns
Howard M Amster 12/14/05 25,200 2.4433 Bear, Stearns
Charitable
Remainder Unitrust
Howard M Amster 11/16/05 4,500 2.3451 Bear, Stearns
2005 Charitable 11/17/05 75,900 2.4322 Bear, Stearns
Remainder Unitrust 01/13/06 5,400 2,5347 Bear, Stearns
01/18/06 2,700 2.3173 Bear, Stearns
01/30/06 95,100 2.2684 Bear, Stearns
Amster Ltd. 01/23/06 32,100 2.2373 Bear, Stearns
Partnership
Amster Trading 11/11/05 204,000 2.6398 Bear, Stearns
Company 11/15/05 54,500 2.4819 Bear, Stearns
11/16/05 57,300 2.3451 Bear, Stearns
11/17/05 87,200 2.4322 Bear, Stearns
02/02/06 17,000 2.2943 Bear, Stearns
Amster Trading 11/10/05 31,100 2.5106 Bear, Stearns
Company 11/17/05 123,500 2.4322 Bear, Stearns
Charitable 12/12/05 200,000 2.3729 Bear, Stearns
Remainder 12/13/05 13,600 2.3942 Bear, Stearns
Unitrusts 01/12/06 60,000 2.6229 Friedman, Billings
01/12/06 73,500 2.6102 Bear, Stearns
01/13/06 78,100 2.5347 Bear, Stearns
01/18/06 49,500 2.3173 Bear, Stearns
01/24/06 77,000 2.3158 Bear, Stearns
01/30/06 139,700 2.2684 Bear, Stearns
.
Pleasant Lake 12/15/05 63,500 2.4271 Bear, Stearns
Apts. Ltd. Corp. 01/18/06 1,300 2.3173 Bear, Stearns
Ramat Securities 11/10/05 80,000 2.4431 Bear, Stearns
Ltd. 11/14/05 100,000 2.6752 Bear, Stearns
11/15/06 30,000 2.4223 Bear, Stearns
12/02/05 15,000 2.8993 Bear, Stearns
12/06/05 20,000 2.8456 Bear, Stearns
12/16/05 16,000 2.4546 Bear, Stearns
12/19/05 14,000 2.3571 Bear, Stearns
12/20/05 10,000 2.50 Bear, Stearns
12/22/05 15,000 2.42 Bear, Stearns
02/01/06 200,000 2.2182 Bear, Stearns
02/02/06 96,000 2.3089 Bear, Stearns
02/03/06 115,000 2.3389 Bear, Stearns
02/06/06 39,000 2.3525 Bear, Stearns
02/16/06 300,000 2.016 Bear, Stearns
02/17/06 25,000 2.002 Bear, Stearns
02/27/06 896,000 1.3505 Bear, Stearns
03/22/06 125,000 1.0397 Bear, Stearns
03/22/06 141,400 1.03 Keefe, Bruyette
03/23/06 25,000 1.10 Bear, Stearns
03/27/06 87,600 1.1386 Bear, Stearns
03/27/06 125,000 1.1312 Friedman, Billings
03/28/06 305,000 1.2004 Bear, Stearns
03/29/06 120,000 1.2897 Bear, Stearns
Tova Financial, Inc. 01/23/06 2,300 2.24 Bear, Stearns
Charitable Remainder 01/30/06 4,400 2.27 Bear, Stearns
Unitrust 01/31/06 425 2.27 Bear, Stearns
ZAK Group LLC 11/14/05 8,800 2.6686 Bear, Stearns
01/05/06 10,500 2.37 Bear, Stearns
02/28/06 25,000 1.4989 Bear, Stearns
David Zlatin 01/23/06 500 2.24 Bear, Stearns
in his various 01/30/06 1,900 2.27 Bear, Stearns
individual & K
retirement accounts
Gilda Zlatin 01/30/06 500 2.27 Bear, Stearns
in her IRA
Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer.
There are no contracts, arrangements, understandings or relationships
with respect to securities of the Issuer with any person except as set
forth in items 2, 3, 5 above.
Item 7. Material to be filed as exhibits.
None
Signature After reasonable inquiry and to the best of our knowledge
and belief, we certify that the information set forth in this
statement is true, complete and correct.
Date: April 3, 2006
/s/
Howard Amster
/s/
Howard M Amster Charitable Remainder Unitrust
By: Howard Amster
Title: Trustee
/s/
Howard M Amster 2005 Charitable Remainder Unitrust
By: Howard Amster
Title: Trustee
/s/
Amster Limited Partnership
By: Howard Amster
Title: General Partner
/s/
Amster Trading Company
By: Howard Amster
Title: President
/s/
Amster Trading Company Charitable Remainder Unitrusts
By: Howard Amster
Title: Trustee
/s/
Pleasant Lake Apts. Corp.
By: Howard Amster
Title: President
/s/
Ramat Securities Ltd.
By: David Zlatin
Title: Principal
/s/
Tova Financial, Inc.
By: David Zlatin
Title: President
/s/
Tova Financial , Inc. Charitable Remainder Unitrust
By: David Zlatin & Gilda Zlatin
Title: Co-trustees
/s/
Zak Group LLC
By: David Zlatin
Title: Member
/s/
David Zlatin
/s/
Gilda Zlatin