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Form 4 CONDOR HOSPITALITY TRUST For: Mar 16 Filed by: IRSA INVESTMENTS & REPRESENTATIONS INC

March 23, 2016 11:04 AM EDT
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 *
REAL ESTATE STRATEGIES LP

(Last) (First) (Middle)
BOLIVAR 108

(Street)
BUENOS AIRES C1 066AAD

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
CONDOR HOSPITALITY TRUST, INC. [ CDOR ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
03/16/2016
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
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
Series D Preferred Stock $ 1.6 03/16/2016   A   3,245,156   03/16/2016   (1) Common Stock 20,282,225 (1) 3,245,156 D  
Series C Preferred Stock $ 1.6 03/16/2016   D     3,000,000 02/01/2012   (1) Common Stock 18,750,000 (1) 0 D  
Explanation of Responses:
1. The reporting person exchanged 3,000,000 shares of Series C Preferred Stock and received 3,245,256 shares of Series D Preferred Stock in an issuer exchange offer. Neither Series C Preferred Stock or Series D Preferred Stock have an Expiration Date.
Remarks:
(2)  Members of the board of directors of the Issuer were designated by contractual right by Real Estate Strategies LLC, and as a result for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, the reporting persons are deemed to be directors of the Issuer by deputization.

(3)  Please also see Exhibit. 

Form 1 of 2.
Eduardo S. Elsztain, By: s/ Eduardo Elsztain, Name: Eduardo S. Elsztain 03/22/2016
** Signature of Reporting Person Date
Consultores Assets Management S.A., By: /s/ Eduardo Elsztain, Name: Eduardo S. Elsztain, Title: Chairman of the Board 03/22/2016
** Signature of Reporting Person Date
Consultores Venture Capital Limited, By: /s/ Eduardo Elsztain, Name: Eduardo S. Elsztain, Title: Chairman of the Board 03/22/2016
** Signature of Reporting Person Date
Cresud Sociedad Anonima Comercial, Inmobiliaria, Financiera y Agropecuaria, By: /s/ Eduardo Elsztain, Name: Eduardo S. Elsztain, Title: Chairman of the Board 03/22/2016
** Signature of Reporting Person Date
Consultores Venture Capital Uruguay SA, By: /s/ Eduardo Elsztain, Name: Eduardo S. Elsztain, Title: Chairman of the Board 03/22/2016
** Signature of Reporting Person Date
Agroinvestment S.A., By: /s/ Eduardo Elsztain, Name: Eduardo S. Elsztain, Title: Chairman of the Board 03/22/2016
** Signature of Reporting Person Date
Real Estate Strategies LP, By: /s/ Eduardo Elsztain, Name: Eduardo S. Elsztain, Title: Chairman of the Board 03/22/2016
** Signature of Reporting Person Date
IRSA Inversiones y Representaciones Sociedad Anonima, By: /s/ Eduardo Elsztain, Name: Eduardo S. Elsztain, Title: Chairman of the Board 03/22/2016
** Signature of Reporting Person Date
IFIS Limited, By: /s/ Eduardo Elsztain, Name: Eduardo S. Elsztain, Title: Chairman of the Board 03/22/2016
** Signature of Reporting Person Date
Inversiones Financieras del Sur S.A., By: /s/ Eduardo Elsztain, Name: Eduardo S. Elsztain, Title: Chairman of the Board 03/22/2016
** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
                                                                         Exhibit

Explanation for responses:

This statement is being filed jointly by Mr. Eduardo S. Elsztain ("Elsztain"),
Consultores Assets Management S.A. ("CAM"), Consultores Venture Capital Uruguay
S.A. ("CVC Uruguay"), Agroinvestment S.A. ("Agroinvestment"), Consultores
Venture Capital Ltd. ("CVC Cayman"), Ifis Limited ("IFIS"), Inversiones
Financieras del Sur S.A. ("IFISA"), Cresud Sociedad Anonima Comercial,
Inmobiliaria, Financiera y Agropecuaria ("Cresud"), Helmir Sociedad Anonima
("Helmir"), IRSA Inversiones y Representaciones Sociedad Anonima ("IRSA"), Tyrus
S.A. ("Tyrus"), Jiwin S.A. ("Jiwin"), Efanur SA ("Efanur") and Real Estate
Strategies L.P. ("RES" and together with Elsztain, CAM, CVC Uruguay,
Agroinvestment, CVC Cayman, IFIS, IFISA, Cresud, IRSA, Tyrus, Jiwin and Efanur
the "Reporting Persons").

Mr. Elsztain is a citizen of the Republic of Argentina who serves as Chairman of
the board of directors of each of the following companies, except for RES, IFIS
and CVC Cayman:

(i)     IFIS, a limited liability company organized under the laws of Bermuda;
(ii)    IFISA, a stock corporation organized under the laws of the Republic of
        Uruguay;
(iii)   Cresud, a stock corporation organized under the laws of the Republic of
        Argentina;
(iv)    Helmir, a stock corporation organized under the laws of the Republic of
        Uruguay;
(v)     IRSA, a stock corporation organized under the laws of the Republic of
        Argentina;
(vi)    CAM, a limited liability company organized under the laws of Argentina;
(vii)   CVC Cayman, a limited liability company organized under the laws of
        Cayman Island;
(viii)  CVC Uruguay, a limited liability company organized under the laws of the
        Republic of Uruguay;
(ix)    Agroinvestment, a stock corporation organized under the laws of the
        Republic of Uruguay;
(x)     Tyrus, a stock corporation organized under the laws of the Republic of
        Uruguay;
(xi)    Jiwin, a stock corporation organized under the laws of the Republic of
        Uruguay, who serves as general partner of Real Estate Strategies L.P.;
(xii)   Efanur, a stock corporation organized under the laws of the Republic of
        Uruguay, who is the major limited partner of RES;
(xiii)  RES, a limited partnership organized under the laws of Bermuda.

Elsztain's principal offices are located at Bolivar 108, 1st floor, Buenos
Aires, Argentina; IFIS' principal offices are located at Mintflower Place 4th
floor, 8 Par-La-Ville Road Hamilton HM 08 Bermuda; IFISA's principal offices are
located at Ruta 8, 17,500, Edificio @1 Local 106, CP 91609, Montevideo, Republic
of Uruguay; Cresud's principal offices are located at Moreno 877, 23rd Floor,
(C1091AAQ) Ciudad Autonoma de Buenos Aires, Argentina; IRSA's principal offices
are located at Bolivar 108, 1st floor, Buenos Aires, Argentina; CAM's principal
offices are located at Bolivar 108, 1st floor, Buenos Aires, Argentina; CVC
Cayman's principal offices are located at 89 Nexus Way, 2nd floor Camana Bay,
P.O. Box 31106, SMB, Grand Cayman, KY1-1205, Cayman Islands; CVC Uruguay's
principal offices are located at Ruta 8, 17,500, Edificio @1 Local 106, CP 91609
Montevideo, of the Republic of Uruguay; Agroinvestment's principal offices are
located at Zabala 1422, 2nd floor, Montevideo, Republic of Uruguay; Tyrus'
principal offices are located at Colonia 810, Of. 403, CP 11000, Montevideo,
Republic of Uruguay, Jiwin's principal offices are located at Colonia 810, Of.
403, CP 11000, Montevideo, Republic of Uruguay, Efanur's principal offices are
located at Rincon 468 7 floor, Montevideo, 11.000 Republic of Uruguay and RES
principal offices are located at Clarendon House 2 Church Street, Hamilton HM
CX, Bermuda.

The reported securities may be deemed to be indirectly beneficially owned by the
list of entities described on the previous paragraphs except for RES whose
direct beneficial ownership is listed below. The Reporting Persons disclaim
beneficial ownership of the reported securities except to the extent of their
pecuniary interest therein, and this report shall not be deemed an admission
that such Reporting Persons are the beneficial owners of the securities for
purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or
for any other purpose.

As of March 16, 2016:

(i)     Elsztain is the Chairman of the Board of Directors of IFISA, Cresud,
        CAM, CVC Uruguay, Agroinvestment, IRSA, Efanur, Jiwin and Tyrus, except
        for RES, a company in which Jiwin (a company wholly owned by IRSA) is
        the General Partner
(ii)    Elsztain is the beneficial owner of 52.9% of IFIS by virtue of his
        indirect holdings in IFIS and powers of attorney granted to him.
        Elsztain also owns 85.0 of CAM which owns 0.0001% of Cresud and 100% of
        CVC Uruguay which in turn owns 0.0002% of Cresud's shares and 100% of
        CVC Cayman. None of these companies directly own Common Stock of Condor
        Hospitality Trust, Inc. ("CDOR"). Elsztain also directly owns 0.0002% of
        IRSA's outstanding stock and 0.0001% of Cresud's shares;
(iii)   CVC Cayman serves as the Investment Manager of IFIS;
(iv)    IFIS is the direct owner of 100% of the common stock of IFISA;
(v)     IFISA directly owns 35.83% of Cresud's shares. IFISA does not directly
        own CDOR's Common Stock;
(vi)    Cresud directly owns 62.99% of IRSA's common shares and 100% of Helmir.
        Cresud does not directly own CDOR's Common Stock;
(vii)   Helmir directly owns 0.39% of IRSA's common shares. Helmir does not
        directly own Common Stock;
(viii)  IRSA owns 100% of Tyrus'. IRSA does not directly own CDOR's Common
        Stock;
(ix)    Tyrus owns 100% of the capital stock of Jiwin. Tyrus does not directly
        own CDOR's Common Stock;
(x)     Jiwin serves as general Partner of RES; Jiwin does not directly own
        CDOR's Common Stock; 
(xi)    Efanur is the major limited Partner of RES. Efanur owns directly 312,500
        of CDOR's Common Stock; RES owns 949,223 Shares of Common Stock of
        Condor and 3,245,156 shares of Series D Stock convertible into
        20,282,225 shares of Common Stock and a Note convertible for Series D
        Stock (which is convertible for up to 632,249 shares of Common Stock),
        subject to the 49% limitation. Also, RES owns 3,750,000 warrants of
        Condor, with no voting rights, exercisable into 3,750,000 Common Stock
        of Condor, subject to a 34% voting rights limitation.


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