United States
Securities and Exchange Commission
Washington DC 20549
Schedule 13D
Under the Securities and Exchange Act of 1934
Dynex Capital, Inc.
(Name of Issuer)
Common Stock, $ .01 par value
Title of Class of Securities
26817Q506
(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)
May 19, 2004
(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 that 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: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. 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 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) /X /
b) / /
3 SEC Use only
4 Source of Funds PF
5 Check if Disclosure
6 Citizenship U.S.A.
Number of Shares 7 Sole Voting 170,500
Beneficially
Owned By Each 8 Shared Voting 90,500
Reporting Person
With 9 Sole Dispositive 170,500
10 Shared Dispositive 90,500
11 Aggregate Amount Beneficially owned 666,742
12 Check if Aggregate Amount (11) Excludes Certain Shares
13 Percent of Class Represented by amount in row (11) 5.38 %
14 Type of Reporting Person IN
1 Name of Reporting Person Amster Trading Company
2 If a member group a) /X/
b) / /
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 90,500
Reporting Person
With 9 Sole Dispositive
10 Shared Dispositive 90,500
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 %
14 Type of Reporting Person CO
1 Name of Reporting Person Amster Trading Company
Charitable Remainder Unitrusts
2 If a member group a) /X/
b) / /
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 90,500
Reporting Person
With 9 Sole Dispositive
10 Shared Dispositive 90,500
11 Aggregate Amount Beneficially owned 90,500
12 Check if Aggregate Amount (11) Excludes Certain Shares
13 Percent of Class Represented by amount in row (11) 0.7 %
14 Type of Reporting Person OO
1 Name of Reporting Person Ramat Securities Ltd.
2 If a member group a) / X/
b) / /
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 496,242
Reporting Person
With 9 Sole Dispositive
10 Shared Dispositive 496,242
11 Aggregate Amount Beneficially owned 496,242
12 Check if Aggregate Amount (11) Excludes Certain Shares
13 Percent of Class Represented by amount in row (11) 4.0 %
14 Type of Reporting Person BD
1 Name of Reporting Person Tova Financial, Inc.
2 If a member group a) / X/
b) / /
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 7,334
Reporting Person
With 9 Sole Dispositive
10 Shared Dispositive 7,334
11 Aggregate Amount Beneficially owned 7,334
12 Check if Aggregate Amount (11) Excludes Certain Shares
13 Percent of Class Represented by amount in row (11) 0.1 %
14 Type of Reporting Person CO
1 Name of Reporting Person David Zlatin
2 If a member group a) /X/
b) / /
3 SEC Use only
4 Source of Funds WC of Ramat Securities Ltd.
WC of Tova Financial, Inc.
5 Check if Disclosure
6 Citizenship U.S.A.
Number of Shares 7 Sole Voting
Beneficially
Owned By Each 8 Shared Voting 503,576
Reporting Person
With 9 Sole Dispositive
10 Shared Dispositive 503,576
11 Aggregate Amount Beneficially owned 503,576
12 Check if Aggregate Amount (11) Excludes Certain Shares
13 Percent of Class Represented by amount in row (11) 4.1 %
14 Type of Reporting Person IN
1 Name of Reporting Person Gilda Zlatin
2 If a member group a) /X/
b) / /
3 SEC Use only
4 Source of Funds WC of Tova Financial, Inc.
5 Check if Disclosure
6 Citizenship U.S.A.
Number of Shares 7 Sole Voting
Beneficially
Owned By Each 8 Shared Voting 7,334
Reporting Person
With 9 Sole Dispositive
10 Shared Dispositive 7,334
11 Aggregate Amount Beneficially owned 7,334
12 Check if Aggregate Amount (11) Excludes Certain Shares
13 Percent of Class Represented by amount in row (11) 0.1 %
14 Type of Reporting Person IN
Item 1. Security and Issuer
Dynex Capital, Inc., Common Stock, $ .01 par value
CUSIP Number 26817Q506
Dynex Capital, Inc. Convertible Preferred D Stock, $ 10.00 par value
CUSIP Number 26817Q605
This Schedule 13D is being filed because the group members own
Dynex Capital, Inc. common stock and Dynex Capital Inc. Convertible
Preferred D shares.
If the Convertible Preferred D shares would be converted to common
stock by the group members (which has not and may not ever occur),
then, the total of the group members common share holdings
might require a 13D filing.
Dynex Capital, Inc.
4551 Cox Road, Suite 300
Glen Allen, Virginia 23060
804 217-5800
Item 2. Identity and Background
a) Amster Trading Company
b) 25812 Fairmount Blvd., Beachwood, Ohio 44122
c) Investments
Howard Amster is a 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.
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 of competent jurisdictions of
of the type described in Item 2 of Schedule 13D within the last
five years.
f) U.S.A.
Item 2. Identity and Background
a) Amster Trading Company Charitable Remainder Unitrusts
b) 25812 Fairmount Blvd., Beachwood, Ohio 44122
c) Charitable Remainder Unitrust
Amster Trading Company Charitable Remainder Unitrusts
have been 100 % 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 the trusts.
d) Neither the trusts or trustee of the Amster Trading
Company Charitable Remainder Unitrusts have been convicted
in any criminal proceedings (excluding traffic violations or
similar misdemeanors if any) within the last five years.
e) Neither the trust or the trustee of the Amster Trading
Company Charitable Remainder Unitrusts 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.
f) U.S.A.
Item 2 Identity and Background
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.
Item 2. Identity and Background
a) Ramat Securities Ltd.
b) 23811 Chagrin Blvd., # 200, Beachwood, Ohio 44122
c) Broker/Dealer, Securities Firm
23811 Chagrin Blvd., # 200, Beachwood, Ohio 44122
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 sole
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 Dynex Capital, Inc.,
because of such voting and dispositive power, he might
be deemed a beneficial owner of the shares owned by
Ramat Securities Ltd. Ramat Securities Ltd. has no beneficial
interest in any of the shares of Dynex Capital, Inc., owned
by Howard Amster, Amster Trading Company Charitable
Remainder Unitrusts, Tova Financial, Inc.
Howard Amster is an 83 % owner/principal of Ramat Securities Ltd.,
but, has no voting or dispositive power over any securities owned by
Ramat Securities Ltd. By being an 83 % owner, however, Mr. Amster
can be deemed a beneficial owner of all securities 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.
Item 2. Identity and Background
a) Tova Financial, Inc.
b) 2562 Biscayne Boulevard, Beachwood, Ohio 44122
c) Investments
David Zlatin is a 50 % owner of Tova Financial, Inc. Gilda Zlatin
is a 50 % owner of Tova Financial, Inc. Each have shared voting
and dispositive power over all securities owned by Tova Financial,
Inc. David Zlatin and Gilda Zlatin can be deemed beneficial
owners of all securities owned by Tova Financial, Inc.
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 of competent jurisdictions of
of the type described in Item 2 of Schedule 13D within the last
five years.
f) U.S.A.
Item 2. Identity and Background
David Zlatin and Gilda Zlatin are husband and wife.
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.
f) U.S.A.
Item 2. Identity and Background
David Zlatin and Gilda Zlatin are husband and wife.
a) Gilda Zlatin
b) 2562 Biscayne Blvd., Beachwood, Ohio 44122-1773
c) Present principal occupation- Teacher, Fuchs Mizrachi School
school- 2301 Fenwick Rd, Beachwood, Ohio 44122
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.
f) U.S.A.
Item 3. Source and Amount of Funds or Other Consideration
Howard Amster and in his individual retirement
account purchased all Dynex Capital, Inc., common stock
with personal funds without borrowing. The total consideration
for his purchases is $ 901,820.85.
Amster Trading Company Charitable Remainder Unitrusts purchased
all Dynex Capital, Inc., common stock with trust assets without
borrowing. The total consideration for their purchases is
$ 574,685.63.
Ramat Securities Ltd. purchased all Dynex Capital, Inc.
common stock with working capital without borrowing. The total
consideration for its purchases is $ 1,311,245.00.
Ramat Securities Ltd., purchased Dynex Capital, Inc. Pr. A shares
with working capital without borrowing. The total
consideration for its purchases is $ 514,632.00. These shares were
converted pursuant to the Recapitalization by the Issuer
effective May 19, 2004 into 15,186 common shares and
66,342 convertible preferred D shares.
Ramat Securities Ltd., purchased Dynex Capital, Inc. Pr. B shares
with working capital without borrowing. The total
consideration for its purchases is $ 367,789.05. These shares were
converted pursuant to the Recapitalization by the Issuer
effective May 19, 2004 into 11,750 common shares and
51,329 convertible preferred D shares.
Ramat Securities Ltd., purchased Dynex Capital, Inc. Pr. C shares
with working capital without borrowing. The total
consideration for its purchases is $ 821,787.00. These shares were
converted pursuant to the Recapitalization by the Issuer
effective May 19, 2004 into 26,683 common shares and
116,552 convertible preferred D shares.
Tova Financial, Inc. purchased Dynex Capital, Inc. Pr. B shares
with working capital without borrowing. The total
consideration for its purchases is $ 55,956.02. These shares were
converted pursuant to the Recapitalization by the Issuer
effective May 19, 2004 into 1,366 common shares and
5,968 convertible preferred D shares.
Item 4. Purpose of Transaction
Howard Amster, Amster Trading Company,
Amster Trading Company Charitable Remainder Unitrusts,
Ramat Securities Ltd., Tova Financial, Inc., David
Zlatin, Gilda Zlatin may deemed to be a group.
Howard Amster, Amster Trading Company Charitable Remainder
Unitrusts, Ramat Securities Ltd., Tova Financial, Inc. each acquired
Dynex Capital, Inc., common stock for purposes of investment.
There are no present plans or proposals by Howard Amster,
Amster Trading Company, Amster Trading Company Charitable
Remainder Unitrusts, Ramat Securities Ltd., Tova Financial Inc.,
David Zlatin, Gilda Zlatin as reported in this Schedule
13D which relates to or would result in the following:
a. The acquisition by Howard Amster , Amster Trading Company,
Charitable Remainder Unitrusts, Ramat Securities Ltd., Tova
Financial, Inc. of additional securities of the Issuer or the
disposition of securities of the Issuer, however, Howard Amster,
Amster Trading Company Charitable Remainder Unitrusts,
Ramat Securities Ltd., Tova Financial, Inc. might acquire
additional shares or other securities of the Issuer or
dispose of some or all of their shares or other securities of the Issuer
depending upon market conditions and their respective
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 or 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
The outstanding common shares of the Issuer is 12,162,457 shares.
The outstanding convertible preferred D shares
is 5,628,794 shares.
This Schedule 13D filing shows the common shares that would
be held if all Convertible Preferred D shares owned by group
members were converted to common shares and added to common
shares that are already owned by group members. Each share of
Convertible Preferred D converts to one share of Dynex
Capital, Inc. common shares.
If only the group members converted their Convertible Preferred D
shares into common shares, which has not and may not ever occur, then,
the shares outstanding would be 12,402,648 common
shares. (12,162,457 plus 240,191 equals 12,402,648)
If every Convertible Preferred D holder simultaneously converted
their shares to common shares, this group would not be a 5 % holder
nor would any of its members.
(a)(b) The aggregate amount of common stock owned
by the Reporting Persons is 524,385 shares or 4.3 % of the
current outstanding common shares.
The aggregate amount owned by Reporting Persons if all their
Convertible Preferred D shares were converted into common shares
and included in the total outstanding common shares is
764,576 shares or 6.17 % of the outstanding common shares and
assuming no other Convertible Preferred D holder converted.
If other Convertible Preferred D holders converted their shares
to common stock, then the per cent owned would be lower.
Howard Amster and in his individual retirement account
owns 170,500 or 1.4 % of the current outstanding common
shares.
If the members of the group converted all their shares of
Convertible Preferred D shares into common shares and no
other Convertible Preferred D holder converted their shares
to common shares, then, Howard Amster and in his individual
retirement account would continue to own 170,500 common
shares or 1.37 % of the outstanding common shares.
If other Convertible Preferred D holders converted their shares
to common stock, then the per cent owned would be lower.
Amster Trading Company Charitable Remainder Unitrusts
owns 90,500 or 0.7 % of the current outstanding
common shares.
If the members of the group converted all their shares of
Convertible Preferred D shares into common shares and no
other Convertible Preferred D holder converted their shares
to common shares, then Amster Trading Company Charitable
Remainder Unitrusts would continue to own 90,500 common
or 0.7 % of the outstanding common shares.
If other Convertible Preferred D holders converted their shares
to common stock, then the per cent owned would be lower.
Ramat Securities Ltd. owns 262,019 shares or 2.2 %
of the current outstanding common shares.
If Ramat Securities Ltd. converted its 234,223 shares of
Convertible Preferred D shares into common shares,
then, Ramat Securities Ltd would own 496,242
common shares or 4.0 % of the outstanding common shares.
If other Convertible Preferred D holders converted their shares
to common stock, then the per cent owned would be lower.
Tova Financial, Inc. owns 1,366 shares or 0.0 %
of the current outstanding common shares.
If Tova Financial, Inc. converted its 5,968 shares of
Convertible Preferred D shares into common shares,
then, Tova Financial, Inc. would own 7,334 common
shares or 0.1 % of the outstanding common shares.
If other Convertible Preferred D holders converted their shares
to common stock, then the per cent owned would be lower.
c) Description of Transactions
Common Shares
Identity Date Shares Price Executed by
Howard Amster/& 02/18/03 3200 5.18 Ramat Securities NYSE
Howard Amster 02/19/03 2200 5.18 Ramat Securities NYSE
Individual 02/20/03 12000 5.186 Ramat Securities NYSE
Retirement 02/21/03 4500 5.208 Ramat Securities NYSE
Account 02/24/03 4000 5.038 Ramat Securities NYSE
02/25/03 3000 5.018 Ramat Securities NYSE
02/26/03 7500 5.101 Ramat Securities NYSE
02/27/03 2600 5.073 Ramat Securities NYSE
03/04/03 5700 4.81 Ramat Securities NYSE
03/07/03 1400 4.80 Ramat Securities NYSE
03/10/03 2700 4.70 Ramat Securities NYSE
03/11/03 2800 4.674 Ramat Securities NYSE
03/12/03 12700 4.59 Ramat Securities NYSE
03/13/03 1300 4.66 Ramat Securities NYSE
03/14/03 6300 4.701 Ramat Securities NYSE
03/17/03 1200 4.68 Ramat Securities NYSE
03/18/03 2000 4.65 Ramat Securities NYSE
05/15/03 11000 4.90 Ramat Securities NYSE
05/16/03 12500 5.032 Ramat Securities NYSE
05/19/03 6100 5.079 Ramat Securities NYSE
05/20/03 5000 5.013 Ramat Securities NYSE
12/17/03 48300 5.705 Ramat Securities NYSE
12/18/03 1100 5.7691 Ramat Securities NYSE
02/12/04 6100 6.525 Ramat Securities NYSE
02/13/04 2300 6.755 Ramat Securities NYSE
02/19/04 __3000 6.589 Ramat Securities NYSE
170,500
Amster Trading Co. 05/28/03 5800 5.05 Ramat Securities NYSE
Charitable 05/30/03 9700 5.215 Ramat Securities NYSE
Remainder 12/16/03 6000 5.69 Ramat Securities NYSE
Unitrusts 12/19/03 500 5.80 Ramat Securities NYSE
02/05/04 37900 6.641 Ramat Securities NYSE
02/06/04 8200 6.758 Ramat Securities NYSE
02/09/04 2000 6.47 Ramat Securities NYSE
02/12/04 5900 6.525 Ramat Securities NYSE
02/17/04 6000 6.898 Ramat Securities NYSE
02/18/04 3500 6.82 Ramat Securities NYSE
02/20/04 _5000 6.50 Ramat Securities NYSE
90,500
Ramat Securities 01/07/03 4800 5.04 Ramat Securities NYSE
Ltd. 01/21/03 2300 5.0947 Ramat Securities NYSE
01/22/03 8100 5.044 Ramat Securities NYSE
01/24/03 16100 5.2105 Ramat Securities NYSE
01/27/03 11100 5.0591 Ramat Securities NYSE
01/28/03 7800 5.1507 Ramat Securities NYSE
01/29/03 15400 5.1473 Ramat Securities NYSE
01/14/04 3700 6.6175 Ramat Securities NYSE
01/15/04 13000 6.7206 Ramat Securities NYSE
01/16/04 27500 6.7823 Ramat Securities NYSE
01/16/04 9700 6.90 Ramat Securities NYSE
01/22/04 5800 7.2755 Ramat Securities NYSE
01/23/04 3500 7.32 Ramat Securities NYSE
01/28/04 4000 7.325 Ramat Securities NYSE
01/29/04 3000 7.05 Ramat Securities NYSE
02/02/04 10000 7.01 Ramat Securities NYSE
02/03/04 15000 6.8886 Ramat Securities NYSE
02/04/04 44600 6.6858 Ramat Securities NYSE
02/04/04 3000 6.60 Ramat Securities NYSE
208,400
(originally acquired as Dynex Pr A shares)
Ramat Securities 10/17/01 700 16.53 Ramat Securities OTC-BB
Ltd. 10/24/01 800 16.58 Ramat Securities OTC-BB
11/06/01 200 16.65 Ramat Securities OTC-BB
11/15/01 600 16.75 Ramat Securities OTC-BB
11/16/01 900 16.75 Ramat Securities OTC-BB
11/19/01 100 16.75 Ramat Securities OTC-BB
11/29/01 1300 16.71 Ramat Securities OTC-BB
04/22/02 300 19.50 Ramat Securities OTC-BB
04/29/02 3000 19.78 Ramat Securities OTC-BB
05/13/02 400 20.15 Ramat Securities OTC-BB
05/14/02 2000 20.16 Ramat Securities OTC-BB
05/24/02 1000 20.25 Ramat Securities OTC-BB
06/18/02 230 22.20 Ramat Securities OTC-BB
06/19/02 500 22.40 Ramat Securities OTC-BB
06/21/02 3000 22.443 Ramat Securities OTC-BB
06/26/02 900 22.27 Ramat Securities OTC-BB
06/27/02 1000 22.28 Ramat Securities OTC-BB
07/01/02 500 21.75 Ramat Securities OTC-BB
07/03/02 1000 21.75 Ramat Securities OTC-BB
01/17/03 2400 22.967 Ramat Securities OTC-BB
01/09/04 3000 30.14 Ramat Securities OTC-BB
23,830
Pursuant to 5/19/04 reorganization the above shares are now 15,186
common shares and 66,342 Convertible Preferred D shares.
(originally acquired as Dynex Pr B shares)
Ramat Securities 10/15/01 6000 16.75 Ramat Securities OTC-BB
Ltd. 10/17/01 100 16.80 Ramat Securities OTC-BB
10/22/01 100 16.75 Ramat Securities OTC-BB
11/12/01 200 16.80 Ramat Securities OTC-BB
11/15/01 500 17.07 Ramat Securities OTC-BB
11/19/01 1100 16.85 Ramat Securities OTC-BB
11/20/01 1200 17.00 Ramat Securities OTC-BB
11/21/01 1200 17.00 Ramat Securities OTC-BB
11/28/01 800 16.90 Ramat Securities OTC-BB
11/29/01 500 16.85 Ramat Securities OTC-BB
05/14/02 400 20.51 Ramat Securities OTC-BB
06/03/02 500 20.50 Ramat Securities OTC-BB
06/21/02 1500 22.75 Ramat Securities OTC-BB
07/03/02 400 21.78 Ramat Securities OTC-BB
01/09/04 3561 30.74 Ramat Securities OTC-BB
18,061
Pursuant to 5/19/04 reorganization the above shares are now 11,750
common shares and 51,329 Convertible Preferred D shares.
(originally acquired as Dynex Pr C shares)
Ramat Securities 10/15/01 392 20.75 Ramat Securities OTC-BB
Ltd. 10/17/01 2000 20.75 Ramat Securities OTC-BB
10/24/01 300 20.65 Ramat Securities OTC-BB
10/26/01 300 20.70 Ramat Securities OTC-BB
11/07/01 300 20.77 Ramat Securities OTC-BB
11/07/01 1200 20.85 Ramat Securities OTC-BB
11/09/01 1500 20.78 Ramat Securities OTC-BB
11/16/01 900 20.82 Ramat Securities OTC-BB
11/20/01 400 20.80 Ramat Securities OTC-BB
11/21/01 100 20.80 Ramat Securities OTC-BB
11/23/01 2300 20.878 Ramat Securities OTC-BB
11/27/01 1200 20.80 Ramat Securities OTC-BB
11/29/01 800 20.81 Ramat Securities OTC-BB
04/22/02 400 24.15 Ramat Securities OTC-BB
04/29/02 400 24.60 Ramat Securities OTC-BB
05/01/02 2500 24.65 Ramat Securities OTC-BB
05/06/02 1900 24.65 Ramat Securities OTC-BB
05/13/02 1700 25.30 Ramat Securities OTC-BB
05/14/02 1100 25.354 Ramat Securities OTC-BB
05/15/02 400 25.35 Ramat Securities OTC-BB
05/31/02 1600 25.40 Ramat Securities OTC-BB
06/18/02 900 27.50 Ramat Securities OTC-BB
06/19/02 400 28.00 Ramat Securities OTC-BB
06/20/02 6000 28.117 Ramat Securities OTC-BB
06/21/02 1000 27.80 Ramat Securities OTC-BB
06/24/02 1400 27.80 Ramat Securities OTC-BB
06/25/02 1000 27.72 Ramat Securities OTC-BB
07/03/02 1000 26.95 Ramat Securities OTC-BB
01/17/03 100 28.80 Ramat Securities OTC-BB
33,492
Pursuant to 5/19/04 reorganization the above shares are now 26,683
common shares and 116,552 Convertible Preferred D shares.
(originally acquired as Dynex Pr B shares)
Tova Financial 10/10/03 2100 26.605 Ramat Securities OTC-BB
Inc.
Pursuant to 5/19/04 reorganization the above shares are now 1,366
common shares and 5,968 Convertible Preferred D shares.
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: May 27, 2004
/s/
Howard Amster
/s/
Amster Trading Company
By: Howard Amster
Title: President
/s/
Amster Trading Company
Charitable Remainder Unitrusts
By: Howard Amster
Title: Trustee
/s/
Ramat Securities Ltd.
By: David Zlatin
Title: Principal
/s/
Tova Financial, Inc.
By: David Zlatin
Title: President
/s/
David Zlatin
/s/
Gilda Zlatin