Edgar Filing: SHELBOURNE PROPERTIES I INC

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FORM 3 OMB APPROVAL
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OMB Number: 3235-0287
Expires: December 31, 2001
Estimated average burden
hours per response............ 0.5
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)

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1. Name and Address of Reporting Person*

HX Investors, L.P. (1)
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(Last) (First) (Middle)

100 Jericho Quadrangle
Suite 214
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(Street)

Jericho NY 11753
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(City) (State) (Zip)

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2. Date of Event Requiring Statement (Month/Day/Year)

6/17/02
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3. IRS Identification Number of Reporting Person, if an entity (Voluntary)

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4. Issuer Name and Ticker or Trading Symbol

Shelbourne Properties I, Inc. (HXD)
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5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

[ ] Director
[X] 10% Owner(1)
[ ] Officer (give title below)
[ ] Other (specify below)

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6. If Amendment, Date of Original (Month/Day/Year)

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7. Individual or Joint/Group Filing
(Check applicable line)

[ ] Form filed by One Reporting Person
[X] Form filed by More than One Reporting Person(1)

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FORM 3 (continued)

TABLE I--NON-DERIVATIVE SECURITIES, ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of Security 2. Amount of Securities 3. Ownership 4. Nature of Indirect Beneficial Ownership
(Instr. 4) Beneficially Owned Form: Direct (Instr. 5)
(Instr. 4) (D) or Indirect
(I) (Instr. 5)
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Common Stock, par value
$0.01 per share 86,728 (2) (1)(2)
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.

(Print or Type Responses)

(Over)
SEC 1473 (8/92)

FORM 3 (continued)

TABLE II--DERIVATIVE SECURITIES BENEFICIALLY OWNED (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative 2. Date Exer- 3. Title and Amount of Securities 4. Conver- 5. Owner- 6. Nature of
Security (Instr. 4) cisable and Underlying Derivative Security sion or ship Indirect
Expiration (Instr. 4) Exercise Form of Beneficial
Date ----------------------------------- Price of Deriv- Ownership
(Month/Day/Year) Deriv- ative (Instr. 5)
--------------------- Amount ative Security:
or Security Direct
Date Expira- Title Number (D) or
Exer- tion of Indirect
cisable Date Shares (I)
(Instr. 5)
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Explanation of Responses:
(1) This statement is filed as a joint report pursuant to Rule 16a-3(j)
promulgated under the Securities Exchange Act of 1934 (the "Act") by the
undersigned Reporting Person and by the entities listed on the attached
Joint Filer Information Sheet who are deemed to constitute a "group"
beneficially owning more than 10% of the Issuer' shares of common stock,
par value $0.01 per share (the "Common Stock") under Section 13(d) of the
Act. Exeter Capital Corporation ("Exeter") is the sole general partner of
HX Investors, L.P. ("HX") and Michael L. Ashner is the sole shareholder and
director of Exeter. Accordingly, for purposes of Section 16 of the Act,
Exeter and Mr. Ashner may be deemed to beneficially own any securities held
by reported herein which are held by HX. Further, Exeter holds a .01%
interest in HX and Mr. Ashner holds a 39.99% interest in HX and,
accordingly, for purposes of Section 16 of the Act, Exeter and Mr. Ashner
may be deemed to own an approximately .01% and 40%, respectively,
beneficial interest in any securities reported herein which are held by HX.

(2) All shares are held by HX. Exeter and Mr. Ashner do not hold any shares of
Common Stock. Accordingly, in accordance with the ownership percentages set
forth in footnote (1) above, for purposes of Section 16 of the Act: (i) HX
beneficially owns the number of shares of Common Stock listed as held by
it, (ii) Exeter beneficially owns 8.6728 shares of Common Stock, and (iii)
Mr. Ashner beneficially owns 34,691 shares of Common Stock.

HX INVESTORS, L.P.

By: Exeter Capital Corporation, General Partner

/s/ Michael L. Ashner June 18, 2002
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Michael L. Ashner Date
** Signature of Reporting Person

** 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.

Page 2

Joint Filer Information

Each of the undersigned is jointly filing the attached Initial Statement of
Beneficial Ownership of Securities on Form 3 with respect to the beneficial
ownership of shares of Shelbourne Properties I, Inc. The Designated Filer is HX
Investors, L.P.

Name: Exeter Capital Corporation
Address: 100 Jericho Quadrangle
Suite 214
Jericho, New York 11753

Signature: By: /s/ Michael L. Ashner
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Michael L. Ashner
President

Name: Michael L. Ashner
Address: c/o Exeter Capital Corporation
100 Jericho Quadrangle
Suite 214
Jericho, New York 11753

Signature: /s/ Michael L. Ashner
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Michael L. Ashner