FORM 4
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check this box if no longer subject
to Section 16. Form 4 or Form 5
obligations may continue. See
Instruction 1(b).
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
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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 New York 11753
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Shelbourne Properties I, Inc. (HXD)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
6/01
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[ ] Director [X] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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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
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TABLE I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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5. Amount of 6. Owner-
Securities ship
2. Trans- 3. Trans- 4. Securities Acquired (A) Beneficially Form:
action action or Disposed of (D) Owned at Direct 7. Nature of
Date Code (Instr. 3, 4 and 5) End of (D) or Indirect
1. Title of Security (Month/ (Instr. 8) -------------------------- Month Indirect Beneficial
(Instr. 3) Day/ ---------- Amount (A) or Price (Instr. (I) Ownership
Year) Code V (D) 3 and 4) (Instr. 4) (Instr. 4)
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Common Stock 6/18/02 P 300 A $43.25 (1)(2) (1)(2)
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Common Stock 6/19/02 P 4,200 A $43.21 (1)(2) (1)(2)
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Common Stock 6/20/02 P 4,500 A $43.09 (1)(2) (1)(2)
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Common Stock 6/21/02 P 172 A $43.10 (1)(2) (1)(2)
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Common Stock 6/24/02 P 500 A $43.10 (1)(2) (1)(2)
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Common Stock 6/25/02 P 700 A $43.00 (1)(2) (1)(2)
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Common Stock 6/26/02 P 200 A $43.10 (1)(2) (1)(2)
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Common Stock 6/27/02 P 400 A $43.10 (1)(2) (1)(2)
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Common Stock 6/28/02 P 3,000 A $43.48 100,700 (1)(2) (1)(2)
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* If the form is filed by more than one Reporting Person, see Instruction 4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
FORM 4 (continued)
TABLE II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g. puts, calls, warrants, options, convertible securities)
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1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
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Title and Ownership
Number of Date Exer- Amount of Form of
Derivative cisable and Underlying Number of Deriv-
Securities Expiration Securities Price Derivative ative
Conver- Trans- Acquired (A) Date (Month/ (Instr. 3 of Securities Security:
sion or Trans- action or Disposed Day/Year) and 4) Deriv- Benefi- Direct
Exercise action Code of (D) -------------- -------------- ative cially (D) or Nature of
Title of Price of Date (Instr. (Instr. 3, Date Amount Secur- Owned at Indirect Indirect
Derivative Deriv- (Month/ 8) 4 and 5) Exer- Expir- or Num- ity End of (I) Beneficial
Security ative Day/ -------- ---------- cis- ation ber of (Instr. Month (Instr. Ownership
(Instr. 3) Security Year) Code V (A) (D) able Date Title Shares 5) (Instr. 4) 4) (Instr. 4)
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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 10.07 shares of Common Stock, and (iii)
Mr. Ashner beneficially owns 40,280 shares of Common Stock.
HX INVESTORS, L.P.
By: Exeter Capital Corporation, General Partner
By: Michael L. Ashner 7/1/02
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Michael L. Ashner Date
** 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 provided is insufficient, see Instruction 6 for procedure.
FORM 4 (continued)
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 Name: Michael L. Ashner
Address: 100 Jericho Quadrangle Address: c/o Exeter Capital Corporation
Suite 214 100 Jericho Quadrangle
Jericho, New York 11753 Suite 214
Jericho, New York 11753
Signature: By: /s/ Michael L. Ashner Signature: /s/ Michael L. Ashner
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Michael L. Ashner Michael L. Ashner
President