Page 7 of 9 – SEC Filing
Reference is made to the initial statement on Schedule 13D (the Initial Statement) filed with the Securities and Exchange Commission (the SEC) on March 11, 2014 by Urban Partners II, LLC, a Delaware limited liability company (Urban II), Richard Ressler, Avraham Shemesh, Shaul Kuba and CIM Service Provider, LLC, a Delaware limited liability company (CIM Manager and, collectively with the foregoing, the Reporting Persons) and relates to the common stock, par value $0.001 per share (the Common Shares) of CIM Commercial Trust Corporation, a Maryland real estate investment trust (formerly, PMC Commercial Trust) (the Issuer), as further amended by Amendment No. 1 dated September 19, 2016 (the Amendment No. 1 and, together with the Initial Statement, the Schedule 13D Filing). The address of the principal executive office of the Issuer is 17950 Preston Road, Suite 600, Dallas, Texas 75252.
This Amendment No. 2 to Schedule 13D (this Amendment No. 2) is being filed to reflect a change in the Reporting Persons percentage beneficial ownership of the Common Shares as a result of a repurchase of 26,181,818 Common Shares by the Issuer from Urban II on June 12, 2017 (the Second Share Repurchase). The information set forth in this Amendment No. 2 regarding percentage beneficial ownership is as of the date hereof and assumes there are 57,875,848 Common Shares outstanding by subtracting the number of Common Shares repurchased in the Second Share Repurchase (26,181,818 Common Shares) from the number of Common Shares outstanding as reported on the Issuers Quarterly Report on Form 10-Q as filed with the SEC on May 10, 2017 (84,048,081 Common Shares) and adding the number of Common Shares granted to the Issuers independent directors on June 9, 2017 (9,585 Common Shares).
Except as otherwise described herein, the information contained in the Schedule 13D Filing remains in effect. Capitalized terms used but not defined in this Amendment No. 2 shall have the respective meanings set forth with respect thereto in the Schedule 13D Filing.
Item 5. Interest in Securities of the Issuer
Items 5(a) and (b) of the Schedule 13D Filing are hereby amended and restated in their entirety as follows:
(a) Urban II directly owns 55,718,648 Common Shares, which represent approximately 96.27% of the outstanding Common Shares.
Mr. Ressler may be deemed to beneficially own 56,103,251 Common Shares, or approximately 96.94% of the outstanding Common Shares. Mr. Shemesh may be deemed to beneficially own 56,088,205 Common Shares, or approximately 96.91% of the outstanding Common Shares. Mr. Kuba may be deemed to beneficially own 56,088,205 Common Shares, or approximately 96.91% of the outstanding Common Shares. CIM Manager may be deemed to beneficially own 56,072,592 Common Shares, or approximately 96.88% of the outstanding Common Shares.
Messrs. Ressler, Shemesh and Kuba may be deemed to indirectly beneficially own the 55,718,648 Common Shares held by Urban II by virtue of their positions with CIM Group, LLC, the sole equity member of CIM Manager and the sole manager of CIM Urban Partners GP, LLC, which is the sole managing member of Urban II.
Messrs. Ressler, Shemesh and Kuba may be deemed to indirectly beneficially own the 353,944 Common Shares through the holdings of CIM Manager. Mr. Ressler directly owns 30,659 Common Shares. Mr. Shemesh is the indirect beneficial owner of 15,613 Common Shares through the holdings of The Shemesh Family Trust by virtue of being the grantor of The Shemesh Family Trust. Mr. Kuba is the indirect beneficial owner of 15,613 Common Shares through the holdings of The Kuba Family Trust by virtue of being the grantor of The Kuba Family Trust. CIM Manager directly owns 353,944 Common Shares. CIM Manager may be deemed to indirectly beneficially own the 55,718,648 Common Shares held by Urban II by virtue of being a member of a group with Urban II and Messrs. Ressler, Shemesh and Kuba. Each of the Reporting Persons disclaims beneficial ownership of the reported Common Shares except to the extent of his or its pecuniary interest therein, and the inclusion of such shares in this Amendment No. 2 shall not be deemed an admission of beneficial ownership of all of the reported shares for any purpose.
The percentage of Common Shares outstanding reported as beneficially owned by each person herein on the date hereof
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