Washington, D.C. 20549
Steven C. Metzger
3626 N. Hall Street, Suite 800
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this schedule because of Rules 13d-1(b)(3) or (4), check the following box [ ].
NOTE: Six copies of this statement, including all exhibits, should be filed with the Commission. 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 persons's initial filing on this form with respect 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).
CUSIP No. 452926-10-8
|
|
1)
|
Names of
Reporting Persons I.R.S.
Identification Nos. of Above
Persons (entities
only)
|
Transcontinental
Realty Investors, Inc.
. . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.
|
|
2)
|
Check the
Appropriate Box
if a Member of
a Group (See Instructions)
|
(a)
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . .
3) SEC
Use Only . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
WC
4) Source
of Funds (See
Instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5) Check
if Disclosure of Legal
Proceedings is Required Pursuant to Items
2(d) or 2(e) . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nevada
6) Citizenship
or Place of
Organization .. . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,381,570
7) Sole Voting Power ..............................................................................................
Number of ___________________________________________________________________________
Shares
-0-
Beneficially 8) Shared Voting Power ..........................................................................................
Owned by ___________________________________________________________________________
Each Reporting
3,381,570
Person With 9) Sole Dispositive Power .......................................................................................
___________________________________________________________________________
-0-
10) Shared Dispositive Power ...................................................................................
3,381,570
|
|
11)
|
Aggregate Amount
Beneficially Owned
by Each
Reporting Person . . . . . . . . .
. . . . . . . . . . . . .
|
|
|
12)
|
Check if the
Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) . . . . .
|
. . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
81.12%
|
|
13)
|
Percent of
Class Represented by
Amount in Row
(11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
CO
14) Type
of Reporting Person (See
Instructions) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CUSIP No. 452926-10-8
|
|
1)
|
Names of
Reporting Persons I.R.S.
Identification Nos. of Above
Persons (entities
only)
|
Realty Advisors, Inc.
. . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.
|
|
2)
|
Check the
Appropriate Box
if a Member of
a Group (See Instructions)
|
(a)
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . .
3) SEC
Use Only . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
WC
4) Source
of Funds (See
Instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5) Check
if Disclosure of Legal
Proceedings is Required Pursuant to Items
2(d) or 2(e) . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nevada
6) Citizenship
or Place of
Organization .. . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32,452
7) Sole Voting Power ..............................................................................................
Number of ___________________________________________________________________________
Shares
-0-
Beneficially 8) Shared Voting Power ..........................................................................................
Owned by ___________________________________________________________________________
Each Reporting
32,452
Person With 9) Sole Dispositive Power .......................................................................................
___________________________________________________________________________
-0-
10) Shared Dispositive Power ...................................................................................
269,313*
|
|
11)
|
Aggregate Amount
Beneficially Owned
by Each
Reporting Person . . . . . . . . .
. . . . . . . . . . . . .
|
|
|
12)
|
Check if the
Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) . . . . .
|
. . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.46%
|
|
13)
|
Percent of
Class Represented by
Amount in Row
(11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
CO
14) Type
of Reporting Person (See
Instructions) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
* Includes
32,452 Shares owned directly, 170,984 Shares owned direct by wholly owned subsidiary, Arcadian Energy, Inc., and 65,875 Shares
owned direct by wholly owned subsidiary, Realty Advisors, LLC
CUSIP No. 452926-10-8
|
|
1)
|
Names of
Reporting Persons I.R.S.
Identification Nos. of Above
Persons (entities
only)
|
Arcadian Energy, Inc.
. . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.
|
|
2)
|
Check the
Appropriate Box
if a Member of
a Group (See Instructions)
|
(a)
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . .
3) SEC
Use Only . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
WC
4) Source
of Funds (See
Instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5) Check
if Disclosure of Legal
Proceedings is Required Pursuant to Items
2(d) or 2(e) . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nevada
6) Citizenship
or Place of
Organization .. . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
170,984
7) Sole Voting Power ..............................................................................................
Number of ___________________________________________________________________________
Shares
-0-
Beneficially 8) Shared Voting Power ..........................................................................................
Owned by ___________________________________________________________________________
Each Reporting
170,984
Person With 9) Sole Dispositive Power .......................................................................................
___________________________________________________________________________
-0-
10) Shared Dispositive Power ...................................................................................
170,984
|
|
11)
|
Aggregate Amount
Beneficially Owned
by Each
Reporting Person . . . . . . . . .
. . . . . . . . . . . . .
|
|
|
12)
|
Check if the
Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) . . . . .
|
. . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.10%
|
|
13)
|
Percent of
Class Represented by
Amount in Row
(11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
CO
14) Type
of Reporting Person (See
Instructions) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CUSIP No. 452926-10-8
|
|
1)
|
Names of
Reporting Persons I.R.S.
Identification Nos. of Above
Persons (entities
only)
|
Realty Advisors, LLC
. . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.
|
|
2)
|
Check the
Appropriate Box
if a Member of
a Group (See Instructions)
|
(a)
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . .
3) SEC
Use Only . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
WC
4) Source
of Funds (See
Instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5) Check
if Disclosure of Legal
Proceedings is Required Pursuant to Items
2(d) or 2(e) . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nevada
6) Citizenship
or Place of
Organization .. . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
65,875
7) Sole Voting Power ..............................................................................................
Number of ___________________________________________________________________________
Shares
-0-
Beneficially 8) Shared Voting Power ..........................................................................................
Owned by ___________________________________________________________________________
Each Reporting
65,875
Person With 9) Sole Dispositive Power .......................................................................................
___________________________________________________________________________
-0-
10) Shared Dispositive Power ...................................................................................
65,875
|
|
11)
|
Aggregate Amount
Beneficially Owned
by Each
Reporting Person . . . . . . . . .
. . . . . . . . . . . . .
|
|
|
12)
|
Check if the
Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) . . . . .
|
. . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.58%
|
|
13)
|
Percent of
Class Represented by
Amount in Row
(11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
CO
14) Type
of Reporting Person (See
Instructions) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CUSIP No. 452926-10-8
|
|
1)
|
Names of
Reporting Persons I.R.S.
Identification Nos. of Above
Persons (entities
only)
|
May Realty
Holdings, Inc.
. . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.
|
|
2)
|
Check the
Appropriate Box
if a Member of
a Group (See Instructions)
|
(a)
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . .
3) SEC
Use Only . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
WC
4) Source
of Funds (See
Instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5) Check
if Disclosure of Legal
Proceedings is Required Pursuant to Items
2(d) or 2(e) . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nevada
6) Citizenship
or Place of
Organization .. . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-0-
7) Sole Voting Power ..............................................................................................
Number of ___________________________________________________________________________
Shares
-0-
Beneficially 8) Shared Voting Power ..........................................................................................
Owned by ___________________________________________________________________________
Each Reporting
-0-
Person With 9) Sole Dispositive Power .......................................................................................
___________________________________________________________________________
-0-
10) Shared Dispositive Power ...................................................................................
269,313*
|
|
11)
|
Aggregate Amount
Beneficially Owned
by Each
Reporting Person . . . . . . . . .
. . . . . . . . . . . . .
|
|
|
12)
|
Check if the
Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) . . . . .
|
. . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.46%
|
|
13)
|
Percent of
Class Represented by
Amount in Row
(11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
CO
14) Type
of Reporting Person (See
Instructions) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
* Includes 32,452 Shares owned direct by wholly owned subsidiary, Realty Advisors, Inc., and 170,984 Shares owned
direct by its wholly owned subsidiary, Arcadian Energy, Inc., and 65,875 Shares owned by wholly owned subsidiary, Realty
Advisors, LLC
Item 1. Security and Issuer
This Amendment No. 29 to Statement on Schedule 13D (this “Amendment No. 29”) relates to shares
of Common Stock, par value $0.01 per share (the “Shares”), of Income Opportunity Realty Investors, Inc.,
a Nevada corporation (the “Issuer” or “IOR”), and further amends the Original Statement on Schedule 13D,
as amended by Amendment Nos. 1 through 28 (the “Amended Statement”), filed on behalf of
Transcontinental Realty Investors, Inc., a Nevada corporation (“TCI”), and others who are no longer
“Reporting Persons.” The principal executive offices of IOR are located at 1603 LBJ Freeway, Suite 800,
Dallas, Texas 75234. The CUSIP number of the Shares is 452926-10-8.
This Amendment No. 29 is being filed to reflect (i) the addition of four other “Reporting Persons,”
specifically, Realty Advisors, Inc., a Nevada corporation (“RAI”), its wholly owned subsidiaries, Arcadian
Energy, Inc., a Nevada corporation (“Arcadian”), Realty Advisors, LLC, a Nevada limited liability company
(“RALLC”), and May Realty Holdings, Inc., a Nevada corporation (“MRHI”), which owns 100% of RAI,
and (ii) the entry and completion by RALLC into three separate agreements with three separate sellers,
covering the purchase by RALLC of an aggregate of 65,870 Shares (1.57%) over a period of time through
twelve substantially equal installment payments, the last of which was made on October 4, 2020. See Item
5 below.
Item 2. Identity and Background
Item 2 of the Amended Statement is hereby further amended
as follows:
(a)-(c), (f) This Amendment No. 29 is filed on behalf of (i) TCI, which has its Common Stock
listed and traded on the New York Stock Exchange (“NYSE”), (ii) RAI, (iii) Arcadian, (iv) RALLC and (v)
MRHI (all, collectively, the “Reporting Persons”), each of which has its principal executive offices located
at 1603 LBJ Freeway, Suite 800, Dallas, Texas 75234. The name, business address and capacity with each
of the Reporting Persons of each of the current executive officers, directors or managers of each Reporting
Person are set forth on Schedule “1” attached hereto and incorporated herein. Each of the individuals who
serve as executive officers, directors or managers of each Reporting Person is a citizen of the United States
of America. Over 81% of TCI’s Common Stock is owned by subsidiaries of and/or American Realty Investors,
Inc., a Nevada corporation (“ARL”), which also has its Common Stock listed and traded on the NYSE. Over
80% of the Common Stock of ARL is owned by subsidiaries of and/or RAI. RAI, in turn, is owned by May
Realty Holdings, Inc., a Nevada corporation (“MRHI”), which, in turn, is owned by a trust established for
the benefit of the children of Gene E. Phillips (deceased), known as the “May Trust.”
(d)-(e) During the past five years, none of the Reporting Persons nor any officer, director
or manager of any of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors), nor has any such person been a party to a civil proceeding of a judicial
administrative body of competent jurisdiction and, as a result of such proceeding, was or is subject to a
judgment, decree or final order in joining future violations of or prohibiting or mandating activities subject
to federal or state securities laws or finding of any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
The transactions described in Item 6 below relating to agreements with three sellers were consummated
over time, utilizing funds necessary for such transactions from the working capital of RALLC.
Item 4. Purpose of Transaction.
RALLC acquired the additional Shares described in Items 5 and 6 below as an investment. The
Reporting Persons have no present plans or proposals which would result in the Reporting Persons seeking to acquire the entire equity interest in the Issuer. Except as set forth in this Amendment No. 29, the Reporting Persons have
no present plans or proposals which would relate to or would result in:
(a) the acquisition by any person of any additional securities of the Issuer or the
disposition of securities of the Issuer, except that the Reporting Persons may, if the appropriate
opportunity exists, acquire additional securities of the Issuer or dispose of any portion or all of the
securities of the Issuer owned by each or all of the Reporting Persons; or
(b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation,
involving the Issuer or any of its subsidiaries; or
(c) a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries;
or
(d) any change in the present Board of Directors or management of the Issuer, including
any plans or proposals to change a number or term of directors or fill any existing vacancies on the
Board; or
(e) any material change in the present capitalization or dividend policy of the Issuer;
or
(f) any other material change in the Issuer’s business or corporate structure; or
(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; or
(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 interdealer quotation system of a registered
national securities association; or
(i) a class of equity securities of the Issuer becoming eligible for termination of
registration pursuant to Section 12(g)(4) of the Exchange Act; or
(j) any action similar to any of those enumerated above.
There has been no change in the matters reported in this Item under the Original Statement on Schedule 13D.
Item 5. Interest in Securities of the Issuer
The Amended Statement is hereby further amended as follows:
(a)
According to the latest information available as of August 14, 2020, the total number of issued
and outstanding Shares is believed to be 4,168,214 Shares. As of the date of this Amendment No. 29, each
of the Reporting Persons directly owns and holds the following Shares:
|
Name
|
No. of Shares Owned
Directly
|
Approximate Percent
of Class
|
|
Arcadian
|
170,984
|
4.10%
|
|
MRHI
|
-
|
-
|
|
RAI
|
32,452
|
0.78%
|
|
RALLC
|
65,875
|
1.58%
|
|
TCI
|
3,381,570
|
81.12%
|
|
TOTAL
|
3,650,881
|
87.58%
|
Pursuant to Rule 13d-3 under
the Exchange Act, each of the directors of Arcadian, RAI and TCI and each manager of RALLC may be deemed to beneficially own the
Shares held directly by such Reporting Persons. Those individuals and the number of Shares deemed beneficially owned pursuant
to Rule 13d-3 and the approximate percent of class as well as the relationship are set forth in the following table as of the
date of this Amendment No. 29.
|
Name of Director and/or
Manager
|
Entity
|
No. of Shares Beneficially
Owned
|
Percent
of Class
|
|
Henry Butler
|
TCI
|
3,381,570*
|
81.12%
|
|
William J. Hogan
|
TCI
|
3,381,570
|
81.12%
|
|
Robert A. Jakuszewski
|
TCI
|
3,381,570*
|
81.12%
|
|
Gina H. Kay
|
RALLC
|
65,875
|
1.58%
|
|
Ted R. Munselle
|
TCI
|
3,381,570*
|
81.12%
|
|
Robert C. Murray, Sr.
|
Arcadian
|
170,984
|
4.10%
|
|
Mickey Ned Phillips
|
MRHI, RAI, RALLC, and Arcadian
|
269,313**
|
6.46%
|
|
Raymond D. Roberts, Sr.
|
TCI
|
3,381,570*
|
81.12%
|
|
Christine VanDerwarker
|
AArcadian
|
170,984
|
4.10%
|
* Does not include 65,875 Shares purchased by RALLC, the voting rights for which were
granted to the Directors of IOR during the period from September 2019 to October 4, 2020, who are also four
of the Directors of TCI; see Item 6 below.
** Includes 32,452 Shares held by RAI and 170,984 Shares held by Arcadian, a wholly owned
subsidiary of RAI, and 65,875 Shares held by RALLC, which is wholly owned by RAI.
(b)
Each of the managers of RALLC shares any voting and dispositive power over any
Shares held by RALLC. See Item 6 below. Each of the directors of TCI shares voting and dispositive
power over the 3,381,970 Shares held by TCI. Each of the directors of Arcadian shares voting and
dispositive power over the 170,984 Shares held by Arcadian. Mickey Ned Phillips, as the sole director
of RAI, holds the voting and dispositive power over the 32,452 Shares held by RAI.
(c)
During the sixty calendar days ended October 4, 2020, the Reporting Persons and their
respective executive officers and directors or managers did not engage in any transaction involving
the Shares or any other equity interest derivative thereof, except for the entry by RALLC into the three
agreements to purchase Shares described in Item 6 below. Also, the original Arcadian Energy, Inc.
merged with and into RAI Acquisitions, Inc., a wholly owned subsidiary of RAI, on December 21,
2017, which then changed its name to Arcadian Energy, Inc. The original Arcadian Energy, Inc. has
held the 165,678 Shares for more than two years prior thereto and acquired 5,306 Shares (0.13%)
on April 1, 2020.
(d)
No person, other than the Reporting Persons or their respective Board of Directors
or Managers, is known to have the right to receive or the power to direct receipt of dividends from
or the proceeds of sale of the Shares of IOR Common Stock held by each of TCI, RAI, RALLC and/or
Arcadian.
(e)
Not applicable.
Item 6. Contracts, Arrangements, Understandings
or Relationships with Respect to Securities of the Issuer
Item 6 of the Amended Statement is hereby further amended
to read as follows:
Of
the Shares directly owned by Arcadian, 120,057 Shares are subject to an accommodation pledge for an obligation of another entity
in connection with a loan from ABC Land & Development, Inc. (“ABCLD").
Of the Shares directly owned by TCI, Arcadian and RAI, 2,812,648 Shares owned by TCI,
50,927 Shares owned by Arcadian, and 32,477 Shares owned by RAI are all held in bank and
brokerage accounts, along with other securities owned by each such entity, and, as such, those Shares
may be deemed to be “collateral” for any borrowings made from time to time pursuant to customary
margin or other account arrangements with such banks and/or brokers. Such arrangements are standard
involving margin securities of up to a specified percentage of market value of the Shares as well as
other securities in such accounts, bear interest at varying rates, and contain only standard default in
similar provisions, the operation of which should not give any other person immediate voting power
or investment power over such Shares.
Effective on the dates specified below, RALLC entered into three separate Stock Purchase
Agreements, each in substantially the same form, to purchase Shares of IOR at a negotiated purchase
price of $15.50 per share, according to a payment schedule attached to each such Agreement as
Schedule 1 thereto, which Agreements each called for a twelve-month payout of a substantially equal
sum, at an interest rate of 5% per annum, which was contingent upon continued payment by RALLC and provided an opportunity for each seller to discontinue sales in the event the stock price exceeds $15.50 per share for
ten consecutive trading days, the respective seller and number of Shares of which are as follows:
(a)
effective September 10, 2019, Robert M. Grubin, seller of 28,000 Shares
[0.67%] ($434,000, plus total interest payments of $36,177);
(b)
effective September 12, 2019, George D’Angelo, seller of 30,000 Shares
[0.72%] ($465,000, plus total interest payments of $38,750); and
(c)
effective October 4, 2019, Lee P. Crockett and Harriet Schnitman, sellers of
7,850 Shares [0.19%] ($121,675, plus total interest payments of $2,785.52), but when Shares
were delivered, an extra 25 Shares were included which were also purchased for $387.50
($15.50 per share).
Each of the Sellers named above had a separate right to cease sales if the contingency occurs on price.
RALLC made payments due October 4, November 4, and December 4, 2019, and the balance of
payments through October 4, 2020, under each of the Agreements. Each of the Agreements also
provides that Sellers shall execute an irrevocable proxy, granting the IOR Board of Directors (each
of whom is also a director of TCI) the unrestricted right to exercise the voting rights of the respective
seller for all Shares covered by the respective Agreement, which terminated upon the termination
of the Agreement or delivery of Shares to RALLC. Under the payment schedule, RALLC became
entitled to and owned the over 1% of the outstanding Shares in March 2020, but certificates
representing all of the 65,875 Shares [1.58%] were not received by RALLC until after the final
payment was made October 4, 2020.
Except as set forth in the preceding paragraphs, the Reporting Persons do not have any
contracts, arrangements, understandings or relationships (legal or otherwise) with any person with
respect to any securities or the Issuer, including, but not limited to, transfer of voting of any of the
securities, finders’ fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits,
divisions of profits or losses, or the giving or withholding of proxies.
Item 7. Material to be Filed as Exhibits
None.
SIGNATURES
After
reasonable inquiry and to the best of their knowledge and belief, the undersigned certify that the information set forth in this
Amendment No. 18 to Statement on Schedule 13D is true, complete, and correct.
|
Dated: October 4, 2020
|
|
|
|
|
|
|
|
REALTY ADVISORS, INC.
|
|
TRANSCONTINENTAL REALTY INVESTORS, INC.
|
|
|
|
|
|
By:
|
/s/ Gina H. Kay
|
|
By:
|
/s/ Erik L. Johnson
|
|
Gina H. Kay, Vice President, Secretary and Treasurer
|
|
Erik L. Johnson, Executive Vice President and Chief Financial Officer
|
|
|
|
|
|
MAY REALTY HOLDINGS, INC.
|
|
ARCADIAN ENERGY, INC.
|
|
|
|
|
|
By:
|
/s/ Gina H. Kay
|
|
By:
|
/s/ Robert C. Murray
|
|
Gina H. Kay, Vice President and Treasurer
|
|
Robert C. Murray, Sr., President
|
|
SCHEDULE 1
|
|
Directors, Managers and Officers of the Reporting Persons
|
|
|
|
|
|
|
|
Entity
|
|
Directors or Managers
|
|
Executive Officers
|
|
|
|
|
|
|
|
Transcontinental Realty Investors, Inc.
|
|
Henry A. Butler
William J. Hogan
Robert Jakuszewski
Ted R. Munselle Raymond D. Roberts, Sr.
|
|
Louis J. Corna, Executive Vice President, General and Tax Counsel, and Secretary Erik L. Johnson, Executive Vice President
and Chief Financial Officer
|
|
|
|
|
|
|
|
Realty Advisors, Inc.
|
|
Mickey Ned Phillips
|
|
Gina H. Kay, Vice President and Treasurer Louis J. Corna, Vice President and Secretary Henry A. Butler, Vice President Steve
Cone, Vice President
|
|
|
|
|
|
|
|
Realty Advisors, LLC
|
|
Gina H. Kay
|
|
Gina H. Kay, Vice President and Treasurer Louis J. Corna, Vice President and Secretary
|
|
|
|
|
|
|
|
Arcadian Energy, Inc.
|
|
Robert C. Murray, Sr. Christine VanDerwarker
|
|
Robert C. Murray, Sr., President Cecelia Maynard, Secretary
|
|
|
|
|
|
|
|
May Realty Holdings, Inc.
|
|
Mickey Ned Phillips
|
|
Gina H. Kay, Vice President and Treasurer Louis J. Corna, Vice President and Secretary
|