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<SEC-DOCUMENT>0000950123-11-004658.txt : 20110124
<SEC-HEADER>0000950123-11-004658.hdr.sgml : 20110124
<ACCEPTANCE-DATETIME>20110124083055
ACCESSION NUMBER:		0000950123-11-004658
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110120
ITEM INFORMATION:		Changes in Control of Registrant
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20110124
DATE AS OF CHANGE:		20110124

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EMPIRE AMERICAN REALTY TRUST INC
		CENTRAL INDEX KEY:			0001466085
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				264567130
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1209

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-160093
		FILM NUMBER:		11542640

	BUSINESS ADDRESS:	
		STREET 1:		25 PHILIPS PARKWAY
		CITY:			MONTVALE
		STATE:			NJ
		ZIP:			07645
		BUSINESS PHONE:		2013263300

	MAIL ADDRESS:	
		STREET 1:		25 PHILIPS PARKWAY
		CITY:			MONTVALE
		STATE:			NJ
		ZIP:			07645
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c11347e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<HEAD>
<TITLE>Form 8-K</TITLE>
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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): January 20, 2011</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>Empire American Realty Trust, Inc.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>Maryland</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>333-160093</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>26-4567130</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>
</TABLE>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>25 Philips Parkway<BR>Montvale, New Jersey<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>07645</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(201) 326-3300</B>


<TABLE border="0" width="30%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="100%">&nbsp;</TD>
</TR>
<TR>
    <TD nowrap style="border-bottom: 1px solid #000000"><B>Not Applicable</B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


<P>
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</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">1
</DIV>

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<P align="left" style="font-size: 10pt"><B>Item&nbsp;5.01 Changes in Control of Registrant.</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">On January&nbsp;20, 2011, RAIT Financial Trust, or RAIT, through a subsidiary, or the purchaser, purchased the sole
stockholder of Empire American Realty Trust, Inc., or the registrant, from entities controlled by Mr.&nbsp;Ezra Beyman.
This purchase was part of the first closing under an Equity Purchase Agreement, or the purchase agreement, dated
January&nbsp;20, 2011. Mr.&nbsp;Beyman controls Empire American Holdings, LLC, or Empire, which was the registrant&#146;s sponsor
prior to January&nbsp;20, 2011. RAIT is a real estate investment trust whose common shares are traded on the New York Stock
Exchange under the trading symbol &#147;RAS.&#148; RAIT is the sponsor of the registrant effective January&nbsp;20, 2011.


<P align="left" style="font-size: 10pt; text-indent: 3%">In addition to the purchase of the registrant&#146;s sole stockholder, which also serves as the registrant&#146;s external
advisor, or the advisor, the purchaser also purchased at the first closing described above the registrant&#146;s property
manager and another entity that holds a limited partnership interest in the registrant&#146;s operating partnership. The
purchase agreement provides that the equity of Empire American Realty, LLC, the dealer manager for the registrant&#146;s
initial public offering, or the dealer manager, is to be sold to the purchaser in a second closing under the purchase
agreement expected to occur 30&nbsp;days after the dealer manager files a continuing membership application with the
Financial Industry Regulatory Authority, Inc., subject to terms and conditions in the purchase agreement.


<P align="left" style="font-size: 10pt; text-indent: 3%">In accordance with the purchase agreement, the purchaser paid $2,275,000 at the first closing referenced above
and, subject to the terms and conditions of the purchase agreement, the purchaser expects to pay $200,000 at the second
closing referenced above. The source of funds for any amounts paid or payable is the working capital of RAIT.


<P align="left" style="font-size: 10pt; text-indent: 3%">The disclosure set forth in Item&nbsp;5.02 and Item&nbsp;8.01 is incorporated herein by reference.

<P align="center" style="font-size: 10pt; text-indent: 3%">&nbsp;

<P align="center" style="font-size: 10pt; display: none">2
</DIV>

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<P align="left" style="font-size: 10pt"><B>Item&nbsp;5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">(b)&nbsp;On January&nbsp;20, 2011, all of the registrant&#146;s then-serving officers and non-independent directors resigned,
including Ezra Beyman, its Chief Executive Officer, President and Chairman of the Board of Directors, David Newman, its
Chief Operating Officer and a director, Martel Day, its Executive Vice President and a director, David Teiler, its
Chief Financial Officer, David Cohen, its Secretary and General Counsel, and Jason Gelfond, its Principal Accounting
Officer and Treasurer. In addition, on January&nbsp;20, 2011, all of the registrant&#146;s then-serving independent directors
resigned: Nat H. Braun, David T. Provost, Gary Torgow and Victor Weiss. All of these individuals resigned as officers
and directors of the registrant in order to fulfill a closing condition to the first closing referenced above set forth
in the purchase agreement and not due to any disagreement with the registrant on any matter relating to the
registrant&#146;s operations, policies or practices.&nbsp;In connection with the first closing referenced above, Mr.&nbsp;Day entered
into an employment agreement with the advisor providing that he would continue to serve as an Executive Vice President
of the registrant.


<P align="left" style="font-size: 10pt; text-indent: 4%">(c)&nbsp;On January&nbsp;20, 2011, the registrant&#146;s newly elected board of directors (see clause (d)&nbsp;below) elected the
following persons to serve as officers of the registrant: Jack E. Salmon as President (serving as the principal
executive officer of the registrant) and Chief Financial Officer and James J. Sebra as Treasurer (serving as the
principal financial officer and principal accounting officer of the registrant). The biographies of Mr.&nbsp;Salmon and Mr.
Sebra appear below:


<P align="left" style="font-size: 10pt; text-indent: 4%">Jack E. Salmon, age 56, has served as the President and Chief Financial Officer and as a Director of the
registrant since January&nbsp;2011. Mr.&nbsp;Salmon has served as RAIT&#146;s chief financial officer and treasurer since December
2006. Mr.&nbsp;Salmon joined RAIT in connection with RAIT&#146;s acquisition of Taberna Realty Finance Trust in December&nbsp;2006
having served as executive vice president, chief financial officer and treasurer prior to the acquisition from March
2005. Mr.&nbsp;Salmon was employed by Cohen&nbsp;&#038; Company, an investment bank, from January&nbsp;2005 until April&nbsp;2005. From 2003 to
2005, he was a vice president and chief accounting officer of The Rubenstein Company, L.P., a diversified
privately-owned real estate company. From 1975 to 2003, Mr.&nbsp;Salmon worked in public accounting serving a variety of
real estate and financial services companies, including public and privately held REITs, major real estate opportunity
funds, developers and institutional investors in real estate. From 2002 to 2003, Mr.&nbsp;Salmon was a partner with KPMG
LLP, an accounting firm. Mr.&nbsp;Salmon was a partner with Arthur Andersen LLP, an accounting firm, from 1989 to 2002. As
an audit partner with Arthur Andersen LLP, Mr.&nbsp;Salmon had responsibility for REIT initial public offerings and due
diligence engagements. He also advised multiple REITs on mergers and acquisitions, portfolio transactions and SEC
matters.


<P align="left" style="font-size: 10pt; text-indent: 4%">James J. Sebra, age 35, has served as the Treasurer of the registrant since January&nbsp;2011. Mr.&nbsp;Sebra has served as
RAIT&#146;s senior vice president and chief accounting officer since May&nbsp;2007. Mr.&nbsp;Sebra joined RAIT in connection with the
Taberna acquisition in December&nbsp;2006 and was Taberna&#146;s vice president and chief accounting officer prior to the
acquisition from June&nbsp;2005. Prior to joining Taberna, Mr.&nbsp;Sebra was the controller of Brandywine Realty Trust, a
publicly traded real estate investment trust, from 2004 through 2005. From 1998 through 2004, Mr.&nbsp;Sebra worked with
Arthur Andersen LLP and KPMG LLP, public accounting firms, serving a variety of publicly held and privately held real
estate companies and professional service firms. &nbsp;


<P align="left" style="font-size: 10pt; text-indent: 4%">(d)&nbsp;On January&nbsp;20, 2011, the advisor, as the registrant&#146;s sole stockholder, elected Scott F. Schaeffer, Jack E.
Salmon and Raphael A. Licht to serve as the registrant&#146;s directors. Mr.&nbsp;Schaeffer was also elected to serve as the
Chairman of the Board. As Messrs.&nbsp;Schaeffer, Salmon and Licht are officers and, in the case of Mr.&nbsp;Schaeffer, also the
Chairman of the Board and a Trustee of RAIT and do not qualify as &#147;Independent Directors&#148; as defined in the
registrant&#146;s articles of amendment and restatement, the advisor plans to identify and elect the registrant&#146;s
independent directors in the near future. Once independent directors are elected, the members of the audit committee
of the Board of Directors will be determined.

<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt; display: none">3
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<P align="left" style="font-size: 10pt"><B>Item&nbsp;8.01 Other Events.</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">Prior to entering into the purchase agreement, the registrant suspended its initial public offering. The
registrant expects to continue such suspension until such time as the registrant is able to file a post-effective
amendment to the registrant&#146;s registration statement on Form S-11 (SEC File No.&nbsp;333-160093) with the SEC and such
post-effective amendment is declared effective by the SEC. Through the date hereof, the registrant has not sold any of
its common shares in its initial public offering. In June and July of 2010, the registrant accepted subscriptions into
escrow equal to $1,130,000, in the aggregate, from seven potential investors. However, after determining to suspend
its initial public offering, the registrant informed potential investors of its decision not to accept these
subscriptions in November&nbsp;2010, and the escrow agent for this offering fully refunded the investors&#146; funds with
interest in December&nbsp;2010. This disclosure does not constitute an offer of any securities for sale.


<P align="center" style="font-size: 10pt">





<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">4
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<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.

<DIV align="center">
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    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Empire American Realty Trust, Inc.<br><br></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Jack E. Salmon</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>January&nbsp;24, 2011</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Name: Jack E. Salmon</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Title: President &#038; Chief Financial Officer</I></TD>
</TR>
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</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">5




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