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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
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(h) of the Investment Company Act of 1940
|_| Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person*
Glasser Errol
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(Last) (First) (Middle)
280 Madison Avenue, Suite 600
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(Street)
New York, New York 10016
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Regency Affiliates, Inc. (RAFI.OB)
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3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)
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4. Statement for Month/Day/Year
4/1/03
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5. If Amendment, Date of Original (Month/Day/Year)
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6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
|X| Director |_| 10% Owner
|_| Officer (give title below) |_| Other (specify below)
______________________________
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7. Individual or Joint/Group Filing (Check Applicable Line)
|X| Form filed by One Reporting Person
|_| Form filed by More than One Reporting Person
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(Over)
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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5. 6.
4. Amount of Owner-
Securities Acquired (A) or Securities ship
2A. 3. Disposed of (D) Beneficially Form: 7.
2. Deemed Transaction (Instr. 3, 4 and 5) Owned Following Direct Nature of
Transaction Execution Code -------------------------- Reported (D) or Indirect
1. Date Date, if any (Instr. 8) (A) Transaction(s) Indirect Beneficial
Title of Security (Month/Day/ (Month/Day/ ----------- or (Instr. 3 (I) Ownership
(Instr. 3) Year) Year) Code V Amount (D) Price and 4) (Instr.4) (Instr. 4)
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Common Stock, par
value $0.01 per share 3/31/03 P 250 A 1,250 D
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(Over)
FORM 4 (continued)
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Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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9.
Number 10.
of Owner-
7. Deriv- ship
2. 5. Title and ative Form of
Conver- Number of Amount of Secur- Deriv- 11.
sion Derivative Underlying ities ative Nature
or 3A. Securities 6. Securities 8. Bene- Secur- of
Exer- Deemed 4. Acquired Date (Instr. 3 Price ficially ities: In-
cise 3. Execu- Trans- (A) or Exercisable and and 4) of Owned Direct direct
Price Trans- tion action Disposed Expiration Date ------------- Deriv- Following (D) or Bene-
1. of action Date, Code of (D) (Month/Day/Year) Amount ative Reported In- ficial
Title of Deriv- Date if any (Instr. (Instr. 3, ---------------- or Secur- Transac- direct Owner-
Derivative ative (Month/ (Month/ 8) 4 and 5) Date Expira- Number ity tion(s) (I) ship
Security Secur- Day/ Day/ ------ ---------- Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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Options
(Right to Buy) $2.40 4/1/03 P 15,000 (2) 3/31/13 (1) 15,000 15,000 D
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Explanation of Responses:
(1) Common Stock, par value $0.01.
(2) 5,000 shares will become exercisable on each of 12/31/03, 12/31/04,
12/31/05.
/s/ Errol Glasser April 2, 2003
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**Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
** 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.
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