------------------------------- OMB APPROVAL ------------------------------- OMB Number: 3235-0287 Expires: January 31, 2005 Estimated average burden hours per response .........0.5 ------------------------------- 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). -------------------------------------------------------------------------------- 1. Name and Address of Reporting Person* Royalty Holdings LLC -------------------------------------------------------------------------------- (Last) (First) (Middle) c/o Hyde Park Holdings 595 Madison Avenue -------------------------------------------------------------------------------- (Street) New York New York 10022 -------------------------------------------------------------------------------- (City) (State) (Zip) -------------------------------------------------------------------------------- 2. Issuer Name and Ticker or Trading Symbol Regency Affiliates, Inc. (RAFI.OB) -------------------------------------------------------------------------------- 3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary) -------------------------------------------------------------------------------- 4. Statement for Month/Day/Year 4/29/03 and 4/30/03 -------------------------------------------------------------------------------- 5. If Amendment, Date of Original (Month/Day/Year) -------------------------------------------------------------------------------- 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) |X| Director |X| 10% Owner |X| Officer (give title below) |_| Other (specify below) Mr. Levy is the President and Chief Executive Officer of the Issuer. -------------------------------------------------------------------------------- 7. Individual or Joint/Group Filing (Check Applicable Line) |_| Form filed by One Reporting Person |X| Form filed by More than One Reporting Person -------------------------------------------------------------------------------- (Over) ================================================================================ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ================================================================================ 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) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 4/29/03 P 14,000 A $5.30 (1) (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Stock 4/30/03 P 22,000 A $5.43 786,000 (1) (1) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ==================================================================================================================================== (Over) FORM 4 (continued) ================================================================================ Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================ 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) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ 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 Royalty Holdings LLC ("Holdings"), Royalty Management, Inc. ("Management") and Laurence S. Levy. The transactions reported herein were effectuated by Holdings. As the manager of Holdings, Management may be deemed to beneficially own all securities held by Holdings for purposes of Section 13(d) of the Act. In addition, as President, sole director and sole stockholder of Management, Mr. Levy may be deemed to beneficially own all securities held by Holdings for purposes of Section 13(d) of the Act. Mr. Levy disclaims beneficial ownership of such securities for purposes of Section 16 of the Act to the extent in excess of his pecuniary interest therein. Management does not beneficially own any securities of the Issuer for purposes of Section 16 of the Act. Royalty Holdings LLC By: Royalty Management, Inc., its Manager By: /s/ Laurence S. Levy ----------------------------- Name: Laurence S. Levy Title: President 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). Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. Page 2 Joint Filer Information Names: Laurence S. Levy and Royalty Management, Inc. Address: c/o Hyde Park Holdings, Inc. 595 Madison Avenue, 35th Floor New York, New York 10022 Designated Filer: Royalty Holdings LLC Issuer and Ticker Symbol: Regency Affiliates, Inc. (RAFI.OB) Date of Event Requiring Statement: 4/29/03 and 4/30/03 The undersigned, Laurence S. Levy and Royalty Management, Inc., are jointly filing the attached Statement of Changes In Beneficial Ownership on Form 4 with Royalty Holdings LLC with respect to the beneficial ownership of securities of Regency Affiliates, Inc. ROYALTY MANAGEMENT, INC. By: /s/ Laurence S. Levy /s/ Laurence S. Levy -------------------------- -------------------------- Name: Laurence S. Levy Laurence S. Levy Title: President