SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) May 17, 1995
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DVL, INC.
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(Exact name of registrant as specified in charter)
Delaware 1-8356 13-2892858
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(State or other Jurisdiction (Commission (IRS employer
of incorporation file number) identification no.)
24 River Road, Bogota, New Jersey 07603
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(Address of principal executive offices)
Registrant's telephone number, including area code 201-487-1300
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Not applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events
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(a) On May 17, 1995, DVL, Inc. ("DVL") entered into a
Letter of Intent with U.S. Realty Advisors, Inc. ("U.S. Realty")
wherein U.S. Realty has agreed to make secured advances to DVL of
up to $10,000,000 for the purpose of acquiring and repaying certain
existing indebtedness of DVL, subject to certain conditions
including reaching acceptable terms with existing creditors.
In addition, the investment group will receive common stock
and rights to acquire common stock of DVL on terms that ultimately
could provide such group with up to 49.9% of the issued and
outstanding shares of common stock of DVL on a fully diluted basis.
The transaction is subject to successful completion of due
diligence, final documentation, and shareholder and other required
approvals. If completed as proposed, the transaction is expected
to be consummated during the fourth quarter of 1995.
(b) Exhibits
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Press Release, dated May 22, 1995.
SIGNATURE
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.
DVL, INC.
By: Alan E. Casnoff
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Dated: June 5, 1995 Alan E. Casnoff
President
DVL, INC.
PRESS RELEASE
MAY 22, 1995
DVL, Inc. ("DVL") has entered into a Letter of Intent with
U.S. Realty Advisors, Inc. relating to the acquisition of certain
existing DVL indebtedness.
Under the Letter of Intent, an investment group organized by
U.S. Realty Advisors, Inc. will make secured advances of up to
$10,000,000 for the purpose of acquiring and repaying certain
existing indebtedness of DVL, subject to certain conditions
including reaching acceptable terms with the existing creditors.
In addition, the investment group will receive common stock
and rights to acquire common stock of DVL on terms that ultimately
could provide such group with up to 49.9% of the issued and
outstanding shares of common stock of DVL on a fully diluted basis.
The transaction is subject to successful completion of due
diligence, final documentation, and shareholder and other required
approvals. If completed as proposed, the transaction is expected
to be consummated in the fourth quarter of 1995.
DVL believes that, if consummated, this transaction could
substantially reduce DVL's exposure to existing creditors,
alleviate DVL's recent liquidity problems and position DVL to
entertain new real estate-related opportunities.
DVL is a Bogota, New Jersey-based real estate company whose
common stock is listed on the New York Stock Exchange. U.S. Realty
Advisors, Inc. is a New York City-based investment banking and
advisory firm that specializes in real estate financing
transactions.
