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Previous: KINNARD INVESTMENTS INC, DEF 14A, 1996-04-12 |
Next: SPINNAKER INDUSTRIES INC, SC 13D/A, 1996-04-12 |
<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.
20549
Quarterly Report Under Section 13 or 15(d)
of The Securities Exchange Act of 1934
Commission File Number 0-9086
For Quarter Ended February 29, 1996
BANKERS BUILDING LAND TRUST
------------------------------------------------------
(Exact name of Registrant as specified in its charter)
<TABLE>
<S> <C>
Illinois 36-6067489
- ------------------------------- ----------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
</TABLE>
AMCORE Bank N.A., 501 Seventh Street
Rockford, Illinois 61104, Trustee
----------------------------------------
(Address of principal executive offices)
815-968-2241
----------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that
Page 1 of 8
<PAGE> 2
the Registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes X No
--- ---
Page 2 of 8
<PAGE> 3
PART I - ITEM 1
BANKERS BUILDING LAND TRUST
BALANCE SHEETS
as of February 29, 1996 and May 31, 1995
_______
<TABLE>
<CAPTION>
February 29, May 31,
ASSETS 1996 1995
------------------ ---------
(Unaudited)
<S> <C> <C>
Cash $ 78,118 $ 79,335
Land subject to operating lease 4,250,000 4,250,000
---------- ----------
Total assets $4,328,118 $4,329,335
========== ==========
LIABILITIES and EQUITY
Due to certificate holders $ 74,539 $ 78,835
Other liabilities 3,079 4,970
---------- ----------
77,618 78,835
---------- ----------
Certificates of beneficial interest,
5,000 units issued and outstanding 4,250,000 4,250,000
Retained earnings 500 500
---------- ----------
4,250,500 4,250,500
---------- ----------
Total liabilities and equity $4,328,118 $4,329,335
========== ==========
</TABLE>
The accompanying notes are an integral
part of the financial statements.
Page 3 of 8
<PAGE> 4
BANKERS BUILDING LAND TRUST
STATEMENTS OF OPERATIONS
for the three-month and nine-month periods ended
February 29, 1996 and February 28, 1995
(Unaudited)
_______
<TABLE>
<CAPTION>
For the Three For the Nine
Months Ended Months Ended
------------ -------------
February 29, February 28, February 29, February 28,
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Operating revenues:
Rent $68,750 $68,750 $206,250 $206,250
Servicing fees 1,987 1,987 5,961 5,961
------- ------- -------- --------
Total operating revenues 70,737 70,737 212,211 212,211
------- ------- -------- --------
Operating expenses:
Trustee fees and expenses paid 1,987 1,987 5,961 5,961
------- ------- -------- --------
Net income 68,750 68,750 206,250 206,250
------- ------- -------- --------
Retained earnings, beginning of year 500 500 500 500
------- ------- -------- --------
69,250 69,250 206,750 206,750
------- ------- -------- --------
Distributions to certificate holders 68,750 68,750 206,250 206,250
------- ------- -------- --------
Retained earnings, end of year $ 500 $ 500 $ 500 $ 500
======= ======= ======== ========
</TABLE>
The accompanying notes are an integral
part of the financial statements.
Page 4 of 8
<PAGE> 5
BANKERS BUILDING LAND TRUST
STATEMENTS OF CASH FLOWS
for the nine months ended
February 29, 1996 and February 28, 1995
(Unaudited)
_______
<TABLE>
<CAPTION>
February 29, February 28,
1996 1995
---- ----
<S> <C> <C>
Cash flows from operating activities:
Net income $206,250 $ 206,250
Adjustments to reconcile net income to
net cash used by operating activities:
Changes in assets and liabilities:
Due to certificate holders 674 (3,535)
Other liabilities (1,891) 1,542
--------- ---------
Net cash used by operating activities (1,217) (1,933)
Cash flows from financing activities:
Distributions to certificate holders (206,250) (206,250)
--------- ---------
Net change in cash (1,217) (1,933)
Cash balance, beginning of period 79,335 79,575
--------- ---------
Cash balance, end of period $ 78,118 $ 77,582
========= =========
</TABLE>
The accompanying notes are an integral
part of the financial statements.
Page 5 of 8
<PAGE> 6
BANKERS BUILDING LAND TRUST
NOTE TO FINANCIAL STATEMENTS
_______
1. The balance sheet as of February 29, 1996, the statements of operations
for the three-month and nine-month periods ended February 29, 1996 and
February 28, 1995, and the statements of cash flows for the nine-month
periods ended February 29, 1996 and February 28, 1995, have been prepared
without audit. In the opinion of management, all adjustments (which
include only normal recurring adjustments) necessary to present fairly
the financial position, results of operations, and cash flows for all
periods presented have been made. The May 31, 1995 balance sheet was
derived from audited financial statements, but does not include all
disclosures required by generally accepted accounting principles.
Certain footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have
been omitted. It is suggested that these financial statements be read in
conjunction with the financial statements and notes thereto included in
the May 31, 1995 annual report. The results of operations for the period
ended February 29, 1996 are not necessarily indicative of the operating
results for the full year.
2. During the second quarter of 1995, the trustee was informed that the
lessee of the property had filed for reorganization under Chapter 11 of
the Bankruptcy Code on September 22, 1995. The trustee filed a Report on
8-K with the SEC on October 6, 1995 regarding this matter. During the
third quarter, the trustee was informed that the lessee failed timely to
pay the Cook County, Illinois collector the real estate taxes of $780,385
(including penalties as of December 1, 1995). The trustee delivered
notice to the lessee and its lender that such failure to pay the real
estate taxes constitutes a default under the lease. The trustee filed a
Report on 8-K with the SEC on December 19, 1995, regarding this matter.
Subsequently, the trustee was informed that the real estate taxes had
been paid in full on February 7, 1996.
Page 6 of 8
<PAGE> 7
PART I - ITEM 2
Management's Discussion and Analysis of
Financial Condition and Results of Operations
Due to the passive nature of the Registrant's activities, which generally
include only the collection of rent and the disbursements of these
proceeds less expenses to the certificate holders of the Registrant,
there has been no material variation in the Registrant's financial
condition or results of operations.
However, the lessee of the property owned by the Trust has filed for
reorganization under Chapter 11 of the Bankruptcy Code. The trustee will
take steps to protect the rights of the Trust, including future
collection of rent. The payment of distributions to the certificate
holders is dependent upon the collection of unpaid rent.
In addition, the trustee delivered notice to the lessee and its lender
that the failure to pay delinquent real estate taxes constitutes a
default under the lease. The default was rectified on February 7, 1996.
Page 7 of 8
<PAGE> 8
PART II - ITEM 6
Exhibits and reports on Form 8-K
(a) Exhibits - None.
(b) During the third quarter, a report on Form 8-K was filed December 19,
1995 notifying the SEC of the delinquent real estate tax payment.
During the second quarter, a report on Form 8-K was filed October 6,
1995 notifying the SEC of the bankruptcy of the lessee.
Page 8 of 8
<PAGE> 9
SIGNATURES
----------
<TABLE>
<S> <C>
Pursuant to the requirements of Date April 12, 1996
------------------------------
the Securities Exchange Act of Bankers Building Land Trust
---------------------------
1934, the Registrant has duly By AMCORE Bank N.A., Trustee
-------------------------
caused this report to be signed
on its behalf by the undersigned, By /s/ Patricia N. Fong
---------------------------------
Patricia N. Fong
thereunto duly authorized. Vice President
and Trust Officer
</TABLE>
Page 9 of 8
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-START> DEC-01-1995
<PERIOD-END> FEB-29-1996
<EXCHANGE-RATE> 1
<CASH> 78,118
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 4,328,118
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 4,328,118
<SALES> 0
<TOTAL-REVENUES> 70,737
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 68,750
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
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