FORM 10-QSB.--QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Quarterly or Transitional Report
(As last amended by 34-32231, eff. 6/3/93.)
U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period.........to.........
Commission file number 0-10199
ANGELES PARK COMMUNITIES, LTD.
(Exact name of small business issuer as specified in its charter)
California 95-3558497
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
One Insignia Financial Plaza, P.O. Box 1089
Greenville, South Carolina 29602
(Address of principal executive offices) (Zip Code)
Issuer's telephone number (803) 239-1000
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that 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
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a) ANGELES PARK COMMUNITIES, LTD.
CONSOLIDATED BALANCE SHEET
(Unaudited)
<TABLE>
<CAPTION> September 30, 1995
<S> <C>
Assets
Cash:
Unrestricted $ 73,431
Restricted--tenant security deposits 18,946
Accounts receivable 5,483
Escrow for taxes 170,683
Other assets 344,122
Investment properties:
Land $ 1,043,112
Buildings and related personal property 4,735,594
5,778,706
Less accumulated depreciation (4,142,213) 1,636,493
$ 2,249,158
Liabilities and Partners' Deficit
Liabilities
Accounts payable $ 37,595
Tenant security deposits 18,946
Accrued taxes 124,306
Other liabilities 115,954
Mortgage notes payable 4,979,907
Partners' Deficit
General partners' $ (162,195)
Limited partners' (15,093 units issued
and outstanding) (2,865,355) (3,027,550)
$ 2,249,158
</TABLE>
[FN]
See Accompanying Notes to Consolidated Financial Statements
b) ANGELES PARK COMMUNITIES, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
<S> <C> <C> <C> <C>
1995 1994 1995 1994
Revenues:
Rental income $ 410,845 $ 394,813 $ 1,358,656 $ 1,287,356
Other income 3,037 5,179 100,440 15,677
Total revenues 413,882 399,992 1,459,096 1,303,033
Expenses:
Operating 141,785 144,797 421,363 416,842
General and administrative 35,300 42,360 118,719 148,894
Property management fees 20,287 19,787 69,549 66,251
Maintenance 62,211 49,129 148,509 151,202
Depreciation 80,325 77,628 237,302 232,885
Interest 130,890 144,205 437,579 429,155
Property taxes 40,089 42,428 122,959 125,513
Bad debt expense(recovery) 5,756 -- (744,244) --
Tenant reimbursements (13,749) -- (25,348) --
Total expenses 502,894 520,334 786,388 1,570,742
(Loss) income before
extraordinary item (89,012) (120,342) 672,708 (267,709)
Extraordinary gain on early
extinguishment of debt -- -- -- 6,467
Net (loss) income $ (89,012) $(120,342) $ 672,708 $ (261,242)
Net (loss) income allocated
to general partners (1%) $ (890) $ (1,203) $ 6,727 $ (2,612)
Net (loss) income allocated
to limited partners (99%) (88,122) (119,139) 665,981 (258,630)
Net (loss) income $ (89,012) $(120,342) $ 672,708 $ (261,242)
Per limited partnership
unit:
(Loss) income before
extraordinary item $ (5.84) $ (7.88) $ 44.13 $ (17.54)
Extraordinary gain -- -- -- .42
Net (loss) income $ (5.84) $ (7.88) $ 44.13 $ (17.12)
</TABLE>
[FN]
See Accompanying Notes to Consolidated Financial Statements
c) ANGELES PARK COMMUNITIES, LTD.
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
<TABLE>
<CAPTION>
September 30, 1995
(Unaudited)
<S> <C> <C> <C> <C>
Limited
Partnership General Limited
Units Partners Partners Total
Original capital contributions 15,112 $ 1,000 $15,112,000 $15,113,000
Partners' deficit at
December 31, 1994 15,093 $(168,922) $(3,531,336) $(3,700,258)
Net income for the nine months
ended September 30, 1995 -- 6,727 665,981 672,708
Partners' deficit at
September 30, 1995 15,093 $(162,195) $(2,865,355) $(3,027,550)
</TABLE>
[FN]
See Accompanying Notes to Consolidated Financial Statements
d) ANGELES PARK COMMUNITIES, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION> Nine Months Ended
September 30,
<S> <C> <C>
1995 1994
Cash flows from operating activities:
Net income (loss) $ 672,708 $ (261,242)
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities:
Depreciation 237,302 232,885
Amortization of loan costs 49,939 17,005
Extraordinary gain on early extinguishment of debt -- (6,467)
Bad debt expense 5,756 --
Change in accounts:
Restricted cash (14,317) (11,560)
Accounts receivable 172,280 2,529
Escrows for taxes (159,269) 51,915
Other assets (749,109) (23,054)
Accounts payable 5,741 (4,045)
Tenant security deposit liabilities 12,695 12,123
Accrued taxes 56,958 (39,580)
Other liabilities (144,344) (215,965)
Net cash provided by (used in) operating
activities 146,340 (245,456)
Cash flows from investing activities:
Property improvements and replacements (34,914) (17,410)
Proceeds from AMIT investment 750,000 --
Net cash provided by (used in) investing
activities 715,086 (17,410)
Cash flows from financing activities:
Payments on mortgage notes payable (937,503) (30,156)
Proceeds from refinancing -- 5,950,000
Repayment of loans -- (5,385,185)
Loan costs -- (416,156)
Net cash (used in) provided by financing
activities (937,503) 118,503
Net decrease in cash (76,077) (144,363)
Cash at beginning of period 149,508 210,740
Cash at end of period $ 73,431 $ 66,377
Supplemental disclosure of cash flow information:
Cash paid for interest $ 391,949 $ 600,044
</TABLE>
[FN]
See Accompanying Notes to Consolidated Financial Statements
e) ANGELES PARK COMMUNITIES, LTD.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note A - Basis of Presentation
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-QSB and Item 310(b) of
Regulation S-B. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of the Managing General Partner, all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation have been included. Operating results for the nine month
period ended September 30, 1995, are not necessarily indicative of the results
that may be expected for the fiscal year ending December 31, 1995. For further
information, refer to the financial statements and footnotes thereto included in
the Partnership's annual report on Form 10-KSB for the fiscal year ended
December 31, 1994.
Certain reclassifications have been made to the 1994 information to conform
to the 1995 presentation.
Note B - Transactions with Affiliated Parties
The Partnership has no employees and is dependent on the Managing General
Partner and its affiliates for the management and administration of all
partnership activities. The Partnership Agreement provides for payments to
affiliates for services and as reimbursement of certain expenses incurred by
affiliates on behalf of the Partnership. The following amounts were paid to the
Managing General Partner and affiliates during the nine months ended September
30, 1995 and 1994:
1995 1994
Property management fees $69,549 $66,251
Reimbursement for services of affiliates 70,514 65,076
The Partnership insures its properties under a master policy through an
agency and insurer unaffiliated with the Managing General Partner. An affiliate
of the Managing General Partner acquired, in the acquisition of a business,
certain financial obligations from an insurance agency which was later acquired
by the agent who placed the current year's master policy. The current agent
assumed the financial obligations to the affiliate of the Managing General
Partner, who receives payments on these obligations from the agent. The amount
of the Partnership's insurance premiums accruing to the benefit of the affiliate
of the Managing General Partner by virtue of the agent's obligations is not
significant.
In November 1992, Angeles Acceptance Pool, L.P. ("AAP"), a Delaware limited
partnership was organized to acquire and hold the obligations evidencing the
working capital loan previously provided to the Partnership by Angeles Capital
Investments, Inc. ("ACII"). Angeles Corporation ("Angeles") is the 99% limited
partner of AAP and Angeles Acceptance Directives, Inc. ("AAD"), an affiliate of
the Managing General Partner, was, until April 14, 1995, the 1% general partner
of AAP. On April 14, 1995, as part of a settlement of claims between
affiliates of the Managing General Partner and Angeles, AAD resigned as
general partner of AAP and simultaneously received a 1/2% limited
partner interest in AAP. An affiliate of Angeles now serves as the
general partner of AAP.
This working capital loan from AAP provided funding for the Partnership's
operating deficits in prior years. Total interest expense for this loan was
$4,119 for the nine months ended September 30, 1994. During the second quarter
of 1994, the principal and accrued interest due on this loan was paid in full as
a result of the refinancing of the mortgage indebtedness of the Partnership.
In July 1993, Angeles Mortgage Investment Trust ("AMIT"), a real estate
investment trust, formerly affiliated with Angeles, initiated litigation against
the Partnership and other partnerships which loaned money to AMIT seeking to
avoid repayment of such obligations. The Partnership subsequently filed a
counterclaim against AMIT seeking to enforce the obligation, the principal
amount of which was $750,000 plus accrued interest from March 1993 ("AMIT
Obligation").
MAE GP Corporation ("MAE GP"), an affiliate of the Managing General Partner,
owns 1,675,113 Class B Shares of AMIT. MAE GP has the option to convert these
Class B Shares, in whole or in part, into Class A Shares on the basis of 1 Class
A Share for every 49 Class B Shares. These Class B Shares entitle MAE GP to
receive 1% of the distributions of net cash distributed by AMIT. These Class B
Shares also entitle MAE GP to vote on the same basis as Class A Shares which
allows MAE GP to vote approximately 37% of the total shares (unless and until
converted to Class A Shares at which time the percentage of the vote controlled
represented by the shares held by MAE GP would approximate 1% of the vote).
Between the date of acquisition of these shares (November 24, 1992) and March
31, 1995, MAE GP had declined to vote these shares. Since that date, MAE GP
voted its shares at the 1995 annual meeting in connection with the election of
trustees and other matters. MAE GP has not exerted and continues to decline to
exert any management control over or participate in the management of AMIT.
However, MAE GP may choose to vote these shares as it deems appropriate in the
future.
On November 9, 1994, the Partnership executed a definitive Settlement
Agreement to settle the dispute with respect to the AMIT Obligation. The actual
closing of the Settlement occurred April 14, 1995. The Partnership's claim was
satisfied by a cash payment to the Partnership totalling $827,250 (the
"Settlement Amount") at closing.
As part of the above described settlement, MAE GP granted to AMIT an option
to acquire the Class B Shares owned by it. This option can be exercised at the
end of 10 years or when all loans made by AMIT to partnerships affiliated with
MAE GP as of November 9, 1994, (which is the date of execution of a definitive
Settlement Agreement), have been paid in full, but in no event prior to November
9, 1997. AMIT delivered to MAE GP cash in the sum of $250,000 at closing, which
occurred April 14, 1995, as payment for the option. Upon exercise of the
option, AMIT would remit to MAE GP an additional $94,000.
Note B - Transactions with Affiliated Parties - (continued)
Simultaneously with the execution of the option, MAE GP executed an
irrevocable proxy in favor of AMIT the result of which is MAE GP will be able to
vote the Class B Shares on all matters except those involving transactions
between AMIT and MAE GP affiliated borrowers or the election of any MAE GP
affiliate as an officer or trustee of AMIT. On those matters, MAE GP granted to
the AMIT trustees, in their capacity as trustees of AMIT, proxies with regard to
the Class B Shares instructing such trustees to vote said Class B Shares in
accordance with the vote of the majority of the Class A Shares voting to be
determined without consideration of the votes of "Excess Class A Shares" as
defined in Section 6.13 of the Declaration of Trust of AMIT.
The Partnership filed a Proof of Claim in the bankruptcy proceeding of
Angeles concerning the Partnership's indebtedness to AAP. The Proof of Claim
alleged that instead of causing the Partnership to pay AAP on account of such
debt, Angeles either itself or through an affiliate, caused the Partnership to
make payment to another Angeles affiliate. To the extent that such action
resulted in the Partnership not receiving credit for the payments so made, the
Partnership would have been damaged in an amount equal to the misappropriated
payments. On August 9, 1995, AAP acknowledged constructive receipt of such
payment and therefore, the Managing General Partner withdrew this claim.
Finally, the Managing General Partner of the Partnership has been informed by
representatives of Angeles that, in connection with certain sales of properties
in prior years, the Partnership paid an incentive fee of $840,000 to Angeles
Real Estate Corporation ("ARECO"), a wholly owned subsidiary of Angeles. The
last incentive fee, which was paid to ARECO without the knowledge of the current
management of the Managing General Partner in January 1993, was equal to 4% of
the sales price of the properties sold in 1992, or $167,000. The Managing
General Partner originally believed that the incentive fees previously paid
were not in accordance with the Partnership Agreement. As a result, the
Partnership filed a claim against Angeles for the total fees, or $1,007,000.
After investigating this matter further, it appears that the incentive fees may
have been paid in accordance with the terms of the Partnership Agreement or that
the manner in which they were paid may not give rise to a sustainable claim on
behalf of the Partnership. However, it is possible that a claim for repayment
of some or all of these fees could arise at some point in the future if
sufficient distributions are not made to the partners to result in their
receiving their original capital investment plus a cumulative return of 6%. In
light of all of the facts and circumstances known at this time, the Managing
General Partner has determined that the likelihood of success and significant
recovery resulting from pursuit of a claim is not sufficient to warrant the
costs which the Partnership would incur to pursue the claim. Therefore, the
Managing General Partner withdrew this claim on August 9, 1995.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
The Partnership's investment properties consist of one mobile home park and
one recreational vehicle park. The following table sets forth the average
occupancy of the properties for the nine months ended September 30, 1995 and
1994:
Average
Occupancy
Property 1995 1994
Cloverleaf Farms
Brooksville, Florida 99% 100%
Cloverleaf Forest (1)
Brooksville, Florida 68% 64%
(1) This investment property is a recreational vehicle park and occupancy
typically declines during the second and third quarters.
For the three and nine months ended September 30, 1995, the Partnership
generated a net loss and net income of $89,012 and $672,708, respectively, as
compared to a net loss for the three and nine months ended September 30, 1994,
of $120,342 and $261,242, respectively. The increase in income for the nine
months ended September 30, 1995, can primarily be attributed to the recovery of
amounts previously written off as bad debt relating to a note receivable from
Angeles Mortgage Investment Trust ("AMIT") (See discussion below).
Total revenue increased for the three and nine months ended September 30,
1995, as compared to the three and nine months ended September 30, 1994,
primarily due to an increase in other income. During the second quarter of
1995, the Partnership received $827,250 from AMIT in satisfaction of the
$750,000 note receivable that the Partnership had from AMIT, of which $77,250
related to accrued interest on the note. In addition, the increase in rental
income for the three and nine months ended September 30, 1995, versus the three
and nine months ended September 30, 1994, can be attributed to increased rental
rates at Cloverleaf Farms.
General and administrative expenses decreased for the three and nine months
ended September 30, 1995, as compared to the three and nine months ended
September 30, 1994, as a result of a decrease in legal expenses. These legal
expenses incurred during 1994 resulted from negotiations with AMIT regarding the
note receivable. Due to the cash received from the AMIT settlement, bad debt
recovery was recognized during 1995 in the amount of $750,000. This balance
represents the principal amount on the note receivable from AMIT, which had
previously been reserved. The bad debt expense of $5,756 for the third quarter
of 1995 can be attributed to several tenants at Cloverleaf Farms suffering from
deteriorating financial conditions resulting in delinquency in their payments;
therefore, the Partnership reserved a portion of the receivable relating to this
property during the three months ended September 30, 1995.
In addition, the Partnership executed an agreement with the tenants of the
Cloverleaf Farms investment property whereby certain operating, maintenance and
tax expenses will be passed through to the tenants. The total of these
reimbursements was $25,348 for the nine months ended September 30, 1995. In
June 1994, Cloverleaf Farms refinanced its previous mortgage indebtedness
creating an additional financing amounting to $950,000. As part of this
refinancing, the Partnership was forgiven $6,467 in previously accrued
interest.
As part of the ongoing business plan of the Partnership, the Managing General
Partner monitors the rental market environment of each of its investment
properties to assess the feasibility of increasing rents, maintaining or
increasing occupancy levels and protecting the Partnership from increases in
expense. As part of this plan, the Managing General Partner attempts to protect
the Partnership from the burden of inflation-related increases in expenses by
increasing rents and maintaining a high overall occupancy level. However, due
to changing market conditions, which can result in the use of rental concessions
and rental reductions to offset softening market conditions, there is no
guarantee that the Managing General Partner will be able to sustain such a plan.
At September 30, 1995, the Partnership had unrestricted cash of $73,431 as
compared to $66,377 at September 30, 1994. Net cash provided by operating
activities increased primarily due to the increased net income and the decrease
in accounts receivable relating to a receivable the Partnership had from a
previously owned investment property (See discussion below). Net cash provided
by investing activities increased due to the receipt of $750,000, the principal
amount of the note receivable the Partnership had from AMIT. Net cash used in
financing activities increased as a result of an $800,000 principal paydown on
the second mortgage for Cloverleaf Farms.
The Partnership had a $325,000 receivable from the tenants of an investment
property that was sold in July 1987. The receivable related to mandatory water
and sewer improvements imposed by the State of Florida. The Partnership paid
for these improvements and expected to be reimbursed by the tenants. Due to the
previous uncertainty of collection of such receivable, the Partnership fully
reserved for the receivable at December 31, 1993. At December 31, 1994, the
Managing General Partner of the Partnership had reached an agreement as to the
settlement amount of this receivable, which amounted to $172,000. As a result,
the Partnership received $172,000 as a final settlement of the receivable.
The sufficiency of existing liquid assets to meet future liquidity and
capital expenditure requirements is directly related to the level of capital
expenditures required at the properties to adequately maintain the physical
assets and other operating needs of the Partnership. Such assets are currently
thought to be sufficient for any near-term needs of the Partnership. The
mortgage indebtedness of $4,979,907 consists of a first mortgage of $4,960,642,
which is being amortized over 30 years with a balloon payment of $4,692,343 due
on July 15, 2001, and a second mortgage of $19,265. As mentioned previously,
the Partnership paid $800,000 in principal on the second mortgage in June 1995.
This note will be paid off in November 1995. The Managing General Partner is in
negotiations to sell the Partnership's remaining investment properties. The
outcome of such negotiations is uncertain at this time. If the properties are
not then sold, upon maturity of the first mortgage, the properties will either
be refinanced or sold. Future cash distributions will depend on the levels of
net cash generated from operations, property sales and the availability of cash
reserves. There were no cash distributions in the first nine months of 1995.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In July 1993, Angeles Mortgage Investment Trust ("AMIT"), a real estate
investment trust, formerly affiliated with Angeles Corporation ("Angeles"),
initiated litigation against the Partnership and other partnerships which loaned
money to AMIT seeking to avoid repayment of such obligations. The Partnership
subsequently filed a counterclaim against AMIT seeking to enforce the
obligation, the principal amount of which was $750,000 plus accrued interest
from March 1993 ("AMIT Obligation").
MAE GP Corporation ("MAE GP"), an affiliate of the Managing General Partner,
owns 1,675,113 Class B Shares of AMIT. MAE GP has the option to convert these
Class B Shares, in whole or in part, into Class A Shares on the basis of 1 Class
A Share for every 49 Class B Shares. These Class B Shares entitle MAE GP to
receive 1% of the distributions of net cash distributed by AMIT. These Class B
Shares also entitle MAE GP to vote on the same basis as Class A Shares which
allows MAE GP to vote approximately 37% of the total shares (unless and until
converted to Class A Shares at which time the percentage of the vote controlled
represented by the shares held by MAE GP would approximate 1% of the vote).
Between the date of acquisition of these shares (November 24, 1992) and March
31, 1995, MAE GP has declined to vote these shares. Since that date, MAE GP
voted its shares at the 1995 annual meeting in connection with the election of
trustees and other matters. MAE GP has not exerted and continues to decline to
exert any management control over or participate in the management of AMIT.
However, MAE GP may choose to vote these shares as it deems appropriate in the
future.
On November 9, 1994, the Partnership executed a definitive Settlement
Agreement to settle the dispute with respect to the AMIT Obligation. The actual
closing of the settlement occurred April 14, 1995. The Partnership's claim was
satisfied by a cash payment to the Partnership totalling $827,250 (the
"Settlement Amount") at closing.
As part of the above described settlement, MAE GP granted to AMIT an option
to acquire the Class B Shares owned by it. This option can be exercised at the
end of 10 years or when all loans made by AMIT to partnerships affiliated with
MAE GP as of November 9, 1994, (which is the date of execution of a definitive
Settlement Agreement) have been paid in full, but in no event prior to November
9, 1997. AMIT delivered to MAE GP cash in the sum of $250,000 at closing, which
occurred April 14, 1995, as payment for the option. Upon exercise of the
option, AMIT would remit to MAE GP an additional $94,000.
Simultaneously with the execution of the option, MAE GP executed an
irrevocable proxy in favor of AMIT the result of which is MAE GP will be able to
vote the Class B Shares on all matters except those involving transactions
between AMIT and MAE GP affiliated borrowers or the election of any MAE GP
affiliate as an officer or trustee of AMIT. On those matters, MAE GP granted to
the AMIT trustees, in their capacity as trustees of AMIT, proxies with regard to
the Class B Shares instructing such trustees to vote said Class B Shares in
accordance with the vote of the majority of the Class A Shares voting to be
determined without consideration of the votes of "Excess Class A Shares" as
defined in Section 6.13 of the Declaration of Trust of AMIT.
The Partnership filed a Proof of Claim in the bankruptcy proceeding of
Angeles concerning the Partnership's indebtedness to Angeles Acceptance Pool,
L.P. ("AAP"). The Proof of Claim alleged that, instead of causing the
Partnership to pay AAP on account of such debt, Angeles, either itself or
through an affiliate, caused the Partnership to make payment to another Angeles
affiliate. To the extent that such action resulted in the Partnership not
receiving credit for the payments so made, the Partnership would have been
damaged in an amount equal to the misappropriated payments. On August 9, 1995,
AAP acknowledged constructive receipt of such payment and therefore, the
Managing General Partner withdrew this claim.
Finally, the Managing General Partner of the Partnership has been informed by
representatives of Angeles that, in connection with certain sales of properties
in prior years, the Partnership paid an incentive fee of $840,000 to Angeles
Real Estate Corporation ("ARECO"), a wholly owned subsidiary of Angeles. The
last incentive fee, which was paid to ARECO without the knowledge of the current
management of the Managing General Partner in January 1993, was equal to 4% of
the sales price of the properties sold in 1992, or $167,000. The Managing
General Partner originally believed that the incentive fees previously paid
were not in accordance with the Partnership Agreement. As a result, the
Partnership filed a claim against Angeles for the total fees, or $1,007,000.
After investigating this matter further, it appears that the incentive fees may
have been paid in accordance with the terms of the Partnership Agreement or that
the manner in which they were paid may not give rise to a sustainable claim on
behalf of the Partnership. However, it is possible that a claim for repayment
of some or all of these fees could arise at some point in the future if
sufficient distributions are not made to the partners to result in their
receiving their original capital investment plus a cumulative return of 6%. In
light of all of the facts and circumstances known at this time, the Managing
General Partner has determined that the likelihood of success and significant
recovery resulting from pursuit of a claim is not sufficient to warrant the
costs which the Partnership would incur to pursue the claim. Therefore, the
Managing General Partner withdrew this claim on August 9, 1995.
The Registrant is unaware of any other pending or outstanding litigation that
is not of a routine nature. The Managing General Partner of the Registrant
believes that all such pending or outstanding litigation will be resolved
without a material adverse effect upon the business, financial condition or
operations of the Partnership.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a) Exhibits:
Exhibit 27 - Financial Data Schedule, is filed as an exhibit to this
report.
b) Reports on From 8-K: None filed during the quarter ended September
30, 1995.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
ANGELES PARK COMMUNITIES, LTD.
By: Angeles Realty Corporation
Managing General Partner
By: /s/Carroll D. Vinson
Carroll D. Vinson
President, Director
By: /s/Robert D. Long, Jr.
Robert D. Long, Jr.
Controller and
Principal Accounting Officer
Date: October 27, 1995
