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 June 30, 1995
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT
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
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a) ANGELES PARK COMMUNITIES, LTD.
CONSOLIDATED BALANCE SHEET
(Unaudited)
June 30, 1995
<TABLE>
<S> <C> <C>
Assets
Cash:
Unrestricted $ 137,089
Restricted--tenant security deposits 17,946
Accounts receivable, less allowance for
doubtful accounts of $1,160,000 12,459
Escrow for taxes 105,835
Other assets 359,273
Investment properties:
Land $ 1,043,112
Buildings and related personal property 4,716,328
5,759,440
Less accumulated depreciation (4,061,888) 1,697,552
$ 2,330,154
Liabilities and Partners' Deficit
Liabilities
Accounts payable $ 41,383
Tenant security deposits 17,946
Accrued taxes 84,218
Other liabilities 99,418
Mortgage notes payable 5,025,727
Partners' Deficit
General partners' $ (161,305)
Limited partners' (15,093 units issued
and outstanding) (2,777,233) (2,938,538)
$ 2,330,154
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
1
<PAGE>
b) ANGELES PARK COMMUNITIES, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Revenues:
Rental income $ 432,940 $ 411,585 $ 947,811 $ 892,543
Other income 91,291 4,102 97,403 10,498
Total revenues 524,231 415,687 1,045,214 903,041
Expenses:
Operating 145,493 119,892 279,578 272,045
General and administrative 41,571 59,163 83,419 106,534
Property management fees 23,358 22,575 49,262 46,464
Maintenance 68,298 59,084 86,298 102,073
Depreciation 78,749 77,629 156,977 155,257
Interest 150,221 155,258 306,689 284,950
Property taxes 41,435 45,891 82,870 83,085
Bad debt recovery (750,000) -- (750,000) --
Tenant reimbursements (11,599) -- (11,599) --
Total expenses (212,474) 539,492 283,494 1,050,408
Net income (loss) before
extraordinary item 736,705 (123,805) 761,720 (147,367)
Extraordinary gain on early
extinguishment of debt -- 6,467 -- 6,467
Net income (loss) $ 736,705 $(117,338) $ 761,720 $ (140,900)
Net income (loss) allocated
to general partners (1%) $ 7,367 $ (1,173) $ 7,617 $ (1,409)
Net income (loss) allocated
to limited partners (99%) 729,338 (116,165) 754,103 (139,491)
Net income (loss) $ 736,705 $(117,338) $ 761,720 $ (140,900)
Per limited partnership
unit:
Net income (loss) before
extraordinary item $ 48.32 $ (8.11) $ 49.96 $ (9.65)
Extraordinary gain -- .42 -- .42
Net income (loss) $ 48.32 $ (7.69) $ 49.96 $ (9.23)
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
2
<PAGE>
c) ANGELES PARK COMMUNITIES, LTD.
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partners Partners Total
<S> <C> <C> <C> <C>
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 six
months ended June 30, 1995 -- 7,617 754,103 761,720
Partners' deficit at
June 30, 1995 15,093 $(161,305) $(2,777,233) $(2,938,538)
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
3
<PAGE>
d) ANGELES PARK COMMUNITIES, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
June 30,
1995 1994
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ 761,720 $(140,900)
Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating
activities:
Depreciation 156,977 155,257
Amortization of loan costs 33,292 13,537
Extraordinary gain on early extinguishment
of debt -- (6,467)
Change in accounts:
Restricted cash (13,317) (11,135)
Accounts receivable 171,060 5,044
Escrows for taxes (94,421) 87,698
Other assets (747,614) (19,430)
Accounts payable 8,624 (485)
Tenant security deposit liabilities 11,695 11,698
Accrued taxes 16,870 (82,009)
Other liabilities (159,974) (291,994)
Net cash provided by (used in) operating
activities 144,912 (279,186)
Cash flows from investing activities:
Property improvements and replacements (15,648) (17,410)
Proceeds from AMIT investment 750,000 --
Net cash provided by (used in)
investing activities 734,352 (17,410)
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
4
<PAGE>
d) ANGELES PARK COMMUNITIES, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
June 30,
1995 1994
<S> <C> <C>
Cash flows from financing activities:
Payments on mortgage notes payable $(891,683) $ (17,289)
Proceeds from refinancing -- 5,950,000
Repayment of loans -- (5,385,185)
Loan costs -- (416,155)
Net cash (used in) provided by
financing activities (891,683) 131,371
Net decrease in cash (12,419) (165,225)
Cash at beginning of period 149,508 210,740
Cash at end of period $ 137,089 $ 45,515
Supplemental disclosure of cash
flow information:
Cash paid for interest $ 277,705 $ 482,726
</TABLE>
See Accompanying Notes to Consolidated Financial Statements
5
<PAGE>
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 six month period ended June
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 six months ended June 30, 1995 and 1994:
1995 1994
Property management fees $49,262 $46,464
Reimbursement for services of affiliates 50,031 42,876
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
6
<PAGE>
Note B - Transactions with Affiliated Parties - (continued)
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 provided funding for the Partnership's
operating deficits in prior years. Total interest expense for this loan
was $4,119 for the six months ended June 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 33% 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.
7
<PAGE>
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 has filed a Proof of Claim in the bankruptcy
proceeding of Angeles concerning the Partnership's indebtedness to AAP.
The Proof of Claim alleges 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 results in the Partnership
not receiving credit for the payments so made, the Partnership will have
been damaged in an amount equal to the misappropriated payments.
Subsequent to June 30, 1995, an Angeles affiliate acknowledged
constructive receipt of such payment and therefore, the Managing General
Partner anticipates resolution in favor of the Partnership.
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 anticipates that this claim will not be
pursued.
8
<PAGE>
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 six months ended June
30, 1995 and 1994:
Average
Occupancy
Property 1995 1994
Cloverleaf Farms
Brooksville, Florida 99% 100%
Cloverleaf Forest (1)
Brooksville, Florida 70% 64%
(1) This investment property is a recreational vehicle park and
occupancy typically declines during the second and third
quarters.
For the six months ended June 30, 1995, the Partnership generated net
income of $761,720 versus a net loss of $140,900 for the six months
ended June 30, 1994. The Partnership generated net income of $736,705
for the three months ended June 30, 1995 versus a net loss of $117,338
for the three months ended June 30, 1994. The increase in income for
the three and six months ended June 30, 1995 versus the net loss for the
three and six months ended June 30, 1994 is due to the recovery of
amounts previously written off as bad debt (See discussion below).
Total revenues increased for the three and six months ended June 30,
1995 versus the three and six months ended June 30, 1994 due primarily
to an increase in other income. The Partnership received $827,250 from
AMIT in satisfaction of the $750,000 note receivable that the
Partnership had from AMIT. Of the $822,250 received, $77,250 was
applied to interest income. In addition, rental income increased due to
increased occupancy at the Cloverleaf Forest property. General and
administrative expense decreased during the three and six months ended
June 30, 1995, as compared to the same period in 1994 as a result of a
decrease in legal expenses. These legal expenses in 1994 were incurred
as a result of negotiations with AMIT regarding the note receivable.
Maintenance expense decreased during the three and six months ended June
30, 1995, as compared to the same period in 1994 due to a decrease in
contract yards and grounds expense. For the six months ended June 30,
1995, interest expense increased due to the refinancing of the
Partnership's previous mortgage indebtedness in June 1994. This
refinancing created additional financing amounting to $950,000. As part
of this refinancing, the Partnership was forgiven $6,467 in previously
accrued interest. Finally, 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 $11,599 for the six
months ended June 30, 1995.
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
9
<PAGE>
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 June 30, 1995, the Partnership had unrestricted cash of $137,089
versus $45,515 at June 30, 1994. Net cash flows from operating
activities increased primarily due to a decrease in accounts receivable.
The decrease in accounts receivable relates to the collection on a
$325,000 receivable that the Partnership has from the tenants of an
investment property that the Partnership 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. Net cash from investing activities
increased due to the receipt of $750,000 in proceeds relating to the
AMIT investment. These funds were used to pay down the Partnership's
second mortgage. Net cash used in financing activities increased as a
result of an $800,000 principal paydown on the second mortgage for
Cloverleaf Farms.
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 $5,025,727 consists of a
first mortgage of $4,969,430, 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 $56,297. As mentioned previously, the Partnership paid down
$800,000 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 sold, then 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 six months of 1995.
10
<PAGE>
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In July 1993, 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 is $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 33% 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.
11
<PAGE>
The Partnership has 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 alleges 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 results in the Partnership not receiving credit for the payments
so made, the Partnership will have been damaged in an amount equal to
the misappropriated payments. Subsequent to June 30, 1995, an Angeles
affiliate acknowledged constructive receipt of such payment and
therefore, the Managing General Partner anticipates resolution in favor
of the Partnership.
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 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 Partnership Agreement
requires that the Partnership distribute to the limited partners their
original capital contribution, plus a cumulative 6% return. Currently,
the limited partners have not received the distribution of their
original capital investment nor the 6% cumulative distribution.
Accordingly, the Managing General Partner believed that the $167,000 fee
was not in accordance with the Partnership Agreement. In addition, the
Managing General Partner believed that incentive fees of $840,000
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. Subsequently, the Managing General Partner had
determined that the likelihood of success in pursuit of such a claim
will not be sufficient to cover the costs to pursue the claim.
Therefore, the Managing General Partner anticipates that this claim will
be withdrawn.
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 June 30, 1995.
12
<PAGE>
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:
Carroll D. Vinson
President
By:
Robert D. Long, Jr.
Controller and Principal
Accounting Officer
Date: August 9, 1995
<PAGE>
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: August 9, 1995
13
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from
Angeles Park Communities, Ltd.'s 1995 second quarter 10-QSB and is
qualified in its entirety by reference to such 10-QSB filing.
</LEGEND>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 137,089
<SECURITIES> 0
<RECEIVABLES> 1,172,459
<ALLOWANCES> (1,160,000)
<INVENTORY> 0
<CURRENT-ASSETS> 273,329
<PP&E> 5,759,440
<DEPRECIATION> (4,061,888)
<TOTAL-ASSETS> 2,330,154
<CURRENT-LIABILITIES> 143,547
<BONDS> 5,025,727
<COMMON> 0
0
0
<OTHER-SE> (2,938,538)
<TOTAL-LIABILITY-AND-EQUITY> 2,330,154
<SALES> 0
<TOTAL-REVENUES> 1,045,214
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 283,494
<LOSS-PROVISION> 0
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</TABLE>
