SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
Annual Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the period from
January 1, 1997 to
November 7, 1997 Commission file number 0-12432
JMB INCOME PROP.-IX LIQUIDATING TRUST
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Illinois 36-3126228
(State of organization) (I.R.S. Employer identification No.)
900 N. Michigan Ave., Chicago, Illinois 60611
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code 312-915-1987
JMB Income Prop.-IX Liquidating Trust is the transferee of the remaining
funds of JMB Income Properties, Ltd. - IX and files reports under JMB
Income Properties, Ltd. - IX's Commission file number.
The information set forth in this Form 10-K has been included in accordance
with the no-action position granted by the Division of Corporation Finance
of the Securities and Exchange Commission by letter dated April 24, 1997.
Indicate by check mark whether the registrant (1) has filed all reports
required to be 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 the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Not applicable. Reference
is made to the no-action position granted by the Division of Corporation
Finance of the Securities and Exchange Commission by letter dated April 24,
1997.
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. Not applicable.
State the aggregate market value of the voting stock held by nonaffiliates
of the registrant. Not applicable.
Documents incorporated by reference: None
<PAGE>
JMB INCOME PROP.-IX LIQUIDATING TRUST
INDEX
Page
----
Balance Sheets, November 7, 1997
(Immediately prior to termination) and
December 31, 1996 . . . . . . . . . . . . . . . . . . . 1
Statement of Operations, for the period
from January 1, 1997 to November 7, 1997
(Immediately prior to termination). . . . . . . . . . . 2
Statement of Beneficiaries' Accounts,
for the period from January 1, 1997 to
November 7, 1997 (Immediately prior to termination) . . 3
Statement of Cash Flows, for the period
from January 1, 1997 to November 7, 1997
(Immediately prior to termination). . . . . . . . . . . 4
Notes to Financial Statements . . . . . . . . . . . . . . 5
Signatures . . . . . . . . . . . . . . . . . . . . . . 7
ITEMS NOT INCLUDED:
All other items pursuant to Form 10-K have been omitted as the
required information is inapplicable or the information is presented in the
financial statements or related notes.
i
<PAGE>
JMB INCOME PROP.-IX LIQUIDATING TRUST
Balance Sheets
November 7, 1997 (Immediately prior to termination)
and December 31, 1996
(Unaudited)
Assets
------
1997 1996
-------- --------
Cash. . . . . . . . . . . . . . . . . . $845,774 895,661
-------- --------
$845,774 895,661
======== ========
Liabilities and Beneficiaries' Accounts
---------------------------------------
Beneficiaries' accounts (76,749 shares):
Shares of beneficial interest. . . . . $895,661 895,661
Trust disbursements in excess
of receipts . . . . . . . . . . . . (49,887) --
-------- --------
Total beneficiaries' accounts . 845,774 895,661
-------- --------
$845,774 895,661
======== ========
See accompanying notes to financial statements.
<PAGE>
JMB INCOME PROP.-IX LIQUIDATING TRUST
Statement of Operations
For the period from January 1, 1997 to
November 7, 1997 (Immediately prior to termination)
(Unaudited)
Income:
Interest income . . . . . . . . . . . . . . . . . . $ 34,456
--------
34,456
--------
Expenses:
Professional services . . . . . . . . . . . . . . . 17,558
Administrative expenses . . . . . . . . . . . . . . 66,785
--------
84,343
--------
Net loss. . . . . . . . . . . . . . . . . . $(49,887)
========
Net loss per share of beneficial interest . . . . . . $ (.65)
========
See accompanying notes to financial statements.
<PAGE>
JMB INCOME PROP.-IX LIQUIDATING TRUST
Statement of Beneficiaries' Accounts
For the period from January 1, 1997 to
November 7, 1997 (Immediately prior to termination)
(Unaudited)
Shares of
Beneficial Interest
-------------------------
Shares Amount
---------- ----------
Balance at December 31, 1996,
(represented by the December 31,
1996 transfer of funds from
JMB Income Properties, Ltd. - IX) . . 76,749 $895,661
Net loss. . . . . . . . . . . . . . . . -- (49,887)
---------- --------
Balance at November 7, 1997 . . . . . . 76,749 $845,774
(immediately prior to termination) ========== ========
See accompanying notes to financial statements.
<PAGE>
JMB INCOME PROP.-IX LIQUIDATING TRUST
Statement of Cash Flows
For the period from January 1, 1997 to
November 7, 1997 (Immediately prior to termination)
(Unaudited)
Cash flows from operating activities:
Net earnings (loss) . . . . . . . . . . . . . . . . $ (49,887)
----------
Net cash provided by (used in)
operating activities. . . . . . . . . . . (49,887)
----------
Net increase (decrease) in cash and cash equivalents. (49,887)
Cash and cash equivalents, beginning of year. . . . . 895,661
----------
Cash and cash equivalents, end of period. . . . . . . $ 845,774
==========
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest . . . . . $ --
==========
Non-cash investing and financing activities . . . . $ --
==========
See accompanying notes to financial statements.
<PAGE>
JMB INCOME PROP.-IX LIQUIDATING TRUST
Notes to Financial Statements
For the period from January 1, 1997 to
November 7, 1997 (Immediately prior to termination)
and for December 31, 1996 and November 7, 1997
(Unaudited)
GENERAL
In connection with the liquidation and termination of JMB Income
Properties, Ltd. - IX (the "Partnership"), JMB Realty Corporation, the
Managing General Partner of the Partnership, formed a liquidating trust,
JMB Income Prop.-IX Liquidating Trust (the "Liquidating Trust") in December
1996, into which all of the Partnership's remaining funds of $895,661,
subject to liabilities, were transferred by means of the final liquidating
distribution on December 31, 1996. Such transferred amount represented the
maximum estimated potential obligation (including administrative costs) of
the Partnership, including the Partnership's potential liability with
respect to certain representations and warranties made to the buyer of the
Blanchard Plaza investment property, which was the last remaining real
estate investment of the Partnership (through a joint venture) and which
was sold October 17, 1996. Such representations and warranties expired as
scheduled on October 15, 1997, approximately one year from the date of
sale.
The trustees of the Liquidating Trust are individuals who are officers
of the Managing General Partner. Each holder of limited partnership
interests ("Interests") in the Partnership was deemed to be the beneficial
owner of a comparable share of the aggregate beneficial interests in the
Liquidating Trust with the exception of 383 Interests held by an affiliate
of the original lead underwriter of the public offering of Interests for
which distributions were subject to a give-back pursuant to the Partnership
Agreement. It was anticipated that the Liquidating Trust would permit the
realization of substantial cost savings in administrative and other
expenses until the remaining funds were distributed to the beneficial
owners of the Liquidating Trust. The Liquidating Trust was to terminate no
later than three years from its creation, subject to extension under
certain circumstances.
The purpose of the Liquidating Trust was to hold the assets of the
Liquidating Trust and to collect the income therefrom, subject to the
payment of all remaining expenses and liabilities of the Partnership,
including those (if any) relating to the representations and warranties
made to the buyer of the Blanchard Plaza investment property, and
administrative expenses, and to distribute the remaining assets of the
Liquidating Trust to the beneficiaries of the Liquidating Trust. The
statement of operations and the statement of beneficiaries' accounts for
the period ended November 7, 1997 reflect the payments made for such items
prior to the final liquidating distribution to the beneficiaries.
TRANSACTIONS WITH AFFILIATES
The Liquidating Trust, pursuant to the Liquidating Trust Agreement,
was permitted to engage in various transactions involving the Managing
General Partner of the Partnership and its affiliates including the
reimbursement for salaries and salary-related expenses of its employees,
certain of its officers, and other direct expenses relating to the
administration of the Liquidating Trust. Expenses incurred and paid by the
Liquidating Trust to the Managing General Partner and its affiliates (which
payments were consistent with the authorization for reimbursements under
the Partnership Agreement of the Partnership) for the period from January
1, 1997 to November 7, 1997 were as follows:
<PAGE>
JMB INCOME PROP.-IX LIQUIDATING TRUST
Notes to Financial Statements
For the period from January 1, 1997 to
November 7, 1997 (Immediately prior to termination)
and for December 31, 1996 and November 7, 1997
(Unaudited)
Insurance commissions . . . . . . . . . . . . . . . . $ 571
Reimbursement (at cost) for accounting services . . . 383
Reimbursement (at cost) for portfolio management
services. . . . . . . . . . . . . . . . . . . . . . 463
Reimbursement (at cost) for legal services. . . . . . 1,190
Reimbursement (at cost) for administrative charges
and other out-of-pocket expenses. . . . . . . . . . 5,000
-------
$ 7,607
=======
NET LOSS PER SHARE OF BENEFICIAL INTEREST
The net loss per share of beneficial interest is based on the number
of interests outstanding in the Liquidating Trust (76,749).
LIQUIDATING DISTRIBUTION PAID
On November 7, 1997, the Liquidating Trustees paid a final liquidating
cash distribution in the aggregate amount of $845,774 ($11.02 per share of
beneficial interest).
<PAGE>
SIGNATURES
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, thereunto duly authorized.
JMB INCOME PROP.-IX LIQUIDATING TRUST
H. RIGEL BARBER
By: H. Rigel Barber, Trustee
Date: December 5, 1997
GLENN E. EMIG
By: Glenn E. Emig, Trustee
Date: December 5, 1997
GARY NICKELE
By: Gary Nickele, Trustee
Date: December 5, 1997
