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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): June 14, 1996
PRUDENTIAL-BACHE/WATSON & TAYLOR, LTD.-I
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(Exact name of Registrant as specified in its charter)
Texas 0-12048 75-1861221
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation File Number) Identification No.)
or organization)
One Seaport Plaza, New York, New York 10292-0116
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 214-1016
N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
On June 14, 1996, Prudential-Bache/Watson & Taylor, Ltd.-I (the
``Partnership''), announced that it had entered into a contract with Public
Storage, Inc. for the sale of all of the Partnership's properties for an
aggregate sales price of $17,150,000. A copy of the press release announcing
this decision is attached hereto as Exhibit 99.4 and is incorporated herein by
reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99.4 Press release dated June 14, 1996.
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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, hereunto duly authorized.
Prudential-Bache/Watson & Taylor, Ltd.-I
By: Prudential-Bache Properties, Inc.
A Delaware corporation, General Partner
By: /s/ Thomas F. Lynch, III Date: June 20, 1996
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Thomas F. Lynch, III
President
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Exhibit 99.4
FOR IMMEDIATE RELEASE
PRUDENTIAL-BACHE/WATSON & TAYLOR PARTNERSHIPS ANNOUNCE
AGREEMENTS TO SELL THEIR PROPERTIES TO PUBLIC STORAGE, INC.
New York, NY, June 14, 1996 . . . Prudential-Bache Properties, Inc., the
Managing General Partner for Prudential-Bache/Watson & Taylor, Ltd.-I,
Prudential-Bache/Watson & Taylor, Ltd.-2, Prudential-Bache/Watson & Taylor,
Ltd.-3 and Prudential-Bache/Watson & Taylor, Ltd.-4 (collectively the
``Partnerships''), today announced that each of the Partnerships had entered
into a separate contract of sale with Public Storage, Inc. for the sale of all
or substantially all of such Partnership's properties, in the aggregate
consisting of twenty-six self-storage/business center facilities and four
undeveloped land parcels, primarily located in Texas and Oklahoma, for an
aggregate purchase price of $58,410,000. Each sale is subject to the majority
vote of such Partnership's Unitholders and certain other conditions and
potential price adjustments. Each contract is independent of the other
contracts. These agreements are a result of an auction process announced to
limited partners in each Partnership in December 1995.
The individual prices are as follows:
Prudential-Bache/Watson & Taylor, Ltd.-I: $17,150,000
Prudential-Bache/Watson & Taylor, Ltd.-2: $18,000,000
Prudential-Bache/Watson & Taylor, Ltd.-3: $11,050,000
Prudential-Bache/Watson & Taylor, Ltd.-4: $12,210,000
The Partnerships anticipate sending proxy statements to investors in August or
as soon thereafter as practicable for the purpose of advising investors as to
the terms of the agreement relating to their specific Partnership and to solicit
the consent of the Limited Partners to the proposed sales. It is expected that,
if approved, the transactions will close before the end of the year. Following
the closings, each Partnership that approves the sale will make one or more cash
distributions to their respective Limited Partners. The bulk of the
distributions are expected to occur shortly after the closings with the
remainder expected to be distributed approximately twelve months after the
closings, at which time the particular Partnerships would then liquidate.
Thomas Lynch, President of Prudential-Bache Properties, said ``After conducting
an extensive auction process over the last several months, we are pleased to
have reached agreements which for each individual Partnership represent the
highest prices offered for such Partnership's properties.''
For additional information, please contact Brian Martin at 212-214-1060.
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