SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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): January 14, 1997
Integrated Resources High Equity Partners, Series 85,
A California Limited Partnership
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(Exact Name of Registrant as Specified in Charter)
California 0-14438 13-3239107
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
411 West Putnam Avenue
Greenwich, Connecticut 06830
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (203) 862-7000
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
On January 14, 1997, the Superior Court of California, County of Los
Angeles, issued an order denying final approval of the proposed settlement of
Mark Erwin, Trustee et al v. Resources High Equity, Inc. (the "HEP Action"). The
HEP Action is a class action litigation that commenced in 1993 and involves
claims asserted on behalf of the limited partners of the Partnership and two
other publicly traded limited partnerships, High Equity Partners L.P. - Series
86 and High Equity Partners L.P. - Series 88, as well as against Resources High
Equity, Inc., Resources Capital Corp. and Integrated Resources Equity
Corporation, three subsidiaries of Presidio Capital Corp. that were formerly
indirect subsidiaries of Integrated Resources, Inc. ("Integrated"), together
with a number of other defendants, including certain former officers of
Integrated.
The litigation and the proposed settlement are described in detail in
the Partnership's 1995 Form 10-K and its Form 10-Q for the quarter ended
September 30, 1996.
The Partnership is considering the appropriate course of action in
light of this development.
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.
INTEGRATED RESOURCES HIGH EQUITY PARTNERS,
SERIES 85, A CALIFORNIA LIMITED PARTNERSHIP
By: RESOURCES HIGH EQUITY, INC.
By: /s/ Joseph M. Jacobs
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Joseph M. Jacobs
President
Dated: January 31, 1997
