UNITED STATES
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: November 6. 2000
REII INCORPORATED
(Formerly Bap Acquisition Corp.)
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Exact name of registrant as specified in its charter
Delaware 21-16563-B 51-0373976
___________________________ ____________ _________________
(State or other Jurisdiction (Commission (IRS Employee
of Incorporation) File number) Identification No.)
1051 Fifth Avenue North, Naples, FL 34102
________________________________________________
(Address of Principal Executive Office) (Zip Code)
(941) 261-3396
____________________________
(registrant's Telephone Number
Including area code)
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ITEM 1. N/A
Item 2. Disposition of Assets
On December 8, REII Incorporated (the "Company") disposed of One (1)
rental properties owned by the its subsidiary Ricketts Enterprises Of
Naples Inc.
The total selling price and sale expenses of the properties
is as follows:
2600 Santa Barbara Blvd, Golden Gate FL 34116 $ 205,000.00
Sales expenses Including Commissions $ 9,225.75
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Total Received $ 195,774.25
One (1) Residential Rental Properties $ 193,387.60
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Net Reduction $ 193.387.60
These Transactions also reduces the Company's Debt by $ 193,387.60
A description of the properties and related reduction in mortgages are
as follows.
Property Purchase Note
Price Value
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Property Description and Financing Arrangement
1) 2600 Santa Barbara Blvd, Golden Gate,
FL 34116
four residential rental units $193,000
Mortgage with Washington Mutual Bank
in the amount of $135,860, payable in
monthly payments of $1.074.58 including
principal and interest at the bank's
index plus 2.85% (effective rate of
7.818% at March 15, 2000), due February 2030.
Mortgage will be recasted annually on
March 1st to reflect the new interest rate. $135,860
Mortgage with Garfield Ricketts, a 62%
stockholder, in the amount of $57,900,
payable in monthly payments of $404.85
including principal and interest at 7.5%,
due February 2030. 193.000 57,140
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$ 193,000 $ 193,000
Totals 266,000 $ 266,000
Rental Income and expenses for the period of acquisition are as follows:
March 2000 to December 2000
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Rental Income $ 13,925.00
Expenses 15,644.00
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Net Income (Loss) $ (1,719.00)
The expenses includes depreciation, taxes and debt service for the period,
REII plans to liquidate all of the properties owned by its subsidisry
Ricketts Enterprises Of Naples to reduce the Company's debts in order to
improve the Company's profit margin.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunder duly authorized
Dated November 6, 2000
BAP ACQUISITION CORP
by /s/ Garfield Ricketts by /s/ Una M. Ricketts
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Garfield Ricketts-President Una M. Ricketts-Secretary/Treasurer
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