<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 11-K
/x/ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1993.
/ / TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period to
Commission file number: 1-5429
RE CAPITAL CORPORATION EMPLOYEE SAVINGS PLAN
(Full title of plan)
RE CAPITAL CORPORATION
Two Stamford Plaza, P.O. Box 10148, Stamford, Connecticut
06904-2148
(Name of Issuer of the Securities Held Pursuant to the Plan
and the address of its Principal Executive Office)
<PAGE> 2
SIGNATURES
The Plan. Pursuant to the requirements of the Securities
Exchange Act of 1934, the Plan has duly caused this annual report
to be signed on its behalf by the undersigned hereunto duly
authorized.
RE CAPITAL CORPORATION EMPLOYEE
SAVINGS PLAN
(Name of Plan)
Date: July 13, 1994 By:/s/ R. Richard Mueller
R. Richard Mueller
Vice President, Chief Financial
Officer and Treasurer of Re
Capital Corporation and Member of
the Advisory Committee of the
Employee Savings Plan of Re
Capital Corporation
<PAGE> 3
Financial Statements
and Supplemental Schedules
Re Capital Corporation
Employee Savings Plan
Years ended December 31, 1993 and 1992
with Report of Independent Auditors
<PAGE> 4
Re Capital Corporation
Employee Savings Plan
Financial Statements
and Supplemental Schedules
Years ended December 31, 1993 and 1992
<TABLE>
<CAPTION>
Contents
<S> <C>
Report of Independent Auditors...............................1
Audited Financial Statements
Statements of Net Assets Available for Benefits..............2*
Statements of Changes in Net Assets Available for Benefits...3*
Notes to Financial Statements................................4*
Supplemental Schedules
Schedule of Assets Held for Investment Purposes..............11*
Schedule of Reportable Transactions..........................12*
* Filed under cover of Form SE.
</TABLE>
<PAGE> 5
Report of Independent Auditors
Trustees
Re Capital Corporation Employee Savings Plan
We have audited the accompanying statements of net assets available for benefits
of Re Capital Corporation Employee Savings Plan (the "Plan") as of December 31,
1993 and 1992, and the related statements of changes in net assets available for
benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at
December 31, 1993 and 1992, and the changes in its net assets available for
benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental schedules
of assets held for investment purposes as of December 31, 1993, and of
reportable transactions for the year then ended, are presented for the purpose
of additional analysis and are not a required part of the basic financial
statements. The supplemental schedules have been subjected to the auditing
procedures applied in our audit of the 1993 financial statements and, in our
opinion, are fairly stated in all material respects in relation to the 1993
basic financial statements taken as a whole.
/s/ Ernst & Young
New York, New York
July 11, 1994
<PAGE> 6
Consent of Ernst & Young, Independent Auditors
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-72440) pertaining to the Re Capital Corporation Employee
Savings Plan of our report dated July 11, 1994, with respect to the financial
statements and schedules of the Re Capital Corporation Employee Savings Plan
included in the Plan's Annual Report (Form 11-K) for the year ended
December 31, 1993.
/s/ Ernst & Young
New York, New York
July 11, 1994
