<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 15, 1999
------------------------
DAMSON/BIRTCHER REALTY INCOME FUND-I
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Pennsylvania
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
0-13563 13-3264491
- --------------------------------------------------------------------------------
(Commission file Number) (I.R.S. Employer Identification No.)
27611 La Paz Road, P.O. Box 30009, Laguna Niguel, California 92607-0009
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(949) 643-7700
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
N/A
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report.)
<PAGE> 2
DAMSON/BIRTCHER REALTY INCOME FUND-I
ITEM 2. DISPOSITION OF ASSET
On October 15, 1999, Damson/Birtcher Realty Income Fund-I (the
"Partnership") sold The Cornerstone shopping center, in Tempe, Arizona to GDA
Real Estate Services, LLC ("GDA"), a Denver-based real estate developer and
operator that is not affiliated in any way with the Partnership, its General
Partner or the General Partner's affiliates, for a sale price of $8,500,000.
GDA was represented by two third-party brokers in the transaction. The
brokers were paid $170,000 from the sale proceeds. The General Partner was not
paid a disposition fee in connection with the transaction. GDA will not hire the
General Partner or any affiliate to perform asset management or property
management services for this property.
The Partnership realized approximately $7,754,000, or approximately $80
per $1,000 originally invested in the Partnership, in distributable cash
proceeds from the sale of The Cornerstone, after deducting for closing costs and
prorations (including a $230,000 credit to GDA for repair of the parking lot)
totaling approximately $576,000 in connection with the sale.
Currently, three lawsuits are pending against the Partnership and its
General Partner and certain of its affiliates that seek, among things,
unspecified monetary damages. These lawsuits are discussed in the Partnership's
quarterly and annual reports. Since these cases are in the preliminary discovery
phase, there is unavoidable uncertainty regarding their ultimate resolution. The
Partnership Agreement mandates that the General Partner provide for all of the
Partnership's liabilities and obligations, including contingent liabilities,
before distributing liquidation proceeds to its partners. Therefore, the
Partnership will not distribute liquidation proceeds until the uncertainty
surrounding these lawsuits is sufficiently resolved. The amount and timing of
any distribution of liquidation proceeds will be determined by the General
Partner in light of these and other relevant considerations.
<PAGE> 3
DAMSON/BIRTCHER REALTY INCOME FUND-I
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.
<TABLE>
<S> <C>
DAMSON/BIRTCHER REALTY INCOME FUND-I
By: DAMSON/BIRTCHER PARTNERS By: BIRTCHER PARTNERS,
(General Partner) a California general partnership
By: BIRTCHER INVESTMENTS,
a California general partnership,
General Partner of Birtcher Partners
By: BIRTCHER LIMITED,
a California limited partnership,
General Partner of Birtcher Investments
By: BREICORP,
a California corporation,
formerly known as Birtcher
Real Estate Inc., General
Partner of Birtcher Limited
Date: October 19, 1999 By: /s/Robert M. Anderson
------------------------
Robert M. Anderson
Executive Director
BREICORP
By: LF Special Fund II, L.P.,
a California limited partnership
By: Liquidity Fund Asset Management, Inc.,
a California corporation, General
Partner of LF Special Fund II, L.P.
Date: October 19, 1999 By: /s/ Brent R. Donaldson
-----------------------------
Brent R. Donaldson
President
Liquidity Fund Asset Management, Inc.
</TABLE>
