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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
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
May 31, 2000
DAMSON/BIRTCHER REALTY INCOME FUND-I
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(Exact name of registrant as specified in its charter)
Pennsylvania
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(State or other jurisdiction of incorporation or organization)
0-13563 13-3264491
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(Commission file Number) (I.R.S. Employer Identification No.)
27611 La Paz Road, P.O. Box 30009, Laguna Niguel, California 92607-0009
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(Address of principal executive offices) (Zip Code)
(949) 643-7700
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(Registrant's telephone number, including area code)
N/A
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(Former name, former address and former fiscal year,
if changed since last report.)
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DAMSON/BIRTCHER REALTY INCOME FUND-I
ITEM 2. DISPOSITION OF ASSETS
On May 31, 2000, Damson/Birtcher Realty Income Fund-I (the
"Partnership") sold Terracentre, in Denver, Colorado to an entity affiliated
with Robert E. Collawn ("Collawn"), a Denver real estate developer and operator,
for $6,500,000. Collawn is not affiliated in any way with the Partnership, its
General Partner or the General Partner's affiliates.
The Partnership was represented by a third-party broker in the
transaction. The broker was paid $227,500 from the sale proceeds. Since the sale
price of Terracentre exceeded the January 1, 1993 appraised value ($3,100,000),
pursuant to the 1993 Amendment to the partnership agreement, the General Partner
earned and was paid a disposition fee of $130,000 in connection with the sale of
the property. Collawn will not hire the General Partner or any affiliate to
perform asset management or property management services for this property.
The Partnership realized approximately $6,206,000, or approximately $64
per $1,000 invested in the Partnership, in cash proceeds from the sale of
Terracentre, after deducting for closing costs and prorations totaling
approximately $294,000.
As of May 31, 2000, the Partnership has sold all of its operating
properties. Two lawsuits remain pending against the Partnership and its General
Partner and certain of its affiliates that seek, among other things, unspecified
monetary damages. 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 amount
and timing of any distribution of liquidation proceeds will be determined by the
General Partner in light of these and other relevant considerations. Due to
these uncertainties, it is possible that future distributions may be limited to
a liquidating distribution upon Partnership wind down should funds be available
at that time.
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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.
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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: June 13, 2000 By: /s/ Robert M. Anderson
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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: June 13, 2000 By: /s/ Brent R. Donaldson
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Brent R. Donaldson
President
Liquidity Fund Asset Management, Inc.
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