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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 THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): MARCH 31, 1997
RWB MEDICAL INCOME PROPERTIES 1
LIMITED PARTNERSHIP
(Exact name of Registrant as Specified in its Charter)
Louisiana 2-92396 72-1007233
(State or other Jurisdiction of (Commission File Number) (IRS Employer
Incorporation or Organization) Identification No.)
RWB Medical Income Properties 1 Limited Partnership
7000 Central Parkway, Suite 850
Atlanta, Georgia 30328
(Address of principal executive offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (770) 668-1080
(Former name or former address, if changed since last report)
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This Report contains a total of 2 pages.
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On March 31, 1997, RWB Medical Income Properties 1 Limited Partnership (the
"Partnership") closed the sale of its interests in its two remaining long-term
care facilities in Florida and Alabama, and the personal property and intangible
assets related to the operation of those facilities (the "Properties"). The
Properties were sold to Omega Healthcare Investors, Inc., a Maryland corporation
("Omega"), pursuant to the asset Purchase and Sale Agreement effective as of
February 3, 1997 (the "Sale Agreement"), by and among the Partnership, RWB
Management Corp., the managing general partner of the Partnership, and Omega
previously reported by the Partnership.
Aggregate net proceeds from the sale of the Properties was $16,464,025.
The net proceeds and other assets of the Partnership will be distributed to the
Limited Partners of the Partnership in the anticipated liquidation of the
Partnership as described in the Partnership's Current Report on Form 8-K dated
February 3, 1997.
In connection with the closing of the sale of the Properties, the
Partnership entered into an interim lease of the Properties pursuant to the
terms of the Sale Agreement and under which the Partnership will provide for
management and operation of the Properties for an interim period, and the
Partnership borrowed $1,282,000 from Omega under a non-recourse loan to fund
operations and management of the Properties during such interim period.
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 this 11th day
of April by the undersigned hereunto duly authorized.
RWB MEDICAL INCOME
PROPERTIES 1 LIMITED
PARTNERSHIP
By: /s/ John H. Stoddard
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John H. Stoddard
President
RWB Management Corp.
Managing General Partner
