================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Date of Report (Date of earliest event reported).
July 16, 1996
INTEGRATED RESOURCES AMERICAN LEASING INVESTORS VII-B,
A California Limited Partnership
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 0-14460 13-3244533
- ---------- ------- ----------
(State or other jurisdiction Commission I.R.S. Employer
of incorporation) File Number I.D. Number
411 West Putnam Avenue, Greenwich, CT 06830
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number
including area code: (203) 862-7000
================================================================================
<PAGE>
ITEM 2. Acquisition or Disposition of Assets
Registrant owned a Boeing 727-214 aircraft (the "Aircraft") which was leased to
USAir, Inc. ("USAir") pursuant to a lease agreement (the "Lease") which was
scheduled to expire by its terms on January 2, 1997. In October of 1995, USAir
fully repaid the nonrecourse debt associated with Registrant's acquisition of
the Aircraft by prepaying all remaining fixed rentals due under the Lease. On
July 16, 1996, Registrant sold the Aircraft to an unrelated third party for sale
proceeds of approximately $2,950,000 less selling expenses of approximately
$357,500. Concurrently with the sale, Registrant and USAir terminated the Lease.
In addition, Registrant retained and recognized as income approximately $462,900
representing the outstanding balance of the October 1995 Lease prepayment. At
the time of sale, such Aircraft had a net carrying value of approximately
$3,055,400.
<PAGE>
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.
Integrated Resources
American Leasing Investors VII-B,
a California Limited Partnership
--------------------------------------
By: ALI Equipment Management Corp.
Managing General Partner
/s/ Douglas J. Lambert
--------------------------------------
Douglas J. Lambert
President (Principal Executive and
Financial Officer)
Date: July 29, 1996
