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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
January 6, 1998
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Date of Report (Date of Earliest Event Reported)
IP TIMBERLANDS, LTD.
(Exact name of Registrant as specified in its charter)
Texas 1-8859 13-3259241
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(State of (Commission (IRS Employer
Incorporation) File) Identification Number)
Two Manhattanville Road, Purchase, NY 10577
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(Address of Principal executive offices)
914-397-1500
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(Telephone No.)
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
ITEM 1. CHANGES IN CONTROL OF REGISTRANT
N/A
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
N/A
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
N/A
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
N/A
ITEM 5. OTHER EVENTS
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS
N/A
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements:
N/A
(b) Pro Forma Financial Information:
N/A
(c) Exhibits
(99) Press release dated January 5, 1998 announcing that IP
Forest Resources Company (IPFR), managing general partner
of IP
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Timberlands, Ltd. (IPT), reported that on December 30,
1997, West Coast Forest Resources Limited Partnership
(WCFR) redeemed IPT's preferred and 1% limited
partnership interests, and IPFR's 1% limited partnership
interest, in WCFR.
As a result, IPT will report a book gain of approximately
$120 million in its 1997 financial statements and Class A
Unitholders will be allocated approximately $39 million of
this gain, or $.84 per Class A Unit, based on their share
of the Western region partnership interest sale in March
1996 that gave rise to these partnership interests.
ITEM 8. CHANGES IN FISCAL YEAR
N/A
Signature
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.
IP TIMBERLANDS, LTD.
BY: IP Forest Resources Company
(Managing General Partner)
(Registrant)
Date: January 6, 1998 /S/ CAROL M. SAMALIN
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Purchase, NY Carol M. Samalin
Assistant Secretary
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EXHIBIT INDEX
EXHIBIT NO. EXHIBIT DESCRIPTION
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N/A
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Media Contacts: Analyst Contacts:
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Phillip Giaramita Carol Tutundgy
(914) 397-1665 (914) 397-1632
Molly Sullivan Maryanne Rupy
(914) 397-1652 (914) 397-1626
Brian Turcotte
(914) 397-1623
IP TIMBERLANDS, LTD. ANNOUNCES REDEMPTION OF WEST COAST
PARTNERSHIP INTERESTS
January 5, 1998
PURCHASE, N.Y. -- IP Forest Resources Company (IPFR), managing general
partner of IP Timberlands, Ltd. (IPT), today reported that on December 30, 1997,
West Coast Forest Resources Limited Partnership (WCFR) redeemed IPT's preferred
and 1% limited partnership interests, and IPFR's 1% limited partnership
interest, in WCFR.
As a result of these redemptions, IPT will report a book gain of
approximately $120 million in its 1997 financial statements. Class A
Unitholders will be allocated approximately $39 million of this gain, or $.84
per Class A Unit, based on their share of the Western region partnership
interest sale in March 1996 that gave rise to these partnership interests.
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