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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Date of Report (Date of earliest event reported).
April 16, 1997
AMERICAN LEASING INVESTORS VIII-B
(Exact name of registrant as specified in its charter)
Delaware 0-15801 13-3275939
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(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
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ITEM 2. Acquisition or Disposition of Assets
On January 21, 1997, the lease of a British Aerospace HS 125-800A aircraft (the
"DuPont Aircraft") owned by Registrant, expired in accordance with its original
terms. The associated debt was repaid upon the receipt of the final rental
installment. The lessee continued to utilize the DuPont Aircraft until January
31, 1997 at which time the DuPont Aircraft was made available for return
inspection effective January 31, 1997. On April 16, 1997, Registrant sold the
DuPont Aircraft to an unaffiliated third party for a purchase price of
$5,400,000, exclusive of selling expenses of approximately $118,000. At the time
of sale, the DuPont Aircraft had a net carrying value of approximately
$3,041,800.
ITEM 5. Other Events
On June 30, 1994, Registrant's lease of certain packaging line equipment (the
"Packaging Line") with Xerox Corporation ("Xerox") expired in accordance with
the original lease terms (the "Xerox Lease"), at which time the associated
nonrecourse debt was repaid.
Pursuant to the terms of the Xerox Lease, Xerox had two options, subject to
certain conditions precedent, to extend the Xerox Lease for two consecutive
periods of one year each. In late 1993 Xerox had notified Registrant of its
intent to exercise its right to extend the Xerox Lease and Xerox and Registrant
commenced negotiations to determine the Fair Market Rental Value of the
Packaging Line. In October 1995, Registrant and Xerox agreed upon a lease rate
for an eighteen month renewal which expired December 31, 1995.
Since January 1, 1996, Registrant and Xerox have attempted to reach agreement
for either a lease extension or a sale of the Packaging Line. Notwithstanding
the absence of an agreement on a lease extension and without the consent of
Registrant, Xerox continued to utilize the Packaging Line while refusing to pay
any rent. Registrant and Xerox were unable to reach an agreement and on April
17, 1997, Registrant commenced an action against Xerox in the Supreme Court of
the State of New York seeking compensatory and punitive damages relating to
Xerox's retention of the Packaging Line. Xerox has not yet filed an answer.
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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.
American Leasing Investors VIII-B
By: ALI Equipment Management Corp.
Managing General Partner
/s/ Douglas J. Lambert
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Douglas J. Lambert
President (Principal Executive and Financial
Officer)
Date: April 30, 1997
