SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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): January 14, 1997
High Equity Partners L.P. - Series 86
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-15753 13-3314609
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
411 West Putnam Avenue
Greenwich, Connecticut 06830
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (203) 862-7000
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
On January 14, 1997, the Superior Court of California, County of Los
Angeles, issued an order denying final approval of the proposed settlement of
Mark Erwin, Trustee et al v. Resources High Equity, Inc. (the "HEP Action"). The
HEP Action is a class action litigation that commenced in 1993 and involves
claims asserted on behalf of the limited partners of the Partnership and two
other publicly traded limited partnerships, Integrated Resources High Equity
Partners, Series 85, A California Limited Partnership, and High Equity Partners
L.P. - Series 88, as well as against Resources High Equity, Inc., Resources
Capital Corp. and Integrated Resources Equity Corporation, three subsidiaries of
Presidio Capital Corp. that were formerly indirect subsidiaries of Integrated
Resources, Inc. ("Integrated"), together with a number of other defendants,
including certain former officers of Integrated.
The litigation and the proposed settlement are described in detail in
the Partnership's 1995 Form 10-K and its Form 10-Q for the quarter ended
September 30, 1996.
The Partnership is considering the appropriate course of action in
light of this development.
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 hereunto duly authorized.
HIGH EQUITY PARTNERS L.P. - SERIES 86
By: RESOURCES CAPITAL CORP.
By: /s/ Joseph M. Jacobs
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Joseph M. Jacobs
President
Dated: January 31, 1997
