SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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)
July 25, 1997
HIGH EQUITY PARTNERS L.P. - SERIES 86
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(Exact name of registrant as specified in its charter)
DELAWARE 0-15753 13-3314609
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
c/o Wexford Management LLC
411 West Putnam Avenue, Greenwich, CT 06830
(Address of principal executive offices)
(203) 862-7000
(Registrant's telephone number, including area code)
None
(Former name, or former address, if changed since last report)
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Item 1. Changes in Control of Registrant
On July 25, 1997, Wexford Management LLC ("Wexford"), the management
company for Presidio Capital Corp. ("Presidio") the parent company of Resources
Capital Corp., Resources High Equity, Inc. and Presidio AGP Corp., the
Administrative, Investment and Associate General Partners, respectively, of High
Equity Partners L.P. - Series 86 (the "Partnership"), received notice from
Presidio Holding Company, LLC, which stated that it is the holder of 63% of the
outstanding Class A common shares of Presidio, that it was seeking to remove the
three current Class A directors and replacing them with Edward Scheetz, David
Hamamoto and David King effective as of 12:00 p.m. on September 2, 1997. Wexford
has not determined whether Presidio Holding Company, LLC has the right to seek
and obtain removal or replacement of the current Class A directors pursuant to
such notice. If such holder's ownership is confirmed, the other Class A
shareholders will be entitled to certain representation on the Board.
The complete text of the press release issued by Presidio is attached
hereto as an exhibit and is hereby incorporated by reference in its entirety to
this item.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
c. Exhibits
99.1 Press Release, dated July 28, 1997
<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 hereunto duly authorized.
High Equity Partners L.P. - Series 86
By: Resources Capital Corp.
Dated: August 7, 1997 By: /s/Jay L. Maymudes
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Jay L. Maymudes
Vice President, Secretary,
and Treasurer
FOR IMMEDIATE RELEASE
Contact: Tony Smith (441) 295-9166
PRESIDIO HOLDING COMPANY, LLC SEEKS TO REPLACE
PRESIDIO CAPITAL CORP. CLASS A DIRECTORS
HAMILTON HM DX, BERMUDA, July 28, 1997. - Wexford Management LLC, the
management company for Presidio Capital Corp. (PCC), received notice from
Presidio Holding Company, LLC, which has stated that it is holder of 63% of its
outstanding Class A common shares, that it was seeking to remove the three
current Class A directors and replacing them with Edward Sheetz, David Hamamoto
and David King effective noon on September 2, 1997. Wexford Management has not
determined whether Presidio Holding Company, LLC has the right to seek and
obtain removal or replacement of the current Class A directors pursuant to such
notice. If such holder's ownership is confirmed, the other Class A shareholders
will be entitled to certain representation on the Board.
Presidio Capital Corp., the successor entity to Integrated Resources,
Inc., is engaged in the liquidation and disposition of the assets of Integrated,
which were acquired pursuant to the Sixth Amended Plan of Reorganization
submitted by the Subordinated Bondholders Committee and the Steinhardt Group.
The plan of reorganization was consummated on November 3, 1994.
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