SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): August 28, 1997
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Summit Tax Exempt Bond Fund, L.P.
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(Exact Name of Registrant as Specified in Charter)
Delaware (Limited Partnership)
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(State or other Jurisdiction of Incorporation)
1-9373 13-3323104
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(Commission File Number) (IRS Employer Identification Number)
625 Madison Avenue, New York, NY 10022
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(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (212) 421-5333
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
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On August 28, 1997, the United States District Court for the Southern
District of New York (the "Court") approved the settlement (the "Settlement") of
the class action litigation relating to Summit Tax Exempt Bond Fund, L.P. (the
"Partnership") against Related Tax Exempt Bond Associates, Inc. (the "Related
General Partner") and certain of its affiliates (In re Prudential Securities
Inc. Limited Partnership Litigation, MDL No. 1005). As part of the Settlement
the Court approved the consolidation (the "Consolidation") of the Partnership
with Summit Tax-Exempt L.P. II and Summit Tax-Exempt L.P. III (collectively with
the Partnership, the "Partnerships"), two other limited partnerships
co-sponsored by affiliates of the Related General Partner and Prudential-Bache
Properties, Inc. (the "P-B General Partner"). The new entity will be Charter
Municipal Mortgage Acceptance Company, a Delaware business trust, (the "Business
Trust") which will have similar business objectives and portfolio
characteristics to the Partnership. The Business Trust will engage an affiliate
of the Related General Partner to manage its day to day affairs (the "Manager").
The Business Trust has been approved for listing subject to notice of
issuance on the American Stock Exchange under the symbol "CHC". The Business
Trust is an open-ended, infinite life entity formed to originate, acquire and
hold for investment, tax exempt bonds, the proceeds of which will finance and
refinance the development and ownership of multifamily housing on a national
basis. The Business Trust will initially hold investments in 33 tax exempt bonds
presently owned by the Partnerships and will initially have a net asset value of
approximately $308.8 million.
As part of the Consolidation, the Manager will acquire the general partner
interest of the P-B General Partner and will contribute one half of such
interest back to the Partnership.
The Consolidation and commencement of trading of shares of the Business
Trust is expected to occur in October of 1997, although no assurance can be
given regarding the exact timing of such events.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(a). Financial Statements
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Not Applicable
(b). Pro Forma Financial Information
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Not Applicable
(c). Exhibits
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10.1 August 28, 1997 Press Release "Summit Tax-Exempt Bond Fund,
L.P. Receives Court Approval to Complete Consolidation
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Summit Tax Exempt Bond Fund, L.P.
(Registrant)
By: Related Tax Exempt Bond Associates, Inc.
A Delaware Corporation, General Partner
BY: /s/ Stuart J. Boesky
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Stuart J. Boesky
Senior Vice President
September 16, 1997
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Exhibit 10.1 CONTACT: Brenda Abuaf
Related Capital Company
(212) 421-5333
For Immediate Release
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SUMMIT TAX EXEMPT BOND FUND, L.P. RECEIVES
COURT APPROVAL TO COMPLETE CONSOLIDATION
New York, NY, August 28, 1997
Related Capital Company ("Related"), a leading real estate financial
services firm, today announced that it received court approval to consolidate
Summit Tax Exempt Bond Fund, L.P. (SUA) with two other limited partnerships,
Summit Tax Exempt L.P. II and Summit Tax Exempt L.P. III, which share similar
investment objectives and portfolio characteristics. The Consolidation is part
of the settlement of the class action litigation related to Summit and certain
other limited partnership programs sponsored by affiliates of Related, which the
court also approved today.
The consolidation entities will be organized as a new publicly traded
Delaware Business Trust, Charter Municipal Mortgage Acceptance Company,
("Charter Mac"), which has been approved for listing on the American Stock
Exchange under the symbol "CHC". Charter Mac is an open-ended, infinite life
entity formed to originate, acquire and hold for investment, tax exempt bonds,
the proceeds of which will finance and refinance the development and ownership
of multifamily housing on a national basis. Charter Mac will initially hold
investments in 33 tax exempt bonds presently owned by the partnerships and will
have a net asset value of $308.8 million. The Company's primary business
objectives will be similar to those of SUA: i) to preserve and protect the
Company's investment capital, ii) provide quarterly distributions generated from
Base Interest payments received from bonds which is excluded from gross income
for purposes of federal income taxation; iii) provide additional distributions
generated from Contingent Interest received from bonds, also excluded from gross
income for purposes of federal income taxation. "Charter Mac will be one of the
nation's largest multifamily tax exempt bond fund, with the ability to adapt to
changing economic environments," said J. Michael Fried, President of Related
Capital Company. In addition, "the consolidation provides investors with a
liquid investment in a company which has access to inexpensive capital with
which to grow," adds Mr. Stuart Boesky, Charter Mac's Chief Operating Officer.
The consolidation and trading of Charter Mac shares is expected to occur in
October of 1997, although no assurance can be given regarding the exact timing.
Related Capital Company is a nationwide, fully integrated real estate
financial services firm. Since 1972, Related and its affiliates have raised over
$3 billion in equity from over 107,000 investors to acquire a portfolio of more
than 800 properties, bonds and mortgages valued at a cost of $6.8 billion.
