SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
-----
EXCHANGE ACT OF 1934.
For the quarterly period ended June 30, 1995
-------------
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
-----
EXCHANGE ACT OF 1934.
For the transition period from to
------------ ------------
Commission file number 0-15646
-------
BALCOR GROWTH FUND
A REAL ESTATE INVESTMENT FOR CAPITAL APPRECIATION
-------------------------------------------------------
(Exact name of registrant as specified in its charter)
Illinois 36-3378299
------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2355 Waukegan Road
Bannockburn, Illinois 60015
----------------------------------------- -------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (708) 267-1600
--------------
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
----- -----
<PAGE>
BALCOR GROWTH FUND
A REAL ESTATE INVESTMENT FOR CAPITAL APPRECIATION
(An Illinois Limited Partnership)
BALANCE SHEETS
June 30, 1995 and December 31, 1994
(Unaudited)
ASSETS
1995 1994
------------- --------------
Cash and cash equivalents $ 82,332 $ 37,514
Accounts receivable 5,385
Investment in joint ventures with affiliates 790,076 972,320
------------- --------------
$ 877,793 $ 1,009,834
============= ==============
LIABILITIES AND PARTNERS' DEFICIT
Loan payable - affiliate $ 802,645 $ 731,645
Accounts payable 14,556
Due to affiliates 145,201 139,292
------------- --------------
Total liabilities 947,846 885,493
Affiliate's participation in joint venture 349,005 383,661
Partners' deficit (7,084 Limited Partnership
Interests issued and outstanding) (419,058) (259,320)
------------- --------------
$ 877,793 $ 1,009,834
============= ==============
The accompanying notes are an integral part of the financial statements.
<PAGE>
BALCOR GROWTH FUND
A REAL ESTATE INVESTMENT FOR CAPITAL APPRECIATION
(An Illinois Limited Partnership)
STATEMENTS OF INCOME AND EXPENSES
for the six months ended June 30, 1995 and 1994
(Unaudited)
1995 1994
------------- -------------
Expenses:
Interest on short-term loan from
an affiliate $ 29,187 $ 16,690
Administrative 88,260 76,736
Participation in losses from joint ventures
with affiliates 31,744 171,377
------------- -------------
Total expenses 149,191 264,803
------------- -------------
Loss before affiliate's participation
in (income) loss from joint venture (149,191) (264,803)
Affiliate's participation in (income) loss
from joint venture (10,547) 15,075
------------- -------------
Net loss $ (159,738) $ (249,728)
============= =============
Net loss allocated to General Partner $ (1,597) $ (2,497)
============= =============
Net loss allocated to Limited Partners $ (158,141) $ (247,231)
============= =============
Net loss per Limited Partnership Interest
(7,084 issued and outstanding) $ (22.32) $ (34.90)
============= =============
The accompanying notes are an integral part of the financial statements.
<PAGE>
BALCOR GROWTH FUND
A REAL ESTATE INVESTMENT FOR CAPITAL APPRECIATION
(An Illinois Limited Partnership)
STATEMENTS OF INCOME AND EXPENSES
for the quarters ended June 30, 1995 and 1994
(Unaudited)
1995 1994
------------- -------------
Expenses:
Interest on short-term loan from
an affiliate $ 15,316 $ 9,194
Administrative 50,335 42,827
Participation in losses from joint ventures
with affiliates 17,628 117,495
------------- -------------
Total expenses 83,279 169,516
------------- -------------
Loss before affiliate's participation
in (income) loss from joint venture (83,279) (169,516)
Affiliate's participation in (income) loss
from joint venture (287) 15,012
------------- -------------
Net loss $ (83,566) $ (154,504)
============= =============
Net loss allocated to General Partner $ (835) $ (1,545)
============= =============
Net loss allocated to Limited Partners $ (82,731) $ (152,959)
============= =============
Net loss per Limited Partnership Interest
(7,084 issued and outstanding) $ (11.67) $ (21.59)
============= =============
The accompanying notes are an integral part of the financial statements.
<PAGE>
BALCOR GROWTH FUND
A REAL ESTATE INVESTMENT FOR CAPITAL APPRECIATION
(An Illinois Limited Partnership)
STATEMENTS OF CASH FLOWS
for the six months ended June 30, 1995 and 1994
(Unaudited)
1995 1994
------------- -------------
Operating activities:
Net loss $ (159,738) $ (249,728)
Adjustments to reconcile net loss to net
cash used in operating activities:
Affiliate's participation in income
(loss) from joint venture 10,547 (15,075)
Participation in losses from joint
ventures with affiliates 31,744 171,377
Net change in:
Accounts receivable (5,385)
Accounts payable (14,556) (9,556)
Due to affiliates 5,909 44,104
------------- -------------
Net cash used in operating activities (131,479) (58,878)
------------- -------------
Investing activities:
Capital contribution to joint
venture with an affiliate (24,500) (17,000)
Distribution from joint venture
with an affiliate 175,000 90,000
------------- ------------
Net cash provided by investing activities 150,500 73,000
------------- ------------
Financing activities:
Proceeds from loan payable - affiliate 71,000
Distribution to joint venture
partner - affiliate (45,203) (23,247)
------------- ------------
Net cash provided by or used in financing
activities 25,797 (23,247)
------------- ------------
Net change in cash and cash equivalents 44,818 (9,125)
Cash and cash equivalents at beginning
of period 37,514 43,067
------------- -------------
Cash and cash equivalents at end of period $ 82,332 $ 33,942
============= =============
The accompanying notes are an integral part of the financial statements.
<PAGE>
BALCOR GROWTH FUND
A REAL ESTATE INVESTMENT FOR CAPITAL APPRECIATION
(An Illinois Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
1. Accounting Policy:
In the opinion of management, all adjustments necessary for a fair presentation
have been made to the accompanying statements for the six months and quarter
ended June 30, 1995, and all such adjustments are of a normal and recurring
nature.
2. Transactions with Affiliates:
Expenses paid and payable by the Partnership to affiliates during the six
months and quarter ended June 30, 1995 are:
Paid
--------------------
Six Months Quarter Payable
----------- -------- ---------
Reimbursement of expenses to
the General Partner, at cost $55,191 $55,191 $2,468
As of June 30, 1995, $802,645 is owed to the General Partner, $71,000 of which
was borrowed during the six months ended June 30, 1995. During the six months
ended June 30, 1995 and 1994, the Partnership incurred interest expense of
$29,187 and $16,690, respectively. The Partnership paid no interest expense
during either period. As of June 30, 1995, interest expense of $142,733 is
payable. Interest expense was computed at the American Express Company cost of
funds rate plus a spread to cover administrative costs. As of June 30, 1995,
this rate was 6.542%.
<PAGE>
BALCOR GROWTH FUND
A REAL ESTATE INVESTMENT FOR CAPITAL APPRECIATION
(An Illinois Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS
Balcor Growth Fund A Real Estate Investment for Capital Appreciation (the
"Partnership") was formed in 1985 to invest in and operate income-producing
real property. The Partnership raised $7,084,000 from sales of Limited
Partnership Interests and utilized these proceeds to acquire joint venture
interests in two real properties. The Partnership is currently involved in the
operation of these joint ventures.
Inasmuch as the management's discussion and analysis below relates primarily to
the time period since the end of the last fiscal year, investors are encouraged
to review the financial statements and the management's discussion and analysis
contained in the annual report for 1994 for a more complete understanding of
the Partnership's financial position.
Operations
----------
Summary of Net Loss
-------------------
The operations of the Partnership are primarily comprised of the Partnership's
participation in the operations of the Post Lake and Redwood Shores apartment
complexes. As a result of improved operations at both properties, the
Partnership's net loss decreased during the six months and quarter ended June
30, 1995 as compared to the same periods in 1994. Further discussion of the
Partnership's operations is summarized below.
1995 Compared to 1994
---------------------
Post Lake Apartments generated net income during the six months and quarter
ended June 30, 1995 as compared to a net loss during the same periods in 1994
primarily as a result of higher rental income due to higher rental rates and
occupancy, and lower painting expenses. The improvements at Post Lake also
resulted in affiliate's participation in income from joint venture during the
six months and quarter ended June 30, 1995 as compared to a participation in
loss during the same periods in 1994.
The net loss from Redwood Shores Apartments decreased during the six months and
quarter ended June 30, 1995 as compared to the same periods in 1994 as a result
of higher rental income due to increased occupancy and higher interest income
due to higher interest rates.
As a result of higher interest rates and outstanding balances during 1995,
interest expense on the Partnership's short-term loan with an affiliate
increased during the six months and quarter ended June 30, 1995 as compared to
the same periods in 1994.
<PAGE>
Primarily as a result of increased accounting fees, administrative expenses
increased during the six months and quarter ended June 30, 1995 as compared to
the same periods in 1994.
Liquidity and Capital Resources
-------------------------------
The cash position of the Partnership increased as of June 30, 1995 as compared
to December 31, 1994. The Partnership's operating activities consisted of the
payment of Partnership administrative expenses; investing activities consisted
of the distribution from the Atlanta Lakes Joint Venture and a contribution to
Redwood Partners; and financing activities consisted of borrowings from the
General Partner and the distribution to the affiliated partner on the Atlanta
Lakes Joint Venture.
The Partnership classifies the cash flow performance of the properties as
either positive, a marginal deficit or a significant deficit, each after
consideration of debt service payments. A deficit is considered to be
significant if it exceeds $250,000 annually or 20% of the property's rental and
service income. The Partnership defines cash flow generated from the properties
as an amount equal to the property's revenue receipts less property related
expenditures, which include debt service payments. During the six months ended
June 30, 1995 and 1994, Post Lake Apartments generated positive cash flow.
Redwood Shores Apartments generated positive cash flow during the six months
ended June 30, 1995 as compared to a marginal cash flow deficit during the same
period in 1994. This improvement was primarily a result of higher rental
income due to increased occupancy and higher rental rates. During the six
months ended June 30, 1995 and 1994, the mortgage financing on the Redwood
Shores Apartments required principal payments of $190,000 and $172,500,
respectively. The joint venture partners of Redwood Shores (Redwood Partners
and the seller) are required to fund their share of any cash flow deficit the
property generates.
While the cash flow of the properties in which the Partnership holds joint
venture interests has improved, the General Partner continues to pursue a
number of actions aimed at improving the cash flow of these properties
including refinancing of mortgage loans, improving property operating
performance, and seeking rent increases where market conditions allow. As of
June 30, 1995 the Redwood Shores Apartments had an occupancy rate of 98% and
the Post Lake Apartments had an occupancy rate of 92%.
Each of the properties is owned through the use of third-party mortgage loan
financing and, therefore, the Partnership is subject to the financial
obligations required by such loans. Although the Partnership has no third-party
financing which matures prior to 1997, the General Partner is currently
pursuing a refinancing of the Redwood Shores mortgage note payable.
As of June 30, 1995, $802,645 is owed to the General Partner. The General
Partner may continue to provide additional short-term loans to the Partnership
for working capital or liquidity purposes, although there is no assurance that
such loans will be available. Should such short-term loans not be available,
the General Partner will seek alternative third party sources of financing
working capital. However, the current economic environment and its impact on
the real estate industry make it unlikely that the Partnership would be able to
secure financing from third parties to fund working capital needs or operating
deficits. Should additional borrowings be needed and not be available either
through the General Partner or third parties, the Partnership may be required
<PAGE>
to dispose of one or both of its joint venture interests to satisfy these
obligations. It is not expected that the Partnership will generate substantial
Net Cash Receipts, and any cash flow that is generated is expected to be used
to finance the Partnership's share of improvements that are intended to enhance
the value of the properties and to repay General Partner advances. The Redwood
Shores and Post Lake apartment complexes may not currently be sold on terms
which are advantageous to the Partnership and it may be necessary for the joint
ventures to retain ownership of the properties for longer than the holding
period originally projected in the Prospectus.
Inflation has several types of potentially conflicting impacts on real estate
investments. Short-term inflation can increase real estate operating costs
which may or may not be recovered through increased rents and/or sales prices,
depending on general or local economic conditions. In the long-term, inflation
can be expected to increase operating costs and replacement costs and may lead
to increased rental revenues and real estate values.
<PAGE>
BALCOR GROWTH FUND
A REAL ESTATE INVESTMENT FOR CAPITAL APPRECIATION
(An Illinois Limited Partnership)
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
-----------------------------------------
(a) Exhibits:
(4) Form of Subscription Agreement set forth as Exhibit 4.1 to Amendment No. 3
dated October 1, 1986 to the Registrant's Registration Statement on Form S-11
(Registration No. 33-4963) and Form of Confirmation regarding Interests in the
Registrant set forth as Exhibit 4.2 to the Registrant's Report on Form 10-Q for
the quarter ended June 30, 1992 (Commission File No. 0-15646) are incorporated
herein by reference.
(27) Financial Data Schedule of the Registrant for the six month period ending
June 30, 1995 is attached hereto.
(b) Reports on Form 8-K: There were no reports filed on Form 8-K during the
quarter ended June 30, 1995.
<PAGE>
ATLANTA LAKES JOINT VENTURE
(An Illinois General Partnership)
<PAGE>
ATLANTA LAKES JOINT VENTURE
(An Illinois General Partnership)
BALANCE SHEETS
June 30, 1995 and December 31, 1994
(Unaudited)
ASSETS
1995 1994
------------- -------------
Cash and cash equivalents $ 16,026 $ 47,918
Escrow deposits 205,150 92,357
Accounts and accrued interest receivable 197,381 207,180
Deferred expenses, net of accumulated
amortization of $179,503 in 1995 and
$168,513 in 1994 40,296 51,286
------------- -------------
458,853 398,741
------------- -------------
Investment in real estate, at cost:
Land 3,794,165 3,794,165
Buildings and improvements 21,297,917 21,297,917
------------- -------------
25,092,082 25,092,082
Less accumulated depreciation 7,296,782 6,970,136
------------- -------------
Investment in real estate, net of
accumulated depreciation 17,795,300 18,121,946
------------- -------------
$ 18,254,153 $ 18,520,687
============= =============
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 3,112
Accrued liabilities, principally
real estate taxes $ 113,792
Security deposits 107,014 108,009
Mortgage note payable 15,307,997 15,415,878
------------- -------------
Total liabilities 15,528,803 15,526,999
Partners' capital 2,725,350 2,993,688
------------- -------------
$ 18,254,153 $ 18,520,687
============= =============
The accompanying notes are an integral part of the financial statements.
<PAGE>
ATLANTA LAKES JOINT VENTURE
(An Illinois General Partnership)
STATEMENTS OF INCOME AND EXPENSES
for the six months ended June 30, 1995 and 1994
(Unaudited)
1995 1994
------------- -------------
Income:
Rental and service $ 2,007,105 $ 1,880,379
Interest on short-term investments 5,192 2,921
------------- -------------
Total income 2,012,297 1,883,300
------------- -------------
Expenses:
Interest on mortgage note payable 710,924 720,421
Depreciation 326,646 326,646
Amortization of deferred expenses 10,990 10,990
Property operating 675,512 740,520
Real estate taxes 113,792 115,512
Property management fees 85,307 78,265
Administrative 7,464 7,672
------------- -------------
Total expenses 1,930,635 2,000,026
------------- -------------
Net income (loss) $ 81,662 $ (116,726)
============= =============
The accompanying notes are an integral part of the financial statements.
<PAGE>
ATLANTA LAKES JOINT VENTURE
(An Illinois General Partnership)
STATEMENTS OF INCOME AND EXPENSES
for the quarters ended June 30, 1995 and 1994
(Unaudited)
1995 1994
------------- -------------
Income:
Rental and service $ 1,001,356 $ 929,753
Interest on short-term investments 1,076 2,207
------------- -------------
Total income 1,002,432 931,960
------------- -------------
Expenses:
Interest on mortgage note payable 354,841 359,644
Depreciation 163,323 163,323
Amortization of deferred expenses 5,495 5,495
Property operating 372,559 420,638
Real estate taxes 56,896 57,756
Property management fees 42,563 39,404
Administrative 4,534 1,939
------------- -------------
Total expenses 1,000,211 1,048,199
------------- -------------
Net income (loss) $ 2,221 $ (116,239)
============= =============
The accompanying notes are an integral part of the financial statements.
<PAGE>
ATLANTA LAKES JOINT VENTURE
(An Illinois General Partnership)
STATEMENTS OF CASH FLOWS
for the six months ended June 30, 1995 and 1994
(Unaudited)
1995 1994
------------- -------------
Operating activities:
Net income (loss) $ 81,662 $ (116,726)
Adjustments to reconcile net income (loss)
to net cash provided by operating
activities:
Depreciation of property 326,646 326,646
Amortization of deferred expenses 10,990 10,990
Net change in:
Escrow deposits (112,793) (115,029)
Accounts and accrued interest
receivable 9,799 34,779
Accounts payable (3,112) (3,112)
Accrued liabilities 113,792 115,512
Security deposits (995) 5,583
------------- -------------
Net cash provided by operating activities 425,989 258,643
------------- -------------
Financing activities:
Distribution to Joint Venture Partners (350,000) (180,000)
Principal payments on mortgage
note payable (107,881) (98,384)
------------- -------------
Cash used in financing activities (457,881) (278,384)
------------- -------------
Net change in cash and cash equivalents (31,892) (19,741)
Cash and cash equivalents at beginning
of period 47,918 49,917
------------- -------------
Cash and cash equivalents at end of period $ 16,026 $ 30,176
============= =============
The accompanying notes are an integral part of the financial statements.
<PAGE>
ATLANTA LAKES JOINT VENTURE
(An Illinois General Partnership)
NOTES TO FINANCIAL STATEMENTS
1. Accounting Policy:
In the opinion of management, all adjustments necessary for a fair presentation
have been made to the accompanying statements for the six months and quarter
ended June 30, 1995, and all such adjustments are of a normal and recurring
nature.
2. Interest Expense:
During the six months ended June 30, 1995 and 1994, the Partnership incurred
and paid interest expense on the mortgage note payable of $710,924 and
$720,421, respectively.
<PAGE>
REDWOOD PARTNERS
(An Illinois General Partnership)
<PAGE>
REDWOOD PARTNERS
(An Illinois General Partnership)
BALANCE SHEETS
June 30, 1995 and December 31, 1994
(Unaudited)
ASSETS
1995 1994
------------- -------------
Cash and cash equivalents $ 3,040 $ 9,887
Bond reserve 2,478,000 2,478,000
Accounts and accrued interest receivable 283,756 204,228
------------- -------------
2,764,796 2,692,115
------------- -------------
Investment in real estate, at cost:
Land 6,043,941 6,043,941
Buildings and improvements 22,942,335 22,942,335
------------- -------------
28,986,276 28,986,276
Less accumulated depreciation 6,964,095 6,598,769
------------- -------------
Investment in real estate, net of
accumulated depreciation 22,022,181 22,387,507
------------- -------------
$ 24,786,977 $ 25,079,622
============= =============
LIABILITIES AND PARTNERS' DEFICIT
Accounts payable $ 3,890
Security deposits $ 112,960 115,565
Mortgage note payable 25,727,500 25,917,500
------------- -------------
Total liabilities 25,840,460 26,036,955
Partners' deficit (1,053,483) (957,333)
------------- -------------
$ 24,786,977 $ 25,079,622
============= =============
The accompanying notes are an integral part of the financial statements.
<PAGE>
REDWOOD PARTNERS
(An Illinois General Partnership)
STATEMENTS OF INCOME AND EXPENSES
for the six months ended June 30, 1995 and 1994
(Unaudited)
1995 1994
------------- -------------
Income:
Rental and service $ 1,778,918 $ 1,733,674
Interest on short-term investments 168,574 149,108
------------- -------------
Total income 1,947,492 1,882,782
------------- -------------
Expenses:
Interest on mortgage note payable 1,133,890 1,148,987
Depreciation 365,326 365,326
Property operating 394,009 386,763
Real estate taxes 145,759 141,479
Property management fees 71,019 75,779
Administrative 7,845 14,147
------------- -------------
Total expenses 2,117,848 2,132,481
------------- -------------
Loss before seller's participation
in loss of joint venture (170,356) (249,699)
Seller's participation in loss
of joint venture 25,206 23,671
------------- -------------
Net loss $ (145,150) $ (226,028)
============= =============
The accompanying notes are an integral part of the financial statements.
<PAGE>
REDWOOD PARTNERS
(An Illinois General Partnership)
STATEMENTS OF INCOME AND EXPENSES
for the quarters ended June 30, 1995 and 1994
(Unaudited)
1995 1994
------------- -------------
Income:
Rental and service $ 895,182 $ 867,061
Interest on short-term investments 92,262 75,558
------------- -------------
Total income 987,444 942,619
------------- -------------
Expenses:
Interest on mortgage note payable 564,921 572,688
Depreciation 182,663 182,663
Property operating 163,803 194,287
Real estate taxes 73,279 70,740
Property management fees 35,849 32,404
Administrative 4,406 8,589
------------- -------------
Total expenses 1,024,921 1,061,371
------------- -------------
Net loss $ (37,477) $ (118,752)
============= =============
The accompanying notes are an integral part of the financial statements.
<PAGE>
REDWOOD PARTNERS
(An Illinois General Partnership)
STATEMENTS OF CASH FLOWS
for the six months ended June 30, 1995 and 1994
(Unaudited)
1995 1994
------------- -------------
Operating activities:
Net loss $ (145,150) $ (226,028)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Seller's participation in loss from
joint venture (25,206) (23,671)
Depreciation of property 365,326 365,326
Net change in:
Accounts receivable (79,528) (6,054)
Accounts payable (3,890) (1,944)
Security deposits (2,605) (2,875)
------------- -------------
Net cash provided by operating activities 108,947 104,754
------------- -------------
Financing activities:
Capital contribution by joint venture
partners 49,000 34,000
Capital contribution by joint venture
partner - seller 25,206 23,671
Principal payments on mortgage note payable (190,000) (172,500)
------------- -------------
Net cash used in financing activities (115,794) (114,829)
------------- -------------
Net change in cash and cash equivalents (6,847) (10,075)
Cash and cash equivalents at beginning
of period 9,887 19,602
------------- -------------
Cash and cash equivalents at end of period $ 3,040 $ 9,527
============= =============
The accompanying notes are an integral part of the financial statements.
<PAGE>
REDWOOD PARTNERS
(An Illinois General Partnership)
NOTES TO FINANCIAL STATEMENTS
1. Accounting Policy:
In the opinion of management, all adjustments necessary for a fair presentation
have been made to the accompanying statements for the six months and quarter
ended June 30, 1995, and all such adjustments are of a normal and recurring
nature.
2. Interest Expense:
During the six months ended June 30, 1995 and 1994, the Partnership incurred
and paid interest expense on the mortgage note payable of $1,133,890 and
$1,148,987 respectively.
<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, thereunto duly authorized.
BALCOR GROWTH FUND
A REAL ESTATE INVESTMENT FOR CAPITAL
APPRECIATION
By: /s/Thomas E. Meador
-----------------------------
Thomas E. Meador
President and Chief Executive Officer
(Principal Executive Officer) of Balcor
Partners-XX, the General Partner
By: /s/Brian D. Parker
------------------------------
Brian D. Parker
Senior Vice President, and Chief Financial
Officer (Principal Accounting and Financial
Officer) of Balcor Partners-XX, the General
Partner
Date: August 14, 1995
--------------------------
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 82
<SECURITIES> 0
<RECEIVABLES> 5
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 88
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 878
<CURRENT-LIABILITIES> 948
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> (419)
<TOTAL-LIABILITY-AND-EQUITY> 878
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 42
<OTHER-EXPENSES> 88
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 29
<INCOME-PRETAX> (160)
<INCOME-TAX> 0
<INCOME-CONTINUING> (160)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (160)
<EPS-PRIMARY> (22.32)
<EPS-DILUTED> (22.32)
</TABLE>
