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 L.P. II
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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)
0-15726 13-3370413
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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 L.P. II, (the
"Partnership") against Related Tax Exempt Associates II, 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 Bond Fund, L.P. 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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None
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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 L.P. II
(Registrant)
By: Related Tax Exempt Bond Associates II,
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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