SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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) November 18, 1996
STAMFORD TOWERS LIMITED PARTNERSHIP
AND
STAMFORD TOWERS DEPOSITARY CORP.
(Exact name of registrant as specified in its charter)
Stamford Towers Limited Partnership 338105 13-3392080
is a Delaware limited partnership Commission
File No.
Stamford Towers Depositary Corp.
is a Delaware corporation 13-3392081
State or Other Jurisdiction I.R.S. Employer
of Incorporation Identification No.
3 World Financial Center, 29th Floor 10285
New York, NY Attn: Andre Anderson Zip Code
Address of principal executive offices
Registrant's telephone number, including area code (212) 526-3237
Item 5. Other Events
As previously reported, Gilbane Building Co. ("Gilbane"), the
construction manager on the Stamford Towers Project (the "Project")
of Stamford Towers Limited Partnership, a Delaware limited partnership (the
"Partnership"), sued the Partnership in the Connecticut Superior
Court in 1991. Gilbane alleged various legal claims seeking
approximately $2.65 million in damages and other relief. In
response, the Partnership counterclaimed against Gilbane alleging
various claims, including breaches of contracts, unfair trade
practices, slander of title, negligence and products liability.
In addition to other relief, the Partnership sought approximately
$1.7 million in damages. A subcontractor on the project,
Moliterno Stone Sales, Inc. ("Moliterno"), filed a cross-claim
against the Partnership. Moliterno sought to foreclose a
mechanic's lien securing work allegedly performed and monetary
damages. The Partnership filed its response and counterclaims to
Moliterno's cross-claim, alleging that Moliterno was negligent,
breached its contract and an implied warranty, and engaged in
unfair trade practices in performing its work on the Project.
On November 18, 1996, Judge Ryan of the Connecticut Superior
Court (the "Court") entered a final judgment in this proceeding.
The judgment awarded Gilbane $770,070 without interest on one of
its claims against the Partnership and dismissed Gilbane's remaining
claims. The Court also awarded Moliterno $155,000 without interest
on its claim against the Partnership. All remaining claims,
including the Partnership's counterclaims, were dismissed. The
time for any of the parties to this action to appeal the Court's
decision will expire 20 days after the date of the judgment,
unless such 20-day period is extended by Court order or otherwise.
Gilbane has informed the Partnerhsip that Gilbane intends to appeal the
decision of the Court. The Partnership has sufficient cash to pay the
amounts awarded to Gilbane and Moliterno, and the payments of the awards
will not have a material impact on the Partnership's financial condition.
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.
STAMFORD TOWERS LIMITED PARTNERSHIP
By: STAMFORD TOWERS, INC.
General Partner
Date: November 27, 1996 By: /s/ Rocco F. Andriola
Name: Rocco F. Andriola
Title: Director, Vice President,
and Chief Financial Officer
Date: November 27, 1996 By: /s/ Regina M. Hertl
Name: Regina M. Hertl
Title: President
