UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (date of earliest event reported): December 30, 1997
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Commission File No. 33-10122
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POLARIS AIRCRAFT INCOME FUND III,
A California Limited Partnership
State of Organization: California
IRS Employer Identification No. 94-3023671
201 Mission Street, 27th Floor, San Francisco, California 94105
Telephone - (415) 284-7400
This document consists of 3 pages.
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Item 5. Other Events.
Prepayment of Promissory Note
On December 30, 1997, Polaris Aircraft Income Fund III, (the "Partnership")
received $9,618,278 from Triton Aviation Services III LLC ("Triton") as
prepayment in full of its outstanding note receivable and interest earned by the
Partnership to December 30, 1997.
As soon as practicable, Polaris Investment Management Corporation
(the "General Partner") will evaluate the Partnership's anticipated expenses
and contingencies to determine an appropriate level of cash reserves to be
retained by the Partnership and the timing for distribution of all or a portion
of the Triton prepayment proceeds. The Partnership anticipates making a special
distribution to partners by February 28, 1998.
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SIGNATURE
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.
POLARIS AIRCRAFT INCOME FUND III
(Registrant)
By: Polaris Investment
Management Corporation,
General Partner
December 31, 1997 By: /S/Marc A. Meiches
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Marc A. Meiches
Chief Financial Officer
(principal financial officer and
principal accounting officer of
Polaris Investment Management
Corporation, General Partner of
the Registrant)
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