FORM 8-K--CURRENT REPORT
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: January 30, 1998
ANGELES PARTNERS 16
(Exact name of registrant as specified in its charter)
CALIFORNIA 0-16209 95-4106417
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification
Number)
One Insignia Financial Plaza
Post Office Box 1089
Greenville, South Carolina 29602
(Address of Principal Executive Office)
Registrant's telephone number, including area code (864) 239-1000
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On January 30, 1998, Angeles Partners 16, a California limited partnership (the
"Partnership"), executed an Agreement for Deed in Lieu of Foreclosure by and
between the Partnership, Angeles Realty Corporation II (the "General Partner"),
a California Corporation and Angeles Mortgage Investment Trust ("AMIT"), a
California business trust. Pursuant thereto, the Partnership conveyed the
Silver Ridge Apartments, located in Maplewood, Minnesota, to AMIT in lieu of
mortgage foreclosure. The General Partner does not believe that it is in the
Partnership's best interest to contest this foreclosure action because there is
no equity in the property or Partnership. Furthermore, the Partnership does not
have the funds with which to contest this action.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
The Partnership has requested copies of the Agreement but has not received these
documents as of the date of this filing. The Partnership will file an amended
8-K to include these exhibits when they are received.
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.
ANGELES PARTNERS 16
By: Angeles Realty Corporation II
General Partner
By: /s/ Carroll D. Vinson
Carroll D. Vinson
President
Date: February 4, 1998
