UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
PURSUANT TO SECTION 13 OR 15(D) OR THE
SECURITIES EXCHANGE ACT OF 1934
SEPTEMBER 25, 1997
ML-LEE ACQUISITION FUND, L.P.
(Exact name of registrant ass specified in its governing instruments)
Delaware 13-3426817
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
World Financial Center
South Tower - 23rd Floor
New York, New York 10080-6123
(Address of principal executive office and zip code)
Registrant's telephone number,, including area code: (212) 236-7339
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ITEM 5. OTHER EVENTS
As of April 30, 1997, ML-Lee Acquisition Fund, L.P. (the "Fund") entered
into a Release and Settlement Agreement (the "Settlement Agreement") with
Deloitte & Touche LLP ("Deloitte") in connection with the settlement of certain
litigation regarding Emb-Tex Corporation. Pursuant to the Settlement Agreement,
Deloitte and the Fund agreed that if the South Carolina Supreme Court rendered a
final decision resulting in the remand of such litigation to the trial court for
a jury trial on the merits of one or more of the Fund's claims, Deloitte would
pay the Fund $6 million. On August 11, 1997, the South Carolina Supreme Court
affirmed in part and reversed in part the rulings by the South Carolina Court of
Appeals reversing summary judgment for Deloitte. Accordingly, to avoid the
expense and uncertainty of trial and not as an admission of any liability to the
Fund on Deloitte's part, Deloitte on September 25, 1997 paid the Fund $6 million
under the Settlement Agreement. These funds, approximately $12.18 per Unit, will
be distributed to Limited Partners of record as of September 25, 1997.
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Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant in the capacities indicated on the 25th day of September, 1997.
Signature Title
ML Mezzanine Inc.
______________________ Vice President and Treasurer
Audrey Bommer (Principal Financial Officer of Registrant)
ML Mezzanine Inc.
______________________ Vice President and Assistant Treasurer
Roger F. Castoral, Jr. (Principal Accounting Officer of Registrant)
