UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
FORM 10-Q
----------------------
_X_ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1995
OR
___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission File No. 33-15551
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POLARIS AIRCRAFT INCOME FUND IV,
A California Limited Partnership
State of Organization: California
IRS Employer Identification No. 94-3039169
201 Mission Street, 27th Floor, San Francisco, California 94105
Telephone - (415) 284-7400
Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days.
Yes _X_ No ___
This document consists of 14 pages.
<PAGE>
POLARIS AIRCRAFT INCOME FUND IV,
A California Limited Partnership
FORM 10-Q - For the Quarterly Period Ended March 31, 1995
INDEX
Part I. Financial Information Page
Item 1. Financial Statements
a) Balance Sheets - March 31, 1995 and
December 31, 1994.................................3
b) Statements of Operations - Three Months Ended
March 31, 1995 and 1994...........................4
c) Statements of Changes in Partners' Capital
(Deficit) - Year Ended December 31, 1994
and Three Months Ended March 31, 1995.............5
d) Statements of Cash Flows - Three Months
Ended March 31, 1995 and 1994.....................6
e) Notes to Financial Statements.....................7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations........10
Part II. Other Information
Item 1. Legal Proceedings....................................12
Item 5. Other Information....................................13
Item 6. Exhibits and Reports on Form 8-K.....................13
Signature.......................................................14
2
<PAGE>
Part I. Financial Information
Item 1. Financial Statements
POLARIS AIRCRAFT INCOME FUND IV,
A California Limited Partnership
BALANCE SHEETS
March 31, December 31,
1995 1994
---- ----
(Unaudited)
ASSETS:
CASH AND CASH EQUIVALENTS $ 18,951,964 $ 18,152,875
RENT AND OTHER RECEIVABLES 2,091,187 1,941,568
NOTES RECEIVABLE, net of allowance for credit
losses of $2,831,915 in 1995 and $3,263,108 in 1994 5,150,330 5,862,206
AIRCRAFT at cost, net of accumulated depreciation
of $52,306,248 in 1995 and $49,947,066 in 1994 66,371,196 68,730,378
OTHER ASSETS, net of accumulated amortization
of $2,116,873 in 1995 and $2,105,937 in 1994 93,377 104,313
------------ ------------
$ 92,658,054 $ 94,791,340
============ ============
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT):
PAYABLE TO AFFILIATES $ 144,587 $ 174,860
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 58,627 32,995
LESSEE SECURITY DEPOSITS 1,084,512 1,072,067
MAINTENANCE RESERVES 2,640,825 2,146,917
DEFERRED RENTAL INCOME -- 110,000
------------ ------------
Total Liabilities 3,928,551 3,536,839
------------ ------------
PARTNERS' CAPITAL (DEFICIT):
General Partner (3,568,546) (3,543,265)
Limited Partners, 499,964 units
issued and outstanding 92,298,049 94,797,766
------------ ------------
Total Partners' Capital 88,729,503 91,254,501
------------ ------------
$ 92,658,054 $ 94,791,340
============ ============
The accompanying notes are an integral part of these statements.
3
<PAGE>
POLARIS AIRCRAFT INCOME FUND IV,
A California Limited Partnership
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended March 31,
1995 1994
---- ----
REVENUES:
Rent from operating leases $ 3,069,373 $ 3,121,973
Interest 505,435 404,720
Gain on sale of aircraft -- 425,000
----------- -----------
Total Revenues 3,574,808 3,951,693
----------- -----------
EXPENSES:
Depreciation and amortization 2,370,118 2,803,744
Management and advisory fees 153,469 156,099
Operating 44,167 869,978
Administration and other 60,080 53,550
----------- -----------
Total Expenses 2,627,834 3,883,371
----------- -----------
NET INCOME $ 946,974 $ 68,322
=========== ===========
NET INCOME ALLOCATED
TO THE GENERAL PARTNER $ 321,916 $ 375,619
=========== ===========
NET INCOME (LOSS) ALLOCATED TO
LIMITED PARTNERS $ 625,058 $ (307,297)
=========== ===========
NET INCOME (LOSS) PER LIMITED
PARTNERSHIP UNIT $ 1.25 $ (0.61)
=========== ===========
The accompanying notes are an integral part of these statements.
4
<PAGE>
POLARIS AIRCRAFT INCOME FUND IV,
A California Limited Partnership
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
Year Ended December 31, 1994 and
Three Months Ended March 31, 1995
General Limited
Partner Partners Total
------------- ------------- -------------
Balance, December 31, 1993 $ (3,309,775) $ 117,899,531 $ 114,589,756
Net income (loss) 1,294,178 (9,352,755) (8,058,577)
Cash distributions to partners (1,527,668) (13,749,010) (15,276,678)
------------- ------------- -------------
Balance, December 31, 1994 (3,543,265) 94,797,766 91,254,501
Net income 321,916 625,058 946,974
Cash distribution to partners (347,197) (3,124,775) (3,471,972)
------------- ------------- -------------
Balance, March 31, 1995 (Unaudited) $ (3,568,546) $ 92,298,049 $ 88,729,503
============= ============= =============
The accompanying notes are an integral part of these statements.
5
<PAGE>
POLARIS AIRCRAFT INCOME FUND IV,
A California Limited Partnership
STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
1995 1994
---- ----
OPERATING ACTIVITIES:
Net income $ 946,974 $ 68,322
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 2,370,118 2,803,744
Gain on sale of aircraft -- (425,000)
Changes in operating assets and liabilities:
Increase in rent and other receivables (149,619) (80,091)
Decrease in other assets -- 35,887
Increase (decrease) in payable to affiliates (30,273) 119,270
Increase (decrease) in accounts payable
and accrued liabilities 25,632 (11,500)
Increase in lessee security deposits 12,445 220,000
Increase in maintenance reserves 493,908 --
Decrease in deferred income (110,000) --
------------ ------------
Net cash provided by operating activities 3,559,185 2,730,632
------------ ------------
INVESTING ACTIVITIES:
Proceeds from sale of aircraft -- 425,000
Increase in notes receivable -- (163,077)
Principal payments on notes receivable 711,876 99,641
------------ ------------
Net cash provided by investing activities 711,876 361,564
------------ ------------
FINANCING ACTIVITIES:
Cash distribution to partners (3,471,972) (4,166,367)
------------ ------------
Net cash used in financing activities (3,471,972) (4,166,367)
------------ ------------
CHANGES IN CASH AND CASH
EQUIVALENTS AND SHORT-TERM
INVESTMENTS 799,089 (1,074,171)
CASH AND CASH EQUIVALENTS AND
SHORT-TERM INVESTMENTS AT
BEGINNING OF PERIOD 18,152,875 20,474,194
------------ ------------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 18,951,964 $ 19,400,023
============ ============
The accompanying notes are an integral part of these statements.
6
<PAGE>
POLARIS AIRCRAFT INCOME FUND IV,
A California Limited Partnership
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. Accounting Principles and Policies
In the opinion of management, the financial statements presented herein include
all adjustments, consisting only of normal recurring items, necessary to
summarize fairly Polaris Aircraft Income Fund IV's (the Partnership's) financial
position and results of operations. The financial statements have been prepared
in accordance with the instructions of the Quarterly Report to the Securities
and Exchange Commission (SEC) Form 10-Q and do not include all of the
information and note disclosures required by generally accepted accounting
principles. These statements should be read in conjunction with the financial
statements and notes thereto for the years ended December 31, 1994, 1993, and
1992 included in the Partnership's 1994 Annual Report to the SEC on Form 10-K
(Form 10-K).
Financial Accounting Pronouncements - The Partnership adopted SFAS No. 114,
"Accounting by Creditors for Impairment of a Loan," and the related SFAS No. 118
as of January 1, 1995. SFAS No. 114 and SFAS No. 118 require that certain
impaired loans be measured based on the present value of expected cash flows
discounted at the loan's effective interest rate; or, alternatively, at the
loan's observable market price or the fair value of the collateral if the loan
is collateral dependent. The Partnership had previously measured the allowance
for credit losses using methods similar to that prescribed in SFAS No. 114. As a
result, no additional provision was required by the adoption of this
pronouncement. The Partnership has recorded an allowance for credit losses equal
to the full amount of the following impaired loan as a result of issues
regarding its collection due to restrictions regarding the cash flow by the
Bankruptcy Court. The Partnership recognizes revenue on this loan only as
payments are received.
As discussed in Note 3, the modified leases with Continental Airlines, Inc.
(Continental) include an extended deferral of the dates when certain rental
payments are due the Partnership. The Partnership recorded a note receivable and
an allowance for credit losses equal to the total of the deferred rents, the net
of which is reflected in the accompanying balance sheets. The note receivable
and corresponding allowance for credit losses are reduced by the principal
portion of payments received. In addition, the Partnership recognizes rental
revenue and interest revenue in the period the deferred rental payments are
received. The deferred rents and corresponding allowance for credit losses were
$2,831,915 and $3,263,108 as of March 31, 1995 and December 31, 1994,
respectively.
2. Lease to American Trans Air, Inc. (ATA)
As discussed in the Form 10-K, the Partnership negotiated a seven-year lease
with ATA for two Boeing 727-200 Advanced aircraft formerly on lease to USAir,
Inc. The leases began in February and March 1993. ATA was not required to begin
making cash rental payments until January and February 1994, although rental
revenue will be recognized over the entire lease term. The leases are renewable
for up to three one-year periods. ATA transferred to the Partnership two
unencumbered Boeing 727-100 aircraft as part of the lease transaction. The
Partnership sold both of these aircraft as discussed in the Form 10-K.
7
<PAGE>
Under the ATA lease, the Partnership may be required to finance aircraft
hushkits for use on the aircraft at an estimated aggregate cost of approximately
$5.0 million, which will be partially recovered with interest through payments
from ATA over an extended lease term. The Partnership loaned $1,164,800 to ATA
in 1993 to finance the purchase by ATA of two spare engines. This loan is
reflected in notes receivable in the accompanying balance sheets. The
Partnership has received all scheduled principal and interest payments due under
the notes. The balances of the notes at March 31, 1995 and December 31, 1994
were $913,154 and $949,489, respectively.
3. Continental Lease Modification
As discussed in the Form 10-K, the Continental leases for the Partnership's five
McDonnell Douglas DC-9-30 aircraft and Five Boeing 727-200 aircraft were
modified. The modified agreement specifies (i) extension of the leases for the
five Boeing 727-200s to April 1994 and for the five McDonnell Douglas DC-9-30
aircraft to June 1996; (ii) renegotiated rental rates averaging approximately
67% of the original lease rates; (iii) payment of ongoing rentals at the reduced
rates beginning in October 1991; (iv) payment of deferred rentals with interest
beginning in July 1992; and (v) payment by the Partnership of certain aircraft
modification and refurbishment costs, not to exceed approximately $4.9 million,
a portion of which will be recovered with interest through payments from
Continental over the extended lease term. The Partnership's share of such costs
will be capitalized and depreciated over the remaining lease terms. The
Partnership's balance sheets reflect the net reimbursable costs incurred of
$659,414 and $819,259 as of March 31, 1995 and December 31, 1994, respectively,
as notes receivable.
On January 26, 1995, Continental announced a number of actual and proposed
changes in its operations and financial situation. In connection with those
changes, Continental indicated that it was discussing with certain of its major
lenders modifications to existing debt amortization schedules to enhance the
airline's capital structure. Continental stated that during those discussions it
would not be making payments to such lenders and lessors otherwise required
under the current contracts. The Partnership is not engaged in any such
discussions with Continental at the present time, and Continental has made all
payments due to the Partnership on a current basis to date. Note 7 contains a
further discussion of the Continental events subsequent to March 31, 1995.
4. Sale of Aircraft to Continental
The leases of five Boeing 727-200 aircraft to Continental expired on April 30,
1994 as discussed in Note 3. In May 1994, the Partnership sold these aircraft to
Continental for an aggregate sales price of $5,032,865. The Partnership agreed
to accept payment of the sales price in 29 monthly installments of $192,500,
with interest at a rate of 9.5% per annum. The Partnership recorded a note
receivable for the sales price and recognized a loss on sale of $6,707,562 in
the second quarter of 1994. The Partnership has received all scheduled payments
due under the note. The note receivable balance at March 31, 1995 and December
31, 1994 was $3,213,253 and $3,706,458, respectively.
5. Viscount Air Services, Inc. (Viscount) Restructuring
As discussed in the Form 10-K, the Partnership has entered into an agreement
with Viscount to defer certain rents due the Partnership which aggregate
$600,000; to extend a line of credit to Viscount for a total of $387,000 to be
used primarily for maintenance expenses relating to the Partnership's aircraft;
and which gives the Partnership the option to acquire approximately 1.86% of the
issued and outstanding shares of Viscount stock as of July 26, 1994 for an
option price of approximately $279,000.
8
<PAGE>
The deferred rents are being repaid by Viscount with interest at a rate of 6%
per annum over the remaining terms of the leases. The unpaid balances of the
deferred rents, which are reflected as rents receivable in the March 31, 1995
and December 31, 1994 balance sheets, were $585,417 and $450,000, respectively.
The line of credit, which was advanced to Viscount in full during 1994, is being
repaid by Viscount over a 30-month period, beginning in January 1995, with
interest at a rate of 11.53% per annum. The line of credit balances, which are
reflected as notes receivable in the March 31, 1995 and December 31, 1994
balance sheets, were $364,509 and $387,000, respectively. Note 7 contains a
further discussion of the Viscount events subsequent to March 31, 1995.
6. Related Parties
Under the Limited Partnership Agreement, the Partnership paid or agreed to pay
the following amounts for the current quarter to the general partner, Polaris
Investment Management Corporation, in connection with services rendered or
payments made on behalf of the Partnership:
Payments for
Three Months Ended Payable at
March 31, 1995 March 31, 1995
-------------- --------------
Aircraft Management Fees $139,979 $108,314
Out-of-Pocket Administrative Expense
Reimbursement 41,878 35,688
Out-of-Pocket Maintenance and
Remarketing Expense Reimbursement 80,379 585
-------- --------
$262,236 $144,587
======== ========
7. Subsequent Events
Continental Restructuring - In early April 1995, Continental announced that it
had successfully concluded discussions with The Boeing Company, as well as its
primary lender and the City and County of Denver, that would provide Continental
with approximately $370 million in cash deferrals and savings over the next two
years, and that it had reached a preliminary agreement with certain of its
lessors for additional cash deferrals.
Viscount Payment Delinquency - Viscount is presently past due on certain rent,
deferred rent, maintenance reserve and financing payments due the Partnership in
April and May 1995. The past due payments aggregate approximately $228,000. The
Partnership is currently negotiating an agreement with Viscount whereby certain
of these past due payments, in addition to certain future payments due from
Viscount, may be deferred. Any agreement for a further deferral as well as any
failure by Viscount to perform its financial obligations with the Partnership
will have an adverse affect on the Partnership's financial position.
9
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Polaris Aircraft Income Fund IV (the Partnership) owns a portfolio of 13 used
commercial jet aircraft out of its original portfolio of 33 aircraft. The
portfolio includes five DC-9-30 aircraft leased to Continental Airlines, Inc.
(Continental); two Boeing 727-200 Advanced aircraft leased to American Trans
Air, Inc. (ATA); two Boeing 737-200 Advanced aircraft leased to GB Airways
Limited (GB Airways); two Boeing 737-200 Advanced aircraft leased to TBG Airways
Limited (TBG Airways); and two Boeing 737-200 aircraft leased to Viscount Air
Services, Inc. (Viscount). Out of an original portfolio of 33 aircraft, one
Boeing 727-100 Freighter, formerly leased to Emery Aircraft Leasing Corporation
(Emery), was declared a casualty loss due to an accident in 1991, fourteen
Boeing 727-100 Freighters were sold to Emery in 1993, and five Boeing 727-200
aircraft were sold to Continental in May 1994. As discussed in the Partnership's
1994 Annual Report to the Securities and Exchange Commission on Form 10-K (Form
10-K), in 1993, ATA transferred to the Partnership two Boeing 727-100 aircraft
as part of the ATA lease transaction. One of these Boeing 727-100 aircraft was
sold in February 1994 and the second Boeing 727-100 aircraft was sold in August
1994.
Partnership Operations
The Partnership recorded net income of $946,974, or $1.25 per limited
partnership unit, for the three months ended March 31, 1995, compared to net
income of $68,322, or an allocated net loss of $0.61 per unit, for the same
period in 1994. The improved operating results in the first quarter of 1995 as
compared to the first quarter of 1994 is due primarily to a significant decrease
in operating and depreciation expenses in 1995, partially offset by a reduction
in total revenues in 1995.
During the first quarter of 1994, the Partnership incurred maintenance and
remarketing costs of approximately $850,000 necessary to remarket the two Boeing
737-200 aircraft and four Boeing 737-200 Advanced aircraft, formerly on lease to
Britannia, to GB Airways, TBG Airways and Viscount. Maintenance expenses
recognized during the first quarter of 1995 were minimal in comparison.
Further impacting the improved operating results in the first quarter of 1995 as
compared to the first quarter of 1994 was a decrease in depreciation expense in
1995. Depreciation expense for the three months ended March 31, 1995 does not
include depreciation expense for the five Boeing 727-200 aircraft sold to
Continental in May 1994.
Partially offsetting the improved operating results in the first quarter of 1995
as compared to the first quarter of 1994 was a decrease in total revenues in
1995 as a result of a gain of $425,000 on the sale of one Boeing 727-100
aircraft to Total Aerospace Services, Inc. recognized in the first quarter of
1994. No aircraft sales were concluded in the first quarter of 1995.
Liquidity and Cash Distributions
Liquidity - As discussed in the Form 10-K, the Partnership entered into an
agreement with Viscount under which it agreed to defer certain rents due the
Partnership on two aircraft. These deferred rents, which aggregate $600,000, are
being repaid by Viscount with interest over the remaining lease terms. The
agreement with Viscount also stipulates that the Partnership advance Viscount up
to $387,000, primarily for maintenance expenses incurred by Viscount relating to
the Partnership's aircraft. In accordance with the agreement, the Partnership
advanced Viscount $387,000 during 1994 which is being repaid by Viscount with
10
<PAGE>
interest over a 30-month period beginning in January 1995. Viscount is presently
past due on certain rent, deferred rent, maintenance reserve and financing
payments due the Partnership in April and May 1995. The past due payments
aggregate approximately $228,000. The Partnership is currently negotiating an
agreement with Viscount whereby certain of these payments, in addition to
certain future payments due from Viscount, may be deferred. Any agreement for a
further deferral as well as any failure by Viscount to perform its financial
obligations with the Partnership will have an adverse affect on the
Partnership's financial position.
As described in Item 7 of the Form 10-K, the Continental leases provide for
payment by the Partnership of the costs of certain maintenance work,
Airworthiness Directive compliance, aircraft modification and refurbishment
costs, a portion of which will be recovered with interest through payments from
Continental over the lease terms. The balance of the costs that the Partnership
is currently obligated to pay or finance is approximately $2.3 million.
As described in the Form 10-K, the ATA lease specifies that the Partnership may
finance certain aircraft hushkits at an estimated aggregate cost of
approximately $5.0 million, which will be partially recovered with interest
through payments from ATA over an extended lease term.
The Partnership receives maintenance reserve payments from certain of its
lessees that may be reimbursed to the lessee or applied against certain costs
incurred by the Partnership for maintenance work performed on the Partnership's
aircraft, as specified in the leases. Maintenance reserve balances remaining at
the termination of the lease may be used by the Partnership to offset future
maintenance expenses or recognized as revenue. The net maintenance reserve
balances aggregate $2,640,825 as of March 31, 1995.
The Partnership's cash reserves are being retained to finance a portion of the
cost that may be incurred under the leases with Continental and ATA and to cover
other potential cash requirements.
Cash Distributions - Cash distributions to limited partners during the three
months ended March 31, 1995 and 1994 were $3,124,775, or $6.25 per limited
partnership unit and $3,749,730, or $7.50 per unit, respectively. The timing and
amount of future cash distributions will depend upon the Partnership's future
cash requirements, the receipt of payments from Continental for the sale of the
five Boeing 727-200 aircraft, the receipt of modification financing payments
from Continental, the receipt of rental payments from Continental, ATA, GB
Airways, TBG Airways and Viscount, and the receipt of deferred rental payments
and financing payments from Viscount.
Continental Restructuring
As discussed in Notes 3 and 7 to the financial statements and in the Form 10-K,
in January 1995, Continental announced a number of actual and proposed changes
in its operations and financial situation. In early April 1995, Continental
announced that it had successfully concluded discussions with The Boeing
Company, as well as its primary lender and the City and County of Denver, that
would provide Continental with approximately $370 million in cash deferrals and
savings over the next two years, and that it had reached a preliminary agreement
with certain of its lessors for additional cash deferrals.
11
<PAGE>
Part II. Other Information
Item 1. Legal Proceedings
As discussed in Item 3 of Part I of Polaris Aircraft Income Fund IV's (the
Partnership) 1994 Annual Report to the Securities and Exchange Commission on
Form 10-K (Form 10-K), there are a number of pending legal actions or
proceedings to which the Partnership is a party or to which any of its
properties are subject. Except as described below, there have been no material
developments with respect to any such actions or proceedings during the period
covered by this report.
Reuben Riskind, et al. v. Prudential Securities, Inc., et al. - Kidder, Peabody
& Co. has been added as an additional defendant by virtue of an Intervenor's
Amended Plea in Intervention filed on or about April 7, 1995.
Adams, et al. v. Prudential Securities, Inc., et al. - On or about March 15,
1995, this action was removed to the United States District Court for the
Northern District of Ohio, Eastern Division. On March 17, 1995, certain
defendants, including Prudential Securities Corporation, filed a tagalong motion
to transfer this action to the consolidated Multi-District Litigation filed in
the United States District Court for the Southern District of New York, which is
described in Item 10 of Part III of the Partnership's 1994 Form 10-K.
Other Proceedings - Item 10 of Part III of the Partnership's 1994 Form 10-K
discusses certain actions which have been filed against Polaris Investment
Management Corporation and others in connection with the sale of interests in
the Partnership and the management of the Partnership. Except as described
below, there have been no material developments with respect to any of the other
actions described therein during the period covered by this report.
Cohen, et al. v. Kidder Peabody & Company, Inc., et al. - On or about March 31,
1995 this action was removed to the United States District Court for the
Southern District of Florida.
12
<PAGE>
Item 5. Other Information
Effective March 31, 1995, Howard L. Feinsand resigned as Director and President
of Polaris Investment Management Corporation (PIMC). James W. Linnan, 53, has
assumed the position of Director and President of PIMC effective March 31, 1995.
Mr. Linnan has served PIMC in various capacities since April 1979, most recently
as Vice President.
Effective March 31, 1995, Rodney Sirmons resigned as Director of PIMC. Eric
Dull, 34, has assumed the position of Director of PIMC effective March 31, 1995.
Mr. Dull presently holds the position of Senior Vice President, Restructuring of
GE Capital Aviation Services, Inc. (GECAS).
Effective May 1, 1995, William C. Bowers resigned as Secretary of PIMC. Richard
L. Blume, 46, has assumed the position of Secretary of PIMC effective May 1,
1995. Mr. Blume presently holds the position of Executive Vice President and
General Counsel of GECAS.
Norman Liu, 38, has assumed the position of Vice President of PIMC effective May
1, 1995. Mr. Liu presently holds the position of Executive Vice President,
Capital Funding and Portfolio Management of GECAS.
Edward Sun, 45, has assumed the position of Vice President of PIMC effective May
1, 1995. Mr. Sun presently holds the position of Senior Managing Director,
Structured Finance of GECAS.
Item 6. Exhibits and Reports on Form 8-K
a) Exhibits (numbered in accordance with Item 601 of Regulation S-K)
27. Financial Data Schedules (Filed electronically only)
b) Reports on Form 8-K
No reports on Form 8-K were filed by the Registrant during the quarter for
which this report is filed.
13
<PAGE>
SIGNATURE
Pursuant to the requirements of section 13 or 15(d) 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 IV,
A California Limited Partnership
(Registrant)
By: Polaris Investment
Management Corporation,
General Partner
May 10, 1995 By: /S/James F. Walsh
- ------------------------------- -----------------
James F. Walsh
Chief Financial Officer
(principal financial officer and
principal accounting officer of
Polaris Investment Management
Corporation, General Partner of
the Registrant)
14
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