SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Date of Report (Date of earliest event reported).
May 22, 1997
AIRCRAFT INCOME PARTNERS L.P.
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(Exact name of registrant as specified in its charter)
Delaware 0-17785 13-3430508
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(State or other jurisdiction Commission (I.R.S. Employer
of incorporation) File Number I.D. Number)
411 West Putnam Avenue, Greenwich, CT 06830
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(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number including area code: (203) 862-7000
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ITEM 5. Other Events
On May 22, 1997, a Boeing 737-297 Advanced aircraft, owned by Registrant was
sold to an unaffiliated third party for proceeds of approximately $1,982,000
exclusive of selling expenses of approximately $60,000. The aircraft, which was
formerly leased to Aloha Airlines, Inc., ("Aloha") had been off-lease since
October 15, 1996. Associated with the aircraft was approximately $639,000 of net
maintenance and return provision reserves that Aloha had paid the Registrant as
provided under the lease agreement. Net sale proceeds and a portion of the
reserves are expected to be distributed to limited partners in August 1997. The
undistributed reserve on the Aloha aircraft will be held back until certain
contingent liabilities related to the aircraft are satisfied. At the time of the
sale, the aircraft had a net carrying value of approximately $1,290,000.
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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 thereunto duly authorized.
Aircraft Income Partners L.P.
By: Integrated Aircraft Fund Management Corp.,
General Partner
/s/Douglas J. Lambert
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Douglas J. Lambert
President and Chief Financial Officer
Date: May 29, 1997
