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 (Date of earliest event recorded) January 27, 1994
LANDSING PACIFIC FUND, INC.
(Exact name of registrant a specified in its charter)
1-9942
Commission File Number
MARYLAND 94 - 3066597
(State or other jurisdiction of incorporation (I.R.S. Employer
Identification or organization) number)
155 Bovet Road, Suite 101, San Mateo, California 94402
(Address of principal executive offices)
( 415 ) 513 - 5252
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
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Item 5. OTHER EVENTS:
On January 27, 1994 the registrant announced a $23.1 million provision for
loss as a result of the action taken by the Board of Directors to explore the
disposition of properties in certain markets. In addition, the sale of a
property in Beverton, Oregon was announced. The events are described in the
press release attached hereto as Exhibit 99.1 and incorporated by reference
herein.
Item 7- Financial Statements and Exhibits
(c) Exhibits
The following exhibit is filed as part of this report:
99.1 Landsing Pacific Fund Press Release dated January 27,1994.
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.
Date: January 27, 1994 Signed by: /s/ Dean Banks
Name: Dean Banks
Title: Treasurer and Secretary
EXHIBIT 99.1
N E W S R E L E A S E
January 27, 1994
CONTACT:
Martin I. Zankel Dean Banks
Chairman of the Board Chief Financial Officer
FOR IMMEDIATE RELEASE:
LANDSING PACIFIC FUND, INC. ANNOUNCES
STRATEGIC DISPOSITION PLAN AND SALE OF PROPERTY
SAN MATEO, CA -- Landsing Pacific Fund, Inc. (AMEX: LPF) today announced that at
a recent meeting, the Board of Directors determined to investigate and consider
possible courses of action for the future direction of the Fund, including the
possible sale or liquidation of the Fund or some or all of its assets, or
effecting a merger or other business combination. One course of action which
management has been authorized to undertake is to explore the disposition of its
properties in certain markets. The Fund plans to concentrate its holdings in
Northern California, Colorado and the Northwest. The markets selected for
withdrawal are those in which the Fund currently has holdings but does not
foresee a long-term presence. Those markets are St. Paul, MN, Oklahoma City,
OK, Houston, TX, and Boise, ID.
To reflect the Board action, the Fund will reduce the carrying value of certain
properties as of December 31, 1993 by making a $23.1 million provision for loss.
This provision for loss will include a write down of the value of the Multnomah
Apartment Building, in order to better reflect current estimates of the amount
which the Fund may realize from the development of the property.
The Fund also announced the sale of the Twin Oaks Executive Center in Beaverton,
Oregon on January 24, 1994. The net proceeds of the sale were approximately
$710,000. The Fund recorded a $400,000 provision for loss on the sale of the
property as of September 30, 1993.
Landsing Pacific Fund, Inc. is a self-administered real estate investment trust
with equity investments in industrial properties, shopping centers and office
buildings. It is traded on the American Stock Exchange under the symbol "LPF".
