UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 12B-25
NOTIFICATION OF LATE FILING
1-10084 761 165 109
SEC FILE NUMBER CUSIP NUMBER
( ) FORM 10-K ( ) FORM 20-F ( ) FORM 11-K (x) FORM 10-Q ( ) FORM N-SAR
FOR THE PERIOD ENDED: March 31, 1996
If the notification relates to a portion of the filing checked above, identify
the items to which the notification relates: N/A
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PART I - REGISTRANT INFORMATION
Full Name of Registrant: Resort Income Investors, Inc.
Former Name if Applicable: Not Applicable
Address of Principal Executive Offices: 150 South Wacker Drive,
Suite 2900, Chicago, IL 60606
PART II - RULES 12B-25(B) AND (C)
If the subject report could not be filed without unreasonable effort or expense
and the Registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)
( ) (a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
(X) (b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, 11-K, Form 10-Q or Form N-SAR, or portion
thereof, will be filed on or before the fifteenth calendar day
following the prescribed due date; or the subject quarterly report
of transition report on Form 10-Q, or portion thereof will be filed
on or before the fifth calendar day following the prescribed due
date; and
( ) (c) The accountant's statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.
PART III - NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q, N-
SAR, or the transition report or portion thereof, could not be filed within the
prescribed time period.
The Quarterly Report on Form 10-Q of Resort Income Investors, Inc. (the
"Registrant") will not be completed by May 15, 1996, the last day for a timely
filing of such Quarterly Report for the period ended March 31, 1996.
Additional time is required in order to enable the Registrant to file a
complete and accurate report without unreasonable effort or expense. The
Form 10-Q will be filed on or before May 20, 1996 in accordance with Rule
12b-25(b).
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
Roger L. Baker (312) 683-5520
(2) Have all other periodic reports under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company
Act of 1940 during the preceding 12 months or for such shorter period
that the Registrant was required to file such reports been filed? If
answer is no, identify report(s).
( ) YES ( X ) NO - ANNUAL REPORT ON FORM 10-K
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject
report or portion thereof?
( X ) YES ( ) NO
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made.
PART IV ITEM (3) - NARRATIVE
On June 29, 1995 the Company announced plans to liquidate due to the
default status of all loans in the Company's portfolio of loans. Non-
receipt of interest payments from the majority of the Company's loans
in conjunction with reporting on a "Liquidation Basis of Accounting"
versus a "Going Concern Basis of Accounting" will result in a
significant change in reported results for the first quarter of 1996
compared to the first quarter of 1995.
RESORT INCOME INVESTORS, INC.
(Exact name of Registrant as specified in its charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: May 15, 1996 By:/s/ John R. Young
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John R. Young, Chairman of the Board of
Directors, Chief Executive Officer,
President and Chief Financial Officer
