SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 reported): September 24, 1997
RESORT INCOME INVESTORS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-10084 36-3593298
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(State of or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
150 South Wacker Drive, Suite 2900, Chicago, Illinois 60606
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (312) 683-3323
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On September 24, 1997, Mr. Christopher B. Hemmeter and his wife,
Patricia K. Hemmeter, filed a voluntary petition pursuant to Chapter 7 of
the Bankruptcy Code in the United States Bankruptcy Court, Central District
of California. Mr. Hemmeter is the former Chairman of the Board, President
and Chief Executive Officer of Resort Income Investors, Inc., a Delaware
corporation (the "Company"). Certain entities controlled by Mr. Hemmeter,
or Mr. and Mrs. Hemmeter directly, received loans from the Company and
currently are obligated to the Company for approximately $38,000,000. Mr.
Hemmeter guaranteed each of the loans to his affiliated entities and each
of these loans, as well as the loan to Mr. and Mrs. Hemmeter, is in
default. Management of the Company will monitor Mr. and Mrs. Hemmeter's
bankruptcy procedures and will file all necessary claims in order to
protect the Company's interest in the bankruptcy estate. The Company will
vigorously pursue its claim in the bankruptcy proceeding but it is
premature to determine what distribution, if any, the Company will receive
from this bankruptcy.
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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.
RESORT INCOME INVESTORS, INC.
(Registrant)
DATE: October 23, 1997 By: /s/ John R. Young
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Name: John R. Young
Title: Chairman of the Board of Directors,
Chief Executive Officer, President
and Chief Financial Officer
