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) July 16, 1998
RESORT INCOME INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-10084 36-3593298
(State of or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
150 South Wacker Drive, Suite 2900, Chicago, Illinois 60606
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (312) 683-3323
(Former name or former address, if changed since last report)
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Item 5. Other Events.
On July 16, 1998, the stockholders of Resort Income Investors, Inc.
(the "Company") approved the liquidation proposal to dissolve the Company
and distribute the Company's assets to the stockholders after conversion
into cash, subject to the conditions described in the Proxy Statement of
the Company dated June 19, 1998.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press Release of the Company dated July 16, 1998.
<PAGE>
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: July 16, 1998 By: /s/ John R. Young
Name: John R. Young
Title: Chairman of the Board of
Directors,
Chief Executive Officer,
President and Chief
Financial Officer
<PAGE>
EXHIBIT 99.1
____________
RESORT INCOME INVESTORS, INC.
For Immediate Release
Contact: Investor Relations Department
Telephone: (312) 683-3323
Fax: (312) 683-3324
RESORT INCOME INVESTORS, INC. STOCKHOLDERS
VOTE TO LIQUIDATE COMPANY AND DISTRIBUTE ASSETS
Chicago, Illinois, July 16, 1998 -- Resort Income Investors, Inc.
(NASDAQ EBB: RIIV) announced today that its stockholders approved the
dissolution and liquidation of the Company at its Special Meeting. The
Company plans to file its certificate of dissolution with the Delaware
Secretary of State as soon as practicable. The Company anticipates that
the first distribution will occur late this year and will provide between
$.52 and $.62 per share to RII stockholders as of the record date to be
established by the Board of Directors.
The Company will retain sufficient cash and/or assets to satisfy its
liabilities. The Company anticipates that a second distribution may occur
in early 1999 (but may be delayed in the Board of Directors' discretion)
and will be made only if a second distribution is economically feasible and
then only to the extent that the retained assets exceed liabilities. For
information on the Company's financial status and balance sheet
information, stockholders should refer to the documents filed by it with
the Securities and Exchange Commission, copies of which are available upon
request to the Investor Relations Department.
The Company's shares of common stock are listed on the NASDAQ
Electronic Bulletin Board under the symbol "RIIV." The Company has
4,156,000 shares outstanding.
Some of the statements in this press release are forward-looking
statements that are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, and actual results could
be affected by many factors, including the market for assets held by the
Company, the assessment of liquidation expenses, and the continuation of
reasonably stable conditions during the entire liquidation period.
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