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): August 24, 1998
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 address, if changed since last report)
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
99.1 Press Release of the Company dated October 7, 1998.
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EXHIBIT 99.1
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RESORT INCOME INVESTORS, INC.
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FOR IMMEDIATE RELEASE
CONTACT: Karen Dickelman
TELEPHONE: (312) 683-3323
FAX: (312) 683-3324
RESORT INCOME INVESTORS, INC. REPORTS
ASSET SALES
Chicago, Illinois, October 7, 1998 -- Resort Income Investors, Inc.
(Nasdaq EBB:RIIV) today announced the sale of its sub-subleasehold interest
in the International Marketplace located in Waikiki, Hawaii, to a third
party unaffiliated with the Company. Net proceeds to the Company, after
closing costs and prorations, amounted to approximately $1,900,000. In
addition, the Company received approximately $376,000 from the sale of its
equity interest in Colorado Gaming & Entertainment Co., Inc. due to the
acquisition of such entity by Ladbroke/USA, a subsidiary of Ladbroke Group
PLC, which sale occurred on August 24, 1998.
Mr. John Rippey Young, the President and Chairman of the Board of the
Company, stated that the Company is currently evaluating liquidation
alternatives for the Company's remaining assets, consisting primarily of
the approximately $635,000 of Colorado Gaming & Entertainment Co., Inc.
promissory notes, and was hopeful such process would be completed by year
end. In addition, Mr. Young stated that the Company anticipates making a
liquidating distribution to its stockholders on December 31, 1998, pursuant
to the terms of the Company's Plan of Dissolution and Liquidation approved
by the Company's stockholders on July 16, 1998.
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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
reasonable stable conditions during the entire liquidation.
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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 7, 1998 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
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