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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):
May 3, 1999 (April 23, 1999)
CRIIMI MAE INC.
(Exact name of registrant as specified in its charter)
Maryland 1-10360 52-1622022
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
11200 Rockville Pike
Rockville, Maryland 20852
(Address of principal executive offices, including zip code, of Registrants)
(301) 816-2300
(Registrants' telephone number, including area code)
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Item 5. Other Events
Attached as an exhibit to this Current Report of Form 8-K is a press
release issued by the Company on April 23, 1999. The press release is hereby
incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
The following exhibits are filed as a part of this Current Report on
Form 8-K:
(c) Exhibits
99.1 Press Release issued by CRIIMI MAE Inc. on April 23, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrants have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.
CRIIMI MAE Inc.
/s/ May 3, 1999 by: /s/ William B. Dockser
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its: Chairman of the Board
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EXHIBIT INDEX
Exhibit
No. Description
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*99.1 Press Release issued by CRIIMI MAE Inc. on April 23, 1999.
*Filed herewith.
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EXHIBIT 99.1
Contact: Susan B. Railey
for shareholders & securities brokers
(301) 468-3120
Andrew P. Blocher,
for institutional investors
(301) 231-0371
James T. Pastore FOR IMMEDIATE RELEASE
for news media
(202) 546-6451
CRIIMI MAE RECEIVES BID PROPOSALS
FOR EQUITY INVESTMENT
ROCKVILLE, MD, April 23, 1999 - CRIIMI MAE Inc. (NYSE: CMM) has received several
proposals for private equity investments from major financial institutions. Such
investments would be part of a plan of reorganization under which the company
could emerge from bankruptcy. An invitation will be extended to the most
promising bidders to proceed with further due diligence activities leading to
the submission of final proposals.
On October 5, 1998, CRIIMI MAE and two affiliates filed for protection under
Chapter 11 of the U.S. Bankruptcy Code. Before filing for reorganization, CRIIMI
MAE had been actively involved in acquiring, originating, securitizing and
servicing multifamily and commercial mortgages and mortgage related assets
throughout the United States. Since filing for Chapter 11 protection, CRIIMI MAE
has suspended its loan origination, loan securitization and CMBS acquisition
businesses. The company, however, continues to hold a substantial portfolio of
subordinated CMBS and, through its servicing affiliate, acts as a servicer for
its own as well as third party securitizations.
NOTE: Except for the historical information, forward-looking statements
contained in this release involve a variety of risks and uncertainties. These
risks and uncertainties include the continued instability in the capital
markets, the trends in the CMBS market, the ability of CRIIMI MAE to obtain
additional capital, competitive pressures, the effect of any future losses on
CRIIMI MAE's need for liquidity, the effect of the bankruptcy proceeding on
CRIIMI MAE's ongoing business activities, the actions of CRIIMI MAE's creditors,
the provisions of any plan of reorganization approved by the Bankruptcy Court
and the outcome of litigation to which the company is a party, as well as the
risks and uncertainties that are set forth from time to time in CRIIMI MAE's SEC
reports, including the report on Form 10-K for the year ended December 31, 1998.
More information on CRIIMI MAE is available on its Web
site-www.criimimaeinc.com.
