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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 April 21, 1999
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THE SOUTHSHORE CORPORATION
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(Exact name of registrant as specified in its charter)
Colorado 0-19949 84-1153522
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State or other jurisdiction Commission (I.R.S. Employer
of incorporation File Number Identification No.)
10750 East Briarwood, Englewood, Colorado 80112
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (303) 649-9875
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N/A
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(Former name or former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets
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On April 21, 1999 the Registrant closed on the sale of its
water park property to Bedford Property Investors, Inc. a Lafayette,
California REIT, for $1,972,680. Shareholders of the Registrant
approved the proposed sale at a special meeting of the shareholders
held on April 16, 1999. As part of the transaction, the Registrant
is required to remove the water park features and structures from the
property within 90 days after closing and the purchaser has retained
$150,000 from the purchase price to assure such timely removal. The
Registrant has entered into agreements for removal of the water park
features and structures and anticipates the removal will be completed
within the prescribed period.
The disposition of this property, which was the Registrant's
only asset, other than cash, furniture and office equipment, was
to a non-affiliate pursuant to arms' lenghth barganing. For
further details see Proxy Statement of March 12, 1999 relating to
the special meeting of shareholders on this matter.
Item 7. Financial Statements and Exhibits
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(c) Exhibits
10.31 Purchase Ageement and Escrow Instructions -
Bedford Property Investors, Inc.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Company has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
(Registrant) THE SOUTHSHORE CORPORATION
(BY)Signature) /s/ Kenneth M. Dalton
(Date) April 29, 1999
(Name and Title) Kenneth M. Dalton, President
