<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
Quarterly Report Under Section 13
or 15 (d) of the Securities
Exchange Act of 1934
----------------------------------
For the Quarter Ended
June 30, 1997 Commission File Number 0-21260
- --------------------- -------------------------------
DATRONIC EQUIPMENT INCOME FUND XX, L.P.
---------------------------------------------
(Exact name of Registrant as
specified in its charter)
Delaware 36-3763539
---------------- ---------------------------
State or other IRS Employer Identification
jurisdiction of Number
incorporation or
organization
1300 E. Woodfield Road, Suite 312 Schaumburg, Illinois 60173
- --------------------------------- --------------------------
Address of principal City, State, Zip Code
executive offices
Registrant's telephone number: (847) 240-6200
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
(1) Yes x No ___
(2) Yes x No ___
<PAGE> 2
DATRONIC EQUIPMENT INCOME FUND XX, L.P.
FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 1997
PART I - FINANCIAL INFORMATION
Item 1.
Index to Financial Statements
Balance Sheets
June 30, 1997 (unaudited) 3
December 31, 1996 4
Statements of Revenue and Expenses (unaudited)
For the three months ended June 30, 1997 5
For the three months ended June 30, 1996 6
For the six months ended June 30, 1997 7
For the six months ended June 30, 1996 8
Statements of Changes in Partners' Equity
For the six months ended June 30, 1997
(unaudited) 9
Statements of Cash Flows (unaudited)
For the six months ended June 30, 1997 10
For the six months ended June 30, 1996 11
Notes to Financial Statements 12
Item 2.
Management's Discussion and Analysis of
Financial Condition and Results of Operations 13 - 15
PART II - OTHER INFORMATION
Items 1-6. 16
2
<PAGE> 3
DATRONIC EQUIPMENT INCOME FUND XX, L.P.
BALANCE SHEETS
June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
ASSETS
<S> <C> <C> <C>
Cash and cash equivalents $215,169 $3,029,927 $3,245,096
Net investment in direct
financing leases 8,255 1,619,918 1,628,173
Diverted and other assets, net 14,389 198,473 212,862
Datronic assets - - -
------- --------- ---------
$237,813 $4,848,318 $5,086,131
======== ========== ==========
LIABILITIES AND PARTNERS' EQUITY
Accounts payable and
accrued expenses $ 356 $ 13,744 $ 14,100
Lessee rental deposits 2,357 44,545 46,902
-------- ---------- -----------
Total liabilities 2,713 58,289 61,002
Total partners' equity 235,100 4,790,029 5,025,129
-------- ---------- -----------
$237,813 $4,848,318 $ 5,086,131
======== ========== ===========
</TABLE>
See accompanying notes to financial statements.
2
<PAGE> 4
<TABLE>
<CAPTION>
DATRONIC EQUIPMENT INCOME FUND XX, L.P.
BALANCE SHEETS
December 31, 1996
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
ASSETS
<S> <C> <C> <C>
Cash and cash equivalents $ 198,315 $2,336,816 $2,535,131
Due from management company 2,306 39,066 41,372
Net investment in direct
financing leases 37,159 2,580,820 2,617,979
Diverted and other assets, net 14,389 198,473 212,862
Datronic Assets - - -
Organization costs, net of
accumulated amortization
of $58,463 and $806,371,
respectively 5,313 73,292 78,605
Acquisition costs, net of
accumulated amortization of
$66,959 and $923,562,
respectively 5,338 73,619 78,957
--------- ---------- ----------
$ 262,820 $5,302,086 $5,564,906
========= ========== ==========
LIABILITIES AND PARTNERS' EQUITY
Accounts payable and
accrued expenses $ 2,319 $ 61,421 $ 63,740
Lessee rental deposits 3,678 53,152 56,830
--------- ---------- ----------
Total liabilities 5,997 114,573 120,570
Total partners' equity 256,823 5,187,513 5,444,336
--------- ---------- ----------
$ 262,820 $5,302,086 $5,564,906
========= ========== ==========
</TABLE>
See accompanying notes to financial statements.
4
<PAGE> 5
DATRONIC EQUIPMENT INCOME FUND XX, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the three months ended June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
Revenue:
<S> <C> <C> <C>
Lease income $ 697 $ 69,924 $ 70,621
Interest income 2,259 31,458 33,717
-------- --------- ---------
2,956 101,382 104,338
-------- --------- ---------
Expenses:
Amortization of organization
and equipment acquisition costs 4,260 58,765 63,025
General Partner's expense
reimbursement 11,469 177,305 188,774
Professional fees 2,713 38,665 41,378
Other operating expenses 178 1,467 1,645
Credit for lease losses (8,366) (115,391) (123,757)
-------- --------- ---------
$ 10,254 $ 160,811 $ 171,065
-------- --------- ---------
Net loss $ (7,298) $ (59,429) $ (66,727)
======== ========= =========
Net loss - General Partner $ (73) $ (594) $ (667)
======== ========= =========
Net loss - Limited Partners $ (7,225) $ (58,835) $ (66,060)
======== ========= =========
Net loss per limited
partnership unit $(1.42) $(0.84)
====== ======
Weighted average number
of limited partnership units
outstanding 5,100 70,396
===== ======
</TABLE>
See accompanying notes to financial statements.
5
<PAGE> 6
DATRONIC EQUIPMENT INCOME FUND XX, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the three months ended June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
Revenue:
<S> <C> <C> <C>
Lease income $ 24,188 $ 433,364 $ 457,552
Interest income 3,034 47,560 50,594
-------- --------- ---------
27,222 480,924 508,146
-------- --------- ---------
Expenses:
Amortization of organization
and equipment acquisition costs 6,390 88,148 94,538
Management fees-New Era 12,332 239,829 252,161
General Partner's expense
reimbursement credit (890) (12,268) (13,158)
Professional fees 3,123 43,457 46,580
Other operating expenses 169 2,967 3,136
-------- --------- ---------
21,124 362,133 383,257
-------- --------- ---------
Net earnings $ 6,098 $ 118,791 $ 124,889
======== ========= =========
Net earnings - General Partner $ 61 $ 1,189 $ 1,250
======== ========= =========
Net earnings - Limited Partners $ 6,037 $ 117,602 $ 123,639
======== ========= =========
Net earnings per limited
partnership unit $1.18 $ 1.67
===== ======
Weighted average number
of limited partnership
units outstanding 5,100 70,396
===== ======
</TABLE>
See accompanying notes to financial statements.
6
<PAGE> 7
DATRONIC EQUIPMENT INCOME FUND XX, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the six months ended June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
Revenue:
<S> <C> <C> <C>
Lease income $ 1,765 $ 150,613 $ 152,378
Interest income 4,262 63,691 67,953
-------- --------- ----------
6,027 214,304 220,331
-------- --------- ----------
Expenses:
Amortization of organization
and equipment acquisition costs 10,651 146,911 157,562
General Partner's
expense reimbursement 27,396 417,146 444,542
Professional fees 5,822 85,020 90,842
Other operating expenses 675 8,671 9,346
Credit for lease losses (16,794) (231,632) (248,426)
-------- ---------- ----------
27,750 426,116 453,866
-------- ---------- ----------
Net loss $(21,723) $ (211,812) $ (233,535)
======== ========== ==========
Net loss - General Partner $ (217) $ (2,118) $ (2,335)
======== ========== ==========
Net loss - Limited Partners $(21,506) $ (209,694) $ (231,200)
======== ========== ==========
Net loss per limited
partnership unit $(4.22) $(2.98)
====== ======
Weighted average number
of limited partnership
units outstanding 5,100 70,396
===== ======
</TABLE>
See accompanying notes to financial statements.
7
<PAGE> 8
DATRONIC EQUIPMENT INCOME FUND XX, L.P.
STATEMENTS OF REVENUE AND EXPENSES
For the six months ended June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
Revenue:
<S> <C> <C> <C>
Lease income $ 29,798 $ 612,665 $ 642,463
Interest income 8,271 123,774 132,045
-------- --------- ----------
38,069 736,439 774,508
-------- --------- ----------
Expenses:
Amortization of organization
and equipment acquisition costs 12,781 176,295 189,076
Management fees-New Era 25,674 610,027 635,701
General Partner's
expense reimbursement 6,793 93,702 100,495
Professional fees 7,865 109,957 117,822
Other operating expenses 867 19,959 20,826
-------- ---------- ----------
53,980 1,009,940 1,063,920
-------- ---------- ----------
Net loss $(15,911) $ (273,501) $ (289,412)
======== ========== ==========
Net loss - General Partner $ (159) $ (2,735) $ (2,894)
======== ========== ==========
Net loss - Limited Partners $(15,752) $ (270,766) $ (286,518)
======== ========== ==========
Net loss per limited
partnership unit $(3.09) $(3.85)
====== ======
Weighted average number
of limited partnership
units outstanding 5,100 70,396
===== ======
</TABLE>
See accompanying notes to financial statements.
8
<PAGE> 9
DATRONIC EQUIPMENT INCOME FUND XX, L.P.
STATEMENT OF CHANGES IN PARTNERS' EQUITY
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
General Limited Limited Total
Partner's Partners' Partners' Partners'
Equity Equity Equity Equity
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Balance, December 31, 1996 $(306,906)* $272,834 $5,478,408 $5,444,336
Distributions to partners - - (185,672) (185,672)
Net loss (2,335) (21,506) (209,694) (233,535)
Allocation of General
Partner's equity 309,241 (16,228) (293,013) -
---------- -------- ---------- ----------
Balance, June 30, 1997 $ - $235,100 $4,790,029 $5,025,129
========== ======== ========== ==========
</TABLE>
* Balance as previously reported was $0 due to allocation of $16,011 and
$290,895 to Liquidating and Continuing Limited Partners' Equity,
respectively.
See accompanying notes to financial statements.
9
<PAGE> 10
DATRONIC EQUIPMENT INCOME FUND XX, L.P.
STATEMENTS OF CASH FLOWS
For the six months ended June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
<S> <C> <C> <C>
Cash flows from operating activities:
Net loss $ (21,723) $ (211,812) $ (233,535)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Amortization expense 10,651 146,911 157,562
Credit for lease losses (16,794) (231,632) (248,426)
Changes in assets and liabilities:
Accounts payable and accrued
expenses (1,963) (47,677) (49,640)
Lessee rental deposits (1,321) (8,607) (9,928)
Due to management company 2,306 39,066 41,372
--------- ---------- - ----------
(28,844) (313,751) (342,595)
--------- ---------- ----------
Cash flows from investing activities:
Principal collections on leases 45,698 1,192,534 1,238,232
--------- ---------- ----------
Cash flows from financing activities:
Distributions to Limited Partners - (185,672) (185,672)
--------- ---------- ----------
Net increase in cash and
cash equivalents 16,854 693,111 709,965
Cash and cash equivalents:
Beginning of year 198,315 2,336,816 2,535,131
--------- ---------- ----------
End of second quarter $ 215,169 $3,029,927 $3,245,096
========= ========== ==========
</TABLE>
See accompanying notes to financial statements.
10
<PAGE> 11
DATRONIC EQUIPMENT INCOME FUND XX, L.P.
STATEMENTS OF CASH FLOWS
For the six months ended June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Liquidating Continuing
Limited Limited
Partners Partners Total
---------- ---------- ---------
<S> <C> <C> <C>
Cash flows from operating activities:
Net loss $ (15,911) $ (273,501) $ (289,412)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Amortization expense 12,781 176,295 189,076
Changes in assets and liabilities:
Accounts payable and accrued
expenses (2,375) (35,665) (38,040)
Lessee rental deposits (517) (7,193) (7,710)
Due to management company 15 (24,065) (24,050)
--------- ---------- ----------
(6,007) (164,129) (170,136)
--------- ---------- ----------
Cash flows from investing activities:
Purchases of lease receivables - (1,375,398) (1,375,398)
Principal collections on leases 72,893 1,696,030 1,768,923
Sale of leases 2,405 580,250 582,655
Principal collections on
installment contract receivable 17,040 235,038 252,078
--------- ---------- ----------
92,338 1,135,920 1,228,258
--------- ---------- ----------
Cash flows from financing activities:
Distributions to Limited Partners (231,999) (2,105,093) (2,337,092)
Distributions to General Partner (666) (16,084) (16,750)
--------- ---------- ----------
(232,665) (2,121,177) (2,353,842)
--------- ---------- ----------
Net decrease in cash and
cash equivalents (146,334) (1,149,386) (1,295,720)
Cash and cash equivalents:
Beginning of year 253,297 2,470,149 2,723,446
--------- ---------- ----------
End of second quarter $ 106,963 $1,320,763 $1,427,726
========= ========== ==========
</TABLE>
See accompanying notes to financial statements.
11
<PAGE> 12
DATRONIC EQUIPMENT INCOME FUND XX, L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 1997
(Unaudited)
NOTE 1 - ORGANIZATION:
Datronic Equipment Income Fund XX, L.P., a Delaware Limited Partnership (the
"Partnership"), was formed on April 30, 1991 for the purpose of acquiring and
leasing both high- and low-technology equipment. Reference is made to Notes 3,
4 and 5 to the Partnership's financial statements included in the 1996 Form
10-K for a discussion of the alleged diversion of Partnership assets in 1991
and 1992 and the subsequent litigation and settlement, change in general
partner, new classes of limited partners established and amendments to the
Partnership Agreement which occurred.
NOTE 2 - BASIS OF FINANCIAL STATEMENTS:
The accompanying financial statements should be read in conjunction with the
Partnership's financial statements included in the 1996 Form 10-K. The
financial information furnished herein is unaudited but in the opinion of
Management includes all adjustments necessary (all of which are normal
recurring adjustments) for a fair presentation of financial condition and
results of operations.
NOTE 3 - LIMITED PARTNERSHIP DISTRIBUTIONS:
Distributions to Liquidating Limited Partners were suspended after payment of
the July 1, 1996 distribution and distributions to Continuing Limited Partners
were suspended after payment of the January 1, 1997 distribution.
12
<PAGE> 13
PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of liquidity and capital resources covers
material changes in the Partnership's financial condition from December 31,
1996 through June 30, 1997. The discussion and analysis of results of
operations is for the three and six month periods ended June 30, 1997 as
compared to the corresponding periods in 1996.
Financial Condition, Liquidity and Capital Resources
During the six months ended June 30, 1997, Partnership assets continued to be
converted to cash in order to pay Partnership operating expenses, liquidate
Partnership liabilities, increase cash balances to provide cash reserves for
the ultimate liquidation of the Partnership and make distributions to limited
partners.
The Partnership's net investment in direct financing leases decreased by
approximately $990,000 for the period ended June 30, 1997 as compared to the
period ended December 31, 1996. This decrease is primarily attributable to
principal collections of approximately $1,238,000, partially offset by a credit
for lease loss of approximately $248,000.
Accounts payable and accrued expenses decreased approximately $50,000 during
the six months ended June 30, 1997 primarily due to payment of accrued legal
fees and sales and use taxes.
Partners' equity decreased approximately $419,000 during the six months ended
June 30, 1997 due to distributions to partners of approximately $186,000 and a
net loss of approximately $233,000.
During the six months ended June 30, 1997, the Partnership's operating
activities resulted in a use of approximately $343,000 of cash. This was due to
a net loss of approximately $233,000 and decreases in accounts payable and
accrued expenses and lessee rental deposits of approximately $60,000 and a
non-cash credit for lease loss of $248,000, partially offset by a decrease in
due from management company of approximately $41,000 and a non-cash
amortization expense of approximately $157,000. During the period, cash flows
from investing activities aggregated approximately $1,238,000 relating to
principal collections on leases. Cash flows used for financing activities of
approximately $186,000, consisted of distributions to limited partners.
The Partnership's sources of liquidity on both a long-term and short-term basis
are expected to come principally from cash-on-hand and cash receipts from
lessees under leases owned by the Partnership. In addition, the Partnership's
sources of liquidity on a long-term basis
13
<PAGE> 14
are expected to include proceeds from the sale of Diverted and other assets and
portions of the Partnership's lease portfolio which may be sold in bulk.
Management believes that its sources of liquidity in the short and long-term
are sufficient to meet its operating cash obligations, provide for the ongoing
pursuit of litigation and an orderly liquidation of the Partnership.
Distributions to Liquidating Limited Partners were suspended after the July 1,
1996 distribution. Distributions to the Continuing Limited Partners were
suspended after the January 1, 1997 distribution.
The continued operation and eventual liquidation of the Partnership involves
numerous complex issues which have to be resolved. These issues relate to the
timing and realizability of lease-related assets, Diverted and other assets,
Datronic assets, litigation and the liquidation of the other Datronic
Partnership's (see Notes 3, 4, and 8 to the Partnership's financial statements
included in the 1996 Form 10-K). These issues make it difficult to predict the
time and costs necessary to operate and liquidate the Partnership in an orderly
manner. As a result of these uncertainties, it is unlikely that any additional
distributions will be made until all remaining assets are liquidated and the
pending litigation is resolved. The amount of future distributions, if any, to
the Limited Partners is likely to be significantly less than the amount of
partners' equity reflected in the June 30, 1997 Balance Sheets (see financial
statements included in Item 1).
Results of Operations
Lease income decreased approximately $387,000 and $490,000 during the three and
six month periods ended June 30, 1997 as compared to the corresponding periods
in 1996 primarily due to approximately $308,000 of income resulting from
transactions with PCR recorded in the second quarter of 1996 (see Note 11 to
the Partnership's financial statements included in the 1996 Form 10-K) and the
declining lease portfolio.
Interest income decreased approximately $17,000 and $64,000 during the three
and six month periods ended June 30, 1997 as compared to the corresponding
period in 1996. This decrease is primarily due to an early payoff of an
installment contract receivable in December 1996, partially offset by
additional interest earned as a result of increased cash balances.
Amortization expense decreased approximately $32,000 during the three and six
month periods ended June 30, 1997 as compared to the corresponding periods in
1996 due to these costs becoming fully amortized as of May 31,1997.
Management fees - New Era represent amounts paid New Era for managing the
Partnership on a day-to-day basis pursuant to a Management Agreement which was
terminated effective June 30, 1996. Accordingly, fees paid to New Era amounted
to zero for the three and six month
14
<PAGE> 15
periods ended June 30, 1997 as compared to approximately $252,000 and $636,000
for the same periods in 1996. Subsequent to June 30, 1996 LRC has assumed
responsibility for day-to-day management of the Partnership and the
corresponding costs and expenses are included in General Partner's expense
reimbursement (see Note 7 to the Partnership's financial statements included in
the 1996 Form 10-K).
The General Partner's expense reimbursement represents amounts paid to LRC in
its capacity as general partner in excess of what LRC received as partner
distributions. Total amounts paid to LRC for the three and six month periods
ended June 30, 1997 were approximately $189,000 and $445,000 respectively, (all
of which represents the general partner's expense reimbursement). Total
amounts paid to LRC for the three and six month periods ended June 30, 1996
were approximately $13,000 (credit) and $117,000 respectively, ($100,000
representing general partner's expense reimbursement and $17,000 representing
general partner distributions). The increases of $202,000 and $328,000
respectively, represent incremental expenses associated with LRC's assumption
of the day-to-day management of the Partnership's operations effective July 1,
1996. These expenses were previously included in Management Fees- New Era (see
Note 7 to the Partnership's financial statements included in the 1996 Form
10-K). Included in 1997 expenses is $25,000 representing a one time expense
associated with the relocation of former New Era employees to reduced office
space. Further, in 1996, the LRC expense reimbursement reflected the benefit
of $67,000 representing the early payoff of management and consulting fees
associated with PCR, (see Note 11 to the Partnership's financial statements
included in the 1996 Form 10-K).
Professional fees decreased approximately $5,000 and $27,000 for the three and
six month periods ended June 30, 1997 as compared to the corresponding period
in 1996 primarily due to decreased legal fees relating to Partnership matters
and audit fees.
Other operating expenses decreased approximately $1,000 and $11,000 for the
three and six month periods ended June 30, 1997 as compared to the
corresponding period in 1996 primarily due to decreases in bank charges, UCC
filing fees and miscellaneous expenses.
Credit for lease losses of approximately $124,000 and $248,000 for the three
and six month periods ended June 30, 1997 represent recoveries on the Master
Lease with CRCA (see Note 11 to the Partnership's financial statements included
in the 1996 Form 10-K).
15
<PAGE> 16
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Reference is made to Item 3 - Legal Proceedings in the Partnership's December
31, 1996 Form 10-K for a discussion of material legal proceedings involving the
Partnership.
ITEM 2. CHANGES IN SECURITIES
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
See Exhibit Index.
(b) Reports on Form 8-K
None.
16
<PAGE> 17
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized, on the 12th day of August 1997.
DATRONIC EQUIPMENT INCOME FUND XX, L.P.
Registrant
By: /s/DONALD D. TORISKY
------------------------------------
Donald D. Torisky
Chairman and Chief Executive Officer
Lease Resolution Corporation
General Partner of
Datronic Equipment Income Fund XX, L.P.
By: /s/ROBERT P. SCHAEN
-----------------------------------------
Robert P. Schaen
Vice Chairman and Chief Financial Officer
Lease Resolution Corporation
General Partner of
Datronic Equipment Income Fund XX, L.P.
17
<PAGE> 18
EXHIBIT INDEX
-------------
EXHIBIT NO. DESCRIPTION
- ----------- -----------
27 Financial Data Schedule, which is submitted
electronically to the Securities and
Exchange Commission for Information only
and not filed.
18
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEET AND THE STATEMENTS OF REVENUE AND EXPENSES AND IS QUALIFED IN ITS ENTIRETY
BY REFERENCE TO SUCH REPORT ON FORM 10-Q
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 3,245,096
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 5,086,131
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 5,025,129
<TOTAL-LIABILITY-AND-EQUITY> 5,086,131
<SALES> 0
<TOTAL-REVENUES> 220,331
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 9,346
<LOSS-PROVISION> (248,426)
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (233,535)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
