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): September 12, 1996
FM PROPERTIES INC.
Delaware 0-19989 72-1211572
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
1615 Poydras Street
New Orleans, Louisiana 70112
Registrant's telephone number, including area code: (504) 582-4000
Item 5. Other Events.
-------------
The following news release was issued by FM Properties Inc. on
September 12, 1996:
FM PROPERTIES AGREES TO SELL
ASSETS OF CIRCLE C LAND CORP.
NEW ORLEANS, LA., September 12, 1996 -- FM Properties Inc.
(NASDAQ:FMPO) announced today that it has agreed to sell the
assets of its wholly owned subsidiary, Circle C Land Corp.
(CCLC), for $34 million to an investor group. CCLC's assets
consist primarily of approximately 1,000 acres of undeveloped
commercial and multi-family property within the Circle C Ranch
development near Austin, Texas. During 1995, FMPO sold the
residential property at the Circle C Ranch development for $15.8
million to the same investor group.
FMPO has received a $1 million nonrefundable cash deposit on
this transaction. The balance of the $34 million purchase price
is to be paid $30 million in cash and $3 million in a secured
note at closing, which is expected prior to March 31, 1997. No
significant gain or loss will be realized on the sale and the
cash proceeds will be used by FMPO to reduce its outstanding debt
which currently is approximately $70 million.
FMPO is engaged in the development and marketing of real
estate in the Austin, Dallas, Houston and San Antonio, Texas
areas.
SIGNATURE
---------
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.
FM PROPERTIES INC.
By: /s/ William J. Blackwell
------------------------------
William J. Blackwell
Vice President and Controller
(authorized signatory and
Principal Accounting Officer)
Date: September 12, 1996
