SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): April 29, 1997
RESURGENCE PROPERTIES INC.
(Exact Name of Registrant as Specified in Charter)
Maryland 0-24740 13-3757163
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
411 West Putnam Avenue, Greenwich, CT 06830
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:(203) 862-7000
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On April 29, 1997, the Board of Directors of Resurgence Properties
Inc. (the "Company") approved a plan of complete liquidation and dissolution
of the Company for submission to its shareholders for their approval.
The complete text of the press release issued by the
Company is attached hereto as an exhibit and is hereby incorporated
by reference in its entirety to this item.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
c. Exhibits
99.1 Press Release, dated April 29, 1997
<PAGE>
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 hereunto duly authorized.
RESURGENCE PROPERTIES INC.
Dated: April 30, 1997 By: /s/ Jay L. Maymudes
Name: Jay L. Maymudes
Title: Vice President, Chief
Financial Officer and
Secretary
RESURGENCE PROPERTIES INC. ANNOUNCES PLAN OF LIQUIDATION AND DISSOLUTION
Contacts:
Jay L. Maymudes Josh Reiss
Wexford Management LLC Burson-Marsteller
(203) 862-7050 (212) 614-5084
Greenwich CT, (April 29, 1997)--Resurgence Properties Inc. (NASDAQ SmallCap
Market: RPIA) announced today that the Board of Directors has approved a plan
of complete liquidation and dissolution of the Company (the "Plan") for
submission to its shareholders for their approval. The shareholders meeting
is expected to be held during the third quarter of 1997. The effective date
of the Plan will be upon the majority vote of the Company's shareholders.
Among the key features of the Plan are: (1) the cessation of all business
activities, other than those in furtherance of the Plan; (2) the sale or
disposition of all of the Company's assets; (3) the satisfaction of all
outstanding liabilities; (4) the payment of liquidating distributions to
shareholders in complete redemption of the Common Stock and; (5) the filing of
Articles of Dissolution.
In addition, the Board of Directors has agreed to extend the management
agreement with Wexford Management LLC under a reduced fee arrangement through
December 31, 1997 and to replace all of the Management Options issued to
Wexford with a compensation package designed to provide the same benefits as
the Management Options.
Resurgence is engaged in diversified real estate activities including the
ownership, operation and management of retail, office, industrial/warehouse
and multi-family real estate located throughout the United States, and
investments in mortgage loans. Resurgence was formed as a result of the
consummation of the Chapter 11 reorganization of Liberte Investors (f/k/a
Lomas and Nettleton Mortgage Investors) on April 7, 1994. Pursuant to the
reorganization, Liberte transferred most of its assets to Resurgence.
Resurgence is managed and administered by Wexford Management LLC. Resurgence
currently has 10,000,000 shares of common stock outstanding.
