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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
Commission file number: 0-25780
PRESIDIO CAPITAL CORP.
(Exact name of registrant as specified in its charter)
British Virgin Islands N/A
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Hemisphere Management (Cayman) Limited
Zephyr House, Mary Street, Grand Cayman,
Cayman Islands, British West Indies N/A
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (441) 295-9166
Former name, former address and former fiscal year,
if changed since last report N/A
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 and 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.
Yes [ X ] No [ ]
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:
As of April 3, 1996, there were 8,766,569 Class A Common Shares,
U.S. $0.01 par value, outstanding.
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<PAGE>
PRESIDIO CAPITAL CORP. AND SUBSIDIARIES
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Statements of Net Assets in Liquidation
as of March 31, 1996 (unaudited) and December 31, 1995
Consolidated Statements of Changes in Net
Assets in Liquidation for the Three Month Periods
Ended March 31, 1996 (unaudited) and 1995 (unaudited)
Notes to Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition
and Liquidation Activities
Part II - OTHER INFORMATION
Item 1. Legal Proceedings
Item 6. Exhibits and Reports on Form 8-K
SIGNATURES
<PAGE>
PRESIDIO CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF NET ASSETS IN LIQUIDATION
(Expressed in thousands of United States dollars)
<TABLE>
<CAPTION>
March 31,
1996 December 31,
(unaudited) 1995
----------- ------------
<S> <C> <C>
Assets:
Cash and cash equivalents (including restricted
cash of $23,037 and $21,603) ...................... $255,012 $120,613
Investments ........................................... 31,005 32,769
Contract rights ....................................... 38,000 235,681
Notes and other receivables (net of non-recourse
indebtedness of $17,407 and $17,599) .............. 108,701 76,193
Other assets .......................................... 5,532 5,519
-------- --------
Total assets .................... $438,250 $470,775
-------- --------
Liabilities:
Debt .................................................. $ 4,895 $ 4,895
Dividends Payable ..................................... 32,544 10,014
Estimated costs of liquidation ........................ 59,679 64,638
Estimated tax liability ............................... 6,000 6,000
-------- --------
Total liabilities ............... 103,118 85,547
-------- --------
Net Assets in Liquidation $335,132 $385,228
======== ========
</TABLE>
See notes to consolidated financial statements
<PAGE>
PRESIDIO CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS IN LIQUIDATION
(Expressed in thousands of United States dollars)
<TABLE>
<CAPTION>
For the three months
Ended March 31,
------------------------------
1996 1995
(unaudited) (unaudited)
----------- -----------
<S> <C> <C>
Net Assets in Liquidation,
January 1, ............................ $ 385,228 $ 399,396
Dividends paid / accrued .................. (52,572) --
Increase from revaluation of
assets and liabilities ................ 1,458 8,285
Interest income ........................... 1,018 2,476
--------- ---------
Net Assets in Liquidation,
March 31, ............................ $ 335,132 $ 410,157
========= =========
</TABLE>
See notes to consolidated financial statements
<PAGE>
PRESIDIO CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
- ---------------------------------------------------------
Presidio Capital Corp. ("Presidio" and, collectively with its subsidiaries, the
"Company") was organized on August 29, 1994, in the British Virgin Islands under
the International Business Companies Act (Cap. 291), to purchase, directly or
through its subsidiaries, substantially all of the assets of Integrated
Resources, Inc. ("Integrated") for the purpose of liquidation and distribution
of capital to shareholders. The Company was formed in accordance with the Sixth
Amended Plan of Reorganization Submitted by the Official Committee of
Subordinated Bondholders and the Steinhardt Group, (the "Plan") confirmed by the
United States Bankruptcy Court for the Southern District of New York by order
dated August 8, 1994. The Plan was consummated on November 3, 1994 (the
"Consummation Date").
The Plan gave creditors of Integrated the right to receive approximately 88% of
Presidio's authorized capital stock represented by Class A shares in lieu of all
or part of their cash distribution as defined in the Plan. Approximately 12% of
stock was issued to and purchased by IR Partners, a general partnership among
Steinhardt Management Company, Inc. ("Steinhardt"), certain of its affiliates
and an affiliate of Charles E. Davidson, the principal of Presidio Management
Company, LLC and Chairman of the Board of the Company and Joseph M. Jacobs, the
Chief Executive Officer and President of the Company, for approximately $36
million.
The Company is co-managed by Wexford Management LLC ("Wexford") and Steinhardt,
who direct on a discretionary basis, the disposition, liquidation and sale of
the Company's assets. The administration of these liquidating responsibilities
is performed by Wexford who is principally responsible for the implementation of
the day to day operations as well as the liquidation of the Company. A fixed
annual fee is paid to each of the co-managers.
Reference is made to the notes to the consolidated financial statements for the
year ended December 31, 1995, included in the Company's Annual Report on Form
10-K ( the "Form 10-K") for information with regard to the organization,
significant accounting policies and disclosures made pursuant to the rules and
regulations of the Securities and Exchange Commission.
The interim financial data is unaudited; however, in the opinion of management,
the Company's interim financial data for the three month period ended March 31,
1996 includes all adjustments (consisting only of normal recurring adjustments)
necessary for a fair presentation of the results of the interim period. These
consolidated interim financial statements and notes thereto should be read in
conjunction with the consolidated financial statements and notes to consolidated
financial statements included in the Form 10-K.
<PAGE>
Liquidation Basis
The Company has adopted the liquidation basis of accounting. The liquidation
basis of accounting is appropriate when liquidation appears imminent and the
Company is no longer viewed as a going concern. Under this method of accounting,
assets are stated at their estimated net realizable values and liabilities are
stated at their anticipated settlement amounts. The valuations presented in
these financial statements are presented in U.S. dollars under U.S. generally
accepted accounting principles.
The valuation of assets and liabilities requires many estimates and assumptions.
The actual value of any liquidating distributions will depend upon a variety of
factors including, among others, the actual market prices of any assets that may
be distributed in kind, the proceeds from the sale of any of the Company's
assets and the timing of distributions. The valuations presented in the
accompanying Statements of Net Assets in Liquidation represent estimates at the
dates shown, based on current facts and circumstances, of the estimated net
realizable value of assets and estimated costs of implementation of the Plan.
The net values ultimately realized and costs actually incurred could be higher
or lower than the amounts recorded.
NOTE 2 - CONTRACT RIGHTS
- ------------------------
In May 1995, Presidio entered into a series of interest rate hedges (the
"Hedges") through the short sales of ten-year U.S. government treasury notes
(the "Notes") maturing in February and March 2005. These Notes had an aggregate
notional value of $225 million, and were designed to reduce the impact of
interest rate fluctuations on the projected proceeds from future Contract Right
transactions. In March 1996, amid increases in prevailing interest rates, the
Company settled its position with regard to the Hedges realizing a loss of $2.6
million.
On March 28, 1996 (the "Closing Date"), the Company and certain of its
subsidiaries sold 117 of its 123 Contract Rights in a private securitization
transaction which yielded net proceeds of approximately $205 million. After
completion of the securitization there are six Contract Rights remaining, which
the Company estimates have an approximate net realizable value of $38 million.
The securitization certificates that were sold are secured by substantially all
of the payment stream from the primary term of the related Contract Rights. The
certificates sold in the securitization are not backed by the Company. Most of
the remaining payment stream, which is effectively subordinated to the
certificates sold in the securitization, will be used to make payment to the
holder of another certificate, (the "T-Two Holder") 99% of which was sold to a
newly formed company, T-Two Holding, LLC ("the LLC"), an entity owned by certain
affiliates of Presidio (the "Affiliates"). These Affiliates are controlled by
the Chairman of the Board and the President of Presidio. On the Closing Date
Presidio made a $31.5 million recourse loan to the Affiliates; the proceeds of
which were used to purchase the Affiliates interests in the LLC. This loan
accrues interest at 25% per annum, and is reflected in the Company's Notes and
Receivables balance at March 31, 1996. The LLC will conduct a rights offering
directed to the Company's shareholders as soon as practicable, which the Company
believes may not occur until early 1997, enabling the Company's shareholders to
acquire all of the LLC.
<PAGE>
In connection with the Contract Rights securitization, approximately $9.4
million was withheld from the net proceeds as reserves for certain
representations and warrantees made by the Company. These amounts are expected
to be returned to the Company within 90 days, and are reflected in the March 31,
1996 Notes and Receivables balance.
NOTE 3 - DIVIDENDS PAID/ACCRUED
- -------------------------------
On January 12, 1996 and February 9, 1996, dividends of $10 million and $20
million, or $1.00 and $2.00 per share, respectively, were paid to all
shareholders of record as of January 3, 1996 and January 29, 1996, respectively.
Also, on March 27, 1996 the Company declared a dividend of $32.5 million, or
$3.25 per share payable to all shareholders of record as of April 3, 1996. This
dividend is reflected as a liability at March 31, 1996 and was paid on April 12,
1996. Additionally, on May 14, 1996 the Company declared a dividend of $140
million, or $14.00 per share payable to all shareholders of record as of May 20,
1996.
NOTE 4 - REVALUATION OF ASSETS AND LIABILITIES
- ----------------------------------------------
The increases in Net Assets in Liquidation resulting from revaluation of assets
and liabilities for the three month periods ended March 31, 1996 and March 31,
1995 are as follows:
<TABLE>
<CAPTION>
(Thousands)
Three month period
Ended March 31,
----------------------
1996 1995
------- -------
<S> <C> <C>
Increase in estimated net
realizable value of assets ................... $ 1,458 $ 456
(Increase) in estimated costs
of liquidation ............................... -- (2,061)
Return of overpayments and
bankruptcy settlements ....................... -- 8,890
Decrease in estimated tax liability ............. -- 1,000
------- -------
$ 1,458 $ 8,285
======= =======
</TABLE>
NOTE 5 - SUBSEQUENT EVENTS
- --------------------------
On May 6, 1996, the securities litigation expert assigned to evaluate a proposed
settlement in Mark Erwin, Trustee, et.al. v.Resources High Equity, Inc., et.al.
(The "HEP Action"), submitted a report stating that he was unable to conclude
that the revised settlement as proposed is fair, reasonable and adequate, and
recommending that the settlement be revised and restructured in certain
respects. The Company is considering a variety of alternatives relating to the
structure of, and the consideration to be received in connection with, the
settlement in response to the expert's report. A hearing on the expert's report
and preliminary approval of the revised settlement is scheduled for May 28,
1996.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND LIQUIDATION ACTIVITIES
The following section includes a discussion and analysis of financial condition
and liquidation activities of the Company for the three month period ended March
31, 1996.
Liquidity and Capital Resources
The Company's primary objective is to liquidate its assets in the shortest time
period possible while realizing the maximum values for such assets. Although the
Company considers its assumptions and estimates as to the values and timing of
such liquidations to be reasonable, the period of time to liquidate the assets
and distribute the proceeds of such assets is subject to significant business,
economic and competitive uncertainties and contingencies, many of which are
beyond the Company's control.
Cash available for distributions, defined as cash and cash equivalents less
restricted cash, increased by $134 million during the quarter ended March 31,
1996 primarily due to net proceeds received from the securitization of Contract
Rights of $205 million less dividends paid of $30 million and loans made to
affiliates of $31.5 million.
Restricted cash at March 31, 1996 was $23.0 million and is primarily comprised
of reserves for bankruptcy claims of $7.3 million and deposits for escrow
accounts as security for indemnification of certain former officers and
directors of Integrated and the Class A Directors of Presidio of $15.0 million
(see A) and B) below).
A) The indemnity for the former officers and directors of Integrated
("Qualified Indemnity") is collateralized by cash and all the stock and
partnership interests in the Company's non- U.S. subsidiaries under the
Indemnification Agreements (the "Indemnification Agreements"). All
distributions made by the Company are limited by a requirement that the
Company have certain minimum net assets after distribution to discharge
any pending and expected Qualified Indemnity obligations. The balance
in this account at March 31, 1996 was $10.9 million.
Presidio's ability to make distributions to shareholders remains
limited in accordance with the terms of the indemnification obligations
to the former officers and directors of Integrated and its subsidiaries
under the Indemnification Agreements. Presidio has no basis for
believing that any of those indemnification obligations will be
material. However, pursuant to the terms of the Indemnification
Agreements, Presidio is required to notify beneficiaries thereunder of
dividends and certain other transfers of cash made by certain
subsidiaries of Presidio to Presidio, and by Presidio to its
shareholders, and to retain the value of certain collateral granted as
security for such indemnification obligations. Presidio provided notice
to the beneficiaries of the Indemnification Agreements prior to
distribution of all dividends paid and declared during the first
quarter ended March 31, 1996.
<PAGE>
B) The Plan also provided for indemnification of the Class A Directors of
Presidio. The indemnification amounts were secured by an initial escrow
deposit which was made on the Consummation Date. Presidio is also
required to make quarterly escrow deposits equal to the greater of (i)
$750,000, or (ii) 1% of any amounts distributed to shareholders of
Presidio, for additional indemnification security. In accordance
therewith, Presidio deposited $750,000 in the first quarter of 1996.
The escrowed amounts will not be available for distribution to
shareholders until the indemnification agreement expires. The balance
in this account at March 31, 1996 was $4.1 million.
Presidio believes that cash on hand, revenues generated from interests
in businesses that continue to operate and proceeds from selling
businesses and other assets will be sufficient to support the Company's
operations and meet its obligations. Exclusive of proceeds from the
securitization of the portfolio of the Company's Contract Rights,
distributions made, and costs and loans incurred in connection with the
securitization, the Company had positive net operating cash flow of
$5.5 million for the three month period ended March 31, 1996.
<PAGE>
Liquidation Activities
The Company's cash and cash equivalents increased by approximately $135 million
for the three month period ended March 31, 1996. The components of the change in
cash and cash equivalents, are as follows:
<TABLE>
<CAPTION>
(Millions)
Three Month Period
Ended March 31,
------------------
1996 1995
------ ------
<S> <C> <C>
Cash Inflows
- ------------
Contract Rights Securitization Proceeds, net .................... $205.1 $ --
Operating Cash Inflows .......................................... 11.5 19.5
Interest income ................................................. 1.0 2.5
------ ------
Total Cash Inflows .......................................... 217.6 22.0
------ ------
Cash Outflows
- -------------
Dividends paid .................................................. 30.0 --
Loans to Affiliates ............................................. 31.5 --
Legal and other expenses - Contract Rights ...................... 14.7 --
Legal, accounting and consulting fees ........................... 1.9 2.2
Miscellaneous general and administrative costs .................. 5.1 3.8
Bankruptcy claims paid .......................................... -- 17.1
Steinhardt Management Co. .......................................
expense reimbursement ....................................... -- 2.0
------ ------
Total Cash Outflows ......................................... 83.2 25.1
------ ------
Increase (Decrease) in cash and cash equivalents ............... 134.4 (3.1)
Cash and cash equivalents, beginning of period .................. 120.6 173.9
------ ------
Cash and cash equivalents, end of period ........................ $255.0 $170.8
====== ======
</TABLE>
On March 27, 1996 the Company declared a dividend of $32.5 million, or $3.25 per
share payable to all shareholders of record as of April 3, 1996. This dividend
is reflected as a liability at March 31, 1996 and was paid on April 12, 1996.
Additionally, on May 14, 1996 the Company declared a dividend of $140 million,
or $14.00 per share payable to all shareholders of record as of May 20, 1996.
Current Operations
Operating cash inflows for the three month period ended March 31, 1996 decreased
by $8.0 million as compared to the prior year, primarily due to the fact that
1995 proceeds included $6.5 million from three tenants who purchased leased
properties under the terms of their leases. These non-recurring transactions
coupled with reduced cash flow as a result of other assets that were liquidated
in 1995 contributed to this decrease.
Interest income decreased due to lower cash balances resulting from
distributions made to shareholders in 1995 and 1996.
<PAGE>
There were no payments made during the first quarter in connection with the
resolution of remaining disputed bankruptcy claims.
Legal, accounting and consulting fees decreased primarily due to reduced usage
of outside consultants.
Miscellaneous general and administrative costs increased as compared to the
prior year's first quarter due to a) timing of reimbursements to Wexford in
connection with use of personnel and other administrative costs, and b) payment
of bonus and quarterly fees of $478,100 and $779,865, respectively, to
Fieldstone Private Capital Group, L.P. ("Fieldstone") for the purposes of
managing Presidio's interests in certain equipment leasing activities. These
increases were partially offset by an overall reduction in general and
administrative costs. Presidio entered into the management agreement with
Fieldstone effective March 31, 1995.
Contract Rights
In May 1995, Presidio entered into a series of Hedges through the short sales of
ten-year Notes maturing in February and March 2005. These Notes had an aggregate
notional value of $225 million, and were designed to reduce the impact of
interest rate fluctuations on the projected proceeds from future Contract Right
transactions. In March 1996 the Company settled its position with regard to the
Hedges realizing a loss of $2.6 million.
In a private securitization transaction completed on March 28, 1996, the Company
sold 117 of the 123 Contract Rights owned directly or indirectly by the Company.
Such securitized transaction, which was unanimously approved by Presidio's Board
of Directors, yielded proceeds before expenses and reserves of approximately
$233 million, approximately $205 million of which has been distributed to
Presidio or one of its subsidiaries. The following describes the structure of
such securitization.
Securitization. On March 28, 1996, the Company sold all of its right, title and
interest in 117 Contract Rights to the Contract Right Grantor Trust (the
"Grantor Trust"), formed pursuant to a Grantor Trust Agreement. The Grantor
Trust issued a certificate (the "Grantor Trust T-1 Certificate") to a trust (the
"Trust") formed pursuant to a Pooling Agreement, dated as of January 1, 1996,
among the Grantor Trust, acting through the Grantor Trust Trustee, as depositor,
Bankers Trust Company, as servicer, and The First National Bank of Chicago, as
trustee in exchange for the Certificates (as defined below).
The Grantor Trust also issued a second certificate and certain related assets
(the "Grantor Trust T-2 Certificate") to T-Two Partners, L.P., a Delaware
limited partnership (the "T-2 Holder"), in exchange for approximately $20
million in cash and the assumption of certain liabilities. The Grantor Trust T-1
Certificate evidences the interest of the Trust in the Contract Rights
transferred to the Grantor Trust, and are secured by substantially all of the
payment stream from the primary term of such Contract Rights. The Grantor Trust
T-2 Certificate evidences the balance of all payments on such Contract Rights as
well as the six other Contract Rights sold directly to the Grantor Trust.
Payments made in respect of the Grantor Trust T-2 Certificate will be deposited
in a reserve fund as security for the T-2 Holder's obligation to indemnify the
Trust against losses on the Contract Rights.
<PAGE>
The Trust consists, among other things, of all the right, title and interest
arising from and in connection with the Grantor Trust T-1 Certificate. A "real
estate mortgage investment conduit" ("REMIC") election has been made in
connection with certain assets of the Trust for U.S. Federal income tax
purposes. The Trust issued five classes of certificates: the Class A-1
Certificates, the Class B-1 Certificates, the Class C-1 Certificates and the
Class D-1 Certificates (collectively, the "Offered Certificates") and the Class
R Certificate (collectively, with the Offered Certificates, the "Certificates").
The Class R Certificate was transferred to a new corporation affiliated with the
T-2 Holder, T-Two Corp.
Upon the transfer of the Certificates to the Grantor Trust in exchange for the
Grantor Trust T-1 Certificate, the Grantor Trust sold the Offered Certificates
to Bear, Stearns & Co. Inc. ("Bear Stearns") in a private placement, which Bear
Stearns, in turn, sold in transactions pursuant to Rule 144A under the
Securities Act. The Grantor Trust applied substantially all of the proceeds from
the sale of the Offered Certificates as the purchase price for the Contract
Rights.
Presidio Loan. On the closing date, Presidio loaned an aggregate of $31.5
million to Roundhill Associates L.P. and Roundhill Associates II L.P., both
Connecticut limited partnerships (collectively, the "T-2 Organizers"). Charles
E. Davidson, Chairman of the Company, is the managing general partner with a 50
percent partnership interest in each of the T-2 Organizers, Joseph M. Jacobs,
President of the Company, is a limited partner with a 45 percent partnership
interest in each of the T-2 Organizers and Robert Holtz, Vice President of the
Company, has the remaining 5% limited partnership interest in the T-2
Organizers. Such loans (i) are obligated to be repaid on the completion of the
rights offering discussed below but no later than March 28, 1999, (ii) bear
interest payable on the payment of principal at the rate of 25% per annum and
(iii) are secured by a pledge of 100% of the membership interests in a
newly-formed limited liability company ("T-2 LLC"). Proceeds from the loan were
used to capitalize the T-2 organizers interest in T-2 LLC.
Rights Offering. T-2 LLC will conduct a rights offering as soon as practicable,
which Presidio believes may not occur until early 1997. Until the rights
offering is completed, the T-2 LLC is precluded from making any distributions to
its members. The rights offering will be an offering of transferable rights to
purchase the equivalent of 100% of the membership interests in T-2 LLC, and will
be made to the holders of Presidio common stock. The T-2 Organizers will sell
their membership interest to T-2 LLC upon completion of the rights offering to
the extent that the rights issued in the rights offering are subscribed and will
receive out of the proceeds of the rights offering in exchange for an amount
equal to the following: (i) the purchase price for such interests, (ii) their
interest payments on the $31.5 million loan from Presidio, (iii) their net tax
liability as a consequence of owning the interests being sold, computed based
upon the marginal effective tax rates of the individual partners of the T-2
Organizers, minus 12% of the losses, if any, recognized by them as a consequence
of their ownership of such interest plus (iv) $50,000 representing the
anticipated out-of-pocket expenses of the affiliates of the T-2 Organizers in
maintaining their investments through certain entities in the T-2 Holders in a
manner that was designed to facilitate the completion of the Contract Rights
securitization.
<PAGE>
On May 6, 1996, the securities litigation expert assigned to evaluate a proposed
settlement in Mark Erwin, Trustee, et. al. v.Resources High Equity, Inc., et.
al. (The "HEP Action"), submitted a report stating that he was unable to
conclude that the revised settlement as proposed is fair, reasonable and
adequate, and recommending that the settlement be revised and restructured in
certain respects. The Company is considering a variety of alternatives relating
to the structure of, and the consideration to be received in connection with,
the settlement in response to the expert's report. A hearing on the expert's
report and preliminary approval of the revised settlement is scheduled for May
28, 1996.
<PAGE>
PRESIDIO CAPITAL CORP. AND SUBSIDIARIES
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
- ---------------------------
The following information should be read in conjunction with Item 3. "Legal
Proceedings" of the Company's December 31, 1995 Form 10-K.
Mark Erwin, Trustee, et. al. v. Resources High Equity, Inc., et. al.
(the "HEP Action")
- --------------------------------------------------------------------
Reference is made to Note 5 of the Consolidated Financial Statements in Part I,
Item 1, Financial Statements.
Item 6. Exhibits and Reports on Form 8-K
- ----------------------------------------
(a) Not applicable
(b) The Company was not required to file any reports on Form 8-K
during the quarter ended March 31, 1996.
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, thereunto duly authorized.
PRESIDIO CAPITAL CORP. (Registrant)
By: /s/ Joseph M. Jacobs
-------------------------------------
Joseph M. Jacobs
Chief Executive Officer and President
By: /s/ Jay L. Maymudes
-------------------------------------
Jay L. Maymudes
Vice President, Treasurer and Chief
Financial Officer
Date: May 15, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary information extracted from the financial
statements of the March 31, 1996 Form 10-Q of Presidio Capital Corp. and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 255,012
<SECURITIES> 31,005
<RECEIVABLES> 146,701
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 5,532
<DEPRECIATION> 0
<TOTAL-ASSETS> 438,250
<CURRENT-LIABILITIES> 98,223
<BONDS> 4,895
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 438,250
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
