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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 September 30, 1997
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 [ ]
As of November 2, 1997, there were 9,997,255 Common Shares, U.S. $0.01 per
share, par value, outstanding.
<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
September 30, 1997 (unaudited) and December 31, 1996 (audited)
Unaudited Consolidated Statements of Changes in Net Assets in
Liquidation for the Three and Nine Month Periods Ended
September 30, 1997 and 1996
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 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
SIGNATURES
<PAGE>
<TABLE>
<CAPTION>
PRESIDIO CAPITAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF NET ASSETS IN LIQUIDATION
(Expressed in thousands of United States dollars)
September 30, December 31,
1997 1996
-------- --------
(unaudited) (audited)
Assets:
<S> <C> <C>
Cash and cash equivalents (including restricted
cash of $41,924 and $20,527 at September 30,
1997 and December 31, 1996 .................... $102,627 $ 78,639
Investments ........................................ 23,040 29,993
Contract rights .................................... 1,514 41,083
Notes and other receivables ........................ 15,946 22,467
Loans to affiliates ................................ 44,682 38,532
Other assets ....................................... 701 1,814
-------- --------
Total assets ....................................... $188,510 $212,528
======== ========
Liabilities:
Debt ............................................... $ -- $ 900
Estimated costs of liquidation ..................... 14,926 29,434
Estimated tax liability ............................ 1,850 5,970
-------- --------
Total liabilities .................................. 16,776 36,304
-------- --------
Net Assets in Liquidation ......................... $171,734 $176,224
======== ========
</TABLE>
See notes to consolidated financial statements
<PAGE>
<TABLE>
<CAPTION>
PRESIDIO CAPITAL CORP. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS IN LIQUIDATION
(Expressed in thousands of United States dollars)
Three Months Ended Nine Months Ended
Ended September 30, Ended September 30,
------------------------ -------------------------
1997 1996 1997 1996
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Net Assets in Liquidation,
Beginning of period ........ $ 166,973 $ 208,987 $ 176,224 $ 385,228
Dividends declared ......... -- (59,990) (16,523) (252,753)
Accretions of loans to
Affiliates .............. 2,137 1,970 6,150 4,047
Increase from revaluation of
Assets and liabilities .. 1,076 2,341 2,040 13,341
Interest income ............ 1,548 1,099 3,843 4,544
--------- --------- --------- ---------
Net Assets in Liquidation,
end of period .............. $ 171,734 $ 154,407 $ 171,734 $ 154,407
========= ========= ========= =========
</TABLE>
See notes to consolidated financial statements
<PAGE>
PRESIDIO CAPITAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(All amounts in United States Dollars)
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 (the
"Bankruptcy Court") by order dated August 8, 1994. The Plan was officially
consummated on November 3, 1994 (the "Consummation Date").
The Plan gave creditors of Integrated the right to receive 88% of Presidio's
common shares in lieu of all or part of their cash distribution as defined in
the Plan. The remaining 12% of common shares was purchased for approximately
$35.8 million, pursuant to an Asset Purchase Agreement by IR Partners, a general
partnership among Steinhardt Management Company Inc., ("Steinhardt") certain
Steinhardt's affiliates and an affiliate of Charles E. Davidson, the principal
of Presidio Management Company, LLC ("Presidio Management") and Chairman of the
Board of the Company and Joseph M. Jacobs, the Chief Executive Officer and
President of the Company.
Reference is made to the notes to the consolidated financial statements for the
year ended December 31, 1996, 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 nine month period ended September
30, 1997 includes all adjustments (consisting of normal recurring adjustments)
necessary for 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, and the Forms 10-Q filed for the
periods ended March 31, 1997 and June 30, 1997.
Liquidation Basis
The Company's financial statements are prepared under the liquidation basis of
accounting. The liquidation basis of accounting is appropriate when liquidation
is 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 management to make many
estimates and assumptions. The actual value of any liquidating distribution
depends upon a variety of factors including, among others, the actual market
prices of any assets distributed in kind, the proceeds from the sale of any of
the Company's assets and the actual timing of distributions.
<PAGE>
The valuations presented in the accompanying Statements of Net Assets in
Liquidation represent management's current estimates, based on facts and
circumstances, of the estimated net realizable value of assets and estimated
costs of implementing the Plan. The net values ultimately realized could be
higher or lower than the amounts recorded.
Recently Issued Accounting Pronouncements
The Financial Accounting Standards Board has recently issued several new
accounting pronouncements effecting financial statements relating to periods
ending after after December 15, 1997. Management of the Company does not believe
that these new standards will have a material affect on the Company's reported
net assets in liquidation or changes in net assets in liquidation.
NOTE 2 - INVESTMENTS, NOTES AND OTHER RECEIVABLES
During the quarter ended September 30, 1997, the Company purchased units in and
provided loans to certain real estate limited partnerships, wherein subsidiaries
of the Company are the General Partners, for an aggregate cost of approximately
$0.9 million. Through September 30, 1997, the total investments in and loans to
real estate limited partnerships aggregated approximately $5.7 million. These
investments were intended to be consistent with, and incidental to the Company's
liquidation strategy, as these investments are intended to protect and enhance
the values of the respective general partnership positions.
NOTE 3 - CONTRACT RIGHTS
As of December 31, 1996, there were four Contract Rights remaining, which the
Company estimated had an approximate net realizable value of $41.1 million. On
March 12, 1997, a Partnership exercised its option and prepaid approximately
$40.0 million to the Company, which represented the remaining balance due under
such Contract Right obligation.
NOTE 4 - DIVIDENDS
On March 19, 1997, the Board of Directors of Presidio declared a dividend which
was paid on April 3, 1997, of approximately $16.5 million, or $1.65 per share,
to all shareholders of record as of March 25, 1997. Presidio has made
liquidating distributions since consummation of the Plan of $364.3 million or
$36.38 per share.
<PAGE>
NOTE 5 - REVALUATION OF ASSETS AND LIABILITIES
The increase in Net Assets in Liquidation resulting from revaluation of assets
and liabilities for the three and nine month periods ended September 30, 1997
and 1996 is as follows:
<TABLE>
<CAPTION>
(000's)
Three Months Ended Nine Months Ended
Ended September 30, Ended September 30,
1997 1996 1997 1996
-------- -------- -------- --------
<S> <C> <C> <C> <C>
(Decrease) increase in estimated
net realizable value of assets $ 86 $ 493 $ (991) $ 2,740
Realized gains on liquidation
and other .................... 90 1,961 1,209 6,720
Return of overpayments and
bankruptcy settlements ....... 900 (113) 900 3,881
Decrease in estimated tax
Liability .................... -- -- 922 --
-------- -------- -------- --------
$ 1,076 $ 2,341 $ 2,040 $ 13,341
======== ======== ======== ========
</TABLE>
NOTE 6 - LITIGATION
Mark Erwin, Trustee, et. al. v. Resources High Equity, Inc.,et. al. On or about
May 11, 1993 the HEP Partnerships (the "HEP Partnerships", a series of three
public partnerships which invested in unleveraged commercial real estate between
1985-1989), were advised of the existence of an action (the "HEP Action") in
which a complaint (the "HEP Complaint") was filed in the Superior Court for the
State of California for the County of Los Angeles (the "Court") on behalf of a
purported class consisting of all of the purchasers of limited partnership
interests in the HEP Partnerships.
In January 1996, the parties to the HEP Action agreed upon a revised settlement
(the "Revised Settlement"). The principal features of the Revised Settlement
were the surrender by the General Partners of certain fees that they are
entitled to receive, the reorganization of the HEP Partnerships into a publicly
traded real estate investment trust ("REIT"), and the issuance of stock in the
REIT to the limited partners (in exchange for their limited partnership
interests) and General Partners (in exchange for their existing interest in the
HEP Partnerships and future income). The principal benefits of the Revised
Settlement for the limited partners of the HEP Partnerships were (1)
substantially increased distributions to limited partners, (2) market liquidity
through a NASDAQ listed security, and (3) the opportunity for growth and
diversification that was not permitted under the Partnership structure. There
were also other significant tax, corporate governance and other features of the
Revised Settlement. On July 18, 1996, the Court preliminarily approved the
Revised Settlement and made a preliminary finding that the Revised Settlement
was fair, adequate and reasonable to the class. In August 1996, the Court
approved the form and method of notice regarding the Revised Settlement which
was sent to the limited partners.
<PAGE>
Only approximately 2.5% of the limited partners of the HEP Partnerships elected
to "opt out" of the Revised Settlement. Despite this, following the submission
of additional materials, the Court entered an order on January 14, 1997
rejecting the Revised Settlement and concluded that there had not been an
adequate showing that the settlement was fair and reasonable. Thereafter, the
plaintiffs filed a motion seeking to have the Court reconsider its order.
Subsequently, the defendants, including the Company withdrew the Revised
Settlement and at a hearing on February 24, 1997, the Court denied the
plaintiffs' motion. Also, at the February 24, 1997 hearing, the Court recused
itself from considering a motion to intervene and to file a new complaint in
intervention by one of the objectors to the Revised Settlement, and granted the
request of one plaintiffs' law firm to withdraw as class counsel and scheduled
future hearings on various matters.
The HEP Partnerships and the General Partners believe that each of the claims
asserted in the Consolidated Complaint are meritless and intend to continue to
vigorously defend the HEP Action.
Presidio v. Koll Management Services, Inc., Liquidity Financial Group, L.P. and
Liquidity Financial Corporation. On November 9, 1995, Presidio and the General
Partners of the HEP Partnerships, commenced an action in the United States
Bankruptcy Court for the Southern District of New York, against Koll Management
Services, Inc. ("Koll"), Liquidity Financial Group, L.P. and the Liquidity
Financial Corporation (collectively, "Liquidity"). The plaintiffs sought a
preliminary and permanent injunction to prevent violations of the
Confidentiality and Standstill Agreement (the "Agreement") which had been
entered into between Koll and Integrated in 1994 during Integrated's
reorganization proceeding and damages in an amount to be proven at trial. The
complaint alleged that Liquidity, which had become an affiliate of Koll and was,
for that reason, bound by the Agreement, was violating the Agreement by, among
other things, objecting to a settlement involving the HEP Partnerships which was
an integral part of the Integrated Plan of Reorganization, and that Liquidity
was otherwise interfering with the management and policies of the HEP
Partnerships.
On November 21, 1995, after a contested hearing, the Bankruptcy Court granted
plaintiffs' motion for a preliminary injunction. The preliminary injunction has
been extended periodically since its entry. The defendants have denied the
material allegations of the complaint, and asserted various defenses. The
parties are actively engaged in discovery. On March 7, 1997, the defendants
filed a motion seeking to dissolve the preliminary injunction. On April 11,
1997, the Bankruptcy Court denied the motion.
NOTE 7 - MANAGEMENT AGREEMENT
On November 2, 1997, the Administrative Services Agreement with Wexford
Management LLC ("Wexford"), the administrator for the Company, expired pursuant
to its terms.
Effective November 3, 1997, Wexford and the Company entered into an
Administrative Services Agreement (the "ASA") which expires on May 3, 1998.
Pursuant to the terms of the ASA, Wexford will provide consulting and
administrative services to the Company for a period of six months. The ASA
provides for a fixed fee of $500,000 in addition to the periodic reimbursement
of certain operating expenses incurred by Wexford on behalf of the Company.
On November 3, 1997, the Company's management agreements with Presidio
Management and Steinhardt were terminated.
<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 and nine month periods
ended September 30, 1997.
Liquidity and Capital Resources
The Company's primary objectives are to liquidate its assets in the shortest
time period possible while realizing the maximum values for such assets and
reduction of operating costs. 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, decreased by approximately $3.2 million for the quarter ended
September 30, 1997.
Restricted cash at September 30, 1997 was approximately $41.9 million and is
primarily comprised of (i) $20 million held at one of Presidio's foreign
subsidiaries, in order to satisfy certain net worth requirements pursuant to
Indemnification Agreements (the "Indemnification Agreements") with certain
former officers and directors of Integrated and its subsidiaries ("Qualified
Indemnity") until November 3, 1997, and thereafter $5 million until the
termination of the Indemnification Agreements, and (ii) approximately $20.6
million held in escrow accounts as security for the Indemnification Agreements
and for Presidio's Class A Directors (see A) and B) below).
A) Under the Indemnification Agreements, the Qualified Indemnity is
collateralized by cash held in an escrow account and all the stock and
partnership interests in the Company's non-U.S. subsidiaries. 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 the Qualified Indemnity escrow account at September 30, 1997 was
$11.5 million.
Presidio's ability to make distributions to stockholders remains
limited in accordance with the terms of the indemnification obligations
of 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 and, to date, no claim for such indemnification has been made.
However, pursuant to the terms of the Indemnification Agreements,
Presidio is required to notify beneficiaries thereunder of proposed
dividends and certain other proposed 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
notices to the beneficiaries of the Indemnification Agreements prior to
distribution of all dividends paid and declared during the nine months
ended September 30, 1997.
<PAGE>
B) The Plan also provided for indemnification of the Class A Directors of
Presidio. The indemnification amounts are secured by a deposit in a
trust established for the purpose of providing security for the
Company's indemnity obligations to the Class A Directors (the "Trust")
made on the Consummation Date. On the Consummation Date Presidio made
an initial deposit into the Trust in the amount of $1 million. Presidio
is also required to make quarterly deposits equal to the greater of (i)
$750,000, or (ii) 1% of any amounts distributed to shareholders of
Presidio, until total deposits into the Trust total $10 million. In
accordance therewith, Presidio deposited $2,250,000 during the nine
months ended September 30, 1997 bringing its total contributions to
$8.5 million. The amounts placed in the Trust may be released upon the
dissolution and liquidation of the Company if certain conditions are
satisfied. The balance in the Trust at September 30, 1997 including
accrued interest was $9.1 million.
Presidio believes that cash on hand, revenues generated from interests in
businesses that continue to operate and proceeds from the disposition of
businesses and other assets will be sufficient to support the Company's
operations and meet its obligations.
<PAGE>
Liquidation Activities
The Company's cash and cash equivalents decreased by $2.7 million for the three
month period ended September 30, 1997 and increased by $24.0 million for the
nine month period ended September 30, 1997, as compared to a decrease of $19.1
and $38.1 million for the same periods of the prior year. Excess cash was made
available for distribution to shareholders on March 19, 1997, when the Board of
Directors of Presidio declared a dividend which was paid on April 3, 1997, of
approximately $16.5 million, or $1.65 per share, to all shareholders of record
as of March 25, 1997. Presidio has made liquidating distributions since
consummation of the Plan of $364.3 million or $36.38 per share.
The components of the change in cash and cash equivalents, are as follows:
<TABLE>
<CAPTION>
(Millions)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
Cash Inflows
Contract rights securitization proceeds, net $ -- $ -- $ -- $ 205.1
Other liquidating activities 0.3 14.5 43.5 28.0
Operating cash inflows 3.5 9.4 14.4 29.5
Interest income 1.5 1.1 3.8 4.5
------- -------- -------- --------
Total Cash Inflows 5.3 25.0 61.7 267.1
------- -------- -------- --------
Cash Outflows
Dividends paid -- 35.0 16.5 237.8
Loans to affiliates -- -- -- 31.5
Legal and other - contract rights -- 0.2 2.3 16.3
Legal, accounting and consulting fees 2.4 1.9 5.7 5.2
General and administrative 3.5 1.3 7.8 7.0
Bankruptcy claims paid 0.1 2.5 1.0 3.0
Investments and loans to affiliated real
estate partnerships 0.9 2.6 2.1 2.6
Management fees 1.1 0.6 2.3 1.8
------- -------- -------- --------
Total Cash Outflows 8.0 44.1 37.7 305.2
------- -------- -------- --------
(Decrease) increase in cash and cash equivalents (2.7) (19.1) 24.0 (38.1)
Cash and cash equivalents, beginning of period 105.3 101.6 78.6 120.6
------- -------- -------- --------
Cash and cash equivalents, end of period $ 102.6 $ 82.5 $ 102.6 $ 82.5
======= ======== ======== ========
</TABLE>
<PAGE>
Current Operations
Operating cash inflows from period to period are not comparable due to the
timing of liquidation activities, and the size of the remaining portfolio.
During the quarter ended September 30, 1997, the Company purchased units in and
provided loans to certain real estate limited partnerships, wherein subsidiaries
of the Company are the General Partners, for an aggregate cost of approximately
$0.9 million. Through September 30, 1997, the total investments in and loans to
real estate limited partnerships aggregated approximately $5.7 million. These
investments were intended to be consistent with, and incidental to the Company's
liquidation strategy, as these investments are intended to protect and enhance
the values of the respective general partnership positions.
<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, 1996 Form 10-K.
Mark Erwin, Trustee, et al v. Resources High Equity, Inc., et al (the "HEP
Action")
Presidio v. Koll Management Services, Inc., Liquidity Financial Group, L.P. and
Liquidity Financial Corporation.
Reference is made to Note 6 of the Consolidated Financial Statements in Part I,
Item 1, Financial Statements.
Item 5. Other Information
Recent Developments
During July 1997 pursuant to a series of transactions, Presidio Holding Company
LLC ("PHC") acquired beneficial ownership of approximately 55% of the Company's
outstanding Common Shares.
On September 12, 1997, Martin L. Edelman, Dean J. Takahashi and Paul Walker
(together, the "Resigning Directors") resigned as Class A Directors of the
Company. In connection with their resignation, such directors entered into an
Agreement (the "Agreement") dated as of September 12, 1997, with PHC. Pursuant
to the Agreement, the Resigning Directors appointed Edward W. Scheetz, David
Hamamoto and David King, each of whom is affiliated with PHC, as their
successors in accordance with the Articles of Association of the Company. The
Agreement also provides that PHC will take all necessary action to appoint two
additional directors upon satisfaction of all requirements with respect thereto
under applicable law and the Memorandum and Articles of Association.
Subsequent to the July 1997 transfer of the Common Shares, IR Partners, a New
York general partnership, contributed its entire interest in the Company to IRP
II ("IRP II"), an affiliate of IR Partners. On August 28, 1997, PHC purchased
the entire interest of this affiliate for $30 million under the terms and
conditions of the IRP Purchase Agreement dated as of August 28, 1997 by and
between PHC and IR Partners. After giving effect of such purchase, PHC is the
owner of approximately 67.6% of the outstanding Common Shares of the Company. In
connection with the sale, Charles E. Davidson and Joseph M. Jacobs resigned as
directors of the Company.
In September 1997 PHC, as the majority shareholder of the Company appointed
Gregory Peck and Kevin Reardon as directors of the Company. In October 1997 Mr.
Peck resigned as director of the Company and appointed Richard J. Sabella as his
successor.
<PAGE>
In connection with the foregoing purchase of the IRP II interest, PHC acquired
the limited partner interests in T-Two General, L.P. and agreed to acquire
Roundhill Associates Limited Partnership and Roundhill Associates Limited
Partnership II (collectively, the "T-2 Organizers"), the owners of T-Two
Holding, LLC ("T-2"). PHC also entered into a management agreement with the
general partner of T-Two General, L.P., and the existing administrative services
agreement among Wexford Management LLC, T-Two Partners, L.P. and T-Two Corp. was
terminated.
On November 2, 1997, the Administrative Services Agreement with Wexford
Management LLC ("Wexford"), the administrator for the Company, expired pursuant
to its terms. Effective November 3, 1997, Wexford and the Company entered into
an Administrative Services Agreement (the "ASA") which expires on May 3, 1998.
Pursuant to the terms of the ASA, Wexford will provide consulting and
administrative services to the Company for a period of six months. The ASA
provides for a fixed fee of $500,000 in addition to the periodic reimbursement
of certain operating expenses incurred by Wexford on behalf of the Company.
Effective November 3, 1997, officers and employees of Wexford that had served as
officers and/or directors of any direct or indirect subsidiary of the Company
tendered their resignation. On the same date, the Board of Directors appointed
new persons to serve as officers of the Company.
Item 6. Exhibits and Reports on Form 8-K
(a) Not applicable
(b) Current reports on Form 8-K dated: July 18, 1997(Items 1, 5 and
7), July 25, 1997(Items 1 and 7), September 12, 1997(Items 5 and
7) and September 25, 1997(Items 5 and 7).
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/ Richard Sabella
--------------------
Richard Sabella
President
By: /s/ Kevin Reardon
-----------------
Kevin Reardon
Vice President , Treasurer,
and Secretary
(Chief Accounting Officer)
Date: November 18, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE FINANCIAL
STATEMENTS OF THE SEPTEMBER 30, 1997 FORM 10-Q OF PRESIDIO CAPITAL CORP. AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 102,627
<SECURITIES> 23,040
<RECEIVABLES> 62,843
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 188,510
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 188,510
<CURRENT-LIABILITIES> 16,776
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 188,510
<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>
