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): October 28, 1997
Presidio Capital Corp.
(Exact Name of Registrant as Specified in Charter)
British Virgin Islands 0-25780 N/A
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) 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 or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
Presidio Capital Corp. (the "Registrant") announced on October 28,
1997 that it had entered into an agreement with Wexford Management LLC
("Wexford") to retain Wexford as a consultant with respect to the
transitioning of the management of the Registrant. Wexford has been
responsible for the management and administration of the Registrant and its
subsidiaries since the Registrant began operations on November 3, 1994. Under
the Registrant's new agreement with Wexford, Wexford will provide consulting
services relating to the management of the Registrant for up to six months
following the November 3, 1997 expiration of Wexford's existing agreement with
the Registrant.
Additionally, the Registrant announced on October 28, 1997 the
appointment of Richard J. Sabella as President and Chief Executive Officer of
the Registrant. Mr. Sabella is a partner of Northstar Capital Partners, a
principal shareholder of the Registrant.
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 October 28, 1997
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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.
PRESIDIO CAPITAL CORP.
Dated: October 31, 1997 By: /s/ Richard J. Sabella
Richard J. Sabella
President and Chief
Executive Officer
PRESIDIO RETAINS WEXFORD MANAGEMENT
-----------------------------------
FOR IMMEDIATE RELEASE
Contact: Tony Smith (441) 295-9166
HAMILTON HM DX, BERMUDA - October 28, 1997 -- Presidio Capital Corp.
("Presidio" or the "Company"), a British Virgin Islands Corporation and the
post-bankruptcy successor to Integrated Resources, Inc. ("Integrated"),
announced today that it had entered into an agreement with Wexford Management
LLC ("Wexford") to retain Wexford as a consultant with respect to the
management of the Company. Wexford has been responsible for the management
and administration of Presidio and its subsidiaries since the Company began
operations on November 3, 1994 upon the consummation of the plan of
reorganization in Integrated's bankruptcy case. Under the new agreement,
Wexford will be providing consulting services relating to the management of
Presidio for up to 6 months following the November 3, 1997 expiration of its
existing agreement.
Edward Scheetz, Chairman of Presidio's board of directors and the Managing
Partner of Northstar Capital Partners, Presidio's principal shareholder said:
"We have enjoyed a good working relationship with Wexford and look forward to
working with them in the process of transitioning the management of the
Company. We are very delighted that Wexford agreed to continue as a
consultant to Presidio for an additional period of time to facilitate a smooth
transition of Presidio's complicated operations." David Hamamoto, also a
Presidio director, added, "We are very pleased that Wexford has agreed to work
with us as a consultant for several additional months as we identify and put
in place our new management team."
In a related development, Presidio announced the appointment of Richard J.
Sabella as President and Chief Executive Officer of Presidio. Mr. Sabella, a
partner of Northstar, said: "I am looking forward to a smooth transition of
the management operations of the Company. The assistance of Wexford in this
transition period will be of great value to the Company and its shareholders."
During Wexford's tenure, Presidio made liquidating distributions of over $360
million and shareholders who bought Presidio shares when they were originally
issued in November 1994 have received value (based on the current stock price)
of $61.38 on a $29.80 investment, an IRR of approximately 48%.
Charles Davidson, Wexford's chairman said: "We are pleased to have achieved
such a successful investment return for our investors in Presidio. When the
board asked us to continue as a consultant, we agreed to do so on an interim
basis to assure a smooth transition of the many transactions in which Presidio
is currently engaged." Joseph Jacobs, Wexford's President, added: "We are
grateful for the acknowledgment by Presidio's board of the success of our
management efforts and we wish the board and new management continued
success."
Wexford is a Greenwich, Connecticut based investment advisor that manages in
excess of $1 billion of assets through a series of investment funds and
affiliated entities.
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