UNITED STATES
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) February 27, 2009
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Presidential Realty Corporation
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(Exact name of registrant as specified in its charter)
DELAWARE 1-8594 13-1954619
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
180 South Broadway, White Plains, New York 10605
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (914) 948-1300
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No change since last Report
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17CFR230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17CFR240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17CFR240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17CFR240.13e-4(c))
ITEM 1.01 Entry into a Material Definitive Agreement
On February 27, 2009, the Company completed a settlement of various claims that
it had asserted against The Lightstone Group and David Lichtenstein. The
material terms of the settlement are described in a Press Release dated March 3,
2009 issued by the Company, a copy of which is annexed hereto as Exhibit 99.1.
Reference is made to the Company's Annual Report on Form 10-KSB for the year
ended December 31, 2007, and to the Company's quarterly reports on Form 10-Q for
the quarters ended March 31, 2008, June 30, 2008 and September 30, 2008, for
additional information with respect to the Company's relationship with David
Lichtenstein and The Lightstone Group.
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.
Date: March 3, 2009 PRESIDENTIAL REALTY CORPORATION
By: /s/ Jeffrey F. Joseph
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Jeffrey F. Joseph
President
INDEX TO EXHIBITS
Index to Exhibits Description
99.1 Press Release dated March 3, 2009.
99.2 Settlement Agreement dated February
27, 2009 among Presidential Realty
Corporation, PRC Member LLC, David
Lichtenstein and various other
parties.
99.3 Consolidated Promissory Note dated
February 27, 2009 in the original
principal amount of $12,075,000
payable to Presidential Realty
Corporation from David Lichtenstein
and various affiliated entities.
99.4 Amended and Restated Guaranty dated
February 27, 2009 between David
Lichtenstein and Presidential Realty
Corporation.
99.5 First Modification to Loan Agreement
and Operating Agreement dated
February 27, 2009 between
Presidential Realty Corporation and
Lightstone Member II LLC.
99.6 Amended and Restated Limited
Liability Company Agreement of IATG
Puerto Rico, LLC dated February 27,
2009.