FORM 8-K--CURRENT REPORT UNITED STATES 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: January 30, 1998 ANGELES PARTNERS 16 (Exact name of registrant as specified in its charter) CALIFORNIA 0-16209 95-4106417 (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) File Number) Identification Number) One Insignia Financial Plaza Post Office Box 1089 Greenville, South Carolina 29602 (Address of Principal Executive Office) Registrant's telephone number, including area code (864) 239-1000 ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS On January 30, 1998, Angeles Partners 16, a California limited partnership (the "Partnership"), executed an Agreement for Deed in Lieu of Foreclosure by and between the Partnership, Angeles Realty Corporation II (the "General Partner"), a California Corporation and Angeles Mortgage Investment Trust ("AMIT"), a California business trust. Pursuant thereto, the Partnership conveyed the Silver Ridge Apartments, located in Maplewood, Minnesota, to AMIT in lieu of mortgage foreclosure. The General Partner does not believe that it is in the Partnership's best interest to contest this foreclosure action because there is no equity in the property or Partnership. Furthermore, the Partnership does not have the funds with which to contest this action. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) EXHIBITS The Partnership has requested copies of the Agreement but has not received these documents as of the date of this filing. The Partnership will file an amended 8-K to include these exhibits when they are received. 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. ANGELES PARTNERS 16 By: Angeles Realty Corporation II General Partner By: /s/ Carroll D. Vinson Carroll D. Vinson President Date: February 4, 1998