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): December 31, 1998
IDS/JONES GROWTH PARTNERS 87-A, LTD.
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(Exact name of registrant as specified in its charter)
Colorado 0-16183 84-1060544
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(State of Organization) (Commission File No.) (IRS Employer
Identification No.)
P.O. Box 3309, Englewood, Colorado 80155-3309 (303) 792-3111
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(Address of principal executive office and Zip Code (Registrant's telephone
no. including area code)
Item 2. Disposition of Assets
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On December 31, 1998, IDS/Jones Growth Partners 87-A, Ltd., a Colorado
limited partnership (the "Partnership"), sold the cable television system
serving the areas in and around Roseville, California (the "Roseville System")
to an affiliate of Comcast Corporation for a sales price of $40,000,000, subject
to customary closing adjustments. Comcast Corporation currently is not an
affiliate of the Partnership or either of its general partners as such term is
defined in the Partnership's limited partnership agreement. Comcast Corporation
has agreed, however, to acquire a controlling ownership interest in the parent
of Jones Cable Corporation, the managing general partner of the Partnership
("Managing General Partner") in early 1999. The sale was approved by the
holders of a majority of the limited partnership interests of the Partnership.
From the proceeds of the Roseville System's sale, the Partnership
repaid all of its indebtedness, which totaled $10,044,000, paid brokerage fees
totaling $1,000,000 (representing 2.5 percent of the sales price) to The Jones
Group, Ltd., an affiliate of the Managing General Partner, and IDS Management
Corporation, an affiliate of IDS Cable Corporation, the supervising general
partner ("Supervising General Partner") and settled working capital adjustments.
The Partnership will distribute the remaining sale proceeds of $29,479,945 to
the Partnership's partners of record as of December 31, 1998 in January 1999.
Because the distribution from the sale of the Roseville System together with the
April 1996 distribution from the sale of the Partnership's cable television
system serving the communities in and around Carmel, Indiana ("Carmel System")
exceeds 125 percent of the amounts originally contributed to the Partnership by
the limited partners, the general partners will receive general partner
distributions from the proceeds of the sale of the Roseville System. The
limited partners as a group will receive $27,436,365, the Managing General
Partner will receive $1,021,790, and the Supervising General Partner will
receive $1,021,790. This distribution will provide the Partnership's limited
partners with an approximate return of $167 for each $250 limited partnership
interest, or $668 for each $1,000 invested in the Partnership.
Taking into account the April 1996 distribution from the sale of the
Carmel System and the distribution from the sale of the Roseville System, the
limited partners of the Partnership have received a total return of $350 for
each $250 limited partnership interest, or $1,400 for each $1,000 invested in
the Partnership.
The Roseville System represented the only asset of the Partnership.
Upon the distribution of the proceeds from the sale of the Roseville System,
which distribution is expected to occur prior to the end of January 1999, the
Partnership will be liquidated and dissolved.
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Item 7. Financial Statements and Exhibits
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a. Historical financial statements.
Not applicable.
b. Pro forma financial statements.
A description of the pro forma financial information of
IDS/Jones Growth Partners 87-A, Ltd. reflecting the disposition of the Roseville
System is attached.
c. Exhibits.
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2.1 Asset Purchase Agreement dated July 21, 1998 among Comcast
Corporation, IDS/Jones Growth Partners 87-A, Ltd., Jones Cable Corporation,
Jones Intercable, Inc. and Jones International, Ltd. is incorporated by
reference from the Preliminary Proxy Statement of IDS/Jones Growth Partners 87-
A, Ltd. (Commission File No. 0-16183) filed with the Securities and Exchange
Commission on August 6, 1998.
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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.
IDS/JONES GROWTH
PARTNERS 87-A, LTD.
By Jones Cable Corporation,
its Managing General Partner
By: /s/ Elizabeth M. Steele
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Elizabeth M. Steele
January 13, 1999 Vice President and Secretary
(39980)
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UNAUDITED PRO FORMA FINANCIAL INFORMATION
IDS/JONES GROWTH PARTNERS 87-A, LTD.
The Roseville system was the only remaining asset of the Partnership. As a
result, unaudited pro forma financial information is not presented.