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): May 27, 2004
JETFLEET III
(Exact name of Registrant as specified in its charter)
CALIFORNIA 94-3208983
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1440 Chapin Avenue, Suite 310
Burlingame, CA 94010
(Address of principal executive offices) (Zip Code)
650-340-1880
(Registrant's telephone number including area code)
Not applicable
(Former name and former address. if changed since last report)
Item 5. Other Events
On May 27, 2004, as previously agreed to by the Company pursuant
to a letter agreement with Wells Fargo Bank Northwest, National
Association, as Indenture Truste (the "Trustee") dated April 8,
2004 , the Company entered into agreements with Trustee, and
Wells Fargo Bank, National Association ("Assignee"), transferring
to Assignee all of the Company's right, title and interest in, to
and under, the Company's aircraft portfolio and related
agreements. Pursuant to the agreements, the Company also
transferred all remaining cash funds to the Trustee. Upon such
transfer in lieu of foreclosure, the Trustee has now assumed
responsibility for liquidating the assets and distributing net
proceeds to the Company's Bondholders in repayment of out-
standing Bondholder Indebtedness.
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, thereto duly authorized.
Date: June 2, 2004
JETFLEET III
By: /s/ Neal D. Crispin
Neal D. Crispin,
Chairman of the Board and President
Exhibits:
10.1 Form of Letter Agreement, dated April 8, 2004, between the
Company and Wells Fargo Bank, Northwest, as Indenture Trustee
(incorporated herein by reference to Exhibit 10.1 to the
Company's Quarterly Report on Form 10KSB, for the quarter
ended March 31, 2004
10.2 Form of Transfer Agreement,dated May 27, 2004, between the
Company, the Trustee and Assignee for S/N 696
10.3 Form of Transfer Agreement,dated May 27, 2004, between the
Company, the Trustee and Assignee for S/N 106
10.4 Form of Transfer Agreement,dated May 27, 2004, between the
Company, the Trustee and Assignee for S/N 751
10.5 Form of Transfer Agreement,dated May 27, 2004, between the
Company, the Trustee and Assignee for S/N 024
10.6 Form of Transfer Agreement,dated May 27, 2004, between the
Company, the Trustee and Assignee for S/N 640