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FORM 8-K
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Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Date of Report (Date of earliest event reported): April 23, 1998
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First Capital Insured Real Estate Limited Partnership
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(Exact name of registrant as specified in its charter)
Illinois 0-17610 36-3525946
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(State or other jurisdiction (Commission (IRS Employer Identification
of incorporation) File Number) Number)
2 North Riverside Plaza, Suite 1000, Chicago, IL 60606
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(Address of principal executive offices)
Registrant's telephone, including area code: (312) 207-0020
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(Former name or former address, if changed since last report)
This document consists of 3 pages.
ITEM 5. OTHER EVENT
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As a result of the sale of all Partnership properties and investments,
the Partnership has been terminated. The General Partner has commenced the
winding up of the Partnership and has caused the certificate of limited
partnership of the partnership to be cancelled. In connection therewith,
immediately following the filing of this Current Report on Form 8-K, the General
Partner intends to apply to the Securities and Exchange Commission to terminate
the registration of the Limited Partnership Assignee Units of the Partnership
under the Securities Exchange Act of 1934, as amended.
Immediately prior to the filing of this Current Report on Form 8-K, the
Partnership's assets consisted solely of cash of $339,000 and certain contingent
claims (which are immaterial in amount) against tenants of properties formerly
owned by the Partnership. These assets are to be utilized to satisfy
liabilities of the Partnership ("Recorded Liabilities") which, as of the date of
the filing of this Current Report on Form 8-K, totaled $242,200, and for the
payment of expected future wind up expenses and all contingent and unforeseen
obligations (collectively "Liquidation Costs"). Accordingly, as of the date of
the filing of this Current Report on Form 8-K, the Partnership has remitted its
assets to the General Partner, who in turn, has assumed the Recorded Liabilities
as well as Liquidation Costs. In the event that the Recorded Liabilities and
Liquidation Costs exceed the sum of the amount paid to the General Partner in
cash plus the amounts, if any, ultimately recovered on the assigned claims, the
excess amount will be paid by the General Partner out of its own funds.
Conversely, if the Recorded Liabilities and Liquidation Costs are less than the
cash payment to the General Partner plus any amounts recovered from the claims,
the General Partner will retain the excess amount.
The General Partner will provide final income tax information to all
Holders as soon as practicable after winding up all of the Partnership's
affairs.
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.
FIRST CAPITAL INSURED REAL ESTATE
LIMITED PARTNERSHIP
By: First Capital Financial Corporation
as General Partner
DATE April 23, 1998 By /s/ Norman M. Field
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Norman M. Field
Vice President, Treasurer