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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
Amendment No. 1
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): March 3, 2003
HIGH CASH PARTNERS, L.P.
(Exact name of registrant as specified in its charter)
DELAWARE 0-17651 13-3347257
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File No.) Identification No.)
High Cash Partners, L.P.
c/o Pembroke HCP LLC
c/o Pembroke Companies Inc.
70 East 55th Street 7th Floor
New York, NY 10022
(Address of principal executive offices)
(212) 350-9900
(Registrant's telephone number, including area code)
None
(Former name, former address and former fiscal year,
if changed since last report)
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High Cash Partners, L.P. (the "Registrant") hereby files Amendment No. 1 to
its Current Report on Form 8-K dated March 3, 2003, solely to file Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(b) The required pro forma financial information in connection with the
Registrant's release of the deed to its sole real estate asset to its first
mortgage lender, Resources Accrued Mortgage Investors 2 L.P. ("RAM 2"), in lieu
of foreclosure, under the terms of the mortgage loan modification agreement
entered into between the Registrant and RAM 2 effective January 31, 2001, is
attached as Exhibit 99.1 and incorporated herein by this reference.
(c) Exhibits.
99.1 Pro Forma financial information -- High Cash Partners
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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 thereunto duly authorized.
HIGH CASH PARTNERS, L.P.
By: Pembroke HCP, LLC
Managing General Partner
By: Pembroke Companies, Inc.
Managing Member
Dated: May 15, 2003 By: /s/ Lawrence J. Cohen
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Lawrence J. Cohen
President and Principal
Financial and Accounting Officer
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EXHIBIT 99.1
Pro Forma Financial Information
HIGH CASH PARTNERS, L.P.
PRO FORMA CONDENSED BALANCE SHEET
MARCH 3, 2003
UNAUDITED
PRO FORMA
ADJUSTMENTS
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HISTORICAL DEBIT CREDIT PRO FORMA
---------- ----- ------ ---------
ASSETS
Real estate, net $ 14,111,075 14,111,075 (1) $ -
Cash and cash equivalents 719,024 719,024
Tenants receivables, net 266,451 266,451 (1) -
Other assets 138,464 79,757 (1) 8,333
28,810 (2)
21,564 (2)
----------------- ----------
$ 15,235,014 $727,357
================= ==========
LIABILITIES AND PARTNERS'
DEFICIT
Liabilities
Mortgage loan payable $ 6,500,000 6,500,000(1) $ -
Deferred interest payable 20,955,752 20,955,752(1) -
Accounts payable and accrued expenses 124,215 16,614(2) 107,601
Tenant security deposits payable 12,196 12,196(2) -
Distribution payable - -
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Total liabilities 27,592,163 107,601
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Partners' deficit
Limited partners' deficit (96,472
unites issued and outstanding) (12,233,576) 12,847,136(4) 613,560
General partner deficit (123,573) 129,769(4) 6,196
----------------- ----------
Total partners' deficit (12,357,149) 619,756
----------------- ----------
$ 15,235,014 $ 727,357
================= ==========
- ---------------------
(1) To eliminate foreclosed assets and liabilities from books.
(2) To write off remaining assets relating to the Property.
(3) To reclassify expenses relating to the Property transfer.
(4) To record net effects of foreclosure on partners' deficit.
HIGH CASH PARTNERS, L.P.
PRO FORMA CONDENSED STATEMENT OF OPERATIONS
PERIOD FROM JANUARY 1 THROUGH MARCH 3, 2003
UNAUDITED
PRO FORMA
ADJUSTMENTS
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HISTORICAL DEBIT CREDIT PRO FORMA
---------- ----- ------ ---------
REVENUES
Rental income $ 428,703 $ 428,703
Interest income 1,261 1,261
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429,964 429,964
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COSTS AND EXPENSES
Mortgage loan interest 496,818 496,818
Operating 115,851 115,851
Depreciation and amortization 65,830 65,830
Partnership management fees 75,369 75,369
Property management fees 12,861 12,861
General and administrative 109,255 33,148(3) 76,107
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875,984 842,836
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(Loss) from operations before gain on
foreclosure of Property (446,020) (412,872)
Gain on foreclosure of Property - 266,451(1) 27,455,752(1) 12,943,757
14,111,075(1)
79,757(1)
21,564(2)
33,148(3)
Net Income (loss) $ (446,020) $ 12,530,885
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Net income (loss) attributable to:
Limited partners $ (441,560) $ 12,405,576
General partners (4,460) 125,309
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$ (446,020) $ 12,530,885
============== =============
Net income (loss) per unit of limited
partnership interest (96,472 units outstanding)
From operations $ (4.58) $ (4.24)
============== =============
Gain on foreclosure of Property $ - $ 132.83
============== =============
Total $ (4.58) $ 128.59
============== =============
(1) To eliminate foreclosed assets and liabilities from books.
(2) To write off remaining assets relating to the Property.
(3) To reclassify expenses relating to the Property transfer.
(4) To record net effects of foreclosure on partners' deficit.
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