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LAACO REDEEMS INTEREST IN DRS LTD. PARTNERSHIP

 LOS ANGELES, Nov. 22 /PRNewswire/ -- LAACO Ltd. announced today that is has redeemed its 28 percent limited partnership interest in the DRS Ltd. partnership, developers of a planned residential development near Orlando, Fla., by converting its equity in DRS to debt. The redemption price was $3,026,000. The transaction closed on Nov. 19, 1993.
 LAACO's exit from the DRS partnership will enable the remaining partners to obtain additional capital necessary to continue development of the project.
 As a result of this transaction, LAACO holds a promissory note from DRS in the amount of $3,026,000, with interest at the rate of 6 percent annually. The note is collateralized by certain property in the Eastwood project owned by DRS. Principal of $450,000 is due in five years, with the balance due over the following three years.
 In June of 1990 LAACO purchased its interest in the DRS Ltd. partnership, which was formed to acquire the Eastwood project. The 1,189-acre Eastwood project located approximately 12 miles east of downtown Orlando and nine miles from Orlando Intentional Airport, is a planned residential development which includes an 18-hole championship golf course. DRS Ltd., which is a Florida limited partnership, is the master developer. LAACO's investment in DRS, Ltd. was $1,930,000 as of Sept. 30, 1993.
 LAACO Ltd. is a California limited partnership which owns and operates the Los Angeles Athletic Club and the California Yacht Club and has other real estate holdings. LAACO's partnership units are traded over the counter.
 -0- 11/22/93
 /CONTACT: Alexander Auerbach, 818-501-4221/


CO: LAACO Ltd.; DRS Ltd. ST: California, Florida IN: LEI SU:

MF-JB -- LA023 -- 6878 11/22/93 14:37 EST
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Publication:PR Newswire
Date:Nov 22, 1993
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