Printer Friendly

LEPERCQ FUNDS TERMINATE AGREEMENT WITH REALTY REFUND

 LEPERCQ FUNDS TERMINATE AGREEMENT WITH REALTY REFUND
 NEW YORK, May 20 /PRNewswire/ -- Lepercq Corporate Income Fund L.P.


and Lepercq Corporate Income Fund II L.P. announced today that they have terminated their Agreement with Realty ReFund Trust (NYSE: RRF), which Agreement contemplated the acquisition through merger of the two Partnerships by RRF.
 The General Partners of the two Partnerships decided to terminate the Agreement with RRF at this time as a result of placing on non- accrual status two of RRF's mortgage loans both of which are secured by a single office building in Chicago, and together represent a major part of RRF's mortgage loan portfolio. In spite of such termination, the General Partners expect to engage with RRF in discussions concerning the possibility of concluding with RRF a renegotiated transactions.
 The General Partners also announced their intention to continue exploring other possible alternatives for the two Partnerships with a view toward providing the Partnerships with enhanced investment and capital raising flexibility so as to better position the Partnerships to deal with and benefit from the current difficult real estate environment, as well as to provide limited partners with the opportunity for receiving near-term liquidity. These other alternatives are being focused in the short-term on seeking out other strategic merger partners for the Partnerships, restructuring or reorganizing the Partnerships and other possible courses of action.
 In a separate development, the two Partnerships announced that on April 27, 1992, a purported class action complaint was filed in the Court of Chancery of the State of Delaware, alleging that the two Partnerships and their General Partners have breached their fiduciary duties to limited partners by virtue of having entered into the Agreement with RRF, which has now been terminated. The two Partnerships and the General Partners intend to defend this litigation vigorously and are in the process of analyzing its ramifications, especially in view of the decision of the two Partnerships to terminate the RRF Agreement. The decision to terminate the Agreement with RRF was not in any way based on the commencement of this litigation.
 -0- 5/20/92
 /CONTACT: E. Robert Roskind of Lepercq Corporate Income Fund, 212-692-7200 or Tim Ernst or Hill & Knowlton, 212-697-5600, for Lepercq Corporate Income Fund/
 (RRF) CO: Lepercq Corporate Income Fund L.P.; Lepercq Corporate Income Fund
 II L.P.; Realty ReFund Trust ST: New York IN: FIN SU:


TS -- NY041 -- 2271 05/20/92 10:53 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 20, 1992
Words:404
Previous Article:TSI CORPORATION ACQUIRES GERMAN PRECLINICAL TESTING FACILITY
Next Article:SMITHKLINE BEECHAM FIRST QUARTER 1992 PERFORMANCE: OPERATING PROFIT UP 8 PERCENT; EARNINGS PER SHARE INCREASE 12 PERCENT
Topics:


Related Articles
TWO LIMITED PARTNERSHIPS TO BE ACQUIRED BY REALTY ReFUND TRUST
REALTY ReFUND TRUST TO ACQUIRE TWO PARTNERSHIPS
SECURED PROPERTY ASSOCIATES L.P. AND SECURED PROPERTY ASSOCIATES II L.P. ANNOUNCE REAPPRAISAL OF VALUES OF PROPERTIES
LA QUINTA MOTOR INNS LIMITED PARTNERSHIP ANNOUNCES QUARTERLY DISTRIBUTION AND REJECTS EXEL PROPOSAL TO LEASE ITS INNS
SAN BERNARDINO COUNTY TRANSPORTATION AUTHORITY $100 MILLION CP 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --
CABLE TV REFUNDS TO CONSUMERS TOTAL $109,238 UNDER AGREEMENTS
COMMERCIAL NET LEASE REALTY, INC. CAPS INTEREST RATE ON DEBT
BLACK BEAR REALTY, LTD. TERMINATES CASH TENDER OFFER FOR CAPITAL SHARES OF PRUDENTIAL REALTY TRUST
CASTLE HARLAN ANNOUNCES APPOINTMENT OF DIRECTOR
CleveTrust Realty Investors Announces Proposed Purchase Offer From RM Crowe Company

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters