-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Lhae6cWDnpAABvgk4ezXVd2tChHqihFoXnYJ6RPklns12cwcrx0iodgPlxVBjmaI YKDwGUddYXe7AVQUDcuoDg== 0000318140-96-000013.txt : 19961118 0000318140-96-000013.hdr.sgml : 19961118 ACCESSION NUMBER: 0000318140-96-000013 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961114 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MCNEIL REAL ESTATE FUND XI LTD CENTRAL INDEX KEY: 0000318140 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 942669577 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-09783 FILM NUMBER: 96665126 BUSINESS ADDRESS: STREET 1: 13760 NOEL ROAD STREET 2: SUITE 700 LB70 CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 2144485800 MAIL ADDRESS: STREET 1: 13760 NOEL ROAD SUITE 700 LB70 CITY: DALLAS STATE: TX ZIP: 75240 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the period ended September 30, 1996 ------------------------------------------------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to_____________ Commission file number 0-9783 ------- MCNEIL REAL ESTATE FUND XI, LTD. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) California 94-2669577 - -------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code (972) 448-5800 ------------------------------ Indicate by check mark whether the registrant, (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- MCNEIL REAL ESTATE FUND XI, LTD. PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS - ------- -------------------- BALANCE SHEETS
September 30, December 31, 1996 1995 --------------- -------------- ASSETS - ------- Real estate investments: Land..................................................... $ 4,572,654 $ 5,938,464 Buildings and improvements............................... 48,473,140 58,408,551 -------------- ------------- 53,045,794 64,347,015 Less: Accumulated depreciation.......................... (31,974,197) (37,095,184) -------------- ------------- 21,071,597 27,251,831 Asset held for sale......................................... 5,528,732 - Cash and cash equivalents................................... 2,451,606 2,030,544 Cash segregated for security deposits....................... 396,743 386,125 Accounts receivable......................................... 264,200 31,327 Prepaid expenses and other assets........................... 141,049 276,785 Escrow deposits............................................. 1,282,182 904,523 Deferred borrowing costs (net of accumulated amortization of $556,299 and $507,241 at September 30, 1996 and December 31, 1995, respectively)............................................ 1,537,765 1,627,629 -------------- ------------- $ 32,673,874 $ 32,508,764 ============== ============= LIABILITIES AND PARTNERS' DEFICIT - --------------------------------- Mortgage notes payable, net................................. $ 39,340,615 $ 39,684,440 Accounts payable............................................ 15,966 62,056 Accrued interest............................................ 299,610 302,329 Accrued property taxes...................................... 551,187 100,959 Accrued expenses............................................ 312,490 356,025 Deferred gain - storm damage................................ 67,016 67,016 Payable to affiliates - General Partner..................... 3,036,529 2,851,851 Security deposits and deferred rental revenue............... 442,182 407,466 -------------- ------------- 44,065,595 43,832,142 -------------- ------------- Partners' deficit: Limited partners - 159,813 limited partnership units authorized and outstanding at September 30, 1996 and December 31, 1995............................. (4,465,137) (4,983,492) General Partner.......................................... (6,926,584) (6,339,886) -------------- ------------- (11,391,721) (11,323,378) -------------- ------------- $ 32,673,874 $ 32,508,764 ============== =============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. MCNEIL REAL ESTATE FUND XI, LTD. STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended Nine Months Ended June 30, September 30, --------------------------------- --------------------------------- 1996 1995 1996 1995 -------------- --------------- -------------- -------------- Revenue: Rent revenue.................. $ 3,728,509 $ 3,612,685 $ 11,057,876 $ 10,626,590 Interest...................... 39,102 34,841 97,731 101,357 ------------- ------------- ------------- ------------- Total revenue............... 3,767,611 3,647,526 11,155,607 10,727,947 ------------- ------------- ------------- ------------- Expenses: Interest...................... 947,022 968,784 2,856,971 2,922,581 Depreciation.................. 612,367 628,271 1,861,120 1,843,045 Property taxes................ 216,796 240,570 655,978 721,710 Personnel expenses............ 439,231 434,980 1,320,836 1,336,845 Utilities..................... 301,626 292,631 818,198 782,775 Repair and maintenance........ 514,782 456,882 1,489,725 1,358,462 Property management fees - affiliates........... 184,227 179,532 548,619 531,451 Other property operating expenses.................... 199,279 237,267 589,037 682,065 General and administrative.... 81,059 261,894 162,950 316,988 General and administrative - affiliates.................. 75,804 113,309 269,655 385,105 ------------- ------------- ------------- ------------- Total expenses.............. 3,572,193 3,814,120 10,573,089 10,881,027 ------------- ------------- ------------- ------------- Net income (loss)................ $ 195,418 $ (166,594) $ 582,518 $ (153,080) ============= ============= ============= ============= Net income (loss) allocable to limited partners.............. $ 68,817 $ (158,264) $ 518,355 $ (145,426) Net income (loss) allocable to General Partner............ 126,601 (8,330) 64,163 (7,654) ------------- ------------- ------------- ------------- Net income (loss)................ $ 195,418 $ (166,594) $ 582,518 $ (153,080) ============= ============= ============= ============= Net income (loss) per limited partnership unit.............. $ .43 $ (.99) $ 3.24 $ (.91) ============= ============= ============= =============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. MCNEIL REAL ESTATE FUND XI, LTD. STATEMENTS OF PARTNERS' DEFICIT (Unaudited) For the Nine Months Ended September 30, 1996 and 1995
Total General Limited Partners' Partner Partners Deficit --------------- --------------- --------------- Balance at December 31, 1994.............. $ (5,484,195) $ (5,275,373) $ (10,759,568) Net loss.................................. (7,654) (145,426) (153,080) Management Incentive Distribution......... (614,890) - (614,890) ------------- ------------- ------------- Balance at September 30, 1995............. $ (6,106,739) $ (5,420,799) $ (11,527,538) ============= ============= ============= Balance at December 31, 1995.............. $ (6,339,886) $ (4,983,492) $ (11,323,378) Net income................................ 64,163 518,355 582,518 Management Incentive Distribution......... (650,861) - (650,861) ------------- ------------- ------------- Balance at September 30, 1996............. $ (6,926,584) $ (4,465,137) $ (11,391,721) ============= ============= =============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. MCNEIL REAL ESTATE FUND XI, LTD. STATEMENTS OF CASH FLOWS (Unaudited) Increase (Decrease) in Cash and Cash Equivalents
Nine Months Ended September 30, ------------------------------------------- 1996 1995 ------------------- ----------------- Cash flows from operating activities: Cash received from tenants........................ $ 10,941,390 $ 10,662,495 Cash paid to suppliers............................ (4,324,633) (3,928,592) Cash paid to affiliates........................... (1,127,238) (1,854,398) Interest received................................. 97,731 101,357 Interest paid..................................... (2,756,487) (2,734,299) Property taxes paid............................... (685,700) (735,411) ----------------- -------------- Net cash provided by operating activities............ 2,145,063 1,511,152 ----------------- -------------- Net cash used in investing activities: Additions to real estate investments.............. (1,209,618) (1,180,072) ----------------- -------------- Cash flows from financing activities: Principal payments on mortgage notes payable......................................... (357,164) (315,620) Management Incentive Distribution................. (157,219) - ----------------- -------------- Net cash used in financing activities................ (514,383) (315,620) ----------------- -------------- Net decrease in cash and cash equivalents............ 421,062 15,460 Cash and cash equivalents at beginning of period............................................ 2,030,544 1,932,351 ----------------- -------------- Cash and cash equivalents at end of period........... $ 2,451,606 $ 1,947,811 ================= ==============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. MCNEIL REAL ESTATE FUND XI, LTD. STATEMENTS OF CASH FLOWS (Unaudited) Reconciliation of Net Income (Loss) to Net Cash Provided by Operating Activities
Nine Months Ended September 30, ----------------------------------------- 1996 1995 ---------------- ----------------- Net income (loss).................................... $ 582,518 $ (153,080) --------------- ---------------- Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation...................................... 1,861,120 1,843,045 Amortization of discounts on mortgage notes payable................................... 13,339 16,251 Amortization of deferred borrowing costs.......... 89,864 109,124 Changes in assets and liabilities: Cash segregated for security deposits........... (10,618) (4,473) Accounts receivable............................. (232,873) 2,019 Prepaid expenses and other assets............... 135,736 201,407 Escrow deposits................................. (377,659) (429,489) Accounts payable................................ (46,090) (1,868) Accrued interest................................ (2,719) 62,907 Accrued property taxes.......................... 450,228 547,371 Accrued expenses................................ (43,535) 207,482 Payable to affiliates - General Partner......... (308,964) (937,842) Security deposits and deferred rental revenue....................................... 34,716 48,298 --------------- -------------- Total adjustments............................. 1,562,545 1,664,232 --------------- -------------- Net cash provided by operating activities............ $ 2,145,063 $ 1,511,152 =============== ==============
The financial information included herein has been prepared by management without audit by independent public accountants. See accompanying notes to financial statements. McNEIL REAL ESTATE FUND XI, LTD. Notes to Financial Statements (Unaudited) September 30, 1996 NOTE 1. - ------- McNeil Real Estate Fund XI, Ltd. (the "Partnership") was organized June 2, 1980 as a limited partnership under the provisions of the California Uniform Limited Partnership Act. The general partner of the Partnership is McNeil Partners, L.P. (the "General Partner"), a Delaware limited partnership, an affiliate of Robert A. McNeil. The Partnership is governed by an amended and restated limited partnership agreement, dated August 6, 1991 (the "Amended Partnership Agreement"). The principal place of business for the Partnership and for the General Partner is 13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240. In the opinion of management, the financial statements reflect all adjustments necessary for a fair presentation of the financial position and results of operations of the Partnership. All adjustments were of a normal recurring nature. However, the results of operations for the nine months ended September 30, 1996 are not necessarily indicative of the results to be expected for the year ending December 31, 1996. NOTE 2. - ------- The financial statements should be read in conjunction with the financial statements contained in the Partnership's Annual Report on Form 10-K for the year ended December 31, 1995, and the notes thereto, as filed with the Securities and Exchange Commission, which is available upon request by writing to McNeil Real Estate Fund XI, Ltd. c/o McNeil Real Estate Management, Inc., Investor Services, 13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240. NOTE 3. - ------- The Partnership pays property management fees equal to 5% of gross rental receipts of the Partnership's properties to McNeil Real Estate Management, Inc. ("McREMI"), an affiliate of the General Partner, for providing property management and leasing services. The Partnership reimburses McREMI for its costs, including overhead, of administering the Partnership's affairs. Under terms of the Amended Partnership Agreement, the Partnership is paying a Management Incentive Distribution ("MID") to the General Partner. The maximum MID is calculated as 1% of the tangible asset value of the Partnership. The maximum MID percentage decreases subsequent to 1999. Tangible asset value is determined by using the greater of (i) an amount calculated by applying a capitalization rate of 9% to the annualized net operating income of each property or (ii) a value of $10,000 per apartment unit to arrive at the property tangible asset value. The property tangible asset value is then added to the book value of all other assets excluding intangible items. MID will be paid to the extent of the lesser of the Partnership's excess cash flow, as defined, or net operating income, as defined ("the Entitlement Amount"), and may be paid (i) in cash, unless there is insufficient cash to pay the distribution in which event any unpaid portion not taken in limited partnership units ("Units") will be deferred and is payable, without interest, from the first available cash and/or (ii) in Units. A maximum of 50% of the MID may be paid in Units. The number of Units issued in payment of the MID is based on the greater of $50 per Unit or the net tangible asset value, as defined, per Unit. Any amount of the MID that is paid to the General Partner in Units will be treated as if cash is distributed to the General Partner and is then contributed to the Partnership by the General Partner. The MID represents a return of equity to the General Partner for increasing cash flow, as defined, and accordingly is treated as a distribution. Compensation, reimbursements and distributions paid to or accrued for the benefit of the General Partner and its affiliates are as follows:
Nine Months Ended September 30, ---------------------------------------- 1996 1995 ---------------- --------------- Property management fees - affiliates................ $ 548,619 $ 531,451 Charged to general and administrative - affiliates: Partnership administration........................ 269,655 385,105 --------------- -------------- $ 818,274 $ 916,556 =============== ============== Charged to General Partner's deficit: MID............................................... $ 650,861 $ 614,890 =============== ==============
NOTE 4. - ------- In 1996, the Partnership adopted the Financial Accounting Standards Board's Statement of Financial Accounting Standards No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of." This statement requires the cessation of depreciation on assets held for sale. Since Rock Creek is currently classified as an asset held for sale, no depreciation will be recognized effective October 1, 1996. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND - ------- --------------------------------------------------------------- RESULTS OF OPERATIONS --------------------- FINANCIAL CONDITION - ------------------- The Partnership was formed to acquire, operate and ultimately dispose of a portfolio of income-producing real properties. At September 30, 1996, the Partnership owned eight apartment properties, which are all subject to mortgage notes. RESULTS OF OPERATIONS - --------------------- Revenue: Partnership revenues increased by $427,660 or 4% for the period ended September 30, 1996, as compared to the same period last year. Rental revenue increased $431,286 and $115,824 or 4% and 3% for the nine and three months ended September 30, 1996, respectively. Interest income decreased by $3,626 or 4% for the period ended September 30, 1996. Rental revenue for the first nine months of 1996 was $11,057,876 as compared to $10,626,590 for the same period in 1995. The increase in rental revenue is due to an increase in the rental rates at all of the Partnership's properties. Expenses: Total Partnership expenses decreased by $307,938 or 3% for the period ending September 30, 1996 as compared to the same period in 1995. Decreases in property taxes, other operating expenses, and general and administrative affiliates were offset by increases in repairs and maintenance. Property tax expense for the nine and three months ended September 30, 1996 decreased by $65,732 or 9% and $23,774 or 10%, respectively, compared to the same periods in 1995. This is due to decreases in the estimated tax liabilities at Knollwood, The Park, and The Village. Repairs and maintenance expense for the nine and three months ended September 30, 1996, increased by $131,263 or 10% and $57,900 or 13%, respectively, compared to the same periods in 1995. This increase can be attributed to the replacement of carpeting, which met the Partnership's criteria for capitalization based on the magnitude of replacements in 1995, but were expensed in 1996. Other property operating expense for the nine and three months ended September 30, 1996 decreased by $93,028 or 14% and $37,988 or 16%, respectively. This decrease is primarily due to a decrease in hazard insurance, with additional decreases in training and seminars and bad debts in 1996. General and administrative expenses decreased $154,038 or 49% and $180,835 or 69% for the nine and three months ended September 30, 1996, respectively, as compared to the same periods in 1995. The decrease is due to costs incurred, by the Partnership, in the third quarter of 1995 to evaluate and disseminate information regarding an unsolicited tender offer. The Partnership anticipates incurring such costs in the fourth quarter of 1996 in response to an additional unsolicited tender offer, as discussed in Item 5 - Other Information. General and administrative - affiliates expenses decreased $115,450 or 30% and $37,505 or 33% for the nine and three months ended September 30, 1996, respectively, as compared to the same periods last year. This decrease is due to the reduction of overhead expenses allocable to the Partnership. LIQUIDITY AND CAPITAL RESOURCES The Partnership generated $2,145,063 through operating activities for the period ending September 30, 1996 as compared to $1,511,152 for the same period in 1995. This increase is primarily due to the reduction in the cash paid to affiliates. The Partnership funded $1,209,618 in additions to real estate investments for the nine months ending September 30, 1996. All of the Partnership's properties continued capital improvements projects to enhance the value of the properties so they can remain competitive in the market. Financing activities included principal payments on mortgage notes of $357,164 and MID payments of $157,219. Short-term liquidity: At September 30, 1996, the Partnership held cash and cash equivalents of $2,451,606. The General Partner considers this level of cash reserves to be adequate to meet the Partnership's operating needs. The Partnership resumed MID payments during the third quarter of 1996 and will continue making MID payments as long as the Partnership's properties continue to perform as projected. The General Partner believes that anticipated operating results for 1996 will be sufficient to fund the Partnership's budgeted $1.3 million in capital improvements for 1996 and to repay the current portion of the Partnership's mortgage notes. During 1996, the Partnership is faced with a mortgage maturity on The Village totaling approximately $2,564,000. It is management's policy to negotiate extensions or arrange refinancings for the mortgage notes due. The Partnership is arranging financing from an affiliate partnership to retire this mortgage upon maturity. Long-term liquidity: While the present outlook for Partnership's liquidity is favorable, market conditions may change and property operations can deteriorate. In that event, the Partnership would require other sources of working capital. No such other sources have been identified, and the Partnership has no established lines of credit. Other possible actions to resolve working capital deficiencies include refinancing or renegotiating terms of existing loans, deferring major capital expenditures on Partnership properties except where improvements are expected to enhance the competitiveness or marketability of the properties, or arranging working capital support from affiliates. No affiliate support has been required in the past, and there is no assurance that support would be provided in the future, since neither the General Partner nor any affiliates have any obligation in this regard. The partnership has determined to begin an orderly liquidation of all the Partnership's assets. Although there can be no assurance as to the timing of any liquidation it is anticipated that such liquidation would result in distributions to the limited partners of the cash proceeds from the sale of the Partnership's properties, subject to cash reserve requirements, as they are sold with the last property disposition before December 2001 followed by a dissolution of the Partnership. In this regard, the Partnership has placed Rock Creek on the market for sale. Income allocation and distributions: Terms of the Amended Partnership Agreement specify that income before depreciation is allocated to the General Partner to the extent of MID paid in cash. Depreciation is allocated in the ratio of 95:5 to the limited partners and the General Partner, respectively. Therefore, for the nine months ended September 30, 1996 and 1995, $64,163 and ($7,654), respectively, were allocated to the General Partner. The limited partners received allocations of net income of $518,355 and ($145,426) for the nine months ended September 30, 1996 and 1995, respectively. With the exception of the MID, distributions to partners have been suspended since 1986 as part of the General Partner's policy of maintaining adequate cash reserves. Distributions to the limited partners will remain suspended for the foreseeable future. The General Partner will continue to monitor the cash reserves and working capital needs of the Partnership to determine when cash flows will support distributions to the limited partners. A distribution of $650,861 for the MID has been accrued by the Partnership for the nine month period ending September 30, 1996 for the General Partner. PART II. - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS - ------- ----------------- McNeil Pacific Investors Fund 1972, Ltd., McNeil Real Estate Fund V, Ltd., McNeil Real Estate Fund IX, Ltd., McNeil Real Estate Fund X, Ltd., McNeil Real Estate Fund XI, Ltd., McNeil Real Estate Fund XIV, Ltd., McNeil Real Estate Fund XV, Ltd., McNeil Real Estate Fund XX, L.P., McNeil Real Estate Fund XXIV, L.P., and McNeil Real Estate Fund XXV, L.P. vs. High River Limited Partnership, Riverdale Investors Corp., Inc., Carl C. Icahn, and Unicorn Associates Corporation - United States District Court for the Central District of California, Case No. 96-5680SVW. On August 12, 1996 High River Limited Partnership ("High River"), a partnership controlled by Carl C. Icahn, sent a letter to the partnerships referenced above demanding lists of the names, current residences or business addresses and certain other information concerning the unitholders of such partnerships. On August 19, 1996, these partnerships commenced the above action seeking, among other things, to declare that such partnerships are not required to provide High River with a current list of unitholders on the grounds that the defendants commenced a tender offer in violation of the federal securities laws by filing certain Schedule 13D Amendments on August 5, 1996. On October 17, 1996, the presiding judge denied the partnerships requests for a permanent and preliminary injunction to enjoin High River's tender offers and granted the defendants request for an order directing the partnerships to turn over current lists of unitholders to High River forthwith. On October 24, 1996, the partnerships delivered the unitholder lists to High River. ITEM 5. OTHER INFORMATION - ------- ----------------- On September 20, 1996, High River announced that it had commenced a tender offer for any and all units of the Partnership at $104.50 per unit. The tender was originally due to expire October 18, 1996; however, this offer has been extended until November 22, 1996. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K - ------- -------------------------------- (a) Exhibits. Exhibit Number Description ------- ----------- 4. Amended and Restated Limited Partnership Agreement dated as of August 6, 1991. (Incorporated by reference to the Quarterly Report on Form 10-Q, for the quarter ended June 30, 1991). 11. Statement regarding computation of net loss per limited partnership unit: Net loss per limited partnership unit is computed by dividing net loss allocated to the limited partners by the number of limited partnership units outstanding. Per unit information has been computed based on 159,813 limited partnership units outstanding in 1996 and 1995, respectively. 27. Financial Data Schedule for the quarter ended September 30, 1996. (b) Reports on Form 8-K. There were no reports on Form 8-K filed during the quarter ended September 30, 1996. McNEIL REAL ESTATE FUND XI, LTD. 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: McNEIL REAL ESTATE FUND XI, Ltd. By: McNeil Partners, L.P., General Partner By: McNeil Investors, Inc., General Partner November 14, 1996 By: /s/ Donald K. Reed - ----------------- --------------------------------------- Date Donald K. Reed President and Chief Executive Officer November 14, 1996 By: /s/ Ron K. Taylor - ----------------- --------------------------------------- Date Ron K. Taylor Acting Chief Financial Officer of McNeil Investors, Inc. November 14, 1996 By: /s/ Brandon K. Flaming - ----------------- --------------------------------------- Date Brandon K. Flaming Chief Accounting Officer of McNeil Real Estate Management, Inc. EX-27 2
5 9-MOS DEC-31-1996 SEP-30-1996 2,451,606 0 264,200 0 0 0 53,045,794 (31,974,197) 32,673,874 0 39,340,615 0 0 0 0 32,673,874 11,057,876 11,155,607 0 0 7,716,118 0 2,856,971 0 0 582,518 0 0 0 582,518 0 0
-----END PRIVACY-ENHANCED MESSAGE-----