-----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, A7raur7zlG2M13uWARiPapK62KP3CPjAC69kFyG6HN9NtYFd1feMJxPM0KOURgsh P60Zf225edL0vZr3K0Kawg== /in/edgar/work/0000711642-00-000341/0000711642-00-000341.txt : 20001115 0000711642-00-000341.hdr.sgml : 20001115 ACCESSION NUMBER: 0000711642-00-000341 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTURY PROPERTIES FUND XX CENTRAL INDEX KEY: 0000736909 STANDARD INDUSTRIAL CLASSIFICATION: [6500 ] IRS NUMBER: 942930770 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-13408 FILM NUMBER: 768053 BUSINESS ADDRESS: STREET 1: 55 BEATTIE PLACE STREET 2: PO BOX 1089 CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 8642391000 MAIL ADDRESS: STREET 1: POST & HEYMANN STREET 2: 5665 NORTHSIDE DRIVE NW CITY: ATLANTA STATE: GA ZIP: 30328 10QSB 1 0001.txt FORM 10-QSB FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Quarterly or Transitional Report U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-QSB (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2000 [ ] 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 0-13408 CENTURY PROPERTIES FUND XX (Exact name of small business issuer as specified in its charter) California 94-2930770 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 55 Beattie Place, PO Box 1089 Greenville, South Carolina 29602 (Address of principal executive offices) (864) 239-1000 (Issuer's telephone number) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No___ PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS a) CENTURY PROPERTIES FUND XX STATEMENT OF NET LIABILITIES IN LIQUIDATION (unaudited) (in thousands, except unit data) September 30, 2000 Assets Cash and cash equivalents $ 1,501 Receivables and deposits 116 Debt trustee escrow 540 Investment property 5,680 7,837 Liabilities Accounts payable 32 Tenant security deposit liabilities 31 Accrued property taxes 57 Other liabilities 259 Non-recourse promissory notes (Note A) 8,035 Estimated costs during the period of liquidation 225 8,639 Net liabilities in liquidation $ (802) See Accompanying Notes to Financial Statements b) CENTURY PROPERTIES FUND XX STATEMENT OF CHANGES IN NET LIABILITIES IN LIQUIDATION (Unaudited) (in thousands) Nine Months Ended September 30, 2000 Net liabilities in liquidation at beginning of period $ (373) Changes in net liabilities in liquidation attributed to: Decrease in cash and cash equivalents (217) Decrease in receivables and deposits (562) Decrease in debt trustee escrow (1,730) Decrease in investment properties (26,461) Decrease in accounts payable 50 Decrease in tenant security deposit payable 94 Decrease in accrued property taxes 185 Increase in other liabilities (83) Decrease in Non-Recourse Promissory Notes and interest 28,520 Increase in estimated costs during the period of liquidation (225) Net liabilities in liquidation at end of period $ (802) See Accompanying Notes to Financial Statements c) CENTURY PROPERTIES FUND XX STATEMENT OF OPERATIONS (Unaudited) (in thousands, except unit data)
Three Months Ended Nine Months Ended September 30, 1999 September 30, 1999 Revenues: Rental income $ 1,689 $ 5,693 Other income 101 513 Income from deficiency certificate settlement -- 91 Total revenues 1,790 6,297 Expenses: Operating 598 1,974 General and administrative 1,241 1,698 Depreciation 418 1,277 Interest to promissory note holders 628 1,883 Property taxes 171 487 Total expenses 3,056 7,319 Net loss $(1,266) $(1,022) Net loss allocated to general partner (2%) $ (25) $ (20) Net loss allocated to limited partners (98%) (1,241) (1,002) $(1,266) $(1,022) Net loss per limited partnership unit (61,814 units authorized and outstanding) $(20.08) $(16.21)
See Accompanying Notes to Financial Statements d) CENTURY PROPERTIES FUND XX STATEMENT OF CASH FLOWS (Unaudited) (in thousands, except unit data) Nine months Ended September 30, 1999 Cash flows from operating activities: Net loss $(1,022) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 1,277 Amortization of lease commissions 167 Deferred interest on non-recourse promissory notes 941 Change in accounts: Receivables and deposits (2,451) Other assets (116) Accounts payable 21 Tenant security deposit liabilities 64 Accrued property taxes 215 Accrued interest-promissory notes 301 Other liabilities 28 Net cash used in operating activities (575) Cash flows from investing activities: Property improvements and replacements (505) Lease commissions paid (89) Net cash used in investing activities (594) Net decrease in cash and cash equivalents (1,169) Cash and cash equivalents at beginning of period 9,197 Cash and cash equivalents at end of period $ 8,028 Supplemental disclosure of cash flow information: Cash paid for interest $ 641 See Accompanying Notes to Financial Statements e) CENTURY PROPERTIES FUND XX NOTES TO FINANCIAL STATEMENTS (Unaudited) Note A - Basis of Presentation As of December 31, 1999, Century Properties Fund XX (the "Partnership" or "Registrant") adopted the liquidation basis of accounting due to the imminent loss of its remaining investment properties. The Partnership's Nonrecourse Promissory Notes (the "Notes") of approximately $8,035,000 in principal and accrued interest were in default due to nonpayment upon maturity on November 30, 1998. The Notes are secured by a deed of trust on the Partnership's remaining property owned by the Partnership. The Promissory Notes bear interest at eight percent per annum except that interest of up to four percent was deferred, provided the Partnership made interest payments on the unpaid principal balance of at least four percent per annum. The deferred interest does not bear interest. Fox Capital Management Corporation ("FCMC" or the "Managing General Partner"), the Managing General Partner of the Partnership's general partner, previously contacted the indenture trustee for the Notes and certain holders of the Notes regarding this default. On October 28, 1999, the Partnership entered into a forbearance agreement with the indenture trustee for a period of 390 days. The Trustee has indicated, however, that it will extend the forbearance period to accommodate the completion of the sale of the Partnership's remaining property, which is currently being marketed for sale. In turn, the Partnership agreed to (a) deliver to the indenture trustee for the benefit of the note holders all of the accumulated cash of the Partnership, less certain reserves and anticipated operating expenses, (b) market all of its properties for sale, (c) deliver all cash proceeds from any sales to the indenture trustee until the notes are fully satisfied and (d) comply with the reporting requirements under the indenture. Based on the proceeds received to date from sales of Partnership assets and the anticipated net proceeds from the sale of the Partnership's remaining property, it is unlikely the sales of the Partnership's assets will generate sufficient proceeds to pay off the Nonrecourse Promissory Notes in full. If the Partnership cannot sell its remaining property for sufficient value, in accordance with the terms of the forbearance agreement, it is likely that the Partnership will lose its property through delivery to an auctioneer who would sell the assets for the benefit of the Note holders. Upon the sale or disposal of the last property (which is anticipated to occur during the first quarter of 2001), the Partnership is expected to terminate. As a result of the decision to liquidate the Partnership, the Partnership changed its basis of accounting for its financial statements at December 31, 1999, to the liquidation basis of accounting. Consequently, assets have been valued at estimated net realizable value and liabilities are presented at their estimated settlement amounts. The valuation of assets and liabilities necessarily requires many estimates and assumptions and there are substantial uncertainties in carrying out the liquidation. The actual realization of assets and settlement of liabilities could be higher or lower than amounts indicated and is based upon the Managing General Partner's estimates as of the date of the financial statements. Included in liabilities in the statement of net liabilities in liquidation as of September 30, 2000 is approximately $225,000 of costs, net of income, that the Managing General Partner estimates will be incurred during the period of liquidation based on the assumption that the liquidation process will be completed by April 30, 2001. Because the success in realization of assets and the settlement of liabilities is based on the Managing General Partner's best estimates, the liquidation period may be shorter than projected or it may be extended beyond the projected period. Note B - Transfer of Control Pursuant to a series of transactions which closed on October 1, 1998 and February 26, 1999, Insignia Financial Group, Inc. and Insignia Properties Trust merged into Apartment Investment and Management Company ("AIMCO"), a publicly traded real estate investment trust, with AIMCO being the surviving corporation (the "Insignia Merger"). As a result, AIMCO acquired 100% ownership interest in the Managing General Partner. The Managing General Partner does not believe that this transaction has had or will have a material effect on the affairs and operations of the Partnership. Note C - Transactions with Affiliated Parties The Partnership has no employees and is dependent on the Managing General Partner and its affiliates for the management and administration of all partnership activities. The Partnership Agreement provides for certain payments to affiliates for services and as reimbursement of certain expenses incurred by affiliates on behalf of the Partnership. The following transactions with affiliates of the Managing General Partner were incurred during the nine month periods ended September 30, 2000 and 1999: 2000 1999 (in thousands) Property management fees (included in operating expenses) $ 74 $118 Reimbursement for services of affiliates (included in investment properties, operating and general and administrative expenses) 51 144 Partnership management fees (included in general and administrative expenses) -- 36 During the nine months ended September 30, 2000 and 1999, affiliates of the Managing General Partner were entitled to receive 5% of gross receipts from both of the Partnership's residential properties as compensation for providing property management services. The Partnership paid to such affiliates approximately $74,000 and $118,000 for the nine months ended September 30, 2000 and 1999, respectively. On April 7, 2000 and June 20, 2000, the Partnership sold The Corners Apartments and Harbor Club Downs, respectively (see "Note F"). For the Partnership's commercial properties, these services were provided by an unrelated party for the nine month periods ended September 30, 2000 and 1999. Affiliates of the Managing General Partner received reimbursement of accountable administrative expenses amounting to approximately $51,000 and $144,000 for the nine months ended September 30, 2000 and 1999, respectively. In addition to its indirect ownership of the general partner interest in the Partnership, AIMCO and its affiliates currently own 3,601 limited partnership units in the Partnership representing 5.826% of the outstanding units. Note D - Contingency On January 24, 1990, a settlement agreement was executed by and between the Partnership and certain defendants in connection with legal proceedings at Commonwealth Centre. Lincoln Property Company ("Lincoln"), one of the defendants, provided the Partnership with a deficiency certificate totaling $1,250,000 pursuant to Lincoln's company-wide debt restructuring plan. Effective December 31, 1994, the obligators under this collateral pool agreement exercised their right to extend the maturity date of the deficiency certificates to December 31, 1997. The senior obligators accepted an offer to settle the outstanding amounts due from Lincoln at a discounted rate. The Managing General Partner was obligated to accept the initial settlement which equated to approximately $256,000. Prior to this settlement, the Partnership had not recorded a receivable on the financial statements due to the uncertainty of receiving any funds. The initial settlement related to the cash collateral pool, and the Partnership received further funds of approximately $45,000 during the remaining months of 1998 as well as approximately $91,000 during the nine months ended September 30, 1999. The Partnership has not received any additional funds from the settlement. The Partnership recorded income upon the receipt of the settlement. The settlement relates to the cash available to distribute in the collateral pool. Note E - Segment Reporting Description of the types of products and services from which the reportable segment derives its revenues: The Partnership had two reportable segments: commercial properties and residential properties. The commercial property segment consists of one office complex in North Carolina. The Partnership leases office space for terms that typically exceed one year. The properties in the residential property segment were sold during the nine months ended September 30, 2000. Effective December 31, 1999, the Partnership adopted the liquidation basis of accounting (see "Note A - Basis of Presentation"). As a result, segment information is only provided for the three and nine month periods ended September 30, 1999. Measurement of segment profit or loss: The Partnership evaluated performance based on segment profit (loss) before depreciation. The accounting policies of the reportable segment are the same as those of the Partnership as described in Partnership's Annual Report on Form 10-KSB for the year ended December 31, 1999. Factors management used to identify the enterprise's reportable segment: The Partnership's reportable segment consisted of investment properties that offer different products and services. The reportable segments were each managed separately because they provide distinct services with different types of products and customers. Segment information for the three and nine month periods ended September 30, 1999 is shown in the tables below (in thousands). The "Other" column includes partnership administration related items and income and expense not allocated to the reportable segments.
Three Months Ended September 30, 1999 Residential Commercial Other Totals Rental income $ 752 $ 937 $ -- $ 1,689 Other income 37 10 54 101 Interest expense -- -- 628 628 Depreciation 111 307 -- 418 General and administrative expense -- -- 1,241 1,241 Segment profit (loss) 279 270 (1,815) (1,266) Nine Months Ended September 30, 1999 Residential Commercial Other Totals Rental income $ 2,207 $ 3,486 $ -- $ 5,693 Other income 94 17 402 513 Income from settlement -- -- 91 91 Interest expense -- -- 1,883 1,883 Depreciation 341 936 -- 1,277 General and administrative expense -- -- 1,698 1,698 Segment profit (loss) 862 1,204 (3,088) (1,022) Total assets 11,431 21,194 9,472 42,097 Capital expenditures for investment properties 253 252 -- 505
Note F - Sale of Investment Properties On March 27, 2000, the Partnership sold Linpro Park to an unaffiliated party for $9,500,000. The net sales proceeds of approximately $9,002,000 were wired directly to the Indenture Trustee as required by the forbearance agreement. On April 7, 2000, the Partnership sold The Corners Apartments to an unaffiliated third party for approximately $4,000,000. The net sales proceeds of approximately $3,712,000 were wired directly to the Indenture Trustee as required by the forbearance agreement. On May 8, 2000, the Partnership sold Metcalf 103 Office Park to an unaffiliated third party for approximately $3,120,000. The net sales proceeds of $2,878,000 were wired directly to the Indenture Trustee as required by the forbearance agreement. Note F - Sale of Investment Properties (continued) On June 20, 2000 the Partnership sold Harbor Club Downs for approximately $11,000,000. The net sales proceeds of approximately $10,200,000 were wired directly to the Indenture Trustee as required by the forbearance agreement. Note G - Legal Proceedings In March 1998, several putative unit holders of limited partnership units of the Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia Financial Group, Inc., et al. in the Superior Court of the State of California for the County of San Mateo. The plaintiffs named as defendants, among others, the Partnership, its Managing General Partner and several of their affiliated partnerships and corporate entities. The action purports to assert claims on behalf of a class of limited partners and derivatively on behalf of a number of limited partnerships (including the Partnership) which are named as nominal defendants, challenging the acquisition of interests in certain general partner entities by Insignia Financial Group, Inc. ("Insignia") and entities which were, at one time, affiliates of Insignia; past tender offers by the Insignia affiliates to acquire limited partnership units; the management of partnerships by the Insignia affiliates; and the Insignia Merger. The plaintiffs seek monetary damages and equitable relief, including judicial dissolution of the Partnership. On June 25, 1998, the Managing General Partner filed a motion seeking dismissal of the action. In lieu of responding to the motion, the plaintiffs have filed an amended complaint. The Managing General Partner filed demurrers to the amended complaint which were heard February 1999. Pending the ruling on such demurrers, settlement negotiations commenced. On November 2, 1999, the parties executed and filed a Stipulation of Settlement, settling claims, subject to final court approval, on behalf of the Partnership and all limited partners who owned units as of November 3, 1999. Preliminary approval of the settlement was obtained on November 3, 1999 from the Court, at which time the Court set a final approval hearing for December 10, 1999. Prior to the December 10, 1999 hearing, the Court received various objections to the settlement, including a challenge to the Court's preliminary approval based upon the alleged lack of authority of prior lead counsel to enter the settlement. On December 14, 1999, the Managing General Partner and its affiliates terminated the proposed settlement. In February 2000, counsel for some of the named plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated the settlement. On June 27, 2000, the Court entered an order disqualifying them from the case. The Court is considering applications for lead counsel and has currently scheduled a hearing on the matter for November 20, 2000. The Managing General Partner does not anticipate that costs associated with this case will be material to the Partnership's overall operations. The Partnership is unaware of any other pending or outstanding litigation that is not of a routine nature arising in the ordinary course of business. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS The matters discussed in this Form 10-QSB contain certain forward-looking statements and involve risks and uncertainties (including changing market conditions, competitive and regulatory matters, etc.) detailed in the disclosures contained in this Form 10-QSB and the other filings with the Securities and Exchange Commission made by the Partnership from time to time. The discussion of the Partnership's business and results of operations, including forward-looking statements pertaining to such matters, does not take into account the effects of any changes to the Registrant's business and results of operations. Accordingly, actual results could differ materially from those projected in the forward-looking statements as a result of a number of factors, including those identified herein. The Partnership's investment property consists of one business park. The following table sets forth the average occupancy of the property for the nine months ended September 30, 2000 and 1999: Average Occupancy Property 2000 1999 Highland Park Commerce Center (1) 86% 89% Charlotte, North Carolina (1) The decrease in average occupancy at Highland Park Commerce Center is due to two tenants, occupying 3,639 square feet, moving into their space beginning late in the second quarter of 2000. As of December 31, 1999, Century Properties Fund XX (the "Partnership" or "Registrant") adopted the liquidation basis of accounting due to the imminent loss of its remaining investment properties. Pursuant to the terms of the Notes, the Partnership was required to pay interest at a rate of 4% per annum on the Notes, and accrue the additional 4% per annum due on the Notes. The Notes are secured by the Partnership's remaining property. The Notes, which had a balance of principal and accrued interest of approximately $8,035,000 at September 30, 2000, matured on November 30, 1998. On October 28, 1999 the Partnership entered into a forbearance agreement with the indenture trustee for a period of 390 days. The Trustee has indicated, however, that it will extend the forbearance period to accommodate the completion of the sale of the Partnership's remaining property, which is currently being marketed for sale. In turn, the Partnership agreed to (a) deliver to the indenture trustee for the benefit of the note holders all of the accumulated cash of the Partnership, less certain reserves and anticipated operating expenses, (b) market all of its properties for sale, (c) deliver all cash proceeds from any sales to the indenture trustee until the notes are fully satisfied and (d) comply with the reporting requirements under the indenture. Based on the proceeds received to date from sales of Partnership assets and the anticipated net proceeds from the sale of the Partnership's remaining property, it is unlikely the sales of the Partnership's assets will generate sufficient proceeds to pay off the Nonrecourse Promissory Notes in full. If the Partnership cannot sell its remaining property for sufficient value, in accordance with the terms of the forbearance agreement, it is likely that the Partnership will lose its property through delivery to an auctioneer who would sell the assets for the benefit of the Note holders. Upon the sale or disposal of the last property (which is anticipated to occur during the first quarter of 2001), the Partnership is expected to terminate. As a result of the decision to liquidate the Partnership, the Partnership changed its basis of accounting for its financial statements at December 31, 1999 to the liquidation basis of accounting. Consequently, assets have been valued at estimated net realizable value and liabilities are presented at their estimated settlement amounts. The valuation of assets and liabilities necessarily requires many estimates and assumptions and there are substantial uncertainties in carrying out the liquidation. The actual realization of assets and settlement of liabilities could be higher or lower than amounts indicated and is based upon the Managing General Partner's estimates as of the date of the financial statements. Included in liabilities in the statement of net liabilities in liquidation as of September 30, 2000 is approximately $225,000 of costs, net of income, that the Managing General Partner estimates will be incurred during the period of liquidation based on the assumption that the liquidation process will be completed by April 30, 2001. Because the success in realization of assets and the settlement of liabilities is based on the Managing General Partner's best estimates, the liquidation period may be shorter than projected or it may be extended beyond the projected period. On March 27, 2000, the Partnership sold Linpro Park to an unaffiliated party for $9,500,000. The net sales proceeds of approximately $9,002,000 were wired directly to the Indenture Trustee as required by the forbearance agreement. On April 7, 2000, the Partnership sold The Corners Apartments to an unaffiliated third party for approximately $4,000,000. The net sales proceeds of approximately $3,712,000 were wired directly to the Indenture Trustee as required by the forbearance agreement. On May 8, 2000, the Partnership sold Metcalf 103 Office Park to an unaffiliated third party for approximately $3,120,000. The net sales proceeds of approximately $2,878,000 were wired directly to the Indenture Trustee as required by the forbearance agreement. On June 20, 2000 the Partnership sold Harbor Club Downs for approximately $11,000,000. The net sales proceeds of approximately $10,200,000 were wired directly to the Indenture Trustee as required by the forbearance agreement. As part of the ongoing business plan of the Partnership, the Managing General Partner monitors the rental market environment of its remaining investment property to assess the feasibility of increasing rents, maintaining or increasing occupancy levels and protecting the Partnership from increases in expenses. As part of this plan, the Managing General Partner attempts to protect the Partnership from the burden of inflation-related increases in expenses by increasing rents and maintaining a high overall occupancy level. However, due to changing market conditions, which can result in the use of rental concessions and rental reductions to offset softening market conditions, there is no guarantee that the Managing General Partner will be able to sustain such a plan. The following is a general description of the tax consequences that may result to a limited partner upon the sale of the Partnership's remaining property. Each limited partner should consult with his or her own tax advisor to determine his or her particular tax consequences. The taxable gain and income resulting from the sale of the Partnership's property will pass through to the limited partners, and will likely result in income tax liability to the limited partners without any distribution of cash from the Partnership. Highland Park Commerce Center During the nine months ended September 30, 2000, the Partnership completed approximately $73,000 of capital improvements at Highland Park Commerce Center consisting primarily of tenant improvements. The property is currently being marketed for sale; therefore, no funds have been budgeted for capital improvements for the year 2000. Capital improvements will be made as necessary until the property is sold. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS In March 1998, several putative unit holders of limited partnership units of the Partnership commenced an action entitled Rosalie Nuanes, et al. v. Insignia Financial Group, Inc., et al. in the Superior Court of the State of California for the County of San Mateo. The plaintiffs named as defendants, among others, the Partnership, its Managing General Partner and several of their affiliated partnerships and corporate entities. The action purports to assert claims on behalf of a class of limited partners and derivatively on behalf of a number of limited partnerships (including the Partnership) which are named as nominal defendants, challenging the acquisition of interests in certain general partner entities by Insignia Financial Group, Inc. ("Insignia") and entities which were, at one time, affiliates of Insignia; past tender offers by the Insignia affiliates to acquire limited partnership units; the management of partnerships by the Insignia affiliates; and the Insignia Merger. The plaintiffs seek monetary damages and equitable relief, including judicial dissolution of the Partnership. On June 25, 1998, the Managing General Partner filed a motion seeking dismissal of the action. In lieu of responding to the motion, the plaintiffs have filed an amended complaint. The Managing General Partner filed demurrers to the amended complaint which were heard February 1999. Pending the ruling on such demurrers, settlement negotiations commenced. On November 2, 1999, the parties executed and filed a Stipulation of Settlement, settling claims, subject to final court approval, on behalf of the Partnership and all limited partners who owned units as of November 3, 1999. Preliminary approval of the settlement was obtained on November 3, 1999 from the Court, at which time the Court set a final approval hearing for December 10, 1999. Prior to the December 10, 1999 hearing, the Court received various objections to the settlement, including a challenge to the Court's preliminary approval based upon the alleged lack of authority of prior lead counsel to enter the settlement. On December 14, 1999, the Managing General Partner and its affiliates terminated the proposed settlement. In February 2000, counsel for some of the named plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated the settlement. On June 27, 2000, the Court entered an order disqualifying them from the case. The Court is considering applications for lead counsel and has currently scheduled a hearing on the matter for November 20, 2000. The Managing General Partner does not anticipate that costs associated with this case will be material to the Partnership's overall operations. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K a) Exhibits: Exhibit 27, Financial Data Schedule, is filed as an exhibit to this report. b) Reports on Form 8-K: None filed during the quarter ended September 30, 2000. SIGNATURES In accordance with the requirements of the Exchange Act, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CENTURY PROPERTIES FUND XX By: FOX PARTNERS III Its General Partner By: FOX CAPITAL MANAGEMENT CORPORATION Its Managing General Partner By: /s/Patrick J. Foye Patrick J. Foye Executive Vice President By: /s/Martha L. Long Martha L. Long Senior Vice President and Controller Date: EX-27 2 0002.txt THIRD QUARTER 10-QSB
5 This schedule contains summary financial information extracted from CENTURY PROPERTIES FUND XX 2000 Third Quarter 10-QSB and is qualified in its entirety by reference to such 10-QSB filing. 0000736909 CENTURY PROPERTIES FUND XX 1,000 9-MOS DEC-31-2000 JUL-01-2000 SEP-30-2000 1,501 0 116 0 0 0 5,680 0 7,837 0 8,035 0 0 0 0 8,639 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0 Registrant has an unclassified balance sheet. Multiplier is 1.
-----END PRIVACY-ENHANCED MESSAGE-----