-----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, I1+JxLx3U+Ee2Ic6fDBJo7QUP9XMTci01wSZfBdy5Gw1faPGrrZ+Zg5hetE+Z6XK kNP3pDkprvYzWHXBhx0alg== /in/edgar/work/0000711642-00-000313/0000711642-00-000313.txt : 20001114 0000711642-00-000313.hdr.sgml : 20001114 ACCESSION NUMBER: 0000711642-00-000313 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ANGELES OPPORTUNITY PROPERTIES LTD CENTRAL INDEX KEY: 0000789282 STANDARD INDUSTRIAL CLASSIFICATION: [6500 ] IRS NUMBER: 954052473 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-16116 FILM NUMBER: 760266 BUSINESS ADDRESS: STREET 1: 1873 SOUTH BELLAIRE STREET STREET 2: 17TH FLOOR CITY: DENVER STATE: CO ZIP: 80222 BUSINESS PHONE: 3037578101 MAIL ADDRESS: STREET 1: 1873 SOUTH BELLAIRE STREET STREET 2: 17TH FLOOR CITY: DENVER STATE: CO ZIP: 80222 10QSB 1 0001.txt QUARTER ENDING SEPTEMBER 30, 2000 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 0-16116 ANGELES OPPORTUNITY PROPERTIES, LTD. (Exact name of small business issuer as specified in its charter) California 95-4052473 (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 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) ANGELES OPPORTUNITY PROPERTIES, LTD. CONSOLIDATED BALANCE SHEET (Unaudited) (in thousands, except unit data) September 30, 2000
Assets Cash and cash equivalents $ 289 Receivables and deposits 249 Restricted escrows 72 Other assets 114 Investment properties: Land $ 1,013 Buildings and related personal property 8,012 9,025 Less accumulated depreciation (2,787) 6,238 $ 6,962 Liabilities and Partners' (Deficit) Capital Liabilities Accounts payable $ 17 Tenant security deposit liabilities 30 Accrued property taxes 192 Other liabilities 127 Mortgage notes payable 5,378 Partners' (Deficit) Capital: General partner $ (120) Limited partners (12,425 units issued and outstanding) 1,338 1,218 $ 6,962 See Accompanying Notes to Consolidated Financial Statements
b) ANGELES OPPORTUNITY PROPERTIES, LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except unit data)
Three Months Ended Nine Months Ended September 30, September 30, 2000 1999 2000 1999 Revenues: Rental income $ 619 $ 593 $ 1,772 $ 1,766 Other income 34 31 95 96 Total revenues 653 624 1,867 1,862 Expenses: Operating 245 244 737 708 General and administrative 59 36 145 117 Depreciation 83 69 254 219 Interest 109 109 323 329 Property taxes 69 62 186 176 Total expenses 565 520 1,645 1,549 Net income $ 88 $ 104 $ 222 $ 313 Net income allocated to general partner (1%) $ 1 $ 1 $ 2 $ 3 Net income allocated to limited partners (99%) 87 103 220 310 $ 88 $ 104 $ 222 $ 313 Net income per limited partnership unit $ 7.00 $ 8.29 $ 17.71 $ 24.95 Distributions per limited partnership unit $ -- $ 39.84 $ 71.55 $ 39.84 See Accompanying Notes to Consolidated Financial Statements
c) ANGELES OPPORTUNITY PROPERTIES, LTD. CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL (Unaudited) (in thousands, except unit data)
Limited Partnership General Limited Units Partner Partners Total Original capital contributions 12,425 $ 1 $12,425 $12,426 Partners' (deficit) capital at December 31, 1999 12,425 $ (104) $ 2,007 $ 1,903 Distributions to partners -- (18) (889) (907) Net income for the nine months ended September 30, 2000 -- 2 220 222 Partners' (deficit) capital at September 30, 2000 12,425 $ (120) $ 1,338 $ 1,218 See Accompanying Notes to Consolidated Financial Statements
d) ANGELES OPPORTUNITY PROPERTIES, LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands)
Nine Months Ended September 30, 2000 1999 Cash flows from operating activities: Net income $ 222 $ 313 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 254 219 Amortization of loan costs and discount 25 24 Change in accounts: Receivables and deposits 124 (52) Other assets (12) (23) Accounts payable (5) 13 Tenant security deposit liabilities 3 -- Accrued property taxes (53) (58) Other liabilities (80) (9) Net cash provided by operating activities 478 427 Cash flows from investing activities: Property improvements and replacements (111) (240) Net (deposits to) withdrawals from restricted escrows (36) 57 Net cash used in investing activities (147) (183) Cash flows from financing activities: Payments on mortgage notes payable (20) (19) Distributions to partners (907) (500) Net cash used in financing activities (927) (519) Net decrease in cash and cash equivalents (596) (275) Cash and cash equivalents at beginning of period 885 1,060 Cash and cash equivalents at end of period $ 289 $ 785 Supplemental disclosure of cash flow information: Cash paid for interest $ 303 $ 304 See Accompanying Notes to Consolidated Financial Statements
e) ANGELES OPPORTUNITY PROPERTIES, LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note A - Basis of Presentation The accompanying unaudited consolidated financial statements of Angeles Opportunity Properties, Ltd. (the "Partnership" or the "Registrant") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of Angeles Realty Corporation II (the "General Partner"), all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended September 30, 2000 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2000. For further information, refer to the consolidated financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-KSB for the fiscal year ended December 31, 1999. Principles of Consolidation The consolidated financial statements of the Partnership include its 99% limited partnership interests in New Lake Meadows LP and Lakewood AOPL Ltd. The general partner of these consolidated partnerships is the General Partner. The Partnership may remove the general partner of both of these 99% owned partnerships; therefore, the partnerships are controlled and consolidated by the Partnership. All significant interpartnership balances have been eliminated. 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 General Partner. The 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 General Partner and its affiliates for the management and administration of all Partnership activities. The Partnership Agreement provides for (i) certain payments to affiliates for services and (ii) reimbursement of certain expenses incurred by affiliates on behalf of the Partnership. The following transactions with the General Partner and its affiliates were paid or accrued during the nine months ended September 30, 2000 and 1999: 2000 1999 (in thousands) Property management fees (included in operating expenses) $ 93 $ 94 Reimbursement for services of affiliates (included in general and administrative expenses and investment properties) 69 40 Due to affiliates (included in other liabilities) 7 -- During the nine months ended September 30, 2000 and 1999, affiliates of the General Partner were entitled to receive 5% of gross receipts from both of the Partnership's properties as compensation for providing property management services. The Partnership paid to such affiliates approximately $93,000 and $94,000 for the nine months ended September 30, 2000 and 1999, respectively. An affiliate of the General Partner received reimbursements of accountable administrative expense amounting to approximately $69,000 and $40,000 for the nine months ended September 30, 2000 and 1999, respectively. Approximately $7,000 of which was accrued and is included in other liabilities at September 30, 2000. In addition to its indirect ownership of the general partner interest in the Partnership, AIMCO and its affiliates currently own 5,472 limited partnership units in the Partnership representing 44.04% of the outstanding units. A number of these units were acquired pursuant to tender offers made by AIMCO or its affiliates. It is possible that AIMCO or its affiliates will make one or more additional offers to acquire additional limited partnership interests in the Partnership for cash or in exchange for units in the operating partnership of AIMCO. Under the Partnership Agreement, unitholders holding a majority of the Units are entitled to take action with respect to a variety of matters, which would include without limitation, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. As a result of its ownership of 44.04% of the outstanding units, AIMCO is in a position to significantly influence all voting decisions with respect to the Registrant. When voting on matters, AIMCO would in all likelihood vote the Units it acquired in a manner favorable to the interest of the General Partner because of their affiliation with the General Partner. Note D - Distributions During the nine months ended September 30, 2000, distributions of approximately $898,000 (approximately $889,000 to the limited partners or $71.55 per limited partnership unit) were paid to the partners from cash from operations. In conjunction with the transfer of funds from certain majority-owned sub-tier limited partnerships to the Partnership, approximately $9,000 was distributed to the general partner of the majority-owned sub-tier limited partnerships. During the nine months ended September 30, 1999, a distribution of $500,000 ($495,000 to the limited partners or $39.84 per limited partnership unit) was paid to the partners from operations. Subsequent to September 30, 2000, the Partnership declared and paid a distribution of approximately $123,000 (approximately $122,000 paid to the limited partners or $9.82 per limited partnership unit) from operations. Note E - Segment Reporting Description of the types of products and services from which the reportable segment derives its revenues: The Partnership has one reportable segment: residential properties. The Partnership's residential property segment consists of two apartment complexes in the state of Texas. The Partnership rents apartment units to tenants for terms that are typically twelve months or less. Measurement of segment profit or loss: The Partnership evaluates 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 the Partnership's Annual Report on Form 10-KSB for the year ended December 31, 1999. Factors management used to identify the enterprise's reportable segments: The Partnership's reportable segment consists of investment properties that offer similar products and services. Although each of the investment properties is managed separately, they have been aggregated into one segment as they provide services with similar types of products and customers. Segment information for the three and nine month periods ended September 30, 2000 and 1999, is shown in the tables below. The "Other" column includes Partnership administration related items and income and expense not allocated to the reportable segments. Three Months Ended September 30, 2000 Residential Other Totals (in thousands) Rental income $ 619 $ -- $ 619 Other income 33 1 34 Interest expense 109 -- 109 Depreciation 83 -- 83 General and administrative expense -- 59 59 Segment profit (loss) 146 (58) 88 Nine Months Ended September 30, 2000 Residential Other Totals (in thousands) Rental income $ 1,772 $ -- $ 1,772 Other income 92 3 95 Interest expense 323 -- 323 Depreciation 254 -- 254 General and administrative expense -- 145 145 Segment profit (loss) 364 (142) 222 Total assets 6,881 81 6,962 Capital expenditures for investment properties 111 -- 111 Three Months ended September 30, 1999 Residential Other Totals (in thousands) Rental income $ 593 $ -- $ 593 Other income 28 3 31 Interest expense 109 -- 109 Depreciation 69 -- 69 General and administrative expense -- 36 36 Segment profit (loss) 137 (33) 104 Nine Months ended September 30, 1999 Residential Other Totals (in thousands) Rental income $ 1,766 $ -- $ 1,766 Other income 78 18 96 Interest expense 329 -- 329 Depreciation 219 -- 219 General and administrative expense -- 117 117 Segment profit (loss) 412 (99) 313 Total assets 7,329 263 7,592 Capital expenditures for investment properties 240 -- 240 Note F - 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 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 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 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 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 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 discussions 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 Partnership's business and results of operation. 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 properties consist of two apartment complexes. The following table sets forth the average occupancy for each of the properties for the nine months ended September 30, 2000 and 1999: Average Occupancy Property 2000 1999 Lake Meadows Apartments 98% 96% Garland, Texas Lakewood Apartments 92% 94% Tomball, Texas Results of Operations The Partnership had net income of approximately $222,000 for the nine months ended September 30, 2000, as compared to net income of approximately $313,000 for the nine months ended September 30, 1999. The Partnership had net income of approximately $88,000 for the three months ended September 30, 2000, as compared to net income of approximately $104,000 for the three months ended September 30, 1999. The decrease in net income for the three and nine months ended September 30, 2000 was due to an increase in total expenses, offset slightly by an increase in total revenues. Total revenues increased due to an increase in average annual rental rates at both properties and an increase in occupancy at Lake Meadows Apartments, offset by a decrease in occupancy at Lakewood Apartments. For the three and nine months ended September 30, 2000, total expenses increased due to increases in general and administrative, depreciation and property tax expense. Depreciation increased due to an increase in depreciable assets put into service over the past twelve months at both investment properties. The increase in property tax expense during the third quarter of 2000 is due to an increase in the real estate taxes at Lake Meadows Apartments. In addition, for the nine months ended September 30, 2000, operating expenses increased due to increases in administrative salaries, commissions and bonuses, and advertising expenses at both investment properties. General and administrative expenses increased for the three and nine months ended September 30, 2000 due to an increase in the cost of services included in the management reimbursements to the General Partner as allowed under the Partnership Agreement, partially offset by reduced legal fees. In addition, costs associated with the quarterly and annual communications with investors and regulatory agencies and the annual audit required by the Partnership Agreement are also included. As part of the ongoing business plan of the Partnership, the General Partner monitors the rental market environment of its investment properties 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 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 General Partner will be able to sustain such a plan. Liquidity and Capital Resources At September 30, 2000, the Partnership had cash and cash equivalents of approximately $289,000 compared to approximately $785,000 for the corresponding period in 1999. The net decrease in cash and cash equivalents was approximately $596,000 from the year ended December 31, 1999, and is due to approximately $927,000 and $147,000 of cash used in financing and investing activities, respectively, partially offset by approximately $478,000 of cash provided by operating activities. Cash used in financing activities consisted primarily of distributions to the partners and, to a lesser extent, payments of principal made on the mortgage encumbering Lake Meadows Apartments. Cash used in investing activities consisted primarily of property improvements and replacements and, to a lesser extent, net deposits to restricted escrows maintained by the mortgage lenders. The Partnership invests its working capital reserves in money market accounts. The sufficiency of existing liquid assets to meet future liquidity and capital expenditure requirements is directly related to the level of capital expenditures required at the properties to adequately maintain the physical assets and other operating needs of the Partnership and to comply with Federal, state, and local legal and regulatory requirements. Capital improvements for each of the Partnership's properties are detailed below. Lake Meadows Apartments Approximately $80,000 has been budgeted for capital improvements for the year 2000 at Lake Meadows Apartments consisting primarily of carpet and vinyl replacement, interior decorations, parking lot improvements, plumbing enhancements and structural improvements. During the nine months ended September 30, 2000, the Partnership completed approximately $52,000 of such budgeted capital improvements at Lake Meadows Apartments, consisting primarily of carpet and vinyl replacement, plumbing enhancements, and structural upgrades. These improvements were funded from operating cash flow and replacement reserves. Lakewood Apartments Approximately $79,000 has been budgeted for capital improvements for the year 2000 at Lakewood Apartments consisting primarily of carpet and tile replacement, air conditioning unit replacement, structural upgrades, and appliance replacements. During the nine months ended September 30, 2000, the Partnership completed approximately $59,000 of such budgeted capital improvements at the property, consisting primarily of carpet and tile replacements, appliance replacements, air conditioning unit replacements, and office equipment. These improvements were funded from operating cash flow and replacement reserves. The additional capital expenditures will be incurred only to the extent of cash available from operations and from the Partnership's reserves. To the extent that such budgeted capital improvements are completed, the Partnership's distributable cash flow, if any, may be adversely affected at least in the short term. The Partnership's current assets are thought to be sufficient for any near-term needs (exclusive of capital improvements) of the Partnership. The mortgage indebtedness is approximately $5,378,000, net of discount. Of this, $3,750,000 is interest only and $1,628,000 is being amortized over 343 months. In both instances, balloon payments are due at the maturity dates of October and November 2003. The General Partner will attempt to refinance such indebtedness and/or sell the properties prior to such maturity dates. If the properties cannot be refinanced or sold for a sufficient amount, the Partnership will risk losing such properties through foreclosure. During the nine months ended September 30, 2000, distributions of approximately $898,000 (approximately $889,000 to the limited partners or $71.55 per limited partnership unit) were paid to the partners from cash from operations. In conjunction with the transfer of funds from certain majority-owned sub-tier limited partnerships to the Partnership, approximately $9,000 was distributed to the general partner of the majority-owned sub-tier limited partnerships. During the nine months ended September 30, 1999, a distribution of $500,000 ($495,000 to the limited partners or $39.84 per limited partnership unit) was paid to the partners from operations. Subsequent to September 30, 2000, the Partnership declared and paid a distribution of approximately $123,000 (approximately $122,000 paid to the limited partners or $9.82 per limited partnership unit) from operations. The Partnership's distribution policy is reviewed on a semi-annual basis. Future cash distributions will depend on the levels of net cash generated from operations, the availability of cash reserves, and the timing of debt maturities, refinancings, and/or property sales. There can be no assurance, however, that the Partnership will generate sufficient funds from operations after required capital expenditures to permit further distributions to its partners for the remainder of 2000 or subsequent periods. In addition, the Partnership is restricted from making distributions if the amount in the reserve account for Lake Meadows Apartments is less than $400 per apartment unit or $38,400. The reserve account is currently fully funded. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEDINGS 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 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 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 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 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 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. ANGELES OPPORTUNITY PROPERTIES, LTD. By: Angeles Realty Corporation II Its 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: November 13, 2000 EX-27 2 0002.txt THIRD QUARTER 10-QSB
5 This schedule contains summary financial information extracted from ANGELES OPPORTUNITY PROPERTIES, LTD. 2000 Third Quarter 10-QSB and is qualified in its entirety by reference to such 10-QSB filing. 0000789282 ANGELES OPPORTUNITY PROPERTIES, LTD. 1,000 9-MOS DEC-31-2000 JUL-01-2000 SEP-30-2000 289 0 249 0 0 0 9,025 2,787 6,962 0 5,378 0 0 0 1,218 6,962 0 1,867 0 0 1,645 0 323 0 0 0 0 0 0 222 17.71 0 Registrant has an unclassified balance sheet. Multiplier is 1.
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