UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT


     PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported):      December 31, 2003
                                                 -------------------------------


                  Fiduciary Capital Partners Liquidating Trust
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


        Delaware                     0-17737                    86-0653600
- -----------------------            ------------             ------------------
(State of Organization)            (Commission                (IRS Employer
                                   File Number)             Identification No.)


               1530 16th Street, Suite 200, Denver, CO 80202-1468
              -----------------------------------------------------
              (Address of principal executive offices and zip code)


Registrant's telephone number, including area code:       (303) 446-5937
                                                   -----------------------------


Fiduciary Capital Partners Liquidating Trust is the transferee of the remaining
assets and liabilities of Fiduciary Capital Partners, L.P. and files certain
reports under Fiduciary Capital Partners, L.P.'s Commission file number as
provided for in its Liquidating Trust Agreement, dated December 31, 2001.





Item 5.                           OTHER EVENTS

Fiduciary Capital Partners Liquidating Trust, (the "Trust") was formed in
connection with the liquidation and termination of Fiduciary Capital Partners,
L.P. (the "Partnership") on December 31, 2001. The following net assets of the
Partnership, which had not previously been liquidated by the Partnership, were
transferred to the Trust, which had been established for the purpose of holding
these assets.

                                                        
         Investments:
           Environmental Energy Services, Inc.                      $       1
           LMC Corporation                                                  2
           Niigata Engineering Co., Ltd.                                    1
                                                                    ---------
              Total investments                                             4
         Cash and cash equivalents                                    138,989
         Other receivables                                             65,694
         Other assets                                                  20,327
         Due to affiliates                                             (5,684)
         Accounts payable and accrued liabilities                    (156,494)
                                                                    ---------
                                                                    $  62,836
                                                                    =========

         


The trustee of the Trust is Stone Pine Accounting Services, LLC. Each holder of
Units in the Partnership was deemed to be the beneficial owner of a pro rata
share of the aggregate beneficial interests in the Trust. It was anticipated
that the Trust would permit the realization of substantial cost savings in
administrative and other expenses until the funds remaining after payment of all
liabilities and expenses (if any) were distributed to the beneficiaries of the
Trust.

The purpose of the Trust was to pay all remaining expenses and liabilities of
the Partnership, including those relating to the sale, collection or dissolution
of the remaining investments, administrative expenses, and to distribute the
remaining funds (if any) to the beneficiaries of the Trust.

The transferred assets were recorded by the Trust at a cost equal to their value
on December 31, 2001 (date of transfer), as determined by the Partnership. The
investments consisted of receivables from LMC Corporation ("LMC") and Niigata
Engineering Co., Ltd. ("Niigata"), both of which were in bankruptcy proceedings
as of December 31, 2001, and rights to receive restricted shares of
Environmental Energy Services, Inc. ("EESV") common stock.

Realization of Assets

LMC Corporation Among the assets that were transferred to the Trust on December
31, 2001 were $2,008,444 of receivables from LMC, which was in bankruptcy
proceedings. As of December 31, 2001, LMC's only significant asset was real
property, which was subject to a first mortgage. During August 2002, the holder
of the first mortgage repossessed the real property. This repossession of the
real property eliminated any possibility that the Trust would receive any
distributions from LMC's bankruptcy proceedings. As a result, the Trust's LMC
investment was written off as a realized loss during 2002.


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Niigata Engineering Co., Ltd. A $61,821 receivable from Niigata, a Japanese
company, was also transferred to the Trust. At the time of the liquidation of
the Partnership and the formation of the Trust, Niigata was attempting to
consummate a financial restructuring and emerge from its Japanese-based
bankruptcy proceedings as an operating company.

Niigata successfully consummated its restructuring and exited from bankruptcy
proceedings during June 2003. In accordance with the terms of Niigata's approved
restructuring plan, the Trust received a cash payment of $12,803 in satisfaction
of its $61,821 receivable.

Environmental Energy Services, Inc. The Partnership acquired 989,414 shares of
EESV (as a successor to WasteMasters, Inc. ("WasteMasters")) stock, which trades
on the OTC Bulletin Board System, from Nikko Trading of America Corporation
("Nikko") on June 3, 1998. The stock was subject to a 24-month lock-up period
through May 2000. Upon expiration of the lock-up period, the Partnership
requested that EESV issue the Partnership a new stock certificate without the
restrictive legend that existed on the Partnership's original certificate, so
that the stock could be sold. EESV refused to comply with this request because
of a court order during March 2000 that authorized the cancellation of all EESV
stock that had been issued to Nikko, including the shares that Nikko had
previously transferred to the Partnership. The Partnership retained counsel and
EESV's attorneys agreed to consider the Partnership's request to be treated as a
bona fide purchaser of the shares from Nikko. During October 2001, the
Partnership reached an agreement with EESV, pursuant to which EESV agreed to
treat the Partnership as a bona fide purchaser of the original WasteMasters
shares and to issue new restricted shares of EESV common stock to the
Partnership. The Partnership executed the agreement, but never received the new
restricted shares of EESV common stock or a copy of the agreement executed by
EESV. The Partnership's right to receive these shares was transferred to the
Trust. The EESV common stock, which trades on the OTC Bulletin Board System
("EESV"), had a market price of approximately $0.003 per share on December 29,
2003.

As of December 31, 2003, the Trust had been unsuccessful in obtaining salable
shares of EESV common stock. The Trust pursued all available means to obtain
these salable shares, except for the pursuit of litigation, without success. If
the Trust were to be successful in obtaining these salable shares, their current
fair market value would only be approximately $2,968. Unfortunately, this
relatively small potential value did not economically justify the Trust
incurring the costs associated with litigation or the administrative costs
associated with further delays in terminating the Trust. As a result, the
Trustee decided to discontinue further efforts to obtain salable shares of EESV
and to write the Trust's EESV investment off as a realized loss during 2003.

Other Receivables and Other Assets

Other receivables and other assets, valued at $86,021, were also transferred to
the Trust by the Partnership. The Trust successfully realized an amount equal to
this estimated fair value from the collection of the other receivables and
conversion of the other assets into cash.



                                       3



Accounts Payable and Accrued Expenses

Included among the net assets that were transferred to the Trust by the
Partnership on December 31, 2001, was an accrued liability for $156,494 of
accounts payable and accrued liabilities. These accounts payable and accrued
liabilities consisted of two components: (i) expenses that had been incurred by
the Partnership during 2001 but that were not paid prior to the dissolution of
the Partnership on December 31, 2001, and (ii) an accrual for estimated expenses
that were expected to be incurred by the Trust in liquidating the Partnership's
assets that were transferred to the Trust.

The Trust paid all of the remaining Partnership expenses and the expenses
incurred by the Trust during 2002 and 2003, totaling $100,609. In addition, the
Trustee has retained $7,108 to pay remaining expenses relating to the Trust's
activities, including costs associated with (i) the payment of the final
liquidating distribution to the beneficiaries of the Trust, (ii) the Trust's
2003 income tax and financial reporting obligations, and (iii) complying with
various state escheatment laws.

Final Liquidating Distribution

Following the receipt of cash from the asset realizations discussed above and
the payment of the liabilities and expenses discussed above, the Trust had
$126,176 of cash reserves that were available for distribution to the
beneficiaries of the Trust. This amount, which was equal to $0.143 per unit of
beneficial interest, was distributed to the beneficiaries of the Trust on
December 31, 2003.

This $126,176 liquidation value exceeded the $62,836 estimated value (as
determined by the Partnership) of the net assets that were transferred from the
Partnership to the Trust on December 31, 2001 primarily because actual expenses
incurred by the Trust in liquidating the Partnership's assets that were
transferred to the Trust were less than the amount estimated by the Partnership
at the time of the transfer. In addition, (i) the proceeds received from the
Niigata bankruptcy proceedings exceeded the aggregate carrying value (as
determined by the Partnership) of the investments transferred to the Trust, and
(ii) the Trust earned interest income on its cash reserves during 2002 and 2003.


                                       4



                                    SIGNATURE

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 hereunto duly authorized.

                                    Fiduciary Capital Partners Liquidating Trust
                                    (Registrant)

                                    By:  Stone Pine Accounting Services, LLC
                                         Trustee


Date:  December 31, 2003                 By: /s/ Donald R. Jackson
                                             ---------------------
                                             Donald R. Jackson
                                             Managing Member


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