-----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, PwkQuoZ0ADGbNVfyGlbez8diJaT+StgG6qlWS5bqI7sOraQF+iVNmWgTu3j3rOYi G8DTcQdMU3HelElzaIR1dw== 0000849901-98-000007.txt : 19980818 0000849901-98-000007.hdr.sgml : 19980818 ACCESSION NUMBER: 0000849901-98-000007 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980817 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORTGAGE BANCFUND OF AMERICA II L P CENTRAL INDEX KEY: 0000849901 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 330369950 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 000-19199 FILM NUMBER: 98691893 BUSINESS ADDRESS: STREET 1: 2 CORPORATE PARK STE 106 CITY: IRVINE STATE: CA ZIP: 92714 BUSINESS PHONE: 7142532900 MAIL ADDRESS: STREET 1: 2 CORPORATE PARK STREET 2: SUITE 106 CITY: IRVINE STATE: CA ZIP: 92606-5128 10-Q/A 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1998 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: 33-28491 THE MORTGAGE BANCFUND OF AMERICA II, a California Limited Partnership (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) California 33-0369995 STATE OR OTHER JURISDICTION OF INCORPORATION IRS EMPLOYER IDENTIFICATION NUMBER 2402 Michelson Drive, Suite 255, Irvine, California 92612-1323 ADDRESS OF PRINCIPAL EXECUTIVE OFFICES(ZIP CODE) (714) 253-2900 REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE N/A FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR, IF CHANGED SINCE LAST REPORT 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 (or for such shorter period that the registrant was required to file reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO_______ APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: 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 subsequent to the distribution of securities under a plan confirmed by a court. N/A YES NO_______ APPLICABLE ONLY CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. N/A MORTGAGE BANCFUND OF AMERICA II,L.P. (a California Limited Partnership) Index to Form 10-Q June 30, 1998 Part I - Financial Information Item 1 - Consolidated Financial Statements Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Part II - Other Information Item 1 - Legal Proceedings Item 2 - Changes in Securities Item 3 - Defaults Upon Senior Securities Item 4 - Submission of Matters to a Vote of Security Holders Item 5 - Other Information Item 6 - Exhibits and Reports on Form 8-K Signatures MORTGAGE BANCFUND OF AMERICA II, L.P. (a California Limited Partnership) Part I - Financial Information Item 1 - Consolidated Financial Statements Consolidated Balance Sheets Consolidated Income Statements Consolidated Statements of Partner's Equity Consolidated Statements of Cash Flow Notes to Consolidated Financial Statements See attached exhibit MORTGAGE BANCFUND OF AMERICA II, L.P. (a California Limited Partnership) Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources: Liquidity continues to be a serious problem for the Partnership. Management will depend upon the operations of foreclosed real estate and the ultimate sale of that real estate to generate funds necessary to operate. There are no plans to seek additional capital from outside sources, either debt nor equity. The capital account has eroded by over 97% of the original cost of $100.00 per limited Partnership unit to a value of $1.25 per Partnership unit outstanding. This is due to losses experienced over the past several years. Results of Operations: The Partnership continues to report poor operating results since December 31, 1997. As discussed above, book value per Partnership unit outstanding is down to $1.25; a 97% decline in value. Management is operating in a liquidation mode to sell all remaining assets and return whatever investment remains to the limited partners. MORTGAGE BANCFUND OF AMERICA II, L.P. (a California Limited Partnership) Part II - Other Information Item 1 - Legal Proceedings None. Item 2 - Changes in Securities None. Item 3 - Defaults Upon Senior Securities N/A Item 4 - Submission of Matters to a Vote of Security Holders None. Item 5 - Other Information None. Item 6 - Exhibits and Reports on Form 8-K None. MORTGAGE BANCFUND OF AMERICA II, L.P. (a California Limited Partnership) 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. MORTGAGE BANCFUND OF AMERICA (a California Limited Partnership) Registrant ________________________________ _________________________ Robert Y. Strom, General Partner Date THE MORTGAGE BANCFUND OF AMERICA II, L.P. (a California Limited Partnership) CONSOLIDATED BALANCE SHEETS (Unaudited) ASSETS Dec. 31, 1997 June 30,1998 Cash $ 174,169 30,988 Other assets (Note 1) 0 30,000 Accounts receivable (Note 2) 64,980 71,980 Total Assets $ 239,149 132,968 LIABILITIES & PARTNER'S EQUITY Liabilities Due to affiliates 43,891 43,892 Total liabilities 43,891 43,892 Partner's equity 195,258 89,076 Total liabilities & partner's equity $ 239,149 132,968 Book value per limited partner unit outstanding $ 2.74 $ 1.25 CONSOLIDATED INCOME STATEMENTS For the Six Months Ended 6/30/97 6/30/97 6/30/98 6/30/98 Three Months Six Months Three Months Six Months REVENUES: Interest: Loans 4,472 8,847 2,965 8,040 Investments 336 336 0 0 Other income 75 200 2,625 7,685 Total income 4,883 9,383 5,590 15,725 COSTS & EXPENSES: Costs of loans 4,248 8,405 2,817 6,973 Real estate owned expenses 0 0 0 0 General & administrative costs 19,700 84,833 44,634 114,934 Total costs & expenses 23,948 93,238 47,451 121,907 NET LOSS (19,065) (83,855) (41,861) (106,182) Net loss per partnership unit (0.27) (1.18) (0.59) (1.49) outstanding Partnership units outstanding 71,307 71,307 71,307 71,307 THE MORTGAGE BANCFUND OF AMERICA II, L.P. (a California Limited Partnership) CONSOLIDATED STATEMENTS OF PARTNER'S EQUITY (Unaudited) General Limited Partner Partner Total Balance, December 31, 1996 $ (173,170) $ 706,450 $ 533,280 Allocation of net loss (16,901) (321,121) (338,022) Balance, December 31, 1997 (190,071) 385,289 195,258 Allocation of net loss (5,309) (100,873) (106,182) Balance, June 30, 1998 $ (195,380) $ 284,456 $ 89,076 CONSOLIDATED STATEMENTS OF CASH FLOW For the Six Months Ended CASH FLOWS FROM OPERATING ACTIVITIES: 6/30/97 6/30/98 Net (loss) $ (83,855) $ (106,182) Adjustments to reconcile net income to cash provided by operating activities: (Decrease) increase in accounts payable 0 0 (Increase) decrease in accounts receivable (31,001) (7,000) (Increase) decrease in other assets 0 (30,000) (Decrease) increase in due to general partner 0 0 (Increase) decrease in other liabilities 0 0 NET CASH PROVIDED (USED) BY OPERATING ACTIVITI (114,856) (143,182) CASH FLOW FROM INVESTING ACTIVITIES: Net change in loans receivable 150,000 0 NET CASH PROVIDED (USED) BY FINANCING ACTIVITI 150,000 0 CASH FLOWS FROM FINANCING Activities Increase(Decrease) in notes payable 0 0 NET CASH PROVIDED (USED) BY FINANCING ACTIVITI 0 0 NET INCREASE(DECREASE) IN CASH 35,144 (143,182) CASH, Beginning of period 26,124 174,169 CASH, End of Period $ 61,268 $ 30,987 THE MORTGAGE BANCFUND OF AMERICA II, L.P. (a California Limited Partnership) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1 - Loans Receivable Loans receivable are carried at the unpaid principal balance net of unearned loan fees. Points and other loan fees are deferred over the life of the loan. In management's opinion the book value of these loans is equal to the estimated net realizable value. Note 2 - Accounts Receivable This account represents funds owed to the Partnership from affiliate partnerships, and projects which were acquired through foreclosure. Note 3 - Accounting Policy All adjustments made to the financial statements are of a normal recurring nature necessary to present fairly the financial condition of the Partnership. -----END PRIVACY-ENHANCED MESSAGE-----