Current Report Filing (8-k)
September 27 2013 - 1:29PM
Edgar (US Regulatory)
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) September 23, 2013
Presidential Realty Corporation
(Exact name of registrant as specified
in its charter)
DELAWARE |
1-8594 |
13-1954619 |
(State or other jurisdiction |
(Commission |
(I.R.S. Employer |
of incorporation) |
File Number) |
Identification Number) |
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1430 Broadway, Suite 503, New York, New York |
10018 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number,
including area code (914) 948-1300
No change since last Report
(Former name
or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17CFR230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c))
Item 8.01. |
Other Events.
As previously reported, a judgment of foreclosure was granted
against PDL, Inc. & Associates, Limited Co-Partnership against our Hato Rey property in Puerto Rico. On September 23, 2013,
U.S. Bank National Association, as trustee, as successor-in-interest to Bank of America, National Association, as trustee for the
Registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 1998-C1, acting
by and through Berkadia Commercial Mortgage LLC in its capacity as special servicer pursuant to the pooling and servicing agreement
dated October 11, 1998 took possession of the Hato Rey property pursuant to the foreclosure judgment. We have been advised that
the sale price was less than the amount of the judgment. We have reported the Hato Rey property since March 31, 2012 as a discontinued
operation.
The claims brought in the foreclosure action against
PDL, Inc., the Company, Lester Cohen and F.D. Rich Company of Puerto Rico, Inc., with liability among them to be allocated 1%,
45%, 9% and 45%, respectively, under the terms of certain guarantees issued by them in connection with the mortgage loans, for
alleged physical waste to the Property and, the costs of certain repairs to the property of not less than $1,100,000 and the reasonable
legal costs and expenses in connection with the enforcement of the loan documents remain outstanding. The lender has not
asserted any claims against the Company other than those asserted under the guarantees as referenced above. The Company believes
that the likelihood that the Company will be held liable for the claims asserted under the guarantees is remote. |
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 hereunto duly authorized.
Date: September 27, 2013 |
PRESIDENTIAL REALTY CORPORATION |
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By: |
/s/ Alexander Ludwig |
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Alexander Ludwig |
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President |
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