| Business Summary | | American
Insured
Mortgage
Investors
L.P.
-
Series
88
(the
Partnership)
was
engaged
in
the
business
of
originating
mortgage
loans
and
acquiring
mortgage
loans
(Insured
Mortgages).
In
accordance
with
the
terms
of
the
Company
agreement,
it
is
no
longer
authorized
to
originate
or
acquire
Insured
Mortgages
and,
consequently,
its
primary
objective
is
to
manage
its
portfolio
of
mortgage
investments,
all
of
which
are
insured
or
guaranteed,
in
whole
or
in
part,
by
the
Federal
Housing
Administration.
The
Company
is
a
liquidating
partnership
and,
as
it
continues
to
liquidate
its
mortgage
investments
and
investors
receive
distributions
of
return
of
capital
and
taxable
gains,
investors
should
expect
a
reduction
in
earnings
and
distributions
due
to
the
decreasing
mortgage
base.
The
Company
agreement
states
that
the
Partnership
will
terminate
on
December
31,
2021,
unless
previously
terminated
under
the
provisions
of
the
agreement. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | American
Insured
Mortgage
Investors
L.P.
-Series
88
is
a
liquidating
partnership
that
manages
a
portfolio
of
21
insured
mortgages.
For
the
six
months
ended
6/30/01,
total
revenues
fell
19%
to
$2.3
million.
Net
income
applicable
to
Limited
Partners
fell
8%
to
$2.3
million.
Revenues
reflect
lower
mortgage
investment
income
due
to
a
reduction
in
the
mortgage
asset
base.
Lower
earnings
were
partially
offset
by
a
gain
of
$941
thousand
on
the
disposition
of
three
mortgages. | More
from
Market Guide: Significant
Developments |
| | |
| Position | William Dockser, 63 | Chairman | H. William Willoughby, 53 | Pres,
Sec. | Cynthia Azzara, 40 | CFO | Brian Hanson, 38 | Sr.
VP | David Iannarone, 39 | Sr.
VP |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
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