SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
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Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: October 16, 2001
RECKSON ASSOCIATES REALTY CORP.
and
RECKSON OPERATING PARTNERSHIP, L.P.
(Exact name of Registrant as specified in its Charter)
Reckson Associates Realty Corp. -- Maryland
Reckson Operating Partnership, L.P. -- Delaware
(State of Incorporation)
1-13762 Reckson Associates Realty Corp.
(Commission File Number) 11-3233650
Reckson Operating Partnership, L.P.
11-3233647
(IRS Employer Id. Number)
225 Broadhollow Road 11747
Melville, New York (Zip Code)
(Address of principal executive offices)
(631) 694-6900
(Registrant's telephone number, including area code)
Item 5. Other Events.
In May 2001, Reckson Associates Realty Corp. ("Reckson") formed a
committee of its Board of Directors (the "Committee"), comprised solely of
independent directors, to consider any action to be taken with respect to the
loans made by Reckson Operating Partnership, L.P. ("ROP") to FrontLine Capital
Group ("FrontLine"), a company that was spun-off by Reckson to its
stockholders in 1998. FrontLine recently announced that HQ Global Holdings,
Inc. ("HQ"), the primary business of FrontLine, is in default with respect to
certain covenant and payment obligations under its senior and mezzanine
indebtedness. FrontLine reported that, as a result of these defaults, an event
of default has also occurred under FrontLine's $25 million secured credit
facility (the "Facility") and that these events may result in other defaults
by FrontLine and/or HQ, including, if the indebtedness under the Facility is
accelerated, a default under FrontLine's indebtedness owed to ROP. FrontLine
also reported that it and HQ are in active negotiations with their lenders
concerning the restructuring of their indebtedness. Reckson is currently
analyzing the likelihood of repayment by FrontLine of the indebtedness owed to
ROP. This may result in the establishment of reserves against such
indebtedness.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
RECKSON ASSOCIATES REALTY CORP.
By: /s/ Michael Maturo
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Michael Maturo
Executive Vice President
and Chief Financial Officer
RECKSON OPERATING PARTNERSHIP, L.P.
By: Reckson Associates Realty Corp.
By: /s/ Michael Maturo
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Michael Maturo
Executive Vice President
and Chief Financial Officer
Date: October 16, 2001
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