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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): January 9, 1997
FM PROPERTIES INC.
Delaware 0-19989 72-1211572
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
1615 Poydras Street
New Orleans, Louisiana 70112
Registrant's telephone number, including area code: (504) 582-4000
Item 5. Other Events.
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The following news release was issued by FM Properties Inc. on
January 9, 1997.
FM PROPERTIES ANNOUNCES EXPIRATION OF
AGREEMENT TO SELL ASSETS OF CIRCLE C LAND CORP.
NEW ORLEANS, LA., January 9, 1997 -- FM Properties Inc.
(NASDAQ:FMPO) announced today that its agreement to sell the
assets of its wholly owned subsidiary, Circle C Land Corp.
(CCLC), to an investor group has expired. As provided by the
agreement, FMPO was paid a $1 million nonrefundable cash deposit
escrowed by the investor group in September, 1996. The agreement
required that the investor group either close the transaction by
January 8, 1997 or extend the closing deadline by paying an
additional $2 million nonrefundable cash deposit. Otherwise, the
agreement would expire. With the expiration of the agreement,
FMPO has no further obligations to the investor group.
FMPO will proceed with developing and marketing CCLC's
approximately 1,000 acres of undeveloped commercial and multi-
family property located within the Circle C Ranch development
near Austin, Texas.
FMPO is engaged in the development and marketing of real
estate in the Austin, Dallas, Houston and San Antonio, Texas
areas.
SIGNATURE
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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.
FM PROPERTIES INC.
By: /s/ William J. Blackwell
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William J. Blackwell
Vice President and Controller
(authorized signatory and
Principal Accounting Officer)
Date: January 9, 1997