-----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, PHCuQMBLBePCjfclJT0eBGBV+329c6r0lBk5BHlYIxLhKTYuktKiOGKd8OB2Gjod hvMq8+TYcAxqOfvnUACCUw== 0000745543-05-000001.txt : 20050127 0000745543-05-000001.hdr.sgml : 20050127 20050127161653 ACCESSION NUMBER: 0000745543-05-000001 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20041231 FILED AS OF DATE: 20050127 DATE AS OF CHANGE: 20050127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALL STATE PROPERTIES LP CENTRAL INDEX KEY: 0000745543 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 592399204 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-12895 FILM NUMBER: 05554063 BUSINESS ADDRESS: STREET 1: 5500 NW 69TH AVENUE CITY: LAUDERHILL STATE: FL ZIP: 33319 BUSINESS PHONE: 3057356300 MAIL ADDRESS: STREET 1: PO BOX 5524 CITY: FORT LAUDERDALE STATE: FL ZIP: 33310-5524 10-Q 1 decrpt.txt ALL STATE PROPERTIES LP FORM 10-Q 12/31/2004 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR QUARTER ENDED DECEMBER 31, 2004 COMMISSION FILE NUMBER 0-12895 ALL-STATE PROPERTIES L.P. (Exact name of registrant as specified in its charter) Delaware 59-2399204 (State or other jurisdiction or (I.R.S. Employer incorporation or organization) Identification No.) 5500 NW 69th Avenue, Lauderhill, FL 33319 (Address of principal executive offices) (Zip Code) Mailing address: P.O. Box 5524,Fort Lauderdale, FL 33310-5524 Registrant's telephone number, including area code (954) 572-2113 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 such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO Indicate the number of limited partnership units outstanding as of the latest practicable date. Class Outstanding at December 31, 2004 Limited Partnership Units 3,118,303 Units Page 1 ALL-STATE PROPERTIES L.P. FORM 10-Q QUARTERLY REPORT SIX MONTHS ENDED DECEMBER 31, 2004 I N D E X PART 1 ? FINANCIAL INFORMATION PAGE ITEM 1 Financial Statements 2 - 8 ITEM 2 Management?s Discussion and Analysis of Financial Condition and Results of Operations. 9 ITEM 3 Quantitative and Qualitative Disclosures About Market Risk. 9 ITEM 4 Controls and Procedures. 9 Supplemental Information and Exhibits 10 - 12 PART II ? OTHER INFORMATION ITEM 1 Legal Proceedings 13 ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds 13 ITEM 3 Defaults Upon Senior Securities 13 ITEM 4 Submission of Matters to Vote of Security Holders 13 ITEM 5 Other Information 13 ITEM 6 Exhibits and Reports on Form 8-K 13 Signatures 14 Certifications 15 - 16 ITEM 1 FINANCIAL STATEMENTS ALL-STATE PROPERTIES L.P. (A LIMITED PARTNERSHIP) * * * * * * * * * * * * * * FINANCIAL STATEMENTS AND SCHEDULES SIX MONTHS ENDED DECEMBER 31, 2004 Page 2 ALL-STATE PROPERTIES L.P. (A LIMITED PARTNERSHIP) SIX MONTHS ENDED DECEMBER 31, 2004 I N D E X PAGE Report of Independent Registered Public Accounting Firm 3 FINANCIAL STATEMENTS: Condensed Balance Sheets 4 Condensed Statements of Operations 5 Condensed Statements of Cash Flows 6 Notes to Condensed Financial Statements 7 - 8 SUPPLEMENTAL INFORMATION: Condensed Financial Information for Real Estate Partnership: Condensed Balance Sheet 10 Condensed Profit and Loss Information 11 Exhibit - Computation of Income (Loss) Per Partnership Unit 12 Page 3 (1 of 2) FREEMAN BUCZYNER & GERO 1 SE THIRD AVENUE SUITE 2150 MIAMI, FLORIDA 33131 305-375-0766 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Partners All-State Properties, L.P. Lauderhill, Florida We have reviewed the accompanying condensed balance sheet of All- State Properties L.P. as of December 31, 2004 and the related condensed statements of operation for the three-month and six- month periods ended December 31, 2004 and 2003 and cash flows for the six?month periods ended December 31, 2004 and 2003. These financial statements are the responsibility of the partnership?s management. We conducted our review in accordance with standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit in accordance with the standards of the Public Company Accounting Oversight Board, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the condensed financial statements referred to above for them to be in conformity with United States generally accepted accounting principles. We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board, the balance sheet as of June 30, 2004, and the related statements of operation, partners? capital and cash flows for the year then ended (not presented herein); and in our report dated September 1, 2004, we expressed an unqualified opinion on those financial statements. Page 3 (2 of 2) FREEMAN BUCZYNER & GERO 1 SE THIRD AVENUE SUITE 2150 MIAMI, FLORIDA 33131 305-375-0766 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (CONTINUED) In our opinion, the information set forth in the accompanying condensed balance sheet as of June 30, 2004, is fairly stated, in all material respects, in relation to the balance sheet from which it has been derived. Our review was made for the purpose of expressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with generally accepted accounting principles. The information included in the condensed financial information for Tunicom LLC, appearing on pages 10 and 11, and the exhibit indicating the computation of earnings per unit, appearing on page 12, is presented only for supplementary analysis purposes. Such information has been subjected to the inquiry and analytical procedures applied in the review of the basic financial statements, and we are not aware of any material modifications that should be made thereto. Freeman, Buczyner & Gero January 17, 2005 Page 4 ALL-STATE PROPERTIES L.P. (A LIMITED PARTNERSHIP) CONDENSED BALANCE SHEETS DECEMBER 31, 2004 AND JUNE 30, 2004 DECEMBER JUNE 31ST 30TH 2 0 0 4 2 0 0 4 (UNAUDITED) Assets Cash $ 933 $ 23,086 Investment in real estate partnership ? related parties 270,575 278,939 Total Assets $ 271,508 $ 302,025 Liabilities and Partners' Capital Liabilities: Accounts payable and other liabilities $ 12,579 $ 1,500 Partnership distributions payable 802 10,152 Deferred revenue ? related party 68,207 68,207 Notes payable ? related party 115,449 112,128 $ 197,037 $ 191,987 Partners' Capital $ 269,251 $ 304,818 Notes receivable - officers/partners (194,780) (194,780) $ 74,471 $ 110,038 Total Liabilities and Partners' Capital $ 271,508 $ 302,025 See accompanying notes and accountant?s review report. Page 5 ALL-STATE PROPERTIES L.P. (A LIMITED PARTNERSHIP) CONDENSED STATEMENTS OF OPERATIONS THREE MONTHS AND SIX MONTHS ENDED DECEMBER 31, 2004 AND 2003 (UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED DECEMBER 31, DECEMBER 31, 2 0 0 4 2 0 0 3 2 0 0 4 2 0 0 3 REVENUES: Profit (loss) from real estate part- nership - related parties $ (4,445) $ (12,539) $ (8,364) $ (13,948) Other income - 1,394 - 2,793 $ (4,445) $ (11,145) $ (8,364) $ (11,155) COST AND EXPENSES: Selling, general and administrative $ 14,127 $ 12,641 $ 23,882 $ 23,890 Interest 1,679 529 3,321 679 $ 15,806 $ 13,170 $ 27,203 $ 24,569 NET INCOME (LOSS) $ (20,251) $ (24,315) $ (35,567) $ (35,724) NET (LOSS) INCOME PER PARTNERSHIP UNIT (0.00) (0.00) (0.01) (0.01) CASH DISTRIBUTIONS PER UNIT NONE NONE NONE NONE
See accompanying notes and accountant?s review report. Page 6 (1 of 2) ALL-STATE PROPERTIES L.P. (A LIMITED PARTNERSHIP) CONDENSED STATEMENTS OF CASH FLOWS SIX MONTHS ENDED DECEMBER 31, 2004 AND 2003 (UNAUDITED) 2 0 0 4 2 0 0 3 CASH FLOW FROM OPERATING ACTIVITIES: Cash paid for selling, general and administrative expenses $ (12,803) $ (21,355) Interest expenses - paid - (679) Partnership distributions payable (9,350) - Net Cash Consumed by Operating Activities $ (22,153) $ (22,034) CASH FLOW FROM FINANCING ACTIVITIES: Notes payable - related party $ - $ (34,000) Bank ? line of credit - 50,000 Net Cash Provided by Financing Activities $ - $ 16,000 NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS $ (22,153) $ (6,034) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 23,086 7,566 CASH AND CASH EQUIVALENTS AT END END OF PERIOD $ 933 $ 1,532 RECONCILIATION OF NET (LOSS) INCOME TO NET CASH CONSUMED BY OPERATING ACTIVITIES: Net Loss $ (35,567) $ (35,724) See accompanying notes and accountant?s review report. Page 6 (2 of 2) ALL-STATE PROPERTIES L.P. (A LIMITED PARTNERSHIP) CONDENSED STATEMENTS OF CASH FLOWS SIX MONTHS ENDED DECEMBER 31, 2004 AND 2003 (UNAUDITED) ADJUSTMENTS TO RECONCILE NET (LOSS) INCOME TO NET CASH CONSUMED BY OPERATING ACTIVITIES: 2 0 0 4 2 0 0 3 (Income) Loss of real estate part- nerships $ 8,364 $ 13,948 Changes in Assets and Liabilities: Decrease (increase) in accrued interest receivable 3,321 (2,793) Increase in accounts payable 11,079 2,535 Decrease in partnership distributions payable (9,350) - Total adjustments $ 13,414 $ 13,690 NET CASH CONSUMED BY OPERATING ACTIVITIES $ (22,153) $ (22,034) See accompanying notes and accountant?s review report. Page 7 ALL-STATE PROPERTIES L.P. (A LIMITED PARTNERSHIP) NOTES TO CONDENSED FINANCIAL STATEMENTS SIX MONTHS ENDED DECEMBER 31, 2004 AND 2003 (UNAUDITED) 1. ORGANIZATION AND OPERATIONS All-State Properties L.P. was organized under the Revised Uniform Limited Partnership Act of Delaware on April 27, 1984 to conduct the business formerly carried on by a predecessor corporation, All-State Properties, Inc. (the Corporation). Pursuant to a Plan of Liquidation adopted by shareholders of the Corporation on September 30, 1984, the Corporation transferred substantially all of its assets to All-State Properties L.P., and the Corporation distributed such limited partnership interests to its shareholders. The Company?s principal business has been land development and the construction and sale of residential housing in Broward County, Florida. However, it has completed its land development activities and the sale of residential housing. 2. BASIS OF PRESENTATION In the opinion of management, the accompanying unaudited interim financial information reflects all adjustments, consisting of normal recurring accruals, necessary for a fair presentation on a going concern basis. Certain information and footnote disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the Securities and Exchange Commission. The Company believes that the disclosures provided herein are adequate to make the information presented not misleading when these unaudited interim condensed financial statements are read in conjunction with the audited financial statements contained in the Company?s Annual Report on Form 10-K for the fiscal year ended June 30, 2004. Operating results for the quarter and the six months ended December 31, 2004 are not necessarily indicative of the results expected for the full year. The preparation of condensed financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions, including estimates of future contract costs and Page 8 (1 of 2) ALL-STATE PROPERTIES L.P. (A LIMITED PARTNERSHIP) NOTES TO CONDENSED FINANCIAL STATEMENTS SIX MONTHS ENDED DECEMBER 31, 2004 AND 2003 (UNAUDITED) 2. BASIS OF PRESENTATION (CONTINUED) earnings. Such estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and earnings during the current reporting period. Management periodically assesses and evaluates the adequacy and/or deficiency of estimated liabilities recorded for various reserves, liabilities, contract risks and uncertainties. Actual results could differ from these estimates. 3. TUNICOM LLC ? OPERATIONS Tunicom L.L.C. has approximately five acres for sale as a site for an assisted living facility. This represents Tunicom?s sole remaining asset. Tunicom had entered into an agreement of purchase and sale to sell the property for a price of $1,700,000. Closing the transaction at that price, however, was contingent upon seller obtaining at its cost all governmental approvals required before a building permit can be issued and the availability of financing acceptable to buyer. Partners of Tunicom (with All-State Properties L.P. and its general partner abstaining) representing a majority interest in Tunicom voted to approve the transaction and the payment at closing of a fee in the amount of $250,000, to All-State Properties L.P.?s general partner for accomplishing the obtaining of all of the necessary approvals, governmental and otherwise, required under the agreement of purchase and sale and for assisting the buyer in securing the required financing. The general partner of All-State Properties L.P. is the president of the manager of Tunicom. The contract did not close during the year. However, Tunicom is currently in negotiations with new prospective purchaser to sell the property for a price of $1,800,000. Tunicom signed an agreement of sale on October 2, 2004 and received a deposit of $10,000 from the prospective purchasers. The same fee at closing mentioned above will be applicable. 4. NOTES RECEIVABLE ? PARTNERS The notes receivable ? partners bear interest at 4% per annum, are non-recourse and are payable solely from the Company?s distributions. The Company has a lien on and a security interest in the units. All cash distributions are Page 8 (2 of 2) ALL-STATE PROPERTIES L.P. (A LIMITED PARTNERSHIP) NOTES TO CONDENSED FINANCIAL STATEMENTS SIX MONTHS ENDED DECEMBER 31, 2004 AND 2003 (UNAUDITED) 4. NOTES RECEIVABLE ? PARTNERS (CONTINUED) to be applied first to accrued interest, and then as a reduction of principal until paid in full. The notes and interest receivable have no maturity dates and because they are payable solely from the distributions, are reflected as a reduction of the equity of the Company. Based on the potential sale of Tunicom?s land, the Company estimates that after projected expenses approximately $11,700 will be distributed to these unit owners. The balance of the notes will be written off after the actual distribution is applied. Accrued interest through June 30, 2003 amounted to $54,923 at which time accrual of interest stop based on the estimated amount to be realized. Page 9 (1 of 2) ITEM 2 MANAGEMENT?S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Registrant?s source of working capital consists of cash received from Tunicom. No cash was available for distribution during the three months ended December 31, 2004. Presently, the cash flow that becomes available for distribution will be distributed as follows: 3.49% to the non-partner distributees As to the partners: 1.00% to F. Trace, Inc., the former general partner of Tunicom 23.27% to the newly admitted limited partners 36.12% to Newnel Partnership 36.12% to the Company (including 3.60% given to certain individuals who made cash advances to Tunicom on behalf of the Company) 100.00% As previously reported, Tunicom L.L.C. (?Tunicom?) sold the adult retirement community known as Forest Trace and retained approximately five acres for sale as a site for an assisted living facility. This represents Tunicom?s sole remaining asset. After the sale of Forest Trace, Tunicom negotiated with the buyer of Forest Trace for the sale of the five-acre parcel at a purchase price of $1,000,000. When the buyer of Forest Trace advised Tunicom that it had no interest in acquiring the five-acre parcel, Tunicom sought an alternate purchaser. Tunicom had entered into an agreement of purchase and sale to sell the property for $1,700,000. Closing the transaction at that price, however, was contingent upon seller obtaining at its cost all governmental approvals required before a building permit can be issued and the availability of financing acceptable to buyer. Partners of Tunicom (with All-State Properties L.P. and its general partner abstaining) representing a majority interest in Tunicom voted to approve the transaction and the payment at closing of a fee in the amount of $250,000, to Page 9 (2 of 2) ITEM 2 MANAGEMENT?S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED) All-State Properties L.P.?s general partner for accomplishing the obtaining of all of the necessary approvals, governmental and otherwise, required under the agreement of purchase and sale and for assisting the buyer in securing the required financing. The general partner of All-State Properties L.P. is the president of the manager of Tunicom. The contract did not close during the year. However, Tunicom is currently in negotiations with new prospective purchaser to sell the property for a price of $1,800,000. Tunicom signed an agreement of sale on October 2, 2004 and received a deposit of $10,000 from the prospective purchasers. The same fee at closing mentioned above will be applicable. ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK None. ITEM 4 CONTROLS AND PROCEDURES An evaluation was performed under the supervision and with the participation of our management, including the general partner, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange act of 1934, as amended) as of the end of period covered by this report. Based on that evaluation, the general partner concluded that these disclosure controls and procedures were effective. There as has been no change in our internal control over financial reporting during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Page 10 CONDENSED FINANCIAL INFORMATION FOR REAL ESTATE PARTNERSHIP TUNICOM LLC CONDENSED BALANCE SHEET AS OF DECEMBER 31, 2004 AND JUNE 30, 2004
DECEMBER JUNE 31, 2004 30, 2004 (UNAUDITED) ASSETS: Land and development costs $ 807,128 $ 801,597 Cash 2,192 1,662 Funds in escrow 10,000 - Notes receivable and accrued interest -related party 127,033 123,380 Prepaid expenses 30,025 33,244 Total $ 976,378 $ 959,883 LIABILITIES AND PARTNERS' CAPITAL: Accounts payable and other liabilities $ 44,541 $ 39,301 Bank line of credit 182,987 148,576 Partners' capital 748,850 772,006 Total $ 976,378 $ 959,883
See accompanying notes and accountant?s review report. Page 11 CONDENSED FINANCIAL INFORMATION FOR REAL ESTATE PARTNERSHIP TUNICOM LLC CONDENSED PROFIT AND LOSS INFORMATION THREE MONTHS AND SIX MONTHS ENDED DECEMBER 31, 2004 AND 2003 (UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED DECEMBER 31, DECEMBER 31, 2 0 0 4 2 0 0 3 2 0 0 4 2 0 0 3 REVENUES: Interest and other $ 1,847 $ 47 $ 3,653 $ 205 Total income $ 1,847 $ 47 $ 3,653 $ 205 EXPENSES: General and administrative $ 4,135 $ 34,759 $ 10,895 $ 38,819 Taxes and insurance 7,237 - 10,487 - Interest 2,780 - 5,427 - Total expenses $ 14,152 $ 34,759 $ 26,809 $ 38,819 NET PROFIT (LOSS) $ (12,305) $ (34,712) $ (23,156) $ (38,614)
See accompanying notes and accountant?s review report. Page 12 ALL-STATE PROPERTIES L.P. (A LIMITED PARTNERSHIP) EXHIBIT - COMPUTATION OF INCOME (LOSS) PER PARTNERSHIP UNIT SIX MONTHS ENDED DECEMBER 31, 2004 AND 2003 2 0 0 4 2 0 0 3 Partnership units outstanding 3,118,303 3,118,303 Net (Loss) Income $ (35,567) $ (35,724) Net (Loss) Income Per Partnership Unit $ (0.01) $ (0.01) See accompanying notes and accountant?s review report. Page 13 ALL-STATE PROPERTIES L.P. PART II - OTHER INFORMATION ITEM 1 ? Legal Proceedings None. ITEM 2 ? Unregistered Sales of Equity There were no unregistered sales of equity securities during the quarter covered by this report. ITEM 3 - Defaults Upon Senior Securities There were no defaults by Registrant on its senior securities during the quarter covered by this report. ITEM 4 - Submission of Matters to Vote of Security Holders No matters were submitted during the quarter covered by this report to a vote of limited partners. ITEM 5 ? Other Information None. ITEM 6 - Exhibits and Reports on Form 8-K (a) Exhibit - Computation of earnings per partnership unit. (b) Exhibit - Form 8-K filed October 8, 1999, incorporated by reference. (c) Exhibit ? Form 8-K filed August 16, 2000. Page 14 SIGNATURES Pursuant to the requirement of the Securities Exchange Act of 1934, Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ALL-STATE PROPERTIES L.P. By: __________________________ STANLEY ROSENTHAL General Partner Dated: January 19, 2005 Page 15 (1 of 2) ALL-STATE PROPERTIES L.P. CERTIFICATIONS I, Stanley Rosenthal, certify that: 1. I have reviewed this quarterly report on Form 10-Q of All- State Properties L.P.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of , and for, the periods presented in this report; 4. The registrant?s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) for the registrant and we have: a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant?s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and c) disclosed in this report any change in the registrant?s internal control over financial reporting that occurred during the registrant?s most recent fiscal quarter (the registrant?s second fiscal quarter in the case of an annual report) that has materially affected, or is reasonable likely to materially affect, the registrant?s internal control over financial reporting; and Page 15 (2 of 2) ALL-STATE PROPERTIES L.P. CERTIFICATIONS (CONTINUED) 5. The registrant?s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant?s auditors and the audit committee of registrant?s board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant?s ability to record, process, summarize and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant?s internal control over financial reporting. Date: January 19, 2005 _____________________ Stanley Rosenthal General Partner Page 16 CERTIFICATION PURSUANT TO 18 U.S.C SECTON 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of All-State Properties L.P. (the ?Company?) on Form 10-Q for the three months ended December 31, 2004, as filed with the Securities and Exchange Commission on the date hereof (the ?Report?), I, Stanley Rosenthal, General Partner of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Date: January 19, 2005 _____________________ Stanley Rosenthal General Partner
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