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<SEC-DOCUMENT>0000950123-05-009867.txt : 20050812
<SEC-HEADER>0000950123-05-009867.hdr.sgml : 20050812
<ACCEPTANCE-DATETIME>20050812140128
ACCESSION NUMBER:		0000950123-05-009867
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050808
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050812
DATE AS OF CHANGE:		20050812

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN REAL ESTATE PARTNERS L P
		CENTRAL INDEX KEY:			0000813762
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATORS OF NONRESIDENTIAL BUILDINGS [6512]
		IRS NUMBER:				133398766
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09516
		FILM NUMBER:		051020621

	BUSINESS ADDRESS:	
		STREET 1:		100 SOUTH BEDFORD ROAD
		CITY:			MT KISCO
		STATE:			NY
		ZIP:			10549
		BUSINESS PHONE:		9142427700
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y11949e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



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<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</B>
</DIV>

<P align="center"><HR size="1" width="195" noshade>


<P align="center" style="font-size: 14pt">FORM 8-K


<P align="center" style="font-size: 12pt">CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934


<P align="center" style="font-size: 12pt">Date of Report (Date of
Earliest Event Reported): August&nbsp;8, 2005


<P align="center" style="font-size: 12pt"><B>American Real Estate
Partners, L.P.</B>
<DIV align="center"><HR size="1" width="300" noshade></DIV>
<DIV align="center" style="font-size: 12pt">(Exact Name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="30%">&nbsp;</TD>
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    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
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<TR valign="bottom">


    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-9516</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>13-3398766</B></TD>
</TR>
<TR valign="bottom">


    <TD align="center" valign="top"><HR size="1" width="200" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><HR size="1" width="200" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><HR size="1" width="200" noshade></TD>
</TR>



<TR valign="bottom">
    <TD align="center" valign="top">(State or other<BR>
jurisdiction of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 12pt">100 South Bedford Road, Mt.
Kisco, NY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10549
<DIV align="center"><HR size="1" width="400" noshade></DIV>
<DIV align="center" style="font-size: 12pt">(Address of principal
executive
offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip
Code)</DIV>




<P align="left" style="font-size: 12pt">Registrant&#146;s telephone
number, including area code: <B>(914)&nbsp;242-7700</B>


<P align="center" style="font-size: 12pt"><B>N/A</B>
<DIV align="center"><HR size="1" width="400" noshade></DIV>
<DIV align="center" style="font-size: 12pt">(Former name or former
address, if changed since last report)</DIV>






<P align="left" style="font-size: 12pt">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:


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;


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<DIV align="left" style="font-size: 12pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Section&nbsp;2 &#150; Financial Information</B>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Item&nbsp;2.01 Completion of Acquisition or Disposition of
Assets.</B>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On August&nbsp;8, 2005, our indirect majority owned subsidiary,
WestPoint International, Inc. (&#147;WestPoint
International&#148;), consummated the purchase of substantially
all the assets of WestPoint Stevens Inc. (&#147;WestPoint
Stevens&#148;), a home fashions consumer products company,
pursuant to an Asset Purchase Agreement, dated June&nbsp;23,
2005, by and among WS Textile Co., Inc., New Textile One, Inc.,
New Textile Two, Inc., Textile Co., Inc., WestPoint Stevens
Inc., WestPoint Stevens Inc. I, WestPoint Stevens Stores Inc.,
and J.P. Stevens Enterprises, Inc. The United States Bankruptcy
Court for the Southern District of New York entered an order on
July&nbsp;8, 2005 approving the Asset Purchase Agreement and the
sale of the assets pursuant to section 363 of the United States
Bankruptcy Code.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The terms of the sale, valued at $703.5&nbsp;million, provide
for the issuance of stock in WestPoint International, which will
own all of the purchased assets through its indirect subsidiary,
WestPoint Home, Inc. (&#147;WestPoint Home&#148;), which will be
the primary operating entity of the new company. In accordance
with the terms of the purchase agreement, WestPoint Home will
pay current trade payables to WestPoint Stevens&#146; vendors in
the ordinary course.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The transaction included: (1)&nbsp;the payment in full, by
WestPoint Home, of all outstanding indebtedness under the debtor
in possession credit agreement, dated as of June&nbsp;5, 2003,
as amended, among WestPoint Stevens and certain of its
subsidiaries, Bank of America, N.A., Wachovia Bank, National
Association and certain other lenders (the &#147;DIP Credit
Facility&#148;); (2)&nbsp;the payment by WestPoint Home of
approximately $33.9&nbsp;million in cash deposited with the
administrative agent under the DIP Credit Facility; (3)&nbsp;the
satisfaction by WestPoint Home of certain other secured claims
which were senior to the first lien debt; (4)&nbsp;the
assumption by WestPoint Home of other specified liabilities of
WestPoint Stevens, as set forth in the Asset Purchase Agreement;
and (5) $3 million in respect of wind-down costs.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The holders of WestPoint Stevens&#146; first lien debt will
receive 35% of the common stock of WestPoint International. As
the holder of 40% of the WestPoint Stevens&#146; first lien
debt, a subsidiary of ours will acquire approximately 14% of the
common stock of WestPoint International. Pursuant to the Asset
Purchase Agreement, the holders of WestPoint Stevens&#146; first
and second lien debt will be given rights to subscribe for
additional shares of common stock representing 47.5% of the
common stock of WestPoint International. A subsidiary of ours
has agreed to subscribe to its portion of the rights and will
thereby acquire not less than an additional 19% of the common
stock of WestPoint International at a cost of approximately
$50&nbsp;million. We have also agreed to subscribe for any
unexercised rights and may acquire up to an additional 28.5% of
the common stock of WestPoint International at a cost of
approximately $75&nbsp;million if other first and second lien
holders exercise none of the rights. Finally, a subsidiary of
ours made an investment of $187&nbsp;million in exchange for
17.5% of the common stock of WestPoint International.
Accordingly, we will own up to 79% of the equity of WestPoint
International, an amount that may be reduced to approximately
51% in the event that the other recipients of the subscription
rights exercise all of their rights.
</DIV>

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<DIV align="left" style="font-size: 12pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Section&nbsp;9 &#150; Financial Statements and Exhibits</B>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Item&nbsp;9.01 Financial Statements and Exhibits</B>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
(a)&nbsp;Financial statements of businesses acquired.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The financial statements for WestPoint Stevens Inc. will be
provided by amendment to this Form&nbsp;8-K within 71 calendar
days.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
(b)&nbsp;Pro forma financial information.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The pro forma financial information will be provided by
amendment to this Form 8-K within 71&nbsp;calendar days.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
(c)&nbsp;Exhibits
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>10.1</TD>
    <TD align="left">
    Asset Purchase Agreement, dated June&nbsp;23, 2005, by and among
    WS Textile Co., Inc., New Textile One, Inc., New Textile Two,
    Inc., Textile Co., Inc., WestPoint Stevens Inc., WestPoint
    Stevens Inc. I, WestPoint Stevens Stores Inc., and
    J.P.&nbsp;Stevens Enterprises, Inc. (incorporated by reference
    to Exhibit&nbsp;10.1 To AREP&#146;s Form&nbsp;8-K (SEC File
    No.&nbsp;1-9516), filed on July&nbsp;1, 2005).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>10.2</TD>
    <TD align="left">
    Equity Commitment Agreement, dated June&nbsp;23, 2005, by and
    among WS Textile Co. Inc., Textile Holding LLC, American Real
    Estate Holdings Limited Partnership and Aretex LLC (incorporated
    by reference to Exhibit&nbsp;10.2 to AREP&#146;s Form&nbsp;8-K
    (SEC File No.&nbsp;1-9516), filed on July&nbsp;1, 2005).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>10.3</TD>
    <TD align="left">
    Rights Offering Sponsor Agreement, dated June&nbsp;23, 2005, by
    and between WS Textile Co., Inc. and American Real Estate
    Holdings Limited Partnership (incorporated by reference to
    Exhibit&nbsp;10.3 to AREP&#146;s Form&nbsp;8-K (SEC File
    No.&nbsp;1-9516), filed on July&nbsp;1, 2005).</TD>
</TR>

</TABLE>
<P>
<DIV align="center" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[remainder of page intentionally left blank; signature page
follows]
</DIV>

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SIGNATURES
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    AMERICAN REAL ESTATE PARTNERS, L.P.</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    (Registrant)</TD>
</TR>

</TABLE>

<DIV style="margin-top: 16pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt;">

<TR>
    <TD width="38%"></TD>
    <TD width="5%"></TD>
    <TD width="57%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD align="left">
    American Property Investors, Inc. <BR>
     General Partner</TD>
</TR>

</TABLE>

<DIV style="margin-top: 16pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 12pt;">

<TR>
    <TD width="38%"></TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD width="52%"></TD>
</TR>

<TR valign="top" style="font-size: 12pt">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="left">/s/&nbsp;John P. Saldarelli</TD>
</TR>


<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left"><DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left"></DIV></TD>
</TR>

<TR valign="top"  style="font-size: 12pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">John P. Saldarelli</TD>
</TR>

<TR valign="top"  style="font-size: 12pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Vice President, Chief Financial</TD>
</TR>

<TR valign="top"  style="font-size: 12pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Officer, Secretary and Treasurer</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 12pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Date: August&nbsp;12, 2005
</DIV>
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