UNITED STATES 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 TO 1934
Date of Report (Date of Earliest Event Reported): May 07, 2003
SIENA HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware.
(State or other jurisdiction of incorporation or organization)
1-6868 75-1043392
(Commission File Number) (IRS Employer
Identification No.)
5068 West Plano Parkway, Suite 300, Plano, Texas 75093.
(Address of principal executive offices) (Zip code)
(972) 381-4255.
(Registrant"s telephone number, including area code)
Lomas Financial Corporation.
(Former Name or Former Address, if Changed Since Last Report)
Item 2. ACQUISITION OR DISPOSITION OF ASSETS.
The Company has been informed that the owner of the Treemont retirement
community, which the Company manages through its subsidiary Siena Housing
Management Corp, signed an agreement to sell the property to the same party that
had previously been under contract to purchase the property. This event was
anticipated by an Amendment to the Management Agreement, as was previously
reported, between the Company and the Treemont owners, which provides for the
termination of the Management Agreement upon the sale of Treemont, if the
Company is compensated a percentage of the net sale proceeds as defined. The
Amendment provides for a minimum payment of $2 million. The sales agreement has
certain significant due diligence, financing and insurance requirements. As a
result of these significant requirements, there can be no assurance that the
sale transaction will, in fact, close. The result of a sale would materially and
adversely impact the revenue and cash flow of the Company.
Statements contained herein that are not purely historical are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including but not limited to
statements regarding the Company's expectations, hopes, beliefs, intentions or
strategies regarding the future. Actual results could differ materially from
those projected in any forward-looking statements as a result of a number of
factors. The forward-looking statements are made as of the date of this report
and the Company undertakes no obligation to update or revise the forward-looking
statements, or to update the reasons why actual results could differ materially
from those projected in the forward-looking statements.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) None.
(b) None.
(c) None.
SIGNATURES
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.
SIENA HOLDINGS, INC.
Date: May 07, 2003 By: /s/ W. Joseph Dryer
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W. Joseph Dryer
President