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                                  UNITED STATES


                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 10-Q

(Mark One)
[ X ]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
       SECURITIES EXCHANGE ACT OF 1934


       For the quarterly period ended March 31, 1997

                                       OR

[   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
       SECURITIES EXCHANGE ACT OF 1934


For the transition period from ____________ to ____________

                         Commission file number 0-17651


                            HIGH CASH PARTNERS, L.P.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


        Delaware                                           13-3347257
--------------------------------------------------------------------------------
(State or other jurisdiction of                         (I.R.S. Employer
incorporation or organization)                         Identification No.)


411 West Putnam Avenue    Greenwich, CT                       06830
--------------------------------------------------------------------------------
(Address of principal executive offices)                    (Zip Code)


                                 (203) 862-7000
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)


              (Former name, former address and former fiscal year,
                          if changed since last report)


Indicate by checkmark  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 [   ]
<PAGE>
                            HIGH CASH PARTNERS, L.P.

                           FORM 10-Q - MARCH 31, 1997




                                      INDEX



PART I - FINANCIAL INFORMATION

    ITEM 1 - FINANCIAL STATEMENTS

       BALANCE SHEETS - March 31, 1997 and December 31, 1996 ...................


       STATEMENTS OF OPERATIONS - For the three months
             ended March 31, 1997 and 1996 .....................................


       STATEMENT OF PARTNERS' EQUITY - For the three months
             ended March 31, 1997...............................................


       STATEMENTS OF CASH FLOWS - For the three months
             ended March 31, 1997 and 1996 .....................................


       NOTES TO FINANCIAL STATEMENTS ...........................................

    ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
              CONDITION AND RESULTS OF OPERATIONS ..............................


PART II - OTHER INFORMATION

    ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K ..................................

SIGNATURES......................................................................
<PAGE>
PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
                            HIGH CASH PARTNERS, L.P.

                                 BALANCE SHEETS

                                                       March 31,     December 31,
                                                         1997           1996
                                                     -----------     -----------
<S>                                                  <C>             <C>
ASSETS

     Real estate, net ..........................     $15,875,005     $22,465,506
     Cash and cash equivalents .................       1,793,547       1,774,565
     Tenant receivables ........................          78,929          78,929
     Other assets ..............................          80,157          93,509
     Prepaid real estate taxes .................          58,600            --
     Prepaid insurance premiums ................          52,255          73,394
                                                     -----------     -----------

                                                     $17,938,493     $24,485,903
                                                     ===========     ===========


LIABILITIES AND PARTNERS' EQUITY

Liabilities
     Mortgage loan payable .....................     $ 6,500,000     $ 6,500,000
     Deferred interest payable .................       9,636,150       9,191,865
     Accounts payable and accrued expenses .....         110,760         125,520
     Due to affiliates .........................          78,466          78,817
     Tenants' security deposits payable ........          55,259          55,259
     Distributions payable .....................            --           305,007
                                                     -----------     -----------

        Total liabilities ......................      16,380,635      16,256,468

Commitments and contingencies

Partners' equity
     Limited partners' equity (as restated)
        (96,472 units issued and outstanding) ..          15,568          82,284
     General partners' equity (as restated) ....       1,542,290       8,147,151
                                                     -----------     -----------

        Total partners' equity .................       1,557,858       8,229,435
                                                     -----------     -----------

                                                     $17,938,493     $24,485,903
                                                     ===========     ===========


                       See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                            HIGH CASH PARTNERS, L.P.

                            STATEMENTS OF OPERATIONS



                                                   For the three months ended
                                                             March 31,
                                                  -----------------------------
                                                       1997              1996
                                                  -----------       -----------
<S>                                               <C>               <C>
Revenues
     Rental income .........................      $   621,177       $   596,658
     Interest income .......................           13,711            10,968
     Other income ..........................             --                 751
                                                  -----------       -----------

                                                      634,888           608,377
                                                  -----------       -----------

Costs and expenses
     Write-down for impairment .............        6,475,500              --
     Mortgage loan interest ................          444,285           397,323
     Operating .............................          156,051           144,829
     Depreciation and amortization .........          121,736           120,735
     Partnership management fees ...........           75,369            75,369
     Property management fees ..............           18,569            18,290
     Administrative ........................           14,955            36,463
                                                  -----------       -----------

                                                    7,306,465           793,009
                                                  -----------       -----------

Net loss ...................................      $(6,671,577)      $  (184,632)
                                                  ===========       ===========



Net loss attributable to
     Limited partners ......................      $(6,604,861)      $  (182,786)
     General partners ......................          (66,716)           (1,846)
                                                  -----------       -----------

                                                  $(6,671,577)      $  (184,632)
                                                  ===========       ===========


Net loss per unit of limited partnership
     interest (96,472 units outstanding) ...      $    (68.46)      $     (1.89)
                                                  ===========       ===========

                       See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                 HIGH CASH PARTNERS, L.P.

                              STATEMENT OF PARTNERS' EQUITY





                                             General           Limited          Total
                                             Partners'       Partners'        Partners'
                                              Equity           Equity          Equity
                                           -----------      -----------      -----------
<S>                                        <C>              <C>              <C>
Balance, January 1, 1997 .............     $  (157,887)     $ 8,387,322      $ 8,229,435

Reallocation of partners' equity .....         240,171         (240,171)            --
                                           -----------      -----------      -----------

Balance, January 1, 1997 (as restated)          82,284        8,147,151        8,229,435


Net loss for the three months ended
    March 31, 1997 ...................         (66,716)      (6,604,861)      (6,671,577)
                                           -----------      -----------      -----------


Balance, March 31, 1997 ..............     $    15,568      $ 1,542,290      $ 1,557,858
                                           ===========      ===========      ===========

                       See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                                        For the three months ended
                                                                 March 31,
                                                       ----------------------------
                                                           1997             1996
                                                       -----------      -----------

<S>                                                    <C>              <C>
INCREASE (DECREASE0 IN CASH AND
CASH EQUIVALENTS

 Net loss ........................................     $(6,671,577)     $  (184,632)
 Adjustments to reconcile net loss to net cash
      provided by operating activities
         Write-down for impairment ...............       6,475,500             --
         Deferred interest expense ...............         444,285          397,323
         Depreciation and amortization ...........         121,736          120,735
 Changes in assets and liabilities
      Tenant receivables .........................            --             13,011
      Other assets ...............................           6,617           (9,294)
      Prepaid real estate taxes ..................         (58,600)            --
      Prepaid insurance premiums .................          21,139          (32,803)
      Accounts payable and accrued expenses ......         (14,760)          (8,359)
      Due to affiliates ..........................            (351)          78,474
      Tenants' security deposits payable .........            --               (402)
                                                       -----------      -----------

         Net cash provided by operating activities         323,989          374,053
                                                       -----------      -----------

Cash flows from investing activities
 Additions to real estate ........................            --             (7,085)

                                                       -----------      -----------

Cash flows from financing activities
 Distributions to partners .......................        (305,007)        (305,007)
                                                       -----------      -----------


Net increase in cash and cash equivalents ........          18,982           61,961

Cash and cash equivalents, beginning of period ...       1,774,565        1,407,276
                                                       -----------      -----------

Cash and cash equivalents, end of period .........     $ 1,793,547      $ 1,469,237
                                                       ===========      ===========


                       See notes to financial statements.
</TABLE>
<PAGE>
                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS


1         INTERIM FINANCIAL INFORMATION

         The summarized  financial  information  contained  herein is unaudited;
         however, in the opinion of management, all adjustments (consisting only
         of normal recurring accruals) necessary for a fair presentation of such
         financial  information have been included.  The accompanying  financial
         statements,  footnotes and  discussions  should be read in  conjunction
         with  the  financial  statements,  related  footnotes  and  discussions
         contained in the High Cash Partners,  L.P. (the  "Partnership")  annual
         report on Form 10-K for the year ended  December 31, 1996.  The results
         of  operations  for the  three  months  ended  March  31,  1997 are not
         necessarily indicative of the results to be expected for the full year.

2         SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         Leases

         The  Partnership  accounts for its leases under the  operating  method.
         Under this method,  revenue is recognized as rentals become due, except
         for  stepped  leases  where  revenue is  averaged  over the life of the
         lease.

         Depreciation

         Depreciation is computed using the straight-line method over the useful
         life of the  property,  which is estimated to be 40 years.  The cost of
         the  property  represents  the  initial  cost  of the  property  to the
         Partnership plus acquisition and closing costs. Repairs and maintenance
         are charged to operations as incurred.

         Write-down for impairment

         A write-down for  impairment is recorded based upon a quarterly  review
         of the property in the Partnership's portfolio. Real estate property is
         carried at the lower of depreciated  cost or estimated  fair value.  In
         performing this review,  management  considers the estimated fair value
         of the property based upon the undiscounted  future cash flows, as well
         as other factors such as the current  occupancy,  the prospects for the
         property and the economic situation in the region where the property is
         located.  Because this  determination  of estimated fair value is based
         upon future economic  events,  the amounts  ultimately  realized upon a
         disposition may differ materially from the carrying value.

         A write-down is inherently  subjective  and is based upon  management's
         best estimate of current  conditions  and  assumptions  about  expected
         future  conditions.  The Partnership may provide for write-downs in the
         future and such write-downs could be material.

         In performing its quarterly  impairment  review of the Sierra property,
         management  determined that the aggregate  undiscounted cash flows from
         the property  over the  anticipated  holding  period were below its net
         carrying value at March 31, 1997 and therefore,  an impairment existed.
         An internal  analysis of the fair value of the  property  indicated  an
<PAGE>
                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

2         SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

         estimated  fair value of  approximately  $15,875,000.  Consequently,  a
         write-down  for  impairment of $6,475,500  was recorded as of March 31,
         1997. A write-down for impairment was not required for the three months
         ended March 31, 1996.


3         CONFLICTS OF INTEREST AND TRANSACTIONS WITH RELATED PARTIES

         The Managing General Partner of the  Partnership,  Resources High Cash,
         Inc.,  was  until  November  3,  1994,  a  wholly-owned  subsidiary  of
         Integrated, at which time, pursuant to the consummation of Integrated's
         Plan of Reorganization, substantially all the assets of Integrated, but
         not the stock of the Managing  General  Partner,  were sold to Presidio
         Capital  Corp.  ("Presidio").  Presidio  is also  the  parent  of other
         corporations  that are, or may be in the future,  engaged in businesses
         that may be in competition with the Partnership. Accordingly, conflicts
         of  interest  may  arise  between  the   Partnership   and  such  other
         businesses.

         Effective  April  1,  1991,  Integrated  purchased,  in an  arms-length
         transaction from an unaffiliated third party, 8,361 limited partnership
         units.  Effective  January  1, 1995  pursuant  to the  consummation  of
         Integrated's  Plan of  Reorganization,  these units were transferred to
         Presidio, XRC Corp. ("XRC").

         Wexford   Management   LLC   ("Wexford")    performs   management   and
         administrative services to XRC and its direct and indirect subsidiaries
         as well as the  Partnership.  During the three  months  ended March 31,
         1997  and  1996,   reimbursable   expenses  due  to  Wexford  from  the
         Partnership  amounted  to $6,727  and  $20,000,  respectively.  Wexford
         performs   similar   services  for  other  entities  which  may  be  in
         competition with the Partnership.

         Subject  to the  rights  of the  Limited  Partners  under  the  Limited
         Partnership  Agreement,   XRC  controls  the  Partnership  through  its
         ownership  of the shares of the  Managing  General  Partner  and, as of
         February 28, 1995, Presidio controls the Associate General Partner. XRC
         is managed by Presidio Management Company, LLC ("Presidio Management"),
         a company  controlled  by a  director  of  Presidio  and XRC.  Presidio
         Management  is  responsible  for the day to day  management of XRC and,
         among  other  things,  has  authority  to  designate  directors  of the
         Managing General Partner.  In March 1996,  Presidio Management assigned
         its agreement for the day-to-day management of XRC to Wexford.

         As a result of the consummation of Integrated's Plan of Reorganization,
         XRC  elected  new  directors  for  the  Managing  General  Partner  and
         Resources  Supervisory  Management  Corp.  ("Resources   Supervisory").
         However, certain executives remain the same and certain of Integrated's
         former  employees who performed  services for the  Partnership  are now
         employees of Wexford, which provides administrative services to XRC and
         the Partnership.
<PAGE>
                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS

3         CONFLICTS OF INTEREST AND TRANSACTIONS WITH RELATED PARTIES
 
         Affiliates  of the  General  Partners  are also  engaged in  businesses
         related to the acquisition and operation of real estate.  An affiliated
         partnership,  Resources  Accrued  Mortgage  Investors 2 L.P. ("RAM 2"),
         whose managing  general partner is also owned by Presidio,  made a zero
         coupon first mortgage loan to the Partnership and conflicts of interest
         could arise with respect to such loan.

         The  Partnership  has entered into a supervisory  management  agreement
         with  Resources  Supervisory,  an  affiliate  of the  Managing  General
         Partner,  to perform certain functions related to the management of the
         property.  A  portion  of  the  property  management  fees  payable  to
         Resources  Supervisory were paid to an unaffiliated  management company
         which  was  engaged  for  the  purpose  of  performing  the  management
         functions for the property.  For the quarters  ended March 31, 1997 and
         1996,  Resources  Supervisory  was  entitled  to  receive  $18,569  and
         $18,290,  respectively, of which $15,471 and $15,185, respectively, was
         paid  to the  unaffiliated  management  company.  No  leasing  activity
         compensation  was paid to Resources  Supervisory  for the quarter ended
         March  31,  1997 or  1996.  Current  fees of  $3,097  were  payable  to
         Resources  Supervisory  at  March  31,  1997,  which  were  paid in the
         subsequent quarter.

         For  managing  the affairs of the  Partnership,  the  Managing  General
         Partner is  entitled  to  receive a  partnership  management  fee in an
         annual amount equal to 1.25% of the gross  offering  proceeds.  For the
         quarters  ended March 31, 1997 and 1996, the Managing  General  Partner
         was entitled to a partnership  management fee of $75,369.  Current fees
         of $75,369 were payable to the  Managing  General  Partner at March 31,
         1997, which were paid in the subsequent quarter.

         The general  partners  are  allocated 1% of the net income or losses of
         the  Partnership  which amounted to losses of $66,716 and $1,846 in the
         quarters  ended  March 31, 1997 and 1996,  respectively.  They are also
         entitled to receive 1% of  distributions  which  amounted to $3,050 for
         the quarter ended March 31, 1996.

4         REAL ESTATE

         Real estate is summarized as follows:
<TABLE>
<CAPTION>
                                               March 31,            December 31,
                                                  1997                  1996
                                             ------------          ------------
<S>                                          <C>                   <C>
Land ...............................         $  6,667,189          $  8,868,859
Building and improvements ..........           12,791,547            17,065,377
                                             ------------          ------------
                                               19,458,736            25,934,236
Accumulated depreciation ...........           (3,583,731)           (3,468,730)
                                             ------------          ------------
                                             $ 15,875,005          $ 22,465,506
                                             ============          ============
</TABLE>
<PAGE>
                            HIGH CASH PARTNERS, L.P.

                          NOTES TO FINANCIAL STATEMENTS


5         DISTRIBUTIONS PAYABLE

         Distributions payable are as follows:
<TABLE>
<CAPTION>

                                                   March 31,           December 31,
                                                     1997                 1996
                                                   --------             --------
<S>                                                <C>                  <C>
Limited partners .....................             $   --               $301,957
General partners .....................                 --                  3,050
                                                   --------             --------

                                                   $   --               $305,007
                                                   ========             ========
</TABLE>

6         PARTNERS' EQUITY

         The  General  Partners  hold  a  1%  equity  in  the  interest  in  the
         Partnership.  However, at the inception of the Partnership, the General
         Partners'  equity  account was  credited  with only the actual  capital
         contributed in cash,  $1,000. The Partnership's  management  determined
         that  this  accounting  does  not  appropriately  reflect  the  Limited
         Partners'  and the General  Partners'  relative  participations  in the
         Partnership's  net  assets,  since  it does  not  reflect  the  General
         Partners' 1% equity interest in the Partnership.  Thus, the Partnership
         has restated its financial statements to reallocate $240,171 (1% of the
         gross proceeds raised at the Partnership's  formation) of the partners'
         equity to the General  Partners' equity account.  This reallocation was
         made as of the inception of the Partnership  and all periods  presented
         in  the  financial   statements  have  been  restated  to  reflect  the
         reallocation.  The  reallocation  has no  impact  on the  Partnership's
         financial position, results of operations, cash flows, distributions to
         partners, or the partners' tax basis capital accounts.

7         DUE TO AFFILIATES

         Due to affiliates are as follows:
<TABLE>
<CAPTION>
                                                      March 31,       December 31,
                                                        1997               1996
                                                       -------           -------
<S>                                                    <C>               <C>
Partnership Management Fee .................           $75,369           $75,369
Supervisory Management Fee .................             3,097             3,448
                                                       -------           -------

                                                       $78,466           $78,817
                                                       =======           =======
</TABLE>
         Such amounts were paid during May 1997 and February 1997, respectively.
<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
          CONDITION AND RESULTS OF OPERATIONS


         Liquidity and Capital Resources

         The  General  Partners  hold  a  1%  equity  in  the  interest  in  the
         Partnership.  However, at the inception of the Partnership, the General
         Partners'  equity  account was  credited  with only the actual  capital
         contributed in cash,  $1,000. The Partnership's  management  determined
         that  this  accounting  does  not  appropriately  reflect  the  Limited
         Partners'  and the General  Partners'  relative  participations  in the
         Partnership's  net  assets,  since  it does  not  reflect  the  General
         Partners' 1% equity interest in the Partnership.  Thus, the Partnership
         has restated its financial statements to reallocate $240,171 (1% of the
         gross proceeds raised at the Partnership's  formation) of the partners'
         equity to the General  Partners' equity account.  This reallocation was
         made as of the inception of the Partnership  and all periods  presented
         in  the  financial   statements  have  been  restated  to  reflect  the
         reallocation.  The  reallocation  has no  impact  on the  Partnership's
         financial position, results of operations, cash flows, distributions to
         partners, or the partners' tax basis capital accounts.

         The Partnership's  sole property is a community shopping center located
         in Reno,  Nevada  containing  approximately  233,000 square feet of net
         rentable area. The Partnership's  public offering commenced on June 29,
         1988  and,  as of its  termination  on  June  29,  1990,  had  accepted
         subscriptions for 77,891 Units (not including Units held by the initial
         limited partner) for aggregate  proceeds of $17,282,066 (gross proceeds
         of  $19,472,750  less   organization  and  offering  costs  aggregating
         $2,190,684).  The  Partnership  committed  100%  of  its  net  proceeds
         available for  investment  to the Sierra  Marketplace  acquisition.  In
         addition,  pursuant to a settlement agreement, on December 19, 1990 the
         Partnership settled all claims with respect to its Short-Term Loans. As
         a part of this  transaction,  the Partnership sold 18,571  unregistered
         units to Integrated  for  aggregate  net proceeds of $4,120,441  (gross
         proceeds of $4,642,750 less organization and offering costs aggregating
         $522,309) who in turn, sold these units to the Partnership's three bank
         creditors.  On February 4, 1991,  Integrated purchased all of the 8,361
         units owned by one of the banks.  This  transfer  became  effective  on
         April 1, 1991.  Effective January 1, 1995, pursuant to the consummation
         of Integrated's bankruptcy, these units were transferred to XRC.

         The Partnership  uses working  capital  reserves set aside from the net
         proceeds  of its  public  offering  and  undistributed  cash  flow from
         operations  as its  primary  measure of  liquidity.  The  Partnership's
         working  capital  reserves  initially  consisted  of  5% of  the  gross
         proceeds from its public  offering that were set aside. As of March 31,
         1997,  working capital reserves  amounted to  approximately  $1,794,000
         which may be used to fund capital expenditures,  insurance, real estate
         taxes, and distributions to partners.  All expenditures made during the
         quarter   ended  March  31,  1997  were  funded  from  cash  flow  from
         operations.
<PAGE>
         Liquidity and Capital Resources (continued)

         The  Partnership's  mortgage loan payable to RAM 2 contains a provision
         which  requires  the  Partnership  to  provide  RAM 2  with  a  current
         appraisal  of the  Sierra  Property  upon  RAM  2's  request.  If it is
         determined, based upon the requested appraisal, that the sum of (i) the
         principal  balance of the mortgage loan plus all other then outstanding
         indebtedness  secured by the  property  and (ii) all accrued and unpaid
         interest  in excess of 5% per annum of the  principal  balance  of such
         mortgages  exceeds 85% of the appraised  value, an amount equal to such
         excess shall become immediately due and payable to RAM 2. RAM 2 has not
         requested  such  appraisal  during 1996 or the quarter  ended March 31,
         1997. However, the Partnership recorded a write-down on the property to
         a fair value of  approximately  $15,875,000 as of March 31, 1997. Based
         on such fair value,  the  Partnership  has  determined  that the excess
         interest  described above will begin to become due to RAM 2 in December
         1997.  Consequently,  the  Partnership  has  declared  no  distribution
         payable for the  quarter  ended March 31, 1997 and will not declare any
         distribution  for the  foreseeable  future  in  order  to build up cash
         reserves  so  that  it will be in a  position  to pay any  such  excess
         interest when it becomes due.

         To the extent that adjusted cash from  operations  during the operating
         years exceeds 11% per annum,  noncumulative,  of original contributions
         of the  offering,  such excess may be  retained  in a separate  reserve
         account to prepay a portion of RAM 2's loan obligations. However, it is
         unlikely  that  adjusted  cash flow will exceed such a threshold in the
         near future.

         The Managing  General  Partner  believes that cash flow from operations
         combined with current  working  capital  reserves will be sufficient to
         fund  future  essential  capital  expenditures.  A portion  of  capital
         expenditures consists of capitalized lease procurement costs. Since the
         level of  leasing  activity  cannot  be  predicted  with any  degree of
         certainty,   the  Partnership   cannot   accurately   estimate  capital
         expenditures  for the  remainder  of the year,  but  believes  that its
         existing reserves will be sufficient.  However, the Partnership may not
         have  sufficient  liquidity to make the payments  which may be required
         under the terms of the RAM 2 loan in certain circumstances.

         Real estate market

         The real  estate  market  continues  to suffer  from the effects of the
         recent  recession  which  included a substantial  decline in the market
         value  of  existing  properties.   Furthermore,   the  competition  for
         non-anchor  tenants  is strong  among  existing  centers  in the Sierra
         Marketplace vicinity.  This has hindered the lease up of difficult back
         space in Sierra  Market  Place.  These factors may in the future reduce
         rental rates. As a result,  the  Partnership's  potential for realizing
         the full value of its investment in its property is at increased risk.

         Write-down for impairment

         A write-down for  impairment is recorded based upon a quarterly  review
         of the property in the Partnership's portfolio. Real estate property is
         carried at the lower of depreciated  cost or estimated  fair value.  In
         performing this review,  management  considers the estimated fair value
         of the property based upon the undiscounted  future cash flows, as well
<PAGE>
         Liquidity and Capital Resources (continued)

         as other factors such as the current  occupancy,  the prospects for the
         property and the economic situation in the region where the property is
         located.  Because this  determination  of estimated fair value is based
         upon future economic  events,  the amounts  ultimately  realized upon a
         disposition may differ materially from the carrying value.

         A write-down is inherently  subjective  and is based upon  management's
         best estimate of current  conditions  and  assumptions  about  expected
         future  conditions.  The Partnership may provide for write-downs in the
         future and such write-downs could be material.

         In performing its quarterly  impairment  review of the Sierra property,
         management  determined that the aggregate  undiscounted cash flows from
         the property  over the  anticipated  holding  period were below its net
         carrying value at March 31, 1997 and therefore,  an impairment existed.
         An internal analysis of the property  indicated an estimated fair value
         of approximately $15,875,000. Consequently, a write-down for impairment
         of  $6,475,500  was recorded as of March 31,  1997.  A  write-down  for
         impairment was not required for the three months ended March 31, 1996.

         Results of operations

         The net loss increased for the quarter ended March 31, 1997 compared to
         the same period in 1996,  primarily as a result of the  write-down  for
         impairment recorded in 1997 on the Sierra property as discussed above.

         Revenues  increased  for the quarter ended March 31, 1997 compared with
         1996,  primarily due to an increase in rental revenue, due to increased
         rental rates at the Sierra property.

         Costs and  expenses  increased  for the  quarter  ended  March 31, 1997
         compared with the same period in 1996,  primarily due to the write-down
         for  impairment  recorded in 1997 and an increase in mortgage  interest
         expense,  partially offset by a decrease in general and  administrative
         expense.   Mortgage  loan  interest   expense   increased  due  to  the
         compounding  effect from the  deferral of the  interest  expense on the
         zero coupon mortgage. General and administrative expense decreased as a
         result of a decrease in payroll costs.

         Inflation has not had a material impact on the Partnership's operations
         or financial condition during the last two years and is not expected to
         have a material impact in the future.
<PAGE>
PART II - OTHER INFORMATION

ITEM 6. - EXHIBITS AND REPORTS ON FORM 8-K




              (a)  Exhibits:        None

              (b)  Reports on Form 8-K:     None
<PAGE>
                                   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.



                                                HIGH CASH PARTNERS, L.P.

                                                By:    Resources High Cash, Inc.
                                                       Managing General Partner




Dated:     May 15, 1997                         By:    /s/ Frederick Simon
                                                       -------------------
                                                       Frederick Simon
                                                       President
                                                       (Duly Authorized Officer)



Dated:     May 15, 1997                         By:    /s/ Jay L. Maymudes
                                                       -------------------
                                                       Jay L. Maymudes
                                                       Vice President
                                                       (Principal Financial and
                                                       Accounting Officer)