FORM 8-K - CURRENT REPORT
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 of 1934
Date of Report: November 10, 1998
NATIONAL PROPERTY INVESTORS III
(Exact name of registrant as specified in its charter)
California 0-9567 13-2974428
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or File Number) Identification
organization) Number)
55 Beattie Place
Post Office Box 1089
Greenville, South Carolina 29602
(Address of Principal Executive Office)
Registrant's telephone number, including area code (864) 239-1000
N/A
(Former address, if changed since last report)
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
As of November 10, 1998, Imowitz Koenig & Co., LLP, the independent accountant
previously engaged as the principal accountant to audit the financial statements
of National Property Investors III (the "Registrant" or the "Partnership"), was
dismissed.
The audit reports of Imowitz Koenig & Co., LLP, on the financial statements of
the Partnership as of and for the years ended December 31, 1997 and 1996, did
not contain any adverse opinion or disclaimer of opinion, nor were they
qualified or modified as to uncertainty, audit scope or accounting principles.
The decision to change accountants was recommended by the Managing General
Partner of the Partnership.
During the Partnership's two most recent fiscal years and any subsequent interim
period preceding the change, there were no disagreements with the former
accountant on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which disagreements, if
not resolved to the satisfaction of the former accountant, would have caused it
to make reference to the subject matter of the disagreements in connection with
its report. In addition, there have been no "reportable events" (as defined in
paragraph (a)(1)(iv)(B) of Item 304 of regulation S-B) during the periods noted
above.
The Registrant has provided a copy of this disclosure to the former accountant,
and the Registrant requested that the former accountant furnish the Registrant
with a letter addressed to the Securities and Exchange Commission stating
whether it agrees with the statements made by the Registrant, and, if not,
stating the respects in which it does not agree. A copy of the former
accountant's response indicating agreement is included as an exhibit to this
report.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
16. Letter dated November 11, 1998, from the Registrant's former
independent accountant regarding its concurrence with the
statements made by the Registrant in this Current Report.
SIGNATURE
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.
NATIONAL PROPERTY INVESTORS III
By: NPI EQUITY INVESTMENTS, INC.
Its Managing General Partner
By: /s/Patrick Foye
Patrick Foye
Executive Vice President
Date: November 16, 1998
Exhibit 16
November 11, 1998
Securities and Exchange Commission
450 5th Street, N.W.
Washington, DC 20549
RE: National Property Investors III
Commission File Number: 0-9567
Gentlemen:
We have read and agree with the comments in Item 4 of Form 8-K of National
Property Investors III dated November 10, 1998.
Very truly yours,
/s/Imowitz Koenig & Co., LLP
New York, New York
