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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)
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CONSOLIDATED CAPITAL PROPERTIES III
(Name of Issuer)
LIMITED PARTNERSHIP UNITS
(Title of Class of Securities)
NONE
(Cusip Number of Class of Securities)
------------------------------------
JOHN K. LINES, ESQ.
GENERAL COUNSEL AND SECRETARY
INSIGNIA FINANCIAL GROUP, INC.
ONE INSIGNIA FINANCIAL PLAZA
GREENVILLE, SOUTH CAROLINA 29602
(864) 239-1000
COPY TO:
JOHN A. HEALY, ESQ.
ROGERS & WELLS
200 PARK AVENUE
NEW YORK, NEW YORK 10166
(212) 878-8000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
------------------------------------
APRIL 29, 1997
(Date of Event Which Requires Filing of this Statement)
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[ ] Check box if the filing person has previously filed a statement on
Schedule 13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3)
or (4).
[ ] Check box if a fee is being paid with the statement.
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CUSIP No. None 13D Page 2
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
INSIGNIA PROPERTIES, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
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3. SEC USE ONLY
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4. SOURCES OF FUNDS
WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e)
[ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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7. SOLE VOTING POWER
NUMBER OF
UNITS None
BENEFICIALLY ---------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH
REPORTING 39,572.50
PERSON WITH ---------------------------------------------------
9. SOLE DISPOSITIVE POWER
None
---------------------------------------------------
10. SHARED DISPOSITIVE POWER
39,572.50
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
39,572.50
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[ ]
- -------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
25.0% (Based on 158,636 Units reported
outstanding as of March 31, 1997)
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14. TYPE OF REPORTING PERSON
PN
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CUSIP No. None 13D Page 3
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
INSIGNIA PROPERTIES TRUST
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
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3. SEC USE ONLY
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4. SOURCES OF FUNDS
Not Applicable
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e)
[ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
MARYLAND
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7. SOLE VOTING POWER
NUMBER OF
UNITS None
BENEFICIALLY ---------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH
REPORTING 39,572.50
PERSON WITH ---------------------------------------------------
9. SOLE DISPOSITIVE POWER
None
---------------------------------------------------
10. SHARED DISPOSITIVE POWER
39,572.50
- -------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
39,572.50
- -------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[ ]
- -------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
25.0% (Based on 158,636 Units reported
outstanding as of March 31, 1997)
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14. TYPE OF REPORTING PERSON
OO
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CUSIP No. None 13D Page 4
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===============================================================================
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
INSIGNIA CCP III ACQUISITION, L.L.C.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCES OF FUNDS
Not Applicable
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e)
[ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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7. SOLE VOTING POWER
NUMBER OF
UNITS None
BENEFICIALLY ---------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH
REPORTING None
PERSON WITH ---------------------------------------------------
9. SOLE DISPOSITIVE POWER
None
---------------------------------------------------
10. SHARED DISPOSITIVE POWER
None
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- -------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[ ]
- -------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0% (Based on 158,636 Units reported
outstanding as of March 31, 1997)
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14. TYPE OF REPORTING PERSON
OO
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CUSIP No. None 13D Page 5
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===============================================================================
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
INSIGNIA FINANCIAL GROUP, INC.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
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3. SEC USE ONLY
- -------------------------------------------------------------------------------
4. SOURCES OF FUNDS
Not Applicable
- -------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e)
[ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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7. SOLE VOTING POWER
NUMBER OF
UNITS None
BENEFICIALLY ---------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH
REPORTING 39,572.50
PERSON WITH ---------------------------------------------------
9. SOLE DISPOSITIVE POWER
None
---------------------------------------------------
10. SHARED DISPOSITIVE POWER
39,572.50
- -------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
39,572.50
- -------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[ ]
- -------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
25.0% (Based on 158,636 Units reported
outstanding as of March 31, 1997)
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14. TYPE OF REPORTING PERSON
CO
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CUSIP No. None 13D Page 6
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
ANDREW L. FARKAS
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
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3. SEC USE ONLY
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4. SOURCES OF FUNDS
Not Applicable
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e)
[ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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7. SOLE VOTING POWER
NUMBER OF
UNITS None
BENEFICIALLY ---------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH
REPORTING 39,572.50
PERSON WITH ---------------------------------------------------
9. SOLE DISPOSITIVE POWER
None
---------------------------------------------------
10. SHARED DISPOSITIVE POWER
39,572.50
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
39,527.50
- -------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[ ]
- -------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
25.0% (Based on 158,636 Units reported
outstanding as of March 31, 1997)
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14. TYPE OF REPORTING PERSON
IN
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AMENDMENT NO. 2 TO SCHEDULE 13D
This Amendment No. 2, which relates to units of limited partnership
interest ("Units") in Consolidated Capital Properties III, a California limited
partnership (the "Partnership"), and is being filed jointly by Insignia
Properties, L.P., a Delaware limited partnership ("IPLP"), Insignia Properties
Trust, a Maryland real estate investment trust ("IPT"), Insignia CCP III
Acquisition, L.L.C. ("Acquisition"), Insignia Financial Group, Inc., a Delaware
corporation ("Insignia"), and Mr. Andrew L. Farkas ("Mr. Farkas") (collectively,
the "Reporting Persons"), supplements and amends the Statement on Schedule 13D
originally filed jointly by Insignia and Mr. Farkas with the Commission on
December 20, 1994, as amended by Amendment No. 1 filed jointly by the Reporting
Persons with the Commission on April 25, 1997 (as amended, the "Statement").
Capitalized terms used but not defined in this Amendment No. 2 have the meanings
ascribed to them in the Statement.
The following Items of the Statement are hereby supplemented and/or
amended as indicated:
ITEM 2. IDENTITY AND BACKGROUND.
Effective June 16, 1997, Jeffrey P. Cohen is serving as Vice
President of IPT. Mr. Cohen's principal occupation is to serve as Senior Vice
President--Investment Banking of Insignia, and his business address is 375
Park Avenue, Suite 3401, New York, New York 10152. Mr. Cohen is a United
States citizen.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The aggregate amount of funds used by IPLP in making the purchases
described in Item 5(c) was $102,940, and IPLP used its working capital to make
such purchases.
ITEM 4. PURPOSE OF THE TRANSACTION.
The Reporting Persons acquired the Units for investment purposes.
None of the Reporting Persons has any current plans or proposals which relate to
or would result in (a) the acquisition by any person of additional securities of
the Partnership or the disposition of any such securities, (b) an extraordinary
corporate transaction, such as a merger, reorganization or liquidation,
involving the Partnership or any of its subsidiaries, (c) a sale or transfer of
a material amount of assets of the Partnership or any of its subsidiaries, (d)
any change in the present management of the Partnership, (e) any material change
in the present capitalization or dividend policy of the Partnership, (f) any
other material change in the Partnership's business or corporate structure, (g)
any other material change in the Partnership's charter, bylaws or instruments
corresponding thereto or other actions which may impede the acquisition of
control of the Partnership by any person, (h) causing a class of securities of
the Partnership to be delisted from a national securities exchange or to cease
to be authorized to be quoted in an inter-dealer quotation system of a
registered national securities association, (i) a class of equity securities of
the Partnership becoming eligible for termination of registration pursuant to
Section 12(g)(4) of the Securities Exchange Act of 1934, or (j) any action
similar to any of the enumerated in (a) through (i) above. However, the
Reporting Persons may acquire additional Units, whether through private
purchases, tender or exchange offers or by any other means deemed advisable. The
Reporting Persons also may consider selling some or all of their Units, either
directly or by a sale of one or more interests in one or more of the Reporting
Persons, depending among other things on liquidity, strategic, tax and other
considerations.
7
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Although the Reporting Persons do not intend to change current
management or the operation of the Partnership and have no current plans for any
extraordinary transaction involving the Partnership, these plans could change in
the future. In addition, the Reporting Persons expect that consistent with its
fiduciary obligations, ConCap Equities, Inc., which is the general partner of
the Partnership and an affiliate of the Reporting Persons (the "General
Partner"), will seek and review opportunities to engage in transactions which
could benefit the Partnership, such as sales or refinancings of assets or
combinations of the Partnership with one or more other entities, with the
objective of seeking to maximize returns to holders of Units. In that regard,
the Reporting Persons expect the General Partner will carefully consider any
suggestions or proposals the Reporting Persons may make.
The Reporting Persons have been advised that the possible future
transactions the General Partner expects to consider on behalf of the
Partnership include (i) payment of extraordinary distributions; (ii)
refinancing, reducing or increasing existing indebtedness of the Partnership;
(iii) sales of assets, individually or as part of a complete liquidation; and
(iv) mergers or other consolidation transactions involving the Partnership. Any
such merger or consolidation transaction could involve other limited
partnerships in which the General Partner or its affiliates serve as general
partners, or a combination of the Partnership with one or more existing,
publicly traded entities (including, possibly, affiliates of the Reporting
Persons), in any of which holders of Units might receive cash, common stock or
other securities or consideration. There is no assurance, however, as to when or
whether any of the transactions referred to above might occur. A merger or other
consolidation transaction and certain kinds of other extraordinary transactions
would require a vote of the limited partners in the Partnership. The Reporting
Persons' primary objective in acquiring the Units is not, however, to influence
the vote on any particular transaction, but rather to generate a profit on the
investment represented by those Units.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a)-(b) IPLP owns 39,572.50 Units, representing approximately 25.0%
of the outstanding Units based on the 158,636 Units reported by the Partnership
to be outstanding at March 31, 1997. IPT, Insignia and Mr. Farkas may be deemed
to be beneficial owners of the Units owned by IPLP by reason of their respective
relationships with IPLP. IPT is the sole general partner of IPLP, and Insignia
is the majority shareholder of IPT. Mr. Farkas is the Chairman, Chief Executive
Officer and President of Insignia and is the beneficial owner of approximately
27.9% of its outstanding common stock. Accordingly, for purposes of this
Amendment No. 2, the Reporting Persons other than Acquisition (see Item 5(e)
below) are reporting that they share the power to vote or direct the vote and
the power to dispose or direct the disposition of the 39,572.50 Units owned by
IPLP.
(c) On April 29, 1997, IPLP purchased 140 Units from Equity
Resources Pilgrim Fund for an aggregate purchase price of $5,600 and 2,433.50
Units from Equity Resources XIX for an aggregate purchase price of $97,340, in
each case in privately negotiated transactions. Effective June 30, 1997,
Acquisition (which is a wholly-owned subsidiary of IPLP) transferred and
assigned the 14,783.20 Units owned by it to IPLP. No other transactions in the
Units have been effected by any of the Reporting Persons within the last 60
days.
(d) Not applicable.
(e) As a result of the inter-company transfer described in Item
5(c), Acquisition no longer owns any Units and is in the process of being
dissolved under applicable law. Accordingly, this Amendment No. 2 constitutes
the final Schedule 13D filing by Acquisition.
8
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ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 7.1 Agreement of Joint Filing, dated July 8, 1997, among the
Reporting Persons.
9
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SIGNATURE
After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: July 8, 1997
INSIGNIA PROPERTIES, L.P. INSIGNIA PROPERTIES TRUST
By: Insignia Properties Trust,
its General Partner
By: /s/ Jeffrey P. Cohen By: /s/ Jeffrey P. Cohen
---------------------------- ----------------------------
Jeffrey P. Cohen Jeffrey P. Cohen
Vice President Vice President
INSIGNIA CCP III ACQUISITION, L.L.C. INSIGNIA FINANCIAL GROUP, INC.
By: Insignia Properties, L.P.,
its sole Member
By: Insignia Properties Trust,
its General Partner
By: /s/ Jeffrey P. Cohen By: /s/ Jeffrey P. Cohen
---------------------------- ----------------------------
Jeffrey P. Cohen Jeffrey P. Cohen
Vice President Senior Vice President
/s/ Andrew L. Farkas
- -------------------------------
Andrew L. Farkas
10
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EXHIBIT INDEX
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EXHIBIT NO. DESCRIPTION
- ---------- -----------
7.1 Agreement of Joint Filing, dated July 8, 1997, among the
Reporting Persons.
11
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EXHIBIT 7.1
AGREEMENT OF JOINT FILING
-------------------------
Insignia Properties, L.P., Insignia Properties Trust, Insignia CCP III
Acquisition, L.L.C., Insignia Financial Group, Inc. and Andrew L. Farkas agree
that the Statement on Schedule 13D to which this Agreement is attached as an
exhibit, and all future amendments to this Statement, shall be filed on behalf
of each of them. This Agreement is intended to satisfy the requirements of Rule
13d-1(f)(1)(iii) under the Securities Exchange Act of 1934, as amended. This
Agreement may be executed in any number of counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.
Dated: July 8, 1997
INSIGNIA PROPERTIES, L.P.
By: Insignia Properties Trust, its General Partner
By: /s/ Jeffrey P. Cohen
-----------------------------------------------
Jeffrey P. Cohen
Vice President
INSIGNIA PROPERTIES TRUST
By: /s/ Jeffrey P. Cohen
-----------------------------------------------
Jeffrey P. Cohen
Vice President
INSIGNIA CCP III ACQUISITION, L.L.C.
By: Insignia Properties, L.P., its sole Member
By: Insignia Properties Trust, its General Partner
By: /s/ Jeffrey P. Cohen
-----------------------------------------------
Jeffrey P. Cohen
Vice President
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INSIGNIA FINANCIAL GROUP, INC.
By: /s/ Jeffrey P. Cohen
-----------------------------------------------
Jeffrey P. Cohen
Senior Vice President
/s/ Andrew L. Farkas
-------------------------------------------------
Andrew L. Farkas
