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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PROXY STATEMENT PURSUANT TO SECTION 14(A)
OF THE SECURITIES EXCHANGE ACT OF 1934
Filed by the Registrant [ ]
Filed by a party other than the Registrant [X]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-
6(e)(2))
[ ] Definitive Proxy Statement
[X] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12
BALCOR/COLONIAL STORAGE INCOME FUND - 86
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(Name of Registrant as Specified in Its Charter)
Public Storage, Inc.
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(Name of Person(s) Filing Consent Solicitation Statement,
if other than the Registrant)
Payment of filing fee (Check the appropriate box):
[ ] $125 per Exchange Act Rules 0-11(c)(1)(ii), 14a-6(i)(1), 14a-6(i)(2) or
Item 22(a)(2) of Schedule 14A.
[ ] $500 per each party to the controversy pursuant to Exchange Act Rule 14a-
6(i)(3).
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
(1) Title of each class of securities to which transaction applies:
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(2) Aggregate number of securities to which transaction applies:
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(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11:*
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(4) Proposed maximum aggregate value of transaction:
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(5) Total fee paid:
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[X] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the form or schedule and the date of its filing.
(1) Amount previously paid:
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(2) Form, schedule or registration statement no.:
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(3) Filing party:
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(4) Date filed:
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* Set forth the amount on which the filing fee is calculated and state how it
was determined.
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[Public Storage, Inc. letterhead]
May 21, 1996
Re: Tender Offer for Interests in Balcor/Colonial Storage Income
Fund - 86 and Solicitation of Votes
Dear Interest Holder:
We believe that limited partners who desire liquidity have a better
alternative under our Offer to purchase your Interests (subject to proration) at
$260 per Interest than under the proposed sale to Storage Trust Properties, L.P.
with its lower liquidating distribution. Based on the number of Interests that
have been tendered to date, we do not believe our Offer will be over-subscribed.
We are seeking 100,000 Interests and to date only approximately 22,000 Interests
have been tendered.
We are extending the period of time for which the Offer is open until
5:00 p.m., New York City time, on June 7, 1996.
We will have no obligation to purchase validly tendered Interests if,
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prior to our purchase of the Interests, limited partners approve the sale of the
properties to Storage Trust (or other party) resulting in a liquidating
distribution of less than $260 per Interest. This condition is in addition to
those conditions set forth in our letters dated April 15, 1996 and May 17, 1996.
Without regard as to whether you desire to sell your Interests, please
complete and return the enclosed post card.
We thank you for your consideration and prompt attention to this
matter.
Very truly yours,
PUBLIC STORAGE, INC.
By: /s/ Harvey Lenkin
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Harvey Lenkin
President
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Tender Offer for Interests in Balcor/Colonial Storage Income Fund - 86
Please return to: Public Storage, Inc.
P.O. Box 25039
Glendale, CA 91221-9985
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Name and address Telephone number
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Convenient time to contact
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