<PAGE> 1
SUPPLEMENT TO
OFFER TO PURCHASE FOR CASH
AIMCO
AIMCO Properties, L.P.
is offering to purchase any and all units of limited partnership interests in
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
FOR $440 PER UNIT IN CASH
Upon the terms and subject to the conditions set forth herein, we will accept
any and all units validly tendered in response to our offer. If units are
validly tendered and not properly withdrawn prior to the expiration date and
the purchase of all such units would result in there being less than 320
unitholders, we will purchase only 99% of the total number of units so tendered
by each limited partner.
Our offer is not subject to a minimum number of units being tendered.
Our offer and your withdrawal rights will expire at 5:00 P.M., New York City
time, on June 26, 2000, unless we extend the deadline.
You will not pay any partnership transfer fees if you tender your units. You
will pay any other fees and costs, including any transfer taxes.
Our offer price will be reduced for any distributions subsequently made by your
partnership prior to the expiration of our offer.
SEE "RISK FACTORS" IN THE OFFER TO PURCHASE, DATED MAY 15, 2000, FOR A
DESCRIPTION OF RISK FACTORS THAT YOU SHOULD CONSIDER IN CONNECTION WITH OUR
OFFER, INCLUDING THE FOLLOWING:
o We determined the offer price of $440 per unit without any
arms-length negotiations. Accordingly, our offer price may
not reflect the fair market value of your units.
o As of June 30, 1998, your general partner (which is our
subsidiary) estimated the net asset value of your units to be
$619 per unit and an affiliate of your general partner
estimated the net liquidation value of your units to be
$613.35 per unit. Such amount was determined prior to your
partnership's recent decision to distribution $20 million in
cash which has been paid to investors.
o In November 1999, an independent investment banking firm
estimated that the net asset value, going concern value and
liquidation value of your partnership were $487, $470 and
$448 per unit, respectively.
(continued on next page)
--------------------------------------------------
If you desire to accept our offer, you should complete and sign the
enclosed acknowledgment and agreement in accordance with the instructions
thereto and the letter of transmittal and instructions thereto which are Annex
I to this Supplement and mail or deliver the signed acknowledgment and
agreement and any other required documents to River Oaks Partnership Services,
Inc., which is acting as Information Agent in connection with our offer, at one
of its addresses set forth on the back cover of this Supplement. You only need
to return the acknowledgment and agreement. QUESTIONS AND REQUESTS FOR
ASSISTANCE OR FOR ADDITIONAL COPIES OF THE OFFER TO PURCHASE, THIS SUPPLEMENT
OR THE ACKNOWLEDGMENT AND AGREEMENT MAY ALSO BE DIRECTED TO THE INFORMATION
AGENT AT (888) 349-2005.
June 12, 2000
<PAGE> 2
(Continued from prior page)
o Although your partnership's agreement of limited partnership provides
for termination in the year 2011, the prospectus pursuant to which the
units were sold in 1981 indicated that the properties owned by your
partnership might be sold within 10 years of their acquisition if
conditions permitted.
o Your general partner and the property manager of the properties are
subsidiaries of ours and, therefore, the general partner has
substantial conflicts of interest with respect to our offer.
o We are making this offer with a view to making a profit and,
therefore, there is a conflict between our desire to purchase your
units at a low price and your desire to sell your units at a high
price.
o Continuation of your partnership will result in our affiliates
continuing to receive management fees from your partnership. Such fees
would not be payable if your partnership was liquidated.
o It is possible that we may conduct a future offer at a higher price.
o For any units that we acquire from you, you will not receive any
future distributions from operating cash flow of your partnership or
upon a sale or refinancing of property owned by your partnership.
2
<PAGE> 3
INTRODUCTION
On May 15, 2000, we commenced an offer to acquire all of the outstanding
units of your partnership, in exchange for $440 in cash per unit, net to the
seller, without interest, less the amount of distributions, if any, made by
your partnership in respect of any unit from May 15, 2000 until the expiration
date. If units are validly tendered and not properly withdrawn prior to the
expiration date and the purchase of all such units would result in there being
less than 320 unitholders, we will purchase only 99% of the total number of
units so tendered by each limited partner. Our offer is made upon the terms and
subject to the conditions set forth in the Offer to Purchase, dated May 15,
2000, this Supplement and in the accompanying acknowledgment and agreement.
We will pay any transfer fees imposed for the transfer of units by your
partnership. However, you will have to pay any governmental transfer taxes that
apply to your sale. You will also have to pay any fees or commissions imposed
by your broker in assisting you to tender your units, or by any custodian or
other trustee of any Individual Retirement Account or benefit plan which is the
owner of record of your units. Although the fees charged for transferring units
from an Individual Retirement Account vary, such fees are typically $25-$50 per
transaction.
We have retained River Oaks Partnership Services, Inc. to act as the
Information Agent in connection with our offer. We will pay all charges and
expenses in connection with the services of the Information Agent. The offer is
not conditioned on any minimum number of the units being tendered. However,
certain other conditions do apply. See "The Offer - Section 17. Conditions of
the Offer," in the Offer to Purchase. Under no circumstances will we be
required to accept any unit if the transfer of that unit to us would be
prohibited by the agreement of limited partnership of your partnership.
We have extended the expiration date of our offer to 5:00 p.m., New York
City time, on June 26, 2000. If you desire to accept our offer, you must
complete and sign the acknowledgment and agreement in accordance with the
instructions contained therein and the letter of transmittal and the
instructions thereto, Appendix I to this Supplement, and forward or hand
deliver the enclosed acknowledgment and agreement, together with any other
required documents, to the Information Agent. If you have already tendered your
units in accordance with the original letter of transmittal, Appendix II to the
Offer to Purchase, and the original acknowledgment and agreement, you need not
take any further action to continue to tender your units. You may withdraw your
tender of units pursuant to the offer at any time prior to the expiration date
of our offer and, if we have not accepted such units for payment, on or after
July 17, 2000.
We expressly reserve the right, in our reasonable discretion, at any time
and from time to time, to extend the period of time during which our offer is
open and thereby delay acceptance for payment of, and the payment for, any
unit. Notice of any such extension will promptly be disseminated to you in a
manner reasonably designed to inform you of such change. Further, any extension
may be followed by a press release or public announcement which will be issued
no later than 9:00 a.m., New York City time, on the next business day after the
scheduled expiration date of our offer, in accordance with Rule 14e-1(d) under
the Securities Exchange Act of 1934.
ADDITIONAL INFORMATION
Our offer is hereby supplemented and amended as follows:
1. The penultimate sentence of the last paragraph under "Introduction" is
hereby amended to read as follows:
As of March 31, 2000, AIMCO owned or controlled, held an equity interest
in or managed 363,462 apartment units in 1,942 properties located in 48 states,
the District of Columbia and Puerto Rico.
2. The information contained in "The Offer-Section 8. Information Concerning
Us and Certain of Our Affiliates" in the first paragraph under "General"
is hereby amended to read as follows:
GENERAL. We are AIMCO Properties, L.P., a Delaware limited
partnership. Together with our subsidiaries, we conduct substantially all of
the operations of Apartment Investment and Management Company, a Maryland
corporation ("AIMCO"). AIMCO is a real estate investment trust that owns and
manages multifamily apartment properties throughout the United States. AIMCO's
Class A Common Stock is listed and traded on the New York Stock Exchange under
the symbol "AIV." As of March 31, 2000, we owned or managed 352,519 apartment
units in 1,834 properties located in 48 states, the District of Columbia and
Puerto Rico. Based on apartment unit data compiled as of January 1, 1999, by
the National Multi Housing Council, we believe that we are the largest owner
and manager of multi-family apartment properties in the United States. As of
March 31, 2000, we:
- owned or controlled 121,449 units in 439 apartment properties;
- held an equity interest in 115,951 units in 671 apartment properties;
and
3
<PAGE> 4
- managed 115,119 units in 724 apartment properties for third party
owners and affiliates, of which 53,627 units have management
agreements that are cancellable in 30 days and 61,492 have management
agreements in excess of one year.
3. The information contained in "The Offer-Section 8. Information Concerning
Us and Certain of Our Affiliates" under "Summary Selected Financial
Information of AIMCO Properties, L.P." is hereby amended to read as
follows:
SUMMARY SELECTED FINANCIAL INFORMATION OF AIMCO PROPERTIES, L.P. The
historical summary financial data for AIMCO Properties, L.P. for the three
months ended March 31, 2000 and 1999 is unaudited. The historical summary
financial data for AIMCO Properties, L.P. for the years ended December 31, 1999
and 1998, is based on audited financial statements. This information should be
read in conjunction with such financial statements, including the notes
thereto, and "Management's Discussion and Analysis of Financial Condition and
Results of Operations of the AIMCO Operating Partnership" included in the AIMCO
Operating Partnership's Form 10-K for the year ended December 31, 1999 and Form
10-Q for the quarter ended March 31, 2000.
<TABLE>
<CAPTION>
THREE MONTHS ENDED YEAR ENDED
MARCH 31, DECEMBER 31,
---------------------- ----------------------
2000 1999 1999 1998
---- ---- ---- ----
(DOLLARS IN THOUSANDS, EXCEPT PER UNIT DATA)
<S> <C> <C> <C> <C>
OPERATING DATA:
RENTAL PROPERTY OPERATIONS:
Rental and other property revenue ........... $ 224,320 $ 110,552 $ 531,883 $ 373,963
Property operating expenses ................. (90,751) (42,436) (213,959) (145,966)
Owned property management expenses .......... (7,816) (3,395) (15,322) (10,882)
Depreciation ................................ (64,690) (26,616) (131,257) (83,908)
--------- --------- --------- ---------
Income from property operations ............. (61,063) (38,105) 171,345 133,207
--------- --------- --------- ---------
SERVICE COMPANY BUSINESS:
Management fees and other income ............ 13,310 7,978 42,877 22,675
Management and other expenses ............... (4,957) (8,902) (25,470) (16,960)
Income from service company business ........ 8,353 (924) 17,407 5,715
--------- --------- --------- ---------
General and administrative expenses ......... (3,211) (2,594) (12,016) (10,336)
Interest expense ............................ (56,224) (30,360) (139,124) (88,208)
Interest income ............................. 13,004 9,828 62,183 28,170
Equity in earnings (losses) of unconsolidated
subsidiaries (a) ........................ 2,445 2,695 (2,588) (2,665)
Equity in earnings (losses) of unconsolidated
real estate partnerships (b) ............ 3,215 2,790 (2,400) 12,009
Loss from IPLP exchange and assumption ...... -- (684) (684) (2,648)
Minority interest ........................... (3,721) (2,065) (5,788) (1,868)
Amortization of goodwill .................... (1,575) (1,942) (5,860) (8,735)
Income from operations ...................... 23,349 14,849 82,475 64,641
Gain on disposition of properties ........... 5,105 15 (1,785) 4,287
Income before extraordinary item ............ 28,454 14,864 80,690 68,928
--------- --------- --------- ---------
Extraordinary item -- early extinguishment
of debt ................................. -- -- -- --
Net income .................................. $ 28,454 $ 14,864 $ 80,690 $ 68,928
========= ========= ========= =========
</TABLE>
4
<PAGE> 5
<TABLE>
<CAPTION>
THREE MONTHS ENDED YEAR ENDED
MARCH 31, DECEMBER 31,
-------------------------- --------------------------
2000 1999 1999 1998
---- ---- ---- ----
(DOLLARS IN THOUSANDS, EXCEPT PER UNIT DATA)
<S> <C> <C> <C> <C>
BALANCE SHEET INFORMATION
(END OF PERIOD):
Real estate, before accumulated depreciation ... $ 4,995,886 $ 2,852,506 $ 4,508,535 $ 2,743,865
Real estate, net of accumulated depreciation ... 4,507,911 2,591,753 4,092,543 2,515,710
Total assets ................................... 6,017,807 4,291,931 5,684,251 4,186,764
Total mortgages and notes payable .............. 3,007,050 1,608,895 2,584,289 1,601,730
Redeemable Partnership Units ................... -- -- -- --
Partnership-obligated mandatory redeemable
convertible preferred securities of a
subsidiary trust ............................ 149,500 149,500 149,500 149,500
Partners' Capital .............................. 2,497,747 2,289,245 2,486,889 2,153,335
OTHER INFORMATION:
Total owned or controlled properties (end of
period) ..................................... 439 240 373 234
Total owned or controlled apartment units
(end of period) ............................ 121,449 63,069 106,148 61,672
Total equity apartment units (end of period).... 115,951 168,817 133,113 171,657
Units under management (end of
period) ..................................... 115,119 141,523 124,201 146,034
Basic earnings per Common OP Unit .............. $ 0.17 $ 0.03 $ 0.39 $ 0.80
Diluted earnings per Common OP Unit ............ $ 0.17 $ 0.03 $ 0.38 $ 0.78
Distributions paid per Common OP Unit .......... $ 0.70 $ 0.6250 $ 2.50 $ 2.25
Cash flows provided by operating activities..... $ 69,556 $ 65,545 $ 254,380 $ 144,152
Cash flows used in investing activities ........ (108,704) (25,667) (243,078) (342,541)
Cash flows provided by (used in)
financing activities ......................... 74,433 (54,149) 37,470 214,133
Funds from operations (c) ...................... $ 98,120 $ 65,299 $ 320,434 $ 193,830
Weighted average number of Common OP
Units outstanding ........................... 73,484 64,923 78,531 56,567
</TABLE>
----------
(a) Represents AIMCO Properties, L.P. equity in earnings of unconsolidated
subsidiaries.
(b) Represents AIMCO Properties, L.P.'s share of earnings from partnerships
that own 115,951 apartment units at March 31, 2000 in which partnerships
AIMCO Properties, L.P. owns an equity interest.
(c) AIMCO Properties, L.P.'s management believes that the presentation of
funds from operations or "FFO", when considered with the financial data
determined in accordance with generally accepted accounting principles,
provides a useful measure of performance. However, FFO does not represent
cash flow and is not necessarily indicative of cash flow or liquidity
available to AIMCO Properties, L.P., nor should it be considered as an
alternative to net income or as an indicator of operating performance. The
Board of Governors of the National Association of Real Estate Investment
Trusts ("NAREIT") defines FFO as net income (loss), computed in accordance
with generally accepted accounting principles, excluding gains and losses
from debt restructuring and sales of property, plus real estate related
depreciation and amortization (excluding amortization of financing costs),
and after adjustments for unconsolidated partnerships and joint ventures.
AIMCO Properties, L.P. calculates FFO based on the NAREIT definition, as
adjusted for the amortization of goodwill, the non-cash deferred portion
of the income tax provision for unconsolidated subsidiaries and less the
payments of dividends on preferred limited partnership interests. AIMCO
Properties, L.P.'s management believes that presentation of FFO provides
investors with industry-accepted measurements which help facilitate an
understanding of its ability to make required dividend payments, capital
expenditures and principal payments on its debt. There can be no assurance
that AIMCO Properties, L.P.'s basis of computing FFO is comparable with
that of other REITS.
5
<PAGE> 6
The following is a reconciliation of net income to funds from operations:
<TABLE>
<CAPTION>
THREE MONTHS ENDED YEAR ENDED
MARCH 31, DECEMBER 31,
----------------- -------------------
2000 1999 1999 1998
---- ---- ---- ----
(IN THOUSANDS)
<S> <C> <C> <C> <C>
Net income .............................. $ 28,454 $ 14,864 $ 80,690 $ 68,928
Extraordinary item ...................... -- -- -- --
Gain loss on disposition of property .... (5,105) (15) 1,785 (4,287)
Real estate depreciation, net of minority
interests ........................... 56,976 25,095 121,084 79,869
Real estate depreciation related to
unconsolidated entities ............. 18,960 21,105 104,754 34,765
Amortization ............................ 2,083 12,999 36,731 26,177
Deferred taxes .......................... 852 2,456 1,763 9,215
Expenses associated with convertible
preferred securities ................ -- -- 6,892 --
--------- --------- --------- ---------
Preferred unit distributions ............ (4,101) (11,205) (33,265) (20,837)
--------- --------- --------- ---------
Funds from operations ................... $ 98,120 $ 65,299 $ 320,434 $ 193,830
--------- --------- --------- ---------
</TABLE>
As of March 31, 2000, AIMCO Properties, L.P. had a net tangible book
value of $61.3 per Common OP Unit.
4. The information contained in "The Offer-Section 8. Information Concerning
Us and Certain of Our Affiliates" in the first paragraph under "Ratio of
Earnings to Fixed Charges of AIMCO Properties, L.P." is hereby amended to
read as follows:
RATIOS OF EARNINGS TO FIXED CHARGES OF AIMCO PROPERTIES, L.P. The
following table shows for the AIMCO Properties, L.P. (i) the ratio of income to
fixed charges and (ii) the ratio of income to fixed charges and preferred unit
distributions.
<TABLE>
<CAPTION>
For the Three For the Year
Months Ended Ended
March 31, December 31,
----------------------- ---------------------------
2000 1999 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
Ratio of earnings to fixed
charges(1).......................... 1.7:1 1.9:1 2.4:1 1.6:1
Ratio of earnings to combined
fixed charges and preferred unit
distributions(2).................... 1.3:1 1.3:1 1.7:1 1.7:1
</TABLE>
---------------------
(1) Our ratio of earnings to fixed charges was computed by dividing earnings
by fixed charges. For this purpose, "earnings" consists of income before
minority interests (which includes equity in earnings of unconsolidated
subsidiaries and partnerships only to the extent of dividends received)
plus fixed charges (other than any interest which has been capitalized),
and "fixed charges" consists of interest expense (including amortization
of loan costs) and interest which has been capitalized.
(2) Our ratio of earnings to combined fixed charges and preferred unit
distributions was computed by dividing earnings by the total of fixed
charges and preferred unit distributions. For this purpose, "earnings"
consists of income before minority interests (which includes equity in
earnings of unconsolidated subsidiaries and partnerships only to the
extent of dividends received) plus fixed charges (other than any interest
which has been capitalized), "fixed charges" consists of interest expense
(including amortization of loan costs) and interest which has been
capitalized, and "preferred unit distributions" consists of the amount of
pre-tax earnings that would be required to cover preferred unit
distributions requirements.
6
<PAGE> 7
5. The last sentence of the third paragraph under "The Offer-Section 9.
Background and Reasons for the Offer-General" is hereby amended to read as
follows:
As of the date of this offering, AIMCO Properties, L.P. has made offers to
approximately 65 of the Insignia Partnerships, including your partnership.
6. The information under "The Offer-Section 9. Background and Reasons for the
Offer Considered by Your General Partner-Comparison of Consideration to
Alternative Consideration" is hereby amended to include the following
sub-headings after the "Comparison Table":
COMPARISON TABLE
<TABLE>
<CAPTION>
PER UNIT
--------
<S> <C>
Cash offer price .................................... $440.00
Alternatives
Prior cash tender offer price..................... $424.00-443.00
Prices on secondary market........................ $270.00-415.26
Stanger's estimate of liquidation value .......... $487
Stanger's estimate of net asset value ............ $470
Stanger's estimate of going concern value......... $448
Estimated liquidation proceeds.................... $440
General partner's estimate of net asset value..... $619
Affiliate's estimate of net liquidation value..... $613.35
</TABLE>
STANGER'S ESTIMATE OF NET ASSET VALUE, GOING CONCERN AND LIQUIDATION
VALUE
In connection with our prior offer to purchase units in your
partnership in November 1999, we retained Robert A. Stanger & Co., Inc.
("Stanger") to render an opinion as to the fairness of the consideration
originally offered of $418 per unit from a financial point of view, which
opinion Stanger rendered. Stanger is not affiliated with us or your general
partner. Stanger is one of the leaders in the field of analyzing and evaluating
complex real estate transactions. In rendering its opinion, Stanger did its own
independent estimate of your partnerships' net asset value, going concern value
and liquidation value. Stanger estimated a net asset value of $487 per unit, a
going concern value of $470 per unit, and a liquidation value of $448 per unit.
Going concern value is a measure of the value of your partnership if
it continued operating as an independent stand-alone entity. The estimated
value of your partnership on a going concern basis is not intended to reflect
the distributions payable to limited partners if its assets were to be sold at
their current market value. The estimated going-concern value of your
partnership was determined by analyzing projected cash flows and performing a
discounted cash flow analysis.
7. The information under "The Offer-Background and Reasons for the Offer-
Comparison of Consideration to Alternative Consideration-Prices on
Secondary Markets" hereby amended by adding the following:
Set forth in the table below are the high and low sales prices of
units for the years ended December 31, 1998 and 1999 and the three months ended
March 31, 2000, as reported by the American Partnership Board, which is an
independent, third-party source. The gross sales prices reported by American
Partnership Board do not necessarily reflect the net sales proceeds received by
sellers of units, which typically are reduced by commissions and other
secondary market transaction costs to amounts less than the reported prices.
The American Partnership Board represents one source of secondary sales
information, and the other services may contain prices for units that equal or
exceed sales prices reported by the American Partnership Board. We do not know
whether the information compiled by the American Partnership Board is accurate
or complete.
SALES PRICES OF PARTNERSHIP UNITS, AS REPORTED BY THE AMERICAN PARTNERSHIP BOARD
<TABLE>
<CAPTION>
HIGH LOW
---- ---
<S> <C> <C>
Three Months Ended March 31, 2000:............................ $ n/a $ n/a
Fiscal Year Ended December 31, 1999:.......................... n/a n/a
Fiscal Year Ended December 31, 1998:.......................... 514.23 375.00
</TABLE>
8. The information under "The Offer-Section 13. Certain Information
Concerning Your Partnership-Investment Objectives and Policies; Sales or
Financing of Investments" and "The Offer-Section 13. Certain Information
Concerning Your Partnership-Capital Replacements" regarding the amount
of the capital expenditures for 2000 is
7
<PAGE> 8
the total initial capital expenditures intended to be made for such
properties following our acquisition of the general partner, and not just
the amount for 2000.
9. The information under "The Offer-Section 13. Certain Information
Concerning Your Partnership-Financial Data" is hereby amended to read as
follows:
FINANCIAL DATA. The selected financial information of your
partnership set forth below for the years ended December 31, 1999 and 1998 is
based on audited financial statements. The selected financial information set
forth below for the three months ended March 31, 2000 and 1999 is based on
unaudited financial statements. This information should be read in conjunction
with such financial statements, including notes thereto, and "Management's
Discussion and Analysis of Financial Condition and Results of Operations of
Your Partnership" in the Annual Report on Form 10- KSB of your partnership for
the year ended December 31, 1999, and the Quarterly Report on Form 10-QSB for
the quarter ended March 31, 2000.
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES
(IN THOUSANDS, EXCEPT PER UNIT DATA)
<TABLE>
<CAPTION>
FOR THE THREE MONTHS FOR THE YEAR ENDED
ENDED MARCH 31, DECEMBER 31,
---------------------- ----------------------
2000 1999 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
OPERATING DATA:
Total revenues................................... $2,846 $3,461 $13,545 $37,663
Net income....................................... 225 999 3,772 28,576
Net income (Loss) per limited partnership unit... 1.12 4.97 18.76 142.12
Distributions per limited partnership unit....... 27.54 9.29 113.65 143.58
</TABLE>
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
----------------------- -----------------------
2000 1999 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
BALANCE SHEET DATA:
Cash and Cash Equivalents .............. $ 6,063 $ 7,230 $ 11,175 $ 8,683
Real Estate, Net of Accumulated
Depreciation ........................ 30,690 31,174 30,726 31,198
Total Assets ........................... 90,433 113,792 95,668 115,182
Notes Payable .......................... 26,999 27,282 27,074 27,300
General Partners' Capital (Deficit) .... (56) (86) (58) (96)
Limited Partners' Capital .............. 62,085 85,369 67,343 86,230
Partners' Capital ...................... 62,029 85,283 67,285 86,134
Total Distributions .................... (5,481) (1,850) (22,621) (28,598)
Net Increase (Decrease) in Cash
and Cash Equivalents ................. (5,112) (1,453) 2,492 (8)
Net Cash Provided by Operating
Activities ........................... 968 994 5,565 8,720
</TABLE>
10. The first sentence of "The Offer-Section 15. Source of Funds" is hereby
amended to read as follows:
We expect that approximately $36,075,292 will be required to purchase all
of the limited partnership units that we are seeking in this offer (exclusive
of fees and expenses estimated to be $15,000).
11. Annex II is hereby amended to add the following:
In June 2000, James N. Bailey was elected to the Board of Directors of
AIMCO. In 1973, Mr. Bailey co-founded Cambridge Associates, Inc., which is an
investment consulting firm for nonprofit institutions and wealthy family
groups. He is also co-founder, treasurer and director of The Plymouth Rock
Company, Direct Response Corporation and Homeowners's Direct Corporation, all
United States personal lines insurance company. He received his MBA and JD
degrees in 1973 from Harvard Business School and Harvard Law School.
8
