SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
(AMENDMENT NO. 4)
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SHELTER PROPERTIES III LIMITED PARTNERSHIP
(Name of Issuer)
Units of Limited Partnership Interest
(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
(803) 239-1675
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 17, 1995
(Date of Event Which Requires Filing of this Statement)
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Page 1 of 5 Pages
(no exhibits are filed herewith)
<TABLE>
SCHEDULE 13D
CUSIP NO. None PAGE 2 OF 5 PAGES
<S> <C> <C>
1. NAME OF REPORTING PERSON
S.S. OR I.R.S IDENTIFICATION NOS. OF ABOVE PERSONS
SP III ACQUISITION, L.L.C.
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS
WC, AF
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- ------------------------------------------------------------------------------
7. SOLE VOTING POWER
0*
NUMBER OF ------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY ------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER
REPORTING 0*
PERSON WITH ------------------------------------------------------
10. SHARED DISPOSITIVE POWER
0
- ------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
18,218
- ------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES [ ]
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Approximately 33.1% of the Units outstanding
as of April 1, 1995
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
- ------------------------------------------------------------------------------
</TABLE>
* SP III Acquisition, L.L.C. is the record holder of 12,629 Units, and Shelter
Realty III Corporation, which is the corporate general partner of the
Partnership, is the record holder of 200 Units. Insignia Financial Group, Inc.,
through its 99% ownership interest in SP III Acquisition, L.L.C. and its 100%
indirect ownership interest in Shelter Realty III Corporation, beneficially owns
12,829 Units and effectively has sole voting and dispositive power with respect
to those Units.
<TABLE>
SCHEDULE 13D
CUSIP NO. None PAGE 3 OF 5 PAGES
<S> <C> <C>
1. NAME OF REPORTING PERSON
S.S. OR I.R.S IDENTIFICATION NOS. OF ABOVE PERSONS
INSIGNIA FINANCIAL GROUP, INC.
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS
WC
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- ------------------------------------------------------------------------------
7. SOLE VOTING POWER
12,829**
NUMBER OF ------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 18,418 (See Item 5)
OWNED BY ------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER
REPORTING 12,829**
PERSON WITH ------------------------------------------------------
10. SHARED DISPOSITIVE POWER
0
- ------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
18,418
- ------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES [ ]
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Approximately 33.5% of the Units outstanding
as of April 1, 1995
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
- -------------------------------------------------------------------------------
</TABLE>
** SP III Acquisition, L.L.C. is the record holder of 12,629 Units, and Shelter
Realty III Corporation, which is the corporate general partner of the
Partnership, is the record holder of 200 Units. Insignia Financial Group, Inc.,
through its 99% ownership interest in SP III Acquisition, L.L.C. and its 100%
indirect ownership interest in Shelter Realty III Corporation, beneficially owns
12,829 Units and effectively has sole voting and dispositive power with respect
to those Units.
AMENDMENT NO. 4 TO SCHEDULE 13D
This Amendment No. 4 amends and supplements the Statement on Schedule
13D originally filed with the Commission on May 31, 1995, as amended by
Amendment No. 1 filed with the Commission on June 14, 1995, Amendment No. 2
("Amendment No. 2") filed with the Commission on June 21, 1995 and Amendment No.
3 ("Amendment No. 3") filed with the Commission on July 3, 1995 (collectively,
the "Schedule 13D"), by SP III Acquisition, L.L.C., a Delaware limited liability
company ("Acquisition"), and Insignia Financial Group, Inc. ("Insignia"), with
respect to units of limited partnership interest ("Units") in Shelter Properties
III Limited Partnership, a South Carolina limited partnership (the
"Partnership"). Capitalized terms used but not defined in this Amendment No. 4
have the meanings ascribed to them in the Schedule 13D.
Item 5. Interest in Securities of the Issuer.
On July 3, 1993, Insignia and Acquisition filed Amendment No. 3
reporting the preliminary results of the High River Offer. According to
information contained in the final amendment to the Tender Offer Statement on
Schedule 14D-1/Schedule 13D filed by High River, Riverdale and Icahn with the
Commission on November 17, 1995, the actual number of Units (the "High River
Units") purchased pursuant to the High River Offer was 5,398. The High River
Units represent approximately 9.8% of all outstanding Units. As a result of the
High River Agreement described in Amendment No. 2, Acquisition and Insignia may
be deemed to beneficially own the High River Units ultimately accepted for
purchase by High River. The High River Units, together with the 12,829 Units
already beneficially owned by Acquisition and Insignia, represent an aggregate
of 18,418 Units, or approximately 33.5% of all outstanding Units.
Item 7. Material to be Filed as Exhibits.
None.
4
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: November 22, 1995
SP III ACQUISITION, L.L.C.
By: /s/ Jeffrey L. Goldberg*
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Jeffrey L. Goldberg
President
INSIGNIA FINANCIAL GROUP, INC.
By: /s/ Frank M. Garrison*
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Frank M. Garrison
Executive Managing Director
*By: /s/ Jeffrey P. Cohen
-------------------------
Jeffrey P. Cohen
Attorney-in-Fact
5
