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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
Tender Offer Statement Pursuant to Section 14(d)(1)
of the Securities Exchange Act of 1934
SCHEDULE 14D-1
(Amendment No. 3)
(Final Amendment)
Under the Securities Exchange Act of 1934
____________________
Balcor Pension Investors - III
(Name of Subject Company)
Walton Street Capital Acquisition Co. II, L.L.C.
Beattie Place LLC
Metropolitan Acquisition VII, L.L.C.
MAP VII Acquisition Corporation
Insignia Financial Group, Inc.
(Bidders)
LIMITED PARTNERSHIP INTERESTS
(Title of Class of Securities)
NONE
(CUSIP Number of Class of Securities)
____________________
Edward J. Schneidman John A. Healy
Mayer, Brown & Platt Jeffrey P. Cohen
190 South LaSalle Street Rogers & Wells
Chicago, Illinois 60603 200 Park Avenue
(312) 782-0600 New York, New York 10166
(212) 878-8000
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications on Behalf of Bidders)
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CUSIP No.: None 14D-1
1. Name of Reporting Person: Walton Street Capital Acquisition
Co. II, L.L.C.
S.S. or I.R.S. Identification Nos. of Above Person:
_________________________________________________________________
2. Check the Appropriate Box if a Member of a Group: (a) [x]
(b) [ ]
_________________________________________________________________
3. SEC Use Only:
_________________________________________________________________
4. Sources of Funds: WC, AF, OO
_________________________________________________________________
5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(e) or 2(f): [ ]
_________________________________________________________________
6. Citizenship or Place of Organization: Delaware
_________________________________________________________________
7. Aggregate Amount Beneficially Owned by Each Reporting Person:
7,564.015 Interests
_________________________________________________________________
8. Check if the Aggregate in Row (7) Excludes Certain Shares: [ ]
_________________________________________________________________
9. Percent of Class Represented by Amount in Row (7):
Approximately 3.2% of the Interests outstanding as of
March 31, 1997.
_________________________________________________________________
10. Type of Reporting Person: OO
_________________________________________________________________
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CUSIP No.: None 14D-1
1. Name of Reporting Person: Beattie Place LLC
S.S. or I.R.S. Identification Nos. of Above Person:
_________________________________________________________________
2. Check the Appropriate Box if a Member of a Group: (a) [x]
(b) [ ]
_________________________________________________________________
3. SEC Use Only:
_________________________________________________________________
4. Sources of Funds: AF, OO
_________________________________________________________________
5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(e) or 2(f): [ ]
_________________________________________________________________
6. Citizenship or Place of Organization: Delaware
_________________________________________________________________
7. Aggregate Amount Beneficially Owned by Each Reporting Person:
7,564.015 Interests
_________________________________________________________________
8. Check if the Aggregate in Row (7) Excludes Certain Shares: [ ]
_________________________________________________________________
9. Percent of Class Represented by Amount in Row (7):
Approximately 3.2% of the Interests outstanding as of
March 31, 1997.
_________________________________________________________________
10. Type of Reporting Person: OO
_________________________________________________________________
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CUSIP No.: None 14D-1
1. Name of Reporting Person: Metropolitan Acquisition VII,
L.L.C.
S.S. or I.R.S. Identification Nos. of Above Person:
_________________________________________________________________
2 Check the Appropriate Box if a Member of a Group: (a) [x]
(b) [ ]
_________________________________________________________________
3. SEC Use Only:
_________________________________________________________________
4. Sources of Funds: AF
_________________________________________________________________
5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(e) or 2(f): [ ]
_________________________________________________________________
6. Citizenship or Place of Organization: Delaware
_________________________________________________________________
7. Aggregate Amount Beneficially Owned by Each Reporting Person:
7,564.015 Interests
_________________________________________________________________
8. Check if the Aggregate in Row (7) Excludes Certain Shares: [ ]
_________________________________________________________________
9. Percent of Class Represented by Amount in Row (7):
Approximately 3.2% of the Interests outstanding as of
March 31, 1997.
_________________________________________________________________
10. Type of Reporting Person: OO
_________________________________________________________________
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CUSIP No.: None 14D-1
1. Name of Reporting Person: MAP VII Acquisition Corporation
S.S. or I.R.S. Identification Nos. of Above Person:
_________________________________________________________________
2 Check the Appropriate Box if a Member of a Group: (a) [x]
(b) [ ]
_________________________________________________________________
3. SEC Use Only:
_________________________________________________________________
4. Sources of Funds: AF
_________________________________________________________________
5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(e) or 2(f): [ ]
_________________________________________________________________
6. Citizenship or Place of Organization: Delaware
_________________________________________________________________
7. Aggregate Amount Beneficially Owned by Each Reporting Person:
7,564.015 Interests
_________________________________________________________________
8. Check if the Aggregate in Row (7) Excludes Certain Shares: [ ]
_________________________________________________________________
9. Percent of Class Represented by Amount in Row (7):
Approximately 3.2% of the Interests outstanding as of
March 31, 1997.
_________________________________________________________________
10. Type of Reporting Person: CO
_________________________________________________________________
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CUSIP No.: None 14D-1
1. Name of Reporting Person: Insignia Financial Group, Inc.
S.S. or I.R.S. Identification Nos. of Above Person:
_________________________________________________________________
2 Check the Appropriate Box if a Member of a Group: (a) [x]
(b) [ ]
_________________________________________________________________
3. SEC Use Only:
_________________________________________________________________
4. Sources of Funds: WC
_________________________________________________________________
5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(e) or 2(f): [ ]
_________________________________________________________________
6. Citizenship or Place of Organization: Delaware
_________________________________________________________________
7. Aggregate Amount Beneficially Owned by Each Reporting Person:
7,564.015 Interests
_________________________________________________________________
8. Check if the Aggregate in Row (7) Excludes Certain Shares: [ ]
_________________________________________________________________
9. Percent of Class Represented by Amount in Row (7):
Approximately 3.2% of the Interests outstanding as of
March 31, 1997.
_________________________________________________________________
10. Type of Reporting Person: CO
_________________________________________________________________
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Amendment No. 3 to Schedule 14D-1
This Amendment No. 3 constitutes the final Amendment to the
Tender Offer Statement on Schedule 14D-1 filed by Walton Street
Capital Acquisition Co. II, L.L.C. (the "Purchaser"), Beattie Place
LLC, Metropolitan Acquisition VII, L.L.C., MAP VII Acquisition
Corporation and Insignia Financial Group, Inc. with the Commission
on May 20, 1996, as amended by Amendment No. 1 filed with the
Commission on June 14, 1996 and Amendment No. 2 filed with the
Commission on June 26, 1996. All capitalized terms used herein but
not otherwise defined have the meanings ascribed to such terms in
the Offer to Purchase dated May 20, 1996 (the "Offer to Purchase"),
the Supplement to the Offer to Purchase dated June 14, 1996 (the
"Supplement") and the related Letter of Acceptance (the "Letter of
Acceptance," which together constitute the "Offer").
Item 6. Interest in Securities of the Subject Company.
Item 6 is hereby amended by the following:
(a) - (b) At 5:00 p.m., Eastern Time, on Monday, July 8,
1996, the Offer expired pursuant to its terms. Based on
information provided by the Depositary, a total of 7,564.015
Interests, representing approximately 3.2% of the outstanding
Interests, were validly tendered and not withdrawn pursuant to the
Offer. The Purchaser has accepted for payment all such Interests
at the purchase price of $130 per Interest in cash.
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SIGNATURES
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: April 9, 1997. WALTON STREET CAPITAL ACQUISITION
CO. II, L.L.C.
By: /s/ William Abrams
William Abrams
Manager
BEATTIE PLACE LLC
By: MAP VII Acquisition Corporation, its
managing member
By: /s/ Jeffrey L. Goldberg
Jeffrey L. Goldberg
Vice President
METROPOLITAN ACQUISITION VII, L.L.C.
By: MAP VII Acquisition Corporation, its
managing member
By: /s/ Jeffrey Goldberg
Jeffrey Goldberg
Vice President
MAP VII ACQUISITION CORPORATION
By: /s/ Jeffrey Goldberg
Jeffrey Goldberg
Vice President
INSIGNIA FINANCIAL GROUP, INC.
By: /s/ Frank Garrison
Frank Garrison
Executive Managing Director
