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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
INVESTMENT PROPERTIES ASSOCIATES
- --------------------------------------------------------------------------------
(Name of Issuer)
Participations in Limited Partnership Interests
- --------------------------------------------------------------------------------
(Title of Class of Securities)
461430 10 0
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(CUSIP Number)
Joshua J. Mintz, Esq.
General Counsel
John D. and Catherine T. MacArthur Foundation
140 South Dearborn Street, Suite 1100
Chicago, Illinois 60603
(312) 726-8000
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 17, 1998
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(Date of Event which Requires Filing of this Statement)
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 the following box /___/.
Check the following box if a fee is being paid with this statement /____/. (A
fee is not required only if the reporting person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class
of securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Page 1 of 4 Pages
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CUSIP No. 461430 10 0 13D Page 2 of 4 Pages
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
<S> <C> <C>
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
John D. and Catherine T. MacArthur Foundation
I.R.S. Identification No. 23-7093598
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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 SOURCE OF FUNDS
00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS /__/
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
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7 SOLE VOTING POWER
NUMBER -0-
OF -------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY -0-
OWNED -------------------------------------------------------------
BY 9 SOLE DISPOSITIVE POWER
EACH -0-
REPORTING -------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH -0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON 0%
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
/__/
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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</TABLE>
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Page 3 of 4 Pages
AMENDMENT NO. 1 TO SCHEDULE 13D
This Amendment No. 1 to the Schedule 13D filed with the Securities and
Exchange Commission (the "Commission") by the John D. and Catherine T.
MacArthur Foundation (the "Foundation") on or about June 23, 1997 is being
filed in order to amend Items 5(a) and 5(c) with respect to the Foundation's
ownership of participation interests in the sole limited partner of Investment
Properties Associates, a New York limited partnership.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Items 5(a) and 5(c) are hereby amended in their entirety to state as
follows:
(a) As of the date hereof, the Foundation does not beneficially
own any Participation Interests because of a private sale of all
of its Participation Interests, as described in (c) below.
To the best knowledge of the Foundation, none of the
executive officers or directors of the Foundation owns any
Participation Interests.
(c) The Foundation has not effected during the past 60 days any
transaction in any Participation Interests except for the
following:
87,000 Participation Interests April 17, 1998 Privately Negotiated Sale at
price per Interest of $62.00
to Scoggin Capital Management,
L.P., 660 Madison Avenue, 20th
Floor, New York, New York, as
nominee for the following
parties:
Scoggin Capital Management; Bedford Falls Investors, LP.; DFG Corp.;
Jeffrey E. Schwarz; Jeffrey E. Schwarz Children's Trust; Schwarz Family
Foundation Trust; Sherwood Schwarz; George Gellert; Paul Pariser;
Charlie Bendit; Arthur Cornfeld; Alan Fisher; Glen Siegel; Adam H.
Miller; Martin Siegel; Stephen J. Miller, IRA; David Topping; Joe
DelVecchio; Steven Hornstock; Gary Sheppard; Earle S. Altman; Gregg
Schenker; Daniel Burack; and Chris Engel.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
There are no exhibits to this Amendment No. 1 to Schedule 13D.
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Page 4 of 4 Pages
SIGNATURE
After reasonable 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.
JOHN D. AND CATHERINE T. MACARTHUR
FOUNDATION
April 21, 1998
By: /s/ Joshua J. Mintz
---------------------------------
Joshua J. Mintz
Its: General Counsel
