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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 14D-1
Tender Offer Statement Pursuant to Section 14(d)(1)
of the Securities Exchange Act of 1934
(Amendment No. 5)
(Final Amendment)
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KRUPP REALTY FUND, LTD.-III
(Name of Subject Company)
KRESCENT PARTNERS L.L.C.
AP-GP PROM PARTNERS INC.
AMERICAN HOLDINGS I, L.P.
AMERICAN HOLDINGS I-GP, INC.
AMERICAN PROPERTY INVESTORS, INC.
(Bidders)
UNITS OF INVESTOR LIMITED PARTNERSHIP INTERESTS
(Title of Class
of Securities)
501128 10 2
(CUSIP Number of Class
of Securities)
________________________________________________________________________________
W. Edward Scheetz
Krescent Partners L.L.C.
1301 Avenue of the Americas, 38th Floor
New York, NY 10019
Copies to:
Peter M. Fass Bonnie D. Podolsky
Steven L. Lichtenfeld Gordon Altman Butowsky
Battle Fowler LLP Weitzen Shalov & Wein
75 East 55th Street 114 West 47th Street
New York, NY 10022 New York, NY 10036
(212) 856-7000 (212) 626-0800
(Name, Address and Telephone Number of
Person Authorized to Receive Notices and
Communications on Behalf of Bidder)
(Continued on following pages)
(Page 1 of 9 pages)
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Cusip No.: 501128 10 2 14D-1 Page 2 of 9
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
KRESCENT PARTNERS L.L.C.
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) { }
(b) {X}
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3. SEC Use Only
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4. Sources of Funds (See Instructions)
AF; WC
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5. Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(e) or 2(f)
[ ]
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6. Citizenship or Place of Organization
Delaware
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7. Aggregate Amount Beneficially Owned by Each Reporting Person
824 Units of Investor Limited Partnership Interests
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8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
[ ]
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9. Percent of Class Represented by Amount in Row (7)
3.3%
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10. Type of Reporting Person (See Instructions)
OO
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Cusip No.: 501128 10 2 14D-1 Page 3 of 9
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
AP-GP PROM PARTNERS INC.
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) { }
(b) {X}
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3. SEC Use Only
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4. Sources of Funds (See Instructions)
AF
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5. Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(e) or 2(f)
[ ]
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6. Citizenship or Place of Organization
Delaware
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7. Aggregate Amount Beneficially Owned by Each Reporting Person
824 Units of Investor Limited Partnership Interests
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8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
[ ]
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9. Percent of Class Represented by Amount in Row (7)
3.3%
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10. Type of Reporting Person (See Instructions)
CO
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Cusip No.: 501128 10 2 14D-1 Page 4 of 9
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
AMERICAN HOLDINGS I, L.P.
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) { }
(b) {X}
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3. SEC Use Only
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4. Sources of Funds (See Instructions)
AF; WC
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5. Check Box if Disclosure of Legal Proceedings is Required Pursuant to
Item 2(e) or 2(f)
[ ]
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6. Citizenship or Place of Organization
Delaware
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7. Aggregate Amount Beneficially Owned by Each Reporting Person
626 Units of Investor Limited Partnership Interests
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8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
[ ]
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9. Percent of Class Represented by Amount in Row (7)
2.5%
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10. Type of Reporting Person (See Instructions)
PN
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Cusip No.: 501128 10 2 14D-1 Page 5 of 9
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
AMERICAN HOLDINGS I-GP, INC.
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) { }
(b) {X}
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3. SEC Use Only
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4. Sources of Funds (See Instructions)
OO
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5. Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(e) or 2(f)
[ ]
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6. Citizenship or Place of Organization
Delaware
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7. Aggregate Amount Beneficially Owned by Each Reporting Person
626 Units of Investor Limited Partnership Interests
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8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
[ ]
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9. Percent of Class Represented by Amount in Row (7)
2.5%
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10. Type of Reporting Person (See Instructions)
CO
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Cusip No.: 501128 10 2 14D-1 Page 6 of 9
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
AMERICAN PROPERTY INVESTORS, INC.
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) { }
(b) {X}
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3. SEC Use Only
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4. Sources of Funds (See Instructions)
OO
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5. Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(e) or 2(f)
[ ]
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6. Citizenship or Place of Organization
Delaware
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7. Aggregate Amount Beneficially Owned by Each Reporting Person
626 Units of Investor Limited Partnership Interests
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8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
[ ]
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9. Percent of Class Represented by Amount in Row (7)
2.5%
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10. Type of Reporting Person (See Instructions)
CO
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AMENDMENT NO. 5 (FINAL AMENDMENT) TO SCHEDULE 14D-1
This Amendment No. 5 (Final Amendment) amends the Tender Offer Statement
on Schedule 14D-1 by Krescent Partners L.L.C., a Delaware limited liability
company (the "Purchaser"), and American Holdings I, L.P., a Delaware limited
partnership ("AHI"), dated November 21, 1996 (the "Schedule 14D-1"), as amended
by Amendment No. 1 dated December 20, 1996, Amendment No. 2 dated December 31,
1996, Amendment No. 3 dated January 9, 1997 and Amendment No. 4 dated January
10, 1997, relating to the tender offer by the Purchaser and AHI to purchase up
to 5,117 of the issued and outstanding Units of Investor Limited Partnership
Interests ("Units") of Krupp Realty Fund, Ltd.-III, a Massachusetts limited
partnership (the "Partnership"), upon the terms and subject to the conditions
set forth in the Purchaser's Offer to Purchase dated November 21, 1996, as
amended by the Supplement to the Offer to Purchase (the "Supplement") by the
Purchaser and AHI dated January 10, 1997.
Capitalized terms used but not otherwise defined herein shall have the
meanings set forth in the Schedule 14D-1, the Offer to Purchase and the
Supplement.
ITEM 4. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 4(a) is hereby supplemented and amended as follows:
The total amount of funds required by the Purchaser to purchase 819
Units accepted for payment pursuant to the Offer, excluding related fees and
expenses, is $303,030. The Purchaser obtained such funds from capital
contributions from its members.
The total amount of funds required by AHI to purchase 588 Units
accepted for payment pursuant to the Offer, excluding related fees and
expenses, is $217,560. AHI obtained such funds from capital contributions from
its partners.
ITEM 6. INTEREST IN SECURITIES OF THE SUBJECT COMPANY.
Item 6(a)-(b) is hereby supplemented and amended as follows:
The Offer expired at 12:00 Midnight, New York City time, on Friday,
January 31, 1997. Based on preliminary information provided by the Information
Agent/Depositary to the Purchaser, pursuant to the Offer, as of 12:00 Midnight,
New York City time, on Friday, January 31, 1997, the Purchaser accepted for
payment 1,407 Units. Pursuant to the terms of the Offer, the Purchaser
purchased 58.2% of the accepted Units, or 819 Units, which constitute
approximately 3.3% of the outstanding Units and the Purchaser assigned to AHI
41.8% of the accepted Units, or 588 Units, which constitute approximately
2.4% of the outstanding Units.
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ITEM 10. ADDITIONAL INFORMATION.
Item 10(f) is hereby supplemented and amended as follows:
The first paragraph of Section 14 of the Offer to Purchase is hereby
amended and restated in its entirety as follows:
Notwithstanding any other provisions of the Offer and in addition to
(and not in limitation of) the Purchaser's and AHI's rights to extend and amend
the Offer at any time in their sole discretion, neither the Purchaser nor AHI
shall be required to accept for payment, subject to Rule 14e-1(c) under the
Exchange Act, any tendered Units and may terminate the Offer as to any Units
not then paid for if, prior to the Expiration Date, (i) each of the Purchaser
and AHI shall not have confirmed to their reasonable satisfaction that, upon
purchase of the Units pursuant to the Offer, each of the Purchaser and AHI will
have full rights to ownership as to all such Units and each of the Purchaser
and AHI will become transferees of the purchased Units for all purposes under
the Partnership Agreement, (ii) each of the Purchaser and AHI shall not have
confirmed to their reasonable satisfaction that, upon the purchase of the Units
pursuant to the Offer, the Transfer Restrictions will have been satisfied, or
(iii) all authorizations, consents, orders or approvals of, or declarations or
filings with, or expirations of waiting periods imposed by, any court,
administrative agency or commission or other governmental authority or
instrumentality, domestic or foreign, necessary for the consummation of the
transactions contemplated by the Offer shall not have been filed, occurred or
been obtained. Furthermore, notwithstanding any other term of the Offer, the
Purchaser and AHI will not be required to accept for payment and may terminate
or amend the Offer as to such Units if, at any time on or after the date of the
Offer and before the Expiration Date, any of the following conditions exist:
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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: February 4, 1997
KRESCENT PARTNERS L.L.C.
By: AP-GP Prom Partners Inc., its
managing member
By: /s/ W. Edward Scheetz
----------------------------
Name: W. Edward Scheetz
Title: President
AP-GP PROM PARTNERS INC.
By: /s/ W. Edward Scheetz
----------------------------
Name: W. Edward Scheetz
Title: President
AMERICAN HOLDINGS I, L.P.
By: American Holdings I-GP, its
general partner
By: /s/ Maria Gazzola
-----------------------------------
Name: Maria Gazzola
Title: Assistant Vice President
AMERICAN HOLDINGS I-GP, INC.
By: /s/ Maria Gazzola
-------------------------------
Name: Maria Gazzola
Title: Assistant Vice President
AMERICAN PROPERTY INVESTORS, INC.
By: /s/ John P. Saldarelli
----------------------------
Name: John P. Saldarelli
Title: Vice President
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