<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------------------------
SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(AMENDMENT NO. 10)
------------------------------------
SHELTER PROPERTIES IV LIMITED PARTNERSHIP
(Name of Issuer)
UNITS OF LIMITED PARTNERSHIP INTEREST
(Title of Class of Securities)
NONE
(CUSIP Number)
------------------------------------
PATRICK J. FOYE
EXECUTIVE VICE PRESIDENT
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
1873 SOUTH BELLAIRE STREET, 17TH FLOOR
DENVER, COLORADO 80222
(303) 757-8101
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
------------------------------------
COPY TO:
JOHN A. HEALY, ESQ.
ROGERS & WELLS LLP
200 PARK AVENUE
NEW YORK, NEW YORK 10166
(212) 878-8000
------------------------------------
OCTOBER 1, 1998
(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 that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box. |_|
- -------------------------------------------------------------------------------
(Continued on following pages)
(Page 1 of 26 Pages)
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------- -----------------------------------
CUSIP No. NONE 13D/A Page 2 of 26
- ------------------------------------- -----------------------------------
<S> <C> <C>
=============================================================================================================================
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)
COOPER RIVER PROPERTIES, L.L.C.
- -----------------------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------------------
4. SOURCE OF FUNDS
NOT APPLICABLE
- -----------------------------------------------------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
OR 2(e)
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -----------------------------------------------------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY -------------------------------------------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH
REPORTING 3,685
PERSON WITH -------------------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
3,685
- -----------------------------------------------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
19,737
- -----------------------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
39.5%
- -----------------------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
=============================================================================================================================
<PAGE>
- ------------------------------------- -----------------------------------
CUSIP No. NONE 13D/A Page 3 of 26
- ------------------------------------- -----------------------------------
=============================================================================================================================
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)
INSIGNIA PROPERTIES, L.P.
- -----------------------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------------------
4. SOURCE OF FUNDS
NOT APPLICABLE
- -----------------------------------------------------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
OR 2(e)
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -----------------------------------------------------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY -------------------------------------------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH
REPORTING 3,685
PERSON WITH -------------------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
3,685
- -----------------------------------------------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
19,737
- -----------------------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
39.5%
- -----------------------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
=============================================================================================================================
<PAGE>
- ------------------------------------- -----------------------------------
CUSIP No. NONE 13D/A Page 4 of 26
- ------------------------------------- -----------------------------------
=============================================================================================================================
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)
INSIGNIA PROPERTIES TRUST
- -----------------------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------------------
4. SOURCE OF FUNDS
NOT APPLICABLE
- -----------------------------------------------------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
OR 2(e)
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
MARYLAND
- -----------------------------------------------------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY -------------------------------------------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH
REPORTING 3,685
PERSON WITH -------------------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
3,685
- -----------------------------------------------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
19,737
- -----------------------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
39.5%
- -----------------------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
=============================================================================================================================
<PAGE>
- ------------------------------------- -----------------------------------
CUSIP No. NONE 13D/A Page 5 of 26
- ------------------------------------- -----------------------------------
=============================================================================================================================
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)
AIMCO PROPERTIES, L.P.
- -----------------------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------------------
4. SOURCE OF FUNDS
NOT APPLICABLE
- -----------------------------------------------------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
OR 2(e)
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -----------------------------------------------------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY -------------------------------------------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH
REPORTING 16,052
PERSON WITH -------------------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
16,052
- -----------------------------------------------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
19,737
- -----------------------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
39.5%
- -----------------------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
=============================================================================================================================
<PAGE>
- ------------------------------------- -----------------------------------
CUSIP No. NONE 13D/A Page 6 of 26
- ------------------------------------- -----------------------------------
=============================================================================================================================
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)
AIMCO-GP, INC.
- -----------------------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------------------
4. SOURCE OF FUNDS
NOT APPLICABLE
- -----------------------------------------------------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
OR 2(e)
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -----------------------------------------------------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY -------------------------------------------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH
REPORTING 16,052
PERSON WITH -------------------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
16,052
- -----------------------------------------------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
19,737
- -----------------------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
39.5%
- -----------------------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
=============================================================================================================================
<PAGE>
- ------------------------------------- -----------------------------------
CUSIP No. NONE 13D/A Page 7 of 26
- ------------------------------------- -----------------------------------
=============================================================================================================================
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
I.R.S. # 84-1259577
- -----------------------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------------------
4. SOURCE OF FUNDS
NOT APPLICABLE
- -----------------------------------------------------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d)
OR 2(e)
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
MARYLAND
- -----------------------------------------------------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY -------------------------------------------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH
REPORTING 19,737
PERSON WITH -------------------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
19,737
- -----------------------------------------------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
19,737
- -----------------------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
39.5%
- -----------------------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
=============================================================================================================================
</TABLE>
<PAGE>
AMENDMENT NO. 10 TO SCHEDULE 13D
This Amendment No. 10, which relates to the units of limited
partnership interest ("Units") in Shelter Properties IV Limited Partnership, a
South Carolina limited partnership (the "Partnership"), amends and supplements
the Statement on Schedule 13D (as amended through the date hereof, the
"Statement") previously filed with the Commission by Insignia Financial Group,
Inc. ("Insignia"). This Amendment No. 10 is being filed to report information
regarding the changes in beneficial ownership of the Units that occurred as a
result of the merger (the "AIMCO Merger") of Insignia, including its
controlling interest in Insignia Properties Trust ("IPT") with and into
Apartment Investment and Management Company, a Maryland corporation ("AIMCO"),
with AIMCO being the surviving corporation, on October 1, 1998. Accordingly,
this Amendment No. 10 relates to Units beneficially owned by Cooper River
Properties, L.L.C., a Delaware limited liability company ("Cooper River"),
Insignia Properties, L.P., a Delaware limited partnership ("IPLP"), IPT, AIMCO
Properties, L.P., a Delaware limited partnership ("AIMCO OP"), AIMCO-GP, Inc.,
a Delaware corporation ("AIMCO-GP"), and AIMCO (Cooper River, IPLP, IPT, AIMCO
OP, AIMCO-GP and AIMCO are sometimes collectively referred to in this Statement
as the "Reporting Persons").
The following Items of the Statement are hereby supplemented
and/or amended:
ITEM 2. IDENTITY AND BACKGROUND.
(a)-(c) Following the AIMCO Merger, AIMCO OP, AIMCO-GP and AIMCO
became beneficial owners of the Units. The principal business address of each
of the Reporting Persons is located at 1873 South Bellaire Street, 17th Floor,
Denver, Colorado 80222.
As a result of the completion of the AIMCO Merger on October 1,
1998, AIMCO succeeded to Insignia with respect to all interests owned by
Insignia, including Insignia's interests in IPT and IPLP. Upon consummation of
the AIMCO Merger, AIMCO and its subsidiaries contributed all of the common
partnership units in IPLP which it acquired from Insignia to AIMCO OP.
Accordingly, IPT remains the sole general partner of IPLP (owning approximately
66% of the total equity interests of IPLP) and AIMCO OP is the sole limited
partner of IPLP (owning approximately 34% of the total equity interests in
IPLP). AIMCO also owns approximately 50.7% of the outstanding common shares of
IPT, with the right to acquire up to 65.4% of such shares (based upon the
number of common shares of IPT outstanding as of October 1, 1998) upon AIMCO
OP's exercise of its right to exchange one common partnership unit of IPLP for
one common share of IPT.
As of June 30, 1998, AIMCO owns an approximately 89% controlling
interest in AIMCO OP through its wholly-owned subsidiaries, AIMCO-LP, Inc., a
Delaware corporation ("AIMCO-LP"), and AIMCO-GP. AIMCO-LP is a limited partner
of AIMCO OP (owning approximately 88% of the total equity interests) and
AIMCO-GP is the sole general partner of AIMCO (owning approximately 1% of the
total equity interests). The principal business of AIMCO OP is to own and
operate multifamily residential properties. The principal business of AIMCO-GP
is to act as the sole general partner of AIMCO OP. The directors and executive
officers of AIMCO-GP, which is the general partner of AIMCO OP, may be deemed
to control the management of AIMCO OP. AIMCO-GP's executive officers are the
same as those of AIMCO and the two directors of AIMCO-GP, Terry Considine and
Peter K. Kompaniez, are also directors of AIMCO. The name, business address,
present principal occupation or employment and citizenship of each director and
executive officer of AIMCO-GP and AIMCO are set forth in Schedule II to this
Statement.
8
<PAGE>
AIMCO was formed on January 10, 1994 and currently is one of the
largest owners and managers of multifamily apartment properties in the United
States, based on apartment unit data compiled by the National Multi Housing
Council as of January 1, 1998. As of June 30, 1998, AIMCO, through its
subsidiaries, owned or controlled 58,345 units in 210 apartment communities and
had an equity interest in 74,318 units in 478 apartment communities. In
addition, AIMCO managed 68,248 units in 357 apartment communities for third
parties and affiliates, for an aggregate portfolio of owned and managed
properties of 200,911 units in 1,045 apartment communities. The apartment
communities are located in 42 states, the District of Columbia and Puerto Rico.
AIMCO has elected to be taxed as a real estate investment trust ("REIT") for
federal income tax purposes. AIMCO conducts substantially all of its operations
through AIMCO OP and its subsidiaries.
On October 1, 1998, AIMCO acquired substantially all of Insignia's
residential assets and ownership interests (including its controlling interest
in IPT) pursuant to the AIMCO Merger. Insignia was a fully integrated real
estate services organization specializing in the ownership and operation of
securitized real estate assets, and was the largest manager of multifamily
residential properties in the United States as of January 1, 1998. As of the
consummation of the AIMCO Merger, Insignia provided, among other things,
property and/or asset management services for over 3,800 properties, including
approximately 272,000 residential units. Following the AIMCO Merger, AIMCO will
operate more than 2,000 properties, including nearly 400,000 apartment units
serving approximately one million residents.
Upon consummation of the AIMCO Merger, IPLP was appointed managing
member, and therefore replaced the previous managers, of Cooper River. In
addition, AIMCO appointed new trustees and executive officers of IPT. The name,
business address, present principal occupation or employment and citizenship of
each trustee and executive officer of IPT is set forth in Schedule I to this
Statement.
(d)-(e) During the past five years none of the Reporting Persons,
nor, to the best knowledge of the Reporting Persons, any of the persons listed
on Schedules I and II, has been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors) or been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction which
resulted in him or it being subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or mandating activities subject
to, federal or state securities laws or finding any violation with respect to
such laws.
ITEM 4. PURPOSE OF THE TRANSACTION.
Effective October 1, 1998 in connection with the AIMCO Merger,
AIMCO acquired a controlling interest in IPT, which in turn controls the
general partner of the Partnership (the "General Partner"). Upon consummation
of the AIMCO Merger, AIMCO appointed the directors and officers of AIMCO-GP
(which is a wholly-owned subsidiary of AIMCO) as the directors and officers of
the General Partner. In addition, AIMCO owns a majority of the company that
manages the Partnership's properties. The Reporting Persons intend that the
Partnership will continue its business and operations substantially as they are
currently being conducted.
In the near future, the Reporting Persons may acquire additional
Units or sell Units. Any acquisition may be made through private purchases,
market purchases or transactions effected on a so-called partnership trading
board, through one or more future tender or exchange offers, by merger,
consolidation or by any other means deemed advisable. Any acquisition may be
for cash, limited partnership interests in AIMCO OP or other consideration. The
Reporting Persons also may consider selling some or all of the Units they own
to persons not yet determined, which may include affiliates of AIMCO OP. AIMCO
OP may also buy the Partnership's properties, although it has no present
intention
9
<PAGE>
to do so. There can be assurance, however, that the Reporting Persons will
initiate or complete, or will cause the Partnership to initiate or complete,
any transaction during any specific time period or at all.
The Reporting Persons do not have any present plans or proposals
which relate to or would result in any material changes in the Partnership's
structure or business such as a merger, reorganization or liquidation. The
Reporting Persons have no present intention to cause the Partnership to sell
any of its properties or to prepay current mortgages within any specified time
period. A merger or other consolidation transaction and certain kinds of other
extraordinary transactions may require a vote of the limited partners of the
Partnership in accordance with the Partnership's Limited Partnership Agreement
or applicable state laws. The Reporting Persons' primary objective in acquiring
the Units is not to influence the vote on any particular transaction, but
rather to acquire additional interests in the Partnership at prices deemed
acceptable by the General Partner.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a)-(b) Cooper River directly owns 3,685 Units and AIMCO OP
directly owns 16,052 Units (for an aggregate of 19,737 Units), representing
approximately 7.4% and 32.1%, respectively, or a total of 39.5% of the
outstanding Units based on the 49,995 Units reported by the Partnership to be
outstanding at October 1, 1998.
As a result of Insignia being merged with and into AIMCO, with
AIMCO being the surviving corporation, in the AIMCO Merger, AIMCO succeeded to
Insignia as the beneficial owner of the Units. Immediately following the AIMCO
Merger on October 1, 1998, IPLP and AIMCO OP entered into an Assignment and
Assumption Agreement (the "Assignment Agreement"), pursuant to which IPLP
transferred and assigned, among other things, the Units directly owned by it to
AIMCO OP. Accordingly, AIMCO OP succeeded to IPLP as owner of the Units
previously directly owned by IPLP. AIMCO-GP and AIMCO may be deemed to
beneficially own the Units directly owned by AIMCO OP by reason of their
relationship with AIMCO OP. AIMCO controls AIMCO OP through its two
wholly-owned subsidiaries, AIMCO-GP, which is the sole general partner of AIMCO
OP, and AIMCO-LP, which is a limited partner (owning approximately 88% of the
total equity interests) of AIMCO OP. IPLP, IPT and AIMCO may be deemed to
beneficially own the Units directly owned by Cooper River by reason of each of
IPLP's, IPT's and AIMCO's relationship with Cooper River. Cooper River is a
wholly-owned subsidiary of IPLP and IPT is the sole general partner (owning
approximately 70% of the total equity interests) in IPLP. AIMCO currently owns
approximately 51% of the outstanding common shares of IPT, with the right to
acquire up to approximately 65% of such shares (as further described in Item 2
above).
Accordingly, for purposes of this Statement: (i) Cooper River is
reporting that it shares the power to vote or direct the vote and the power to
dispose or direct the disposition of the 3,685 Units directly owned by it; (ii)
IPLP and IPT are reporting that they each share the power to vote or direct the
vote and the power to dispose or direct the disposition of the 3,685 Units
directly owned by Cooper River; (iii) AIMCO OP is reporting that it shares the
power to vote or direct the vote and the power to dispose or direct the
disposition of the 16,052 Units directly owned by it; (iv) AIMCO-GP is
reporting that it shares the power to vote or direct the vote and the power to
dispose or direct the disposition of the 16,052 Units directly owned by AIMCO
OP; and (v) AIMCO is reporting that it shares the power to vote or direct the
vote and the power to dispose or direct the disposition of the aggregate of
19,737 Units directly owned by Cooper River and AIMCO OP.
10
<PAGE>
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
The information in Item 5 and the Assignment Agreement, which is
attached hereto as Exhibit 7.1, is incorporated herein by reference.
In addition to the AIMCO Merger, effective October 1, 1998, AIMCO
and IPT entered into an agreement and plan of merger (the "IPT Merger
Agreement"), which provides for, among other things, (a) the merger of IPT with
and into AIMCO, with AIMCO being the surviving corporation, or (b) the merger
of a subsidiary of AIMCO with and into IPT, with IPT being the surviving
corporation (collectively, the "IPT Merger"). The IPT Merger Agreement provides
that, upon consummation of the IPT Merger, shareholders of IPT (the "IPT
Shareholders") will receive $13.25 per common share of beneficial ownership,
$.01 par value per share (the "Shares"), of IPT in cash, or $13.28 per Share in
shares of common stock of AIMCO, at AIMCO's option.
The IPT Merger is subject to the approval of the IPT Shareholders,
regulatory approvals, and the satisfaction or waiver of various other
conditions. AIMCO has agreed to vote all Shares owned by it in favor of the IPT
Merger Agreement and the transactions contemplated thereby, and granted certain
members of the Board of Trustees of IPT (the "IPT Board") an irrevocable proxy
(the "Irrevocable Limited Proxy") to vote all Shares held by AIMCO at all
meetings of IPT Shareholders, and in every written consent in lieu of such
meetings, in favor of approval of the IPT Merger and any matter that could
reasonably be expected to facilitate the IPT Merger. Each grantee under the
Irrevocable Limited Proxy explicitly agreed in writing to vote all Shares
subject to the Irrevocable Limited Proxy in favor of the IPT Merger. The
Irrevocable Limited Proxy will terminate upon the earlier of (a) January 1,
2002 and (b) the consummation of the IPT Merger.
The board of directors of AIMCO and the IPT Board may agree in
writing to terminate the IPT Merger Agreement without completing the IPT
Merger. The IPT Merger Agreement may also be terminated in certain other
circumstances.
If the IPT Merger is not completed, AIMCO will continue to control
the majority of outstanding Shares. However, certain transactions involving
AIMCO and IPT that occur between the effective time of the IPT Merger and the
termination of the IPT Merger Agreement between AIMCO and IPT, including the
acquisition by AIMCO of assets of IPLP and interests in partnerships controlled
by IPT (including the Partnership), will be unwound.
The IPT Merger Agreement also provides that Andrew L. Farkas,
James A. Aston, Warren M. Eckstein, Frank M. Garrison and Bryan L. Herrmann
will continue to serve as trustees of IPT (collectively, the "Continuing
Trustees") until the earlier of the closing of the IPT Merger or the
termination of the IPT Merger Agreement. Pursuant to the IPT Merger Agreement
and the Bylaws of IPT, a majority of the Continuing Trustees must approve,
among other things, the following actions: (i) removal of a Continuing Trustee;
(ii) termination of IPT's independent auditors or the financial advisor or
legal counsel for the IPT Merger; (iii) all alternative proposals to acquire
IPT or its subsidiaries; (iv) amendment or waiver of any provision of (A) the
IPT Merger Agreement, (B) the Fourth Amended and Restated Agreement of Limited
Partnership of Insignia Properties, L.P., (C) the Declaration of Trust of IPT
or (D) the Bylaws of IPT; (v) modification of the powers of the Continuing
Trustees, and (vi) making of loans by IPT or its subsidiaries to AIMCO or its
subsidiaries. The Continuing Trustees' special powers terminate on the earliest
to occur of (i) the IPT Merger, (ii) January 1, 2002 or (iii) the sooner
termination of the IPT Merger Agreement under certain circumstances.
11
<PAGE>
In connection with the execution of the IPT Merger Agreement,
AIMCO and certain shareholders of IPT entered into an agreement, dated October
1, 1998 (the "Shareholder's Agreement"), whereby AIMCO agreed that, following a
termination of the IPT Merger Agreement under certain circumstances, it will
vote its IPT Shares as follows: for the first two annual meetings of IPT
Shareholders following such a termination, in favor of designees of the
Continuing Trustees so that such designees constitute a majority of the
trustees of the IPT Board, and thereafter in favor of designees of the
Continuing Trustees so that such designees constitute one less than a majority
of the trustees of the IPT Board. The Shareholder's Agreement remains in effect
as long as AIMCO and/or its affiliates own at least 10% of the outstanding IPT
Shares, but terminates upon consummation of the IPT Merger.
The information set forth above and in Item 2 is qualified in its
entirety by reference to the IPT Merger Agreement, Irrevocable Limited Proxy,
IPT Bylaws and Shareholder's Agreement, each of which is attached hereto as
Exhibits 7.2, 7.3, 7.4 and 7.5 and incorporated herein by reference.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 7.1 Assignment and Assumption Agreement, dated
as of October 1, 1998, between IPLP and AIMCO
OP.
Exhibit 7.2 Agreement and Plan of Merger, dated as of
October 1, 1998, by and between AIMCO and IPT.
Exhibit 7.3 Irrevocable Limited Proxy, dated October 1, 1998,
granted by AIMCO to Andrew L. Farkas, James A.
Aston and Frank M. Garrison.
Exhibit 7.4 Second Amended and Restated Bylaws of IPT, dated
October 2, 1998.
Exhibit 7.5 Shareholder's Agreement, dated October 1, 1998,
among AIMCO, Andrew L. Farkas, James A. Aston and
Frank M. Garrison.
Exhibit 7.6 Agreement of Joint Filing, dated October 26,
1998, among the Reporting Persons.
12
<PAGE>
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: October 26, 1998
COOPER RIVER PROPERTIES, L.L.C.
By: AIMCO Properties, L.P.,
its managing member
By: AIMCO-GP, Inc.,
its General Partner
By: /s/ PATRICK J. FOYE
----------------------------
Patrick J. Foye
Executive Vice President
INSIGNIA PROPERTIES, L.P.
By: Insignia Properties Trust,
its General Partner
By: /s/ PATRICK J. FOYE
----------------------------
Patrick J. Foye
Executive Vice President
INSIGNIA PROPERTIES TRUST
By: /s/ PATRICK J. FOYE
----------------------------
Patrick J. Foye
Executive Vice President
AIMCO PROPERTIES, L.P.
By: AIMCO-GP, Inc.,
its General Partner
By: /s/ PATRICK J. FOYE
----------------------------
Patrick J. Foye
Executive Vice President
13
<PAGE>
AIMCO-GP, INC.
By: /s/ PATRICK J. FOYE
---------------------------
Patrick J. Foye
Executive Vice President
APARTMENT INVESTMENT AND
MANAGEMENT COMPANY
By: /s/ PATRICK J. FOYE
---------------------------
Patrick J. Foye
Executive Vice President
14
<PAGE>
SCHEDULE I
INFORMATION REGARDING THE
TRUSTEES AND EXECUTIVE OFFICERS OF IPT
Set forth in the table below are the name and the present principal occupations
or employment and the name, principal business and address of any corporation
or other organization in which such occupation or employment is conducted of
each of the trustees and executive officers of IPT. Each person identified
below is employed by IPT, unless otherwise indicated, and is a United States
citizen. The principal business address of IPT and, unless otherwise indicated,
the business address of each person identified below, is 1873 South Bellaire
Street, 17th Floor, Denver, Colorado 80222. Trustees are identified by an
asterisk.
NAME PRESENT PRINCIPAL OCCUPATION
Terry Considine* Terry Considine has served as a Trustee and as
Chairman of the Board of Trustees and Chief
Executive Officer of IPT since October 1, 1998. For
additional information concerning Mr. Considine, see
Schedule II.
Peter. K. Kompaniez* Peter K. Kompaniez has served as President and a
Trustee of IPT since October 1, 1998. For additional
information concerning Mr. Kompaniez, see Schedule
II.
Thomas W. Toomey* Thomas W. Toomey has served as Executive Vice
President -- Finance and a Trustee of IPT since
October 1, 1998. For additional information
concerning Mr. Toomey, see Schedule II.
Joel F. Bonder Joel F. Bonder has served as Executive Vice
President and General Counsel of IPT since October
1, 1998. For additional information concerning Mr.
Bonder, see Schedule II.
Jeffrey P. Cohen Jeffrey P. Cohen has served as Secretary of IPT
since October 1, 1998. Mr. Cohen currently serves as
a Senior Vice President of Insignia/ESG Holdings,
Inc., a Delaware corporation ("Holdings"), and also
serves as Executive Managing Director of
Insignia/ESG, Inc., which is the operating company
of Holdings.
Patrick J. Foye* Patrick J. Foye has served as Executive Vice
President and a Trustee of IPT since October 1,
1998. For additional information concerning Mr.
Foye, see Schedule II.
Robert Ty Howard Robert Ty Howard has served as Executive Vice
President - Ancillary Services of IPT since October
1, 1998. For additional information concerning Mr.
Howard, see Schedule II.
I-1
<PAGE>
NAME PRESENT PRINCIPAL OCCUPATION
Steven D. Ira* Steven D. Ira has served as
Executive Vice President and a
Trustee of IPT since October 1,
1998. For additional information
concerning Mr. Ira, see Schedule
II.
David L. Williams David L. Williams has served as
Executive Vice President --
Property Operations of IPT since
October 1, 1998. For additional
information concerning Mr.
Williams, see Schedule II.
Harry G. Alcock* Harry G. Alcock has served as
Senior Vice President -
Acquisitions and a Trustee of
IPT since October 1, 1998. For
additional information
concerning Mr. Alcock, see
Schedule II.
Troy D. Butts Troy D. Butts has served as
Senior Vice President and Chief
Financial Officer of IPT since
October 1, 1998. For additional
information concerning Mr.
Butts, see Schedule II.
Andrew L. Farkas* Andrew L. Farkas currently
375 Park Avenue serves as a Continuing Trustee
Suite 3401 of IPT since October 1, 1998.
New York, New York 10152 Mr. Farkas' present principal
occupation is to serve as the
Chairman of the Board and Chief
Executive Officer of Holdings,
which is the parent company of
an international real estate
organization specializing in
commercial real estate services,
single-family brokerage and
mortgage origination,
condominium and cooperative
apartment management, equity
co-investment and other
services. Holdings' principal
executive offices are located at
200 Park Avenue, New York, New
York 10166.
James A. Aston* James A. Aston currently serves
15 South Main Street as a Continuing Trustee of IPT
Greenville, South Carolina 29601 since October 1, 1998. Mr.
Aston's present principal
occupation is to serve as Chief
Financial Officer and member of
the Office of the Chairman of
Holdings.
Frank M Garrison* Frank M. Garrison currently
102 Woodmont Boulevard serves as a Continuing Trustee
Suite 400 of IPT since October 1, 1998.
Nashville, Tennessee 37205 Mr. Garrison's present principal
occupation is as a member of the
Office of the Chairman of
Holdings.
I-2
<PAGE>
NAME PRESENT PRINCIPAL OCCUPATION
Bryan L. Herrmann* Bryan L. Herrmann currently
5043 Gould Avenue serves as a Continuing Trustee
La Canada, California 91011 of IPT since October 1, 1998.
Mr. Herrmann's present principal
occupation is as an investment
banker and Chairman and Chief
Executive Officer of Base Camp 9
Corp., since 1990. Mr. Herrman
served as a Trustee, Chairman of
the Compensation Committee and
member of the Executive
Committee of the Board of
Trustees of Angeles Mortgage
Investment Trust from 1994 until
September 1998. In addition to
his duties at Base Camp 9 Corp.,
from 1992 to 1994, Mr. Herrmann
served as Chief Executive
Officer of Spaulding Composites
Company and is currently a
member of its board of
directors. Since 1984 Mr.
Herrmann has been the general
partner of MOKG 1984 Investment
Partners Ltd. Mr. Herrmann is a
member of the board of directors
of Wynn's International, Inc., a
New York Stock Exchange Company.
Warren M. Eckstein* Warren M. Eckstein currently
Warburg Dillon Read serves as a Continuing Trustee
535 Madison Avenue of IPT since October 1, 1998.
6th Floor Mr. Eckstein's present principal
New York, New York 10022 occupation is as Managing
Director -- Investment Banking
of Paine Webber Incorporated,
since October 1996. Prior to
October 1996, Mr. Eckstein
served as Senior Vice President,
Investment Banking, of Dillon,
Reed & Co., Inc.
I-3
<PAGE>
SCHEDULE II
INFORMATION REGARDING THE DIRECTORS AND EXECUTIVE OFFICERS OF
AIMCO-GP AND AIMCO
1. DIRECTORS AND EXECUTIVE OFFICERS OF AIMCO-GP AND AIMCO. Set forth
in the table below are the name and the present principal occupations or
employment and the name, principal business and address of any corporation or
other organization in which such occupation or employment is conducted of each
of the directors and executive officers of AIMCO-GP and AIMCO. Unless otherwise
indicated, each person identified below is employed by AIMCO-GP and AIMCO. The
principal business address of each of AIMCO-GP and AIMCO and, unless otherwise
indicated, each person identified below, is 1873 South Bellaire Street, 17th
Floor, Denver, Colorado 80222. The two directors of AIMCO-GP are Terry
Considine and Peter K. Kompaniez. All persons identified below are United
States citizens.
<TABLE>
<CAPTION>
NAME POSITION
<S> <C>
Terry Considine Chairman of the Board of Directors and Chief Executive Officer
Peter K. Kompaniez Vice Chairman, President and Director
Thomas W. Toomey Executive Vice President - Finance and Administration
Joel F. Bonder Executive Vice President and General Counsel and Secretary
Patrick J. Foye Executive Vice President
Robert Ty Howard Executive Vice President - Ancillary Services
Steven D. Ira Executive Vice President and Co-Founder
David L. Williams Executive Vice President - Property Operations
Harry G. Alcock Senior Vice President - Acquisitions
Troy D. Butts Senior Vice President and Chief Financial Officer
Martha Carlin Senior Vice President - Ancillary Services
Joseph DeTuno Senior Vice President - Property Redevelopment
Jack W. Marquardt Senior Vice President - Accounting
Leeann Morein Senior Vice President - Investor Services and Secretary
David O'Leary Senior Vice President - Buyers Access
R. Scott Wesson Senior Vice President - Chief Information Officer
Richard S. Ellwood Director; Chairman, Audit Committee
J. Landis Martin Director; Chairman, Compensation Committee
Thomas L. Rhodes Director
John D. Smith Director
</TABLE>
2. BIOGRAPHICAL INFORMATION. The following is a biographical summary
of the experience of the current directors and executive officers of AIMCO-GP
and AIMCO for the past five years or more. Directors of AIMCO are identified by
an asterisk.
NAME PRINCIPAL OCCUPATIONS FOR THE LAST FIVE YEARS
Terry Considine* Mr. Considine has been Chairman of the Board of
Directors and Chief Executive Officer of AIMCO since
July 1994. He is the sole owner of Considine
Investment Co. and prior to July 1994 was owner of
approximately 75% of Property Asset Management,
L.L.C., a Colorado limited liability company, and
its related
II-1
<PAGE>
NAME PRINCIPAL OCCUPATIONS FOR THE LAST FIVE YEARS
entities (collectively, "PAM"), one of AIMCO's
predecessors. On October 1, 1996, Mr. Considine was
appointed Co-Chairman and director of Asset
Investors Corp. and Commercial Asset Investors,
Inc., two other public real estate investment
trusts, and appointed as a director of Financial
Assets Management, LLC, a real estate investment
trust manager. Mr. Considine has been involved as a
principal in a variety of real estate activities,
including the acquisition, renovation, development
and disposition of properties. Mr. Considine has
also controlled entities engaged in other businesses
such as television broadcasting, gasoline
distribution and environmental laboratories. Mr.
Considine received a B.A. from Harvard College, a
J.D. from Harvard Law School and is admitted as a
member of the Massachusetts Bar. Mr. Considine has
had substantial multifamily real estate experience.
From 1975 through July 1994, partnerships or other
entities in which Mr. Considine had controlling
interests invested in approximately 35 multifamily
apartment properties and commercial real estate
properties. Six of these real estate assets (four of
which were multifamily apartment properties and two
of which were office properties) did not generate
sufficient cash flow to service their related
indebtedness and were foreclosed upon by their
lenders, causing pre-tax losses of approximately
$11.9 million to investors and losses of
approximately $2.7 million to Mr. Considine.
Peter K. Kompaniez* Mr. Kompaniez has been Vice Chairman, President and
a director of AIMCO since July 1994. Since September
1993, Mr. Kompaniez has owned 75% of PDI Realty
Enterprises, Inc., a Delaware corporation ("PDI"),
one of AIMCO's predecessors, and serves as its
President and Chief Executive Officer. From 1986 to
1993, he served as President and Chief Executive
Officer of Heron Financial Corporation ("HFC"), a
United States holding company for Heron
International, N.V.'s real estate and related
assets. While at HFC, Mr. Kompaniez administered the
acquisition, development and disposition of
approximately 8,150 apartment units (including 6,217
units that have been acquired by the AIMCO) and 3.1
million square feet of commercial real estate. Prior
to joining HFC, Mr. Kompaniez was a senior partner
with the law firm of Loeb and Loeb where he had
extensive real estate and REIT experience. Mr.
Kompaniez received a B.A. from Yale College and a
J.D. from the University of California (Boalt Hall).
The downturn in the real estate markets in the late
1980s and early 1990s adversely affected the United
States real estate operations of Heron International
N.V. and its subsidiaries and affiliates (the "Heron
Group"). During this period from 1986 to 1993, Mr.
Kompaniez served as President and Chief Executive
Officer of Heron Financial Corporation ("HFC"), and
as a director or officer of
II-2
<PAGE>
NAME PRINCIPAL OCCUPATIONS FOR THE LAST FIVE YEARS
certain other Heron Group entities. In 1993, HFC,
its parent Heron International, and certain other
members of the Heron Group voluntarily entered into
restructuring agreements with separate groups of
their United States and international creditors. The
restructuring agreement for the United States
members of the Heron Group generally provided for
the joint assumption of certain liabilities and the
pledge of unencumbered assets in support of such
liabilities for the benefit of their United States
creditors. As a result of the restructuring, the
operations and assets of the United States members
of the Heron Group were generally separated from
those of Heron International and its non-United
States subsidiaries. At the conclusion of the
restructuring, Mr. Kompaniez commenced the
operations of PDI, which was engaged to act as asset
and corporate manager of the continuing United
States operations of HFC and the other United States
Heron Group members for the benefit of the United
States creditors. In connection with certain
transactions effected at the time of the initial
public offering of AIMCO Common Stock, Mr. Kompaniez
was appointed Vice Chairman of AIMCO and
substantially all of the property management assets
of PDI were transferred or assigned to AIMCO.
Thomas W. Toomey Mr. Toomey has served as Senior Vice President -
Finance and Administration of AIMCO since January
1996 and was promoted to Executive
Vice-President-Finance and Administration in March
1997. From 1990 until 1995, Mr. Toomey served in a
similar capacity with Lincoln Property Company
("LPC") as well as Vice President/Senior Controller
and Director of Administrative Services of Lincoln
Property Services where he was responsible for LPC's
computer systems, accounting, tax, treasury services
and benefits administration. From 1984 to 1990, he
was an audit manager with Arthur Andersen & Co.
where he served real estate and banking clients.
From 1981 to 1983, Mr. Toomey was on the audit staff
of Kenneth Leventhal & Company. Mr. Toomey received
a B.S. in Business Administration/Finance from
Oregon State University and is a Certified Public
Accountant.
Joel F. Bonder Mr. Bonder was appointed Executive Vice President
and General Counsel of AIMCO effective December 8,
1997. Prior to joining AIMCO, Mr. Bonder served as
Senior Vice President and General Counsel of NHP
from April 1994 until December 1997. Mr. Bonder
served as Vice President and Deputy General Counsel
of NHP from June 1991 to March 1994 and as Associate
General Counsel of NHP from 1986 to 1991. From 1983
to 1985, Mr. Bonder was with the Washington, D.C.
law firm of Lane & Edson, P.C. From 1979 to 1983,
Mr. Bonder practiced with the Chicago law firm of
Ross and Hardies. Mr. Bonder
II-3
<PAGE>
NAME PRINCIPAL OCCUPATIONS FOR THE LAST FIVE YEARS
received an A.B. from the University of Rochester
and a J.D. from Washington University School of Law.
Patrick J. Foye Mr. Foye has served as Executive Vice President of
AIMCO since May 1998. Prior to joining AIMCO, Mr.
Foye was a partner in the law firm of Skadden, Arps,
Slate, Meagher & Flom LLP from 1989 to 1998 and was
Managing Partner of the firm's Brussels, Budapest
and Moscow offices from 1992 through 1994. Mr. Foye
is also Deputy Chairman of the Long Island Power
Authority and serves as a member of the New York
State Privatization Council. He received a B.A. from
Fordham College and a J.D. from Fordham University
Law School.
Robert Ty Howard Mr. Howard was appointed Executive Vice President -
Ancillary Services in February 1998. Prior to
joining AIMCO, Mr. Howard served as an officer
and/or director of four affiliated companies, Hecco
Ventures, Craig Corporation, Reading Company and
Decurion Corporation. Mr. Howard was responsible for
financing, mergers and acquisitions activities,
investments in commercial real estate, both
nationally and internationally, cinema development
and interest rate risk management. From 1983 to
1988, he was employed by Spieker Properties. Mr.
Howard received a B.A. from Amherst College, a J.D.
from Harvard Law School and an M.B.A. from Stanford
University Graduate School of Business.
Steven D. Ira Mr. Ira is a Co-Founder of AIMCO and has served as
Executive Vice President of AIMCO since July 1994.
From 1987 until July 1994, he served as President of
PAM. Prior to merging his firm with PAM in 1987, Mr.
Ira acquired extensive experience in property
management. Between 1977 and 1981 he supervised the
property management of over 3,000 apartment and
mobile home units in Colorado, Michigan,
Pennsylvania and Florida, and in 1981 he joined with
others to form the property management firm of
McDermott, Stein and Ira. Mr. Ira served for several
years on the National Apartment Manager
Accreditation Board and is a former president of
both the National Apartment Association and the
Colorado Apartment Association. Mr. Ira is the sixth
individual elected to the Hall of Fame of the
National Apartment Association in its 54-year
history. He holds a Certified Apartment Property
Supervisor (CAPS) and a Certified Apartment Manager
designation from the National Apartment Association,
a Certified Property Manager (CPM) designation from
the National Institute of Real Estate Management
(IREM) and he is a member of the Board of Directors
of the National Multi-Housing Council, the National
Apartment Association and the Apartment Association
of Metro Denver. Mr. Ira received a B.S. from
Metropolitan State College in 1975.
II-4
<PAGE>
NAME PRINCIPAL OCCUPATION FOR THE LAST FIVE YEARS
David L. Williams Mr. Williams has been Executive Vice President -
Operations of AIMCO since January 1997. Prior to
joining AIMCO, Mr. Williams was Senior Vice
President of Operations at Evans Withycombe
Residential, Inc. from January 1996 to January 1997.
Previously, he was Executive Vice President at
Equity Residential Properties Trust from October
1989 to December 1995. He has served on National
Multi-Housing Council Boards and NAREIT committees.
Mr. Williams also served as Senior Vice President of
Operations and Acquisitions of US Shelter
Corporation from 1983 to 1989. Mr. Williams has been
involved in the property management, development and
acquisition of real estate properties since 1973.
Mr. Williams received his B.A. in education and
administration from the University of Washington in
1967.
Harry G. Alcock Mr. Alcock has served as Vice President since July
1996, and was promoted to Senior Vice President -
Acquisitions in October 1997, with responsibility
for acquisition and financing activities since July
1994. From June 1992 until July 1994, Mr. Alcock
served as Senior Financial Analyst for PDI and HFC.
From 1988 to 1992, Mr. Alcock worked for Larwin
Development Corp., a Los Angeles based real estate
developer, with responsibility for raising debt and
joint venture equity to fund land acquisitions and
development. From 1987 to 1988, Mr. Alcock worked
for Ford Aerospace Corp. He received his B.S. from
San Jose State University.
Troy D. Butts Mr. Butts has served as Senior Vice President and
Chief Financial Officer of AIMCO since November
1997. Prior to joining AIMCO, Mr. Butts served as a
Senior Manager in the audit practice of the Real
Estate Services Group for Arthur Andersen LLP in
Dallas, Texas. Mr. Butts was employed by Arthur
Andersen LLP for ten years and his clients were
primarily publicly-held real estate companies,
including office and multi-family real estate
investment trusts. Mr. Butts holds a Bachelor of
Business Administration degree in Accounting from
Angelo State University and is a Certified Public
Accountant.
Martha Carlin Ms. Carlin has served as Vice President since
September 1996 and was promoted to Senior Vice
President - Ancillary Services in December 1997.
From December 1995 until September 1996, Ms. Carlin
served as Chief Financial Officer for Wentwood
Investment Partners. Ms. Carlin was employed by
Arthur Andersen LLP for six years, with a primary
focus in real estate. Ms. Carlin was also employed
by MCI Communications and Lincoln Property Company.
Ms. Carlin received a B.S. from the University of
Kentucky and is a certified public accountant.
II-5
<PAGE>
NAME PRINCIPAL OCCUPATION FOR THE LAST FIVE YEARS
Joseph DeTuno Mr. DeTuno has been Senior Vice President - Property
Redevelopment of AIMCO since September 1997. Mr.
DeTuno was president and founder of JD Associates,
his own full service real estate consulting,
advisory and project management company which he
founded in 1990. JD Associates provided development
management, financial analysis, business plan
preparation and implementation services. Previously,
Mr. DeTuno served as President/Partner of Gulfstream
Commercial Properties, President and Co-managing
Partner of Criswell Development Company, Vice
President of Crow Hotel and Company and Project
Director with Perkins & Will Architects and
Planners. Mr. DeTuno received his B.A. in
architecture and is a registered architect in
Illinois and Texas.
Jack W. Marquardt Mr. Marquardt has been Senior Vice President -
Accounting of AIMCO since September 1997. Mr.
Marquardt brings over 17 years of real estate
accounting experience to AIMCO. From October 1992
through August 1997, Mr. Marquardt served as Vice
President/Corporate Controller and Manager of Data
Processing for Transwestern Property Company, where
he was responsible for corporate accounting, tax,
treasury services and computer systems. From August
1986 through September 1992, Mr. Marquardt worked in
the real estate accounting area of Aetna Realty
Investors, Inc. serving as Regional Controller from
April 1990 through September 1992. Mr. Marquardt
received a B.S. in Business Administration/Finance
from Ohio State University.
Leeann Morein Ms. Morein has served as Senior Vice President -
Investor Services since November 1997. Ms. Morein
has served as Secretary of AIMCO since July 1994.
From July 1994 until October 1997 Ms. Morein also
served as Chief Financial Officer. From September
1990 to March 1994, Ms. Morein served as Chief
Financial Officer of the real estate subsidiaries of
California Federal Bank, including the general
partner of CF Income Partners, L.P., a
publicly-traded master limited partnership. Ms.
Morein joined California Federal in September 1988
as Director of Real Estate Syndications Accounting
and became Vice President-Financial Administration
in January 1990. From 1983 to 1988, Ms. Morein was
Controller of Storage Equities, Inc., a real estate
investment trust, and from 1981 to 1983, she was
Director of Corporate Accounting for Angeles
Corporation, a real estate syndication firm. Ms.
Morein worked on the audit staff of Price Waterhouse
from 1979 to 1981. Ms. Morein received a B.A. from
Pomona College and is a Certified Public Accountant.
David O'Leary Mr. O'Leary has been President of Property Services
Group, Inc., an AIMCO subsidiary since December
1997. Property Services Group, Inc. administers the
Buyers Access program.
II-6
<PAGE>
NAME PRINCIPAL OCCUPATION FOR THE LAST FIVE YEARS
From 1993 until 1997, Mr. O'Leary served as Regional
Vice President and Senior Vice President for
Property Services Group, Inc., with responsibility
for program marketing and sales. From 1981 to 1993
Mr. O'Leary served as Vice President and Executive
Vice President for Commonwealth Pacific Inc., a
privately held real estate investment and management
firm based in Seattle, Washington. During his tenure
with Commonwealth Pacific, Inc., Mr. O'Leary was
responsible for acquisitions, dispositions,
development, and asset management from offices
located in Houston and Dallas, Texas, Atlanta,
Georgia and Seattle, Washington. Mr. O'Leary also
served as Vice President for Johnstown American
Companies, directing acquisition activities for the
Northeast United States. Mr. O'Leary received his
B.A. Degree from the University of Utah in 1979.
R. Scott Wesson Mr. Wesson has served as Senior Vice President -
Chief Information Officer of AIMCO since July 1997.
From 1994 until 1997, Mr. Wesson served as Vice
President of Information Services at Lincoln
Property Company, where he was responsible for
information systems infrastructure, technology
planning and business process re-engineering. From
1992 to 1994, Mr. Wesson served in the role of
Director of Network Services for Lincoln Property
Company, where he was responsible for the design and
deployment of the company's Wide Area Network and
Local Area Networks, comprising over 2,500
workstations in over 40 locations nationwide. From
1988 to 1992, he was a systems consultant with
Automatic Data Processing involved in design,
planning and deployment of financial and human
resources systems for several major, multinational
organizations. From 1984 to 1987, he was a Senior
Analyst with Federated Department Stores, Inc.
involved in planning and distribution. Mr. Wesson
received his B.S. from the University of Texas in
1984.
Richard S. Ellwood* Mr. Ellwood was appointed a Director of AIMCO in
12 Auldwood Lane July 1994 and is currently Chairman of the Audit
Rumson, NJ 07760 Committee. Mr. Ellwood is the founder and President
of R.S. Ellwood & Co., Incorporated, a real estate
investment banking firm. Prior to forming R.S.
Ellwood & Co., Incorporated in 1987, Mr. Ellwood had
31 years experience on Wall Street as an investment
banker, serving as: Managing Director and senior
banker at Merrill Lynch Capital Markets from 1984 to
1987; Managing Director at Warburg Paribas Becker
from 1978 to 1984; general partner and then Senior
Vice President and a director at White, Weld & Co.
from 1968 to 1978; and in various capacities at J.P.
Morgan & Co. from 1955 to 1968. Mr. Ellwood
currently serves as a director of FelCor Suite
Hotels, Inc. and Florida East Coast Industries, Inc.
II-7
<PAGE>
NAME PRINCIPAL OCCUPATION FOR THE LAST FIVE YEARS
J. Landis Martin* Mr. Martin was appointed a Director of AIMCO in July
1999 Broadway 1994 and became Chairman of the Compensation
Suite 4300 Committee in March 1998. Mr. Martin has served as
Denver, CO 80202 President and Chief Executive Officer and a Director
of NL Industries, Inc., a manufacturer of titanium
dioxide, since 1987. Mr. Martin has served as
Chairman of Tremont Corporation, a holding company
operating through its affiliates Titanium Metals
Corporation ("TIMET") and NL Industries, Inc., since
1990 and as Chief Executive Officer and a director
of Tremont since 1998. Mr. Martin has served as
Chairman of Timet, an integrated producer of titaniu
m, since 1987 and Chief Executive Officer since
January 1995. From 1990 until its acquisition by
Dresser Industries, Inc. ("Dresser") in 1994, Mr.
Martin served as Chairman of the Board and Chief
Executive Officer of Baroid Corporation, an oilfield
services company. In addition to Tremont, NL and
TIMET, Mr. Martin is a director of Dresser, which is
engaged in the petroleum services, hydrocarbon and
engineering industries.
Thomas L. Rhodes* Mr. Rhodes was appointed a Director of AIMCO in July
215 Lexington Avenue 1994. Mr. Rhodes has served as the President and a
4th Floor Director of National Review magazine since November
New York, NY 10016 30, 1992, where he has also served as a Director
since 1998. From 1976 to 1992, he held various
positions at Goldman, Sachs & Co. and was elected a
General Partner in 1986 and served as a General
Partner from 1987 until November 27, 1992. He is
currently Co-Chairman of the Board, Co-Chief
Executive Officer and a Director of Commercial
Assets Inc. and Asset Investors Corporation. He also
serves as a Director of Delphi Financial Group, Inc.
and its subsidiaries, Delphi International Ltd.,
Oracle Reinsurance Company, and the Lynde and Harry
Bradley Foundation. Mr. Rhodes is Chairman of the
Empire Foundation for Policy Research, a Founder and
Trustee of Change NY, a Trustee of The Heritage
Foundation, and a Trustee of the Manhattan
Institute.
John D. Smith* Mr. Smith was appointed a Director of AIMCO in
3400 Peachtree Road November 1994. Mr. Smith is Principal and President
Suite 831 of John D. Smith Developments. Mr. Smith has been a
Atlanta, GA 30326 shopping center developer, owner and consultant for
over 8.6 million square feet of shopping center
projects including Lenox Square in Atlanta, Georgia.
Mr. Smith is a Trustee and former President of the
International Council of Shopping Centers and was
selected to be a member of the American Society of
Real Estate Counselors. Mr. Smith served as a
Director for Pan-American Properties, Inc. (National
Coal Board of Great Britain) formerly known as
Continental Illinois Properties. He also serves as a
director of American Fidelity Assurance Companies
and is retained as an advisor by Shop System Study
Society, Tokyo, Japan.
II-8
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
7.1 Assignment and Assumption Agreement, dated as of
October 1, 1998, between IPLP and AIMCO OP
(incorporated by reference to Exhibit (c)(1) to
Amendment No. 8 to the Tender Offer Statement on
Schedule 14D-1 filed by Cooper River, IPLP, IPT and
AIMCO on October 19, 1998, with respect to
Consolidated Capital Institutional Properties).
7.2 Agreement and Plan of Merger, dated as of October 1,
1998, by and between AIMCO and IPT (incorporated by
reference to Exhibit 2.1 of IPT's Current Report on
Form 8-K, File No. 1-14179, dated October 1, 1998).
7.3 Irrevocable Limited Proxy, dated October 1, 1998,
granted by AIMCO to Andrew L. Farkas, James A. Aston
and Frank M. Garrison (incorporated by reference to
Exhibit 99.1 of IPT's Current Report on Form 8-K,
File No. 1-14179, dated October 1, 1998).
7.4 Second Amended and Restated Bylaws of IPT, dated
October 2, 1998 (incorporated by reference to
Exhibit 3.2 of IPT's Current Report on Form 8-K,
File No. 1-14179, dated October 1, 1998).
7.5 Shareholders' Agreement, dated October 1, 1998,
among AIMCO, Andrew L. Farkas, James A. Aston and
Frank M. Garrison (incorporated by reference to
Exhibit 99.2 of IPT's Current Report on Form 8-K,
File No. 1-14179, dated October 1, 1998).
7.6 Agreement of Joint Filing, dated October 26, 1998,
among the Reporting Persons.
26
<PAGE>
EXHIBIT 7.6
AGREEMENT OF JOINT FILING
Cooper River Properties, L.L.C., Insignia Properties, L.P., Insignia
Properties Trust, AIMCO Properties, L.P., AIMCO-GP, Inc. and Apartment
Investment and Management Company agree that the amendment to the Statement on
Schedule 13D to which this Agreement is attached as an exhibit, and all future
amendments to this Statement, shall be filed on behalf of each of them. This
Agreement is intended to satisfy Rule 13d-1(f) under the Securities Exchange
Act of 1934, as amended. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.
Dated: October 26, 1998
COOPER RIVER PROPERTIES, L.L.C.
By: AIMCO Properties, L.P.,
its managing member
By: AIMCO-GP, Inc.,
its General Partner
By: /s/ PATRICK J. FOYE
-------------------------------
Patrick J. Foye
Executive Vice President
INSIGNIA PROPERTIES, L.P.
By: Insignia Properties Trust,
its General Partner
By: /s/ PATRICK J. FOYE
-------------------------------
Patrick J. Foye
Executive Vice President
INSIGNIA PROPERTIES TRUST
By: /s/ PATRICK J. FOYE
-------------------------------
Patrick J. Foye
Executive Vice President
<PAGE>
AIMCO PROPERTIES, L.P.
By: AIMCO-GP, Inc.,
its General Partner
By: /s/ PATRICK J. FOYE
-------------------------------
Patrick J. Foye
Executive Vice President
AIMCO-GP, INC.
By: /s/ PATRICK J. FOYE
-------------------------------
Patrick J. Foye
Executive Vice President
APARTMENT INVESTMENT AND
MANAGEMENT COMPANY
By: /s/ PATRICK J. FOYE
-------------------------------
Patrick J. Foye
Executive Vice President
