<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. 7)
------------------------------------
CONSOLIDATED CAPITAL PROPERTIES V
(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 22 Pages)
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
- ------------------------------------- -----------------------------------
CUSIP No. NONE 13D/A Page 2 of 22
- ------------------------------------- -----------------------------------
=============================================================================================================================
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)
MADISON 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 43,795.8
PERSON WITH -------------------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
43,795.8
- -----------------------------------------------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
46,831.8
- -----------------------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.1%
- -----------------------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
=============================================================================================================================
<PAGE>
- ------------------------------------- -----------------------------------
CUSIP No. NONE 13D/A Page 3 of 22
- ------------------------------------- -----------------------------------
=============================================================================================================================
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 46,831.8
PERSON WITH -------------------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
46,831.8
- -----------------------------------------------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
46,831.8
- -----------------------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.1%
- -----------------------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
=============================================================================================================================
<PAGE>
- ------------------------------------- -----------------------------------
CUSIP No. NONE 13D/A Page 4 of 22
- ------------------------------------- -----------------------------------
=============================================================================================================================
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 46,831.8
PERSON WITH -------------------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
46,831.8
- -----------------------------------------------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
46,831.8
- -----------------------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.1%
- -----------------------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
=============================================================================================================================
<PAGE>
- ---------------------------------- -----------------------------------
CUSIP No. NONE 13D/A Page 5 of 22
- ---------------------------------- -----------------------------------
=============================================================================================================================
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 46,831.8
PERSON WITH -------------------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
46,831.8
- -----------------------------------------------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
46,831.8
- -----------------------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.1%
- -----------------------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
=============================================================================================================================
</TABLE>
<PAGE>
AMENDMENT NO. 7 TO SCHEDULE 13D
This Amendment No. 7, which relates to the units of limited
partnership interest ("Units") in Consolidated Capital Properties V, a
California 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. 7 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. 7 relates to Units beneficially owned by Madison River
Properties, L.L.C., a Delaware limited liability company ("Madison River"),
AIMCO Properties, L.P., a Delaware limited partnership ("AIMCO OP"), AIMCO-GP,
Inc., a Delaware corporation ("AIMCO-GP"), and AIMCO (Madison River, 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 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 I to this
Statement.
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
6
<PAGE>
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, Madison River became a
wholly-owned subsidiary of AIMCO OP (as further described in Item 6 below), and
AIMCO OP was appointed managing member, and therefore replaced the previous
managers, of Madison River.
(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 Schedule I, 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.
On July 30, 1998, Cooper River Properties, L.L.C. ("Cooper
River"), Insignia Properties, L.P. ("IPLP"), IPT and Insignia commenced a
tender offer (the "Offer") for up to 40,000 Units at a purchase price of $33
per Unit, net to the seller in cash, upon the terms and conditions set forth in
the Offer to Purchase dated July 30, 1998 (the "Offer to Purchase"). As a
result of the AIMCO Merger on October 1, 1998, AIMCO succeeded to Insignia's
outstanding equity interests, including Insignia's interests in IPT and IPLP.
Accordingly, Cooper River, IPLP, IPT and AIMCO have filed an amendment to the
Tender Offer Statement on Schedule 14D-1 disclosing the substitution of AIMCO
for Insignia as a bidder in the Offer. Cooper River, IPLP and IPT are
affiliates of AIMCO. The summary description of the Offer is qualified in its
entirety by reference to the Offer to Purchase, which is attached hereto as
Exhibit 7.6 and incorporated herein by reference.
Following the completion of the Offer, AIMCO and/or persons
related to or affiliated with it may acquire additional Units. Any such
acquisition may be made through private purchases, through one or more future
tender or exchange offers or by any other means deemed advisable. Any such
acquisition may be at a price higher or lower than the price to be paid for the
Units purchased pursuant to the Offer, and may be for cash or other
consideration. AIMCO presently is considering whether, following the
consummation of the Offer, it will engage in one or more exchange offers or
tender offers for Units. There is a substantial likelihood that, within a
relatively short time after the consummation of the Offer, AIMCO or one of its
affiliates will offer to acquire Units in exchange for preferred or common
units of limited partnership interest in AIMCO OP. While such an exchange offer
is probable, no definite plans exist as to when or whether to commence such an
exchange offer, or as to the terms of any such exchange offer, and it is
possible none will occur. AIMCO also expects that after
7
<PAGE>
consummation of the Offer it will consider and may pursue other means of
acquiring additional Units, including through further cash tender offers,
negotiated purchases or otherwise. AIMCO also may consider disposing of some or
all of the Units acquired pursuant to the Offer, either directly or by a sale
or other disposition of one or more interests in IPT or IPLP, depending among
other things on the requirements from time to time of AIMCO, IPT and their
affiliates in light of liquidity, strategic, tax and other considerations.
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) Madison River directly owns 43,795.8 Units and AIMCO OP
directly owns 3,036 Units (for an aggregate of 46,831.8 Units), representing
24.4% and 1.7%, respectively, or a total of 26.1% of the outstanding Units
based on the 179,537 Units 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, its equity interest in Madison
River and the Units directly owned by IPLP to AIMCO OP. Accordingly, AIMCO OP
succeeded to IPLP as owner of the Units previously directly owned by IPLP and
Madison River became a wholly-owned subsidiary of AIMCO OP. AIMCO-GP and AIMCO
may be deemed to beneficially own the Units directly owned by AIMCO OP and
Madison River 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.
Accordingly, for purposes of this Statement: (i) Madison 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 43,795.8 Units directly owned by it;
(ii) 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 3,036 Units directly
owned by it and the 43,795.8 Units directly owned by Madison River; and (iii)
AIMCO-GP and AIMCO 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
aggregate of 46,831.8 Units directly owned by Madison River and AIMCO OP.
(c) See Schedule II to this amendment for a list of transactions
effected by IPLP through private purchases within the past 60 days. Pursuant to
the Assignment Agreement, these Units were transferred by IPLP to AIMCO OP
effective October 1, 1998.
8
<PAGE>
(e) Following the AIMCO Merger and the subsequent assignment of
the Units owned by IPLP and IPLP's equity interest in Madison River to AIMCO OP
pursuant to the Assignment Agreement, on October 1, 1998, IPLP and IPT ceased
to be beneficial owners of the Units.
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
9
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(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.
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 Offer to Purchase, dated July 30, 1998.
Exhibit 7.7 Agreement of Joint Filing, dated October 26,
1998, among the Reporting Persons.
10
<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
MADISON 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
11
<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
12
<PAGE>
SCHEDULE I
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,
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<PAGE>
NAME PRINCIPAL OCCUPATIONS FOR THE LAST FIVE YEARS
L.L.C., a Colorado limited liability company, and its
related 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
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<PAGE>
NAME PRINCIPAL OCCUPATIONS FOR THE LAST FIVE YEARS
Financial Corporation ("HFC"), and as a director or
officer of 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
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<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.
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<PAGE>
NAME PRINCIPAL OCCUPATIONS 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.
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<PAGE>
NAME PRINCIPAL OCCUPATIONS 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.
I-6
<PAGE>
NAME PRINCIPAL OCCUPATIONS 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 July
12 Auldwood Lane 1994 and is currently Chairman of the Audit Committee.
Rumson, NJ 07760 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.
I-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 Committee
Suite 4300 in March 1998. Mr. Martin has served as President and
Denver, CO 80202 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 30,
New York, NY 10016 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 November
3400 Peachtree Road 1994. Mr. Smith is Principal and President of John D.
Suite 831 Smith Developments. Mr. Smith has been a shopping
Atlanta, GA 30326 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.
I-8
<PAGE>
SCHEDULE II
TRANSACTIONS IN THE UNITS
EFFECTED IN THE PAST 60 DAYS
Number of Price
Date Unit Purchased Per Unit
8/17/98 80.00 $17.00
8/17/98 20.00 17.00
II-1
<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 the
Partnership).
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 Offer to Purchase, dated July 30, 1998 (incorporated by
reference to Exhibit (a)(1) of the Tender Offer Statement on
Schedule 14D-1 filed by Cooper River, IPLP, IPT and Insignia
on July 30, 1998 with respect to the Partnership).
7.7 Agreement of Joint Filing, dated October 26, 1998, among the
Reporting Persons.
22
<PAGE>
EXHIBIT 7.7
AGREEMENT OF JOINT FILING
Madison River Properties, L.L.C., 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
MADISON 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
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
<PAGE>
APARTMENT INVESTMENT AND
MANAGEMENT COMPANY
By: /s/ PATRICK J. FOYE
----------------------------
Patrick J. Foye
Executive Vice President
