NTS PROPERTIES V
SC 13E4/A, 1999-02-16
REAL ESTATE
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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
              -----------------------------------------------------


                                 SCHEDULE 13E-4

                             AMENDMENT NO. 2 TO THE
                          ISSUER TENDER OFFER STATEMENT
                                (FINAL AMENDMENT)
      (Pursuant to Section 13(e)(1) of the Securities Exchange Act of 1934)

                                NTS-PROPERTIES V
                                (Name of Issuer)

                                NTS-PROPERTIES V
                        (Name of Person Filing Statement)

                          LIMITED PARTNERSHIP INTERESTS
                         (Title of Class of Securities)

                                    62942E308
                      (CUSIP Number of Class of Securities)

                     J.D. Nichols, Managing General Partner
                           NTS-Properties Associates V
                             10172 Linn Station Road
                           Louisville, Kentucky 40223
                                 (502) 426-4800
       (Name, Address and Telephone Number of Person Authorized to Receive
        Notices and Communications on Behalf of Person Filing Statement)

                                    Copy to:

                             Michael J. Choate, Esq.
                             Shefsky & Froelich Ltd.
                      444 North Michigan Avenue, Suite 2500
                             Chicago, Illinois 60611
                                 (312) 836-4066

                                October 14, 1998
     (Date Tender Offer First Published, Sent or Given to Security Holders)


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                               AMENDMENT NO. 2 TO
                 ISSUER TENDER OFFER STATEMENT ON SCHEDULE 13E-4

                                  INTRODUCTION

         This Amendment No. 2 dated February 16, 1999 supplements and amends the
Issuer Tender Offer Statement on Schedule 13E-4, as amended on January 25, 1999,
(the "Original  Statement") filed with the Securities and Exchange Commission on
October  14,  1998 by NTS  Properties  V (the  "Partnership")  and ORIG,  LLC, a
Kentucky limited liability company,  (the "Affiliate" and, collectively with the
Partnership,  the  "Offerors")  regarding the Offerors' offer to purchase in the
aggregate  up  to  1,200  limited  partnership  interests  in  the  Partnership.
Capitalized  terms not  defined  herein  shall  have the same  meaning as in the
Original  Statement.  A copy of the Offer to Purchase dated October 14, 1998 and
the related Letter of Transmittal  (which together  constitute the "Offer") were
incorporated by reference in the Original Statement.

         Under the terms of the  Offer,  the Offer  expired  at 12:00  midnight,
Eastern  Standard  Time,  on February 5, 1999. As of February 5, 1999 a total of
2,458  Interests  were  properly  tendered  pursuant to the Offer.  The Offerors
exercised  their right under the terms of the Offer to purchase  more than 1,200
Interests  and all 2,458  Interests  tendered  were  accepted  by the  Offerors,
without  proration.  The  Partnership  repurchased 600 of these  Interests.  The
Affiliate purchased 1,858 of these Interest. By Press Release dated February 16,
1999, the Offerors  announced:  (i) that the Offer had terminated as of February
5, 1999, as scheduled; and (ii) the final results of the Offer.

         This  Amendment   constitutes  the  final  amendment  to  the  Original
Statement in accordance with Rule 13e-4(c)(3) under the Securities  Exchange Act
of 1934, as amended (the "Exchange Act"), and General  Instruction D to Schedule
13E-4.

Item 4.  Interest in Securities of the Issuer.
- ---------------------------------------------

          Except for the  purchase of 2,458  Interests  by the Offerors for $205
per Interest as of February 5, 1999  pursuant to the Offer,  there have not been
any  transactions  involving  Interests that were effected during the past forty
(40) business days by the Partnership,  the General Partner,  Mr. Nichols or Mr.
Lavin, the Affiliate or any other associate or subsidiary of any such person.


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Item 9.  Material to be Filed as Exhibits.
- -----------------------------------------

         The response to Item 9 of the Schedule 13E-4 is hereby supplemented and
amended as follows:

         (a)(9)   Press Release by the Offerors dated February 16, 1999.




                                    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.

Date:    February 16, 1999          NTS-PROPERTIES V, a Maryland limited
                                    partnership

                                    By:        NTS-PROPERTIES ASSOCIATES V,
                                               General Partner

                                    By:        /s/ J. D. Nichols
                                               -----------------
                                               J.D. Nichols,
                                               Its:     Managing General Partner




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                                    EXHIBITS

Exhibit
Number                                        Description
- ------                                        -----------
(a)(9)              Press Release by the Offerors dated February 16, 1999















                                        4

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                                                                  Exhibit (a)(9)









             Press Release by the Offerors dated February 16, 1999.


<PAGE>


       NTS-PROPERTIES V AND ORIG, LLC ANNOUNCE EXPIRATION OF TENDER OFFER.


         Louisville,  Ky.  February 16,  1999.  NTS-Properties  V and ORIG,  LLC
announced today that the issuer tender offer for up to 1,200 Limited Partnership
Interests in NTS-Properties  V, which commenced on October 14, 1998,  expired on
February 5, 1999.

         The final  results of the Offer are as follows:  On February 5, 1998, a
total of 2,458  Interests  were  tendered  pursuant to the Offer.  The  Offerors
exercised  their right under the terms of the Offer to purchase  more than 1,200
Interests,  and  all of the  2,458  Interests  were  accepted  by the  Offerors.
NTS-Properties  V  repurchased  600  Interests  at a price of $205 per  Interest
pursuant to the Offer,  and ORIG,  LLC purchased  1,858  Interests at a price of
$205 per Interest pursuant to the Offer.





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