SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)
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BALCOR REALTY INVESTORS 85--SERIES I,
A REAL ESTATE LIMITED PARTNERSHIP
(Name of Issuer)
LIMITED PARTNERSHIP INTERESTS
(Title of Class of Securities)
NONE
(Cusip Number of Class of Securities)
JOHN K. LINES, ESQ.
GENERAL COUNSEL AND SECRETARY
INSIGNIA FINANCIAL GROUP, INC.
ONE INSIGNIA FINANCIAL PLAZA
GREENVILLE, SOUTH CAROLINA 29602
(803) 239-1675
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 17, 1996
(Date of Event Which Requires Filing of this Statement)
------------------------------------
Page 1 of 7 Pages
(no exhibits are filed herewith)
<PAGE>
- ----------------------- -------------------------
CUSIP No. None 13D Page 2 of 7 Pages
------------- ----- -----
- ----------------------- -------------------------
- ------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. OR I.R.S. Identification Nos. of Above Persons
INSIGNIA FINANCIAL GROUP, INC.
- ------------------------------------------------------------------------------
2 Check the Appropriate Box If a Member of a Group (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
3 SEC Use Only
- ------------------------------------------------------------------------------
4 Source of Funds
NOT APPLICABLE
- ------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ------------------------------------------------------------------------------
6 Citizenship or Place of Organization
DELAWARE
- ------------------------------------------------------------------------------
7 Sole Voting Power
0
---------------------------------------------------------
NUMBER OF 8 Shared Voting Power
SHARES
BENEFICIALLY 3,468.18465
OWNED BY ---------------------------------------------------------
EACH 9 Sole Dispositive Power
REPORTING
PERSON WITH 0
---------------------------------------------------------
10 Shared Dispositive Power
3,468.18465
- ------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
5,850.28
- ------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares [ ]
- ------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
7.0% (Based on 82,697 Interests reported as
outstanding as of December 31, 1995)
- ------------------------------------------------------------------------------
14 Type of Reporting Person
CO
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<PAGE>
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CUSIP No. None 13D Page 3 of 7 Pages
------------- ----- -----
- ----------------------- -------------------------
- ------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. OR I.R.S. Identification Nos. of Above Persons
MAP VII ACQUISITION CORPORATION
- ------------------------------------------------------------------------------
2 Check the Appropriate Box If a Member of a Group (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
3 SEC Use Only
- ------------------------------------------------------------------------------
4 Source of Funds
NOT APPLICABLE
- ------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ------------------------------------------------------------------------------
6 Citizenship or Place of Organization
DELAWARE
- ------------------------------------------------------------------------------
7 Sole Voting Power
0
---------------------------------------------------------
NUMBER OF 8 Shared Voting Power
SHARES
BENEFICIALLY 3,468.18465
OWNED BY ---------------------------------------------------------
EACH 9 Sole Dispositive Power
REPORTING
PERSON WITH 0
---------------------------------------------------------
10 Shared Dispositive Power
3,468.18465
- ------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
5,850.28
- ------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares [ ]
- ------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
7.0% (Based on 82,697 Interests reported as
outstanding as of December 31, 1995)
- ------------------------------------------------------------------------------
14 Type of Reporting Person
CO
- ------------------------------------------------------------------------------
<PAGE>
- ----------------------- -------------------------
CUSIP No. None 13D Page 4 of 7 Pages
------------- ----- -----
- ----------------------- -------------------------
- ------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. OR I.R.S. Identification Nos. of Above Persons
METROPOLITAN ACQUISITION VII, L.L.C.
- ------------------------------------------------------------------------------
2 Check the Appropriate Box If a Member of a Group (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
3 SEC Use Only
- ------------------------------------------------------------------------------
4 Source of Funds
NOT APPLICABLE
- ------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ------------------------------------------------------------------------------
6 Citizenship or Place of Organization
DELAWARE
- ------------------------------------------------------------------------------
7 Sole Voting Power
0
---------------------------------------------------------
NUMBER OF 8 Shared Voting Power
SHARES
BENEFICIALLY 3,468.18465
OWNED BY ---------------------------------------------------------
EACH 9 Sole Dispositive Power
REPORTING
PERSON WITH 0
---------------------------------------------------------
10 Shared Dispositive Power
3,468.18465
- ------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
5,850.28
- ------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares [ ]
- ------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
7.0% (Based on 82,697 Interests reported as
outstanding as of December 31, 1995)
- ------------------------------------------------------------------------------
14 Type of Reporting Person
OO
- ------------------------------------------------------------------------------
<PAGE>
- ----------------------- -------------------------
CUSIP No. None 13D Page 5 of 7 Pages
------------- ----- -----
- ----------------------- -------------------------
- ------------------------------------------------------------------------------
1 Name of Reporting Person
S.S. OR I.R.S. Identification Nos. of Above Persons
FMG ACQUISITION I, L.L.C.
- ------------------------------------------------------------------------------
2 Check the Appropriate Box If a Member of a Group (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
3 SEC Use Only
- ------------------------------------------------------------------------------
4 Source of Funds
NOT APPLICABLE
- ------------------------------------------------------------------------------
5 Check Box if Disclosure of Legal Proceedings is
Required Pursuant to Items 2(d) or 2(e) [ ]
- ------------------------------------------------------------------------------
6 Citizenship or Place of Organization
DELAWARE
- ------------------------------------------------------------------------------
7 Sole Voting Power
0
---------------------------------------------------------
NUMBER OF 8 Shared Voting Power
SHARES
BENEFICIALLY 3,468.18465
OWNED BY ---------------------------------------------------------
EACH 9 Sole Dispositive Power
REPORTING
PERSON WITH 0
---------------------------------------------------------
10 Shared Dispositive Power
3,468.18465
- ------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
5,850.28
- ------------------------------------------------------------------------------
12 Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares [ ]
- ------------------------------------------------------------------------------
13 Percent of Class Represented by Amount in Row (11)
7.0% (Based on 82,697 Interests reported as
outstanding as of December 31, 1995)
- ------------------------------------------------------------------------------
14 Type of Reporting Person
OO
- ------------------------------------------------------------------------------
<PAGE>
AMENDMENT NO. 1 TO SCHEDULE 13D
This Amendment No. 1, which is being filed jointly by Insignia
Financial Group, Inc. ("Insignia"), MAP VII Acquisition Corporation ("MAP"),
Metropolitan Acquisition VII, L.L.C. ("Metropolitan") and FMG Acquisition I,
L.L.C. ("FMG"), supplements and amends the Statement on Schedule 13D relating
to the Interests originally filed jointly by Insignia, MAP, Metropolitan and
FMG with the Commission on May 13, 1996 (the "Statement").
Item 5 of the Statement is hereby amended and supplemented to include
the following:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
As previously disclosed, FMG owns a 25% general partner interest
in WIG 85--I Partners, which is the record owner of 3,176.125 Interests.
Insignia owned a 99% equity interest in FMG and Insignia Commercial Group,
Inc. ("ICG"), which is a wholly-owned subsidiary of Insignia, owned the
remaining 1% equity interest in FMG. Effective as of May 17, 1996, Insignia
transferred its 99% equity interest in FMG to Metropolitan and ICG transferred
its 1% equity interest in FMG to MAP. As a result of the foregoing transfers,
Insignia and ICG no longer have any direct interest in FMG. However, because
Insignia controls both MAP and Metropolitan, Insignia continues to control
FMG.
6
<PAGE>
SIGNATURES
After due inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: May 17, 1996
INSIGNIA FINANCIAL GROUP, INC.
By:/s/ FRANK M. GARRISON
-----------------------------------
Frank M. Garrison
Executive Managing Director
MAP VII ACQUISITION CORPORATION
By:/s/ JEFFREY L. GOLDBERG
-----------------------------------
Jeffrey L. Goldberg
Vice President
METROPOLITAN ACQUISITION VII, L.L.C.
By: MAP VII ACQUISITION CORPORATION,
its managing member
By:/s/ JEFFREY L. GOLDBERG
-----------------------------------
Jeffrey L. Goldberg
Vice President
FMG ACQUISITION I, L.L.C.
By:/s/ JEFFREY L. GOLDBERG
-----------------------------------
Jeffrey L. Goldberg
President
7
