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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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AMENDMENT NO. 4
TO
SCHEDULE 13E-3
RULE 13E-3 TRANSACTION STATEMENT
(PURSUANT TO SECTION 13(E) OF THE SECURITIES EXCHANGE ACT OF 1934)
CONAM REALTY INVESTORS 5, L.P.
(NAME OF THE ISSUER)
ConAm Realty Investors 5, L.P. Continental American Properties, Ltd.
ConAm Property Services IV, Ltd. ConAm DOC Affiliates LLC
(NAME OF PERSONS FILING STATEMENT)
Units of Limited Partnership Interest
(TITLE OF CLASS OF SECURITIES)
44849P503
(CUSIP NUMBER OF CLASS OF SECURITIES)
Frederick B. McLane, Esq.
O'Melveny & Myers LLP
400 South Hope Street
Los Angeles, CA 90071-2899
(213) 430-6000
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICES
AND COMMUNICATIONS ON BEHALF OF PERSON(S) FILING STATEMENT)
This statement is filed in connection with (check the appropriate box):
a. [X] The filing of solicitation materials or an information statement
subject to Regulation 14A, Regulation 14C, or Rule 13e-3(c) under the
Securities Exchange Act of 1934.
b. The filing of a registration statement under the Securities Act of 1933.
c. A tender offer.
d. None of the above.
Check the following box if the soliciting materials or information statement
referred to in checking box (a) are preliminary copies. [_]
CALCULATION OF FILING FEE
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$19,420,330 $3,885
Transaction Valuation(1) Amount Of Filing Fee
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[X] Check box if any part of the fee is offset as provided by Rule 0-11(a)(2)
and identify the filing with which the offsetting fee was previously paid.
Identify the previous filing by registration statement number, or the Form
or Schedule and the date of its filing.
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<S> <C>
Amount previously paid: $3,900 Filing party: ConAm Realty Investors 5, L.P.
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Form or registration no.: Schedule 14A Date filed: August 20, 1998
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Instruction. Eight copies of this statement, including all exhibits, should be
filed with the Commission.
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(1) For purposes of calculating the filing fee only. The filing fee was
calculated in accordance with Rule 0-11 under the Securities Exchange Act
of 1934, as amended, and equals 1/50 of one percent of the aggregate
amount of cash to be distributed to securityholders in connection with the
transaction.
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CONAM REALTY INVESTORS 5, L.P.
1764 SAN DIEGO AVENUE
SAN DIEGO, CALIFORNIA 92110-1906
This Rule 13e-3 Transaction Statement (this "Statement") relates to the
proposed sale of the remaining two properties (the "Properties") of ConAm
Realty Investors 5, L.P., a California limited partnership (the
"Partnership"), to a Delaware limited liability company (the "Purchaser") to
be formed if the proposed sale is approved by the Partnership's limited
partners. It is anticipated that, shortly after the sale of the Properties,
the net proceeds from the sale, together with certain cash reserves, would be
distributed to the limited partners and the Partnership would be liquidated. A
final distribution of cash from reserves would be distributed to limited
partners at the time of liquidation.
The general partner of the Partnership is ConAm Property Services IV, Ltd.
(the "General Partner"). Continental American Development, Inc., a California
corporation ("CADI"), is the general partner of the General Partner. The
shareholders of CADI are substantially identical to the partners of
Continental American Properties, Ltd. ("CAPL"). CAPL is the managing member of
ConAm DOC Affiliates LLC, which will own a 9% interest in the Purchaser. In
addition, the shareholders of CADI are identical to the shareholders of ConAm
Management Corporation ("ConAm Management"), which will act as the initial
property manager for the Purchaser with respect to the Property if the
proposed sale is approved.
A definitive consent solicitation statement (the "Consent Solicitation
Statement") regarding the proposed sale was filed with the Securities and
Exchange Commission on December 14, 1998.
The following Cross-Reference Sheet is supplied pursuant to General
Instruction F of Schedule 13E-3 and cites the location in the Consent
Solicitation Statement of the information required to be included in response
to the items of this Statement, which Consent Solicitation Statement is hereby
incorporated by reference to the extent so cited. Capitalized terms used
herein and not otherwise defined herein shall have the meanings ascribed to
them in the Consent Solicitation Statement.
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CROSS-REFERENCE SHEET
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Item of Schedule 13E-3 Location in Consent Solicitation Statement
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Item 1. Issuer and Class of
Security Subject to the
Transaction
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(a) and (b) Outside Front Cover Page, "SUMMARY--The
Partnership," "ACTION BY CONSENT--Record Date,"
"MARKET FOR THE UNITS," "VOTING SECURITIES AND
PRINCIPAL HOLDERS THEREOF."
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(c) "MARKET FOR THE UNITS."
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(d) "DISTRIBUTIONS."
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(e) Not applicable.
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(f) Not applicable.
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Item 2. Identity and This Statement is being filed by the issuer and
Background certain affiliates of the issuer named in (b)
below.
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(a)-(c) ConAm Property Services IV, Ltd.
1764 San Diego Avenue
San Diego, California 92110-1906
State of organization: California
Principal business: Real estate investment
Continental American Properties, Ltd.
1764 San Diego Avenue
San Diego, California 92110-1906
State of organization: California
Principal business: Real estate investment
ConAm DOC Affiliates LLC
1764 San Diego Avenue
San Diego, California 92110-1906
State of organization: California
Principal business: Real estate investment
Continental American Development, Inc.
1764 San Diego Avenue
San Diego, California 92110-1906
State of organization: California
Principal business: Real estate investment
DJE Financial Corp.
1764 San Diego Avenue
San Diego, California 92110-1906
State of organization: California
Principal business: Real estate investment
Daniel J. Epstein
Chairman and Chief Executive Officer
ConAm Management Corporation
1764 San Diego Avenue
San Diego, California 92110-1906
Principal business: Real estate management
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2
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J. Bradley Forrester
President
ConAm Management Corporation
1764 San Diego Avenue
San Diego, California 92110-1906
Principal business: Real estate management
E. Scott Dupree, Esq.
Senior Vice President and General Counsel
ConAm Management Corporation
1764 San Diego Avenue
San Diego, California 92110-1906
Principal business: Real estate management
Robert J. Svatos
Senior Vice President and Chief Financial Officer
ConAm Management Corporation
1764 San Diego Avenue
San Diego, California 92110-1906
Principal business: Real estate management
Ralph W. Tilley
Senior Vice President and Treasurer
ConAm Management Corporation
1764 San Diego Avenue
San Diego, California 92110-1906
Principal business: Real estate management
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(d) Daniel J. Epstein has been Chairman and Chief
Executive Officer of ConAm Management Corporation
since 1983, and until March 1997 he was also
President of that corporation.
J. Bradley Forrester has been President of ConAm
Management Corporation since March 1997. From 1994
to March 1997, Mr. Forrester was Senior Vice
President of ConAm Management Corporation. Prior to
joining ConAm Management Corporation, Mr. Forrester
was Senior Vice President--Commercial Real Estate
for First Nationwide Bank from 1991 to 1994. First
Nationwide Bank was a national savings bank located
at 700 Market Street, San Francisco,
California.
E. Scott Dupree has been Senior Vice President
and General Counsel of ConAm Management
Corporation since 1993 and has been employed by
ConAm Management Corporation since 1985.
Robert J. Svatos has been Senior Vice President
and Chief Financial Officer of ConAm Management
Corporation since 1993 and has been employed by
ConAm Management Corporation since 1988.
Ralph W. Tilley has been Senior Vice President
and Treasurer of ConAm Management Corporation since
1993 and has been employed by ConAm Management
Corporation since 1980.
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(e) and (f) During the last five years, neither the
Partnership nor any of the persons named in the
response to Item 2(a) hereof has been
(i) convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors) or
(ii) a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction
and, as a result of such proceeding, was or is
subject to a judgment, decree or final order
enjoining further violations of, or prohibiting
activities subject to, federal or state
securities laws or finding any violation of such
laws.
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3
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(g) All natural persons named in the response to Item
2(a) are citizens of the United States of
America.
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Item 3. Past Contacts,
Transactions or
Negotiations
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(a)(1) Not applicable.
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(a)(2) "SPECIAL FACTORS--Alternatives Considered to the
Sale," "THE PROPOSALS--Background of the
Sale."
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(b) "SPECIAL FACTORS--Alternatives Considered to the
Sale," "THE PROPOSALS--Background of the
Sale."
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Item 4. Terms of the
Transaction
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(a) and (b) Outside Front Cover Page, "SUMMARY," "SPECIAL
FACTORS--Effects of the Sale," "--Fairness of the
Sale," "THE PROPOSALS--The Purchaser," "--
Background of the Sale," "--Conflicts of Interest
of the General Partner," "--Terms of the Purchase
Agreements," "--The Amendment."
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Item 5. Plans or Proposals
of the Issuer or Affiliate
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(a)-(g) Outside Front Cover Page, "SUMMARY," "SPECIAL
FACTORS-- Effects of the Sale," "THE PROPOSALS--
The Purchaser," "--Conflicts of Interest of the
General Partner," "--Failure to Approve the
Sale."
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Item 6. Source and Amounts
of Funds or Other
Consideration
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(a) "THE PROPOSALS--Purchaser's Valuation," "--
Background of the Sale," "--Terms of the Purchase
Agreements."
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(b) "ACTION BY CONSENT--Action by Consent."
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(c) "THE PROPOSALS--Terms of the Purchase
Agreements."
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(d) Not applicable.
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Item 7. Purposes,
Alternatives, Reasons and
Effects
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(a) "SPECIAL FACTORS--Reasons for the Sale," "THE
PROPOSALS--Background of the Sale."
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(b) "SPECIAL FACTORS--Alternatives Considered to the
Sale," "--Fairness of the Sale."
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(c) "SPECIAL FACTORS--Reasons for the Sale," "--
Alternatives Considered to the Sale," "--Fairness
of the Sale."
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(d) Outside Front Cover Page, "SUMMARY," "ACTION BY
CONSENT--Matters to be Considered," "SPECIAL
FACTORS--Effects of the Sale," "THE PROPOSALS--
The Purchaser," "--Conflicts of Interest of the
General Partner," "CERTAIN FEDERAL AND STATE
INCOME TAX CONSEQUENCES OF THE SALE," "NO
APPRAISAL RIGHTS," "MARKET FOR THE UNITS."
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4
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Item 8. Fairness of the
Transaction
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(a) and (b) "SUMMARY--Fairness of the Sale and Certain
Conflicts of Interest," "SPECIAL FACTORS--
Fairness of the Sale." Each filing person
reasonably believes that the Sale is fair to the
Limited Partners and has adopted the analysis of
the General Partner with respect thereto.
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(c) Outside Front Cover Page, "SUMMARY--Vote
Required," "ACTION BY CONSENT--Action by
Consent," "NO APPRAISAL RIGHTS."
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(d) "SPECIAL FACTORS--Fairness of the Sale," "THE
PROPOSALS--Background of the Sale," "--Conflicts
of Interest of the General Partner."
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(e) Not applicable.
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(f) "SPECIAL FACTORS--Alternatives Considered to the
Sale," "THE PROPOSALS--Background of the Sale."
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Item 9. Reports, Opinions,
Appraisals and Certain
Negotiations
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(a)-(c) "SUMMARY--Fairness of the Sale and Certain
Conflicts of Interest," "SPECIAL FACTORS--
Independent Appraisal."
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Item 10. Interest in
Securities of the Issuer
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(a) "SUMMARY--Security Ownership and Voting Thereof,"
"VOTING SECURITIES AND PRINCIPAL HOLDERS
THEREOF."
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(b) Not applicable.
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Item 11. Contracts, Not applicable.
Arrangements or
Understandings with Respect
to the Issuer's Securities
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Item 12. Present Intention
and Recommendation of
Certain Persons with Regard
to the Transaction
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(a) "SUMMARY--Security Ownership and Voting Thereof,"
"VOTING SECURITIES AND PRINCIPAL HOLDERS
THEREOF."
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(b) "ACTION BY CONSENT--Action by Consent," "SPECIAL
FACTORS--Reasons for the Sale."
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Item 13. Other Provisions
of the Transaction
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(a) "NO APPRAISAL RIGHTS."
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(b) Not applicable.
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(c) Not applicable.
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5
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Item 14. Financial
Information
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(a) "AVAILABLE INFORMATION," Annex 1 and Annex 2 to
Consent Solicitation Statement. The book value
per Unit as of the 1997 fiscal year end was $174.
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(b) Not applicable.
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Item 15. Persons and
Assets Employed, Retained
or Utilized
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(a) "THE PROPOSALS--The Purchaser."
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(b) "SUMMARY--Solicitation Agent," "ACTION BY
CONSENT-- Action by Consent," "VOTING
PROCEDURES."
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Item 16. Additional Not applicable.
Information
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Item 17. Material to be
Filed as Exhibits
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(a) Not applicable.
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(b) Previously filed.
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(c) Not applicable.
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(d) Previously filed.
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(e) Not applicable.
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(f) Memorandum to Solicitation Agent (attached as
Exhibit F hereto).
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6
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SIGNATURES
After due inquiry and to the best of my knowledge and belief, I certify that
the information set forth in this Statement is true, complete and correct.
Dated: December 31, 1998
CONAM REALTY INVESTORS 5, L.P.
By: CONAM PROPERTY SERVICES IV, LTD.,
its General Partner
By: CONTINENTAL AMERICAN DEVELOPMENT,
INC., its General Partner
By: /s/ Daniel J. Epstein
------------------------------
Name: Daniel J. Epstein
----------------------------
Title: President
---------------------------
CONAM PROPERTY SERVICES IV, LTD.
By: CONTINENTAL AMERICAN DEVELOPMENT,
INC., its General Partner
By: /s/ Daniel J. Epstein
---------------------------------
Name: Daniel J. Epstein
-------------------------------
Title: President
------------------------------
CONTINENTAL AMERICAN PROPERTIES, LTD.
By: DJE FINANCIAL CORP., its General
Partner
By: /s/ Daniel J. Epstein
---------------------------------
Name: Daniel J. Epstein
-------------------------------
Title: President
------------------------------
CONAM DOC AFFILIATES LLC
By: CONTINENTAL AMERICAN PROPERTIES,
LTD., its Administrative Member
By: DJE FINANCIAL CORP., its General
Partner
By: /s/ Daniel J. Epstein
------------------------------
Name: Daniel J. Epstein
----------------------------
Title: President
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7
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EXHIBIT F
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FACSIMILE TRANSMITTAL SHEET
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TO: FROM:
Tom Long E. Scott Dupree, Esq.
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COMPANY: DATE:
D.F. King & Company, Inc. Thursday, December 24, 1998
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FAX NUMBER: TOTAL NO. OF PAGES INCLUDING COVER:
(212) 809-8839 2
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PHONE NUMBER: SENDER'S REFERENCE NUMBER:
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RE: YOUR REFERENCE NUMBER:
RI Partnerships
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[_] URGENT [_] FOR REVIEW [_] PLEASE COMMENT [_] PLEASE REPLY [_] PLEASE RECYCLE
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NOTES/COMMENTS:
In response to the most asked "questions and comments", I have the following
comments:
1. The original cost of one unit was $500 dollars. In each case, if this
transaction is approved, the investor will receive back the original
investment of $500 plus a return on that investment. Please refer to the
paragraph entitled "Distributions" in the consent solicitation statement.
2. The number of units owned by each investor is kept by Service Data
Corporation. Service Data can be reached at 1-800-223-3464 if the investor
has any questions as to the number of units the investor owns.
3. Distributions from the limited partnership from inception are also set forth
in the paragraph entitled "Distributions" and are also set forth in the
summary which D.F. King has prepared;
4. We do not believe that the price of the liquidation is low. The amount of
the distribution to the limited partners on sale of the partnership
properties and the corresponding liquidation of the partnership are estimated
to be near or exceed the net asset value of the partnership units as of the
most recent fiscal year end. The sales prices in the aggregate of all
properties owned each partnership equal or exceed the appraised values of the
properties established by the independent appraiser retained by each
partnership. The one exception to that statement is with respect to RPI
where the proposed price is less than the partnership's independent
appraisal, but in that case, the price is greater than the appraised value
set by the purchaser's lender in connection with this transaction.
================================================================================
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5. The other properties which were originally owned by the partnerships have
been sold by the partnerships over the years. Distributions of proceeds from
those sales have been periodically made by the partnerships and the sales of
those properties have been disclosed in the 10(K), 10(Q), and quarterly
correspondence.
6. As an investment the liquidation is taxable to the unit holders because there
has been a gain on sale from liquidation of the partnership. The amount of
tax may vary from limited partner to limited partner and also as to whether
the tax could be deferred depending on how the ownership is held for a
limited partner units, i.e., IRA account, etc. or other tax deferred title
holding entities. However, because there has been a gain (with the exception
of RPI) the liquidation results in a taxable event.
As to the comments, we understand that limited partners may be disappointed with
the return on their investment in these partnerships, but many public real
estate partnerships have resulted in losses to their investors of all or
substantially all of the original amounts invested. In these partnerships, if
the proposed transaction is consummated, the partners are receiving their
original investment of $500 per unit plus a return on that initial investment.
Please continue to keep me posted with respect to questions or comments that you
are receiving from the investors.
