FORM 8-K - CURRENT REPORT
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: September 23, 1998
DREXEL BURNHAM LAMBERT REAL ESTATE ASSOCIATES III
(Exact name of registrant as specified in its charter)
New York 2-95502 13-3251176
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or File Number) Identification
organization) Number)
One Insignia Financial Plaza
Post Office Box 1089
Greenville, South Carolina 29602
(Address of Principal Executive Office)
Registrant's telephone number, including area code (864) 239-1000
N/A
(Former address, if changed since last report)
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
As of September 23, 1998, Pannell Kerr Forster PC, the independent accountant
previously engaged as the principal accountant to audit the financial statements
of Drexel Burnham Lambert Real Estate Associates III (the "Registrant" or the
"Partnership"), was dismissed. As of the same date, the firm of KPMG Peat
Marwick LLC was engaged to provide the service for the Registrant.
The audit reports of Pannell Kerr Forster PC on the financial statements of the
Partnership as of and for the years ended December 31, 1997 and 1996, did not
contain any adverse opinion or disclaimer of opinion, nor were they qualified or
modified as to uncertainty, audit scope or accounting principles.
During the Partnership's two most recent fiscal years and any subsequent interim
period preceding the change, there were no disagreements with the former
accountant on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which disagreements, if
not resolved to the satisfaction of the former accountant, would have caused it
to make reference to the subject matter of the disagreements in connection with
its report.
The Registrant has provided a copy of this disclosure to the former accountant,
and the Registrant requested that the former accountant furnish the Registrant
with a letter addressed to the Securities and Exchange Commission stating
whether it agrees with the statements made by the Registrant, and, if not,
stating the respects in which it does not agree. A copy of the former
accountant's response indicating agreement is included as an exhibit to this
report.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
16. Letter dated September 23, 1998, from the Registrant's former
independent accountant regarding its concurrence with the statements
made by the Registrant in this Current Report.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
DREXEL BURNHAM LAMBERT REAL ESTATE ASSOCIATES III
By: DBL PROPERTIES CORPORATION
Its General Partner
By: /s/William H. Jarrard, Jr.
President and Director
Date: September 30, 1998
Exhibit 16
September 23, 1998
Securities and Exchange Commission
Washington, DC 20549
Gentlemen:
We have read and agree with the comments in Item 4 of the Form 8K of Drexel
Burnham Lambert Real Estate Associates III dated September 23, 1998.
Very truly yours,
/s/Pannell Kerr Forster, PC
