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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 14D-1
Tender Offer Statement Pursuant to Section 14(d)(1)
of the Securities Exchange Act of 1934
(AMENDMENT NO. 3)
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BALCOR REALTY INVESTORS 86--SERIES I,
A REAL ESTATE LIMITED PARTNERSHIP
(Name of Subject Company)
METROPOLITAN ACQUISITION VII, L.L.C.
MAP VII ACQUISITION CORPORATION
INSIGNIA FINANCIAL GROUP, INC.
(Bidders)
LIMITED PARTNERSHIP INTERESTS
(Title of Class of Securities)
NONE
(Cusip Number of Class of Securities)
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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 on Behalf of Bidders)
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COPY TO:
JOHN A. HEALY, ESQ.
ROBERT E. KING, JR., ESQ.
ROGERS & WELLS
200 PARK AVENUE
NEW YORK, NEW YORK 10166
(212) 878-8000
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Index to Exhibits Located at Page 4
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This Amendment No. 3 amends and supplements the Tender Offer Statement
on Schedule 14D-1 originally filed with the Commission on March 11, 1996, as
amended by Amendment No. 1 filed with the Commission on April 2, 1996 and
Amendment No. 2 filed with the Commission on April 8, 1996 (the "Schedule"), by
Metropolitan Acquisition VII, L.L.C. (the "Purchaser"), MAP VII Acquisition
Corporation and Insignia Financial Group, Inc., relating to the tender offer of
the Purchaser to purchase up to 17,937 of the outstanding limited partnership
interests ("Interests") of Balcor Realty Investors 86--Series I, a Real Estate
Limited Partnership, an Illinois limited partnership, at $155.00 per Interest,
net to the seller in cash, upon the terms and subject to the conditions set
forth in the Offer to Purchase dated March 11, 1996 and the related Assignment
of Partnership Interest (copies of which were filed as Exhibits (a)(2) and
(a)(3), respectively, to the Schedule). Unless the context otherwise requires,
capitalized terms used but not defined in this Amendment No. 3 have the meanings
ascribed to them in the Schedule.
The Schedule is hereby amended and supplemented to include the
following information.
ITEM 10. ADDITIONAL INFORMATION.
(f) The Offer has been extended to 5:00 p.m., New York time, on
Wednesday, April 17, 1996. On Monday, April 15, 1996, the Purchaser issued a
press release announcing such extension and reporting that approximately 1,532
Interests had been tendered pursuant to the Offer as of the close of business on
April 12, 1996. A copy of the press release has been filed as Exhibit (a)(6) to
this Amendment No. 3 and is incorporated herein by reference in its entirety.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS.
(a)(6) Text of press release issued by the Purchaser on April 15,
1996.
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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: April 15, 1996
METROPOLITAN ACQUISITION VII, L.L.C.
By: MAP VII ACQUISITION CORPORATION,
its managing member
By: /s/ JEFFREY L. GOLDBERG
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Jeffrey L. Goldberg
Vice President
MAP VII ACQUISITION CORPORATION
By: /s/ JEFFREY L. GOLDBERG
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Jeffrey L. Goldberg
Vice President
INSIGNIA FINANCIAL GROUP, INC.
By: /s/ FRANK M. GARRISON
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Frank M. Garrison
Executive Managing Director
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
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(a)(6) Text of press release issued by the Purchaser on April 15, 1996.
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Exhibit 99.(a)(6)
METROPOLITAN ACQUISITION VII, L.L.C.
One Insignia Financial Plaza, Greenville, SC 29602
NEWS
RELEASE
FOR IMMEDIATE RELEASE
Contact: Edward McCarthy
Beacon Hill Partners, Inc.
Phone: (212) 843-8500
FAX: (212) 843-4384
INSIGNIA AFFILIATE EXTENDS TENDER OFFER FOR LIMITED PARTNERSHIP
INTERESTS IN BALCOR LIMITED PARTNERSHIP
GREENVILLE, SOUTH CAROLINA, APRIL 15, 1996 -- Metropolitan Acquisition VII,
L.L.C. today announced that it has extended the expiration date of its
outstanding tender offer for limited partnership interests in the Balcor Realty
Investors 86-Series I. The expiration date for the tender offer has been
extended to 5:00 p.m., New York time, on Wednesday, April 17, 1996. The offer
was previously scheduled to expire at 5:00 p.m. on Friday, April 12, 1996.
Metropolitan reported that as of the close of business on April 12, 1996,
approximately 1,532 interests had been tendered pursuant to the BRI 86-I offer.
Metropolitan is a newly-formed Delaware limited liability company. The
managing member of Metropolitan is a wholly-owned subsidiary of Insignia
Financial Group, Inc.(NYSE: IFS). For further information, please contact either
The Herman Group, Inc. at (800) 647-2543 or Beacon Hill Partners, Inc. at (800)
253-3814, which are acting as Information Agents for the offers.
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