<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------
SCHEDULE 14D-1
TENDER OFFER STATEMENT PURSUANT TO SECTION 14(d)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 4)
(FINAL AMENDMENT)
AND
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
-------------------
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)
-------------------
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)
-------------------
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 8
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CUSIP No. None 14D-1/13D Page 2
<TABLE>
<S> <C>
1. Name of Reporting Persons
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. Sources of Funds
WC, AF
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(e) or 2(f)
/ /
6. Citizenship or Place of Organization
DELAWARE
7. Aggregate Amount Beneficially Owned by Each Reporting Person
3,574.66
8. Check if the Aggregate Amount in Row 7 Excludes Certain Shares
/ /
9. Percent of Class Represented by Amount in Row 7
6.0% (Based on 59,791 Interests reported as outstanding
as of December 31, 1995)
10. Type of Reporting Person
OO
</TABLE>
<PAGE> 3
CUSIP No. None 14D-1/13D Page 3
<TABLE>
<S> <C>
1. Name of Reporting Persons
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. Sources of Funds
WC, AF
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(e) or 2(f)
/ /
6. Citizenship or Place of Organization
DELAWARE
7. Aggregate Amount Beneficially Owned by Each Reporting Person
3,574.66
8. Check if the Aggregate Amount in Row 7 Excludes Certain Shares
/ /
9. Percent of Class Represented by Amount in Row 7
6.0% (Based on 59,791 Interests reported as outstanding
as of December 31, 1995)
10. Type of Reporting Person
CO
</TABLE>
<PAGE> 4
CUSIP No. None 14D-1/13D Page 4
<TABLE>
<S> <C>
1. Name of Reporting Persons
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. Sources of Funds
WC
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(e) or 2(f)
/ /
6. Citizenship or Place of Organization
DELAWARE
7. Aggregate Amount Beneficially Owned by Each Reporting Person
3,574.66
8. Check if the Aggregate Amount in Row 7 Excludes Certain Shares
/ /
9. Percent of Class Represented by Amount in Row 7
6.0% (Based on 59,791 Interests reported as outstanding
as of December 31, 1995)
10. Type of Reporting Person
CO
</TABLE>
<PAGE> 5
CUSIP No. None 14D-1/13D Page 5
<TABLE>
<S> <C>
1. Name of Reporting Persons
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. Sources of Funds
NOT APPLICABLE
5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(e) or 2(f)
/ /
6. Citizenship or Place of Organization
DELAWARE
7. Aggregate Amount Beneficially Owned by Each Reporting Person
3,574.66
8. Check if the Aggregate Amount in Row 7 Excludes Certain Shares
/ /
9. Percent of Class Represented by Amount in Row 7
6.0% (Based on 59,791 Interests reported as outstanding
as of December 31, 1995)
10. Type of Reporting Person
OO
</TABLE>
<PAGE> 6
AMENDMENT NO. 4 TO SCHEDULE 14D-1/SCHEDULE 13D
This Statement, which is being filed jointly by Metropolitan Acquisition
VII, L.L.C. (the "Purchaser"), MAP VII Acquisition Corporation ("MAP"),
Insignia Financial Group, Inc. ("Insignia") and FMG Acquisition I, L.L.C.
("FMG"), constitutes (i) the final Amendment to 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,
Amendment No. 2 filed with the Commission on April 8, 1996 and Amendment No. 3
filed with the Commission on April 15, 1996 (the "Schedule 14D-1"), by the
Purchaser, MAP and Insignia 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 (the "Partnership"), at a purchase
price of $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 (which collectively
constitute the "Offer"); and (ii) the initial Statement on Schedule 13D of the
Purchaser, MAP, Insignia and FMG relating to the Interests. Capitalized terms
used but not defined herein shall have the meanings ascribed to them in the
Schedule 14D-1 and the Offer to Purchase.
ITEM 6. INTEREST IN SECURITIES OF THE SUBJECT COMPANY.
(a)-(b) The Offer expired pursuant to its terms at 5:00 p.m., New York
time, on Friday, April 12, 1996. Based on information provided by the
Depositary, a total of 1,552.66 Interests, representing approximately 2.6% of
the outstanding Interests, were tendered and not withdrawn pursuant to the
Offer. The Purchaser has accepted all of those Interests for payment pursuant
to the terms of the Offer.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS.
(z)(1) Agreement of Joint Filing, dated May 10, 1996, by and among the
Purchaser, MAP Insignia and FMG
6
<PAGE> 7
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 10, 1996
METROPOLITAN ACQUISITION VII, L.L.C.
By: MAP VII ACQUISITION CORPORATION,
its managing member
By: /s/ JEFFREY L. GOLDBERG
-------------------------------
Jeffrey L. Goldberg
Vice President
MAP VII ACQUISITION CORPORATION
By: /s/ JEFFREY L. GOLDBERG
-------------------------------
Jeffrey L. Goldberg
Vice President
INSIGNIA FINANCIAL GROUP, INC.
By: /s/ FRANK M. GARRISON
-------------------------------
Frank M. Garrison
Executive Managing Director
FMG ACQUISITION I, L.L.C.
By: /s/ JEFFREY L. GOLDBERG
-------------------------------
Jeffrey L. Goldberg
President
7
<PAGE> 8
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
- ----------- -----------
99(z)(1) Agreement of Joint Filing, dated May 10, 1996, by and among the
Purchaser, MAP, Insignia and FMG.
8
<PAGE> 1
AGREEMENT OF JOINT FILING
Metropolitan Acquisition VII, L.L.C., MAP VII Acquisition Corporation,
Insignia Financial Group, Inc. and FMG Acquisition I, L.L.C. hereby agree that
the Statement on Schedule 13D to which this agreement is attached as an
exhibit, as well as all future amendments to such Statement, shall be filed
jointly on behalf of each of them. This agreement is intended to satisfy the
requirements of Rule 13d-1(f)(1)(iii) under the Securities Exchange Act of
1934, as amended.
Dated: May 10, 1996
METROPOLITAN ACQUISITION VII, L.L.C.
By: MAP VII ACQUISITION CORPORATION,
its managing member
By: /s/ JEFFREY L. GOLDBERG
---------------------------
Jeffrey L. Goldberg
Vice President
MAP VII ACQUISITION CORPORATION
By: /s/ JEFFREY L. GOLDBERG
---------------------------
Jeffrey L. Goldberg
Vice President
INSIGNIA FINANCIAL GROUP, INC.
By: /s/ FRANK M. GARRISON
-------------------------
Frank M. Garrison
Executive Managing Director
FMG ACQUISITION I, L.L.C.
By: /s/ JEFFREY L. GOLDBERG
---------------------------
Jeffrey L. Goldberg
President
