UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
HIGH EQUITY PARTNERS L.P. - SERIES 86
--------------------------------------------------------------------------------
(Name of Issuer)
Units of Limited Partnership Interest
--------------------------------------------------------------------------------
(Title of Class of Securities)
--------------------------------------------------------------------------------
(CUSIP Number)
David J. Heymann, Esq. Mark I. Fisher, Esq.
100 Jericho Quadrangle, Suite 214 c/o Rosenman & Colin LLP
Jericho, New York 11753 575 Madison Avenue
(516) 681-3636 New York, New York 10022
(212) 940-8877
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
October 12, 2000
--------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1 (b)(3) or (4), check the following box |_|.
Note: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom copies
are to be sent.
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 (the "Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
<PAGE>
CUSIP No. SCHEDULE 13D Page 2 of 15 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Millennium Funding Corp.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 20
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
20
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 3 of 15 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Millennium Funding III Corp.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 80,444
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
80,444
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
80,444
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.68%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 4 of 15 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Presidio Capital Corp.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 80,464
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
80,464
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
80,464
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.68%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 5 of 15 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Presidio Capital Investment Company, LLC
--------------------------------------------------------------------------------
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 ITEM 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 139,367
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
139,367
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
139,367
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.70%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 6 of 15 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NorthStar Presidio Capital Holding Corp.
--------------------------------------------------------------------------------
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 ITEM 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 139,967
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
139,967
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
139,967
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.70%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 7 of 15 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NorthStar Partnership, L.P.
--------------------------------------------------------------------------------
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 ITEM 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 139,367
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
139,367
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
139,367
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.70%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 8 of 15 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NorthStar Presidio Management Company LLC
--------------------------------------------------------------------------------
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 ITEM 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 80,464
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
80,464
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
80,464
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.68%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 9 of 15 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NorthStar Capital Investment Corp.
--------------------------------------------------------------------------------
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 ITEM 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 139,367
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
139,367
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
139,367
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.70%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 10 of 15 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Millennium Funding I LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Unites States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 2,942
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,942
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,942
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 11 of 15 Pages
--------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Millennium Funding III LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 55,961
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
55,961
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
55,961
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.52%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
This Amendment No. 3 is being filed by Millennium Funding Corp.,
Millennium Funding III Corp., Millennium Funding I LLC, Millennium Funding III
LLC, Presidio Capital Corp., Presidio Capital Investment Company, LLC, NorthStar
Presidio Capital Holding Corp., NorthStar Presidio Management Company LLC,
NorthStar Partnership, L.P. and NorthStar Capital Investment Corp. and amends
the statement on Schedule 13D dated February 24, 1998 (the "Schedule 13D"),
which was filed by Millennium Funding Corp., Millennium Funding III Corp.,
Presidio Capital Corp., Presidio Holding Company, LLC, NorthStar Presidio
Management Company, LLC, NorthStar Operating, LLC, NorthStar Capital Partners,
LLC, NorthStar Capital Holdings I, LLC, W. Edward Scheetz and David T. Hamamoto,
as amended by (i) Amendment No. 1 dated October 30, 1998, which was filed by
Millennium Funding III Corp., NorthStar Capital Holdings I, LLC, NorthStar
Capital Partners, LLC, NorthStar Operating, LLC, NorthStar Presidio Management
Company, LLC, Presidio Capital Corp., Presidio Capital Investment Company,
Presidio Holding Company, LLC, W. Edward Scheetz and David Hamamoto, and (ii)
Amendment No. 2 dated October 29, 1998 and filed on February 10, 2000 by
Millennium Funding Corp., Millennium Funding III Corp., Millennium Funding I
LLC, Millennium Funding III LLC, Presidio Capital Corp., Presidio Capital
Investment Company, LLC, NorthStar Presidio Capital Holding Corp., NorthStar
Presidio Management Company LLC, NorthStar Partnership, L.P. and NorthStar
Capital Investment Corp.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is hereby amended and restated by adding the following
information:
On October 12, 2000 Millennium Funding III LLC ("Millennium III")
purchased 16,365 units of limited partnership interest in High Equity Partners
L.P. - Series 86 (the "HEP 86 Units") from Olympia Investors L.P. The HEP 86
Units were purchased as a result of the exercise by Olympia Investors, L.P. of
its right to cause the purchase of the HEP 86 Units as well as the purchase of
15,566 units of limited partnership interest (the "HEP 85 Units") in Integrated
Resources High Equity Partners, Series 85, A California Limited Partnership and
7,477 units of limited partnership interest (the "HEP 88 Units") in High Equity
Partners L.P. - Series 88. The HEP 85 and HEP 88 Units were purchased by
affiliates of Millennium III. The aggregate purchase price for the HEP 85 Units,
the HEP 86 Units and the HEP 88 Units was $7,500,000. The source of funds for
the purchase was capital contributions from Presidio Capital Investment Company,
LLC ("PCIC").
Item 5. Interest in Securities of the Issuer.
Item 5 is hereby amended and restated as follows:
(a-b) The aggregate percentage of the outstanding Units reported
owned by each Reporting Person is based upon 588,010 outstanding Units.
As of the close of business on October 16, 2000:
(i) Millennium Funding Corp. ("MFC") owns 20 Units which
constitute less than 1% of the Units outstanding. MFC has shared power to
vote and dispose of all such Units;
Page 12 of 15
<PAGE>
(ii) Millennium Funding III Corp. ("MFC III") owns 80,444
Units which constitute approximately 13.68% of Units outstanding. MFC III
has shared power to vote and dispose of all such Units;
(iii) Millennium Funding I LLC ("Millennium LLC") owns 2,942
Units which constitute approximately 0.5% of the Units outstanding.
Millennium LLC has shared power to vote and dispose of all such Units;
(iv) Millennium III owns 55,961 Units which constitute
approximately 9.52% of the Units outstanding. Millennium III has shared
power to vote and dispose of all such Units;
(v) Each of MFC and MFC III is wholly-owned by Presidio
Capital Corp. ("Presidio"). Accordingly, Presidio may be deemed to
beneficially own the aggregate 80,464 Units which are beneficially owned
by MFC and MFC III. Such Units constitute approximately 13.68% of the
outstanding Units. Presidio has shared power to vote and dispose of all
such Units;
(vi) Each of Presidio, Millennium LLC and Millennium III is
wholly-owned by Presidio Capital Investment Company, LLC ("PCIC").
Accordingly, PCIC may be deemed to beneficially own the aggregate 139,367
Units which are beneficially owned by Millennium LLC, Millennium III, and
Presidio. Such Units constitute approximately 23.70% of the outstanding
Units. PCIC has shared power to vote and dispose of all such Units;
(vii) The majority interest in PCIC is held by NorthStar
Presidio Capital Holding Corp. ("NP Holding"). Accordingly, NP Holding may
be deemed to beneficially own the aggregate 139,367 Units which are
beneficially owned by PCIC. Such Units constitute approximately 23.70% of
the outstanding Units. NP Holding has shared power to vote and dispose of
all such Units;
(viii) NP Holding is wholly-owned by NorthStar Partnership
L.P. ("NorthStar Partnership"). Accordingly, NorthStar Partnership may be
deemed to beneficially own the aggregate 139,367 Units which are
beneficially owned by NP Holding. Such Units constitute approximately
23.70% of the outstanding Units. NorthStar Partnership has shared power to
vote and dispose of all such Units;
(ix) NorthStar Capital Investment Corp. ("NCIC") is the
general partner and majority owner of NorthStar Partnership. Accordingly,
NCIC may be deemed to beneficially own the aggregate 139,367 Units which
are beneficially owned by NorthStar Partnership. Such Units constitute
approximately 23.70% of the outstanding Units. NCIC has shared power to
vote and dispose of all such Units; and
(x) Pursuant to a management agreement dated as of November 4,
1997 (the "Management Agreement"), Presidio and its subsidiaries are
managed by NorthStar Presidio Management Company LLC ("NorthStar"). Under
the Management Agreement, subject to certain restrictions, NorthStar has
full discretion and authority to manage Presidio's assets. Accordingly,
NorthStar may be deemed to be the beneficial owner of the 80,464 Units
which are beneficially owned by Presidio. Such Units constitute
Page 13 of 15
<PAGE>
approximately 13.68% of the outstanding Units. NorthStar has shared power
to vote and dispose of all such Units.
(c) On October 12, 2000, Millennium III purchased 16,365 Units. See
Item 3 for additional information on the purchase.
Page 14 of 15
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of their knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: October 19, 2000
MILLENNIUM FUNDING CORP. NORTHSTAR PARTNERSHIP, L.P.
By: /s/ Peter Braverman By: NorthStar Capital Investment
----------------------------------- Corp., its general partner
Name: Peter Braverman
Title: Vice President By: /s/ David King
-----------------------------
Name: David King
MILLENNIUM FUNDING III CORP. Title: Vice President
By: /s/ Peter Braverman
----------------------------------- NORTHSTAR PRESIDIO MANAGEMENT
Name: Peter Braverman COMPANY LLC
Title: Vice President
By: NorthStar Partnership, L.P.,
its sole member
PRESIDIO CAPITAL CORP.
By: NorthStar Capital Investment
By: /s/ Peter Braverman Corp., its general partner
-----------------------------------
Name: Peter Braverman By: /s/ David King
Title: Vice President -----------------------------
Name: David King
Title: Vice President
PRESIDIO CAPITAL INVESTMENT COMPANY, LLC
MILLENNIUM FUNDING I LLC
By: /s/ David King
----------------------------------- By: Presidio Capital Investment
Name: David King Company LLC, its sole member
Title: President
By: /s/ David King
-----------------------------
NORTHSTAR PRESIDIO CAPITAL HOLDING CORP. Name: David King
Title: President
By: /s/ David King
----------------------------------- MILLENNIUM FUNDING III LLC
Name: David King
Title: Vice President By: Presidio Capital Investment
Company LLC, its sole member
NORTHSTAR CAPITAL INVESTMENT CORP. By: /s/ David King
-----------------------------
By: /s/ David King Name: David King
----------------------------------- Title: President
Name: David King
Title: Vice President
Page 15 of 15
