SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 2)(1)
HIGH EQUITY PARTNERS L.P. - SERIES 86
- --------------------------------------------------------------------------------
(Name of Issuer)
Units of Limited Partnership Interest
- --------------------------------------------------------------------------------
(Title of Class of Securities)
- --------------------------------------------------------------------------------
(CUSIP Number)
Mark I. Fisher, Esq.
David J. Heymann, Esq. c/o Rosenman & Colin LLP
100 Jericho Quadrangle, Suite 214 575 Madison Avenue
Jericho, New York 11753 New York, New York 10022
(516) 681-3636 (212) 940-8877
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 29, 1998
- --------------------------------------------------------------------------------
(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 that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box |_|.
Note. Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See Rule
13d-7(b) for other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 20 Pages)
- ----------
(1) 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 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 20 Pages
- --------------------------------------------------------------------------------
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* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 3 of 20 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%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 4 of 20 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Presidio Capital Corp.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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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
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 5 of 20 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) |_|
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3 SEC USE ONLY
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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 123,002
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
123,002
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
123,002
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.92%
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14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 6 of 20 Pages
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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 123,002
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
123,002
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
123,002
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.92%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 7 of 20 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NorthStar Partnership, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 123,002
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
123,002
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
123,002
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.92%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 8 of 20 Pages
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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 20 Pages
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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 123,002
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
123,002
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
123,002
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.92%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 10 of 20 Pages
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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
United 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 20 Pages
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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 39,596
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
39,596
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
39,596
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.73%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
This Amendment No. 2 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 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. In addition
to the other amendments contained herein, this Amendment No. 2 is being filed to
reflect changes in the identity of certain of the reporting persons resulting
from changes in the ownership structure of the entities which directly hold the
securities reported herein. Capitalized terms herein which are not otherwise
defined herein shall have the meanings ascribed to such terms in the Original
Schedule 13D and the Amendment thereto.
Item 2. Identity and Background
Item 2 is hereby amended and restated to read as follows:
(a)-(c) This statement is filed as a joint statement pursuant to
Rule 13d-1(k) promulgated under the Securities and Exchange Act of 1934, as
amended (the "Exchange Act") by Millennium Funding Corp., a Delaware
corporation, ("MFC"), Millennium Funding III Corp., a Delaware corporation,
("MFC III"), Millennium Funding I LLC, a Delaware limited liability company
("Millennium LLC"), Millennium Funding III LLC, a Delaware limited liability
company ("Millennium III"), Presidio Capital Corp., a British Virgin Islands
corporation ("Presidio"), Presidio Capital Investment Company, LLC, a Delaware
limited liability company ("PCIC"), NorthStar Presidio Capital Holding Corp., a
Delaware corporation ("NP Holding"), NorthStar Presidio Management Company LLC,
a Delaware limited liability company ("NorthStar"), NorthStar Partnership, L.P.,
a Delaware limited partnership ("NorthStar Partnership") and NorthStar Capital
Investment Corp., a Maryland corporation ("NCIC", and collectively with MFC, MFC
III, Millennium LLC, Millennium III, PCC, PCIC, NP Holding, NorthStar and
NorthStar Partnership, the "Reporting Persons").
Each of MFC and MFC III is a direct or indirect wholly-owned
subsidiary of Presidio. Each of Presidio, Millennium LLC and Millennium III are
wholly-owned by PCIC. The majority interest in PCIC is held by NP Holding. NP
Holding and NorthStar are each wholly-owned by NorthStar Partnership, the
general partner of which is NCIC.
The business address of each of MFC, MFC III and NorthStar is 411
West Putnam Avenue, Suite 270, Greenwich, CT 06830. The business address of
Presidio is c/o Hemisphere Management Limited, 9 Church Street, Hamilton HM DX,
Bermuda. The business address of each of Millennium LLC, Millennium III, PCIC,
NP Holding, NorthStar, NorthStar Partnership and NCIC is 527 Madison Avenue, New
York, New York 10022.
Page 12 of 20
<PAGE>
For certain information concerning the executive officers and
directors of MFC, MFC III, Presidio, PCIC, NP Holding and NCIC, see Schedule 1.
(d) To the best knowledge of the Reporting Persons, none of the
persons referred to in paragraph (a) above has during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) To the best knowledge of the Reporting Persons, none of the
persons referred to in paragraph (a) above has during the last five years, been
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, decrees or final order enjoining future violations of or prohibiting
or mandating activities subject to, federal or state securities laws or finding
any violation with respect thereto.
(f) Each of the individuals listed on Schedule 1 hereto, is a
citizen of the United States.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is hereby amended and restated to read as follows:
The aggregate amount of funds used to purchase the Units held by MFC
was $900. The source of funds used by MFC to purchase such Units was capital
contributions from Presidio.
The aggregate amount of funds used to purchase the Units held by MFC
III was $7,631,722. The source of funds used by MFC III to purchase such Units
was capital contributions from Presidio.
The aggregate amount of funds used to purchase the Units held by
Millennium LLC was $348,186. The source of funds used by Millennium LLC to
purchase such Units was capital contributions by PCIC.
The aggregate amount of funds used to purchase the Units held by
Millennium III was $4,038,368. The source of funds used by Millennium III to
purchase such Units was capital contributions by PCIC.
Item 4. Purpose of Transaction.
Item 4 is hereby amended as follows:
In April 1999, the California Superior Court approved the terms of
the settlement (the "Settlement") of a class action and derivative litigation
involving the Partnership. Under the terms of the Settlement, the Partnership's
general partners (the "General Partners"), which are controlled by Presidio
agreed to solicit the consent of limited partners of the Partnership to certain
amendments (the "Amendments") to the Agreement of Limited Partnership of the
Partnership which modify the manner of calculating the partnership management
fee paid under the Partnership Agreement and modify the manner of calculating
the amount that the General Partner may be required to repay to the Partnership
upon liquidation of the Partnership. The requisite consents have been obtained
and the Amendments have become effective. Under the
Page 13 of 20
<PAGE>
terms of the Settlement, the General Partners also agreed to arrange for a
tender offer (the "Offer") to be made for the purchase of not fewer than 39,596
Units (representing approximately 6.7% of the outstanding Units) for not less
than $103.05 per Unit. The Offer has expired and the maximum number of Units
sought thereunder have been purchased by Millennium III, the bidder in the
Offer. Under the terms of the Settlement, the General Partners are now required
to use their best efforts to reorganize the Partnership into a real estate
investment trust or other entity whose shares will be listed on a national
securities exchange or on the NASDAQ National Market System.
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 February 9, 2000:
(i) 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;
(ii) 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 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 39,596 Units which constitute
approximately 6.73% 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.
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 PCIC. Accordingly, PCIC may be deemed to beneficially own
the aggregate 123,002 Units which are beneficially owned by Millennium
LLC, Millennium III, and Presidio. Such Units constitute approximately
20.92% 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 NP Holding.
Accordingly, NP Holding may be deemed to beneficially own the aggregate
123,002 Units which are beneficially owned by PCIC. Such Units constitute
approximately 20.92% of the outstanding Units. NP Holding has shared power
to vote and dispose of all such Units;
Page 14 of 20
<PAGE>
(viii) NP Holding is wholly-owned by NorthStar Partnership.
Accordingly, NorthStar Partnership may be deemed to beneficially own the
aggregate 123,002 Units which are beneficially owned by NP Holding. Such
Units constitute approximately 20.92% of the outstanding Units. NorthStar
Partnership has shared power to vote and dispose of all such Units;
(ix) NCIC is the general partner and majority owner of
NorthStar Partnership. Accordingly, NCIC may be deemed to beneficially own
the aggregate 123,002 Units which are beneficially owned by NorthStar
Partnership. Such Units constitute approximately 20.92% 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. 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 approximately 13.68% of the outstanding
Units. NorthStar has shared power to vote and dispose of all such Units.
(c) On September 24, 1998, MFC III purchased 266 Units for $90.50
per Unit in a brokerage transaction effected by American Partnership Board
("APB"). On October 6, 1998, MFC III purchased 561 Units for $89.00 per Unit in
a brokerage transaction effected by DCC Securities Corp ("DCC"). On October 29,
1998, MFC III purchased 8,934 Units for $88.50 per Unit in a brokerage
transaction effected by DCC. On November 10, 1998, MFC III purchased 393 Units
for $88.46 per Unit in a brokerage transaction effected by DCC. On December 18,
1998, MFC III acquired 16,052 Units following the exercise by Presidio of a call
option in respect of such Units for $91.87 per Unit. On December 30, 1998, MFC
III purchased 357 Units for $87.23 per Unit in a brokerage transaction effected
by DCC. On December 28, 1998, MFC IIII purchased 400 Units for $89.00 per Units
in a brokerage transaction effected by APB. On January 12, 1999, MFC III
acquired 323 Units following the exercise by Presidio of a call option in
respect of such Units for $85.00 per Unit. On February 10, 1999, MFC III
purchased 514 Units for $87.13 per Unit in a brokerage transaction effected by
DCC. On February 12, 1999, MFC III purchased 4,265 Units for $103.05 per Unit in
a private transaction. On July 1, 1999, MFC III purchased 1,192 Units for $150
per Unit in a private transaction. On July 1, 1999, MFC III purchased 354 Units
for $150 per Unit in a private transaction. On November 10, 1999, Millennium LLC
purchased 2,942 Units for $118.35 per Unit in a private transaction. Millennium
III purchased 39,596 Units pursuant to the Offer, which expired on January 5,
2000, for $103.05 per Unit.
(d) Not applicable.
(e) Not applicable.
Page 15 of 20
<PAGE>
Item 6. Contracts, Arrangements, Understandings or Relationships with respect to
Securities of the Issuer.
Item 6 is hereby amended as follows:
Reference is made to the description of the Settlement contained in 2
and the Management Agreement contained in Item 5.
Item 7. Material to be Filed as Exhibits.
Item 7 is hereby amended and restated in part as follows:
Exhibit 1: Agreement Pursuant to Rule 13d-1(k)
Page 16 of 20
<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: February 10, 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:
-----------------------------
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:
Title: Vice President -----------------------------
Name: David King
Title: Vice President
PRESIDIO CAPITAL INVESTMENT
COMPANY, LLC
MILLENNIUM FUNDING I LLC
By:
------------------------------ By: Presidio Capital Investment
Name: David King Company LLC, its sole member
Title: President
By:
-----------------------------
NORTHSTAR PRESIDIO CAPITAL Name: David King
HOLDING CORP. Title: President
By:
------------------------------ MILLENNIUM FUNDING III LLC
Name: David King
Title: Vice President By: Presidio Capital Investment
Company LLC, its sole member
NORTHSTAR CAPITAL INVESTMENT By:
CORP. -----------------------------
Name: David King
By: Title: President
------------------------------
Name: David King
Title: Vice President
Page 17 of 20
EXHIBIT 1
JOINT FILING AGREEMENT PURSUANT TO RULE 13D-1(k)
In accordance with Rule 13d-1(k) promulgated under the Securities
Exchange Act of 1934, as amended, each of the undersigned agrees to the filing
on behalf of each of a Statement on Schedule 13D, and all amendments thereto,
with respect to the Units of Limited Partnership Interest of High Equity
Partners L.P. - Series 86.
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:
-----------------------------
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:
Title: Vice President -----------------------------
Name: David King
Title: Vice President
PRESIDIO CAPITAL INVESTMENT
COMPANY, LLC
MILLENNIUM FUNDING I LLC
By:
------------------------------ By: Presidio Capital Investment
Name: David King Company LLC, its sole member
Title: President
By:
-----------------------------
NORTHSTAR PRESIDIO CAPITAL Name: David King
HOLDING CORP. Title: President
By:
------------------------------ MILLENNIUM FUNDING III LLC
Name: David King
Title: Vice President By: Presidio Capital Investment
Company LLC, its sole member
NORTHSTAR CAPITAL INVESTMENT By:
CORP. -----------------------------
Name: David King
By: Title: President
------------------------------
Name: David King
Title: Vice President
Page 18 of 20
<PAGE>
Schedule 1
Set forth below is certain information regarding the executive officers
and directors of Millennium Funding Corp., Millennium Funding III Corp.
(together, the "Millennium Entities"), Presidio Capital Corp. ("Presidio"),
Presidio Capital Investment Company, LLC ("PCIC"), NorthStar Presidio Capital
Holding Corp. ("NP Holding") and NorthStar Capital Investment Corp. ("NCIC").
Peter W. Ahl is a Vice-President of NCIC and NP Holding. Mr. Ahl joined
NorthStar Capital Partners, LLC in 1997. Mr. Ahl's current business address is
527 Madison Avenue, New York, New York 10022.
Michael L. Ashner is the President of Presidio and the President and
director of the Millennium Entities. Mr. Ashner has been the Chief Executive
Officer of Winthrop Financial Associates, A Limited Partnership, and its
affiliates since January 1996 as well as the Chief Executive Officer of The
Newkirk Group. Mr. Ashner's current business address is 100 Jericho Quadrangle,
Jericho, New York 11753.
Peter Braverman is a Vice-President and Assistant Secretary of Presidio
and the Millennium Entities. Mr. Braverman has been the Executive Vice-President
of Winthrop Financial Associates, A Limited Partnership and its affiliates since
January 1996. Mr. Braverman also serves as the Executive Vice-President of The
Newkirk Group. Mr. Braverman's current business address is 100 Jericho
Quadrangle, Jericho, New York 11753.
Martin L. Edelman, is a director of NCIC. Since 1994, Mr. Edelman has been
of counsel to Battle Fowler LLP, a New York City law firm specializing in real
estate and corporate law. Mr. Edelman is one of the Managing Partners of
Chartwell Hotel Associates (an affiliate of Fisher Brothers, the Getty family
and Soros family interests), and is on the Board of Directors and Executive
Committee of Grupo Chartwell de Mexico, S.A. de C.V. Mr. Edelman is Chairman of
the Board at Avis Rent-a-Car, Inc. and is also a director of Cendant
Incorporated, Delancey Estates PLC., Acadia Real Estate Trust, and Capital
Trust. Mr. Edelman's current business address is 75 East 55th Street, New York,
New York 10022.
Richard Georgi is a director of NCIC. Mr. Georgi is a Managing Partner of
Soros Real Estate Partnership and is responsible for the Soros group of funds
(including Quantum Realty Fund) global real estate investments. Mr. Georgi's
current business address is 20 St. James Street, London SW2A 1E5, England.
Marc Gordon is a Vice-President and Assistant Secretary of NCIC and NP
Holding. Mr. Gordon joined NorthStar Capital Partners LLC in October 1997. Mr.
Gordon's current business address is 527 Madison Avenue, New York, New York
10022.
David Hamamoto is a director of Presidio and a co-Chairman of the Board,
co-Chief Executive Officer and co-President of NCIC and NP Holding. Mr. Hamamoto
co-founded NorthStar Capital Partners, LLC with W. Edward Scheetz in July 1997.
Mr. Hamamoto's current business address is 527 Madison Avenue, New York, New
York 10022.
Christopher M. Jeffries is a director of NCIC and NP Holding. Mr. Jeffries
joined NorthStar Capital Partners, LLC in May 1998. Mr. Jeffries' current
business is 527 Madison Avenue, New York, New York 10022.
Page 19 of 20
<PAGE>
Steven B. Kauff is a director and Vice-President of Presidio and a
Vice-President of the Millennium Entities. Mr. Kauff joined NorthStar Capital
Investment Corp. in July 1999. Mr. Kauff's current business address is 527
Madison Avenue, New York, New York 10022.
David King, is a Vice-President and Assistant Treasurer of NP Holding and
NCIC, the President and Chief Executive Officer of PCIC, a Vice-President and
director of Presidio and a Vice-President of the Millennium Entities. Mr. King
joined NorthStar Capital Partners LLC, a real estate investment company, in
November 1997. Mr. King's current business address is 527 Madison Avenue, New
York, New York 10022.
Martin J. Lamb is a Vice-President of NCIC and NP Holding. Mr. Lamb joined
NorthStar Capital Partners, LLC in 1998. Mr. Lamb's current business address is
527 Madison Avenue, New York, New York 10022.
Dallas E. Lucas is a director and Vice-President of Presidio, a
Vice-President of the Millennium Entities, the Secretary, Treasurer and Chief
Financial Officer of PCIC and the Chief Financial Officer, Treasurer and a
Vice-President of NP Holding and NCIC and a director of NCIC. Mr. Lucas joined
NorthStar Capital Partners, LLC in August 1998. Mr. Lucas' current business
address is 527 Madison Avenue, New York, New York 10022.
Richard McCready is a Vice-President and Secretary of NCIC and NP Holding.
Mr. McCready joined NorthStar Capital Partners, LLC in March 1998. Mr.
McCready's current business address is 527 Madison Avenue, New York, New York
10022.
W. Edward Scheetz is a director of Presidio and a co-Chairman of the
Board, co-Chief Executive Officer and co-President of NCIC and NP Holding. Mr.
Scheetz co-founded NorthStar Capital Partners, LLC with David Hamamoto in July
1997. Mr. Scheetz' current business address is 527 Madison Avenue, New York, New
York 10022.
Robert Soros is a director of NCIC. Mr. Soros is a partner at Soros
Private Equity Partners, an affiliate of Soros Fund Management LLC, which is
responsible for the private equity and real estate investing for Quantum Group
of Funds and Soros Fund Management Fund LLC. In addition, Mr. Soros oversees
various Soros Family investments. Mr. Soros is a member of the Board of
Directors of American Malls International and MenuDirect Corporation. Mr. Soros'
current business address is 888 Seventh Avenue, 33rd Floor, New York, New York
10106.
Thomas G. Staples is an Assistant Treasurer of Presidio and the Millennium
Entities. Mr. Staples has been the Chief Financial Officer of The Newkirk Group
since January 1999. Mr. Staples' current business address is 5 Cambridge Center,
9th floor, Cambridge, Massachusetts 02142.
Lara Sweeney is a Vice-President and Assistant Secretary of Presidio and
the Millennium Entities. Ms. Sweeney has been a Senior Vice President of
Winthrop Financial Associates, A Limited Partnership since 1996. Ms. Tiffany's
current business address is 5 Cambridge Center, 9th floor, Cambridge,
Massachusetts 02142.
Carolyn Tiffany is a Vice-President, Treasurer and Assistant Secretary of
Presidio and the Millennium Entities. Ms. Tiffany joined Winthrop Financial
Associates, A Limited Partnership and its affiliates in 1996. In addition, Ms.
Tiffany is the Chief Operating Officer of The Newkirk Group. Mr. Tiffany's
current business address is 5 Cambridge Center, 9th floor, Cambridge,
Massachusetts 02142.
Page 20 of 20
