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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. 1
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AETNA REAL ESTATE ASSOCIATES, L. P.
A DELAWARE LIMITED PARTNERSHIP
(NAME OF SUBJECT COMPANY)
Oak Investors, LLC
A DELAWARE LIMITED LIABILITY COMPANY
Arlen Capital, LLC
(Bidder)
UNITS
(AS DEFINED IN THE LIMITED PARTNERSHIP AGREEMENT OF THE COMPANY)
(TITLE OF CLASS OF SECURITIES)
008171100
(CUSIP Number of Class of Securities)
Arlen Capital, LLC
Don Augustine, Manager
1650 Hotel Circle North - Suite 200
San Diego, California 92108
(619) 686-2002
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications on Behalf of Bidder)
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Calculation of Filing Fee
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Transaction Valuation* Amount of Filing Fee
$31,250,000 $6,250
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* For purposes of calculating the filing fee only. This calculation
assumes the purchase of 2,500,000 Units at a purchase price of $12.50
per Unit in the Partnership.
[ ] Check box if any part of the fee is offset as provided by Rule
0-11(a)(2) and identify the filing with which the offsetting fee was
previously paid. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.
Amount Previously Paid: Not Applicable Filing Party: Not Applicable
Form of Registration No.: Not Applicable Date Filed: Not Applicable
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Page 1 of 4
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CUSIP NO. 008171100 Page 2 of 7 Pages
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i. Names of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
Oak Investors, LLC - IRS Identification #33-0734018
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ii. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) / /
(b) / /
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iii. SEC Use Only
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iv. Sources of Funds (See Instructions)
WC
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v. Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(e) or 2(f) / /
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vi. Citizenship or Place of Organization
State of Delaware
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vii. Aggregate Amount Beneficially Owned By Each Reporting Person
17,909 of the issued and outstanding Units
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viii. Check if the Aggregate in Row (7) Excludes Certain Units (See
Instructions) / /
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ix. Percent of Class Represented by Amount in Row (7)
less than 1 percent of the issued and outstanding Units
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x. Type of Reporting Persons (See Instructions)
OO
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1650 Hotel Circle North, Ste. 200 San Diego, California 92108
Ph: (619) 686-2002 Fax: (619) 686-2056
Page 2 of 4
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CUSIP NO. 008171100 Page 3 of 7 Pages
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1. Names of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
Arlen Capital, LLC - IRS Identification #33-0713478
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) / /
(b) / /
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3. SEC Use Only
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4. Sources of Funds (See Instructions)
AF
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5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(e) or 2(f) / /
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6. Citizenship or Place of Organization
State of California
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7. Aggregate Amount Beneficially Owned By Each Reporting Person
17,909 of the issued and outstanding Units
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8. Check if the Aggregate in Row (7) Excludes Certain Units (See
Instructions) / /
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9. Percent of Class Represented by Amount in Row (7)
Less than 1 percent of the issued and outstanding Units
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10. Type of Reporting Persons (See Instructions)
OO
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Page 3 of 4
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AMENDMENT NO. 1 TO SCHEDULE 14D-1
This Amendment No.1 amends the Tender Offer Statement on Schedule 14D-1
filed by Oak Investors, LLC, a Delaware limited liability company (the
"Purchaser") and Arlen Capital, LLC, a California limited liability company,
with the Securities and Exchange Commission on August 11, 1998 relating to the
tender offer by the Purchaser to Purchase up to 2,500,000 Units (as defined in
the Limited Partnership Agreement of Aetna Real Estate Associates, L.P., a
Delaware limited partnership [the "Partnership"]), upon the terms and conditions
set forth in the Purchaser's Offer to Purchase dated August 11, 1998 and the
related Agreement of Sale to include the information set forth below. Terms not
otherwise defined herein shall have the meanings ascribed to them in Schedule
14D-1 and the Offer to Purchase.
ITEM 1. SECURITY AND SUBJECT COMPANY
(b) The Offer has been terminated by the Purchaser. No Units were
tendered and Purchaser will not purchase any Units.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS
(a)(5) Summary Publication
(a)(6) Press Release
SIGNATURE
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: September 1, 1998 OAK INVESTORS, LLC
By: Arlen Capital, LLC
its Manager
By: /s/ DON AUGUSTINE
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Don Augustine, Manager
Page 4 of 4
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AETNA REAL ESTATE ASSOCIATES, L. P.
EXHIBIT INDEX
Sequential
Exhibit No. Description Page Number
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(a)(5) Summary Publication
(a)(6) Press Release
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EXHIBIT 99(a)(5)
This announcement is neither an offer to purchase nor a solicitation of an
offer to sell the securities.
NOTICE OF TERMINATION OF OFFER TO PURCHASE FOR CASH
UP TO 2,500,000 UNITS OF AETNA REAL ESTATE ASSOCIATES, L.P. (THE "PARTNERSHIP")
BY OAK INVESTORS, LLC, A DELAWARE LIMITED LIABILITY COMPANY
(THE "PURCHASER")
The August 11, 1998 offer to purchase for cash up to 2,500,000 Units held by
the Unitholders of the Partnership at $12.50 per Unit has been terminated.
No Units were tendered, and no Units will be purchased pursuant to the August
11, 1998 offer.
September 1, 1998
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EXHIBIT 99(a)(6)
FOR IMMEDIATE RELEASE
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Contact James Watts (619) 686-2025
San Diego, California (September 1, 1998). Oak Investors, LLC has announced
that it has terminated its August 11, 1998 offer to purchase Units of Aetna Real
Estate Associates, L.P. No Units were tendered and no Units will be purchased
pursuant to the August 11, 1998 offer.