SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------------------
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)
------------------------------------
JOHNSTOWN/CONSOLIDATED INCOME PARTNERS
(Name of Issuer)
LIMITED PARTNERSHIP UNITS
(Title of Class of Securities)
NONE
(Cusip Number)
------------------------------------
JOHN K. LINES, ESQ.
GENERAL COUNSEL AND SECRETARY
INSIGNIA FINANCIAL GROUP, INC.
ONE INSIGNIA FINANCIAL PLAZA
GREENVILLE, SOUTH CAROLINA 29602
(864) 239-1675
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
------------------------------------
COPY TO:
JOHN A. HEALY, ESQ.
ROBERT E. KING, JR., ESQ.
ROGERS & WELLS
200 PARK AVENUE
NEW YORK, NEW YORK 10166
(212) 878-8000
------------------------------------
SEPTEMBER 11, 1996
(Date of event which requires filing of this statement)
==============================================================================
[ ] Check box 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 box if a fee is being paid with the statement.
==============================================================================
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
- ---------------------------------- -----------------------------------
CUSIP No. None 13D Page 2
------------- -
- ---------------------------------- -----------------------------------
=============================================================================================================================
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
INSIGNIA FINANCIAL GROUP, INC.
- -----------------------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
- ----------------------------------------------------------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------------------
4. SOURCES 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
DELAWARE
- -----------------------------------------------------------------------------------------------------------------------------
7. SOLE VOTING POWER
20
-------------------------------------------------------------------------------------------------
NUMBER OF 8. SHARED VOTING POWER
UNITS
BENEFICIALLY 11,504
OWNED BY -------------------------------------------------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER
REPORTING
PERSONS WITH 20
-------------------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
11,504
- -----------------------------------------------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,504
- -----------------------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.9% (Based on 128,810 Units reported
outstanding as of June 30, 1996)
- -----------------------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
=============================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
- ---------------------------------- -----------------------------------
CUSIP No. None 13D Page 3
------------- -
- ---------------------------------- -----------------------------------
=============================================================================================================================
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
LIQUIDITY ASSISTANCE L.L.C.
- -----------------------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
- -----------------------------------------------------------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------------------
4. SOURCES OF FUNDS
WC, 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
0
-------------------------------------------------------------------------------------------------
NUMBER OF 8. SHARED VOTING POWER
UNITS
BENEFICIALLY 10,242
OWNED BY -------------------------------------------------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
-------------------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
10,242
- -----------------------------------------------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,504
- -----------------------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.9% (Based on 128,810 Units reported
outstanding as of June 30, 1996)
- -----------------------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
=============================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
- ---------------------------------- -----------------------------------
CUSIP No. None 13D Page 4
------------- -
- ---------------------------------- -----------------------------------
=============================================================================================================================
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
MARKET VENTURES L.L.C.
- -----------------------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)[ ]
(b)[ ]
- -----------------------------------------------------------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------------------------------------------------------
4. SOURCES OF FUNDS
WC, 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
0
-------------------------------------------------------------------------------------------------
NUMBER OF 8. SHARED VOTING POWER
UNITS
BENEFICIALLY 1,242
OWNED BY -------------------------------------------------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 0
-------------------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
1,242
- -----------------------------------------------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,504
- -----------------------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.9% (Based on 128,810 Units reported
outstanding as of June 30, 1996)
- -----------------------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
=============================================================================================================================
</TABLE>
<PAGE>
AMENDMENT NO. 1 TO SCHEDULE 13D
This Amendment No. 1, which is being filed jointly by Insignia
Financial Group, Inc. ("Insignia"), Liquidity Assistance L.L.C. ("Liquidity")
and Market Ventures L.L.C. ("Market Ventures") (collectively, the "Reporting
Persons"), supplements and amends the Statement on Schedule 13D relating to
units of limited partnership interest ("Units") in Johnstown/Consolidated
Income Partners, a California limited partnership (the "Partnership"),
originally filed jointly by Insignia and Liquidity with the Commission on
December 4, 1995 (the "Original Statement"). Capitalized terms used but not
defined herein shall have the meanings ascribed to them in the Original
Statement.
ITEM 2. IDENTITY AND BACKGROUND.
(a)-(c),(f) Since the date of the Original Statement, Mr. John A.
Sprague has ceased to serve as a director of Insignia, Mr. John M. Beam has
ceased to serve as President of Insignia Mortgage and Investment Company, and
Mr. Jeffrey L. Goldberg has ceased to serve as the Manager of Liquidity. In
addition, information with respect to certain directors and executive officers
of Insignia who have joined Insignia since the date of the Original Statement
is detailed in Schedule II hereto.
Market Ventures is a Delaware limited liability company and a
wholly-owned subsidiary of Insignia. Market Ventures' principal business is the
ownership of real estate securities. The principal executive offices of Market
Ventures are located at One Insignia Financial Plaza, Greenville, South
Carolina 29602. Information with respect to the sole manager of Market Ventures
is detailed in Schedule III hereto.
The sole general partner of the Partnership is ConCap Equities,
Inc. (the "General Partner"). The General Partner is an indirect, wholly-owned
subsidiary of Insignia.
(d)-(e) During the last five years, neither Market Ventures, nor, to
the best of the Reporting Persons' knowledge, the persons listed in Schedule II
or Schedule III hereto (i) has been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors) or (ii) was 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, decree or
final order enjoining further violations of or prohibiting activities subject
to federal or state securities laws or finding any violation with respect to
such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Liquidity and Market Ventures used their working capital and funds
provided to them by Insignia from its working capital for the purchases
described in Item 5(c) below.
ITEM 4. PURPOSE OF THE TRANSACTION.
The Reporting Persons have acquired the Units for investment
purposes. Insignia believes it can benefit from its investments in the Units in
various ways, including (i) the receipt of distributions from the operating
cash flow of the Partnership, (ii) the receipt of distributions from the net
proceeds of refinancing existing indebtedness of the Partnership or sale of one
or more of the Partnership's properties, and (iii) merger or consolidation
transactions involving the Partnership. Merger or consolidation transactions
could involve other limited partnerships in which affiliates of Insignia serve
as general
5
<PAGE>
partners, or a combination of the Partnership with one or more existing public
entities (including, possibly, affiliates of Insignia), in any of which
transactions limited partners might receive cash, common stock or other
securities as consideration.
Except as described herein, none of the Reporting Persons has any
current plans or proposals which relate to or would result in (a) the
acquisition by any person of additional securities of the Partnership or the
disposition of any such securities, (b) an extraordinary corporate transaction,
such as a merger, reorganization or liquidation, involving the Partnership or
any of its subsidiaries, (c) a sale or transfer of a material amount of assets
of the Partnership or any of its subsidiaries, (d) any change in the present
management of the Partnership, (e) any material change in the present
capitalization or dividend policy of the Partnership, (f) any other material
change in the Partnership's business or corporate structure, (g) any other
material change in the Partnership's charter, bylaws or instruments
corresponding thereto or other actions which may impede the acquisition of
control of the Partnership by any person, (h) causing a class of securities of
the Partnership to be delisted from a national securities exchange or to cease
to be authorized to be quoted in an inter-dealer quotation system of a
registered national securities association, (i) a class of equity securities of
the Partnership becoming eligible for termination of registration pursuant to
Section 12(g)(4) of the Act, or (j) any action similar to any of the actions
enumerated in (a) through (i) above. However, consistent with a General
Partner's fiduciary obligations to maximize returns to limited partners, the
General Partner is expected to seek and review opportunities to engage in
transactions to benefit the Partnership, such as sales or refinancings of
assets or combinations of the Partnership with one or more entities. In that
regard, Insignia expects that the General Partner will carefully consider any
suggestions or proposals Insignia may make.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The Reporting Persons beneficially own an aggregate of 11,504
Units, representing approximately 8.9% of the outstanding Units (based upon
128,810 Units reported as outstanding by the Partnership in its most recent
Quarterly Report on Form 10-Q).
(b) Insignia has the sole power to vote and dispose of the 20 Units
owned directly by Insignia; Insignia and Liquidity share the power to vote and
dispose of the 10,242 Units owned by Liquidity; and Insignia and Market
Ventures share the power to vote and dispose of the 1,242 Units owned by Market
Ventures.
(c) A schedule of the transactions in Units effected by the Reporting
Persons within the last 60 days is attached hereto as Annex A. All such
purchases were either open market transactions made through the Chicago
Partnership Board or privately negotiated transactions conducted with
individual Unit holders on an arm's length basis.
(d)-(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Except as described herein, no contracts, arrangements,
understandings or relationships (legal or otherwise) between the Reporting
Persons and any other person exists with respect to any securities of the
Partnership, including but not limited to transfer or voting of any such
securities, finder's fees, joint ventures, loan or option arrangements, puts or
calls, guarantees of profits, division of profits or loss, or the giving or
withholding of proxies.
6
<PAGE>
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 7.7 Agreement of Joint Filing among the Reporting Persons,
dated October 16, 1996.
7
<PAGE>
SCHEDULE II
------------
INFORMATION REGARDING THE
DIRECTORS AND EXECUTIVE OFFICERS OF INSIGNIA
Set forth in the table below are the name and the present principal occupations
or employment of each director and executive officer of Insignia who has joined
Insignia since the date of the Original Statement. Unless otherwise indicated,
each person identified below is employed by Insignia. The principal business
address of Insignia and, unless otherwise indicated, each person identified
below, is One Insignia Financial Plaza, Greenville, South Carolina 29602.
Directors are identified by an asterisk. All persons identified below are
United States citizens.
<TABLE>
<CAPTION>
Name Present Principal Occupation or Employment
- ---- ------------------------------------------
<S> <C>
Robert J. Denison* Mr. Denison is presented for election as a director of Insignia in 1996.
375 Park Avenue Mr. Denison's principal occupation is to serve as President of First
Suite 3303 Security Management, Inc. The principal business address for First
New York, NY 10158 Security Management, Inc. is 375 Park Avenue, Suite 3303, New
York, NY 10158.
Stephen C. Schoenbaechler Mr. Schoenbaechler's principal occupation is to serve as Senior Vice
President of Asset Management of Insignia.
Edward S. Gordon Mr. Gordon's principal occupation is to serve in the Office of the
200 Park Avenue Chairman of Insignia and as Chief Executive Officer of the Edward S.
New York, NY 10166 Gordon Company, Inc. The principal business address for the Edward
S. Gordon Company, Inc. is 200 Park Avenue, New York, NY 10166.
Stephen B. Siegel Mr. Siegel's principal occupation is to serve as Managing Director of
200 Park Avenue Insignia and President of the Edward S. Gordon Company, Inc. The
New York, NY 10166 principal business address for the Edward S. Gordon Company, Inc. is
200 Park Avenue, New York, NY 10166.
Martha L. Long Ms. Long's principal occupation is to serve as Controller of Insignia.
</TABLE>
I-1
<PAGE>
SCHEDULE III
------------
INFORMATION REGARDING THE MANAGER OF MARKET VENTURES
Set forth in the table below is the name and the present principal occupation
or employment of the sole manager of Market Ventures. The person identified
below is a United States citizen and is employed by Insignia. The principal
business address of Insignia and the person identified below is One Insignia
Financial Plaza, Greenville, South Carolina 29602.
<TABLE>
<CAPTION>
Name Present Principal Occupation or Employment
- ---- ------------------------------------------
<S> <C>
Sheryl W. Baker Ms. Baker's principal occupation is to serve as the Assistant Controller of
Insignia. Ms. Baker also serves as the Manager of Market Ventures.
</TABLE>
I-2
<PAGE>
ANNEX A
-------
SCHEDULE OF TRANSACTIONS EFFECTED WITHIN THE PAST 60 DAYS
<TABLE>
<CAPTION>
Number of Price
Purchaser Date Units Purchased Per Unit
- --------- ---- --------------- ---------
<S> <C> <C> <C>
LIQUIDITY 9/11/96 80.00 $60.00
MARKET VENTURES 8/22/96 45.00 $65.00
9/10/96 60.00 $65.00
</TABLE>
A-1
<PAGE>
SIGNATURES
After reasonable 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: October 16, 1996
INSIGNIA FINANCIAL GROUP, INC.
By: /s/ FRANK M. GARRISON
---------------------------
Frank M. Garrison
Executive Managing Director
LIQUIDITY ASSISTANCE L.L.C.
By: /s/ J. SCOTT KESTER
---------------------------
J. Scott Kester
President
MARKET VENTURES L.L.C.
By: /s/ SHERYL W. BAKER
---------------------------
Sheryl W. Baker
Manager
<PAGE>
EXHIBIT INDEX
-------------
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
---------- -----------
<S> <C>
7.7 Agreement of Joint Filing among the Reporting Persons, dated October 16, 1996.
</TABLE>
<PAGE>
AGREEMENT OF JOINT FILING
-------------------------
Insignia Financial Group, Inc., Liquidity Assistance L.L.C. and Market
Ventures L.L.C. agree that the Amendment No. 1 to the Statement on Schedule 13D
to which this agreement is attached as an exhibit, and all future amendments to
the Statement, shall be filed 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: October 16, 1996
INSIGNIA FINANCIAL GROUP, INC.
By: /s/ FRANK M. GARRISON
--------------------------
Frank M. Garrison
Executive Managing Director
LIQUIDITY ASSISTANCE L.L.C.
By: /s/ J. SCOTT KESTER
---------------------------
J. Scott Kester
President
MARKET VENTURES L.L.C.
By: /s/ SHERYL W. BAKER
---------------------------
Sheryl W. Baker
Manager
