<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------------------
SCHEDULE 14D-1/A
TENDER OFFER STATEMENT PURSUANT TO SECTION 14(D)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 5)
(FINAL AMENDMENT)
AND
SCHEDULE 13D/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 8)
------------------------------------
JOHNSTOWN/CONSOLIDATED INCOME PARTNERS
(Name of Subject Company)
MADISON RIVER PROPERTIES, L.L.C.
INSIGNIA PROPERTIES, L.P.
INSIGNIA PROPERTIES TRUST
INSIGNIA FINANCIAL GROUP, INC.
(Bidders)
UNITS OF LIMITED PARTNERSHIP INTEREST
(Title of Class of Securities)
NONE
(Cusip Number of Class of Securities)
------------------------------------
JEFFREY P. COHEN
SENIOR VICE PRESIDENT
INSIGNIA FINANCIAL GROUP, INC.
375 PARK AVENUE, SUITE 3401
NEW YORK, NEW YORK 10152
(212) 750-6070
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications on Behalf of Bidders)
COPY TO:
JOHN A. HEALY, ESQ.
ROGERS & WELLS
200 PARK AVENUE
NEW YORK, NEW YORK 10166
(212) 878-8000
------------------------------------
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CUSIP No. NONE 14D-1/A AND 13D/A Page 2
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1. Name of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
MADISON RIVER PROPERTIES, L.L.C.
- -------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
- -------------------------------------------------------------------------------
3. SEC Use Only
- -------------------------------------------------------------------------------
4. Sources of Funds
AF
- -------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(e) or 2(f)
[ ]
- -------------------------------------------------------------------------------
6. Citizenship or Place of Organization
DELAWARE
- -------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting Person
25,893.5
- -------------------------------------------------------------------------------
8. Check if the Aggregate Amount in Row 7 Excludes Certain Shares
[ ]
- -------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row 7
20.1%
- -------------------------------------------------------------------------------
10. Type of Reporting Person
OO
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<PAGE>
- -------------------------------------------------------------------------------
CUSIP No. NONE 14D-1/A AND 13D/A Page 3
===============================================================================
1. Name of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
INSIGNIA PROPERTIES, L.P.
- -------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
- -------------------------------------------------------------------------------
3. SEC Use Only
- -------------------------------------------------------------------------------
4. Sources of Funds
WC
- -------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(e) or 2(f)
[ ]
- -------------------------------------------------------------------------------
6. Citizenship or Place of Organization
DELAWARE
- -------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting Person
25,893.5
- -------------------------------------------------------------------------------
8. Check if the Aggregate Amount in Row 7 Excludes Certain Shares
[ ]
- -------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row 7
20.1%
- -------------------------------------------------------------------------------
10. Type of Reporting Person
PN
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<PAGE>
- -------------------------------------------------------------------------------
CUSIP No. NONE 14D-1/A AND 13D/A Page 4
===============================================================================
1. Name of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
INSIGNIA PROPERTIES TRUST
- -------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
- -------------------------------------------------------------------------------
3. SEC Use Only
- -------------------------------------------------------------------------------
4. Sources of Funds
NOT APPLICABLE
- -------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(e) or 2(f)
[ ]
- -------------------------------------------------------------------------------
6. Citizenship or Place of Organization
MARYLAND
- -------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting Person
25,893.5
- -------------------------------------------------------------------------------
8. Check if the Aggregate Amount in Row 7 Excludes Certain Shares
[ ]
- -------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row 7
20.1%
- -------------------------------------------------------------------------------
10. Type of Reporting Person
OO
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<PAGE>
- -------------------------------------------------------------------------------
CUSIP No. NONE 14D-1/A AND 13D/A Page 5
===============================================================================
1. Name of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
INSIGNIA FINANCIAL GROUP, INC.
- -------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
- -------------------------------------------------------------------------------
3. SEC Use Only
- -------------------------------------------------------------------------------
4. Sources of Funds
NOT APPLICABLE
- -------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(e) or 2(f)
[ ]
- -------------------------------------------------------------------------------
6. Citizenship or Place of Organization
DELAWARE
- -------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting Person
25,893.5
- -------------------------------------------------------------------------------
8. Check if the Aggregate Amount in Row 7 Excludes Certain Shares
[ ]
- -------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row 7
20.1%
- -------------------------------------------------------------------------------
10. Type of Reporting Person
CO
===============================================================================
<PAGE>
- -------------------------------------------------------------------------------
CUSIP No. NONE 14D-1/A AND 13D/A Page 6
===============================================================================
1. Name of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
ANDREW L. FARKAS
- -------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
- -------------------------------------------------------------------------------
3. SEC Use Only
- -------------------------------------------------------------------------------
4. Sources of Funds
NOT APPLICABLE
- -------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(e) or 2(f)
[ ]
- -------------------------------------------------------------------------------
6. Citizenship or Place of Organization
UNITED STATES
- -------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting Person
25,893.5
- -------------------------------------------------------------------------------
8. Check if the Aggregate Amount in Row 7 Excludes Certain Shares
[ ]
- -------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row 7
20.1%
- -------------------------------------------------------------------------------
10. Type of Reporting Person
IN
===============================================================================
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AMENDMENT NO. 5 TO SCHEDULE 14D-1/AMENDMENT NO. 8 TO SCHEDULE 13D
This Amendment No. 5 constitutes (i) the final Amendment to the Tender
Offer Statement on Schedule 14D-1 of Madison River Properties, L.L.C. (the
"Purchaser"), Insignia Properties, L.P. ("IPLP"), Insignia Properties Trust
("IPT"), and Insignia Financial Group, Inc. ("Insignia"), originally filed with
the Commission on December 19, 1997, as amended by Amendment No. 1 filed with
the Commission on January 15, 1998, Amendment No. 2 filed with the Commission
on January 22, 1998, Amendment No. 3 filed with the Commission on February 2,
1998 and Amendment No. 4 filed with the Commission on February 10, 1998 (the
"Schedule 14D-1"); and (ii) Amendment No. 8 to the Statement on Schedule 13D of
the Purchaser, IPLP, IPT, Insignia and Andrew L. Farkas, originally filed with
the Commission on December 4, 1995, as amended by Amendment No. 1 filed with
the Commission on October 16, 1996, Amendment No. 2 filed with the Commission
on April 25, 1997, Amendment No. 3 filed with the Commission on December 19,
1997, Amendment No. 4 filed with the Commission on January 15, 1998, Amendment
No. 5 filed with the Commission on January 22, 1998, Amendment No. 6 filed with
the Commission on February 2, 1998 and Amendment No. 7 filed with the
Commission on February 10, 1998 (and together with the Schedule 14D-1, the
"Schedules"). The Schedules relate to the tender offer of the Purchaser to
purchase up to 39,000 of the outstanding units of limited partnership interest
("Units") of Johnstown/Consolidated Income Partners, at a purchase price of $68
per Unit, net to the seller in cash, upon the terms and subject to the
conditions set forth in the Offer to Purchase dated December 19, 1997 (the
"Offer to Purchase") and the related Assignment of Partnership Interest (which,
together with any supplements or amendments, collectively constitute the
"Offer"). Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Schedule 14D-1 and the Offer to Purchase.
ITEM 6. INTEREST IN SECURITIES OF THE SUBJECT COMPANY.
(a)-(b) At 5:00 p.m., New York time, on Friday, February 6, 1998, the
Offer expired pursuant to its terms. A total of 14,061.5 Units, representing
approximately 10.9% of the outstanding Units, were validly tendered and not
withdrawn pursuant to the Offer. The Purchaser has accepted for payment, and
the Depositary has mailed checks in payment of, all of those Units at the
purchase price of $68 per Unit.
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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: March 12, 1998
MADISON RIVER PROPERTIES, L.L.C.
By: /s/ JEFFREY P. COHEN
----------------------------------
Jeffrey P. Cohen
Manager
INSIGNIA PROPERTIES, L.P.
By: Insignia Properties Trust,
its General Partner
By: /s/ JEFFREY P. COHEN
----------------------------------
Jeffrey P. Cohen
Senior Vice President
INSIGNIA PROPERTIES TRUST
By: /s/ JEFFREY P. COHEN
----------------------------------
Jeffrey P. Cohen
Senior Vice President
INSIGNIA FINANCIAL GROUP, INC.
By: /s/ FRANK M. GARRISON
----------------------------------
Frank M. Garrison
Executive Managing Director
SOLELY FOR PURPOSES OF, AND INSOFAR
AS THIS FILING CONSTITUTES, AMENDMENT
NO. 8 TO THE STATEMENT ON SCHEDULE 13D
/s/ ANDREW L. FARKAS
-------------------------------------
By: Jeffrey P. Cohen, Attorney-in-Fact
8
