<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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. 1)
------------------------------------
MULTI-BENEFIT REALTY FUND '87-1
(Name of Issuer)
CLASS B UNITS OF LIMITED PARTNERSHIP INTEREST
(Title of Class of Securities)
NONE
(CUSIP Number)
------------------------------------
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)
------------------------------------
COPY TO:
JOHN A. HEALY, ESQ.
ROGERS & WELLS LLP
200 PARK AVENUE
NEW YORK, NEW YORK 10166
(212) 878-8000
------------------------------------
SEPTEMBER 23, 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. [ ]
- --------------------------------------------------------------------------------
(Continued on following pages)
(Page 1 of 10 Pages)
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<TABLE>
<CAPTION>
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<S> <C> <C>
CUSIP No. NONE 13D/A Page 2 of 10
- ---------------------------------- -----------------------------------
=============================================================================================================================
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)
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. 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
NUMBER OF
SHARES 0
BENEFICIALLY -------------------------------------------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH
REPORTING 14,032
PERSON WITH -------------------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
14,032
-----------------------------------------------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,032
- -----------------------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.7%
- -----------------------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
=============================================================================================================================
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- ---------------------------------- -----------------------------------
CUSIP No. NONE 13D/A Page 3 of 10
--------
- ---------------------------------- -----------------------------------
=============================================================================================================================
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)
INSIGNIA PROPERTIES, L.P.
- -----------------------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------------------
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
NUMBER OF
SHARES 0
BENEFICIALLY -------------------------------------------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH
REPORTING 14,032
PERSON WITH -------------------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
14,032
-----------------------------------------------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,032
- -----------------------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.7%
- -----------------------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
=============================================================================================================================
<PAGE>
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CUSIP No. NONE 13D/A Page 4 of 10
--------
- ---------------------------------- -----------------------------------
=============================================================================================================================
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)
INSIGNIA PROPERTIES TRUST
- -----------------------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
-----------------------------------------------------------------------------------------------------------------------------
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
MARYLAND
- -----------------------------------------------------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY -------------------------------------------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH
REPORTING 14,032
PERSON WITH -------------------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
14,032
- -----------------------------------------------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,032
- -----------------------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.7%
- -----------------------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
=============================================================================================================================
<PAGE>
- ---------------------------------- -----------------------------------
CUSIP No. NONE 13D/A Page 5 of 10
--------
- ---------------------------------- -----------------------------------
=============================================================================================================================
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)
INSIGNIA FINANCIAL GROUP, INC.
- -----------------------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------------------
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
NUMBER OF
SHARES 0
BENEFICIALLY -------------------------------------------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH
REPORTING 14,032
PERSON WITH -------------------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
14,032
-----------------------------------------------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,032
- -----------------------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.7%
- -----------------------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
=============================================================================================================================
<PAGE>
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CUSIP No. NONE 13D/A Page 6 of 10
--------
- ---------------------------------- -----------------------------------
=============================================================================================================================
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)
ANDREW L. FARKAS
- -----------------------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
- -----------------------------------------------------------------------------------------------------------------------------
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
NUMBER OF
SHARES 0
BENEFICIALLY -------------------------------------------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH
REPORTING 14,032
PERSON WITH -------------------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
0
-------------------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
14,032
- -----------------------------------------------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,032
- -----------------------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- -----------------------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.7%
- -----------------------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
=============================================================================================================================
</TABLE>
<PAGE>
AMENDMENT NO. 1 TO SCHEDULE 13D
This Amendment No. 1 to the Statement on Schedule 13D (the
"Statement") previously filed by Madison River Properties, L.L.C. ("Madison
River"), Insignia Properties, L.P. ("IPLP"), Insignia Properties Trust ("IPT"),
Insignia Financial Group, Inc. ("Insignia") and Andrew L. Farkas (collectively,
the "Reporting Persons") in connection with their beneficial ownership of Class
B units of limited partnership interest ("Class B Units") in Multi-Benefit
Realty Fund '87-1, a California limited partnership (the "Partnership"),
relates to an offer by Cooper River Properties, L.L.C. (the "Purchaser") to
purchase up to 11,000 of the outstanding Class B Units at a purchase price of
$38 per Class B Unit, net to the seller in cash, upon the terms and subject to
the conditions set forth in the Offer to Purchase dated September 23, 1998 (the
"Offer to Purchase") and the related Assignment of Partnership Interest (which,
together with any supplements or amendments, collectively constitute the
"Offer"), copies of which are incorporated by reference as Exhibits 7.1 and 7.2
hereto, respectively.
The following Items of the Statement are hereby supplemented and/or
amended:
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The information set forth in the Offer to Purchase in Section 10
("Conflicts of Interest and Transactions with Affiliates") and in Section 12
("Source of Funds") is incorporated herein by reference.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a)-(b) Madison River directly owns 14,032 Class B Units,
representing approximately 18.7% of the outstanding Class B Units based on the
75,152 Class B Units reported by the Partnership to be outstanding at June 30,
1998.
IPLP, IPT, Insignia and Mr. Farkas may be deemed to be beneficial
owners of the Class B Units directly owned by Madison River by reason of IPLP's
ownership interest in Madison River, each of IPT's and Insignia's ownership
interest in IPLP and Mr. Farkas's relationship with Insignia. Madison River is
a wholly-owned subsidiary of IPLP, which is the operating partnership of IPT.
IPT is the sole general partner of IPLP (owning approximately 70% of the total
equity interests in IPLP), and Insignia is the sole limited partner of IPLP
(owning approximately 30% of the total equity interests in IPLP). Insignia and
its affiliates also own approximately 57% of the outstanding common shares of
IPT. Mr. Farkas is the Chairman, Chief Executive Officer and President of
Insignia and is the beneficial owner of approximately 18% of its outstanding
common stock. Accordingly, for purposes of this Statement: (i) Madison River is
reporting that it shares the power to vote or direct the vote and the power to
dispose or direct the disposition of the 14,032 Class B Units directly owned by
it; and (ii) IPLP, IPT, Insignia and Mr. Farkas are reporting that they each
share the power to vote or direct the vote and the power to dispose or direct
the disposition of the 14,032 Class B Units directly owned by Madison River.
The information set forth in the Offer to Purchase under
"Introduction" and in Section 11 ("Certain Information Concerning the
Purchaser, IPLP, IPT and Insignia") is incorporated herein by reference.
(c) On September 23, 1998, the Purchaser, IPLP, IPT and Insignia
commenced a tender offer to purchase up to 11,000 of the Class B Units of the
Partnership at a purchase price of $38 per Class B Unit, net to the seller in
cash, upon the terms and subject to the conditions set forth in the Offer. No
other transactions in the Class B Units were effected by the Reporting Persons
in the past 60 days.
7
<PAGE>
(d)-(e) Not applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
7.1 Offer to Purchase, dated September 23, 1998.
7.2 Assignment of Partnership Interest and Related Instructions.
7.3 Credit Agreement, dated December 30, 1997.
8
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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: September 23, 1998
MADISON RIVER PROPERTIES, L.L.C. INSIGNIA FINANCIAL GROUP, INC.
By: /s/ JEFFREY P. COHEN By: /s/ FRANK M. GARRISON
---------------------------- -----------------------------
Jeffrey P. Cohen Frank M. Garrison
Manager Executive Managing Director
INSIGNIA PROPERTIES, L.P.
By: Insignia Properties Trust, ANDREW L. FARKAS
its General Partner
By: /s/ JEFFREY P. COHEN /s/ ANDREW L. FARKAS
---------------------------- ----------------------------------
Jeffrey P. Cohen
INSIGNIA PROPERTIES TRUST
By: /s/ JEFFREY P. COHEN
-----------------------------
Jeffrey P. Cohen
Senior Vice President
KNOW ALL MEN BY THESE PRESENTS, that the person whose signature
appears below constitutes and appoints Jeffrey P. Cohen his true and lawful
attorney-in-fact and agent to sign in any and all capacities this and any and
all further amendments to the Statement on Schedule 13D and to file the same
with all exhibits thereto and other documents in connection therewith with the
Securities and Exchange Commission, granting to such attorney-in-fact and agent
full power and authority to do all such other acts and execute all such other
documents as he may deem necessary or desirable in connection with the
foregoing, as fully as the undersigned might or could do in person, hereby
ratifying and confirming that such attorney-in-fact and agent may lawfully do
or cause to be done by virtue hereof.
/s/ ANDREW L. FARKAS
- -----------------------------------------
Andrew L. Farkas
Dated: September 23, 1998
9
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
----------- -----------
7.1 Offer to Purchase, dated September 23, 1998 (incorporated by
reference to Exhibit (a)(1) of the Tender Offer Statement on
Schedule 14D-1 filed by the Purchaser, IPLP, IPT and Insignia
on September 23, 1998).
7.2 Assignment of Partnership Interest and Related Instructions
(incorporated by reference to Exhibit (a)(2) of the Tender
Offer Statement on Schedule 14D-1 filed by the Purchaser,
IPLP, IPT and Insignia on September 23, 1998).
7.3 Credit Agreement, dated December 30, 1997 (incorporated by
reference to Exhibit (b)(1) of the Tender Offer Statement on
Schedule 14D-1 filed by the Purchaser, IPLP, IPT and Insignia
on September 23, 1998).
10
