<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
UNDER THE SECURITIES EXCHANGE ACT OF 1934
------------------------
MULTI-BENEFIT REALTY FUND '87-1
(Name of Subject Company)
MADISON RIVER PROPERTIES, L.L.C.
INSIGNIA PROPERTIES, L.P.
INSIGNIA PROPERTIES TRUST
INSIGNIA FINANCIAL GROUP, INC.
(Bidders)
CLASS A 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 | Page 2 |
- ------------------- ------------
===============================================================================
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
23,090
- -------------------------------------------------------------------------------
8. Check if the Aggregate Amount in Row 7 Excludes Certain Shares
[ ]
- -------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row 7
24.0%
- -------------------------------------------------------------------------------
10. Type of Reporting Person
OO
===============================================================================
<PAGE>
- ------------------- ------------
| CUSIP No. NONE | 14D-1/A AND 13D | 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
23,090
- -------------------------------------------------------------------------------
8. Check if the Aggregate Amount in Row 7 Excludes Certain Shares
[ ]
- -------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row 7
24.0%
- -------------------------------------------------------------------------------
10. Type of Reporting Person
PN
===============================================================================
<PAGE>
- ------------------- ------------
| CUSIP No. NONE | 14D-1/A AND 13D | 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
23,090
- -------------------------------------------------------------------------------
8. Check if the Aggregate Amount in Row 7 Excludes Certain Shares
[ ]
- -------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row 7
24.0%
- -------------------------------------------------------------------------------
10. Type of Reporting Person
OO
===============================================================================
<PAGE>
- ------------------- ------------
| CUSIP No. NONE | 14D-1/A AND 13D | 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
23,090
- -------------------------------------------------------------------------------
8. Check if the Aggregate Amount in Row 7 Excludes Certain Shares
[ ]
- -------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row 7
24.0%
- -------------------------------------------------------------------------------
10. Type of Reporting Person
CO
===============================================================================
<PAGE>
- ------------------- ------------
| CUSIP No. NONE | 14D-1/A AND 13D | 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
23,090
- -------------------------------------------------------------------------------
8. Check if the Aggregate Amount in Row 7 Excludes Certain Shares
[ ]
- -------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row 7
24.0%
- -------------------------------------------------------------------------------
10. Type of Reporting Person
IN
===============================================================================
<PAGE>
AMENDMENT NO. 5 TO SCHEDULE 14D-1/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 23, 1997, as amended by Amendment No. 1 filed with
the Commission on January 20, 1998, Amendment No. 2 filed with the Commission
on January 26, 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) the initial Statement on Schedule 13D of the
Purchaser, IPLP, IPT, Insignia and Andrew L. Farkas (and together with the
Schedule 14D-1, the "Schedules"). The Schedules relate to the tender offer of
the Purchaser to purchase up to 24,000 of the outstanding class A units of
limited partnership interest (the "Class A Units") of Multi-Benefit Realty Fund
'87-1, at a purchase price of $50 per Class A Unit, net to the seller in cash,
upon the terms and subject to the conditions set forth in the Offer to Purchase
dated December 23, 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 21,457 Class A Units,
representing approximately 22.3% of the outstanding Class A 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
Class A Units at the purchase price of $50 per Class A Unit.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS.
(z)(1) Agreement of Joint Filing, dated March 11, 1998, among the
Purchaser, IPLP, IPT, Insignia and Andrew L. Farkas.
7
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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 11, 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, THE
STATEMENT ON SCHEDULE 13D
/s/ ANDREW L. FARKAS
---------------------------------------
ANDREW L. FARKAS
8
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EXHIBIT INDEX
-------------
EXHIBIT NO. DESCRIPTION
- ----------- -----------
(z)(1) Agreement of Joint Filing, dated March 11, 1998, among the
Purchaser, IPLP, IPT, Insignia and Andrew L. Farkas.
9
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EXHIBIT (Z)(1)
AGREEMENT OF JOINT FILING
Madison River Properties, L.L.C., Insignia Properties, L.P., Insignia
Properties Trust, Insignia Financial Group, Inc. and Andrew L. Farkas hereby
agree that the Statement on Schedule 13D to which this agreement is attached as
an exhibit, and all further amendments thereto, 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: March 11, 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
/s/ ANDREW L. FARKAS
------------------------------------------------
ANDREW L. FARKAS
