SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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. 2)(1)
HIGH EQUITY PARTNERS L.P. - SERIES 88
- --------------------------------------------------------------------------------
(Name of Issuer)
Units of Limited Partnership Interest
- --------------------------------------------------------------------------------
(Title of Class of Securities)
- --------------------------------------------------------------------------------
(CUSIP Number)
David J. Heymann, Esq. Mark I. Fisher, Esq.
100 Jericho Quadrangle, Suite 214 c/o Rosenman & Colin LLP
Jericho, New York 11753 575 Madison Avenue
(516) 681-3636 New York, New York 10022
(212) 940-8877
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 29, 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 |_|.
Note. Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See Rule
13d-7(b) for other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 19 Pages)
- ----------
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
<PAGE>
CUSIP No. SCHEDULE 13D Page 2 of 19 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Millennium Funding IV Corp.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
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
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 67,066
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
67,066
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
67,066
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.04%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 3 of 19 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Presidio Capital Corp.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE 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
British Virgin Islands
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 67,066
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
67,066
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
67,066
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.04%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 4 of 19 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Presidio Capital Investment Company, LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
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
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 97,570
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
97,570
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
97,570
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.25%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 5 of 19 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NorthStar Presidio Capital Holding Corp.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
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
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 97,570
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
97,570
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
97,570
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.25%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
HC
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 6 of 19 Pages
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NorthStar Presidio Management Company LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
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
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 67,066
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
67,066
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
67,066
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.04%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 7 of 19 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NorthStar Partnership, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
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
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 97,570
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
97,570
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
97,570
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.25%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 8 of 19 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NorthStar Capital Investment Corp.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
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
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 97,570
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
97,570
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
97,570
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.25%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 9 of 19 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Millennium Funding I LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
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
United States
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 5,470
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
5,470
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,470
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.47%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. SCHEDULE 13D Page 10 of 19 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Millennium Funding IV LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |X|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
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
United States
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
None
--------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 25,034
OWNED BY --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON None
WITH --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
25,034
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
25,034
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.73%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
This Amendment No. 2 is being filed by Millennium Funding IV Corp.,
Millennium Funding I LLC, Millennium Funding IV LLC, Presidio Capital Corp.,
Presidio Capital Investment Company, LLC, NorthStar Presidio Capital Holding
Corp., NorthStar Presidio Management Company LLC, NorthStar Partnership, L.P.
and NorthStar Capital Investment Corp. and amends the statement on Schedule 13D
dated February 9, 1998 (the "Schedule 13D"), which was filed by Millennium
Funding Corp., Millennium Funding IV Corp., Presidio Capital Corp., Presidio
Holding Company LLC, NorthStar Presidio Management Company, LLC, NorthStar
Operating, LLC, NorthStar Capital Partners, LLC, NorthStar Capital Holdings I,
LLC, W. Edward Scheetz and David T. Hamamoto as amended by Amendment No. 1 dated
October 30, 1998, which was filed by Millennium Funding Corp., Millennium
Funding IV Corp., NorthStar Capital Holdings I, LLC, NorthStar Capital Partners,
LLC, NorthStar Operating, LLC, NorthStar Presidio Management Company, LLC,
Presidio Capital Corp., Presidio Capital Investment Company, Presidio Holding
Company, LLC, W. Edward Scheetz and David Hamamoto. In addition to the other
amendments contained herein, this Amendment No. 2 is being filed to reflect
changes in the identity of certain of the reporting persons resulting from
changes in the ownership structure of the entities which directly hold the
securities reported herein. Capitalized terms herein which are not otherwise
defined herein shall have the meanings ascribed to such terms in the Original
Schedule 13D and the Amendment thereto.
Item 2. Identity and Background
Item 2 is hereby amended and restated to read as follows:
(a)-(c) This statement is filed as a joint statement pursuant to
Rule 13d-1(k) promulgated under the Securities and Exchange Act of 1934, as
amended (the "Exchange Act") by Millennium Funding IV Corp., a Delaware
corporation, ("MFC IV"), Millennium Funding I LLC, a Delaware limited liability
company ("Millennium LLC"), Millennium Funding IV LLC, a Delaware limited
liability company ("Millennium IV"), Presidio Capital Corp., a British Virgin
Islands corporation ("Presidio"), Presidio Capital Investment Company, LLC, a
Delaware limited liability company ("PCIC"), NorthStar Presidio Capital Holding
Corp., a Delaware corporation ("NP Holding"), NorthStar Presidio Management
Company LLC, a Delaware limited liability company ("NorthStar"), NorthStar
Partnership, L.P., a Delaware limited partnership ("NorthStar Partnership") and
NorthStar Capital Investment Corp., a Maryland corporation ("NCIC", and
collectively with MFC IV, Millennium LLC, Millennium IV, PCC, PCIC, NP Holding,
NorthStar and NorthStar Partnership, the "Reporting Persons").
MFC IV is a wholly-owned subsidiary of Presidio. Each of Presidio,
Millennium LLC and Millennium IV are wholly-owned by PCIC. The majority interest
in PCIC is held by NP Holding. NP Holding and NorthStar are each wholly-owned by
NorthStar Partnership, the general partner of which is NCIC.
The business address of each of MFC IV and NorthStar is 411 West
Putnam Avenue, Suite 270, Greenwich, CT 06830. The business address of Presidio
is c/o Hemisphere Management Limited, 9 Church Street, Hamilton HM DX, Bermuda.
The business address of each of Millennium LLC, Millennium IV, PCIC, NP Holding,
NorthStar, NorthStar Partnership and NCIC is 527 Madison Avenue, New York, New
York 10022.
Page 11 of 19
<PAGE>
For certain information concerning the executive officers and
directors of MFC IV, Presidio, PCIC, NP Holding and NCIC, see Schedule 1.
(d) To the best knowledge of the Reporting Persons, none of the
persons referred to in paragraph (a) above has during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) To the best knowledge of the Reporting Persons, none of the
persons referred to in paragraph (a) above has during the last five years, been
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, decrees or final order enjoining future violations of or prohibiting
or mandating activities subject to, federal or state securities laws or finding
any violation with respect thereto.
(f) Each of the individuals listed on Schedule 1 hereto, is a
citizen of the United States.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is hereby amended and restated to read as follows:
The aggregate amount of funds used to purchase the Units held by MFC
IV was $8,151,872. The source of funds used by MFC IV to purchase such Units was
capital contributions from Presidio.
The aggregate amount of funds used to purchase the Units held by
Millennium LLC was $710,771. The source of funds used by Millennium LLC to
purchase such Units was capital contributions by PCIC.
The aggregate amount of funds used to purchase the Units held by
Millennium IV was $2,832,597. The source of funds used by Millennium IV to
purchase such Units was capital contributions by PCIC.
Item 4. Purpose of Transaction.
Item 4 is hereby amended as follows:
In April 1999, the California Superior Court approved the terms of
the settlement (the "Settlement") of a class action and derivative litigation
involving the Partnership. Under the terms of the Settlement, the Partnership's
general partners (the "General Partners"), which are controlled by Presidio
agreed to solicit the consent of limited partners of the Partnership to certain
amendments (the "Amendments") to the Agreement of Limited Partnership of the
Partnership which modify the manner of calculating the partnership management
fee paid under the Partnership Agreement and modify the manner of calculating
the amount that the General Partner may be required to repay to the Partnership
upon liquidation of the Partnership. The requisite consents have been obtained
and the Amendments have become effective. Under the terms of the Settlement, the
General Partners also agreed to arrange for a tender offer (the "Offer") to be
made for the purchase of not fewer than 25,034 Units (representing approximately
6.7% of the outstanding Units) for not less than $113.15 per Unit. The Offer has
expired and the maximum number of Units sought thereunder have been purchased by
Millennium IV, the bidder
Page 12 of 19
<PAGE>
in the Offer. Under the terms of the Settlement, the General Partners are now
required to use their best efforts to reorganize the Partnership into a real
estate investment trust or other entity whose shares will be listed on a
national securities exchange or on the NASDAQ National Market System.
Item 5. Interest in Securities of the Issuer.
Item 5 is hereby amended and restated as follows:
(a-b) The aggregate percentage of the outstanding Units reported
owned by each Reporting Person is based upon 371,766 outstanding Units.
As of the close of business on February 9, 2000:
(i) MFC IV owns 67,066 its which constitute approximately
18.04% of Units outstanding. MFC IV has shared power to vote and dispose
of all such Units;
(ii) Millennium LLC owns 5,470 Units which constitute
approximately 1.47% of the Units outstanding. Millennium LLC has shared
power to vote and dispose of all such Units;
(iii) Millennium IV owns 25,034 Units which constitute
approximately 6.73% of the Units outstanding. Millennium IV has shared
power to vote and dispose of all such Units;
(iv) MFC IV is wholly-owned by Presidio. Accordingly, Presidio
may be deemed to beneficially own the 67,066 Units held by MFC IV. Such
Units constitute approximately 18.04% of the outstanding Units. Presidio
has shared power to vote and dispose of all such Units;
(v) Each of Presidio, Millennium LLC and Millennium IV is
wholly-owned by PCIC. Accordingly, PCIC may be deemed to beneficially own
the aggregate 97,570 Units which are beneficially owned by Millennium LLC,
Millennium IV and Presidio. Such Units constitute approximately 26.25% of
the outstanding Units. PCIC has shared power to vote and dispose of all
such Units;
(vi) The majority interest in PCIC is held by NP Holding.
Accordingly, NP Holding may be deemed to beneficially own the aggregate
97,570 Units which are beneficially owned by PCIC. Such Units constitute
approximately 26.25% of the outstanding Units. NP Holding has shared power
to vote and dispose of all such Units;
(vii) NP Holding is wholly-owned by NorthStar Partnership.
Accordingly, NorthStar Partnership may be deemed to beneficially own the
aggregate 97,570 Units which are beneficially owned by NP Holding. Such
Units constitute approximately 26.25% of the outstanding Units. NorthStar
Partnership has shared power to vote and dispose of all such Units;
(viii) NCIC is the general partner and majority owner of
NorthStar Partnership. Accordingly, NCIC may be deemed to beneficially own
the aggregate 97,570 Units which are beneficially owned by NorthStar
Partnership. Such Units
Page 13 of 19
<PAGE>
constitute approximately 26.25% of the outstanding Units. NCIC has shared
power to vote and dispose of all such Units; and
(ix) Pursuant to a management agreement dated as of November
4, 1997 (the "Management Agreement"), Presidio and its subsidiaries are
managed by NorthStar. Under the Management Agreement, subject to certain
restrictions, NorthStar has full discretion and authority to manage
Presidio's assets. Accordingly, NorthStar may be deemed to be the
beneficial owner of the 67,066 Units which are beneficially owned by
Presidio. Such Units constitute approximately 18.04% of the outstanding
Units. NorthStar has shared power to vote and dispose of all such Units.
(c) On September 28, 1998, MFC IV purchased 438 Units for $120.95
per Unit in a brokerage transaction effected by DCC Securities Corp. ("DCC"). On
October 29, 1998, MFC IV purchased 3,937 Units for $128.5 per Unit in a
brokerage transaction effected by DCC. On November 10, 1998, MFC IV purchased
314 Units for $125.05 per Unit in a brokerage transaction effected by DCC. On
November 17, 1998 MFC IV purchased 140 Units for $129.00 in a brokerage
transaction effected by Northern Securities Corp. On December 7, 1998 MFC IV
purchased 870 Units for $124.03 in a brokerage transaction effected by DCC. On
December 18, 1998, MFC IV acquired 7,344 Units following the exercise by
Presidio of a call option in respect of such Units for $132.37 per Unit. On
January 12, 1999, MFC IV acquired 134 Units following the exercise by Presidio
of a call option in respect of such Units for $125.50 per Unit. On February 10,
1999, MFC IV purchased 972 Units for $112.75 per Unit in a brokerage transaction
effected by DCC. On February 12, 1999, MFC IV purchased 2,742 Units for $113.15
per Unit in a private transaction. On July 1, 1999, MFC IV purchased 120 Units
for $150 per Unit in a private transaction. On July 1, 1999, MFC IV purchased 60
Units for $150 per Unit in a private transaction. On November 10, 1999,
Millennium LLC purchased 5,470 Units for $129.94 per Unit in a private
transaction. Millennium IV purchased 25,034 Units pursuant to the Offer, which
expired on January 5, 2000, for $113.15 per Unit.
(d) Not applicable.
(e) Not applicable.
Page 14 of 19
<PAGE>
Item 6. Contracts, Arrangements, Understandings or Relationships with respect
to Securities of the Issuer.
Item 6 is hereby amended as follows:
Reference is made to the description of the Settlement contained in Item
2 and the Management Agreement contained in Item 5.
Item 7. Material to be Filed as Exhibits.
Item 7 is hereby amended and restated in part as follows:
Exhibit 1: Agreement Pursuant to Rule 13d-1(k)
Page 15 of 19
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of their knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: February 10, 2000
MILLENNIUM FUNDING IV CORP. NORTHSTAR PARTNERSHIP, L.P.
By: /s/ Peter Braverman By: NorthStar Capital Investment
------------------------------ Corp., its general partner
Name: Peter Braverman
Title: Vice President By: /s/ David King
------------------------------
Name: David King
PRESIDIO CAPITAL CORP. Title: Vice President
By: /s/ Peter Braverman
------------------------------ NORTHSTAR PRESIDIO MANAGEMENT
Name: Peter Braverman COMPANY LLC
Title: Vice President
By: NorthStar Partnership, L.P.,
its sole member
PRESIDIO CAPITAL INVESTMENT
COMPANY, LLC By: NorthStar Capital Investment
Corp., its general partner
By: /s/ David King
------------------------------ By: /s/ David King
Name: David King ------------------------------
Title: President Name: David King
Title: Vice President
NORTHSTAR PRESIDIO CAPITAL
HOLDING CORP. MILLENNIUM FUNDING I LLC
By: /s/ David King By: Presidio Capital Investment
------------------------------ Company LLC, its sole member
Name: David King
Title: Vice President By: /s/ David King
------------------------------
Name: David King
NORTHSTAR CAPITAL INVESTMENT Title: President
CORP.
By: /s/ David King MILLENNIUM FUNDING IV LLC
------------------------------
Name: David King By: Presidio Capital Investment
Title: Vice President Company LLC, its sole member
By: /s/ David King
------------------------------
Name: David King
Title: President
Page 16 of 19
EXHIBIT 1
JOINT FILING AGREEMENT PURSUANT TO RULE 13D-1(k)
In accordance with Rule 13d-1(k) promulgated under the Securities
Exchange Act of 1934, as amended, each of the undersigned agrees to the filing
on behalf of each of a Statement on Schedule 13D, and all amendments thereto,
with respect to the Units of Limited Partnership Interest of High Equity
Partners L.P. - Series 88.
MILLENNIUM FUNDING IV CORP. NORTHSTAR PARTNERSHIP, L.P.
By: /s/ Peter Braverman By: NorthStar Capital Investment
------------------------------ Corp., its general partner
Name: Peter Braverman
Title: Vice President By: /s/ David King
------------------------------
Name: David King
PRESIDIO CAPITAL CORP. Title: Vice President
By: /s/ Peter Braverman
------------------------------ NORTHSTAR PRESIDIO MANAGEMENT
Name: Peter Braverman COMPANY LLC
Title: Vice President
By: NorthStar Partnership, L.P.,
its sole member
PRESIDIO CAPITAL INVESTMENT
COMPANY, LLC By: NorthStar Capital Investment
Corp., its general partner
By: /s/ David King
------------------------------ By: /s/ David King
Name: David King ------------------------------
Title: President Name: David King
Title: Vice President
NORTHSTAR PRESIDIO CAPITAL
HOLDING CORP. MILLENNIUM FUNDING I LLC
By: /s/ David King By: Presidio Capital Investment
------------------------------ Company LLC, its sole member
Name: David King
Title: Vice President By: /s/ David King
------------------------------
Name: David King
NORTHSTAR CAPITAL INVESTMENT Title: President
CORP.
By: /s/ David King MILLENNIUM FUNDING IV LLC
------------------------------
Name: David King By: Presidio Capital Investment
Title: Vice President Company LLC, its sole member
By: /s/ David King
------------------------------
Name: David King
Title: President
Page 17 of 19
<PAGE>
Schedule 1
Set forth below is certain information regarding the executive officers
and directors of Millennium Funding IV Corp. ( "MFC IV"), Presidio Capital Corp.
("Presidio"), Presidio Capital Investment Company, LLC ("PCIC"), NorthStar
Presidio Capital Holding Corp. ("NP Holding") and NorthStar Capital Investment
Corp. ("NCIC").
Peter W. Ahl is a Vice-President of NCIC and NP Holding. Mr. Ahl joined
NorthStar Capital Partners, LLC in 1997. Mr. Ahl's current business address is
527 Madison Avenue, New York, New York 10022.
Michael L. Ashner is the President of Presidio and the President and
director of MFC IV. Mr. Ashner has been the Chief Executive Officer of Winthrop
Financial Associates, A Limited Partnership, and its affiliates since January
1996 as well as the Chief Executive Officer of The Newkirk Group. Mr. Ashner's
current business address is 100 Jericho Quadrangle, Jericho, New York 11753.
Peter Braverman is a Vice-President and Assistant Secretary of Presidio
and MFC IV. Mr. Braverman has been the Executive Vice-President of Winthrop
Financial Associates, A Limited Partnership and its affiliates since January
1996. Mr. Braverman also serves as the Executive Vice-President of The Newkirk
Group. Mr. Braverman's current business address is 100 Jericho Quadrangle,
Jericho, New York 11753.
Martin L. Edelman, is a director of NCIC. Since 1994, Mr. Edelman has been
of counsel to Battle Fowler LLP, a New York City law firm specializing in real
estate and corporate law. Mr. Edelman is one of the Managing Partners of
Chartwell Hotel Associates (an affiliate of Fisher Brothers, the Getty family
and Soros family interests), and is on the Board of Directors and Executive
Committee of Grupo Chartwell de Mexico, S.A. de C.V. Mr. Edelman is Chairman of
the Board at Avis Rent-a-Car, Inc. and is also a director of Cendant
Incorporated, Delancey Estates PLC., Acadia Real Estate Trust, and Capital
Trust. Mr. Edelman's current business address is 75 East 55th Street, New York,
New York 10022.
Richard Georgi is a director of NCIC. Mr. Georgi is a Managing Partner of
Soros Real Estate Partnership and is responsible for the Soros group of funds
(including Quantum Realty Fund) global real estate investments. Mr. Georgi's
current business address is 20 St. James Street, London SW2A 1E5, England.
Marc Gordon is a Vice-President and Assistant Secretary of NCIC and NP
Holding. Mr. Gordon joined NorthStar Capital Partners LLC in October 1997. Mr.
Gordon's current business address is 527 Madison Avenue, New York, New York
10022.
David Hamamoto is a director of Presidio and a co-Chairman of the Board,
co-Chief Executive Officer and co-President of NCIC and NP Holding. Mr. Hamamoto
co-founded NorthStar Capital Partners, LLC with W. Edward Scheetz in July 1997.
Mr. Hamamoto's current business address is 527 Madison Avenue, New York, New
York 10022.
Christopher M. Jeffries is a director of NCIC and NP Holding. Mr. Jeffries
joined NorthStar Capital Partners, LLC in May 1998. Mr. Jeffries' current
business is 527 Madison Avenue, New York, New York 10022.
Page 18 of 19
<PAGE>
Steven B. Kauff is a director and Vice-President of Presidio and a
Vice-President of MFC IV. Mr. Kauff joined NorthStar Capital Investment Corp. in
July 1999. Mr. Kauff's current business address is 527 Madison Avenue, New York,
New York 10022.
David King, is a Vice-President and Assistant Treasurer of NP Holding and
NCIC, the President and Chief Executive Officer of PCIC, a Vice-President and
director of Presidio and a Vice-President of MFC IV. Mr. King joined NorthStar
Capital Partners LLC, a real estate investment company, in November 1997. Mr.
King's current business address is 527 Madison Avenue, New York, New York 10022.
Martin J. Lamb is a Vice-President of NCIC and NP Holding. Mr. Lamb joined
NorthStar Capital Partners, LLC in 1998. Mr. Lamb's current business address is
527 Madison Avenue, New York, New York 10022.
Dallas E. Lucas is a director and Vice-President of Presidio, a
Vice-President of MFC IV, the Secretary, Treasurer and Chief Financial Officer
of PCIC and the Chief Financial Officer, Treasurer and a Vice-President of NP
Holding and NCIC and a director of NCIC. Mr. Lucas joined NorthStar Capital
Partners, LLC in August 1998. Mr. Lucas' current business address is 527 Madison
Avenue, New York, New York 10022.
Richard McCready is a Vice-President and Secretary of NCIC and NP Holding.
Mr. McCready joined NorthStar Capital Partners, LLC in March 1998. Mr.
McCready's current business address is 527 Madison Avenue, New York, New York
10022.
W. Edward Scheetz is a director of Presidio and a co-Chairman of the
Board, co-Chief Executive Officer and co-President of NCIC and NP Holding. Mr.
Scheetz co-founded NorthStar Capital Partners, LLC with David Hamamoto in July
1997. Mr. Scheetz' current business address is 527 Madison Avenue, New York, New
York 10022.
Robert Soros is a director of NCIC. Mr. Soros is a partner at Soros
Private Equity Partners, an affiliate of Soros Fund Management LLC, which is
responsible for the private equity and real estate investing for Quantum Group
of Funds and Soros Fund Management Fund LLC. In addition, Mr. Soros oversees
various Soros Family investments. Mr. Soros is a member of the Board of
Directors of American Malls International and MenuDirect Corporation. Mr. Soros'
current business address is 888 Seventh Avenue, 33rd Floor, New York, New York
10106.
Thomas G. Staples is an Assistant Treasurer of Presidio and MFC IV. Mr.
Staples has been the Chief Financial Officer of The Newkirk Group since January
1999. Mr. Staples' current business address is 5 Cambridge Center, 9th floor,
Cambridge, Massachusetts 02142.
Lara Sweeney is a Vice-President and Assistant Secretary of Presidio and
MFC IV. Ms. Sweeney has been a Senior Vice President of Winthrop Financial
Associates, A Limited Partnership since 1996. Ms. Tiffany's current business
address is 5 Cambridge Center, 9th floor, Cambridge, Massachusetts 02142.
Carolyn Tiffany is a Vice-President, Treasurer and Assistant Secretary of
Presidio and MFC IV. Ms. Tiffany joined Winthrop Financial Associates, A Limited
Partnership and its affiliates in 1996. In addition, Ms. Tiffany is the Chief
Operating Officer of The Newkirk Group. Mr. Tiffany's current business address
is 5 Cambridge Center, 9th floor, Cambridge, Massachusetts 02142.
Page 19 of 19
