SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) Securities
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XX Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12
SECURED INVESTMENT RESOURCES FUND, L.P. III
(Name of Registrant as Specified in Its Charter)
BOND PURCHASE, L.L.C.
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of filing fee (Check the appropriate box):
xx No fee required
|_| Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11
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TO: Fellow Limited Partners & Assignees of
Secured Investment Resources Fund, L.P. III
FROM: Bond Purchase, L.L.C.
DATE: March 26, 1998
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Bond Purchase, L.L.C., a Missouri limited liability company ("Bond
Purchase"), bought limited partner units of Secured Investment Resources Fund,
L.P. III ("SIR") in May of 1996. David L. Johnson owns a majority of the
interests of Bond Purchase. Since May of 1996, we (Bond Purchase and David L.
Johnson) have been trying to get financial information from the Managing General
Partner of SIR. Despite numerous unreturned phone calls and letters, we have had
no success.
An affiliate of ours is an active real estate purchaser in Kansas City.
For two years we have, without success, tried to get information so we could
attempt a purchase the KC Bicycle Club Apartments. To our knowledge, this
property has never been subject to a public review and chance for purchase.
For two years, our same affiliate also attempted to purchase the KC
Club Apartments. We never could get any information from Mr. Hoyt. Now to our
amazement and without, to our knowledge, SIR ever trying to sell the property,
it was lost to foreclosure.
For two years we have been trying to get a list of limited partners
from Mr. Hoyt. We have been absolutely stonewalled in our efforts. In January of
1998, our affiliate, MJS Associates, Inc., purchased 100% of the stock of
Nichols Resources, Ltd., a General Partner of SIR. We then, as a General Partner
and owner of limited partner units, again demanded information and a list of
limited partners so we could communicate with you. Again, Mr. Hoyt stonewalled
us. We then filed a lawsuit to force Mr. Hoyt to provide us a list of limited
partners and accounting records. Now Mr. Hoyt is spending thousands of our
partnership dollars on legal fees to delay answering our legitimate rights.
On January 30, 1998, we wrote to Mr. Hoyt and asked for an explanation
of the Related Party Note - Receivable which was "retired" by Mr. Hoyt. We are
all entitled to a full explanation. In our opinion, there never should have been
a Receivable. Rather, Mr. Hoyt should have, in December 1995, paid money he owed
to our partnership. What a blatant conflict of interest this has been.
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Now Mr. Hoyt sends out a purported "Ballot." However, he neglects to
tell us any price or terms of sale. We believe this ballot has no force or
effect. Before SIR sells the property we, at a minimum, want:
1. Full disclosure of the books and records.
2. Full disclosure of what "Public" efforts were made to sell the
property.
3. A proper ballot, as required by the SEC for public
partnerships, disclosing the price, terms and conditions of a
sale.
4. A chance to review the tax consequences of the sale before
voting.
5. A limited partner meeting so we can have a chance to ask
questions.
We are starting to believe our only hope to get to the bottom of this
is to remove Mr. Hoyt and related entities as General Partner. We will keep you
updated on this lawsuit.
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