SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
- --------------------------------------------------------------------------------
SCHEDULE 14D-1
Tender Offer Statement Pursuant to Section 14(d)(1)
of the Securities Exchange Act of 1934
(AMENDMENT NO. 2)
- --------------------------------------------------------------------------------
LIBERTY TAX CREDIT PLUS III L.P.
(Name of Subject Company)
LEHIGH TAX CREDIT PARTNERS L.L.C.
(Bidder)
BENEFICIAL ASSIGNMENT CERTIFICATES
(Title of Class
of Securities)
531280 30 3
(CUSIP Number of Class
of Securities)
- --------------------------------------------------------------------------------
J. Michael Fried
c/o Related Capital Company
625 Madison Avenue
New York, NY 10022
Copies to:
Peter M. Fass
Battle Fowler LLP
75 East 55th Street
New York, NY 10022
(212) 856-7000
(Name, Address and Telephone Number of
Person Authorized to Receive Notices and
Communications on Behalf of Bidder)
Calculation of Filing Fee
- --------------------------------------------------------------------------------
Transaction Amount of
Valuation* Filing Fee
- --------------------------------------------------------------------------------
$10,325,000 $2,065
- --------------------------------------------------------------------------------
*For purposes of calculating the filing fee only. This amount
assumes the purchase of 17,500 Beneficial Assignment Certificates (representing
assignments of limited partnership interests) ("BACs") of the subject company
for $590 per BAC in cash.
[x] Check box if any part of the fee is offset as provided by Rule 0-11(a)(2)
and identify the filing with which the offsetting fee was previously paid.
Identify the previous filing by registration statement number, or the Form
or Schedule and date of its filing.
Amount previously paid: $2,065
Form or registration no.: Schedule 14D-1
Filing party: Lehigh Tax Credit Partners L.L.C.
Date filed: April 10, 1997
(Continued on following pages)
(Page 1 of 6 pages)
<PAGE>
Cusip No.: 531280 30 3 14D-1 Page 2 of 6
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
LEHIGH TAX CREDIT PARTNERS L.L.C.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Sources of Funds (See Instructions)
AF; BK
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(e) or 2(f)
[ ]
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Delaware
- --------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting Person
95 Beneficial Assignment Certificates (representing assignments
of limited partnership interests)
- --------------------------------------------------------------------------------
8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
[ ]
- --------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row (7)
Less than 1%
- --------------------------------------------------------------------------------
10. Type of Reporting Person (See Instructions)
OO
<PAGE>
Cusip No.: 531280 30 3 14D-1 Page 3 of 6
- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
LEHIGH TAX CREDIT PARTNERS, INC.
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
4. Sources of Funds (See Instructions)
AF; BK
- --------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(e) or 2(f)
[ ]
- --------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Delaware
- --------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting Person
95 Beneficial Assignment Certificates (representing assignments
of limited partnership interests)
- --------------------------------------------------------------------------------
8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
[ ]
- --------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row (7)
Less than 1%
- --------------------------------------------------------------------------------
10. Type of Reporting Person (See Instructions)
CO
<PAGE>
AMENDMENT NO. 2 TO SCHEDULE 14D-1
This Amendment No. 2 amends the Tender Offer Statement on Schedule
14D-1 filed with the Securities and Exchange Commission on April 10, 1997 by
Lehigh Tax Credit Partners L.L.C., a Delaware limited liability company ("the
Purchaser"), as amended by Amendment No. 1 dated April 24, 1997, relating to the
tender offer by the Purchaser to purchase up to 17,500 issued and outstanding
Beneficial Assignment Certificates ("BACs") representing assignments of limited
partnership interests ("Limited Partnership Interests") in Liberty Tax Credit
Plus III L.P., a Delaware limited partnership (the "Partnership"), to include
the information set forth below. Terms not otherwise defined herein shall have
the meanings ascribed to them in the Schedule 14D-1 and the Offer to Purchase.
Item 10. Additional Information.
Item 10(f) is hereby supplemented and amended as follows:
The information set forth in the notice to brokers, a copy of which is
attached hereto as Exhibit (a)(6) (the "Notice to Brokers"), is incorporated
herein in its entirety by reference.
Item 11. Material to be Filed as Exhibits.
Item 11 is hereby supplemented and amended by adding the following, a
copy of which is attached hereto as an exhibit:
(a)(6) Notice to Brokers.
4
<PAGE>
SIGNATURES
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: May 5, 1997
LEHIGH TAX CREDIT PARTNERS L.L.C.
By: Lehigh Tax Credit Partners,
Inc., its managing member
By: /s/ Alan P. Hirmes
--------------------------------
Name: Alan P. Hirmes
Title: Vice President
LEHIGH TAX CREDIT PARTNERS, INC.
By: /s/ Alan P. Hirmes
--------------------------------
Name: Alan P. Hirmes
Title: Vice President
5
<PAGE>
EXHIBIT INDEX
EXHIBIT
NO. TITLE
- ------- -----
(a)(6) Notice to Brokers.
6
Exhibit (a)(6)
Notice to Brokers
Below please find the revised and expanded language regarding the
effects of acceptance of the Lehigh tender offer on a BACs holder.
We believe this language will provide investors with a clearer
understanding of any possible tax ramifications that may apply to them.
Please incorporate this into your next communication to advisors and
provide us with a copy of that communication once it is distributed.
Federal Tax Consequences-New Language
A BACs holder who acquired BACs pursuant to the original offering of
BACs by the Partnership and sells his or her BACs pursuant to this offer will
receive $590 of proceeds per BAC and is expected to recognize a taxable gain of
approximately $275 per BAC. However, in the case of an individual BACs holder
who has not utilized the passive losses from the Partnership to offset current
passive income, the ability to use unapplied passive losses from the Partnership
should offset the gain recognized on a sale of BACs, so that the BACs holder
would not be required to make a federal tax payment.
In addition, if the individual sells all of his or her BACs, unused
passive losses of up to approximately $410 per BAC may be available to offset
other capital gain of the BACs holder. BACs HOLDERS SHOULD CONSULT WITH THEIR
RESPECTIVE FINANCIAL, TAX, LEGAL AND OTHER ADVISORS REGARDING THE CONSEQUENCES
OF THE LEHIGH OFFER TO THEM.
