SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC
20549
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FORM 8-K
_______________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Earliest Event Reported: August 21, 1996
INSIGNIA FINANCIAL GROUP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-19066 13-3591193
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification
Number)
One Insignia Financial Plaza
Post Office Box 1089
Greenville, South Carolina 29602
(Address of Principal Executive Office)
Registrant's telephone number, including area code: (803) 239-1000
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<PAGE>
Item 5. Other Events
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The information set forth in the exhibit to this Report is hereby incorporated
herein by reference.
Item 7. Financial Statement and Exhibits
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(c) Exhibits
Exhibit No. Exhibit
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99.1 Press Release dated August 21, 1996
<PAGE>
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
INSIGNIA FINANCIAL GROUP, INC.
By: /s/ John K. Lines
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John K. Lines
General Counsel
Date: August 22, 1996
Exhibit 99.1
FOR IMMEDIATE RELEASE FOR INFORMATION CONTACT:
Insignia Financial Group, Inc.
Ronald Uretta
Chief Operating Officer and
Treasurer
(864) 239-1692
INSIGNIA ANNOUNCES ORGANIZATIONAL CHANGES
GREENVILLE, SC, August 21, 1996 -- Insignia Financial Group, Inc. (NYSE:IFS)
today announced that two of its senior officers have assumed additional
responsibilities.
Ronald Uretta has been appointed to the new position of Chief Operating
Officer. He will continue to serve as Treasurer and will report to Andrew L.
Farkas, Insignia's Chairman, President and Chief Executive Officer. Mr.
Uretta will be directly responsible for Corporate Accounting, Human
Resources, Corporate Facilities Management, and Information Technology.
James A. Aston, who as a member of the Office of the Chairman has been
the principal financial architect of most of Insignia's corporate finance and
acquisition structures developed over the last several years, has been
designated as the Company's Chief Financial Officer. He will continue to
report directly to Mr. Farkas.
In commenting on these organizational changes, Mr. Farkas stated,
"Insignia's growth has brought the Company to a revenue level of $225 million
per year. Our growth and diversification have also resulted in the creation
of a national organization that spans over 500 cities and 49 states and
includes over 9,000 employees. We are sharing vast resources between and
among our operating units. Our size and capital requirements have also
become increasingly complex; today, having raised well in excess of $1
billion of external capital since 1992, we deal with both public and private
capital markets for debt and equity. Now, more than ever before, it is
essential to assure more appropriate communication between and among our
people, to properly allocate our resources and to insure continuity in our
policies and practices. Therefore, we have made these organizational changes
to recognize the managerial skills of these two individuals and to insure our
ability to meet these objectives."
Insignia is a full service real estate service organization performing
property management, commercial and retail leasing, investor services,
partnership accounting, and real estate investment banking services for
various ownership entities including approximately 900 limited partnerships
having approximately 400,000 limited partners.
Insignia commenced operations in December 1990. Insignia is the
largest manager of multifamily residential properties in the United States
and is among the largest managers of commercial property. It currently
provides property and/or asset management services for over 2,600 properties
including approximately 295,000 units of multifamily residential housing and
approximately 109 million square feet of commercial property
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