UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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. 9)
INSIGNIA FINANCIAL GROUP, INC.
------------------------------
(Name of Issuer)
Class A Common Stock, par value $.01 per share
----------------------------------------------
(Title of Class of Securities)
457956 20 9 (Class A Common Stock)
----------------------------------
(CUSIP Number)
Andrew L. Farkas
Insignia Financial Group, Inc.
One Insignia Financial Plaza
Greenville, South Carolina 29602
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 1, 1998
------------------------------------
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement of Schedule 13G to report
the acquisition that is the subject of the Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13(d)-1(f) or 13(d)-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>
CUSIP No. 457956 20 9 SCHEDULE 13D
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Metropolitan Acquisition Partners V, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(Intentionally Omitted)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH None
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
None
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 457956 20 9 SCHEDULE 13D
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
MV, Inc.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(Intentionally Omitted)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH None
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
None
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 457956 20 9 SCHEDULE 13D
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Andrew L. Farkas
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(Intentionally Omitted)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH None
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
None
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 457956 20 9 SCHEDULE 13D
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
The Andrew Farkas Trust U/A dated February 25, 1998
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(Intentionally Omitted)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH None
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
None
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
00
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 457956 20 9 SCHEDULE 13D
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Charles Garner
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(Intentionally Omitted)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH None
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
None
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 457956 20 9 SCHEDULE 13D
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Arnold S. Jacobs
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(Intentionally Omitted)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH None
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
None
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 457956 20 9 SCHEDULE 13D
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
William P. Lauder
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(Intentionally Omitted)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH None
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
None
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 457956 20 9 SCHEDULE 13D
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
James A. Aston
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(Intentionally Omitted)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH None
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
None
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 457956 20 9 SCHEDULE 13D
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Frank M. Garrison
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(Intentionally Omitted)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH None
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
None
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 457956 20 9 SCHEDULE 13D
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Ronald Uretta
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(Intentionally Omitted)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH None
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
None
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
<PAGE>
CUSIP No. 457956 20 9 SCHEDULE 13D
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
F III, Inc.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
(Intentionally Omitted)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not applicable
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES None
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH None
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH None
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
None
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
None
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
None
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
<PAGE>
AMENDMENT NO. 9
to
Statement on Schedule 13D
Pursuant to Rule 13d-1
under the
Securities Exchange Act of 1934, As Amended
The undersigned hereby amend Items 4 through 7 of the Statement on
Schedule 13D filed on their behalf on February 18, 1992, with the Securities and
Exchange Commission (the "Commission") with respect to the Class A Common Stock,
par value $.01 per share (the "Insignia Class A Common"), of Insignia Financial
Group, Inc. (the "Issuer"), as previously amended and restated. Unless otherwise
indicated herein, capitalized terms used herein and not otherwise defined shall
have the meanings ascribed thereto in such previously filed Statement on
Schedule 13D.
Item 4. Purpose of Transaction.
Item 4 is hereby amended by adding the following after the last
paragraph:
On May 26, 1998 the Issuer, AIMCO, Insignia/ESG Holdings, Inc. and
AIMCO Properties, L.P. entered into an Amended and Restated Agreement and Plan
of Merger (the "Amended Merger Agreement"). On October 1, 1998 a certificate of
merger was filed with the Secretary of State of the State of Delaware and
articles of merger were filed with the State Department of Assessments and
Taxation of Maryland, thereby causing the Issuer to be merged with and into
AIMCO, with AIMCO being the surviving company. As of October 1, 1998 all shares
of Insignia Class A Common were no longer outstanding and were automatically
canceled and retired. In the Merger, holders of Insignia Class A Common received
shares of Class E Cumulative Convertible Preferred Stock of AIMCO, par value
$0.01 per share ("AIMCO Class E Preferred Stock") and cash in lieu of fractional
shares.
Item 5. Interest in Securities of the Issuer
Item 5 is hereby amended by replacing all the information under
the heading "Beneficial Ownership" with the following:
On October 1, 1998, the Issuer was merged with and into AIMCO,
with AIMCO being the surviving company, and all shares of Insignia Class A
Common were deemed to be no longer outstanding and were automatically canceled
and retired. In the Merger, the Reporting Persons, as holders of Insignia Class
A Common, received shares of AIMCO Class E Preferred Stock and cash in lieu of
fractional shares pursuant to the terms of the Amended Merger Agreement. In
addition, options to purchase shares of Insignia Class A Common held by AF, JAA,
FMG and RU and granted under the Insignia 1992 Stock Incentive Plan and warrants
to purchase shares of Insignia Class A Common held by AF and JAA were purchased
from such individuals by the Issuer for $25 per underlying share, less the
exercise price, pursuant to Stock Option Surrender Agreements dated as
<PAGE>
of June 1, 1998 (each, a "Surrender Agreement") between the Issuer and each of
AF, JAA, FMG and RU. Pursuant to the terms of the Amended Merger Agreement, the
obligations with respect to unvested restricted stock of the Issuer previously
granted to each of AF, JAA, FMG and RU under the Insignia 1992 Stock Incentive
Plan have been assumed by AIMCO. On October 1, 1998 each of the Reporting
Persons ceased to be the beneficial owner of any shares of Insignia Class A
Common.
Item 6. Contracts, Arrangements, Understandings, or Relationships With
Respect to Securities of the Issuer
For a description of the Amended Merger Agreement, see Exhibit (o)
to this Amendment No. 9, which is incorporated herein by reference.
The Surrender Agreements provide that all outstanding options and
warrants (if applicable) held by the party thereto would be acquired by the
Issuer for $25 per underlying share, less the exercise price, and such amount
would be paid within 10 business days following the spin-off of the stock of
Insignia/ESG Holdings, Inc. by the Issuer. The record date for the spin-off was
September 15, 1998. Under each Surrender Agreement, the holder of such options
and warrants agreed not to exercise or transfer such options or warrants.
Item 7. Material to be Filed as Exhibits.
Exhibits filed with Amendment 9:
(p) Amended and Restated Agreement and Plan of Merger dated as of
May 26, 1998 by and among Apartment Investment and Management Company, AIMCO
Properties, L.P., Insignia Financial Group, Inc. and Insignia/ESG Holdings, Inc.
(incorporated by reference to Amendment No. 1 to the Quarterly Report on Form
10-Q for the quarter ended March 31, 1998 filed by Insignia Financial Group,
Inc.).
(q) Form of Stock Option Surrender Agreement dated as of June 1,
1998 by and between Insignia Financial Group, Inc. (The agreements with each of
James A. Aston, Andrew L. Farkas, Frank M. Garrison and Ronald Uretta are
substantially similar.)
<PAGE>
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of
the undersigned, the information set forth in this statement is true, complete,
and correct.
Dated: October 9, 1998
METROPOLITAN ACQUISITION PARTNERS
V, L.P.
By: MV, Inc., General Partner
By: /s/ Andrew L. Farkas
--------------------
Andrew L. Farkas
President
MV, INC.
By: /s/ Andrew L. Farkas
--------------------
Andrew L. Farkas
President
/s/ Andrew L. Farkas
--------------------
Andrew L. Farkas
THE ANDREW FARKAS TRUST U/A
DATED FEBRUARY 25, 1998
By: **
------------------------------
Charles Garner
Trustee
THE ANDREW FARKAS TRUST U/A
DATED FEBRUARY 25, 1998
By: **
------------------------------
Arnold S. Jacobs
Trustee
THE ANDREW FARKAS TRUST U/A
DATED FEBRUARY 25, 1998
By: **
------------------------------
William P. Lauder
Trustee
<PAGE>
**
-------------------------------------
James A. Aston
**
-------------------------------------
Frank M. Garrison
**
-------------------------------------
Ronald Uretta
F III, Inc.
By: /s/ Andrew L. Farkas
---------------------------
Andrew L. Farkas
President
**/s/ Andrew L. Farkas
- ----------------------
Andrew L. Farkas
Attorney-in-fact (pursuant to authority granted by that certain Joint
Filing Agreement dated as of March 30, 1998 filed as Exhibit (o) to Amendment
No. 8 to Schedule 13D filed by Andrew L. Farkas et. al. for Insignia Financial
Group, Inc., which Exhibit (o) is incorporated by reference herein).
STOCK OPTION SURRENDER AGREEMENT
This Stock Option Surrender Agreement (this "Agreement") is entered into as
of June 1, 1998 by and between Insignia Financial Group, Inc. ("Insignia") and
[NAME OF HOLDER] ("Holder").
WHEREAS, Holder holds options and/or warrants to purchase the number of
shares of Class A Common Stock, par value $.01 per share, of Insignia ("Common
Stock") set forth on SCHEDULE A attached hereto across from the caption "Total
No. of Shares Subject to Subject Securities," which options and/or warrants are
more particularly identified on SCHEDULE A attached hereto (the "Subject
Securities");
WHEREAS, the Subject Securities which are options (as opposed to warrants)
were granted pursuant to the Insignia Financial Group, Inc. 1992 Stock Incentive
Plan, as amended (the "Plan");
WHEREAS, it is contemplated that Insignia will distribute 100% of the
outstanding common stock of Insignia/ESG Holdings, Inc. to Insignia's
stockholders (the "Distribution"); and
WHEREAS, Holder has been requested by the Company to enter into this
Agreement for the benefit of the Company and in order to facilitate the
Distribution, it being acknowledged that by entering into this Agreement and
surrendering the Subject Securities pursuant hereto Holder will forfeit any
possibility of receiving capital gains income tax treatment in respect of the
Subject Securities;
NOW, THEREFORE, in consideration of the premises and the mutual
representations, warranties and covenants contained herein, Insignia and Holder
hereby agree as follows:
1. Insignia covenants and agrees that within ten (10) business days
following the consummation of the Distribution, Insignia shall pay to Holder, by
check made payable to the order of Holder, an amount (the "Surrender Amount")
equal to the amount set forth on SCHEDULE A across from the caption "Total
Surrender value of Subject Securities."
2. Holder acknowledges and agrees that upon the payment of the Surrender
Amount referred to in Section 1, all of the Subject Securities shall be deemed
surrendered by Holder to the Company and shall thereafter be null and void and
of no effect and Option shall have no rights in respect thereof under the Plan
or otherwise.
3. Holder agrees not to exercise or to sell, transfer, assign or otherwise
dispose of any of the Subject Securities on or after the date hereof, and that
any such purported exercise or sale, transfer, assignment or other disposition
shall be void AB INITIO and of no effect.
4. Holder represents and warrants that he/she does not hold any options or
warrants to purchase any shares of Common Stock of Insignia other than the
Subject Securities. Holder agrees that if and to the extent that the foregoing
representation is false, Holder shall be deemed to have forfeited any and all
such other options and/or warrants.
<PAGE>
5. Holder acknowledges that the Surrender Amount (i) was computed based on
a hypothetical Common Share value of $25.00 per share and (ii) is fixed and will
not change, regardless of the current or future trading price of shares of
Common Stock. Holder further acknowledges that shares of Common Stock have
recently traded at prices in excess of $25.00 per share.
6. If the Distribution has not been consummated on or before December 31,
1998, then this Agreement shall automatically terminate become null and void
neither Insignia nor Holder shall have any further rights or obligations
hereunder.
7. This Agreement may be executed in counterparts, each of which shall be
deemed and original, but all of which taken together shall constitute one and
the same instrument.
IN WITNESS WHEREOF, each of Insignia and Holder has executed this Agreement
as of the date first above written.
INSIGNIA FINANCIAL GROUP, INC.
By:
--------------------------
Andrew L. Farkas
Chief Executive Officer
-------------------------------
[NAME OF HOLDER]
