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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 14D-1
TENDER OFFER STATEMENT PURSUANT TO SECTION 14(d)(1) OF THE SECURITIES EXCHANGE
ACT OF 1934
AMENDMENT NO. 2
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BOSTON CAPITAL TAX CREDIT FUND III L.P.
(NAME OF SUBJECT COMPANY)
VALLEY CREEK CAPITAL, LLC
A DELAWARE LIMITED LIABILITY COMPANY
GLOBAL CAPITAL MANAGEMENT, INC.,
A DELAWARE CORPORATION
(BIDDER)
SERIES 15 BENEFICIAL ASSIGNEE CERTIFICATES
(TITLE OF CLASS OF SECURITIES)
100567 40 3
(CUSIP Number of Class of Securities)
Thomas A. Schmidt
601 Carlson Parkway - Suite 200
Minnetonka, Minnesota 55305
(612) 476-7200
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications on Behalf of Bidder)
WITH A COPY TO:
Peter R. Pancione, Esq.
Gipson Hoffman & Pancione, P.C.
1901 Avenue of the Stars - Suite 1100
Los Angeles, California 90067
(310) 556-4660
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CALCULATION OF FILING FEE
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TRANSACTION VALUATION* AMOUNT OF FILING FEE
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$1,915,000 $383
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* FOR PURPOSES OF CALCULATING THE FILING FEE ONLY. THIS CALCULATION ASSUMES
THE PURCHASE OF 383,000 BACS AT $5.00 PER BAC NET IN CASH. THE AMOUNT OF
THE FILING FEE, CALCULATED IN ACCORDANCE WITH REGULATION 0-11 OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, EQUALS 1/50 OF ONE PERCENT OF
THE VALUE OF BACS ASSUMED TO BE PURCHASED.
[ ] 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 THE DATE OF ITS FILING.
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AMOUNT PREVIOUSLY PAID: NOT APPLICABLE FILING PARTY: NOT APPLICABLE
FORM OF REGISTRATION NO.: NOT APPLICABLE DATE FILED: NOT APPLICABLE
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PAGE 1 OF 6
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CUSIP NO. 100567 40 3 Page 2 of 6 Pages
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1. Names of Reporting Persons S.S. or I.R.S. Identification Nos. of Above
Persons
Valley Creek Capital, LLC
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2. Check the Appropriate Box if a Member of a Group (a) / /
(See Instructions) (b) / /
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3. SEC Use Only
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4. Sources of Funds (See Instructions)
WC
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5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(e)
or 2(f)
/ /
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6. Citizenship or Place of Organization
State of Delaware
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7. Aggregate Amount Beneficially Owned By Each Reporting Person
None
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8. Check if the Aggregate in Row (7) Excludes Certain BACs (See Instructions)
/ /
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9. Percent of Class Represented by Amount in Row (7)
None
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10. Type of Reporting Persons (See Instructions)
OO
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PAGE 2 OF 6
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CUSIP NO. 100567 40 3 Page 3 of 6 Pages
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1. Names of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
Global Capital Management, Inc.
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2. Check the Appropriate Box if a Member of a Group
(See Instructions) (a) / /
(b) / /
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3. SEC Use Only
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4. Sources of Funds (See Instructions)
WC
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5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(e)
or 2(f)
/ /
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6. Citizenship or Place of Organization
State of Delaware
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7. Aggregate Amount Beneficially Owned By Each Reporting Person
None
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8. Check if the Aggregate in Row (7) Excludes Certain BACs (See Instructions)
/ /
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9. Percent of Class Represented by Amount in Row (7)
None
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Type of Reporting Persons (See Instructions)
CO
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PAGE 3 OF 6
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AMENDMENT NO. 2 TO SCHEDULE 14D-1
This Amendment No. 2 amends the Tender Offer Statement on Schedule 14D-1
filed by Valley Creek Capital, LLC, a Delaware limited liability company (the
"Purchaser") and Global Capital Management Inc., a Delaware corporation, with
the Securities and Exchange Commission on April 3, 1998, as amended by Amendment
No. 1 to such Tender Offer Statement dated May 12, 1998, relating to the tender
offer by the Purchaser to purchase up to 383,000 beneficial assignee
certificates ("BACs") evidencing the beneficial interest of an assignee in the
series 15 limited partnership interests of Boston Capital Tax Credit Fund III,
L.P., a Delaware limited partnership, upon the terms and subject to the
conditions set forth in the Purchaser's Offer to Purchase dated April 3, 1998,
as amended by Amendment No. 1 thereto dated May 12, 1998, and the related
Agreement of Transfer and Sale 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 1. SECURITY AND SUBJECT COMPANY
(b) The Offer has been terminated by the Purchaser and Purchaser will not
purchase any of the BACs due to regulatory requirements, which in the judgment
of the Purchaser, makes it inadvisable to proceed with the purchase of the BACs.
All BACs tendered will be promptly returned to their owners.
ITEM 11. MATERIAL TO BE FILED AS EXHIBITS
(a)(9) - Press Release dated May 21, 1998.
(a)(10) - Publication dated May 21, 1998.
PAGE 4 OF 6
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SIGNATURE
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 21, 1998 VALLEY CREEK CAPITAL, LLC
By: Global Capital Management, Inc.,
a Delaware corporation,
its Manager
By: /s/Michael J. Frey
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Michael J. Frey, Vice President
GLOBAL CAPITAL MANAGEMENT, INC.,
a Delaware corporation
By: /s/Michael J. Frey
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Michael J. Frey, Vice President
PAGE 5 OF 6
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EXHIBIT INDEX
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Sequential
Exhibit No. Description Page Number
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(a)(9)- Press Release dated May 21, 1998
(a)(10)- Publication dated May 21, 1998
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PAGE 6 OF 6
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THIS ANNOUNCEMENT IS NEITHER AN OFFER TO PURCHASE, NOR A SOLICITATION OF AN
OFFER TO SELL THE SECURITIES.
NOTICE OF TERMINATION OF OFFER TO PURCHASE FOR CASH
UP TO 383,000 SERIES 15 BENEFICIAL ASSIGNEE CERTIFICATES (THE "BACS")
OF BOSTON CAPITAL TAX CREDIT FUND III L.P. (THE "PARTNERSHIP")
BY VALLEY CREEK CAPITAL, LLC, A DELAWARE LIMITED LIABILITY COMPANY
(THE "PURCHASER")
The offer to purchase for cash up to 383,000 BACs held by the BAC Holders of the
Partnership (the "BAC Holders") at $5.00 per BAC has been terminated due to
regulatory requirements, which in the judgment of the Purchaser makes it
inadvisable to purchase the BACs. All BACs tendered will be promptly returned
to their owners.
May 21, 1998
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FOR IMMEDIATE RELEASE
Contact Erik Dieterle -- (612) 476-7245
VALLEY CREEK CAPITAL, LLC TERMINATES OFFER
Minnetonka, Minnesota (May 21, 1998). Valley Creek Capital, LLC has
announced that it has terminated its offer to purchase Series 15 Beneficial
Assignee Certificates ("BACs") of Boston Capital Tax Credit Fund III L. P. (the
"Partnership") due to regulatory requirements, which in the judgment of the
Purchaser make it inadvisable to purchase the BACs. All tendered BACs will be
promptly returned to their owners.
