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. 3)
(FINAL AMENDMENT)
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INDEPENDENCE TAX CREDIT PLUS L.P. III
(Name of Subject Company)
LEHIGH TAX CREDIT PARTNERS III L.L.C.
LEHIGH TAX CREDIT PARTNERS, INC.
EVEREST PROPERTIES, INC.
(Bidders)
BENEFICIAL ASSIGNMENT CERTIFICATES
(Title of Class of Securities)
45378D 10 0
(CUSIP Number of Class of Securities)
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<TABLE>
<CAPTION>
<S> <C> <C> <C>
J. Michael Fried Christopher K. Davis Copy to:
c/o Related Capital Company Everest Properties, Inc. Peter M. Fass
625 Madison Avenue 199 S. Los Robles Avenue Mark Schonberger
New York, NY 10022 Suite 440 Battle Fowler LLP
(212) 421-5333 Pasadena, CA 91101 75 East 55th Street
(626) 585-5920 New York, NY 10022
(212) 856-7000
</TABLE>
(Name, Address and Telephone Numbers of Person Authorized to
Receive Notices and Communications on Behalf of Bidder)
Calculation of Filing Fee
-------------------------
Transaction Amount of filing fee
valuation*
$8,140,000 $1629.00
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*For purposes of calculating the filing fee only. This amount assumes
the purchase of 10,860 Beneficial Assignment Certificates (representing
assignments of limited partnership interests) ("BACs") of the subject company
for $750 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: $1629.00
Form or Registration No.: Schedule 14D-1
Filing Party: Lehigh Tax Credit Partners III L.L.C.
Date Filed: October 9, 1998
(Continued on following pages)
(Page 1 of 5 pages)
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CUSIP No.: 45378D 10 0 14D-1 Page 2 of 5
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
LEHIGH TAX CREDIT PARTNERS III L.L.C.
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) {X}
(b) { }
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3. SEC Use Only
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4. Sources of Funds (See Instructions)
BK; WC
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5. Check Box 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
Delaware
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7. Aggregate Amount Beneficially Owned by Each Reporting Person
3,242.94 Beneficial Assignment Certificates (representing assignments
of limited partnership interests)
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8. Check Box if the Aggregate Amount in Row (7) Excludes Certain Shares
(See Instructions) { }
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9. Percent of Class Represented by Amount in Row (7)
7.3%
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10. Type of Reporting Person (See Instructions)
OO
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CUSIP No.: 45378D 10 0 14D-1 Page 3 of 5
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
LEHIGH TAX CREDIT PARTNERS, INC.
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) {X}
(b) { }
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3. SEC Use Only
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4. Sources of Funds (See Instructions)
AF
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5. Check Box 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
Delaware
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7. Aggregate Amount Beneficially Owned by Each Reporting Person
3,242.94 Beneficial Assignment Certificates (representing assignments
of limited partnership interests)
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8. Check Box if the Aggregate Amount in Row (7) Excludes Certain Shares
(See Instructions) { }
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9. Percent of Class Represented by Amount in Row (7)
7.3%
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10. Type of Reporting Person (See Instructions)
CO
<PAGE>
CUSIP No.: 45378D 10 0 14D-1 Page 4 of 5
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
EVEREST PROPERTIES, INC.
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) { }
(b) {X}
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3. SEC Use Only
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4. Sources of Funds (See Instructions)
AF;OO
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5. Check Box 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
California
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7. Aggregate Amount Beneficially Owned by Each Reporting Person
1,061.98 Beneficial Assignment Certificates (representing assignments
of limited partnership interests)
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8. Check Box if the Aggregate Amount in Row (7) Excludes Certain Shares
(See Instructions) { }
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9. Percent of Class Represented by Amount in Row (7)
2.4%
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10. Type of Reporting Person (See Instructions)
CO
<PAGE>
AMENDMENT NO. 3 (FINAL AMENDMENT) TO SCHEDULE 14D-1
This Amendment No. 3 (Final Amendment) amends the Tender Offer
Statement on Schedule 14D-1 filed with the Securities and Exchange Commission on
October 9, 1998 by Lehigh Tax Credit Partners III L.L.C., a Delaware limited
liability company (the "Purchaser"), as amended by Amendment No. 1 dated
November 9, 1998 and Amendment No. 2 dated December 14, 1998 relating to the
tender offer by the Purchaser to purchase Beneficial Assignment Certificates
("BACs") representing assignments of limited partnership interests in
Independence Tax Credit Plus L.P. III, 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 4. Source and Amount of Funds or Other Consideration.
Item 4(a) is hereby supplemented and amended as follows:
The total amount of funds required by the Purchaser to purchase
4,247.92 BACs accepted for payment pursuant to the Offer, excluding related fees
and expenses, is approximately $3,185,940.00. Pursuant to the Everest Option
(see Item 6), Purchaser is acquiring 75% of the 4,247.92 BACs tendered pursuant
to the Offer for a total payment, excluding related fees and expenses, of
$2,389,455. The Purchaser has obtained such funds through a loan from one of
its members.
The total amount of funds required by Everest to purchase the 1,061.98
BACs pursuant to the exercise by Everest of the Everest Option is approximately
$796,485. Everest has notified the Purchaser that it obtained such funds from
capital contributions from the members of an affiliate of Everest.
Item 6. Interest in Securities of the Subject Company.
Item 6(a)-(b) is hereby supplemented and amended as follows:
The Offer expired at 12:00 Midnight, New York City time, on Thursday,
December 24, 1998. Pursuant to the Offer, as of 12:00 Midnight, New York City
time, on Thursday, December 24, 1998, the Purchaser accepted for payment an
aggregate of 4,247.92 BACs. Pursuant to the Everest Agreement, Purchaser
notified Everest of the number of BACs tendered and Everest thereafter notified
Purchaser that it was exercising the full amount under the Everest Option for
25% of the tendered BACs. Thereafter, pursuant to the terms of the Offer, the
Everest Agreement and the Everest Option, the Purchaser purchased approximately
75% of the accepted BACs, or 3,185.94 BACs. In addition, Purchaser assigned to
an affiliate of Everest Letters of Transmittal which represent the tender of
approximately 25% of the accepted BACs, or 1,061.98 BACs. Together with the 57
BACs owned by the Purchaser prior to commencing the Offer, the Purchaser owns
3,242.94 BACs, which constitute approximately 7.3% of the outstanding BACs.
Pursuant to the terms of the Offer and the Everest Agreement, Everest accepted
and purchased 1,061.98 BACs, which constitute approximately 2.4% of the
outstanding BACs.
5
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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: January 27, 1999
LEHIGH TAX CREDIT PARTNERS L.L.C.
By: Lehigh Tax Credit Partners, Inc., its
managing member
By: /s/ J. Michael Fried
-----------------------------------
Name: J. Michael Fried
Title: President
LEHIGH TAX CREDIT PARTNERS, INC.
By: /s/ J. Michael Fried
--------------------------------------------
Name: J. Michael Fried
Title: President
EVEREST PROPERTIES, INC.
By: /s/ David I. Lesser
--------------------------------------------
Name: David I. Lesser
Title: Executive Vice President
6
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