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Document Preview Litigation Settlement Offer |
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Title: |
Litigation Settlement Offer |
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Entities: |
Aimco Properties, LP; Altman Group, Inc.; American Appraisal Associates, Inc.; Rosalie Nuanes; Insignia Financial Group, Inc.; Warren Heller; Davidson Diversified Real Estate II, L.P. |
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Date: |
2004 |
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Size: |
Preview shows 2KB of 6KB total |
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Price: |
$36 |
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ID: |
#274969 |
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LITIGATION SETTLEMENT OFFER
(AIMCO LOGO)
AIMCO PROPERTIES, L.P.
c/o The Altman Group, Inc.
1275 Valley Brook Avenue
Lyndhurst, New Jersey 07071
(800) 467-0821
June 14, 2004
Dear Limited Partner:
We are pleased to announce the COURT APPROVED SETTLEMENT of the class
action and derivative litigation entitled Rosalie Nuanes, et al. v. Insignia
Financial Group, Inc., et al. and Dr. Warren Heller v. Insignia Financial Group,
Inc., et al., which certain limited partners brought on their own behalf and on
behalf of limited partners in partnerships formerly managed by Insignia
Financial Group, Inc., including yours. The court approved settlement requires
us to make the enclosed Litigation Settlement Offer.
- Pursuant to that settlement, we are offering to acquire your units of
limited partnership interest in Davidson Diversified Real Estate II, L.P.
for $4,106.18 per unit in cash.
- Under the terms of the settlement, which are more fully described in the
enclosed materials and in the notice of settlement previously distributed
to you, the court appointed American Appraisal Associates, Inc., as an
independent appraiser, to appraise your partnership's property. An
executive summary of the appraiser's report for each property owned by
your partnership is attached as Annex II to the enclosed Litigation
Settlement Offer. A complete copy of the appraiser's report(s) will be
provided to you free of charge upon request.
- The settlement also established a $9.9 million settlement fund for
members of the settlement class. After deducting attorneys' fees and
expenses and other settlement costs (including a portion of the costs of
the appraisals and certain costs of administration of the settlement
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