SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D/A
(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. 2)
INSIGNIA FINANCIAL GROUP, INC.
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(Name of Issuer)
SHARES OF COMMON STOCK, PAR VALUE $0.001 PER SHARE
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(Title of Class of Securities)
45767A105
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(CUSIP NUMBER)
GREENLIGHT CAPITAL, L.L.C.
420 LEXINGTON AVENUE
SUITE 1740
NEW YORK, NEW YORK 10170
TEL. NO.: (212) 973-1900
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
- with copies to -
Eliot D. Raffkind
Akin, Gump, Strauss, Hauer & Feld, L.L.P.
1700 Pacific Avenue, Suite 4100
Dallas, Texas 75201-4618
(214) 969-2800
FEBRUARY 18, 2003
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(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [ ].
Page 1 of 7
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CUSIP No. 45767A105 13D/A
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Greenlight Capital, L.L.C.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF, WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [ ]
PURSUANT TO ITEM 2(d) or 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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SOLE VOTING POWER
7
0
NUMBER ------------- ------------------------------
OF SHARED VOTING POWER
SHARES 8
BENEFICIALLY 0
OWNED BY ------------- ------------------------------
EACH SOLE DISPOSITIVE POWER
REPORTING 9
PERSON WITH 0
-------------- ------------------------------
SHARED DISPOSITIVE POWER
10
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 2 of 7
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CUSIP No. 45767A105 13D/A
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
David Einhorn
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF, WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [ ]
PURSUANT TO ITEM 2(d) or 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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SOLE VOTING POWER
7
0
NUMBER ----------- ------------------------------
OF SHARED VOTING POWER
SHARES 8
BENEFICIALLY 0
OWNED BY ------------ ------------------------------
EACH SOLE DISPOSITIVE POWER
REPORTING 9
PERSON WITH 0
------------ ------------------------------
SHARED DISPOSITIVE POWER
10
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
------------- ------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
------------- ------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
------------- ------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 3 of 7
AMENDMENT NO. 2 TO SCHEDULE 13D
The Schedule 13D (the "Schedule 13D"), filed with the Securities and
Exchange Commission on October 27, 2000 and as amended from time to time to the
date hereof, on behalf of Greenlight Capital, L.L.C., a Delaware limited
liability company ("Greenlight"), and Mr. David Einhorn, the principal of
Greenlight, relating to shares of Common Stock of Insignia Financial Group, Inc.
(the "Issuer") purchased by Greenlight for the accounts of (i) Greenlight
Capital, L.P. ("Greenlight Fund") and (ii) Greenlight Capital Qualified, L.P.
("Greenlight Qualified"), of which Greenlight is the general partner, and (iii)
Greenlight Capital Offshore, Ltd. ("Greenlight Offshore"), for whom Greenlight
acts as investment advisor, is hereby amended as follows.
ITEM 3. SOURCE AND AMOUNT OF FUNDS
The response to Item 3 is hereby amended and replaced by the following:
As of February 18, 2003, Greenlight had no funds invested in
the Issuer.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
The responses to Item 5(a) and (c) are hereby amended and replaced by
the following:
ITEM 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial
owner of more than five percent of the class of securities, check
the following .
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit 1 Joint Filing Agreement dated February 27, 2003 between Greenlight and
Mr. Einhorn.
Page 4 of 7
ANNEX A
Transaction Buy/Sell Quantity Price per
Date (shares) Share ($)
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02/04/03 Buy 12,100 8.23
02/04/03 Sell 12,100 8.23
02/18/03 Sell 200,000 10.85
02/18/03 Sell 500,000 10.88
02/19/03 Sell 667,500 10.82
02/19/03 Sell 300,000 10.83
Page 5 of 7
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Dated: February 27, 2003
GREENLIGHT CAPITAL, L.L.C.
By: /s/ DAVID EINHORN
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David Einhorn, Managing Member
/s/ DAVID EINHORN
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David Einhorn
Page 6 of 7
EXHIBIT INDEX
EXHIBIT
NO. DESCRIPTION
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EXHIBIT 1 Joint Filing Agreement dated February 27, 2003 between Greenlight
and Mr. Einhorn.
Page 7 of 7