4 1 nts7_form45103.txt NTS-PROPERTIES VII FORM 4 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940 [_] Check box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). ________________________________________________________________________________ 1. Name and Address of Reporting Person* ORIG, LLC, a Kentucky limited liability company -------------------------------------------------------------------------------- (Last) (First) (Middle) 10172 Linn Station Road -------------------------------------------------------------------------------- (Street) Louisville, Kentucky 40223 -------------------------------------------------------------------------------- (City) (State) (Zip) ________________________________________________________________________________ 2. Issuer Name and Ticker or Trading Symbol NTS-Properties VII, Ltd. ________________________________________________________________________________ 3. IRS Identification Number of Reporting Person, if an Entity (Voluntary) 61-1119232 ________________________________________________________________________________ 4. Statement for Month/Year April 2003 ________________________________________________________________________________ 5. If Amendment, Date of Original (Month/Year) ________________________________________________________________________________ 6. Relationship of Reporting Person to Issuer (Check all applicable) [_] Director [X] 10% Owner [_] Officer (give title below) [X] Other (specify below) ORIG, LLC is an Affiliate of the Issuer, by virtue of the fact that J.D. Nichols is the Manager of ORIG, LLC and is also the Chairman of NTS Capital Corporation, which is the General Partner of NTS Properties Associates VII, the General Partner of the Issuer. ________________________________________________________________________________ 7. Individual or Joint/Group Filing (Check applicable line) [_] Form filed by one Reporting Person [X] Form filed by more than one Reporting Person ________________________________________________________________________________ ================================================================================ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ================================================================================

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Print or Type Response) (Over) FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================

Explanation of Responses: * Ocean Ridge Investments, Ltd., a Florida limited liability partnership ("Ocean Ridge"), is an Affiliate (as that term is defined under Regulation 13D of the Securities Exchange Act of 1934) of ORIG, LLC ("ORIG"). ORIG disclaims beneficial ownership of the 1,796 Interests owned by Ocean Ridge. BKK Financial, Inc., an Indiana corporation ("BKK"), is an Affiliate (as the term is defined under Regulation 13D of the Securities Exchange Act of 1934) of ORIG. ORIG disclaims beneficial ownership of the 5,738 Interests owned by BKK Financial, Inc. NTS-Properties Associates VII, a Kentucky limited partnership, is an Affiliate (as the term is defined under Regulation 13D of the Securities Exchange Act of 1934) of ORIG and is the General Partner of the Issuer. ORIG disclaims beneficial ownership of the 5 Interests owned by NTS-Properties Associates VII. ORIG, LLC /s/ J.D. Nichols 05/01/03 --------------------------------------------- ----------------------- **Signature of Reporting Person Date ** Intentional misstatement or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure. Page 2 ATTACHMENT TO FORM 4 -------------------- Designated Filer: ORIG, LLC ("ORIG") Amended Statement for Month/Year: April 2003 Issuer Name and Ticker or Trading Symbol: NTS-Properties VII, Ltd. Name and Address of Additional Reporting Person: Name: J.D. Nichols 10% owner and Affiliate (as that term is defined under Regulation 13D of the Securities Exchange Act of 1934) of ORIG and of the General Partner of the Issuer. Address: 10172 Linn Station Road, Louisville, Kentucky 40223

Explanation of Responses: * 219,279 Interests are owned by ORIG, of which Mr. Nichols is a managing member. Mr. Nichols disclaims beneficial ownership of 217,086, or 99% of the Interests owned by ORIG. (1) 1,796 Interests are owned by Ocean Ridge. Mr. Nichols' wife, Barbara Nichols, is the sole limited partner of Ocean Ridge; BKK is the general partner of Ocean Ridge; BKK is wholly-owned by Mr. Nichols' wife and two majority-age daughters; Mr. Nichols is the Chairman of the Board of BKK. Mr. Nichols disclaims beneficial ownership of the 1,796 Interests owned by Ocean Ridge. 5,738 Interests are owned by BKK, which is wholly-owned by Mr. Nichols' wife, Barbara, and two majority-age daughters. Mr. Nichols is the Chairman of the Board of BKK. Mr. Nichols disclaims beneficial ownership of 5,738 Interests owned by BKK. 5 Interests are owned by NTS-Properties Associates VII, a Kentucky limited partnership and General Partner of the Issuer, of which Mr. Nichols is the managing general partner. Mr. Nichols disclaims beneficial ownership of the 5 Interests owned by the General Partner. (1) Prior to December 31, 2000, Mr. Nichols owned 90% of the outstanding membership interests in ORIG (the "ORIG Interests") and Brian F. Lavin owned the remaining 10% of the ORIG Interests. As of December 31, 2000, Mr. Nichols transferred 89% of the ORIG Interests and retained 1% of the ORIG Interests. Mr. Nichols transferred 15% of the ORIG Interests to Mr. Lavin who currently owns 25% of the ORIG Interests. Mr. Nichols transferred 74% of the ORIG Interests to his wife, Barbara Nichols, who currently owns 74% of the ORIG Interests. Mrs. Nichols does not have the right to vote the ORIG Interests transferred to her from Mr. Nichols and holds only an economic Interest in ORIG. Signature of Additional Reporting Person /s/ J.D. Nichols 05/01/03 --------------------------------------------- ----------------------- Signature of Reporting Person Date

NTS PROPERTIES VII LTD/FL 4