-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EYLqFdmUxHsqjeeiSNKTVD91Gi9Yui6WGxtDBGalCNlbKRQO6jn0ZaWsEzrfDPek M+/bw43inRcG3cy9+xvj0g== 0000919574-06-001449.txt : 20060217 0000919574-06-001449.hdr.sgml : 20060217 20060217163006 ACCESSION NUMBER: 0000919574-06-001449 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20060217 DATE AS OF CHANGE: 20060217 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Industrial Enterprises of America, Inc. CENTRAL INDEX KEY: 0001059677 STANDARD INDUSTRIAL CLASSIFICATION: JEWELRY, SILVERWARE & PLATED WARE [3910] IRS NUMBER: 133963499 STATE OF INCORPORATION: NV FISCAL YEAR END: 0606 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-80377 FILM NUMBER: 06629643 BUSINESS ADDRESS: STREET 1: 711 THIRD AVENUE, SUITE 1505 CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: (212) 490-3100 MAIL ADDRESS: STREET 1: 711 THIRD AVENUE, SUITE 1505 CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: ADVANCED BIO/CHEM INC DATE OF NAME CHANGE: 20030708 FORMER COMPANY: FORMER CONFORMED NAME: CIRO INTERNATIONAL INC DATE OF NAME CHANGE: 19991229 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: FEINBERG JEFF CENTRAL INDEX KEY: 0001088219 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 12230 EL CAMINO REAL CITY: SAN DIEGO STATE: CA ZIP: 92130 BUSINESS PHONE: 8582593440 MAIL ADDRESS: STREET 1: C/O JLF ASSET MANAGEMENT, LLC STREET 2: 2775 VIA DE LA VALLE, SUITE 204 CITY: DEL MAR STATE: CA ZIP: 92014 SC 13G 1 d642620_13g.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 SCHEDULE 13G (Rule 13d-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b) (Amendment No. )(1) Industrial Enterprises of America, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $0.001 per share - -------------------------------------------------------------------------------- (Title of Class of Securities) 456132109 - -------------------------------------------------------------------------------- (CUSIP Number) January 26, 2006 - -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [X] Rule 13d-1(b)(2) [X] Rule 13d-1(c)(3) [_] Rule 13d-1(d) - ---------- (1) The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). (2) Jeffrey L. Feinberg and JLF Asset Management, LLC are each filing pursuant to 13d-1(b). (3) JLF Offshore Fund, Ltd. Is filing pursuant to 13d-1(c). CUSIP No. 456132109 --------------------- 1. NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Jeffrey L. Feinberg (4) 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_] (b) [X] 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION United States NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5. SOLE VOTING POWER 0 6. SHARED VOTING POWER 4,154,653 7. SOLE DISPOSITIVE POWER 0 8. SHARED DISPOSITIVE POWER 4,154,653 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,154,653 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_] 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 9% 12. TYPE OF REPORTING PERSON* IN - ---------- (4) The securities reported herein are held by i) a separately managed account managed by Jeffrey L. Feinberg and ii) JLF Partners I, L.P., JLF Partners II, L.P., and JLF Offshore Fund, Ltd., to which JLF Asset Management, L.L.C. serves as the management company and/or investment manager. Jeffrey L. Feinberg is the managing member of JLF Asset Management, L.L.C. ________________________________________________________________________________ CUSIP No. 456132109 --------------------- 1. NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) JLF Asset Management, L.L.C. (5) 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_] (b) [X] 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5. SOLE VOTING POWER 0 6. SHARED VOTING POWER 4,154,653 7. SOLE DISPOSITIVE POWER 0 8. SHARED DISPOSITIVE POWER 4,154,653 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,154,653 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_] 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 9% 12. TYPE OF REPORTING PERSON* OO - ---------- (5) The securities reported herein are held by i)a separately managed account managed by Jeffrey L. Feinberg and ii) JLF Partners I, L.P., JLF Partners II, L.P., and JLF Offshore Fund, Ltd., to which JLF Asset Management, L.L.C. serves as the management company and/or investment manager. ________________________________________________________________________________ CUSIP No. 456132109 --------------------- 1. NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) JLF Offshore Fund, Ltd. (5) 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_] (b) [X] 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5. SOLE VOTING POWER 0 6. SHARED VOTING POWER 2,498,608 7. SOLE DISPOSITIVE POWER 0 8. SHARED DISPOSITIVE POWER 2,498,608 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,498,608 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_] 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 5.4% 12. TYPE OF REPORTING PERSON* 00 - ---------- (5) The securities reported herein are held by i) a separately managed account managed by Jeffrey L. Feinberg and ii) JLF Partners I, L.P., JLF Partners II, L.P., and JLF Offshore Fund, Ltd., to which JLF Asset Management, L.L.C. serves as the management company and/or investment manager. ________________________________________________________________________________ CUSIP No. 456132109 --------------------- Item 1(a). Name of Issuer: Industrial Enterprises of America, Inc. ____________________________________________________________________ Item 1(b). Address of Issuer's Principal Executive Offices: 711 Third Avenue, Suite 1505 New York, New York 10017 ____________________________________________________________________ Item 2(a). Name of Person Filing: Jeffrey L. Feinberg JLF Asset Management, L.L.C. JLF Offshore Fund, Ltd. ____________________________________________________________________ Item 2(b). Address of Principal Business Office, or if None, Residence: Jeffrey L. Feinberg c/o JLF Asset Management, L.L.C. 2775 Via de la Valle, Suite 204 Del Mar, CA 92014 JLF Asset Management, L.L.C. 2775 Via de la Valle, Suite 204 Del Mar, CA 92014 JLF Offshore Fund, Ltd. 2775 Via de la Valle, Suite 204 Del Mar, CA 92014 ___________________________________________________________________ Item 2(c). Citizenship: Jeffrey L. Feinberg - United States JLF Asset Management, L.L.C. - Delaware JLF Offshore Fund, Ltd. - Cayman Islands ____________________________________________________________________ Item 2(d). Title of Class of Securities: Common Stock, par value $0.001 per share ____________________________________________________________________ Item 2(e). CUSIP Number: 456132109 ____________________________________________________________________ Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a: (a) [_] Broker or dealer registered under Section 15 of the Exchange Act. (b) [_] Bank as defined in Section 3(a)(6) of the Exchange Act. (c) [_] Insurance company as defined in Section 3(a)(19) of the Exchange Act. (d) [_] Investment company registered under Section 8 of the Investment Company Act. (e) [_] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); (f) [_] An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F); (g) [_] A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); (h) [_] A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act; (i) [_] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act; (j) [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(J). Item 4. Ownership. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: Jeffrey L. Feinberg: 4,154,653 shares JLF Asset Management, L.L.C.: 4,154,653 shares JLF Offshore Fund, Ltd.: 2,498,608 ______________________________________________________________________ (b) Percent of class: Jeffrey L. Feinberg: 9% JLF Asset Management, L.L.C.: 9% JLF Offshore Fund, Ltd.: 5.4% ______________________________________________________________________ (c) Number of shares as to which Jeffrey L. Feinberg has: (i) Sole power to vote or to direct the vote 0 ______________________, (ii) Shared power to vote or to direct the vote 4,154,653 _____________________, (iii) Sole power to dispose or to direct the disposition of 0 _____________________, (iv) Shared power to dispose or to direct the disposition of 4,154,653 _____________________. Number of shares as to which JLF Asset Management, L.L.C. has: (i) Sole power to vote or to direct the vote 0 ______________________, (ii) Shared power to vote or to direct the vote 4,154,653 _____________________, (iii) Sole power to dispose or to direct the disposition of 0 _____________________, (iv) Shared power to dispose or to direct the disposition of 4,154,653 _____________________. Number of shares as to which JLF Offshore Fund, Ltd. has: (i) Sole power to vote or to direct the vote 0 ______________________, (ii) Shared power to vote or to direct the vote 2,498,608 _____________________, (iii) Sole power to dispose or to direct the disposition of 0 _____________________, (iv) Shared power to dispose or to direct the disposition of 2,498,608 _____________________. 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 [ ]. N/A _____________________________________________________________________ Item 6. Ownership of More Than Five Percent on Behalf of Another Person. If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than five percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. N/A _______________________________________________________________________ Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. If a parent holding company or Control person has filed this schedule, pursuant to Rule 13d-1(b)(1)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company or control person has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. N/A _______________________________________________________________________ Item 8. Identification and Classification of Members of the Group. If a group has filed this schedule pursuant to s.240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to s.240.13d-1(c) or s.240.13d-1(d), attach an exhibit stating the identity of each member of the group. N/A _______________________________________________________________________ Item 9. Notice of Dissolution of Group. Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. N/A ______________________________________________________________________ Item 10. Certifications. Certification for Rule 13d-1(c): By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. SIGNATURE After reasonable 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. February 17, 2006 ---------------------------------------- (Date) /s/ Jeffrey L. Feinberg (3) ---------------------------------------- Jeffrey L. Feinberg JLF Asset Management, L.L.C. By: /s/ Jeffrey L. Feinberg ---------------------------------------- Managing Member JLF Offshore Fund, Ltd. By: /s/ Jeffrey L. Feinberg ---------------------------------------- Managing Member Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties for whom copies are to be sent. Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001). (3) The Reporting Persons disclaim beneficial ownership except to the extent of their pecuniary interest therein. Exhibit A AGREEMENT The undersigned agree that this Schedule 13G dated February 17, 2006 relating to the Common Stock, par value $0.001 per share, of Industrial Enterprises of America, Inc. shall be filed on behalf of the undersigned. /s/ Jeffrey L. Feinberg Jeffrey L. Feinberg JLF Asset Management, L.L.C. By: /s/ Jeffrey L. Feinberg Name: Jeffrey L. Feinberg Title: Managing Member JLF Offshore Fund, Ltd. By: /s/ Jeffrey L. Feinberg Name: Jeffrey L. Feinberg Title: Managing Member SK 02717 0005 642620 -----END PRIVACY-ENHANCED MESSAGE-----