-----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, PIBgLM7rXOdONziB7OVI9nDLnR7VbO02YgtRismjjMXHWaZTVaHa2932naJOWWsx 93JBrAAmPwmnT+uCd1VNzA== 0000914121-03-001115.txt : 20030826 0000914121-03-001115.hdr.sgml : 20030826 20030826135953 ACCESSION NUMBER: 0000914121-03-001115 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20030826 GROUP MEMBERS: EMANUEL R. PEARLMAN GROUP MEMBERS: LIBERATION INVESTMENTS L.P. GROUP MEMBERS: LIBERATION INVESTMENTS LTD. FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: LIBERATION INVESTMENT GROUP LLC CENTRAL INDEX KEY: 0001259272 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: 11766 WILSHIRE BLVD., STREET 2: SUITE 870 CITY: LOS ANGELES STATE: CA ZIP: 90025 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: INTERTAN INC CENTRAL INDEX KEY: 0000803227 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-RADIO TV & CONSUMER ELECTRONICS STORES [5731] IRS NUMBER: 752130875 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-38005 FILM NUMBER: 03866151 BUSINESS ADDRESS: STREET 1: 279 BAYVIEW DRIVE CITY: BARRIE ONTARIO STATE: A6 ZIP: L4M 4W5 BUSINESS PHONE: 7057286242 MAIL ADDRESS: STREET 1: 279 BAYVIEW DRIVE STREET 2: - CITY: BARRIE ONTARIO STATE: A6 ZIP: L4M 4W5 SC 13D/A 1 li677797-13da1.txt AMENDMENT NO. 1 TO SCHEDULE 13D SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (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. 1 InterTAN, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $1.00 per share - -------------------------------------------------------------------------------- (Title of Class of Securities) 461120 10 7 -------------------------------------------------------------- (CUSIP Number) Dennis J. Block, Esq. Cadwalader, Wickersham & Taft LLP 100 Maiden Lane New York, NY 10038 (212) 504-5555 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) August 26, 2003 -------------------------------------------------------------- (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), Rule 13d-1(f) or Rule 13d-1(g), check the following box [ ]. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent. *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 disclosures provided in a prior cover page. The information required on 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 ("Act") 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). - --------------------------- -------------------- CUSIP No. 461120 10 7 SCHEDULE 13D Page 2 of 9 - --------------------------- -------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON Liberation Investments L.P. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(a)[ ] (b)[X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) WC - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 NUMBER OF ---------------------------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 671,580 OWNED BY ---------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON ---------------------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 671,580 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 671,580 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 3.3% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) PN - -------------------------------------------------------------------------------- - --------------------------- -------------------- CUSIP No. 461120 10 7 SCHEDULE 13D Page 3 of 9 - --------------------------- -------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON Liberation Investments Ltd. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(a)[ ] (b)[X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) WC - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 NUMBER OF ---------------------------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 394,417 OWNED BY ---------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON ---------------------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 394,417 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 394,417 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) CO - -------------------------------------------------------------------------------- - --------------------------- -------------------- CUSIP No. 461120 10 7 SCHEDULE 13D Page 4 of 9 - --------------------------- -------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON Liberation Investment Group, LLC - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(a)[ ] (b)[X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) N/A - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 NUMBER OF ---------------------------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 1,065,997 OWNED BY ---------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON ---------------------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 1,065,997 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,065,997 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.2% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) OO,IA - -------------------------------------------------------------------------------- - --------------------------- -------------------- CUSIP No. 461120 10 7 SCHEDULE 13D Page 5 of 9 - --------------------------- -------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON Emanuel R. Pearlman - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(a)[ ] (b)[X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) N/A - -------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 NUMBER OF ---------------------------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY 1,065,997 OWNED BY ---------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON ---------------------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 1,065,997 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,065,997 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.2% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) IN, HC - -------------------------------------------------------------------------------- - --------------------------- -------------------- CUSIP No. 461120 10 7 SCHEDULE 13D Page 6 of 9 - --------------------------- -------------------- INTRODUCTION This Amendment No. 1 relates to the Schedule 13D filed on behalf of (i) Liberation Investments, L.P., a Delaware limited partnership ("LILP"); (ii) Liberation Investments Ltd. ("LILtd"), a private offshore investment corporation; (iii) Liberation Investment Group LLC ("LIGLLC"), a Delaware limited liability company and general partner of LILP and discretionary investment adviser to LILtd; and (iv) Emanuel R. Pearlman, as General Manager, Chief Investment Officer and majority member of LIGLLC. (collectively, the "Reporting Persons") with the Securities and Exchange Commission on August 7, 2003 (the "Schedule 13D"). Items 4 and 7 of the Schedule 13D are amended and supplemented as follows: Item 4. Purpose of Transaction. On August 25, 2003, the Reporting Persons delivered a letter to the Board of Directors of the Company (the "Letter"), advising the Company that the Reporting Persons have reviewed the Company's fourth quarter earnings and listened to management's quarterly earnings conference call. The Letter expressed the Reporting Persons disappointment with the fact that the board did not accept the Reporting Persons' two nominees for addition to the board, and pointed to the fact that the current board has spent significant time reviewing "capital structure issues" and has made no progress to date. The Reporting Persons concluded the Letter by stating that until such time as a suitable alternative is implemented, the Reporting Persons will continue to pursue the election of Messrs. Hillman and Kornstein to the InterTAN Board. A copy of the Letter is attached hereto as Exhibit 4. Item 7. Materials to be Filed as Exhibits. EXHIBIT 4 Letter dated August 25, 2003, from the Reporting Persons to the Board of Directors of InterTAN, Inc. EXHIBIT 5 Press Release, dated August 26, 2003 - --------------------------- -------------------- CUSIP No. 461120 10 7 SCHEDULE 13D Page 7 of 9 - --------------------------- -------------------- 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. Dated: August 26, 2003 LIBERATION INVESTMENTS, L.P. By: Liberation Investment Group LLC, general partner By: /s/ Emanuel R. Pearlman -------------------------------- Emanuel R. Pearlman General Manager LIBERATION INVESTMENTS LTD. By: /s/ Emanuel R. Pearlman -------------------------------- Emanuel R. Pearlman Director LIBERATION INVESTMENT GROUP LLC By: /s/ Emanuel R. Pearlman -------------------------------- Emanuel R. Pearlman General Manager Emanuel R. Pearlman /s/ Emanuel R. Pearlman - ------------------------------------- EX-4 3 li677797-ex4.txt LETTER DATED AUGUST 25, 2003 - --------------------------- -------------------- CUSIP No. 461120 10 7 SCHEDULE 13D Page 8 of 9 - --------------------------- -------------------- EXHIBIT 4 Liberation Investments L.P. c/o Libra Securities Group, LLC 11766 Wilshire Blvd, Suite #870 Los Angeles, CA 90025 Liberation Investments Ltd. Corporate Center West Bay Road P.O. Box 31106 SMB Grand Cayman, Cayman Islands August 25, 2003 BY U.S. MAIL AND OVERNIGHT COURIER - ---------------------------------- Members of the Board of Directors InterTAN, Inc. 279 Bayview Drive Barrie, Ontario L4M 4W5 Re: Alternatives to Maximize Shareholder Value. ------------------------------------------- Dear Sirs: We have read your fourth quarter press release and listened to your conference call and are pleased that you are reviewing alternatives to maximize shareholder value by evaluating the efficiency of various alternative capital structures, including conversion to a Canadian Income Trust. We hope that as you review the alternatives to maximizing shareholder value, you are all mindful of your fiduciary duties and pursue all other alternatives, including a sale of the Company to a third party. We are still extremely disappointed that the board did not accept the two nominees we proposed for addition to the board. We believe that both Messrs. Hillman and Kornstein have strong financial backgrounds and experience in assisting companies of a similar size to InterTAN raise significant amounts of capital through various financings. They also have experience in negotiating extraordinary transactions, such as a potential sale of the Company. Mr. Kornstein was, in fact, a managing director at Bear Stearns for over eight years and Mr. Hillman was a partner at a predecessor firm to Ernst & Young and both - --------------------------- -------------------- CUSIP No. 461120 10 7 SCHEDULE 13D Page 9 of 9 - --------------------------- -------------------- the CFO and CEO of several NYSE listed companies with market capitalizations that significantly exceeded InterTAN's. Because the board has indicated it has spent a significant amount of time reviewing capital structure issues and to date has been unable to make any progress, we believe the addition of both Messrs. Hillman and Kornstein could assist the board in resolving many of the issues it has been dealing with. We continue to encourage the board to pursue strategies to maximize shareholder value and will continue to pursue the election of Messrs. Hillman and Kornstein to the InterTAN board unless a suitable alternative that will maximize shareholder value is implemented. Sincerely, Liberation Investments L.P. By: /s/ Emanuel R. Pearlman -------------------------------- Liberation Investments Ltd. By: /s/ Emanuel R. Pearlman -------------------------------- cc: Ron G. Stegall Brian E. Levy James T. Nichols W. Darcy McKeough William C. Bousqutte EX-5 4 li677797-ex5.txt PRESS RELEASE, DATED AUGUST 26, 2003 EXHIBIT 5 Contact: Emanuel R. Pearlman Liberation Investment Group LLC 11766 Wilshire Blvd, Suite #870 Los Angeles, CA 90025 (310) 479-3434 LIBERATION INVESTMENTS DELIVERS LETTER TO INTERTAN BOARD Los Angeles, CA - August 26, 2003 - Investment funds Liberation Investments, L.P. and Liberation Investments Ltd. announced today that the attached letter was sent to the board of directors of InterTan, Inc. (NYSE: ITN): Liberation Investments L.P. c/o Libra Securities Group, LLC 11766 Wilshire Blvd, Suite #870 Los Angeles, CA 90025 Liberation Investments Ltd. Corporate Center West Bay Road P.O. Box 31106 SMB Grand Cayman, Cayman Islands August 25, 2003 BY U.S. MAIL AND OVERNIGHT COURIER Members of the Board of Directors InterTAN, Inc. 279 Bayview Drive Barrie, Ontario L4M 4W5 Re: Alternatives to Maximize Shareholder Value. Dear Sirs: We have read your fourth quarter press release and listened to your conference call and are pleased that you are reviewing alternatives to maximize shareholder value by evaluating the efficiency of various alternative capital structures, including conversion to a Canadian Income Trust. We hope that as you review the alternatives to maximizing shareholder value, you are all mindful of your fiduciary duties and pursue all other alternatives, including a sale of the Company to a third party. We are still extremely disappointed that the board did not accept the two nominees we proposed for addition to the board. We believe that both Messrs. Hillman and Kornstein have strong financial backgrounds and experience in assisting companies of a similar size to InterTAN raise significant amounts of capital through various financings. They also have experience in negotiating extraordinary transactions, such as a potential sale of the Company. Mr. Kornstein was, in fact, a managing director at Bear Stearns for over eight years and Mr. Hillman was a partner at a predecessor firm to Ernst & Young and both the CFO and CEO of several NYSE listed companies with market capitalizations that significantly exceeded InterTAN's. Because the board has indicated it has spent a significant amount of time reviewing capital structure issues and to date has been unable to make any progress, we believe the addition of both Messrs. Hillman and Kornstein could assist the board in resolving many of the issues it has been dealing with. We continue to encourage the board to pursue strategies to maximize shareholder value and will continue to pursue the election of Messrs. Hillman and Kornstein to the InterTAN board unless a suitable alternative that will maximize shareholder value is implemented. Sincerely, Liberation Investments L.P. By: /s/ Emanuel R. Pearlman ------------------------ Liberation Investments Ltd. By: /s/ Emanuel R. Pearlman ------------------------ cc: Ron G. Stegall Brian E. Levy James T. Nichols W. Darcy McKeough William C. Bousqutte The Liberation funds intend to file a proxy statement and other relevant documents with the SEC in support of the election of Messrs. Hillman and Kornstein to the InterTan board. INVESTORS ARE URGED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You will be able to -2- obtain the documents free of charge at the website maintained by the SEC at www.sec.gov. The Liberation funds and Messrs. Mr. Hillman, Kornstein and Pearlman may be deemed to be participants in the solicitation of proxies from the stockholders of InterTan in connection with the annual meeting. Information about these participants and their ownership of InterTan shares can be found in the Liberation funds Schedule 13D filings with the SEC and will be set forth in the proxy statement filed by the Liberation funds with the SEC. Investors may obtain additional information regarding the interests of such participants by reading the proxy statement when it becomes available. -3- -----END PRIVACY-ENHANCED MESSAGE-----