-----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, QrMg4KfgGU8gertMFMjuE+Tc7shIKvxF/T/lOBSkICjaNBvc5TRIa3DNugnnzAbc NA8Ius/zv6eyYr+LPoyV2A== 0000914121-03-001169.txt : 20030911 0000914121-03-001169.hdr.sgml : 20030911 20030911141038 ACCESSION NUMBER: 0000914121-03-001169 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20030911 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: 03891679 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 li678518-13da2.txt AMENDMENT NO. 2 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. 2 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) September 11, 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 13 - --------------------------- -------------------- - -------------------------------------------------------------------------------- 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 687,500 OWNED BY ---------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON ---------------------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 687,500 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 687,500 - -------------------------------------------------------------------------------- 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 13 - --------------------------- -------------------- - -------------------------------------------------------------------------------- 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 403,667 OWNED BY ---------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON ---------------------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 403,667 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 403,667 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) CO - -------------------------------------------------------------------------------- - --------------------------- -------------------- CUSIP No. 461120 10 7 SCHEDULE 13D Page 4 of 13 - --------------------------- -------------------- - -------------------------------------------------------------------------------- 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 1,091,167 OWNED BY ---------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON ---------------------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 1,091,167 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,091,167 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.3% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) OO,IA - -------------------------------------------------------------------------------- - --------------------------- -------------------- CUSIP No. 461120 10 7 SCHEDULE 13D Page 5 of 13 - --------------------------- -------------------- - -------------------------------------------------------------------------------- 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 1,091,167 OWNED BY ---------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 0 PERSON ---------------------------------------------------------------- WITH 10 SHARED DISPOSITIVE POWER 1,091,167 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,091,167 - -------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.3% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) IN, HC - -------------------------------------------------------------------------------- - --------------------------- -------------------- CUSIP No. 461120 10 7 SCHEDULE 13D Page 6 of 13 - --------------------------- -------------------- INTRODUCTION This Amendment No. 2 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, as amended by Amendment No. 1 filed on August 26, 2003 (the "Schedule 13D"). Items 4, 5 and 7 of the Schedule 13D are amended and supplemented as follows: Item 4. Purpose of Transaction. The Reporting Persons have delivered a letter, dated September 10, 2003, to the Company, responding to the Company's September 5, 2003 letter pursuant to which the Company invited representatives of the Reporting Persons and the Reporting Persons' board nominees to meet with the Company's senior management and outside advisors. At the meeting, the Company proposes to make a presentation detailing its efforts regarding a sale of the Company or a conversion of the Company to a Canadian income trust. A copy of the Reporting Persons' September 10, 2003 letter is attached hereto as Exhibit 6. Item 5. Interest in Securities of the Issuer. (a) As of the date hereof, the Reporting Persons have the following interest in the securities of the Company: (i) LILP beneficially owns 687,500 shares of Common Stock and is the beneficial owner of 3.3% of the Common Stock. (ii) LILtd beneficially owns 403,667 shares of Common Stock and is the beneficial owner of 2.0% of the Common Stock. (iii) LIGLLC, as the sole general partner of LILP and the sole investment advisor to LILtd, beneficially owns 1,091,167 shares of Common Stock and is the beneficial owner of 5.3% of the Common Stock. (iv) Mr. Pearlman, as the majority member and General Manager of LIGLLC, beneficially owns 1,091,167 shares of Stock and is the beneficial owner of 5.3% of the Common Stock. The Reporting Persons in the aggregate may be deemed to own an aggregate of 5.3% of the Common Stock. - --------------------------- -------------------- CUSIP No. 461120 10 7 SCHEDULE 13D Page 7 of 13 - --------------------------- -------------------- (b) The table below sets forth for each Reporting Person, the numbers of shares of Common Stock for which there is sole power to vote or to direct the vote, shared power to vote or direct the vote, or sole or shared power to dispose or to direct the disposition. LILP LILTD LIGLLC Mr. ---- ----- ------ --- Pearlman -------- Sole Power to 0 0 0 0 Vote/ Direct Vote Shared Power to 687,500 403,667 1,091,167 1,091,167 Vote/ Direct Vote Sole Power to 0 0 0 0 Dispose/ Direct Disposition Shared Power to 687,500 406,667 1,091,167 1,091,167 Dispose/ Direct Disposition (c) There have been no purchases or sales of the Company's stock by the Reporting Persons within the last sixty days, except that: (1) On August 29, 2003, (i) LILP purchased 15,750 shares of Common Stock on the open market, at a price of $9.35 per share, and (ii) LILtd purchased 9,250 shares of Common Stock on the open market, at a price of $9.35 per share. (d) No person other than each respective owner referred to herein of Common Stock 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 Common Stock. (e) Not applicable. Item 7. Materials to be Filed as Exhibits. EXHIBIT 6 Letter dated September 10, 2003, from the Reporting Persons to InterTAN, Inc. EXHIBIT 7 Press Release, dated September 11, 2003. - --------------------------- -------------------- CUSIP No. 461120 10 7 SCHEDULE 13D Page 8 of 13 - --------------------------- -------------------- 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: September 11, 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-6 3 li678518-ex6.txt LETTER DATED SEPTEMBER 10, 2003 - --------------------------- -------------------- CUSIP No. 461120 10 7 SCHEDULE 13D Page 9 of 13 - --------------------------- -------------------- EXHIBIT 6 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 September 10, 2003 BY FAX AND OVERNIGHT COURIER - ---------------------------- Mr. Brian E. Levy President and Chief Executive Officer InterTAN, Inc. 279 Bayview Drive Barrie, Ontario L4M 4W5 Dear Brian: Thank you for your letter dated September 5, 2003. We welcome the opportunity to meet with you to discuss the Company's continuing efforts regarding a possible sale of the Company or conversion to a Canadian Income Trust. In addition to senior management and your outside advisors, we believe the members of the board of directors should also participate in the meeting. In our view, the Company's stock has underperformed over the last four to five years and we firmly believe it is time for the Board to pursue a new strategy for maximizing shareholder value. We have reviewed the publicly available information regarding the Company and are familiar with the current and proposed tax implications and change of control issues relating to a possible conversion to a Canadian Income Trust. We are confident that during our discussions we, our board nominees and our advisors will be able to make constructive suggestions after hearing the Company's presentation. Both of our nominees are distinguished business - --------------------------- -------------------- CUSIP No. 461120 10 7 SCHEDULE 13D Page 10 of 13 - --------------------------- -------------------- professionals with strong financial backgrounds who have extensive experience negotiating extraordinary transactions such as the sale of a business. In that regard, we understand from an analyst communication, which summarized a discussion the analyst had with the Company's Chairman, that conversion to a Canadian Income Trust may trigger a tax under pending U.S. legislation. We are prepared, if necessary, to discuss with you and your advisors approaches to creating a Canadian Income Trust with minimal tax leakage. At our meeting, we do not believe it will be necessary for the Company to share any non-public information with us and we are not interested in receiving any such information. Moreover, given our intention to present stockholders with an alternative choice for the election of directors at the upcoming annual meeting, we believe it is in the best interest of all stockholders, and necessary for them to make an informed voting decision, for all material information regarding the Company's financial strategy to be disclosed to all stockholders. We do not believe it is appropriate to disclose material non-public information to us and ask us to sign a confidentiality agreement which would prohibit our fellow stockholders from having the same information. To the extent that any material, non-public information is disclosed to us at our meeting, we would expect that it will be promptly disclosed to all stockholders. Similarly, should we proceed with a proxy solicitation in opposition to management, we reserve the right to use any information disclosed or matter discussed at our meeting in connection with the proxy solicitation. Further to your invitation, we, our board nominees and our advisors are available to meet at the Company's offices at a mutually convenient time during the week of September 22, 2003. We look forward to meeting with you and your senior management team to discuss ways to maximize value for all InterTAN stockholders. Very truly yours, Liberation Investments L.P. By: /s/ Emanuel R. Pearlman ---------------------------- Liberation Investments Ltd. By: /s/ Emanuel R. Pearlman ---------------------------- cc: Scott M. Freeman, Esq. Dennis J. Block, Esq. EX-7 4 li678518-ex7.txt PRESS RELEASE, DATED SEPTEMBER 11, 2003 - --------------------------- -------------------- CUSIP No. 461120 10 7 SCHEDULE 13D Page 11 of 13 - --------------------------- -------------------- EXHIBIT 7 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 - September 11, 2003 - Investment funds Liberation Investments, L.P. and Liberation Investments Ltd. announced today that the following letter was sent to 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 September 10, 2003 BY FAX AND OVERNIGHT COURIER - ---------------------------- Mr. Brian E. Levy President and Chief Executive Officer InterTAN, Inc. 279 Bayview Drive Barrie, Ontario L4M 4W5 Dear Brian: Thank you for your letter dated September 5, 2003. We welcome the opportunity to meet with you to discuss the Company's continuing efforts regarding a possible sale of the Company or conversion to a Canadian Income Trust. In addition to senior management and your outside advisors, we believe the members of the board of directors should also participate in the meeting. In our view, the Company's stock has underperformed over the last four to five years and we firmly believe it is time for the Board to pursue a new strategy for maximizing shareholder value. - --------------------------- -------------------- CUSIP No. 461120 10 7 SCHEDULE 13D Page 12 of 13 - --------------------------- -------------------- We have reviewed the publicly available information regarding the Company and are familiar with the current and proposed tax implications and change of control issues relating to a possible conversion to a Canadian Income Trust. We are confident that during our discussions we, our board nominees and our advisors will be able to make constructive suggestions after hearing the Company's presentation. Both of our nominees are distinguished business professionals with strong financial backgrounds who have extensive experience negotiating extraordinary transactions such as the sale of a business. In that regard, we understand from an analyst communication, which summarized a discussion the analyst had with the Company's Chairman, that conversion to a Canadian Income Trust may trigger a tax under pending U.S. legislation. We are prepared, if necessary, to discuss with you and your advisors approaches to creating a Canadian Income Trust with minimal tax leakage. At our meeting, we do not believe it will be necessary for the Company to share any non-public information with us and we are not interested in receiving any such information. Moreover, given our intention to present stockholders with an alternative choice for the election of directors at the upcoming annual meeting, we believe it is in the best interest of all stockholders, and necessary for them to make an informed voting decision, for all material information regarding the Company's financial strategy to be disclosed to all stockholders. We do not believe it is appropriate to disclose material non-public information to us and ask us to sign a confidentiality agreement which would prohibit our fellow stockholders from having the same information. To the extent that any material, non-public information is disclosed to us at our meeting, we would expect that it will be promptly disclosed to all stockholders. Similarly, should we proceed with a proxy solicitation in opposition to management, we reserve the right to use any information disclosed or matter discussed at our meeting in connection with the proxy solicitation. Further to your invitation, we, our board nominees and our advisors are available to meet at the Company's offices at a mutually convenient time during the week of September 22, 2003. We look forward to meeting with you and your senior management team to discuss ways to maximize value for all InterTAN stockholders. Very truly yours, Liberation Investments L.P. By: /s/ Emanuel R. Pearlman ---------------------------- Liberation Investments Ltd. By: /s/ Emanuel R. Pearlman ---------------------------- cc: Scott M. Freeman, Esq. Dennis J. Block, Esq. - --------------------------- -------------------- CUSIP No. 461120 10 7 SCHEDULE 13D Page 13 of 13 - --------------------------- -------------------- Liberation Investments, L.P. and Liberation Investments Ltd. are private investment funds managed by Liberation Investment Group LLC. Emanuel R. Pearlman is the majority member and general manager of Liberation Investment Group LLC, and as such may be deemed to be the beneficial owner of the shares of InterTan owned by the Liberation funds. The Liberation funds intend to file a proxy statement and other relevant documents with the SEC in support of the election of Lee S. Hillman and Don R. 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 obtain the documents free of charge at the website maintained by the SEC at www.sec.gov. The Liberation funds and Messrs. 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. -----END PRIVACY-ENHANCED MESSAGE-----