0000914121-01-500384.txt : 20011018
0000914121-01-500384.hdr.sgml : 20011018
ACCESSION NUMBER: 0000914121-01-500384
CONFORMED SUBMISSION TYPE: SC 13D
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20010730
GROUP MEMBERS: MARK E. STROME
GROUP MEMBERS: SSCO, INC.
GROUP MEMBERS: STROME HEDGECAP FUND, L.P.
FILED BY:
COMPANY DATA:
COMPANY CONFORMED NAME: STROME INVESTMENT MANAGEMENT LP
CENTRAL INDEX KEY: 0000936711
STANDARD INDUSTRIAL CLASSIFICATION: TEXTILE MILL PRODUCTS [2200]
IRS NUMBER: 954450882
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13D
BUSINESS ADDRESS:
STREET 1: 100 WILSHIRE BLVD
STREET 2: 15TH FLOOR
CITY: SANTA MONICA
STATE: CA
ZIP: 90401
MAIL ADDRESS:
STREET 1: 100 WILSHIRE BLVD
STREET 2: 15TH FLOOR
CITY: SANTA MONICA
STATE: CA
ZIP: 90401
FORMER COMPANY:
FORMER CONFORMED NAME: STROME SUSSKIND INVESTMENT MANAGEMENT LP
DATE OF NAME CHANGE: 19950202
SUBJECT COMPANY:
COMPANY DATA:
COMPANY CONFORMED NAME: KANEB SERVICES LLC
CENTRAL INDEX KEY: 0001137154
STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-PETROLEUM & PETROLEUM PRODUCTS (NO BULK STATIONS) [5172]
IRS NUMBER: 752931295
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13D
SEC ACT: 1934 Act
SEC FILE NUMBER: 005-61733
FILM NUMBER: 1693116
BUSINESS ADDRESS:
STREET 1: 2435 N CENTRAL EXPWY SUITE 700
CITY: RICHARDSON
STATE: TX
ZIP: 75080
BUSINESS PHONE: 9726994019
MAIL ADDRESS:
STREET 1: 2435 N CENTRAL EXPWY SUITE 700
CITY: RICHARDSON
STATE: TX
ZIP: 75080
SC 13D
1
st586089-sch13d.txt
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)
Kaneb Services LLC
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
4841731098
--------------------------------------------------------------
(CUSIP Number)
Jeffrey S. Lambert
--------------------------------------------------------------------------------
Strome Investment Management L.P.
--------------------------------------------------------------------------------
100 Wilshire Blvd., 15th Floor
Santa Monica, CA 90401
(310) 917-6600
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
July 30, 2001
--------------------------------------------------------------
(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. 4841731098 SCHEDULE 13D PAGE 2 OF 16 PAGES
------------------------------- -----------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Strome Investment Management, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
#95-4450882
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(A)[X]
(B)[ ]
--------------------------------------------------------------------------------
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 1,040,467
OWNED BY ----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON -----------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
1,040,467
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,040,467
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See
Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
PN, IA
--------------------------------------------------------------------------------
------------------------------- -----------------------
CUSIP NO. 4841731098 SCHEDULE 13D PAGE 3 OF 16 PAGES
------------------------------- -----------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SSCO, Inc.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
95-4450883
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(A)[X]
(B)[ ]
--------------------------------------------------------------------------------
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 1,040,467
OWNED BY ----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON ----------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
1,040,467
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,040,467
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See
Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
CO, HC
--------------------------------------------------------------------------------
------------------------------- -----------------------
CUSIP NO. 4841731098 SCHEDULE 13D PAGE 4 OF 16 PAGES
------------------------------- -----------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Mark E. Strome
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(A)[X]
(B)[ ]
--------------------------------------------------------------------------------
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
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 1,040,467
OWNED BY ----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON ----------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
1,040,467
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,040,467
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See
Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IN, HC
--------------------------------------------------------------------------------
------------------------------- -----------------------
CUSIP NO. 4841731098 SCHEDULE 13D PAGE 5 OF 16 PAGES
------------------------------- -----------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Strome Hedgecap Fund, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
95-4385662
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(A)[X]
(B)[ ]
--------------------------------------------------------------------------------
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 750,000
OWNED BY ----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON ----------------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
750,000
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
750,000
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See
Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
PN
--------------------------------------------------------------------------------
------------------------------- -----------------------
CUSIP NO. 4841731098 SCHEDULE 13D PAGE 6 OF 16 PAGES
------------------------------- -----------------------
ITEM 1. SECURITY AND ISSUER.
This statement on Schedule 13D relates to the common stock, no par value
(the "Common Stock"), of Kaneb Services LLC (the "Company"). The Company's
principal executive offices are located at 2435 North Central Expressway,
Richardson, Texas 85080. The number of issued and outstanding shares of
Common Stock as of June 29, 2001, as provided by the Company is
10,866,013.
ITEM 2. IDENTITY AND BACKGROUND.
(a) This statement on Schedule 13D is being filed jointly on behalf of the
following persons (collectively, the "Reporting Persons"): (i) Strome
Hedgecap Fund, L.P., a Delaware limited partnership ("SHCF"); (ii) Strome
Investment Management, L.P. ("SIM"), a registered investment adviser and a
general partner and sole investment advisor to SHCF; (iii) SSCO, Inc.
("SSCO"), as sole general partner of SIM; and (iv) Mark E. Strome
("Strome"), a settlor and trustee of The Mark E. Strome Living Trust,
dated January 16, 1997, as the controlling shareholder of SSCO.
SIM is the direct beneficial owner of the Common Stock. SSCO's and
Strome's beneficial ownership are indirect as a result of their ownership
of SIM, and is reported solely because Rule 13-d(1)(a) promulgated under
the Securities Exchange Act of 1934 (the "Act"), as amended, requires any
person who is "directly or indirectly" the beneficial owner of more than
five percent of any equity security of a specific class to file a Schedule
13D within the specific time period. The answers on blocks 8, 10, 11 and
13 on pages 3 and 4 above and in response to item 5 by SSCO and Strome are
given on the basis of the "indirect" beneficial ownership referred to in
such Rule, based on the direct beneficial ownership of the Stock by SIM
and the relationship of SSCO and Strome to SIM.
Information with respect to each Reporting Person is given solely by the
respective Reporting Person, and no Reporting Person undertakes hereby any
responsibility for the accuracy or completeness of such information
concerning any other Reporting Person.
(b) The business address for all Reporting Persons is 100 Wilshire Blvd.,
Suite 1500, Santa Monica, California 90401.
(c) The business of (i) SHCF is that of a private investment partnership
engaging in the purchase and sale of securities for investment for its own
account; (ii) SIM is to provide discretionary investment management
services to institutional clients; (iii) SSCO is to serve as the general
partner of SIM; and (iv) Strome is to provide discretionary investment
management services through SIM.
------------------------------- -----------------------
CUSIP NO. 4841731098 SCHEDULE 13D PAGE 7 OF 16 PAGES
------------------------------- -----------------------
(d) None of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors).
(e) None of the Reporting Persons has, during the last five years, been a
party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceding was or is subject
to a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state
securities laws or finding any violation with respect to such laws.
(f) (i) SHCF is a Delaware limited partnership; (ii) SIM is a Delaware limited
partnership; (iii) SSCO is a Delaware corporation; and (iv) Strome is a
United States citizen.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The net investment cost (including commissions, if any) of the shares of
Common Stock beneficially owned by the Reporting Persons is $14,213,555.
The source of funds for this consideration was working capital.
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons acquired the Common Stock for investment purposes.
As disclosed in the information statement relating to the Company's recent
spin-off from Kaneb Services, Inc., the Company and Kaneb Services, Inc.
each intend to add one independent director to their respective boards of
directors as soon as possible. The Reporting Persons intend to discuss
with the Company the possibility of Mark E. Strome becoming an independent
director of the Company.
The Reporting Persons reserve the right to change their plans or
intentions and to take any and all actions that they may deem appropriate
to maximize the value of their investment, including, among other things,
acquiring additional securities of the Company, disposing of any
securities of the Company owned by them, or formulating other plans or
proposals regarding the Company or its securities to the extent deemed
advisable by the Reporting Persons in light of their general investment
policies, market conditions, subsequent developments affecting the Company
and the general business and future prospects of the Company.
Except as set forth above, the Reporting Persons do not have any current
intention, plan or proposal with respect to: (a) the acquisition by any
person of additional securities of the Company, or the disposition of
securities of the Company; (b) an extraordinary corporate transaction,
such as a merger, reorganization or liquidation, involving the Company or
any of its subsidiaries; (c) a sale or transfer of a material amount of
assets of the Company or any of its subsidiaries; (d) any change in the
------------------------------- -----------------------
CUSIP NO. 4841731098 SCHEDULE 13D PAGE 8 OF 16 PAGES
------------------------------- -----------------------
present board of directors or management of the Company, including any
plans or proposals to change the number or term of directors or to fill
any existing vacancies on the board; (e) any material change in the
present capitalization or dividend policy of the Company; (f) any other
material change in the Company's business or corporate structure; (g)
changes in the Company's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control of
the Company by any person; (h) causing a class of securities of the
Company to be delisted from a national securities exchange, if any, or
cease to be authorized to be quoted in an inter-dealer quotation system of
a registered national securities association; (i) a class of equity
securities of the Company becoming eligible for termination of a
registration pursuant to Section 12(g)(4) of the Act; or (j) any action
similar to any of those enumerated above.
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) SIM beneficially owns 1,040,467 shares of Common Stock and is the
beneficial owner of 9.6% of the Common Stock.
(ii) SSCO, as the general partner of SIM, beneficially owns 1,040,467
shares of Stock and is the beneficial owner of 9.6% of the Common
Stock.
(iii) Strome, as a settlor and trustee of the The Mark E. Strome Living
Trust dated January 16, 1997, which trust is the controlling
shareholder of SSCO, beneficially owns 1,040,467 shares of Common
Stock and is the beneficial owner of 9.6% of the Common Stock.
(iv) SHCF beneficially owns 750,000 shares of Common Stock and is the
beneficial owner of 6.9% of the Common Stoock.
The Reporting Persons in the aggregate may be deemed to own an aggregate
of 9.6% of the Common Stock.
(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.
------------------------------- -----------------------
CUSIP NO. 4841731098 SCHEDULE 13D PAGE 9 OF 16 PAGES
------------------------------- -----------------------
SIM SSCO STROME SHCF
SOLE POWER TO 0 0 0 0
VOTE/ DIRECT
VOTE
SHARED POWER TO 1,040,467 1,040,467 1,040,467 750,000
VOTE/ DIRECT
VOTE
SOLE POWER TO 0 0 0 0
DISPOSE/ DIRECT
DISPOSITION
SHARED POWER TO 1,040,467 1,040,467 1,040,467 750,000
DISPOSE/ DIRECT
DISPOSITION
(c) The trading dates, number of shares purchased or sold and price paid per
share for all transactions by the Reporting Persons since May 30, 2001,
are set forth below. All such transactions were open market transactions
and were effected on the New York Stock Exchange. No other transactions
were effected by the Reporting Persons during such period.
-------------------------------------------------------------------------------
TRADE DATE BOUGHT (SOLD) PRICE
-------------------------------------------------------------------------------
SHCF 07/02/01 65,800 $14.90
-------------------------------------------------------------------------------
SHCF 07/02/01 55,300 $14.93
-------------------------------------------------------------------------------
SHCF 07/03/01 59,000 $14.74
-------------------------------------------------------------------------------
SHCF 07/05/01 80,000 $14.71
-------------------------------------------------------------------------------
SHCF 07/05/01 20,000 $14.75
-------------------------------------------------------------------------------
SHCF 07/06/01 20,000 $14.61
-------------------------------------------------------------------------------
SHCF 07/06/01 45,000 $14.47
-------------------------------------------------------------------------------
SHCF 07/09/01 43,500 $14.09
-------------------------------------------------------------------------------
SHCF 07/10/01 65,000 $14.02
-------------------------------------------------------------------------------
SHCF 07/11/01 29,100 $14.05
-------------------------------------------------------------------------------
SHCF 07/12/01 35,000 $14.09
-------------------------------------------------------------------------------
SHCF 07/13/01 27,000 $14.18
-------------------------------------------------------------------------------
------------------------------- -----------------------
CUSIP NO. 4841731098 SCHEDULE 13D PAGE 10 OF 16 PAGES
------------------------------- -----------------------
-------------------------------------------------------------------------------
SHCF 07/16/01 20,000 $14.30
-------------------------------------------------------------------------------
SHCF 07/17/01 8,000 $14.38
-------------------------------------------------------------------------------
SHCF 07/17/01 20,000 $14.40
-------------------------------------------------------------------------------
SHCF 07/18/01 25,000 $14.53
-------------------------------------------------------------------------------
SHCF 07/19/01 10,000 $14.42
-------------------------------------------------------------------------------
SHCF 07/20/01 30,000 $14.24
-------------------------------------------------------------------------------
SHCF 07/20/01 (2,000) $14.11
-------------------------------------------------------------------------------
SHCF 07/23/01 12,700 $14.19
-------------------------------------------------------------------------------
SHCF 07/24/01 31,600 $14.16
-------------------------------------------------------------------------------
SHCF 07/25/01 2,000 $14.12
-------------------------------------------------------------------------------
SHCF 07/25/01 8,000 $14.12
-------------------------------------------------------------------------------
SHCF 07/26/01 10,000 $14.16
-------------------------------------------------------------------------------
SHCF 07/27/01 20,000 $14.16
-------------------------------------------------------------------------------
SHCF 07/27/01 3,500 $14.13
-------------------------------------------------------------------------------
SHCF 07/30/01 6,500 $14.10
-------------------------------------------------------------------------------
(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 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Except as described in Item 2 above, the Reporting Persons have no
contracts, arrangements, understandings or relationships (legal or
otherwise) with any person with respect to securities of the Company.
------------------------------- -----------------------
CUSIP NO. 4841731098 SCHEDULE 13D PAGE 11 OF 16 PAGES
------------------------------- -----------------------
ITEM 7. MATERIALS TO BE FILED AS EXHIBITS.
EXHIBIT A Identification and Classification of Members of the Group
EXHIBIT B Statement With Respect to Joint Filing of Schedule 13D
EXHIBIT C Disclaimer of Beneficial Ownership
EXHIBIT D Power of Attorney Forms for Schedule 13D and 13G and Forms 13F
------------------------------- -----------------------
CUSIP NO. 4841731098 SCHEDULE 13D PAGE 12 OF 16 PAGES
------------------------------- -----------------------
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: July 30, 2001
Strome Investment Management, L.P.
By: SSCO, Inc., general partner
By: /s/ Jeffrey S. Lambert
---------------------------------
Jeffrey S. Lambert
Chief Operating Officer
SSCO, Inc.
By: /s/ Jeffrey S. Lambert
---------------------------------
Jeffrey S. Lambert
Chief Operating Officer
Mark E. Strome
/s/ Jeffrey S. Lambert
--------------------------------------
STROME HEDGECAP FUND, L.P.
By: Strome Investment Management, L.P., General Partner
By its general partner, SSCO, Inc.
By: /s/ Jeffrey S. Lambert
---------------------------------
Jeffrey S. Lambert
Chief Operating Officer
------------------------------- -----------------------
CUSIP NO. 4841731098 SCHEDULE 13D PAGE 13 OF 16 PAGES
------------------------------- -----------------------
EXHIBIT A
Identification and Classification of Members of the Group
---------------------------------------------------------
Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as
amended, the members of the group making this joint filing are identified and
classified as follows:
-------------------------------------------------------------------------------
Name Classification
-------------------------------------------------------------------------------
A private limited partnership that
Strome Hedgecap Fund, L.P. purchases and sells securities for
(the "Fund") investment for its own account
-------------------------------------------------------------------------------
Strome Investment Management, L.P. An investment adviser certified under
(the "Adviser) the California Corporate Securities
Law of 1968, as well as a general
partner and sole investment advisor to
the Fund
-------------------------------------------------------------------------------
SSCO, Inc. A control person due to its role as
(the "General Partner") General Partner of the Adviser
-------------------------------------------------------------------------------
Mark E. Strome A control person of the Adviser and
settlor and trustee of the trust that
is the controlling shareholder of the
General Partner
-------------------------------------------------------------------------------
------------------------------- -----------------------
CUSIP NO. 4841731098 SCHEDULE 13D PAGE 14 OF 16 PAGES
------------------------------- -----------------------
EXHIBIT B
JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(k)(1)
---------------------------------------------------
This agreement is made pursuant to Rule 13d-1(k)(1) under the Securities
Exchange Act of 1934, as amended (the "Act") by and among the parties listed
below, each referred to herein as a "Joint Filer." The Joint Filers agree that a
statement of beneficial ownership as required by Section 13(d) of the Act and
the Rules thereunder may be filed on each of their behalf on Schedule 13D or
Schedule 13G, as appropriate, and that said joint filing may thereafter be
amended by further joint filings. The Joint Filers state that they each satisfy
the requirements for making a joint filing under Rule 13d-1.
Dated: July 30, 2001
Strome Investment Management, L.P.
By: SSCO, Inc., general partner
By: /s/ Jeffrey S. Lambert
------------------------------
Jeffrey S. Lambert
Chief Operating Officer
SSCO, Inc.
By: /s/ Jeffrey S. Lambert
------------------------------
Jeffrey S. Lambert
Chief Operating Officer
Mark E. Strome
/s/ Jeffrey S. Lambert
-----------------------------------
STROME HEDGECAP FUND, L.P.
By: Strome Investment Management, L.P., General Partner
By its general partner, SSCO, Inc.
By: /s/ Jeffrey S. Lambert
------------------------------
Jeffrey S. Lambert
Chief Operating Officer
------------------------------- -----------------------
CUSIP NO. 4841731098 SCHEDULE 13D PAGE 15 OF 16 PAGES
------------------------------- -----------------------
EXHIBIT C
Disclaimer of Beneficial Ownership
----------------------------------
Kaneb Services LLC
Common Stock
1,040,467 Shares*
SSCO, Inc. and Mark E. Strome disclaim beneficial ownership as to all shares
beneficially owned for Section 13(d) filing purposes by Strome Investment
Management, L.P.
* The shares reported and disclaimed herein are no par value common stock of
the issuer.
------------------------------- -----------------------
CUSIP NO. 4841731098 SCHEDULE 13D PAGE 16 OF 16 PAGES
------------------------------- -----------------------
EXHIBIT D
POWER OF ATTORNEY FORM FOR
SCHEDULES 13D AND 13G AND FORM 13F
I, Mark E. Strome in my individual capacity and as a principal of Strome
Investment Management, L.P., hereby appoint Jeffrey S. Lambert as
attorney-in-fact and agent, in all capacities, to execute, on my behalf and on
behalf of Strome Investment Management, L.P. and to file with the appropriate
issuers, exchanges and regulatory authorities, any and all Schedules 13D and 13G
and Forms 13F and documents relating thereto required to be filed under the
Securities Exchange Act of 1934, as amended, including exhibits, attachments and
amendments thereto and request for confidential information contained therein. I
hereby grant to said attorney-in-fact full authority to do every act necessary
to be done in order to effectuate the same fully, to all intents and purposes,
as I could if personally present, thereby ratifying all that said
attorneys-in-fact and agents may lawfully do or cause to be done by virtue
hereof.
I hereby execute this power of attorney on this 25th day of May 1999.
/s/ Mark Strome
--------------------
Mark E. Strome