-----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, BuIsD79TQnTXelRoIbWEjwIP+2kEIk/GnUrUkqMYz8YSJxxkfJU3rYE/VKcIOvd3 +bI1uSidSXiPfPf0rNNMig== 0000950123-08-012496.txt : 20081010 0000950123-08-012496.hdr.sgml : 20081010 20081010090517 ACCESSION NUMBER: 0000950123-08-012496 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20081010 DATE AS OF CHANGE: 20081010 GROUP MEMBERS: PHILIP J. SHAPIRO GROUP MEMBERS: PROJECTION LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL SHIPHOLDING CORP CENTRAL INDEX KEY: 0000278041 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 362989662 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-32133 FILM NUMBER: 081117244 BUSINESS ADDRESS: STREET 1: 11 NORTH WATER STREET STREET 2: SUITE # 18290 CITY: MOBILE STATE: AL ZIP: 36602 BUSINESS PHONE: 2512439100 MAIL ADDRESS: STREET 1: P.O. BOX 2004 CITY: MOBILE STATE: AL ZIP: 36652 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Liberty Shipping Group LLC CENTRAL INDEX KEY: 0001442841 IRS NUMBER: 930978116 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 1979 MARCUS AVENUE, SUITE 200 CITY: LAKE SUCCESS STATE: NY ZIP: 11042 BUSINESS PHONE: 516-488-8800 MAIL ADDRESS: STREET 1: 1979 MARCUS AVENUE, SUITE 200 CITY: LAKE SUCCESS STATE: NY ZIP: 11042 SC 13D/A 1 y71776sc13dza.htm SC 13D/A SC 13D/A
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)*
INTERNATIONAL SHIPHOLDING CORPORATION
 
(Name of Issuer)
Common Stock, $1.00 par value
 
(Title of Class of Securities)
460321201
 
(CUSIP Number)
Philip J. Shapiro
Liberty Shipping Group LLC
1979 Marcus Avenue, Suite 200
Lake Success, New York 11042
(516) 488-8800
Copies to:
Dennis J. Friedman, Esq.
Eduardo Gallardo, Esq.
Gibson, Dunn & Crutcher LLP
200 Park Avenue
New York, New York 10166
(212) 351-4000
 
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
October 9, 2008
 
(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 §§240.13d-1(e), 240.13d-1(f) or 240.13d-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 §240.13d-7 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.
  
460321201 
  

 

           
1   NAMES OF REPORTING PERSONS.

Projection LLC
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  WC; AF
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   597,600
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10   SHARED DISPOSITIVE POWER
     
    597,600
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  597,600
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  8.3%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  OO

 

                     
CUSIP No.
  
460321201 
  

 

           
1   NAMES OF REPORTING PERSONS.

Liberty Shipping Group LLC
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  AF
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   597,600
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10   SHARED DISPOSITIVE POWER
     
    597,600
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  597,600
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  8.3%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  OO

 

                     
CUSIP No.
  
460321201 
  

 

           
1   NAMES OF REPORTING PERSONS.

Philip J. Shapiro
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o 
  (b)   o 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  AF
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States of America
       
  7   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   597,600
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10   SHARED DISPOSITIVE POWER
     
    597,600
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  597,600
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  8.3%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IN

 

This Amendment No. 4 (“Amendment No. 4”) amends and supplements the statement on Schedule 13D filed on August 18, 2008 (the “Original Filing”), as amended by the amendments filed on September 2, 2008 (the “September 2 Filing”), September 15, 2008 (the “September 15 Filing”) and October 1, 2008 (the “October 1 Filing” and, together with the September 2 Filing and the September 15 Filing, the “Amendments”). Information reported in the Original Filing, as amended by the Amendments, remains in effect except to the extent that it is amended, restated or superseded by information contained in this Amendment No. 4. Capitalized terms used and not defined in this Amendment No. 4 have the meanings set forth in the Original Filing or the Amendments, as applicable. This Amendment No. 4 relates to shares of common stock, $1.00 par value per share (the “Common Stock”), of International Shipholding Corporation, a Delaware corporation (the “Company”).
Item 3. Source and Amount of Funds or Other Consideration
Item 3 is amended and restated in its entirety as follows:
The 597,600 shares of Common Stock (the “Shares”) that may be deemed to be beneficially owned by the Reporting Persons were acquired by Projection. The aggregate purchase price for the Shares was approximately $11,739,934, which includes brokerage fees and other commissions paid in connection with such purchases.
The source of such funds is as follows: (i) approximately $8,480,763 came from the working capital of Projection and (ii) approximately $3,259,171 came from an intercompany loan (the “Loan”) from Liberty Star Shipping Corporation, a New York corporation and an affiliate of Projection (“Liberty Star”). The Loan was made under a Master Promissory Note, dated September 17, 2008, issued by Projection to Liberty Star (the “Note”). The Note provides for borrowings by Projection of up to an aggregate amount of $6.5 million. Any such borrowings bear interest at the rate of 3% per annum. The entire amount of the principal outstanding under the Note together with accrued interest shall be due and payable on September 16, 2009. The foregoing summary of the terms of the note is qualified in its entirety by reference to the note, a copy of which is filed as Exhibit G to the October 1 Filing.
The Shares may be held through margin accounts maintained with brokers, which extend margin credit as and when required to open or carry positions in their margin accounts, subject to applicable regulations and such firms’ credit policies. The positions which may be held in the margin accounts, including the Shares, are pledged as collateral security for the repayment of debit balances in the respective accounts.
Item 5. Interest in Securities of the Issuer
Subsections (a) through (c) of Item 5 are amended and restated in their entirety as follows:
(a)-(b) As of the time of this filing, Projection is the beneficial owner of an aggregate of 597,600 shares of Common Stock, which constitute approximately 8.3% of the 7,183,570 shares of Common Stock outstanding (based on the 7,385,801 shares of Common Stock outstanding as of June 30, 2008 minus the 202,231 shares of Common Stock repurchased by the Company between July 1, 2008 and July 30, 2008, each as reported by the Company in its Quarterly Report on Form 10-Q filed on August 8, 2008). Liberty, as the direct parent company of Projection, and Mr. Shapiro, as the manager of Liberty, may be deemed to share voting and dispositive power over the Common Stock beneficially owned by Projection. Liberty and Mr. Shapiro disclaim beneficial ownership of such Shares for purposes of Section 13(d) of the Act.
(c) All transactions in the Common Stock effected by the Reporting Persons since the filing of Amendment No. 3 are set forth in Exhibit F attached hereto.
Item 7. Material to be Filed as Exhibits
Exhibit F of the September 15 Filing, as supplemented by the October 1 Filing, is hereby supplemented as set forth in Exhibit F attached to this Amendment No. 4.

 

 

SIGNATURES
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.
                 
Date: October 10, 2008       PROJECTION LLC    
 
                
 
      By:
Name: 		  /s/ Philip J. Shapiro
 
Philip J. Shapiro 		   
 
      Title:   President and Chief Executive Officer    
 
                
October 10, 2008       LIBERTY SHIPPING GROUP LLC    
 
                
 
      By:
Name: 		  /s/ Philip J. Shapiro
 
Philip J. Shapiro 		   
 
      Title:   President and Chief Executive Officer    
 
                
October 10, 2008
                
        /s/ Philip J. Shapiro    
             
        PHILIP J. SHAPIRO    

 

 

EXHIBIT INDEX
Exhibit F:   Schedule of transactions effected by the Reporting Persons.

 

EX-99.F 2 y71776exv99wf.htm EX-99.F: SCHEDULE OF TRANSACTIONS EFFECTED BY THE REPORTING PERSONS EX-99.F
EXHIBIT F
         
Date+   Price per Share++   No. of Shares
10/2/2008   $20.800   100
10/2/2008   $20.850   300*
10/2/2008   $20.860   500*
10/2/2008   $20.870   100
10/2/2008   $20.880   1,000*
10/2/2008   $20.890   400*
10/2/2008   $20.900   2,500*
10/2/2008   $20.910   2,100*
10/2/2008   $20.920   2,100*
10/2/2008   $20.950   200
10/2/2008   $21.000   700*
10/2/2008   $21.010   100
10/2/2008   $21.040   100
10/2/2008   $21.150   200*
10/2/2008   $21.200   200
10/2/2008   $21.230   200*
10/2/2008   $21.240   300*
10/2/2008   $21.250   500*
10/2/2008   $21.350   200*
10/2/2008   $21.400   100
10/2/2008   $21.510   100
10/3/2008   $20.950   300
10/3/2008   $21.000   1,000*
10/3/2008   $21.010   1,500*
10/3/2008   $21.050   1,000
10/3/2008   $21.070   200*
10/3/2008   $21.100   800*
10/3/2008   $21.200   500*
10/3/2008   $21.250   2,400*
10/3/2008   $21.300   500
10/3/2008   $21.310   200*
10/3/2008   $21.350   500
10/3/2008   $21.390   100
10/3/2008   $21.400   100
10/3/2008   $21.410   200*
10/3/2008   $21.450   800*
10/6/2008   $19.490   300*
10/6/2008   $19.650   100
10/6/2008   $19.660   200*
10/6/2008   $19.670   200*
10/6/2008   $19.740   200
10/6/2008   $19.750   500*
10/6/2008   $19.760   300*
10/6/2008   $19.770   100
10/6/2008   $19.790   100
10/6/2008   $19.800   500*

 

 

         
Date+   Price per Share++   No. of Shares
10/6/2008   $19.810   100
10/6/2008   $19.820   100
10/6/2008   $19.830   500
10/6/2008   $19.850   500*
10/6/2008   $19.870   100
10/6/2008   $19.880   300
10/6/2008   $19.900   1,600*
10/6/2008   $19.950   900*
10/6/2008   $19.980   200*
10/6/2008   $19.990   300
10/6/2008   $20.100   200
10/6/2008   $20.250   100
10/6/2008   $20.380   200
10/6/2008   $20.390   500*
10/6/2008   $20.400   100
10/6/2008   $20.450   200*
10/6/2008   $20.500   200*
10/6/2008   $20.600   800*
10/6/2008   $20.680   100
10/6/2008   $20.690   600*
10/6/2008   $20.700   400*
10/6/2008   $20.750   100
10/6/2008   $20.870   100
10/6/2008   $20.880   100
10/6/2008   $20.950   200*
10/7/2008   $20.140   400
10/7/2008   $20.320   1,000*
10/7/2008   $20.350   300
10/7/2008   $20.360   100
10/7/2008   $20.370   100
10/7/2008   $20.380   700*
10/7/2008   $20.390   600*
10/7/2008   $20.400   200
10/7/2008   $20.540   100
10/7/2008   $20.600   600*
10/7/2008   $20.610   200*
10/7/2008   $20.620   100
10/7/2008   $20.630   200*
10/7/2008   $20.640   100
10/7/2008   $20.650   300*
10/7/2008   $20.680   200
10/7/2008   $20.690   500*
10/7/2008   $20.700   700*
10/7/2008   $20.750   1,000*
10/7/2008   $20.790   600*
10/7/2008   $20.800   300*
10/7/2008   $20.810   100
10/7/2008   $20.850   200*

 

 

         
Date+   Price per Share++   No. of Shares
10/7/2008   $20.880   200*
10/7/2008   $20.890   200
10/7/2008   $20.950   1,000*
10/7/2008   $21.090   100
10/7/2008   $21.100   200
10/7/2008   $21.150   200
10/7/2008   $21.220   100
10/7/2008   $21.270   100
10/7/2008   $21.350   200*
10/7/2008   $21.390   300*
10/7/2008   $21.410   100*
10/7/2008   $21.420   100
10/7/2008   $21.450   500*
10/8/2008   $18.760   200*
10/8/2008   $18.820   600*
10/8/2008   $18.830   100
10/8/2008   $18.840   200
10/8/2008   $18.850   400*
10/8/2008   $18.855   300*
10/8/2008   $18.860   100
10/8/2008   $18.865   100
10/8/2008   $18.870   200*
10/8/2008   $18.875   300*
10/8/2008   $18.880   500*
10/8/2008   $18.885   100
10/8/2008   $18.890   600*
10/8/2008   $18.900   400*
10/8/2008   $18.910   1,700*
10/8/2008   $18.920   800*
10/8/2008   $18.930   7
10/8/2008   $18.940   200*
10/8/2008   $18.950   293*
10/8/2008   $18.955   100
10/8/2008   $18.960   500*
10/8/2008   $18.965   100
10/8/2008   $18.970   400*
10/8/2008   $18.975   400*
10/8/2008   $18.980   1,500*
10/8/2008   $18.985   100
10/8/2008   $18.990   900*
10/8/2008   $18.995   100
10/8/2008   $19.000   500*
10/8/2008   $19.005   100
10/8/2008   $19.010   800*
10/8/2008   $19.020   200*
10/8/2008   $19.040   500*
10/8/2008   $19.050   600*
10/8/2008   $19.055   100

 

 

         
Date+   Price per Share++   No. of Shares
10/8/2008   $19.070   800*
10/8/2008   $19.110   100
10/8/2008   $19.120   200
10/8/2008   $19.140   100
10/8/2008   $19.150   300*
10/8/2008   $19.160   100
10/8/2008   $19.170   100
10/8/2008   $19.200   300*
10/8/2008   $19.230   500*
10/8/2008   $19.280   100
10/8/2008   $19.290   100
10/8/2008   $19.300   200
10/8/2008   $19.310   100
10/8/2008   $19.360   100
10/8/2008   $19.380   100
10/8/2008   $19.400   300*
10/8/2008   $19.420   200*
10/8/2008   $19.430   300*
10/8/2008   $19.470   100
10/8/2008   $19.480   100
10/8/2008   $19.490   100
10/8/2008   $19.500   200
10/8/2008   $19.540   50
10/8/2008   $19.550   50
10/8/2008   $19.580   700*
10/8/2008   $19.590   300*
10/8/2008   $19.610   200*
10/8/2008   $19.620   100
10/8/2008   $19.640   500*
10/8/2008   $19.650   800*
10/8/2008   $19.670   200*
10/8/2008   $19.680   100
10/8/2008   $19.700   100
10/8/2008   $19.710   100
10/8/2008   $19.770   100
10/8/2008   $19.780   100
10/8/2008   $19.830   100
10/8/2008   $19.880   100
10/8/2008   $19.900   100
10/8/2008   $19.920   100
10/8/2008   $19.940   300*
10/8/2008   $19.980   400*
10/9/2008   $16.300   500
10/9/2008   $16.350   500*
10/9/2008   $16.360   100
10/9/2008   $16.370   200*
10/9/2008   $16.380   100
10/9/2008   $16.390   100

 

 

         
Date+   Price per Share++   No. of Shares
10/9/2008   $16.410   100
10/9/2008   $16.420   300*
10/9/2008   $16.450   200
10/9/2008   $16.480   100
10/9/2008   $16.490   100
10/9/2008   $16.500   500*
10/9/2008   $16.510   100
10/9/2008   $16.520   100
10/9/2008   $16.530   100
10/9/2008   $16.540   100
10/9/2008   $16.570   300
10/9/2008   $16.590   100
10/9/2008   $16.690   200*
10/9/2008   $16.700   200
10/9/2008   $16.710   200
10/9/2008   $16.720   200*
10/9/2008   $16.730   200
10/9/2008   $16.740   900*
10/9/2008   $16.750   500
10/9/2008   $16.860   500
10/9/2008   $16.870   500
10/9/2008   $16.890   100
10/9/2008   $16.920   400*
10/9/2008   $16.920   100
10/9/2008   $16.940   500*
10/9/2008   $16.970   100
10/9/2008   $16.980   100
10/9/2008   $16.980   200*
10/9/2008   $16.990   100
10/9/2008   $17.000   389*
10/9/2008   $17.010   400*
10/9/2008   $17.020   400*
10/9/2008   $17.030   300*
10/9/2008   $17.050   711*
10/9/2008   $17.060   1,100*
10/9/2008   $17.090   700*
10/9/2008   $17.100   200*
10/9/2008   $17.110   100
10/9/2008   $17.140   100
10/9/2008   $17.160   100
10/9/2008   $17.170   100
10/9/2008   $17.200   300*
10/9/2008   $17.220   500*
10/9/2008   $17.230   900*
10/9/2008   $17.240   400*
10/9/2008   $17.250   1,000*
10/9/2008   $17.260   800*
10/9/2008   $17.270   300*

 

 

         
Date+   Price per Share++   No. of Shares
10/9/2008   $17.280   1,500*
10/9/2008   $17.390   200
10/9/2008   $17.410   90
10/9/2008   $17.460   610*
10/9/2008   $17.470   200*
10/9/2008   $17.500   100
10/9/2008   $17.540   100
10/9/2008   $17.560   400*
10/9/2008   $17.590   400*
10/9/2008   $17.600   800*
10/9/2008   $17.610   100
10/9/2008   $17.700   500*
10/9/2008   $17.710   400*
10/9/2008   $17.730   100
10/9/2008   $17.830   400*
10/9/2008   $17.840   100
10/9/2008   $17.850   100
10/9/2008   $18.020   200
10/9/2008   $18.030   300
10/9/2008   $18.050   200
10/9/2008   $18.240   100
10/9/2008   $18.320   300
10/9/2008   $18.450   200
10/9/2008   $18.570   200*
10/9/2008   $18.590   100
10/9/2008   $18.600   200
10/9/2008   $18.880   200*
10/9/2008   $18.890   200
10/9/2008   $18.900   100
10/9/2008   $18.940   400*
10/9/2008   $18.950   200
10/9/2008   $18.960   100
10/9/2008   $19.030   80
10/9/2008   $19.060   20
 
*   Amount represents aggregate of multiple purchase transactions effected on the same day at the same purchase price per share.
 
+   All transactions were effected in open market transactions and relate to purchases of Common Stock by Projection.
 
++   Price per share does not include brokerage fees and other commissions paid in connection with trade.

 

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