-----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, TgV+E8A6DoXd2IOuIZOno3695Vd+6eYySria/filskkDZ0m85Q38ohLp3SyLaVLE rIoRmUjwif6O5d4vingqbw== 0001164073-07-000010.txt : 20070306 0001164073-07-000010.hdr.sgml : 20070306 20070306161739 ACCESSION NUMBER: 0001164073-07-000010 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070306 DATE AS OF CHANGE: 20070306 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL ELECTRONICS INC CENTRAL INDEX KEY: 0000717751 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATIONS EQUIPMENT, NEC [3669] IRS NUMBER: 042654231 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-41233 FILM NUMBER: 07675068 BUSINESS ADDRESS: STREET 1: 427 TURNPIKE ST CITY: CANTON STATE: MA ZIP: 02072 BUSINESS PHONE: 6178215566 MAIL ADDRESS: STREET 1: 427 TURNPIKE STREET CITY: CANTON STATE: MA ZIP: 02021 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: HUMMINGBIRD MANAGEMENT LLC CENTRAL INDEX KEY: 0001164073 IRS NUMBER: 134082842 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 460 PARK AVENUE, 12TH FL CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2125210974 MAIL ADDRESS: STREET 1: 460 PARK AVENUE, 12TH FL CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: MORNINGSIDE VALUE INVESTORS LLC DATE OF NAME CHANGE: 20011226 SC 13D/A 1 ieib13da-070306.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 International Electronics, Inc -------------- (Name of Issuer) Common Stock $0.01 par value per share -------------- (Title of Class of Securities) 459436507 --------- (CUSIP Number) Paul D. Sonkin Hummingbird Management, LLC 460 Park Avenue, 12th Floor New York, New York 10022 ------------------------ (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) March 6, 2007 ----------------- (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), 13d-1(f) or 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. - -------- 1 The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter 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 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. 459436507 13D/A Page 2 of 9 Pages - ------------------------ ---------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Hummingbird Management, LLC IRS No. 13-4082842 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 169,449 OWNED BY EACH REPORTING PERSON WITH ----------------------------------------------------------------- 8 SHARED VOTING POWER -0- ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 169,449 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 169,449 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.7% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO ================================================================================ - ------------------------ ---------------------------- CUSIP No. 459436507 13D/A Page 3 of 9 Pages - ------------------------ ---------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Paul D. Sonkin - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 169,449 OWNED BY EACH REPORTING PERSON WITH ----------------------------------------------------------------- 8 SHARED VOTING POWER -0- ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 169,449 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 169,449 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / / - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.7% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO ================================================================================ - ------------------------ ---------------------------- CUSIP No. 459436507 13D/A Page 4 of 9 Pages - ------------------------ ---------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Hummingbird Capital, LLC - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 169,449 OWNED BY EACH REPORTING PERSON WITH ----------------------------------------------------------------- 8 SHARED VOTING POWER -0- ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 169,449 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 169,449 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.7% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO ================================================================================ - ------------------------ ---------------------------- CUSIP No. 459436507 13D/A Page 5 of 9 Pages - ------------------------ ---------------------------- ================================================================================ 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Tarsier Nanocap Value Fund, L.P. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) / / - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 169,449 OWNED BY EACH REPORTING PERSON WITH ----------------------------------------------------------------- 8 SHARED VOTING POWER -0- ----------------------------------------------------------------- 9 SOLE DISPOSITIVE POWER 169,449 ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 169,449 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES / / - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.7% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON LP ================================================================================ - ------------------------ ---------------------------- CUSIP No. 459436507 13D/A Page 6 of 9 Pages - ------------------------ ---------------------------- AMENDMENT NO. 1 TO SCHEDULE 13D This Amendment No. 1, dated March 6, 2007, to Schedule 13D is filed by the Reporting Person and amends and restates in its entirety the Schedule 13D as previously filed by the Reporting Person with the Securities and Exchange Commission on December 5, 2007 (the "Schedule 13D"), relating to the Class A common stock (the "Common Stock") of International Electronics, Inc. ITEM 1 SECURITY AND ISSUER Title of Class of Securities Common Stock $0.01 par value per share (the "Shares") Name and Address of Issuer International Electronics, Inc (the "Company" or the "Issuer") 427 Turnpike Street Canton, MA 02021 Items 3,5, and 7 of the Schedule 13D are hereby amended and restated, as follows: ITEM 3 SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION As of March 6, 2007, Hummingbird has caused Tarsier to invest approximately $403,841 in the Shares of the Issuer using its working capital. ITEM 5 INTEREST IN SECURITIES OF THE ISSUER (a) As investment manager of Tarsier, Hummingbird may be deemed to have the sole voting and investment authority over the Shares owned by Tarsier, for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended ("Rule 13d-3"), may be deemed to be the beneficial owner of 169,449 Shares representing approximately 9.7% of the outstanding shares of the Issuer calculated on the basis of 1,738,931 common stock outstanding as of January 5, 2007, as disclosed in the issuer's most recent Form 10-QSB for the quarter ending November 30, 2006. Hummingbird disclaims any beneficial ownership of the Shares covered by this Statement. - ------------------------ ---------------------------- CUSIP No. 459436507 13D/A Page 7 of 9 Pages - ------------------------ ---------------------------- Mr. Sonkin is the managing member and control person of Hummingbird and has disposition and investment power over the shares held by HVF, Microcap Fund and Concentrated Fund. For purposes of Rule 13d-3, he may be deemed to be the beneficial owner of 169,449 Shares representing approximately 9.7% of the outstanding shares of the Issuer calculated on the basis of 1,738,931 common stock outstanding as of January 5, 2007, as disclosed in the issuer's most recent Form 10-QSB for the quarter ending November 30, 2006. Mr. Sonkin disclaims any economic interest or beneficial ownership of the shares covered by this Statement, except to the extent of his ownersip in Tarsier. HC, as the general partner of each of HVF and Microcap Fund, Hummingbird may be deemed to have the sole voting and investment authority over the Shares owned by HVF and Microcap Fund,for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended ("Rule 13d-3"), may be deemed to be the beneficial owner of 169,449 Shares representing approximately 9.7% of the outstanding shares of the Issuer calculated on the basis of 1,738,931 common stock outstanding as of January 5, 2007, as disclosed in the issuer's most recent Form 10-QSB for the quarter ending November 30, 2006. HC disclaims any beneficial ownership of the Shares covered by this Statement. Tarsier is the beneficial owner of 169,449 Shares or 9.7% of the outstanding shares of the Issuer. Hummingbird caused Tarsier to effect transactions in the shares during the past 60 days as set forth below:
AMOUNT OF DATE TYPE SHARES PRICE/SHARE ---- ---- ------ ----------- 3/6/2007 open market purchase 41,700 3.450
(d) Inapplicable. (e) Inapplicable. - ------------------------ ---------------------------- CUSIP No. 459436507 13D/A Page 8 of 9 Pages - ------------------------ ---------------------------- ITEM 6 CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS, OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER None ITEM 7 MATERIAL TO BE FILED AS EXHIBITS Letter from Hummingbird to the John Waldstein, CEO and President of of the Issuer, dated March 6, 2007, is attached hereto as Exhibit 1. None SIGNATURES After reasonable inquiry and to the best of our knowledge and belief, we certify that the information set forth in this statement is true, complete and correct. Dated: March 6, 2007 HUMMINGBIRD MANAGEMENT, LLC By: /s/ Paul D. Sonkin --------------------------------- Name: Paul D. Sonkin Title: Managing Member /s/ Paul D. Sonkin ------------------------------------- PAUL D. SONKIN TARSIER NANOCAP VALUE FUND, L.P. By: Hummingbird Capital, LLC By: /s/ Paul D. Sonkin --------------------------------- Name: Paul D. Sonkin Title: Managing Member HUMMINGBIRD CAPITAL, LLC By: /s/ Paul D. Sonkin --------------------------------- Name: Paul D. Sonkin Title: Managing Member By: /s/ Paul D. Sonkin --------------------------------- Name: Paul D. Sonkin - ------------------------ ---------------------------- CUSIP No. 459436507 13D/A Page 9 of 9 Pages - ------------------------ ---------------------------- Exhibit 1 Hummingbird Management, LLC 460 Park Avenue, 12h Floor New York, New York 10022 March 6, 2007 John Waldstein, President and CEO International Electronics, Inc. 42 Turnpike Street Canton, MA 02021 Dear John: The Tarsier Nanocap Value Fund LP currently own an aggregate of 127,749 shares of common stock of International Electronics, Inc. ("IEIB"), representing approximately 7.3% of the issued and outstanding common stock. We applaud the turnaround that currently appears to be taking place. After years of operating losses, we believe that IEIB has right-sized its business to provide for sustained future profitability, as evidenced by the last few quarters. Past R&D efforts and new product development are finally beginning to gain traction in the marketplace.The losses in the Powerkey division appear to be declining, and we are encouraged by the possibility of a sale of this division. As significant shareholders, we are extremely disappointed with the price of the recently announced tender offer by Rokonet Industries. This offer is inadequate and clearly fails to fully and fairly value IEIB. The offer does not reflect IEIB's long term inherent value. To put it simply, we have suffered the pain of the turnaround and to sell IEIB on terms which do not fully reflect the value resulting from the successful execution of its turnaround strategy is inappropriate. While we would consider supporting a sale of IEIB at a price that reflects the value of the turnaround and the long term prospects of the business, we do not believe that Rokonet's offer is adequate. Sincerely, Paul Sonkin Managing Member -----END PRIVACY-ENHANCED MESSAGE-----