0001104659-18-022433.txt : 20180404 0001104659-18-022433.hdr.sgml : 20180404 20180404164010 ACCESSION NUMBER: 0001104659-18-022433 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20180404 DATE AS OF CHANGE: 20180404 GROUP MEMBERS: AUSTIN CHANDLER WILLIS GROUP MEMBERS: CFW PARTNERS, L.P. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: WILLIS LEASE FINANCE CORP CENTRAL INDEX KEY: 0001018164 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MACHINERY, EQUIPMENT & SUPPLIES [5080] IRS NUMBER: 680070656 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-49935 FILM NUMBER: 18737728 BUSINESS ADDRESS: STREET 1: 773 SAN MARIN DRIVE STREET 2: SUITE 2215 CITY: NOVATO STATE: CA ZIP: 94998 BUSINESS PHONE: 4154084700 MAIL ADDRESS: STREET 1: 773 SAN MARIN DRIVE STREET 2: SUITE 2215 CITY: NOVATO STATE: CA ZIP: 94998 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: WILLIS CHARLES F IV CENTRAL INDEX KEY: 0001033309 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: 773 SAN MARIN DRIVE STREET 2: SUITE 2215 CITY: NOVATO STATE: CA ZIP: 94998 SC 13D/A 1 a18-9604_1sc13da.htm SC 13D/A

 

 

UNITED STATES

 

 

SECURITIES AND EXCHANGE COMMISSION

 

 

Washington, D.C. 20549

 

 

 

 

 

SCHEDULE 13D

 

 

Under the Securities Exchange Act of 1934
(Amendment No. 9)

 

Willis Lease Finance Corporation

(Name of Issuer)

 

Common Stock

(Title of Class of Securities)

 

970646 10 5

(CUSIP Number)

 

Charles F. Willis, IV

c/o Willis Lease Finance Corporation

733 San Marin Drive, Suite 2215

Novato, California 94998

(415) 408-4700

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

 

April 2, 2018

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 statement, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box.  o

 

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 share numbers listed for voting and dispositive power as of a particular date include the number of shares into which options were exercisable or would be exercisable within 60 days of such date.

 

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 (the “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).

 



 

April 2, 2018

 

 

1

Names of Reporting Persons:
CFW Partners, L.P.
I.R.S. Identification Nos. of above persons (entities only).

68-0392529

 

 

2

Check the Appropriate Box if a Member of a Group

 

 

(a)

 o

 

 

(b)

 o

 

 

3

SEC Use Only

 

 

4

Source of Funds (See Instructions)
OO, PF

 

 

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

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7

Sole Voting Power
0

 

8

Shared Voting Power
2,134,148

 

9

Sole Dispositive Power
0

 

10

Shared Dispositive Power
2,134,148

 

 

11

Aggregate Amount Beneficially Owned
2,134,148

 

 

12

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares   o

 

 

13

Percent of Class Represented by Amount in Row (11)
33.58%

 

 

14

Type of Reporting Person
PN

 

2



 

April 2, 2018

 

 

1

Names of Reporting Persons:
Charles F. Willis, IV

I.R.S. Identification Nos. of above persons (entities only).

 

 

2

Check the Appropriate Box if a Member of a Group

 

 

(a)

 o

 

 

(b)

 o

 

 

3

SEC Use Only

 

 

4

Source of Funds (See Instructions)
OO, PF

 

 

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

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7

Sole Voting Power
720,470

 

8

Shared Voting Power
2,247,405

 

9

Sole Dispositive Power
468,471

 

10

Shared Dispositive Power
1,974,906

 

 

11

Aggregate Amount Beneficially Owned
2,967,875

 

 

12

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares   o

 

 

13

Percent of Class Represented by Amount in Row (11)
46.70%

 

 

14

Type of Reporting Person
IN

 

3



 

April 2, 2018

 

 

1

Names of Reporting Persons:
Austin Chandler Willis

I.R.S. Identification Nos. of above persons (entities only).

 

 

2

Check the Appropriate Box if a Member of a Group

 

 

(a)

 o

 

 

(b)

 o

 

 

3

SEC Use Only

 

 

4

Source of Funds (See Instructions)
OO, PF

 

 

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

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7

Sole Voting Power
0

 

8

Shared Voting Power
525,369

 

9

Sole Dispositive Power
0

 

10

Shared Dispositive Power
88,689

 

 

11

Aggregate Amount Beneficially Owned
525,369

 

 

12

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares   o

 

 

13

Percent of Class Represented by Amount in Row (11)
8.27%

 

 

14

Type of Reporting Person
IN

 

4



 

The Schedule 13D filed with the Securities and Exchange Commission on December 11, 2000 (the “Initial 13D”) by CFW Partners, the Trust and Mr. Charles F. Willis, IV with respect to the Common Stock, par value $0.01 per share (the “Shares”), issued by Willis Lease Finance Corporation, a Delaware corporation (the “Issuer”), as amended on August 28, 2013, October 1, 2013, July 7, 2015, December 23, 2015, March 23, 2016, May 20, 2016, June 8, 2016 and October 6, 2016 (together with the Initial 13D, the “13D”), is hereby amended to reflect changes in the beneficial ownership information for each of the reporting persons that have occurred as a result of repurchases of Shares by the Issuer.  Capitalized terms not defined herein have the meanings ascribed to them in the 13D.

 

Item 3.                         Source and Amount of Funds or Other Consideration

 

Item 3 of the 13D is hereby amended to add the following disclosure following the last paragraph of Item 3 of the 13D:

 

The Reporting Persons were informed that a total of 294,787 Shares were accepted by the Issuer for repurchase under the Issuer’s Repurchase Program on April 2, 2018.

 

Due to the resulting decrease in the number of outstanding Shares, the percentage of Shares beneficially owned by the Reporting Persons, changed by one percent (1%) or more from October 4, 2016, the date of the last transaction reported in the 13D.

 

Item 4.                         Purpose of the Transaction

 

Item 4 of the 13D is hereby amended to add the following disclosure following the last paragraph of Item 4 of the 13D:

 

April 2, 2018:  Due to a decrease to the number of outstanding Shares due to a repurchase by the Issuer since the date of the last report, the percentage of Shares beneficially owned by the Reporting Persons changed by one percent (1%) or more from October 4, 2016, the date of the last transaction reported in the 13D.

 

Item 5.                         Interest in Securities of the Issuer

 

As disclosed below, each of the Reporting Persons may be deemed to beneficially own (as that term is used in Rule 13d-3) the Shares held by the other Reporting Persons.  Pursuant to Section 13d-4 of the Securities Act of 1933, as amended, each of the Reporting Persons disclaims beneficial ownership of all Shares held by each of the other Reporting Persons.

 

Items 5(a), 5(b) and 5(c) of the 13D are hereby deleted and replaced with the following:

 

April 2, 2018

 

(a)  The Reporting Persons may be deemed to beneficially own (as that term is used in Rule 13d-3), in the aggregate, 2,967,875 Shares, representing approximately 46.70% of the Issuer’s outstanding Shares (based upon the 6,355,447 Shares stated to be outstanding as of April 2, 2018).  Pursuant to Section 13d-4 of the Securities Act of 1933, as amended, each of the Reporting Persons disclaims beneficial ownership of all Shares held by each of the other Reporting Persons.

 

(b)  For purposes of this statement, as of April 2, 2018:

 

·                  CFW Partners had shared voting power over and shared dispositive power over the 2,134,148 Shares held by CFW Partners. Mr. Charles Willis had shared voting power over 2,134,148 of such Shares and shared dispositive power over the 2,134,148 Shares held by CFW Partners.  Mr. Austin Willis had shared voting power over 405,488 of such Shares held by CFW Partners.

 

·                  Mr. Charles Willis had sole voting power over 720,470 Shares. Mr. Charles Willis had sole dispositive power over 468,471 Shares.  Mr. Charles Willis may also have been deemed to have had shared voting power over 109,189 Shares and shared dispositive power with respect to 88,689 Shares held by Mr. Austin Willis.

 

5



 

·                  Mr. Austin Willis also had shared voting power over 109,189 Shares and shared dispositive power over 88,689 Shares (pursuant to the Military Durable Power of Attorney dated August 24, 2012 and further discussed in Item 6 of the amendment to the 13D filed on August 28, 2013, Mr. Charles Willis has shared voting power and shared dispositive power with regard to the Shares held by Mr. Austin Willis and the 19% limited partnership interest in CFW Partners held by Mr. Austin Willis).

 

(c)  The following table sets forth a description of transactions with respect to the Shares effected during the past 60 days by the Reporting Persons:

 

Reporting Person

 

Transaction Date

 

Number of Shares
(Sold)/Acquired

 

Price Per Share

 

Where/How
Effected

 

Charles F. Willis, IV

 

March 1, 2018

 

(6,837

)

$

27.26

 

 

(1)

Austin C. Willis

 

March 1, 2018

 

(816

)

$

27.26

 

 

(1)

Charles F. Willis, IV

 

March 17, 2018

 

(8,934

)

$

28.61

 

 

(1)

Charles F. Willis, IV

 

March 27, 2018

 

(1,724

)

$

0.00

 

 

(2)

Charles F. Willis, IV

 

March 27, 2018

 

(1,724

)

$

0.00

 

 

(3)

Austin C. Willis

 

March 27, 2018

 

1,724

 

$

0.00

 

 

(4)

Austin C. Willis

 

March 31, 2018

 

(547

)

$

34.28

 

 

(1)

Charles F. Willis, IV

 

April 2, 2018

 

60,000

 

$

34.28

 

 

(5)

Charles F. Willis, IV

 

April 2, 2018

 

60,000

 

$

34.28

 

 

(6)

Austin C. Willis

 

April 2, 2018

 

5,500

 

$

34.28

 

 

(5)

Austin C. Willis

 

April 2, 2018

 

11,000

 

$

34.28

 

 

(6)

 


(1) Return to the Issuer of previously restricted Shares to satisfy withholding tax liability.

(2) Shares transferred to Charles F. Willis V 2016 Trust, Austin Willis Trustee.

(3) Gift of shares from Charles F. Willis to Charlotte Montresor Willis.

(4) Gift of shares from Charles F. Willis, IV to Charles F. Willis V 2016 Trust, Austin Willis Trustee.

(5) Restricted stock grant.

(6) Performance stock grant.

 

The Reporting Persons may, from time to time and at any time: (i) acquire additional Shares and/or other equity, debt, notes, instruments or other securities (collectively, “Securities”) of the Issuer (or its affiliates) in the open market or otherwise, (ii) dispose of any or all of their Securities in the open market or otherwise, or (iii) engage in any hedging or similar transactions with respect to the Securities.

 

Item 7.                         Materials to be Filed as Exhibits

 

1.  Joint Filing Agreement

 

6



 

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.

 

 

CFW PARTNERS, L.P.

 

 

 

 

Date: April 2, 2018

By:

/s/ CHARLES F. WILLIS, IV  

 

 

Charles F. Willis, IV,

 

 

its General Partner

 

 

 

 

Date: April 2, 2018

By:

/s/ CHARLES F. WILLIS, IV

 

 

Charles F. Willis, IV

 

 

 

 

Date: April 2, 2018

By:

/s/ AUSTIN CHANDLER WILLIS

 

 

Austin Chandler Willis

 

7


EX-1 2 a18-9604_1ex1.htm EX-1

EXHIBIT 1

 

JOINT FILING AGREEMENT

 

Agreement among CFW Partners, L.P., a Delaware limited partnership, Charles F. Willis, IV and Austin Chandler Willis, whereby, in accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, each of the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D with respect to the equity securities of Willis Lease Finance Corporation and further agree that this Joint Filing Agreement be included as an exhibit to such joint filing, provided that, as contemplated by Section 13d-1(k)(1)(ii), no person shall be responsible for the completeness or accuracy of the information concerning the other person making the filing, unless such person knows or has reason to believe that such information is inaccurate.

 

In evidence thereof the undersigned, being duly authorized, hereby execute this Joint Filing Agreement in counterpart as of this 2nd day of April, 2018.

 

 

CFW PARTNERS, L.P.

 

 

 

 

Date: April 2, 2018

By:

/s/ CHARLES F. WILLIS, IV

 

 

Charles F. Willis, IV,

 

 

its General Partner

 

 

 

 

Date: April 2, 2018

By:

/s/ CHARLES F. WILLIS, IV

 

 

Charles F. Willis, IV

 

 

 

 

Date: April 2, 2018

By:

/s/ AUSTIN CHANDLER WILLIS

 

 

Austin Chandler Willis