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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
Learning Tree International, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
522015 10 6
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(CUSIP Number)
Mary C. Adams, Assistant Secretary
Learning Tree International, Inc.
6053 Century Blvd.
Los Angeles, CA 90045-0028
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
September 22, 2000
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(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 (S)(S)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 (S)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).
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CUSIP No. 522015 10 6 9
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1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons
(entities only).
David C. Collins
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) [X]
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3. SEC Use Only
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4. Source of Funds (See Instructions)
Not Applicable
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5. Check if Disclosure of Legal Proceedings Is Required Pursuant
to Items 2(d) Or 2(e)
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6. Citizenship or Place of Organization
USA
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7. Sole Voting Power
Number of 1,686,650
Shares -----------------------------------------------------------
8. Shared Voting Power
Beneficially
2,398,320
Owned by
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Each 9. Sole Dispositive Power
Reporting 1,686,650
Person -----------------------------------------------------------
10. Shared Dispositive Power
With
2,398,320
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
4,302,360
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12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
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13. Percent of Class Represented by Amount in Row (11)
19.6%
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14. Type of Reporting Person (See Instructions)
IN
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2
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CUSIP No. 522015 10 6 9
------------------------------------------------------------------------------
1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons
(entities only).
Mary C. Adams
------------------------------------------------------------------------------
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)
Not Applicable
------------------------------------------------------------------------------
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 of America
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7. Sole Voting Power
Number of 217,390
Shares -----------------------------------------------------------
8. Shared Voting Power
Beneficially
2,398,320
Owned by
-----------------------------------------------------------
Each 9. Sole Dispositive Power
Reporting 216,390
Person -----------------------------------------------------------
10. Shared Dispositive Power
With
2,398,320
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
4,302,360
------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
19.6%
------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
IN
------------------------------------------------------------------------------
3
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Item 1. Security and Issuer.
------ -------------------
This statement relates to the common stock, $.0001 par value (the
"Common Stock") of Learning Tree International, Inc., a Delaware corporation
(the "Company"). The Company's principal executive offices are located at 6053
West Century Boulevard, Los Angeles, California 90045.
Item 2. Identity and Background.
------ -----------------------
This statement is being filed David C. Collins and Mary C. Adams,
husband and wife, whose address is 2814 Motor Avenue, Los Angeles, California
90064. Dr. Collins is Chairman of the Board of Directors and Chief Executive
Officer of the Company. Ms. Adams is the Company's Vice President -
Administration and Investor Relations and Assistant Secretary. During the past
five years, neither Dr. Collins nor Ms. Adams has (1) been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
(2) been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction as a result of which he 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. Each of Dr. Collins and Ms. Adams is a
citizen of the United States.
Item 3. Source and Amount of Funds or Other Consideration.
------ -------------------------------------------------
Not Applicable.
Item 4. Purpose of Transaction.
------ ----------------------
On September 22, 2000, Dr. Collins sold 1,470,000 shares of Common
Stock to certain institutional investors for an aggregate purchase price of
$69,090,000. As part of the same transaction, The Collins Charitable Remainder
Unitrust sold 5,000 shares and The Collins Family Foundation sold 25,000 shares
for an aggregate consideration of $235,000 and $1,175,000 respectively. The
purpose of the sale was to diversify the sellers' investments.
Item 5. Interest in Securities of the Issuer.
------ ------------------------------------
A. According to the Company's Form 10-Q for the quarterly period
ending June 30, 2000, the number of shares of the Company's Common Stock
outstanding as of August 9, 2000, was 21,914,022. Dr. Collins and Ms. Adams each
beneficially own 4,302,360 shares of Common Stock (within the meaning of the
rules under Section 13 of the Securities Exchange Act of 1934), which represent
approximately 19.6% of the Company's outstanding Common Stock. Dr. Collins' and
Ms. Adams' beneficial ownership is set forth below:
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<TABLE>
<CAPTION>
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Capacity David C. Collins Mary C. Adams
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<S> <C> <C>
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As separate property 1,686,650 217,390
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By attribution of shares and options constituting the separate 216,390 1,686,650
property of spouse (1)
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As director of The Collins Family Foundation (2) 198,320 198,320
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As general partner of DCMA Holdings, L.P. 2,200,00 2,200,000
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Total 4,302,360 4,302,360
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</TABLE>
(1) Each of Dr. Collins and Ms. Adams disclaims beneficial ownership of the
shares held as the separate property of his or her spouse.
(2) Each of Dr. Collins and Ms. Adams disclaims beneficial ownership of these
shares.
B. Dr. Collins has sole voting and dispositive power with respect to
the 1,686,650 shares owned as his separate property. He has shared voting and
dispositive power with respect to the 2,398,320 shares owned by DCMA and The
Collins Charitable Remainder Unitrust. Ms Adams has sole voting and dispositive
power with respect to the 217,390 shares owned as her separate property. She has
shared voting and dispositive power with respect to the 2,398,320 shares owned
by DCMA and the Collins Charitable Remainder Unitrust.
<TABLE>
<CAPTION>
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David C. Collins Mary C. Adams
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<S> <C> <C>
Sole Voting and Dispositive Power 1,686,650 217,390
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Shared Voting and Dispositive Power 2,398,320 2,398,320
----------------------------------------------------------------------------------------
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</TABLE>
C. Other than as described in Item 4, during the past sixty (60)
days, neither Dr. Collins nor Ms. Adams has effected any transaction in the
Company's Common Stock.
Item 6. Contracts, Arrangements, Understandings or Relationships with
------ -------------------------------------------------------------
Respect to Securities of the Issuer.
-----------------------------------
Dr. Collins is a party to a Stockholders' Agreement, dated as of
October 1, 1995, with Eric R. Garen, President and a director of the Company.
The Stockholders' Agreement provides that (i) with respect to any transfer of
shares of Common Stock by a party, the non-transferring stockholder shall have a
right of first refusal if such transfer is not made to certain affiliates or
pursuant to either an underwritten public offering or Rule 144 of the Securities
Act (a "restricted transfer"), and (ii) no restricted transfer to any person or
group involving more than 5% of the then outstanding Common Stock may be
effected without the prior consent of the non-transferring stockholder.
The sale of Common Stock described in Item 4 was pursuant to a Stock
Purchase Agreement dated September 22, 2000. In addition, and pursuant to the
terms of the Stock Purchase Agreement, Dr. Collins has entered into a
Reimbursement and Indemnity Agreement, pursuant to which Dr. Collins and the
other selling
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stockholders agreed to reimburse the Company for any costs incurred in
connection with the transaction described in Item 4, and for any third party
claim against the Company arising from the transaction.
Item 7. Materials to be Filed as Exhibits.
------ ---------------------------------
99(a) Form of Stock Purchase Agreement
99(b) Reimbursement and Indemnification Agreement
SIGNATURE
After reasonable inquiry and the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
September 29, 2000
/s/ David C. Collins
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David C. Collins
/s/ Mary C. Adams
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Mary C. Adams
The original statement shall be signed by each person on whose behalf the
statement is filed or his authorized representative. If the statement is signed
on behalf of a person by his authorized representative (other than an executive
officer or general partner of the filing person), evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement: provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature.
Attention: Intentional misstatements or omissions of fact
constitute Federal criminal violations (See 18 U.S.C. 1001)
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