<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
INTERNATIONAL AIRCRAFT INVESTORS
(NAME OF ISSUER)
COMMON STOCK, PAR VALUE $.01 PER SHARE
(TITLE OF CLASS OF SECURITIES)
458860103
(CUSIP NUMBER)
Richard N. Massey, Esq.
Kutak Rock LLP
425 West Capitol Avenue, Suite 1100
Little Rock, Arkansas 72201
(501) 975-3000
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE
NOTICES AND COMMUNICATIONS)
May 4, 2000*
(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 which 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 [ ]
*On May 4, 2000, the issuer filed a Form 10-Q with the Securities and Exchange
Commission in which it reported 4,064,484 shares of its common stock outstanding
as of May 1, 2000. That outstanding amount reflects a decrease in the number of
shares outstanding from the number reported in the issuer's last filing with the
Commission prior to the filing of the Form 13D to which this amendment relates.
That decrease, in combination with certain open market purchases of the issuer's
common stock by the persons filing this amendment, contributed to an increase in
the number of shares of the issuer beneficially owned by the persons filing this
amendment equal to one percent of the common stock outstanding of the issuer.
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CUSIP NO. 458860103
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1. NAME OF REPORTING PERSON Key Colony Fund, L.P.
- ------------------------------------------------------------------------------
IRS IDENTIFICATION
NO. OF ABOVE PERSON (entities only) 91-1948637
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2. CHECK THE APPROPRIATE BOX (a) X
IF A MEMBER OF A GROUP (See Instructions) ---
(b)
---
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3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS
(See Instructions) WC
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT Not Applicable
TO ITEMS 2(d) or 2(e)
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
7. SOLE VOTING POWER 213,700
8. SHARED VOTING POWER 0
9. SOLE DISPOSITIVE POWER 213,700
10. SHARED DISPOSITIVE POWER 0
- --------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY
OWNED BY EACH REPORTING PERSON 213,700
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12. CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) Not Applicable
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.26%
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14. TYPE OF REPORTING PERSON (See Instructions) IV, IN
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CUSIP NO. 458860103
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1. NAME OF REPORTING PERSON Lieblong Transport, Inc.
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I.R.S. IDENTIFICATION
NO. OF ABOVE PERSON (entities only) 71-0779664
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2. CHECK THE APPROPRIATE BOX (a) X
IF A MEMBER OF A GROUP ---
(See Instructions) (b)
---
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS
(See Instructions) WC
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT Not Applicable
TO ITEMS 2(d) or 2(e)
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
7. SOLE VOTING POWER 36,600
8. SHARED VOTING POWER 0
9. SOLE DISPOSITIVE POWER 36,600
10. SHARED DISPOSITIVE POWER 0
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11. AGGREGATE AMOUNT BENEFICIALLY
OWNED BY EACH REPORTING PERSON 36,600
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12. CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES Not Applicable
(See Instructions)
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) .9%
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14. TYPE OF REPORTING PERSON
(See Instructions) CO
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CUSIP No. 458860103
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1. NAME OF REPORTING PERSON Paul Spann
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I.R.S. IDENTIFICATIN
NO. OF ABOVE PERSON (entities only) ###-##-####
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2. CHECK THE APPROPRIATE BOX (a)
IF A MEMBER OF A GROUP ---
(See Instructions) (b) X
---
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
(See Instructions) WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT Not Applicable
TO ITEMS 2(d) or 2(e)
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6. CITIZENSHIP OR PLACE
OF ORGANIZATION Arkansas
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
7. SOLE VOTING POWER 1000
8. SHARED VOTING POWER 0
9. SOLE DISPOSITIVE POWER 1000
10. SHARED DISPOSITIVE POWER 0
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11. AGGREGATE AMOUNT BENEFICIALLY
OWNED BY EACH REPORTING PERSON 1000
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12. CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES Not Applicable
(See Instructions)
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) .02%
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14. TYPE OF REPORTING PERSON
(See Instructions) BD, IN
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CUSIP No. 458860103
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1. NAMES OF REPORTING PERSONS Alex R. Lieblong
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I.R.S. IDENTIFICATION
NO. OF ABOVE PERSONS (entities only)
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2. CHECK THE APPROPRIATE BOX (a) X
IF A MEMBER OF A GROUP ---
(See Instructions) (b)
---
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3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS
(See Instructions) WC
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT Not Applicable
TO ITEMS 2(d) or 2(e)
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE
OF ORGANIZATION Arkansas
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
7. SOLE VOTING POWER 17,000
8. SHARED VOTING POWER 0
9. SOLE DISPOSITIVE POWER 17,000
10. SHARED DISPOSITIVE POWER 0
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11. AGGREGATE AMOUNT BENEFICIALLY
OWNED BY EACH REPORTING PERSON 17,000
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12. CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES Not Applicable
(See Instructions)
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) .42%
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14. TYPE OF REPORTING PERSON
(See Instructions) BD, IA, IN
<PAGE>
This Amendment No. 1 to Schedule 13D (the "Amendment") is being filed on behalf
of the reporting persons listed above to amend the Schedule 13D (the "Schedule
13D") which was originally filed on their behalf on February 18, 2000, relating
to the common stock, $.01 par value (the "Common Stock") of International
Aircraft Investors, a California corporation (the "Issuer"). All terms used and
not otherwise defined in this Amendment shall have the meanings attributed to
such terms in the Schedule 13D. This Amendment is being filed pursuant to Rule
13d-2 of the General Rules and Regulations under the Securities and Exchange Act
of 1934 as amended. Only those items reported in this Amendment are amended. All
other items remain unchanged. Accordingly, those Items which remain unchanged
are omitted from this Amendment.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since February 18, 2000, 28,600 additional shares of the Common Stock of
the Issuer have been purchased with funds in the amount of $134,483.47 from the
available cash resources of ARL, LTI and KCF.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) Information with respect to the aggregate number, and percentage, of
all outstanding Common Stock beneficially owned as of May 15, 2000 by each of
the Holders is set forth below:
SHARES OF PERCENTAGE OF
--------- -------------
NAME COMMON STOCK OUTSTANDING SHARES
---- ------------ ------------------
Key Colony Fund, L.P. 213,700 5.26%
Lieblong Transport, Inc. 36,600 .90%
Alex R. Lieblong 17,000 .42%
Paul Spann 1,000 .02%
(b) The Holders' response to Items 7 through 13 of the cover pages of
this Amendment to Schedule 13D relating to beneficial ownership of shares of
Common Stock are incorporated herein by reference.
(c) According to the Issuer's most current filing with the SEC, the
Issuer has 4,064,484 shares of Common Stock outstanding. The Holders, at the
present time, collectively own 268,300 shares of the Issuer's Common Stock
(constituting approximately 6.6 % of all of the outstanding shares of Common
Stock). Transactions by the Holders in shares of Common Stock of the Issuer in
the last sixty days are as follows:
<PAGE>
KEY COLONY FUND, L.P.
TYPE OF NUMBER PRICE
------- ------ -----
DATE TRANSACTION OF SHARES PER SHARE
---- ----------- --------- ---------
4/3/00 Market Purchase 3000 6.25
LIEBLONG TRANSPORT, INC.
TYPE OF NUMBER PRICE
------- ------ -----
DATE TRANSACTION OF SHARES PER SHARE
---- ----------- --------- ---------
None
ALEX R. LIEBLONG
TYPE OF NUMBER PRICE
------- ------ -----
DATE TRANSACTION OF SHARES PER SHARE
---- ----------- --------- ---------
None
PAUL SPANN
TYPE OF NUMBER PRICE
------- ------ -----
DATE TRANSACTION OF SHARES PER SHARE
---- ----------- --------- ---------
None
(d) No other person has the right to receive or the power to direct the
receipt of dividends from, or the proceeds of sale of, any of the Issuer's
Common Stock beneficially owned by the Holders.
(e) Not applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A - Agreement as to joint filings pursuant to Regulation Section
240.13d-1(k)(1)(iii).
<PAGE>
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: May 15, 2000 KEY COLONY FUND, L.P.
By: /s/ Alex R. Lieblong
Name: Alex R. Lieblong
Title: General Partner
LIEBLONG TRANSPORT, INC.
By: /s/ Alex R. Lieblong
Name: Alex R. Lieblong
Title: President
PAUL SPANN
/s/ Paul Spann
ALEX R. LIEBLONG
/s/ Alex R. Lieblong
<PAGE>
EXHIBIT A
---------
AGREEMENT AS TO JOINT FILING
Pursuant to Regulation Section 240.13d-1(k)(1)(iii), the undersigned
acknowledge and agree that the attached Amendment No. 1 to Schedule 13D relating
to International Aircraft Investors is being filed on behalf of each of the
undersigned.
Dated: May 15, 2000 KEY COLONY FUND, L.P.
By: /s/ Alex R. Lieblong
Name: Alex R. Lieblong
Title: General Partner
LIEBLONG TRANSPORT, INC.
By: /s/ Alex R. Lieblong
Name: Alex R. Lieblong
Title: President
PAUL SPANN
/s/ Paul Spann
ALEX R. LIEBLONG
/s/ Alex R. Lieblong
