<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
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)
July 14, 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 [ ]
<PAGE>
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CUSIP NO. 458860103
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NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only).
Key Colony Fund, L.P. 91-1948637
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [X]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS (See Instructions)
4
WC
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5 Not Applicable
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
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SOLE VOTING POWER
7
NUMBER OF
453,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
453,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
453,000
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
(See Instructions) Not Applicable
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
11.15%
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TYPE OF REPORTING PERSON (See Instructions)
14
IV, IN
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<PAGE>
CUSIP NO. 458860103
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NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only).
Lieblong Transport, Inc. 71-0779664
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [X]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS (See Instructions)
4
WC
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5 Not Applicable
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
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SOLE VOTING POWER
7
NUMBER OF
96,600
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
96,600
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
96,600
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
(See Instructions) Not Applicable
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
2.38%
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TYPE OF REPORTING PERSON (See Instructions)
14
CO
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<PAGE>
CUSIP NO. 458860103
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NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only).
Paul Spann
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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SOURCE OF FUNDS (See Instructions)
4
WC
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5 Not Applicable
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Arkansas
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SOLE VOTING POWER
7
NUMBER OF
10,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
10,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
10,000
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
(See Instructions) Not Applicable
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
.25%
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TYPE OF REPORTING PERSON (See Instructions)
14
BD, IN
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CUSIP NO. 458860103
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NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only).
Alex R. Lieblong
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [X]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS (See Instructions)
4
WC
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5 Not Applicable
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Arkansas
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SOLE VOTING POWER
7
NUMBER OF
130,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
130,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
130,000
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
(See Instructions) Not Applicable
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
3.20%
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TYPE OF REPORTING PERSON (See Instructions)
14
BD, IA, IN
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<PAGE>
This Amendment No. 2 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, and
subsequently amended on May 4, 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.
Subsequent to the filing of the first amendment to 13(a) on May 4, 2000,
432,700 additional shares of the Common Stock of the Issuer have been purchased
with funds in the amount of $2,173,882.50 from the available cash resources of
ARL, LTI, PS and KCF. Furthermore, subsequent to the filing of May 4, 2000,
11,400 shares of the Common Stock of the Issuer have been sold for the sum of
$64,989.58.
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 July 21, 2000 by each of
the Holders is set forth below:
<TABLE>
<CAPTION>
SHARES OF PERCENTAGE OF
---------------------------- --------------------------------
NAME COMMON STOCK OUTSTANDING SHARES
----------------------------------- ---------------------------- --------------------------------
<S> <C> <C>
Key Colony Fund, L.P. 453,000 11.15%
Lieblong Transport, Inc. 96,600 2.38%
Alex R. Lieblong 130,000 3.20%
Paul Spann 10,000 .25%
</TABLE>
(b) The Holders' response to Items 7 through 13 of the cover pages of
this 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 689,600 shares of the Issuer's Common Stock
(constituting approximately 16.97 % 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.
<TABLE>
<CAPTION>
TYPE OF NUMBER PRICE
-------------------------- ------------------------- --------------------------
DATE TRANSACTION OF SHARES PER SHARE
------------------------ -------------------------- ------------------------- --------------------------
<S> <C> <C> <C>
5/15/00 Market Purchase 700 5.88
5/23/00 Market Sale 9700 5.88
7/13/00 Market Sale 1700 5
7/14/00 Market Purchase 250,000 5
</TABLE>
<TABLE>
<CAPTION>
LIEBLONG TRANSPORT, INC.
TYPE OF NUMBER OF PRICE
-------------------------- ------------------------- --------------------------
DATE TRANSACTION SHARES PER SHARE
------------------------ -------------------------- ------------------------- --------------------------
<S> <C> <C> <C>
7/14/00 Market Purchase 60,000 5
</TABLE>
ALEX R. LIEBLONG
<TABLE>
<CAPTION>
TYPE OF NUMBER OF PRICE
-------------------------- ------------------------- --------------------------
DATE TRANSACTION SHARES PER SHARE
------------------------ -------------------------- ------------------------- --------------------------
<S> <C> <C> <C>
7/14/00 Market Purchase 111,000 5
7/14/00 Market Purchase 2000 5.50
</TABLE>
PAUL SPANN
<TABLE>
<CAPTION>
TYPE OF NUMBER OF PRICE
-------------------------- ------------------------- --------------------------
DATE TRANSACTION SHARES PER SHARE
------------------------ -------------------------- ------------------------- --------------------------
<S> <C> <C> <C>
7/14/00 Market Purchase 9000 5
</TABLE>
(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: July 21, 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
