<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
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)
February 9, 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>
CUSIP No. 458860103
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1. Name of Reporting Person Key Colony Fund, L.P.
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I.R.S 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 (b) [_]
(See Instructions)
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3. SEC Use Only
- --------------------------------------------------------------------------------
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 Delaware
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Number of Shares Beneficially Owned by Each Reporting Person With:
7. Sole Voting Power 194,500
8. Shared Voting Power 0
9. Sole Dispositive Power 194,500
10. Shared Dispositive Power 0
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially
Owned by Each Reporting Person 194,500
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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) 4.6%
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14. Type of Reporting Person
(See Instructions) IV, IN
<PAGE>
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 (b) [_]
(See Instructions) ---
- --------------------------------------------------------------------------------
3. SEC Use Only
- --------------------------------------------------------------------------------
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 Delaware
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Number of Shares Beneficially Owned by Each Reporting Person With:
7. Sole Voting Power 29,200
8. Shared Voting Power 0
9. Sole Dispositive Power 29,200
10. Shared Dispositive Power 0
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially
Owned by Each Reporting Person 29,200
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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) .7%
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14. Type of Reporting Person
(See Instructions) CO
<PAGE>
CUSIP No. 458860103
- --------------------------------------------------------------------------------
1. Name of Reporting Person Paul Spann
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I.R.S Identification
No. of Above Person (entities only) ###-##-####
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2. Check the Appropriate Box (a) [X]
---
if a Member of a Group (b) [_]
(See Instructions) ---
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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 1,000
8. Shared Voting Power 0
9. Sole Dispositive Power 1,000
10. Shared Dispositive Power 0
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially
Owned by Each Reporting Person 1,000
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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) .02%
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14. Type of Reporting Person
(See Instructions) BD, IN
<PAGE>
CUSIP No. 458860103
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1. Name of Reporting Person Alex R. Lieblong
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I.R.S Identification
No. of Above Person (entities only)
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2. Check the Appropriate Box (a) [X]
---
if a Member of a Group (b) [_]
(See Instructions)
- --------------------------------------------------------------------------------
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 15,000
8. Shared Voting Power 0
9. Sole Dispositive Power 15,000
10. Shared Dispositive Power 0
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially
Owned by Each Reporting Person 15,000
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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) 0.4%
- --------------------------------------------------------------------------------
14. Type of Reporting Person
(See Instructions) BD, IA, IN
<PAGE>
ITEM 1. SECURITY AND ISSUER.
This Schedule 13D relates to the Common Stock, par value $.01 per share
(the "Common Stock") of International Aircraft Investors, a California
corporation (the "Issuer" or "Company"). The principal executive offices of the
Issuer are located at 3655 Torrance Boulevard, Suite 410, Torrance, California
90503.
ITEM 2. IDENTITY AND BACKGROUND.
This statement is filed jointly by the entities identified below
(collectively the "Holders"):
1. (a) Name:
Key Colony Fund, L.P. ("KCF")
(b) State of Organization:
Delaware
(c) Principal Business:
Private Investment Fund
(d) Residence or Business Address:
10825 Financial Centre Parkway
Suite 100, Little Rock, AR 72211
(e) Criminal Convictions: None
(f) Civil Proceedings: None
2. (a) Name:
Lieblong Transport, Inc. ("LTI")
(b) State of Organization: Delaware
(c) Principal Business:
Owner and Operator of 1 Airplane
(d) Residence or Business Address:
10825 Financial Centre Parkway,
Suite 100, Little Rock, AR 72211
(e) Criminal Convictions: None
(f) Civil Proceedings: None
3. (a) Name:
Paul Spann ("PS")
(b) Residence or Business Address:
Lieblong & Associates, Inc.
10825 Financial Centre Parkway,
Suite 100, Little Rock, AR 72211
(c) Principal Business:
Broker
(d) Criminal Convictions: None
(e) Civil Proceedings: None
(f) Citizenship: Arkansas
4. (a) Name:
Alex R. Lieblong ("ARL")
(b) Residence or Business Address:
Lieblong & Associates, Inc.
10825 Financial Centre Parkway,
Suite 100, Little Rock, AR 72211
(c) Principal Business:
Broker
(d) Criminal Convictions: None
(e) Civil Proceedings: None
(f) Citizenship: Arkansas
The name, residence or business address, and the principal occupation or
employment and the name, principal business and address of any corporation or
other organization in which such employment is conducted, of each executive
officer and director and each controlling person, if any, and the general
partner, as applicable, of the reporting persons named above is set forth in
Exhibit A hereto. To the best knowledge of the persons listed in Item 2 hereof,
each person listed on Exhibit A is a United States citizen except where
otherwise noted and, during the last five years, no person listed in Exhibit A
attached (i)
<PAGE>
has been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors) or (ii) has been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction and as a result of
such proceeding 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.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
239,700 shares of the Common Stock of the Issuer were purchased with funds
in the amount of $1,578,088.04 from the available cash resources of VCL, PS,
ARL, LTI and KCF (the "Holders").
ITEM 4. PURPOSE OF TRANSACTION.
The Common Stock of the Issuer was purchased by the Holders primarily for
investment purposes. The Holders will evaluate the Issuer's financial condition,
business operations and prospects, the market price of the Common Stock,
alternative investment opportunities, conditions in the securities market
generally and other factors on an ongoing basis. Accordingly, the Holders
reserve the right to change their plans and intentions at any time. The Holders
specifically reserve the right to purchase additional shares or sell shares of
Common Stock of the Issuer on the open market or in private transactions to
communicate with other shareholders of the Issuer, to seek the election of
representation of Holders to the Board of Directors of the Issuer and to take
other action that could influence or control management of the Issuer.
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 February 18, 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. 194,500 4.60%
Lieblong Transport, Inc. 29,200 .70%
Paul Spann 1,000 .02%
Alex R. Lieblong 15,000 .4%
</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 4,209,204 shares of Common Stock outstanding. The Holders, at the
present time, collectively own 239,700 shares of the Issuer's Common Stock
(constituting approximately 5.6 % 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.
<TABLE>
<CAPTION>
TYPE OF NUMBER PRICE
------- ------- -----
DATE TRANSACTION OF SHARES PER SHARE
---- ----------- --------- --------
<S> <C> <C> <C>
12/20/99 Market Purchase 2,000 6.38
12/20/99 Market Purchase 900 6.25
12/20/99 Market Purchase 1,100 6.19
12/21/99 Market Purchase 300 6.06
12/22/99 Market Purchase 1,700 6.06
12/23/99 Market Purchase 2,000 5.88
12/23/99 Market Purchase 1,000 6.00
12/27/99 Market Purchase 2,000 5.90
12/28/99 Market Purchase 2,900 5.78
12/28/99 Market Purchase 800 5.69
1/5/00 Market Purchase 4,000 6.13
1/6/00 Market Purchase 2,000 6.13
1/12/00 Market Purchase 2,000 6.69
1/12/00 Market Purchase 2,000 6.63
1/12/00 Market Purchase 2,000 6.31
1/14/00 Market Purchase 2,000 6.50
1/14/00 Market Purchase 5,000 6.75
1/14/00 Market Purchase 6,000 6.63
1/18/00 Market Purchase 8,000 6.63
1/27/00 Market Purchase 2,000 6.69
1/27/00 Market Purchase 4,000 6.63
1/28/00 Market Purchase 2,000 6.56
2/1/00 Market Purchase 6,000 6.50
2/1/00 Market Purchase 400 6.44
2/3/00 Market Purchase 2,000 6.63
2/3/00 Market Purchase 3,700 6.50
2/4/00 Market Purchase 100 6.50
2/8/00 Market Purchase 9,500 6.25
2/8/00 Market Purchase 1,000 6.13
2/9/00 Market Purchase 8,000 6.25
</TABLE>
<PAGE>
LIEBLONG TRANSPORT, INC.
<TABLE>
<CAPTION>
TYPE OF NUMBER OF PRICE
------ --------- -----
DATE TRANSACTION SHARES PER SHARE
- ---- ----------- ------ ---------
<S> <C> <C> <C>
12/22/99 Market Purchase 1,000 5.81
1/7/00 Market Purchase 1,000 6.38
1/7/00 Market Purchase 1,500 6.31
1/7/00 Market Purchase 1,000 6.25
2/10/00 Market Purchase 5,000 6.31
2/10/00 Market Purchase 1,000 6.31
2/10/00 Market Purchase 3,000 6.38
2/10/00 Market Purchase 4,000 6.31
2/10/00 Market Purchase 4,000 6.31
2/14/00 Market Purchase 2,000 6.38
2/14/00 Market Purchase 5,700 6.38
<CAPTION>
ALEX R. LIEBLONG
TYPE OF NUMBER OF PRICE
------ --------- ------
DATE TRANSACTION SHARES PER SHARE
- ---- ----------- ------ ---------
<S> <C> <C> <C>
12/30/99 Market Purchase 3,000 6.00
12/30/99 Market Purchase 3,000 6.00
12/30/99 Market Purchase 3,000 6.00
12/31/99 Market Purchase 1,000 6.00
12/31/99 Market Purchase 2,000 6.25
2/14/00 Market Purchase 3,000 6.38
<CAPTION>
PAUL SPANN
TYPE OF NUMBER OF PRICE
------- --------- -----
DATE TRANSACTION SHARES PER SHARE
- ---- ----------- ------ ---------
<S> <C> <C> <C>
12/30/99 Market Purchase 1,000 5.88
</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.
<PAGE>
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A - List of each executive officer and director or general partner
and each controlling person, if any, of the reporting persons
as required by Item 2.
Exhibit B - 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: February 18, 2000 KEY COLONY FUND, L.P.
/s/ ALEX R. LIEBLONG
By:___________________________
Name: Alex R. Lieblong
Title: General Partner
LIEBLONG TRANSPORT, INC.
/s/ ALEX R. LIEBLONG
By:___________________________
Name: Alex R. Lieblong
Title: President
PAUL SPANN
/s/ PAUL SPANN
______________________________
ALEX R. LIEBLONG
/s/ ALEX R. LIEBLONG
______________________________
<PAGE>
EXHIBIT A
---------
KEY COLONY FUND, L.P.
10825 Financial Centre Parkway, Suite 100
Little Rock, Arkansas 72211
GENERAL PARTNER
<TABLE>
<CAPTION>
PRESENT BUSINESS PRESENT PRINCIPAL
---------------- -----------------
NAME ADDRESS OCCUPATION
---- ------- ----------
<S> <C> <C>
Alex R. Lieblong 10825 Financial Centre Parkway General Partner
Suite 100
Little Rock, Arkansas 72221
</TABLE>
LIEBLONG TRANSPORT, INC.
10825 Financial Centre Parkway, Suite 100
Little Rock, Arkansas 72211
DIRECTORS AND EXECUTIVE OFFICERS
<TABLE>
<CAPTION>
PRESENT BUSINESS PRESENT PRINCIPAL
---------------- -----------------
NAME ADDRESS OCCUPATION
---- ------- ----------
<S> <C> <C>
Alex R. Lieblong 10825 Financial Centre Parkway President
Suite 100
Little Rock, Arkansas 72221
</TABLE>
LIEBLONG TRANSPORT, INC.
10825 Financial Centre Parkway, Suite 100
Little Rock, Arkansas 72211
CONTROL PERSON
<TABLE>
<CAPTION>
PRESENT BUSINESS PRESENT PRINCIPAL
---------------- -----------------
NAME ADDRESS OCCUPATION
---- ------- ----------
<S> <C> <C>
Alex R. Lieblong 10825 Financial Centre Parkway President
Suite 100
Little Rock, Arkansas 72221
</TABLE>
<PAGE>
EXHIBIT B
---------
AGREEMENT AS TO JOINT FILING
Pursuant to Regulation Section 240.13d-1(k)(1)(iii), the undersigned
acknowledge and agree that the attached Schedule 13D relating to International
Aircraft Investors is being filed on behalf of each of the undersigned.
Dated: February 18, 2000 KEY COLONY FUND, L.P.
/s/ ALEX R. LIEBLONG
By:___________________________
Name: Alex R. Lieblong
Title: General Partner
LIEBLONG TRANSPORT, INC.
/s/ ALEX R. LIEBLONG
By:___________________________
Name: Alex R. Lieblong
Title: President
PAUL SPANN
/s/ PAUL SPANN
______________________________
ALEX R. LIEBLONG
/s/ ALEX R. LIEBLONG
______________________________
