<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
INTERNATIONAL AIRLINE SUPPORT GROUP, INC.
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(Name of Issuer)
COMMON STOCK (PAR VALUE $.001 PER SHARE)
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(TITLE OF CLASS OF SECURITIES)
458865201
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(CUSIP Number)
Mr. David K. Sherman Cohanzick Capital, L.P. 427 Bedford Road, Suite 230
Pleasantville, NY 10570 (914) 741-9600 (Name, Address and Telephone Number of
Person Authorized to Receive Notices and Communications)
September 8, 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 Section Section 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g)
Rule 13d-1(b)(3) or (4), 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 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
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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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<PAGE> 3
SCHEDULE 13D
(Amendment No. 2)
CUSIP No. 458865201
1 Name of Reporting Person David K. Sherman
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2 Check the Appropriate Box if (a) [x]
a Member of a Group (b) [ ]
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3 SEC Use Only
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4 Source of Funds 00
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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 U.S.A.
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7 Sole Voting Power 0 shares
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Number of Shares 8 Shared Voting Power 180,700 shares
Beneficially Owned by -----------------------------------------------------
Reporting Person With
9 Sole Dispositive Power 0 shares
-----------------------------------------------------
10 Shared Dispositive Power 180,700 shares
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11 Aggregate Amount Beneficially 180,700 shares
Owned By Each Reporting Person
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12 Check box if the aggregate Amount
in Row (11) Excludes Certain Shares [ ]
--------------------------------------------------------------------------------
13 Percent of Class Represented
Amount in Row (11) 8.25%
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14 Type of Reporting Person IN
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<PAGE> 4
SCHEDULE 13D
(Amendment No. 2)
CUSIP No. 458865201
1 Name of Reporting Person Sunnyside, L.L.C.
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2 Check the Appropriate Box if (a) [x]
a Member of a Group (b) [ ]
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3 SEC Use Only
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4 Source of Funds 00
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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 Delaware
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7 Sole Voting Power 0 shares
-----------------------------------------------------
Number of Shares 8 Shared Voting Power 180,700 shares
Beneficially Owned by -----------------------------------------------------
Reporting Person With
9 Sole Dispositive Power 0 shares
-----------------------------------------------------
10 Shared Dispositive Power 180,700 shares
-----------------------------------------------------
11 Aggregate Amount Beneficially 180,700 shares
Owned By Each Reporting Person
--------------------------------------------------------------------------------
12 Check box if the aggregate Amount
in Row (11) Excludes Certain Shares [ ]
--------------------------------------------------------------------------------
13 Percent of Class Represented
Amount in Row (11) 8.25%
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14 Type of Reporting Person CO
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<PAGE> 5
SCHEDULE 13D
(Amendment No. 2)
CUSIP No. 458865201
1 Name of Reporting Person Cohanzick Capital, L.P.
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2 Check the Appropriate Box if (a) [x]
a Member of a Group (b) [ ]
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3 SEC Use Only
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4 Source of Funds 00
--------------------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings
is Required Pursuant to Items 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 Citizenship or Place of Organization Delaware
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7 Sole Voting Power 0 shares
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Number of Shares 8 Shared Voting Power 180,700 shares
Beneficially Owned by -----------------------------------------------------
Reporting Person With
9 Sole Dispositive Power 0 shares
-----------------------------------------------------
10 Shared Dispositive Power 180,700 shares
-----------------------------------------------------
11 Aggregate Amount Beneficially 180,700 shares
Owned By Each Reporting Person
--------------------------------------------------------------------------------
12 Check box if the aggregate Amount
in Row (11) Excludes Certain Shares [ ]
--------------------------------------------------------------------------------
13 Percent of Class Represented
Amount in Row (11) 8.25%
--------------------------------------------------------------------------------
14 Type of Reporting Person PN
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<PAGE> 6
SCHEDULE 13D
(Amendment No. 2)
CUSIP No. 458865201
1 Name of Reporting Person Cohanzick Partners, L.P.
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2 Check the Appropriate Box if (a) [x]
a Member of a Group (b) [ ]
--------------------------------------------------------------------------------
3 SEC Use Only
--------------------------------------------------------------------------------
4 Source of Funds 00
--------------------------------------------------------------------------------
5 Check if Disclosure of Legal Proceedings
is Required Pursuant to Items 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 Citizenship or Place of Organization Delaware
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7 Sole Voting Power 0 shares
-----------------------------------------------------
Number of Shares 8 Shared Voting Power 180,700 shares
Beneficially Owned by -----------------------------------------------------
Reporting Person With
9 Sole Dispositive Power 0 shares
-----------------------------------------------------
10 Shared Dispositive Power 180,700 shares
-----------------------------------------------------
11 Aggregate Amount Beneficially 180,700 shares
Owned By Each Reporting Person
--------------------------------------------------------------------------------
12 Check box if the aggregate Amount
in Row (11) Excludes Certain Shares [ ]
--------------------------------------------------------------------------------
13 Percent of Class Represented
Amount in Row (11) 8.25%
--------------------------------------------------------------------------------
14 Type of Reporting Person PN
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<PAGE> 7
Amendment No. 2 to Schedule 13D
Item 1. Security and Issuer.
Item 1 is hereby amended and restated as follows:
The Schedule 13D initially filed on October 8, 1999 and the
subsequent amendment thereto filed on March 30, 2000, (the "Schedule 13D") filed
by Cohanzick Partners, L.P., a limited partnership organized under the laws of
the State of Delaware ("Cohanzick Partners"); Cohanzick Capital, L.P., a limited
partnership organized under the laws of the State of Delaware ("Cohanzick
Capital"); Sunnyside, L.L.C., a limited liability company organized under the
laws of the State of Delaware ("Sunnyside"); and David K. Sherman ("Mr.
Sherman") relating to the common stock, par value $.001 per share (the "Common
Stock"), of International Airline Support Group, Inc. (the "Company") is hereby
amended by this Amendment No. 2 to the Schedule 13D to furnish the following
information.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is hereby amended and restated as follows:
The net investment cost (including commissions, if any) of the shares
of Common Stock held by Cohanzick Partners is $819,571.89. Such shares were
purchased with Cohanzick Partners' investment capital. Mr. Sherman, Sunnyside
and Cohanzick Capital do not directly own any such shares.
Item 4. Purpose of Transaction.
Item 4 is hereby amended and restated as follows:
On September 8, 2000, Cohanzick Partners, L.P. ("Cohanzick"), a
Delaware limited partnership of which Cohanzick Capital, L.P., a Delaware
limited partnership is the general partner, provided Issuer with a notice
intended to comply with the Issuer's By-Laws ("Notice"), in order to submit
business at the 2000 annual meeting of stockholders of Issuer ("Annual
Meeting"). Cohanzick's Notice informed Issuer that the reason for conducting
such business at the Annual Meeting is to nominate David K. Sherman for election
to the board of directors of the Issuer. A copy of the Notice is attached hereto
as Exhibit 1, and incorporated herein by reference in its entirety.
Item 5. Interest in Securities of the Issuer.
Item 5 is hereby amended and restated as follows:
(a) Based upon an aggregate of 2,190,198 shares of Common Stock
outstanding, as set forth in the Issuer's Annual Report on Form 10-K filed with
the Securities and Exchange Commission on August 30, 2000, as of the close of
business on September 8, 2000:
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(i) Cohanzick Partners beneficially owns 180,700 shares of
Common Stock, constituting approximately 8.25 % of the shares of Common Stock;
(ii) Cohanzick Capital owns directly no shares of Common Stock.
By reason of its position as general partner of Cohanzick Partners, under the
provisions of Rule 13d-3 of the Securities Exchange Commission (" Rule 13d-3"),
Cohanzick Capital may be deemed to beneficially own the 180,700 shares of Common
Stock owned by Cohanzick Partners, constituting approximately 8.25% of the
shares of Common Stock outstanding;
(iii) Sunnyside owns directly no shares of Common Stock. By
reason of its position as general partner of Cohanzick Capital, under of the
provisions of the Rule 13d-3, Sunnyside may be deemed to beneficially own the
180,700 shares of Common Stock owned by Cohanzick Partners, constituting
approximately 8.25% of the shares of Common Stock outstanding; and
(iv) Mr. Sherman owns directly no shares of Common Stock. By
reason of his position as general partner as managing member of Sunnyside, Mr.
Sherman, under provisions of Rule 13d-3, may be deemed to beneficially own the
180,700 shares owned by Cohanzick Partners constituting approximately 8.25% of
the shares of Common Stock outstanding.
(b) Cohanzick Partners has the power to dispose of and to vote the
shares of Common Stock beneficially owned by it, which power may be exercised by
its general partner, Cohanzick Capital, its general partner, Sunnyside and
ultimately Mr. Sherman, as managing member of Sunnyside. Therefore, each of the
Reporting Persons shares the power and does not have sole power to dispose of
and to vote the shares of Common Stock beneficially owned by it and the other
Reporting Persons.
(c) Listed below are transactions with the respect to the Reporting
Persons. Since the time of the most recent filing of the Schedule 13D, only
Cohanzick Partners effected the transactions in the shares of the Common Stock
in open market transactions with brokers, as follows:
<TABLE>
<CAPTION>
Date Action Number of Shares Price per Share
---- ------ ---------------- ---------------
<S> <C> <C> <C> <C>
4/14/00 Bought 16,700 2.9059
6/21/00 Sold (3,000) (2.5599)
</TABLE>
(d) Not applicable.
(e) Not applicable.
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<PAGE> 9
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to the Securities of the Issuer
Item 6 is hereby amended to add the following:
See Item 4.
Item 7. Material to be Filed as Exhibits
Exhibit 1- Notice of Stockholder Nominee, dated September 8, 2000
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<PAGE> 10
SIGNATURE
---------
After reasonable inquiry and to the best of their knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: September 12, 2000
Cohanzick Partners, L.P.
By: /s/ David K. Sherman
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Cohanzick Capital, L.P.,
its sole General Partner
By: /s/ David K. Sherman
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Sunnyside, L.L.C.,
its sole General Partner
By: /s/ David K. Sherman
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David K. Sherman,
Managing Member
David K. Sherman
/s/ David K. Sherman
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