SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------------------------------------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 1)(1)
Imperial Credit Industries, Inc.
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(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
452729106
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(CUSIP Number)
David S. Richter
Waveland Capital Management, L.P.
227 West Monroe Street
Suite 4800
Chicago, Illinois 60606
(312) 739-2138
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 18, 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 which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1 (b) (3) or (4), 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 Rule 13d-7(b) for
other parties to whom copies are to be sent.
(1) 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 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).
<PAGE>
CUSIP NO.: 452729-10-6 13D
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Waveland Partners, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT [ ]
TO ITEM 2(d) or 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
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7 SOLE VOTING POWER
-----------------------------------------------------
8 SHARED VOTING POWER
3,160,232
NUMBER OF SHARES
BENEFICIALLY OWNED -----------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,160,232
-----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,160,232 Shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES [ ]
CERTAIN SHARES
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW(11)
9.85%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
Page 2 of 11 Pages
<PAGE>
CUSIP NO.: 452729-10-6 13D
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Waveland Capital Management, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT [ ]
TO ITEM 2(d) or 2(e)
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-----------------------------------------------------
8 SHARED VOTING POWER
3,160,232
NUMBER OF SHARES
BENEFICIALLY OWNED -----------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,160,232
-----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,160,232 Shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES [ ]
CERTAIN SHARES
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW(11)
9.85%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
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Page 3 of 11 Pages
<PAGE>
CUSIP NO.: 452729-10-6 13D
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Clincher Capital Corporation
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT [ ]
TO ITEM 2(d) or 2(e)
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-----------------------------------------------------
8 SHARED VOTING POWER
3,160,232
NUMBER OF SHARES
BENEFICIALLY OWNED -----------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,160,232
-----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,160,232 Shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES [ ]
CERTAIN SHARES
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW(11)
9.85%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
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Page 4 of 11 Pages
<PAGE>
CUSIP NO.: 452729-10-6 13D
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Waveland Capital Management, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT [ ]
TO ITEM 2(d) or 2(e)
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-----------------------------------------------------
8 SHARED VOTING POWER
3,160,232
NUMBER OF SHARES
BENEFICIALLY OWNED -----------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,160,232
-----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,160,232 Shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES [ ]
CERTAIN SHARES
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW(11)
9.85%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
Page 5 of 11 Pages
<PAGE>
CUSIP NO.: 452729-10-6 13D
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Waveland Partners, Ltd.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT [ ]
TO ITEM 2(d) or 2(e)
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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7 SOLE VOTING POWER
-----------------------------------------------------
8 SHARED VOTING POWER
3,160,232
NUMBER OF SHARES
BENEFICIALLY OWNED -----------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,160,232
-----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,160,232 Shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES [ ]
CERTAIN SHARES
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW(11)
9.85%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
Page 6 of 11 Pages
<PAGE>
CUSIP NO.: 452729-10-6 13D
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Waveland International, Ltd.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT [ ]
TO ITEM 2(d) or 2(e)
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-----------------------------------------------------
8 SHARED VOTING POWER
3,160,232
NUMBER OF SHARES
BENEFICIALLY OWNED -----------------------------------------------------
BY EACH REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
3,160,232
-----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,160,232 Shares
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES [ ]
CERTAIN SHARES
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW(11)
9.85%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
Page 7 of 11 Pages
<PAGE>
ITEM 1. SECURITY AND ISSUER.
The class of equity securities to which this statement relates is the
common stock, no par value ("Common Stock"), of Imperial Credit Industries,
Inc., a California corporation (the "Issuer"), with its principal executive
office located at 23550 Hawthorne Blvd., Building 1, Suite 110, Torrance,
California 90505.
ITEM 2. IDENTITY AND BACKGROUND.
This statement is being filed by Waveland International, Ltd., a Cayman
Islands exempted company ("Waveland International"), Waveland Partners L.P., an
Illinois limited partnership ("Waveland"), Waveland Capital Management, L.P., an
Illinois limited partnership ("Waveland Capital"), Clincher Capital Corporation,
an Illinois corporation ("Clincher"), Waveland Capital Management, LLC, an
Illinois limited liability company ("Waveland LLC"), and Waveland Partners,
Ltd., a Cayman Islands exempted company ("Partners Ltd." and together with
Waveland International, Waveland, Waveland Capital, Clincher and Waveland LLC,
the "reporting persons").
The reporting persons have their principal offices at 227 W. Monroe
Street, Suite 4800, Chicago, Illinois 60606. Clincher's principal business is as
the general partner of Waveland Capital. Waveland Capital's principal business
is as the general partner of Waveland. Waveland's principal business is as the
majority-owner of Waveland International. Waveland LLC's principal business is
as the investment advisor of Partners Ltd. Partners Ltd.'s principal business is
as the minority-owner of Waveland International. Waveland International's
principal business is investments in marketable securities.
(a)--(c) The names, principal occupation or employment and the name,
and, except where such information is provided elsewhere herein, the principal
business and address of any organization in which such employment is conducted
of each officer and director of Clincher is set forth below. Unless otherwise
indicated below, each of the following persons is a United States citizen and
the business address of each of the following persons is c/o Clincher Capital
Corporation, 227 W. Monroe Street, Suite 4800, Chicago, Illinois 60606.
Name Principal Occupation or Employment
---- ----------------------------------
David S. Richter Director, President, Secretary and Treasurer,
Clincher Capital Corporation, the general partner of
Waveland Capital Management, L.P., the general
partner of Waveland Capital Management, LLC;
Director, Waveland Partners, Ltd.; Director, Waveland
International, Ltd.
Stephen J. Malkin Director and Chairman of the Board, Clincher Capital
Corporation, the general partner of Waveland Capital
Management, L.P., the general partner of Waveland
Partners, L.P.; Manager, Waveland Capital Management,
LLC.
Page 8 of 11 Pages
<PAGE>
Name Principal Occupation or Employment
---- ----------------------------------
Michael J. Sacks Director and Chief Executive Officer, Clincher
Capital Corporation, the general partner of Waveland
Capital Management, L.P., the general partner of
Waveland Partners, L.P.; Manager, Waveland Capital
Management, LLC.
Paul A. Meister Vice President and Assistant Secretary, Clincher
Capital Corporation, the general partner of Waveland
Capital Management, L.P., the general partner of
Waveland Partners, L.P.; Manager, Waveland Capital
Management, LLC; Director, Waveland Partners, Ltd.;
Director, Waveland International, Ltd.
Julie Tostevin Director, Waveland Partners, Ltd.; Director, Waveland
International, Ltd.
(d) During the last five years, none of the persons identified in this
Item 2 has been convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors).
(e) During the last five years, none of the persons identified in this
Item 2 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 or, 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.
The working capital of Waveland International is the source of funds
used in making purchases of Common Stock.
ITEM 4. PURPOSE OF TRANSACTION.
The reporting persons routinely monitor the performance of their
investments, including their investment in the Issuer. In this connection, the
reporting persons intend to continuously evaluate the Issuer's business,
financial condition, operating results, capital structure, management, stock
market performance, competitive outlook and other relevant factors. As part of
such evaluations, the reporting persons may seek the views of, hold discussions
with and respond to inquiries from representatives of the Issuer and other
persons regarding the Issuer's affairs. Depending on such evaluations, the
reporting persons may, at any time and from time to time, purchase additional
shares of Common Stock or may dispose of any and all shares of Common Stock held
by them. The reporting persons may from time to time develop plans respecting,
or propose changes in, the management, composition of the board of directors,
policies, operations, capital structure or business of the Issuer, including
selected asset sales or business combination transactions, which could involve
the reporting persons or their affiliates as acquirer, intermediary or
otherwise. In connection therewith, the reporting persons have retained
financial and other advisors and will conduct investigations and, if warranted
by such review, make and negotiate proposals to and with the Issuer concerning
the matters addressed in the preceding sentence.
Page 9 of 11 Pages
<PAGE>
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) Waveland International owns 3,160,232 shares of Common Stock
representing approximately 9.85% of the shares of Common Stock outstanding as of
October 18, 2000 (as reported in the Issuer's Quarterly Report on Form 10-Q for
the quarter ended June 30, 2000).
(b) Each of the reporting persons may be deemed to share beneficial
ownership of the Common Stock acquired by Waveland International.
(c) There have not been any transactions in the Common Stock effected
by or for the account of any of the reporting persons during the last 60 days.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
None.
Page 10 of 11 Pages
<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: October 18, 2000
WAVELAND PARTNERS, L.P.
By: Waveland Capital Management, L.P.
Its: General Partner
By: Clincher Capital Corporation
Its: General Partner
By: /s/ David S. Richter
-----------------------------
David S. Richter, President
WAVELAND CAPITAL MANAGEMENT, L.P.
By: Clincher Capital Corporation
Its: General Partner
By: /s/ David S. Richter
-----------------------------
David S. Richter, President
CLINCHER CAPITAL CORPORATION
By: /s/ David S. Richter
---------------------------------
David S. Richter, President
WAVELAND CAPITAL MANAGEMENT, LLC
By: /s/ David S. Richter
---------------------------------
David S. Richter, Manager
WAVELAND PARTNERS, LTD.
By: /s/ David S. Richter
---------------------------------
David S. Richter, Director
WAVELAND INTERNATIONAL, LTD.
By: /s/ David S. Richter
---------------------------------
David S. Richter, Director
Page 11 of 11 Pages
