<PAGE> 1
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
INTEGRATED PACKAGING ASSEMBLY CORPORATION
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, no par value
- --------------------------------------------------------------------------------
(Title of Class of Securities)
457989101
- --------------------------------------------------------------------------------
(CUSIP Number)
John E. Osnato, Esq.
Mr. Stanley Knowlton Kavanagh Maloney &
Knowlton Brothers, Inc. Osnato LLP
530 Fifth Avenue 415 Madison Avenue
New York, NY 10036 New York, NY 10017
(212) 764-3602 (212) 207-8400
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
February 23, 1998
- --------------------------------------------------------------------------------
(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 / /.
Check the following box if a fee is being paid with the statement / /. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) 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 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 1 of 48 Pages
<PAGE> 2
SCHEDULE 13D
CUSIP NO. 457989101 PAGE 2 OF 48 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
THE FAMILY PARTNERSHIP, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 131,320
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
131,320
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
131,320
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.95%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! 2 of 7
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 3
SCHEDULE 13D
CUSIP NO. 457989101 PAGE 3 OF 48 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
THE FRONTIER PARTNERSHIP, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /x/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 93,380
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
93,380
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
93,380
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.67%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 4
SCHEDULE 13D
CUSIP NO. 457989101 PAGE 4 OF 48 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
THE DARWIN PARTNERSHIP, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 144,800
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
144,800
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
144,800
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.05%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! 2 of 7
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 5
SCHEDULE 13D
CUSIP NO. 457989101 PAGE 5 OF 48 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FLAGSHIP PARTNERS, LTD.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BRITISH VIRGIN ISLANDS
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
2 of 7
<PAGE> 6
SCHEDULE 13D
CUSIP NO. 457989101 PAGE 6 OF 48 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DARWIN PARTNERS, LTD.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 7
SCHEDULE 13D
CUSIP NO. 457989101 PAGE 7 OF 48 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BARKER, LEE & CO., LIMITED PARTNERSHIP
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /x/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CONNECTICUT
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 66,600
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
66,600
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
66,600
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.48%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE AND THE SIGNATURE ATTESTATION
<PAGE> 8
SCHEDULE 13D
CUSIP NO. 457989101 PAGE 8 OF 48 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
J.M.R. BARKER FOUNDATION
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 50,100
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
50,100
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
50,100
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.36%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION
<PAGE> 9
SCHEDULE 13D
CUSIP NO. 457989101 PAGE 9 OF 48 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
QUAKER HILL ASSOCIATES, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 15,000
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
15,000
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.11%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 OF 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 10
SCHEDULE 13D
CUSIP NO. 457989101 PAGE 10 OF 48 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
UPLAND ASSOCIATES L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 37,900
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
37,900
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
37,900
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.27%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 11
SCHEDULE 13D
CUSIP NO. 457989101 PAGE 11 OF 48 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
NAMAKAGON ASSOCIATES, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 100,400
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
100,400
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
100,400
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.73%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 12
SCHEDULE 13D
CUSIP NO. 457989101 PAGE 12 OF 48 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FAMILY PARTNERS & CO.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING 131,320
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
131,320
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
131,320
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.95%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 13
SCHEDULE 13D
CUSIP NO. 457989101 PAGE 13 OF 48 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FRONTIER PARTNERS & CO.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 93,380
REPORTING
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
93,380
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
93,380
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.67%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE AND THE SIGNATURE ATTESTATION
<PAGE> 14
SCHEDULE 13D
CUSIP NO. 457989101 PAGE 14 OF 48 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Knowlton Brothers, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /x/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
224,700
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
224,700
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.62%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
2 of 7
<PAGE> 15
SCHEDULE 13D
CUSIP NO. 457989101 PAGE 15 OF 48 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
KNOWLTON ASSOCIATES, INC.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW YORK
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
93,380
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
93,380
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.67%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 16
SCHEDULE 13D
CUSIP NO. 457989101 PAGE 16 OF 48 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
WINTHROP KNOWLTON
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
369,500
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
369,500
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.67%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 17
SCHEDULE 13D
CUSIP NO. 457989101 PAGE 17 OF 48 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
STANLEY KNOWLTON
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /x/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
369,500
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
369,500
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* /x/
THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES SHARES DEEMED TO BE HELD BY
STANLEY KNOWLTON'S WIFE.
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.67%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 18
SCHEDULE 13D
CUSIP NO. 457989101 PAGE 18 OF 48 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Christopher Knowlton
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
144,800
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
144,800
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.05%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 19
SCHEDULE 13D
CUSIP NO. 457989101 PAGE 19 OF 48 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert R. Barker
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
299,400
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
299,400
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.16%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE> 20
SCHEDULE 13D
CUSIP NO. 457989101 PAGE 20 OF 48 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Dwight E. Lee
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) /X/
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
414,800
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
414,800
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.07%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURES ATTESTATION.
<PAGE> 21
Page 21 of 48 Pages
AMENDMENT NO. 1 TO SCHEDULE 13D
This Amendment No. 1 to Schedule 13D is filed by the Reporting
Persons identified in Item 2 below. As a result of the sales of equity
securities listed below, the Reporting Persons, individually or in the
aggregate, ceased to be the beneficial owner of 5% or more of the Common Stock
(as defined below) of the Issuer (as defined below).
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 Integrated Packaging
Assembly Corporation, a California corporation (the "Issuer"), whose principal
executive offices are located at 2221 Oakland Road, San Jose, California 95131.
Item 2. Identity and Background
(a) - (c) and (f). The persons filing this statement are: The Family
Partnership, L.P., a Delaware limited partnership (the "Family Partnership"),
The Frontier Partnership, L.P., a Delaware limited partnership (the "Frontier
Partnership"), The Darwin Partnership, L.P., a Delaware limited partnership (the
"Darwin Partnership"), Flagship Partners, Ltd., a British Virgin Islands
corporation ("Flagship"), Darwin Partners, Ltd., a British Virgin Islands
corporation ("Darwin, Ltd."), Barker, Lee & Co., Limited Partnership, a
Connecticut limited partnership ("Barker, Lee & Co."), the J.M.R. Barker
Foundation, a New York not-for-profit corporation (the "Foundation"), Quaker
Hill Associates,
<PAGE> 22
Page 22 of 48 Pages
L.P., a Delaware limited partnership ("Quaker Hill"), Upland Associates, L.P. a
Delaware limited partnership ("Upland"), Namakagon Associates, L.P., a Delaware
limited partnership ("Namakagon"), Family Partners & Co., a New York general
partnership (the "Family GP"), Frontier Partners & Co., a New York general
partnership (the "Frontier GP" and, together with the Family GP, the "GPs"),
Knowlton Brothers, Inc., a New York corporation ("KBI"), Knowlton Associates,
Inc., a New York corporation ("KAI"), Winthrop Knowlton ("WK"), Stanley Knowlton
("SK"), Christopher Knowlton ("CK"), Robert R. Barker ("RB") and Dwight E. Lee
("DL") (collectively, the "Reporting Persons").
The Family Partnership, the Frontier Partnership and the Darwin
Partnership are engaged in the business of investing in the shares of publicly
traded equity securities of select issuers for the purpose of generating
long-term capital gains for their partners. The principal office and business
address of each of the Family Partnership, the Frontier Partnership and the
Darwin Partnership is c/o Knowlton Brothers, Inc., 530 Fifth Avenue, New York,
New York 10036.
Flagship and Darwin, Ltd. are engaged in the business of investing
in the shares of publicly traded equity securities of select issuers for the
purpose of generating long-term capital gains for their members. The principal
office and business address of each of Flagship and Darwin, Ltd. is c/o Deltec
Panamerica Trust Company Limited, Deltec House, P.O. Box N-3229, Lyford Cay,
Nassau,
<PAGE> 23
Page 23 of 48 Pages
Bahamas. KBI is the investment advisor to Flagship and Darwin, Ltd.
Each of Barker, Lee & Co., the Foundation, Quaker Hill, Upland and
Namakagon is engaged in the making of capital investments for their own
accounts. The Foundation is also engaged in making charitable contributions. The
principal office and business address of each of Barker, Lee & Co., the
Foundation, Quaker Hill, Upland and Namakagon is c/o Barker, Lee & Co., 530
Fifth Avenue, New York, New York 10036.
The GPs are primarily engaged in the business of serving as the
general partners of the Family Partnership and the Frontier Partnership. The
principal business and office address of the GPs is c/o Knowlton Brothers, Inc.,
530 Fifth Avenue, New York, New York 10036. The GPs are each jointly controlled
by KBI and KAI. The sole shareholders and directors of KBI and KAI are WK and
SK.
KBI is a personal holding company of WK and SK, and its principal
business and office address is 530 Fifth Avenue, New York, New York 10036.
KAI is a personal holding company of WK, and its principal business
and office address is c/o Knowlton Brothers, Inc., 530 Fifth Avenue, New York,
New York 10036.
The principal occupation of each of WK and SK is serving as a
managing director of the GPs, as a general partner of the Darwin Partnership and
as an officer and director of the investment advisor to each of Flagship and
Darwin, Ltd. WK and SK are each citizens of the United States, and the business
address of each of
<PAGE> 24
Page 24 of 48 Pages
WK and SK is c/o Knowlton Brothers, Inc., 530 Fifth Avenue, New York, New York
10036.
The principal occupation of CK is serving as an officer of KBI, as a
general partner of the Darwin Partnership and as a consultant to the investment
advisor to each of Flagship and Darwin, Ltd. CK is a citizen of the United
States, and the business address of CK is c/o Knowlton Brothers, Inc., 530 Fifth
Avenue, New York, New York 10036.
The principal occupation of each of RB and DL is serving as a
general partner of the Darwin Partnership, Barker, Lee & Co. and Upland, as a
consultant to the investment advisor to Darwin, Ltd, and as an officer and
director of the Foundation. DL also serves as a general partner of Quaker Hill
and Namakagon. RB and DL are each citizens of the United States, and the
business address of each of RB and DL is c/o Barker, Lee & Co., 530 Fifth
Avenue, New York, New York 10036.
The Reporting Persons may be deemed to be a "group" within the
meaning of Rule 13d-5 under the Securities Exchange Act of 1934, as amended. A
copy of the Joint Filing Agreement among the Family Partnership, the Frontier
Partnership, the Darwin Partnership, Flagship, Darwin, Ltd., Barker, Lee & Co.,
the Foundation, Quaker Hill, Upland, Namakagon, the GPs, KBI, KAI, WK, SK, CK,
RB and DL is annexed hereto as Exhibit A.
Attached as Schedule 1 hereto and incorporated by reference herein
is a table setting forth all the executive officers and directors of each
Reporting Person that is a
<PAGE> 25
Page 25 of 48 Pages
corporation and the business address, position, principal employment or
occupation and citizenship of each such person.
(d) and (e). During the last five years, none of the Reporting
Persons or the persons listed on Schedule 1 has been: convicted of any criminal
proceedings (excluding traffic violations or similar misdemeanors); or a party
to any civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of which 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 such
violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration
The aggregate purchase prices of the Common Stock purchased by each
Reporting Person is supplied in the following table, which includes information
concerning the source of funds for the purchase of Common Stock by each
Reporting Person.
<TABLE>
<CAPTION>
Reporting Person Aggregate Purchase Price Source
- ---------------- ------------------------ ------
<S> <C> <C>
Family Partnership $1,588,193.55 WC
Frontier Partnership $1,259,646.47 WC
Darwin Partnership $ 951,126.89 WC
Flagship $ 531,096.51 WC
Darwin Partners, Ltd. $ 128,258.47 WC
Barker, Lee & Co. $ 619,552.64 WC
Foundation $ 536,588.54 WC
</TABLE>
<PAGE> 26
Page 26 of 48 Pages
<TABLE>
<S> <C> <C>
Quaker Hill $ 142,360.54 WC
Upland $ 346,683.96 WC
Namakagon $ 874,489.38 WC
</TABLE>
Item 4. Purpose of Transaction
The Reporting Persons have acquired their shares of Common Stock
solely for investment. The Reporting Persons have no plans to seek control of
the Issuer.
The Reporting Persons may acquire additional shares of Common Stock
or other securities of the Issuer in the open market, in privately negotiated
transactions with third parties or otherwise, depending upon the price and
availability of the securities, general economic and stock market conditions and
other factors.
The Reporting Persons, however, may -- and expressly reserve the
right to -- dispose of some or all of their shares of Common Stock in the open
market, in privately negotiated transactions to third parties or otherwise,
depending upon the same factors.
Except as set forth above, the Reporting Persons have no present
plans or intentions which would result in or relate to any of the transactions
required to be described in Item 4 of Schedule 13D.
Although the foregoing represents the range of activities currently
contemplated by the Reporting Persons with respect to the Common Stock, the
intentions and the possible activities of the Reporting Persons are subject to
change at any time.
<PAGE> 27
Page 27 of 48 Pages
Item 5. Interest in Securities of the Issuer
(a) The Reporting Persons own beneficially an aggregate amount of
639,500 shares of Common Stock, constituting approximately 4.62% of the shares
of the Common Stock outstanding, as reflected in information obtained directly
from the Issuer.
The Family Partnership is the beneficial owner of 131,320 shares of
Common Stock owned by it directly. The Frontier Partnership is the beneficial
owner of 93,380 shares of Common Stock owned by it directly. The Darwin
Partnership is the beneficial owner of 144,800 shares of Common Stock owned by
it directly. Flagship does not own any shares of Common Stock. Darwin, Ltd. does
not own any shares of Common Stock. Barker, Lee & Co. is the owner of 66,600
shares of Common Stock owned by it directly. The Foundation is the owner of
50,100 shares of Common Stock owned by it directly. Quaker Hill is the owner of
15,000 shares of Common Stock owned by it directly. Upland is the owner of
37,900 shares of Common Stock owned by it directly. Namakagon is the owner of
100,400 shares of Common Stock owned by it directly.
The Family GP, the sole general partner of the Family Partnership,
may be deemed to be the beneficial owner of all the 131,320 shares of Common
Stock owned by the Family Partnership. The Family GP disclaims beneficial
ownership of those shares of Common Stock that represent the interests of the
limited partners of the Family Partnership.
<PAGE> 28
Page 28 of 48 Pages
The Frontier GP, the sole general partner of the Frontier
Partnership, may be deemed to be the beneficial owner of all the 93,380 shares
of Common Stock owned by the Frontier Partnership. The Frontier GP disclaims
beneficial ownership of those shares of Common Stock that represent the
interests of the limited partners of the Frontier Partnership.
KBI may be deemed to be the beneficial owner of 404,200 shares of
Common Stock. KBI may be deemed to be the beneficial owner of 224,700 shares
owned by the Family Partnership and the Frontier Partnership because it jointly
controls the GPs. KBI disclaims beneficial ownership of those shares of Common
Stock that represent the interest of KAI in the Frontier GP and the interests of
the limited partners of the Family Partnership and the Frontier Partnership.
KAI may be deemed to be the beneficial owner of all 93,380 shares of
Common Stock owned by the Frontier Partnership because it jointly controls the
Frontier GP. KAI disclaims beneficial ownership of those shares of Common Stock
that represent the interest of KBI in the Frontier GP and the interests of the
limited partners of the Frontier Partnership.
WK may be deemed to be the beneficial owner of 369,500 shares of
Common Stock, (i) 224,700 shares of which are owned by the Family Partnership
and the Frontier Partnership and may be deemed to be owned by WK because he
jointly controls the GPs, and (ii) 144,800 shares of which are owned by the
Darwin Partnership and may be deemed to be owned by WK because he is a general
partner
<PAGE> 29
Page 29 of 48 Pages
of the Darwin Partnership. WK disclaims beneficial ownership of those shares of
Common Stock which represent the interests of the other partners of the Family
Partnership, the Frontier Partnership and the Darwin Partnership.
SK may be deemed to be the beneficial owner of 369,500 shares of
Common Stock, (i) 224,700 shares of which are owned by the Family Partnership
and the Frontier Partnership and may be deemed to be owned by SK because he
jointly controls the GPs, and (ii) 144,800 shares of which are owned by the
Darwin Partnership and may be deemed to be owned by SK because he is a general
partner of the Darwin Partnership. The amount of beneficial ownership reported
with respect to SK on row (11) of Page No. 17 excludes shares of Common Stock
deemed to be owned by Margaret Knowlton, his wife, by virtue of her limited
partnership interest in the Family Partnership. SK disclaims beneficial
ownership of those shares of Common Stock which represent the interests of the
other partners of the Family Partnership, the Frontier Partnership and the
Darwin Partnership.
CK may be deemed to be the beneficial owner of 144,800 shares of
Common Stock which are owned by the Darwin Partnership and may be deemed to be
owned by CK because he is a general partner of the Darwin Partnership. CK
disclaims beneficial ownership of those shares of Common Stock which represent
the interests of the other partners of the Darwin Partnership.
RB may be deemed to be the beneficial owner of 299,400 shares of
Common Stock, (i) 249,300 shares of which are owned by
<PAGE> 30
Page 30 of 48 Pages
the Darwin Partnership, Barker, Lee & Co. and Upland and may be deemed to be
owned by RB because he is a general partner of each such entity, and (ii) 50,180
shares of which are owned by the Foundation and may be deemed to be owned by RB
because he is the President of the Foundation. RB disclaims beneficial ownership
of those shares of Common Stock which represent the interests of the other
partners of the Darwin Partnership, Barker, Lee & Co. and Upland and all of the
shares of Common Stock owned by Foundation.
DL may be deemed to be the beneficial owner of 414,800 shares of
Common Stock, (i) 364,700 shares of which are owned by the Darwin Partnership,
Barker, Lee & Co., Quaker Hill, Upland and Namakagon and may be deemed to be
owned by DL because he is a general partner of each such entity, and (ii) 50,100
shares of which are owned by the Foundation and may be deemed to be owned by DL
because he is a Vice President of the Foundation. DL disclaims beneficial
ownership of those shares of Common Stock which represent the interests of the
other partners of the Darwin Partnership, Barker, Lee & Co., Quaker Hill, Upland
and Namakagon and all of the shares of Common Stock owned by the Foundation.
(b) See pages 2 through 20 of this Schedule 13D.
(c) Within the past sixty days, the Reporting Persons sold shares of
Common Stock on the dates, in the amounts and at the prices per share set forth
on Schedule 2 attached hereto and incorporated by reference herein. All such
sales were made through NASDAQ. As a result of such sales the Reporting Persons,
<PAGE> 31
Page 31 of 48 Pages
individually or in the aggregate, ceased to be the beneficial owner of 5% or
more of the Shares.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
The Family Partnership was formed pursuant to the terms of the
Agreement of Limited Partnership, dated as of July 12, 1989. The Frontier
Partnership was formed pursuant to the terms of the Agreement of Limited
Partnership, dated as of October 11, 1991. The Darwin Partnership was formed
pursuant to the terms of the Agreement of Limited Partnership, dated as of
December 15, 1995. Barker, Lee & Co. was formed pursuant to the terms of its
Limited Partnership Agreement, dated as of February 1, 1973. The Foundation was
formed pursuant to the filing of its Certificate of Incorporation on June 19,
1968. Quaker Hill was formed pursuant to the terms of its Limited Partnership
Agreement, dated as of January 4, 1984. Upland was formed pursuant to the terms
of its Limited Partnership Agreement, dated as of July 24, 1985. Namakagon was
formed pursuant to the terms of its Limited Partnership Agreement, dated as of
November 1, 1987.
The business purpose of the Family Partnership, the Frontier
Partnership, the Darwin Partnership, Barker, Lee & Co., Quaker Hill, Upland and
Namakagon, as set forth in each of their respective partnership agreements, is
to make investments in securities of companies (i) the shares of which are
registered
<PAGE> 32
Page 32 of 48 Pages
under either Section 12(b) or Section 15(d) of the Securities Exchange Act of
1934, or are publicly traded on foreign securities exchanges and (ii) that are
recommended by their respective general partners or, in the case of Barker, Lee
& Co. and Quaker Hill, its managing partner.
Under the partnership agreements of the Family Partnership, the
Frontier Partnership, the Darwin Partnership, Upland and Namakagon, the general
partners have the full power and authority to carry out the purposes of the
partnership, including the power and authority to purchase or sell securities of
select issuers. Under the partnership agreements of Barker, Lee & Co. and Quaker
Hill, the managing partner has the full power and authority to carry out the
purposes of the partnership, including the power and authority to purchase or
sell securities of select issuers. Under the partnership agreements of the
Family Partnership, the Frontier Partnership, the Darwin Partnership and Upland,
the general partners of each such partnership have the power and authority to
admit additional limited partners to such partnership. Under the partnership
agreements of Barker, Lee & Co., Quaker Hill and Namakagon, all of the partners
must agree in order to admit additional limited partners to such partnership.
Flagship was formed on December 4, 1992 as a British Virgin Islands
corporation. Its shares have been offered in a non-public offering to non-U.S.
investors. The business purpose of Flagship, as set forth in its Information
Memorandum dated December 4, 1992, is to make investments in equity securities
of publicly-
<PAGE> 33
Page 33 of 48 Pages
traded U.S. companies. Under the Advisor Agreement of Flagship, KBI has full
authority and discretion to make investments on behalf of Flagship, subject to
the limitations set forth in the Advisor Agreement of Flagship, including sole
discretion in the management of its trading and investment transactions.
Darwin, Ltd. was formed on January 5, 1996 as a British Virgin
Islands corporation. Its shares have been offered in a non-public offering to
non-U.S. investors. The business purpose of Darwin, Ltd., as set forth in its
Information Memorandum dated January 5, 1996, is to make investments in equity
securities of publicly traded U.S. companies. Under the Advisor Agreement of
Darwin, Ltd., KBI has full authority and discretion to make investments on
behalf of Darwin, Ltd., subject to the limitations set forth in the Advisor
Agreement of Darwin, Ltd., including sole discretion in the management of
Darwin, Ltd.'s trading and investment transactions.
The Foundation was formed on June 19, 1968 as a New York
not-for-profit corporation. RB, DL and W.B. Barker have the power to make
investments in their discretion funded by the assets of the Foundation, such as
the purchase and sale of securities. Voting rights with respect to securities
held by the Foundation are vested in RB, DL and W.B. Barker. Accordingly, RB, DL
and W.B. Barker have the right to vote and dispose of the shares of Common Stock
held by the Foundation.
<PAGE> 34
Page 34 of 48 Pages
Item 7. Materials to be Filed as Exhibits
Exhibit A -- Joint Filing Agreement, dated February 25, 1998.
Exhibit B -- A conformed Agreement of Limited Partnership of The
Family Partnership, L.P., dated as of July 12, 1989.
Exhibit C -- A conformed Agreement of Limited Partnership of The
Frontier Partnership, L.P., dated as of October 11, 1991, as amended.
Exhibit D -- A conformed Agreement of Limited Partnership of The
Darwin Partnership, L.P., dated as of December 15, 1995.
Exhibit E -- A conformed Investment Advisor Agreement between
Flagship Partners, Ltd. and Knowlton Brothers, Inc., dated as of December 4,
1992.
Exhibit F -- A conformed Investment Advisor Agreement between Darwin
Partners, Ltd. and Knowlton Brothers, Inc., dated as of January 5, 1996.
Exhibit G -- A conformed Second Amended and Restated Limited
Partnership Agreement of Barker, Lee & Co., Limited Partnership, dated as of
July 1, 1995.
Exhibit H -- A conformed Amended and Restated Limited Partnership
Agreement of Quaker Hill Associates, L.P., dated as of July 1, 1995.
Exhibit I -- A conformed Amended and Restated Limited Partnership
Agreement of Upland Associates, L.P., dated as of July 1, 1995.
<PAGE> 35
Page 35 of 48 Pages
Exhibit J -- A conformed Amended and Restated Limited Partnership
Agreement of Namakagon Associates, L.P., dated as of July 1, 1995.
<PAGE> 36
Page 36 of 48 Pages
SIGNATURES
After reasonable inquiry and to the best of our knowledge and
belief, we certify that the information set forth in this statement is true,
complete and correct.
Dated: February 25, 1998
THE FRONTIER PARTNERSHIP, L.P. THE FAMILY PARTNERSHIP, L.P.
By: Frontier Partners & Co., By: Family Partners & Co.,
as general partner as general partner
By: Knowlton Brothers, Inc., By: Knowlton Brothers, Inc.,
as general partner as general partner
By: /s/ Stanley Knowlton By: /s/ Stanley Knowlton
------------------------------- -------------------------------
Name: Stanley Knowlton Name: Stanley Knowlton
Title: President Title: President
THE DARWIN PARTNERSHIP, L.P. DARWIN PARTNERS, LTD.
By: Knowlton Brothers, Inc.,
By: /s/ Stanley Knowlton as Investment Advisor
-------------------------------
Name: Stanley Knowlton
Title: General Partner
By: /s/ Stanley Knowlton
-------------------------------
Name: Stanley Knowlton
Title: President
BARKER, LEE & CO. QUAKER HILL ASSOCIATES, L.P.
By: /s/ Dwight E. Lee By: /s/ Dwight E. Lee
------------------------------- -------------------------------
Name: Dwight E. Lee Name: Dwight E. Lee
Title: General Partner Title: General Partner
J.M.R. BARKER FOUNDATION
By: /s/ Dwight E. Lee
-------------------------------
Name: Dwight E. Lee
Title: Vice President
<PAGE> 37
Page 37 of 48 Pages
UPLAND ASSOCIATES, L.P. NAMAKAGON ASSOCIATES, L.P.
By: /s/ Dwight E. Lee By: /s/ Dwight E. Lee
------------------------------- -------------------------------
Name: Dwight E. Lee Name: Dwight E. Lee
Title: General Partner Title: General Partner
FLAGSHIP PARTNERS, LTD. FAMILY PARTNERS & CO.
By: Knowlton Brothers, Inc., By: Knowlton Brothers, Inc.,
as Investment Advisor as general partner
By: /s/ Stanley Knowlton By: /s/ Stanley Knowlton
------------------------------- -------------------------------
Name: Stanley Knowlton Name: Stanley Knowlton
Title: President Title: President
FRONTIER PARTNERS & CO. KNOWLTON BROTHERS, INC.
By: Knowlton Brothers, Inc.,
as general partner
By: /s/ Winthrop Knowlton By: /s/ Winthrop Knowlton
------------------------------- -------------------------------
Name: Winthrop Knowlton Name: Winthrop Knowlton
Title: Chairman Title: Chairman
KNOWLTON ASSOCIATES, INC.
By: /s/ Winthrop Knowlton /s/ Winthrop Knowlton
------------------------------- -------------------------------
Name: Winthrop Knowlton WINTHROP KNOWLTON
Title: Chairman
/s/ Stanley Knowlton /s/ Christopher Knowlton
------------------------------- -------------------------------
STANLEY KNOWLTON CHRISTOPHER KNOWLTON
/s/ Dwight E. Lee /s/ Robert R. Barker
------------------------------- -------------------------------
DWIGHT E. LEE ROBERT R. BARKER
<PAGE> 38
Page 38 of 48 Pages
SCHEDULE 1
LIST OF DIRECTORS AND EXECUTIVE OFFICERS
Name, Position and Principal
Business Address* Occupation or Employment
----------------- ------------------------
A. KNOWLTON BROTHERS, INC.
Winthrop Knowlton Investment Manager
Chairman of the Board and
Treasurer
c/o Knowlton Brothers, Inc.
530 Fifth Avenue
New York NY 10036-3101
Stanley Knowlton Investment Manager
President, Secretary and
Director
c/o Knowlton Brothers, Inc.
530 Fifth Avenue
New York NY 10036-3101
B. KNOWLTON ASSOCIATES, INC.
Winthrop Knowlton Investment Manager
President, Secretary,
Treasurer and Director
c/o Knowlton Brothers, Inc.
530 Fifth Avenue
New York NY 10036-3101
C. FLAGSHIP PARTNERS, LTD.
David Pringle McNaughtan Fund Administrator
Director and President
c/o Deltec Panamerica Trust
Company Limited
Deltec House
P.O. Box N-3229
Lyford Cay
Nassau, Bahamas
<PAGE> 39
Page 39 of 48 Pages
Gordon Bradshaw Fund Administrator
Director and Treasurer
c/o Deltec Panamerica Trust
Company Limited
Deltec House
P.O. Box N-3229
Lyford Cay
Nassau, Bahamas
Ansel A. Watson Fund Administrator
Director and Secretary
c/o Deltec Panamerica Trust
Company Limited
Deltec House
P.O. Box N-3229
Lyford Cay
Nassau, Bahamas
Jennifer E. Rahming Fund Administrator
Director
c/o Deltec Panamerica Trust
Company Limited
Deltec House
P.O. Box N-3229
Lyford Cay
Nassau, Bahamas
D. DARWIN PARTNERS, LTD.
Patricia N. Sandford Fund Administrator
Director and President
c/o Deltec Panamerica Trust
Company Limited
Deltec House
P.O. Box N-3229
Lyford Cay
Nassau, Bahamas
Gordon Bradshaw Fund Administrator
Director and Treasurer
c/o Deltec Panamerica Trust
Company Limited
Deltec House
P.O. Box N-3229
Lyford Cay
Nassau, Bahamas
<PAGE> 40
Page 40 of 48 Pages
Andre J. Feldman Fund Administrator
Director and Secretary
c/o Deltec Panamerica Trust
Company Limited
Deltec House
P.O. Box N-3229
Lyford Cay
Nassau, Bahamas
Jennifer E. Rahming Fund Administrator
Director
c/o Deltec Panamerica Trust
Company Limited
Deltec House
P.O. Box N-3229
Lyford Cay
Nassau, Bahamas
E. J.M.R. BARKER FOUNDATION
Robert R. Barker Investment Manager
President and Director (U.S.A.)
530 Fifth Avenue
New York NY 10036
Elizabeth S. Barker Artist
Vice President and
Director (U.S.A.)
809 Oenoke Road
New Canaan CT 06840
W. Benjamin Barker CEO
Vice President and
Director (U.S.A.)
Data Race
11550 1H-10 West, Suite 395
San Antonio TX 78230
Dwight E. Lee Investment Manager
Vice President
and Director (U.S.A.)
530 Fifth Avenue
New York NY 10036
Robert P. Connor Estate Planner
Treasurer and Director (U.S.A.)
United States Trust Company
of New York
114 West 47th Street
New York NY 10036
<PAGE> 41
Page 41 of 48 Pages
Richard Kahn Retired Attorney
Asst. Secretary and
Director (U.S.A.)
224 West Lake Drive
Montauk NY 11954
Maureen Hopkins Office Manager
Admin. Secretary (U.S.A.)
530 Fifth Avenue
New York NY 10036
Donna Rosario Controller
Asst. Treasurer (U.S.A.)
530 Fifth Avenue
New York NY 10036
Ann Barker Teacher
Director (U.S.A.)
P.O. Box 78
East Middlebury VT 05740
Margaret W. Barker Clark Teacher
Director (U.S.A.)
Box 86
Grafton VT 05146
John W. Holman, Jr. Investment Manager
Director (U.S.A.)
17 State Street
New York NY 10004
- ----------
* Each director and executive officer listed herein is a citizen of the
United States of America, except for the directors and executive officers
of Flagship and Darwin, Ltd., who are each a citizen of the Bahamas.
<PAGE> 42
Page 42 of 48 Pages
SCHEDULE 2
Transactions in Common Stock
of Integrated Package Assembly Corporation
Effected Since December 23, 1997
<TABLE>
<CAPTION>
THE FAMILY PARTNERSHIP, L.P.
No. of Shares Sales
of Common Stock Price Per
Trade Date Sold Share
- ---------- --------------- ---------
<S> <C> <C>
2/9/98 5,000 $0.91
2/19/98 38,000 $1.23
2/20/98 11,000 $1.10
<CAPTION>
THE FRONTIER PARTNERSHIP, L.P.
No. of Shares Sales
of Common Stock Price Per
Trade Date Sold Share
- ---------- --------------- ---------
<S> <C> <C>
12/30/97 9,020 $0.56
2/9/98 5,000 $0.91
2/19/98 32,000 $1.23
2/20/98 9,000 $1.10
<CAPTION>
QUAKER HILL ASSOCIATES, L.P.
No. of Shares Sales
of Common Stock Price Per
Trade Date Sold Share
- ---------- --------------- ---------
<S> <C> <C>
12/27/97 1,100 $0.53
<CAPTION>
UPLAND ASSOCIATES, L.P.
No. of Shares Sales
of Common Stock Price Per
Trade Date Sold Share
- ---------- --------------- ---------
<S> <C> <C>
2/4/98 1,200 $0.94
2/11/98 900 $1.00
</TABLE>
<PAGE> 43
Page 43 of 48 Pages
<TABLE>
<CAPTION>
J.M.R. BARKER FOUNDATION
No. of Shares Sales
of Common Stock Price Per
Trade Date Sold Share
- ---------- --------------- ---------
<S> <C> <C>
12/24/97 2,600 $0.53
<CAPTION>
FLAGSHIP PARTNERS, LTD.
No. of Shares Sales
of Common Stock Price Per
Trade Date Sold Share
- ---------- --------------- ---------
<S> <C> <C>
12/30/97 59,980 $0.56
<CAPTION>
DARWIN PARTNERS, LTD.
No. of Shares Sales
of Common Stock Price Per
Trade Date Sold Share
- ---------- --------------- ---------
<S> <C> <C>
12/30/97 18,800 $0.56
</TABLE>
<PAGE> 44
Page 44 of 48 Pages
Index to Exhibits
Exhibit Page No.
------- --------
1. Exhibit A -- Joint Filing Agreement, 45
dated February 25, 1998.
<PAGE> 1
Page 45 of 48 Pages
EXHIBIT A
JOINT FILING AGREEMENT
The Family Partnership, L.P., The Frontier Partnership, L.P., The
Darwin Partnership, L.P., Flagship Partners, Ltd., Darwin Partners, Ltd.,
Barker, Lee & Co., the J.M.R. Barker Foundation, Quaker Hill Associates, L.P.,
Upland Associates, L.P., Namakagon Associates, L.P., Family Partners & Co.,
Frontier Partners & Co., Knowlton Brothers, Inc., Knowlton Associates, Inc.,
Winthrop Knowlton, Stanley Knowlton, Christopher Knowlton, Robert R. Barker and
Dwight E. Lee each hereby agree that the Schedule 13D filed herewith and any
amendments thereto relating to the acquisition of shares of Common Stock of
Integrated Package Assembly Corporation is filed jointly on behalf of each such
person.
Dated: February 25, 1998
THE FAMILY PARTNERSHIP, L.P.
By: Family Partners & Co.,
as general partner
By: Knowlton Brothers, Inc.,
as general partner
By: /s/ Stanley Knowlton
-----------------------------
Name: Stanley Knowlton
Title: President
<PAGE> 2
Page 46 of 48 Pages
THE FRONTIER PARTNERSHIP, L.P.
By: Frontier Partners & Co.,
as general partner
By: Knowlton Brothers, Inc.,
as general partner
By: /s/ Stanley Knowlton
-----------------------------
Name: Stanley Knowlton
Title: President
THE DARWIN PARTNERSHIP, L.P.
By: /s/ Stanley Knowlton
-----------------------------
Name: Stanley Knowlton
Title: General Partner
BARKER, LEE & CO.
By: /s/ Dwight E. Lee
-----------------------------
Name: Dwight E. Lee
Title: General Partner
J.M.R. BARKER FOUNDATION
By: /s/ Dwight E. Lee
-----------------------------
Name: Dwight E. Lee
Title: Vice President
QUAKER HILL ASSOCIATES, L.P.
By: /s/ Dwight E. Lee
-----------------------------
Name: Dwight E. Lee
Title: General Partner
UPLAND ASSOCIATES, L.P.
By: /s/ Dwight E. Lee
-----------------------------
Name: Dwight E. Lee
Title: General Partner
<PAGE> 3
Page 47 of 48 Pages
NAMAKAGON ASSOCIATES, L.P.
By: /s/ Dwight E. Lee
-----------------------------
Name: Dwight E. Lee
Title: General Partner
FLAGSHIP PARTNERS, LTD.
By: Knowlton Brothers, Inc.,
as Investment Advisor
By: /s/ Stanley Knowlton
-----------------------------
Name: Stanley Knowlton
Title: President
DARWIN PARTNERS, LTD.
By: Knowlton Brothers, Inc.,
as Investment Advisor
By: /s/ Stanley Knowlton
-----------------------------
Name: Stanley Knowlton
Title: President
FAMILY PARTNERS & CO.
By: Knowlton Brothers, Inc.,
as general partner
By: /s/ Stanley Knowlton
-----------------------------
Name: Stanley Knowlton
Title: President
FRONTIER PARTNERS & CO.
By: Knowlton Brothers, Inc.,
as general partner
By: /s/ Winthrop Knowlton
-----------------------------
Name: Winthrop Knowlton
Title: Chairman
<PAGE> 4
Page 48 of 48 Pages
KNOWLTON BROTHERS, INC.
By: /s/ Winthrop Knowlton
-----------------------------
Name: Winthrop Knowlton
Title: Chairman
KNOWLTON ASSOCIATES, INC.
By: /s/ Winthrop Knowlton
-----------------------------
Name: Winthrop Knowlton
Title: Chairman
/s/ Winthrop Knowlton
-----------------------------
WINTHROP KNOWLTON
/s/ Stanley Knowlton
-----------------------------
STANLEY KNOWLTON
/s/ Christopher Knowlton
-----------------------------
CHRISTOPHER KNOWLTON
/s/ Robert R. Barker
-----------------------------
ROBERT R. BARKER
/s/ Dwight E. Lee
-----------------------------
DWIGHT E. LEE
