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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)
ITLA Capital Corporation
(Name of Issuer)
Common Stock, $.01 par value
(Title of Class of Securities)
450565106
(CUSIP Number)
Orin S. Kramer
Kramer Spellman, L.P.
2050 Center Avenue, Suite 300
Fort Lee, New Jersey
07024
(201) 592-1234
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 30, 1997
(Date of Event which Requires Filing 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 [ ].
Page 1 of 14
Exhibit Index Appears on Page 13
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SCHEDULE 13D
CUSIP No. 450565106
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Kramer Spellman L.P.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable a[ ]
b[ ]
3. SEC USE ONLY
4. SOURCE OF FUNDS*
OO
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
None
8. SHARED VOTING POWER
SHARES
BENEFICIALLY 586,300
OWNED BY
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON None
WITH
10. SHARED DISPOSITIVE POWER
586,300
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
586,300
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.49%
14. TYPE OF REPORTING PERSON*
PN
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SCHEDULE 13D
CUSIP No. 450565106
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Orin S. Kramer
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable a[ ]
b[ ]
3. SEC USE ONLY
4. SOURCE OF FUNDS*
OO
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
7. SOLE VOTING POWER
None
8. SHARED VOTING POWER
SHARES
BENEFICIALLY 586,300
OWNED BY
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON None
WITH
10. SHARED DISPOSITIVE POWER
586,300
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
586,300
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.49%
14. TYPE OF REPORTING PERSON*
IN
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SCHEDULE 13D
CUSIP No. 450565106
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jay Spellman
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
Not Applicable a[ ]
b[ ]
3. SEC USE ONLY
4. SOURCE OF FUNDS*
OO
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
7. SOLE VOTING POWER
None
8. SHARED VOTING POWER
SHARES
BENEFICIALLY 586,300
OWNED BY
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON None
WITH
10. SHARED DISPOSITIVE POWER
586,300
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
586,300
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.49%
14. TYPE OF REPORTING PERSON*
IN
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The following is an amended and restated Schedule 13D by the
Reporting Persons. The Schedule 13D was initially filed by the Reporting
Persons on March 21, 1996 and was subsequently amended by Amendment No. 1,
filed with the Securities and Exchange Commission (the "Commission") on March
29, 1996 and Amendment No. 2, filed with the Commission on April 24, 1996, and
constitutes Amendment No. 3 to the Schedule 13D.
Item 1. Security and Issuer
This statement on Schedule 13D (the "Statement") relates to
the Common Stock, par value $.01 per share (the "Common Stock"), of ITLA Capital
Corporation, a Delaware corporation (the "Company"). The principal executive
offices of the Company are located at 7979 Ivanhoe Avenue, Suite 100, La Jolla,
California 92037.
Item 2. Identity and Background
The Statement is being filed by (1) Kramer Spellman L.P., a
Delaware limited partnership ("KS"), (2) Orin S. Kramer, a United States
citizen, in his capacity as one of the two general partners of KS ("Mr.
Kramer"), and (3) Jay Spellman, a United States citizen, in his capacity as one
of the two general partners of KS ("Mr. Spellman"). KS, Mr. Kramer and Mr.
Spellman are sometimes collectively referred to herein as the "Reporting
Persons".
KS serves as a general partner to investment partnerships and
as a discretionary investment manager to managed accounts. The principal offices
of KS are located at 2050 Center
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Avenue, Suite 300, Fort Lee, New Jersey 07024, which is also the business
address of Mr. Kramer and Mr. Spellman.
The shares of Common Stock which are the subject of this
Statement are held directly by investment partnerships for which KS serves as
the general partner and managed accounts for which KS serves as discretionary
investment manager (collectively, the "Partnerships and Managed Accounts").
None of the Reporting Persons has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors) during the
last five years.
During the last five years, none of the Reporting Persons has
been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.
Item 3. Sources and Amounts of Funds or Other Consideration
The Partnerships and Managed Accounts expended an aggregate of
approximately $7,920,361 (including brokerage commissions, if any) to purchase
the 586,300 shares of Common Stock held by them. The Partnerships and Managed
Accounts regularly effect purchases of securities through margin accounts
maintained for them with Morgan Stanley & Co. Incorporated, which extends margin
credit to the Partnerships or Managed Accounts, as the case may be, as and when
required to open or carry positions in the margin account, subject to applicable
Federal margin
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regulations, stock exchange rules and the firm's credit policies. The
positions held in this margin account are pledged as collateral security for
the repayment of debit balances in the account.
Item 4. Purpose of Transaction
The purpose of the acquisition of the shares of Common Stock
by each of the Reporting Persons is for investment. Each Reporting Person may
make further purchases of Common Stock from time to time and may dispose of any
or all of the shares of Common Stock held by it at any time.
The Reporting Persons are engaged in the investment business.
In pursuing this business, the Reporting Persons analyze the operations, capital
structure and markets of companies in which they invest, including the Company,
on a continuous basis through analysis of documentation and discussions with
knowledgeable industry and market observers and with representatives of such
companies (often at the invitation of management). The Reporting Persons do not
believe they possess material inside information concerning the Company. From
time to time, one or more of the Reporting Persons may hold discussions with
third parties or with management of such companies in which the Reporting Person
may suggest or take a position with respect to potential changes in the
operations, management or capital structure of such companies as a means of
enhancing shareholder value. Such suggestions or positions may relate to one or
more of the transactions specified in clauses (a) through (j) of Item 4 of the
Schedule 13D, including, without
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limitation, such matters as disposing of or selling all or a
portion of the company or acquiring another company or business, changing
operating or marketing strategies, adopting or not adopting certain types of
anti-takeover measures and restructuring the company's capitalization or
dividend policy. However, none of the Reporting Persons intends to seek control
of the Company or participate in the management of the Company.
Except as set forth above, the Reporting Persons do not have
any present plans or proposals that relate to or would result in any of the
actions required to be described in Item 4 of Schedule 13D.
Each of the Reporting Persons may, at any time, review or
reconsider its position with respect to the Company and formulate plans or
proposals with respect to any of such matters, but has no present intention of
doing so.
Item 5. Interest in Securities of the Issuer
(a)-(b) On the date of this Statement:
(i) Mr. Kramer has beneficial ownership for
purposes of Section 13(d) of the Securities Exchange Act of 1934 ("Beneficial
Ownership") of 586,300 shares of Common Stock by virtue of his position as one
of the two general partners of KS. Such shares represent 7.49% of the issued
and outstanding Common Stock. Mr. Kramer shares voting power and
dispositive power over the Common Stock with Mr. Spellman and KS.
(ii) Mr. Spellman has Beneficial Ownership of
586,300 of Common Stock by virtue of his position as one of the two general
partners of KS. Such shares represent 7.49% of the
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issued and outstanding Common Stock. Mr. Spellman shares voting power and
dispositive power over the Common Stock with Mr. Kramer and KS.
(iii) KS has Beneficial Ownership of 586,300
shares of Common Stock by virtue of its position as general partner of, or
discretionary investment manager to, the Partnerships and Managed Accounts, as
the case the may be, holding such shares of Common Stock. Such shares
represent 7.49% of the issued and outstanding Common Stock. KS shares voting
power and dispositive power over such shares with Mr. Kramer and Mr. Spellman.
The percentages used herein are calculated based upon the
7,827,750 shares of Common Stock stated to be issued and outstanding as of March
7, 1997, as reflected in the Company's Annual Report on Form 10-K for fiscal
year ended December 31, 1996.
(c) The trading dates, number of shares purchased or sold and
price per share (including commissions, if any) for all transactions by the
Reporting Persons during the past 60 days are set forth in Schedule I hereto.
All such transactions were over-the-counter transactions.
(d) No person other than each respective record owner referred
to herein of shares of Common Stock is known to have the right to receive or the
power to direct the receipt of dividends from or the proceeds of sale of shares
of Common Stock.
(e) Not applicable.
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Item 6. Contracts, Arrangements, Understandings, or Relationships with Respect
to Securities of the Issuer.
None.
Item 7. Material to be Filed as Exhibits
Exhibit 99: Joint Filing Agreement among the Reporting
Persons.
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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.
May 2, 1997.
KRAMER SPELLMAN L.P.
By: /s/ Orin S. Kramer
Name: Orin S. Kramer
Title: a General Partner
By: /s/ Jay Spellman
Name: Jay Spellman
Title: a General Partner
/s/ Orin S. Kramer
Orin S. Kramer
/s/ Jay Spellman
Jay Spellman
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Schedule I
Date Shares Sold Price Per Share
3/3/97 2,000 $17.075
4/30/97 25,000 14.249
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Exhibit Index
Exhibit Page No.
Exhibit 99: Joint Filing Agreement, dated 13
May 2, 1997, among Kramer Spellman,
L.P., Orin S. Kramer and Jay Spellman
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EXHIBIT 99
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on Schedule
13D dated May 2, 1997 with respect to the Common Stock of ITLA Capital
Corporation is, and any amendments thereto signed by each of the undersigned
shall be, filed on behalf of each of us pursuant to and in accordance with the
provisions of Rule 13d-1(f) under the Securities Exchange Act of 1934.
This Agreement may be executed in counterparts, each of which
shall for all purposes be deemed to be an original and all of which shall
constitute one and the same instrument.
Dated: May 2, 1997
KRAMER SPELLMAN L.P.
By: /s/ Orin S. Kramer
Name: Orin S. Kramer
Title: a General Partner
By: /s/ Jay Spellman
Name: Jay Spellman
Title: a General Partner
/s/ Orin S. Kramer
Orin S. Kramer
/s/ Jay Spellman
Jay Spellman
