View:
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
LINCOLN EDUCATIONAL SERVICES CORPORATION
-----------------
(Name of Issuer)
Common Stock, No Par Value Per Share
-----------------------------
(Title of Class of Securities)
533535100
---------
(CUSIP Number)
Gregory D. Hitchan
Blum Capital Partners, L.P.
909 Montgomery Street, Suite 400
San Francisco, CA 94133
(415) 434-1111
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 28, 2005
--------------
(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 [ ].
*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 13
CUSIP NO. 533535100 SCHEDULE 13D Page 2 of 13
- ------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM CAPITAL PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-3205364
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION California
- ------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 1,354,064**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 1,354,064**
- ------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,354,064**
- ------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.4%**
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN, IA
- ------------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 533535100 SCHEDULE 13D Page 3 of 13
- ------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON RICHARD C. BLUM & ASSOCIATES, INC.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-2967812
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
- ------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
- ------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- ------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION California
- ------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 1,354,064**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 1,354,064**
- ------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,354,064**
- ------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- ------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.4%**
- ------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
- ------------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 533535100 SCHEDULE 13D Page 4 of 13
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 04-3809436
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
- -----------------------------------------------------------------------------
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 -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 1,354,064**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 1,354,064**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,354,064**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.4%**
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
- -----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 533535100 SCHEDULE 13D Page 5 of 13
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 02-0742606
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
- -----------------------------------------------------------------------------
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 -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 1,354,064**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 1,354,064**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,354,064**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.4%**
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
- -----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 533535100 SCHEDULE 13D Page 6 of 13
- -----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON SADDLEPOINT PARTNERS GP, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 83-0424234
- -----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
- -----------------------------------------------------------------------------
3. SEC USE ONLY
- -----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
- -----------------------------------------------------------------------------
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 -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 1,354,064**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 1,354,064**
- -----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,354,064**
- -----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- -----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.4%**
- -----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
- -----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 533535100 SCHEDULE 13D Page 7 of 13
Item 1. Security and Issuer
- ----------------------------
This Schedule 13D relates to shares of common stock, no par value per
share (the "Common Stock") of Lincoln Educational Services Corporation,
a New Jersey corporation (the "Issuer"). The principal executive office
and mailing address of the Issuer is 200 Executive Drive, Suite 340, West
Orange, NJ 07052.
Item 2. Identity and Background
- --------------------------------
This Schedule 13D is being filed by Blum Capital Partners, L.P., a
California limited partnership, ("Blum L.P."); Richard C. Blum & Associates,
Inc., a California corporation ("RCBA Inc."); Blum Strategic GP III, L.L.C.,
a Delaware limited liability company ("Blum GP III"); Blum Strategic GP III,
L.P., a Delaware limited partnership ("Blum GP III LP"); and Saddlepoint
Partners GP, L.L.C., a Delaware limited liability company ("Saddlepoint GP")
(collectively, the "Reporting Persons").
Blum L.P. is a California limited partnership whose principal business is
acting as general partner for investment partnerships and providing investment
advisory services. Blum L.P. is an investment advisor registered with the
Securities and Exchange Commission. The sole general partner of Blum L.P. is
RCBA Inc.
The principal business office address of Blum L.P. and RCBA Inc. is 909
Montgomery Street, Suite 400, San Francisco, California 94133. The names of
the executive officers and directors of RCBA Inc., their addresses, citizenship
and principal occupations are as follows:
Name and Business Citizenship Principal Occupation
Office Held Address or Employment
- -------------------- ----------------------- --------- --------------------
Richard C. Blum 909 Montgomery St. USA President & Chairman,
President, Suite 400 Blum L.P.
Chairman & Director San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. Norway Managing Partner,
Managing Partner Suite 400 Blum L.P.
& Director San Francisco, CA 94133
John C. Walker 909 Montgomery St. USA Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
Jose S. Medeiros 909 Montgomery St. Brazil Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
John H. Park 909 Montgomery St. USA Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
CUSIP NO. 533535100 SCHEDULE 13D Page 8 of 13
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
- -------------------- ----------------------- --------- -------------------
Gregory L. Jackson 909 Montgomery St. USA Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
Jeffrey A. Cozad 909 Montgomery St. USA Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Partner, Chief Suite 400 Financial Officer,
Financial Officer, San Francisco, CA 94133 Blum L.P.
Assistant Secretary
& Director
Gregory D. Hitchan 909 Montgomery St. USA Partner, General
Partner, General Suite 400 Counsel & Secretary,
Counsel & Secretary San Francisco, CA 94133 Blum L.P.
Blum GP III is a Delaware limited liability company whose principal business
is acting as the general partner of Blum GP III LP, a Delaware limited
partnership, whose principal business is acting as the general partner of
Blum Strategic Partners III, L.P., a Delaware limited partnership ("Blum
Strategic III") whose principal office is 909 Montgomery Street, Suite 400,
San Francisco, California 94133.
The principal business office address of Blum GP III and Blum GP III LP is
909 Montgomery Street, Suite 400, San Francisco, California 94133. The names
of the managing members and members of Blum GP III, their addresses, citizenship
and principal occupations are as follows:
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
- -------------------- ----------------------- --------- -------------------
Richard C. Blum 909 Montgomery St. USA President & Chairman,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. Norway Managing Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
John H. Park 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
Gregory L. Jackson 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
Jeffrey A. Cozad 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
CUSIP NO. 533535100 SCHEDULE 13D Page 9 of 13
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
- -------------------- ----------------------- --------- -------------------
John C. Walker 909 Montgomery St. USA Partner,
Member Suite 400 Blum L.P.
San Francisco, CA 94133
Jose S. Medeiros 909 Montgomery St. Brazil Partner,
Member Suite 400 Blum L.P.
San Francisco, CA 94133
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Member Suite 400 Financial Officer,
San Francisco, CA 94133 Blum L.P.
Gregory D. Hitchan 909 Montgomery St. USA Partner, General
Member & Suite 400 Counsel & Secretary,
General Counsel San Francisco, CA 94133 Blum L.P.
Saddlepoint GP is a Delaware limited liability company whose principal
business is acting as the general partner of Saddlepoint Partners, L.P.,
a Delaware limited partnership ("Saddlepoint LP"), and Saddlepoint Partners
(Cayman), L.P., a Cayman Islands exempted limited partnership ("Saddlepoint
(Cayman) LP"). The principal business office address of Saddlepoint GP,
Saddlepoint LP and Saddlepoint (Cayman) LP is 909 Montgomery Street, Suite
400, San Francisco, California 94133. Blum L.P. is the managing member
of Saddlepoint GP. RCBA Inc. is the sole general partner of Blum L.P.
The principal business office for Blum L.P. and RCBA Inc. and the names
of the executive officers and directors of RCBA Inc. and their addresses,
citizenship and principal occupations are disclosed above.
To the best knowledge of the Reporting Persons, none of the entities or
persons identified in this Item 2 has, during the past five years, been
convicted of any criminal proceeding (excluding traffic violations or
similar misdemeanors), nor been a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect to
such laws.
Item 3. Source and Amount of Funds or Other Considerations
- -----------------------------------------------------------
The source of funds for the purchases of securities was the working capital
of Blum L.P.'s limited partnerships and investment advisory clients, the
partnership for which Blum GP III LP serves as the sole general partner and
the partnerships for which Saddlepoint GP serves as the general partner.
Item 4. Purpose of Transaction
- -------------------------------
The purpose of the acquisition of the Common Stock is for investment, and
the acquisitions of the Common Stock were made in the ordinary course of
business and were not made for the purpose of acquiring control of the Issuer.
CUSIP NO. 533535100 SCHEDULE 13D Page 10 of 13
Although no Reporting Person has any specific plan or proposal to acquire or
dispose of the Common Stock, consistent with its investment purpose, each
Reporting Person at any time and from time to time may acquire additional
Common Stock or dispose of any or all of its Common Stock depending upon
an ongoing evaluation of the investment in the Common Stock, prevailing
market conditions, other investment opportunities, liquidity requirements
of the Reporting Persons and/or other investment considerations.
Also, consistent with the investment purpose, the Reporting Persons may
engage in communications with one or more shareholders of the Issuer, one
or more officers of the Issuer and/or one or more members of the board of
directors of the Issuer and/or one or more representatives of the Issuer
regarding the Issuer, including but not limited to its operations. The
Reporting Persons may discuss ideas that, if effected may result in any
of the following: the acquisition by persons of additional Common Stock
of the Issuer, an extraordinary corporate transaction involving the Issuer,
and/or changes in the board of directors or management of the Issuer.
Except to the extent the foregoing may be deemed a plan or proposal, none
of the Reporting Persons has any plans or proposals which relate to, or could
result in, any of the matters referred to in paragraphs (a) through (j),
inclusive, of the instructions to Item 4 of Schedule 13D. The Reporting
Persons may, at any time and from time to time, review or reconsider their
position and/or change their purpose and/or formulate plans or proposals
with respect thereto.
Item 5. Interest in Securities of the Issuer
- ---------------------------------------------
(a), (b) According to the Issuer's Form 10-Q filed with the Securities
and Exchange Commission on November 14, 2005, there were 25,154,390 shares
of Common Stock issued and outstanding as of November 9, 2005. Based on
such information, after taking into account the transactions described in
Item 5(c) below, the Reporting Persons report beneficial ownership of the
following shares of Common Stock: (i) 251,120 shares of Common Stock held
by Blum L.P. and RCBA Inc. on behalf of the limited partnerships for which
Blum L.P. serves as the general partner, or on behalf of an entity for which
Blum L.P. serves as investment advisor, which represents 1.0% of the
outstanding shares of the Common Stock; (ii) 1,009,544 shares of the Common
Stock held by Blum GP III which serves as general partner of Blum GP III LP
which, in turn, serves as the general partner of Blum Strategic III, which
represents 4.0% of the outstanding shares of the Common Stock; (iii) 76,800
shares of the Common Stock held by Saddlepoint GP on behalf of a partnership
for which it serves as the general partner, which represents 0.3% of the
outstanding shares of the Common Stock; and (iv) 8,300 shares of the Common
Stock that are legally owned by The Nuclear Decommissioning Trust of Dominion
Nuclear Connecticut, Inc. ("Dominion Connecticut"), which represents 0.0%
of the outstanding shares of the Common Stock and 8,300 shares of the Common
Stock that are legally owned by Virginia Electric and Power Company Qualified
Nuclear Decommissioning Trust ("Virginia Electric"), which represents 0.0%
of the outstanding shares of the Common Stock (collectively, the "Investment
Advisory Clients"), with respect to which Blum L.P. has voting and investment
power. Each Investment Advisory Client has entered into an investment
management agreement with Blum L.P., but neither Investment Advisory Client
has any contract, arrangement or understanding with the other Investment
Advisory Client, or any other Reporting Person, with respect to the
acquisition, ownership, disposition or voting of any shares of the Common
Stock. Each Investment Advisory Client disclaims membership in a group with
any Reporting Person or with the other Investment Advisory Client, and each
disclaims beneficial ownership of any shares beneficially owned by the
CUSIP NO. 533535100 SCHEDULE 13D Page 11 of 13
Reporting Persons other than for their own account. Voting and investment
power concerning the above shares are held solely by Blum L.P., Blum GP III
and Saddlepoint GP. The Reporting Persons therefore may be deemed to be
members in a group, in which case the group would be deemed to have
beneficial ownership of an aggregate of 1,354,064 shares of the Common
Stock, which is 5.4% of the outstanding Common Stock. As the sole general
partner of Blum L.P., RCBA Inc. is deemed the beneficial owner of the
securities over which Blum L.P. has voting and investment power. The
filing of this Schedule shall not be construed as an admission that any
of the shareholders, directors or executive officers of RCBA Inc. or the
managing members and members of Blum GP III, Blum GP III LP and Saddlepoint
GP, is, for any purpose, the beneficial owner of any of the securities that
are beneficially owned by RCBA Inc., Blum GP III LP, Blum GP III or Saddlepoint
GP.
c) During the last 60 days, the Reporting Persons purchased the following
shares of Common Stock in the open market:
Entity Trade Date Shares Price/Share
- ------ ---------- ------ ------------
Investment partnerships for 11-16-05 200 13.6973
which Blum L.P. serves as the 11-17-05 200 13.8830
general partner and on behalf 11-18-05 6,300 13.9034
of an entity for which Blum L.P. 12-14-05 61,100 14.3252
serves as investment advisor. 12-15-05 800 14.2591
12-16-05 400 14.2600
12-19-05 1,500 14.2571
12-28-05 23,800 14.2600
12-29-05 600 14.2446
12-30-05 900 14.2188
01-04-06 600 14.4900
Entity Trade Date Shares Price/Share
- ------ --------- ------- ----------
For Blum Strategic III for 11-16-05 4,500 13.6973
which Blum GP III LP 11-17-05 3,500 13.8830
serves as the general partner 11-18-05 99,589 13.9034
and for Blum GP III which 12-15-05 19,219 14.2591
serves as the general 12-16-05 6,459 14.2600
partner for Blum GP III LP. 12-19-05 41,883 14.2571
12-28-05 371,900 14.2600
12-29-05 9,112 14.2446
12-30-05 15,287 14.2188
01-04-06 6,804 14.4900
01-05-06 100 14.4000
CUSIP NO. 533535100 SCHEDULE 13D Page 12 of 13
Entity Trade Date Shares Price/Share
- ------ ---------- ------- ----------
The partnership for which 11-16-05 100 13.6973
Saddlepoint GP serves as 11-17-05 100 13.8830
general partner. 11-18-05 1,800 13.9034
12-14-05 27,700 14.3255
12-15-05 600 14.2591
12-16-05 200 14.2600
12-19-05 1,200 14.2571
12-28-05 7,200 14.2600
01-04-06 300 14.4900
Entity Trade Date Shares Price/Share
- ------ ---------- ------ ------------
The Investment Advisory 11-18-05 200 13.9034
Clients for which Blum L.P. 12-14-05 4,200 14.3252
serves as investment advisor. 12-19-05 200 14.2571
12-28-05 2,000 14.2600
(d) and (e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
- -----------------------------------------------------------------------------
None of the Reporting Persons or, to the best knowledge of the Reporting
Persons, the other persons named in Item 2, is a party to any contract,
arrangement, understanding or relationship with respect to any securities
of the Issuer, including but not limited to the transfer or voting of any
securities of the Issuer, finder's fees, joint ventures, loan or option
arrangements, puts or calls, guarantees of profits, division of profits
or loss, or the giving or withholding of proxies, except as noted above,
Blum L.P. has voting and investment power of the shares held by it for
the benefit of The Investment Advisory Clients.
Item 7. Material to be Filed as Exhibits
- -----------------------------------------
Exhibit A Joint Filing Undertaking.
CUSIP NO. 533535100 SCHEDULE 13D Page 13 of 13
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: January 9, 2006
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Partner, General Counsel and Partner, General Counsel and
Secretary Secretary
BLUM STRATEGIC GP III, L.L.C. BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ------------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Member and General Counsel Member and General Counsel
SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Capital Partners, L.P.
Its Managing Member
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan
-------------------------------
Gregory D. Hitchan
Partner, General Counsel and Secretary
CUSIP NO. 533535100 SCHEDULE 13D Page 1 of 1
Exhibit A
JOINT FILING UNDERTAKING
The undersigned, being duly authorized thereunto, hereby execute this
agreement as an exhibit to this Schedule 13D to evidence the agreement
of the below-named parties, in accordance with the rules promulgated
pursuant to the Securities Exchange Act of 1934, to file this Schedule
jointly on behalf of each such party.
Dated: January 9, 2006
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Partner, General Counsel and Partner, General Counsel and
Secretary Secretary
BLUM STRATEGIC GP III, L.L.C. BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ------------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Member and General Counsel Member and General Counsel
SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Capital Partners, L.P.
Its Managing Member
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan
-------------------------------
Gregory D. Hitchan
Partner, General Counsel and Secretary