UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Lincoln Educational Services Corporation
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, No Par Value Per Share
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(Title of Class of Securities)
533535100
- --------------------------------------------------------------------------------
(CUSIP Number)
December 31, 2006
- --------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|_| Rule 13d-1(b)
|_| Rule 13d-1(c)
|X| Rule 13d-1(d)
*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 the
disclosures provided in a prior cover page.
The information required in 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 (the "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).
(Continued on following pages)
Page 1 of 14 Pages
SCHEDULE 13G
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CUSIP No. 533535100
- -------------------------------
- --------------- ----------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Stonington Capital Appreciation 1994 Fund, L.P.
- --------------- ----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
(a) |_|
(b) |X|
- --------------- ----------------------------------------------------------------
3 SEC USE ONLY
- --------------- ----------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
- --------------------------------- ---------- -----------------------------------
NUMBER OF (5) SOLE VOTING POWER 0
SHARES -----------------------------------
BENEFICIALLY ------------------------------------------------------------
OWNED BY EACH (6) SHARED VOTING POWER 20,438,986(1)
REPORTING ---------------------------------
PERSON WITH ------------------------------------------------------------
(7) SOLE DISPOSITIVE POWER 0
------------------------------
------------------------------------------------------------
(8) SHARED DISPOSITIVE POWER 20,438,986(1)
----------------------------
- --------------------------------------------------------------------------------
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,438,986
-----------------
- --------------------------------------------------------------------------------
10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) |_|
-----------------------------------------------
- --------------------------------------------------------------------------------
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 80.2%
-----------------
- --------------------------------------------------------------------------------
12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN
----------------------
- --------------------------------------------------------------------------------
__________________
(1) See Item 4(a).
Page 2 of 14 Pages
SCHEDULE 13G
- -------------------------------
CUSIP No. 533535100
- -------------------------------
- --------------- ----------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Stonington Partners, L.P.
- --------------- ----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
(a) |_|
(b) |X|
- --------------- ----------------------------------------------------------------
3 SEC USE ONLY
- --------------- ----------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
- --------------------------------- ---------- -----------------------------------
NUMBER OF (5) SOLE VOTING POWER 0
SHARES -----------------------------------
BENEFICIALLY ------------------------------------------------------------
OWNED BY EACH (6) SHARED VOTING POWER 20,438,986(1)
REPORTING ---------------------------------
PERSON WITH ------------------------------------------------------------
(7) SOLE DISPOSITIVE POWER 0
------------------------------
------------------------------------------------------------
(8) SHARED DISPOSITIVE POWER 20,438,986(1)
----------------------------
- --------------------------------------------------------------------------------
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,438,986
-----------------
- --------------------------------------------------------------------------------
10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) |_|
-----------------------------------------------
- --------------------------------------------------------------------------------
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 80.2%
-----------------
- --------------------------------------------------------------------------------
12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN
----------------------
- --------------------------------------------------------------------------------
__________________
(1) See Item 4(a).
Page 3 of 14 Pages
SCHEDULE 13G
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CUSIP No. 533535100
- -------------------------------
- --------------- ----------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Stonington Partners, Inc.
- --------------- ----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
(a) |_|
(b) |X|
- --------------- ----------------------------------------------------------------
3 SEC USE ONLY
- --------------- ----------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
- --------------------------------- ---------- -----------------------------------
NUMBER OF (5) SOLE VOTING POWER 0
SHARES -----------------------------------
BENEFICIALLY ------------------------------------------------------------
OWNED BY EACH (6) SHARED VOTING POWER 20,438,986(1)
REPORTING ---------------------------------
PERSON WITH ------------------------------------------------------------
(7) SOLE DISPOSITIVE POWER 0
------------------------------
------------------------------------------------------------
(8) SHARED DISPOSITIVE POWER 20,438,986(1)
----------------------------
- --------------------------------------------------------------------------------
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,438,986
-----------------
- --------------------------------------------------------------------------------
10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) |_|
-----------------------------------------------
- --------------------------------------------------------------------------------
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 80.2%
-----------------
- --------------------------------------------------------------------------------
12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO
----------------------
- --------------------------------------------------------------------------------
__________________
(1) See Item 4(a).
Page 4 of 14 Pages
SCHEDULE 13G
- -------------------------------
CUSIP No. 533535100
- -------------------------------
- --------------- ----------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Stonington Partners, Inc. II
- --------------- ----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
(a) |_|
(b) |X|
- --------------- ----------------------------------------------------------------
3 SEC USE ONLY
- --------------- ----------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
- --------------------------------- ---------- -----------------------------------
NUMBER OF (5) SOLE VOTING POWER 0
SHARES -----------------------------------
BENEFICIALLY ------------------------------------------------------------
OWNED BY EACH (6) SHARED VOTING POWER 20,438,986(1)
REPORTING ---------------------------------
PERSON WITH ------------------------------------------------------------
(7) SOLE DISPOSITIVE POWER 0
------------------------------
------------------------------------------------------------
(8) SHARED DISPOSITIVE POWER 20,438,986(1)
----------------------------
- --------------------------------------------------------------------------------
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,438,986
-----------------
- --------------------------------------------------------------------------------
10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) |_|
-----------------------------------------------
- --------------------------------------------------------------------------------
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 80.2%
-----------------
- --------------------------------------------------------------------------------
12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO
----------------------
- --------------------------------------------------------------------------------
__________________
(1) See Item 4(a).
Page 5 of 14 Pages
SCHEDULE 13G
- -------------------------------
CUSIP No. 533535100
- -------------------------------
- --------------- ----------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Back to School Acquisition, L.L.C.
- --------------- ----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
(a) |_|
(b) |X|
- --------------- ----------------------------------------------------------------
3 SEC USE ONLY
- --------------- ----------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
- --------------------------------- ---------- -----------------------------------
NUMBER OF (5) SOLE VOTING POWER 0
SHARES -----------------------------------
BENEFICIALLY ------------------------------------------------------------
OWNED BY EACH (6) SHARED VOTING POWER 20,438,986(1)
REPORTING ---------------------------------
PERSON WITH ------------------------------------------------------------
(7) SOLE DISPOSITIVE POWER 0
------------------------------
------------------------------------------------------------
(8) SHARED DISPOSITIVE POWER 20,438,986(1)
----------------------------
- --------------------------------------------------------------------------------
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,438,986
-----------------
- --------------------------------------------------------------------------------
10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) |_|
-----------------------------------------------
- --------------------------------------------------------------------------------
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 80.2%
-----------------
- --------------------------------------------------------------------------------
12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO
----------------------
- --------------------------------------------------------------------------------
__________________
(1) See Item 4(a).
Page 6 of 14 Pages
Item 1(a) Name of Issuer:
Lincoln Educational Services Corporation
Item 1(b) Address of Issuer's Principal Executive Offices:
200 Executive Drive, West Orange, New Jersey 07052
Item 2(a) Name of Person Filing:
Stonington Capital Appreciation 1994 Fund, L.P. (the
"Stonington Fund"), Stonington Partners, L.P. ("SP"),
Stonington Partners, Inc. II ("SPII"), Stonington Partners,
Inc. ("Stonington") and Back to School Acquisition, L.L.C.
("BSA").
Item 2(b) Address of Principal Business Office or, if none, Residence:
c/o Stonington Partners, Inc.
540 Madison Avenue, 25th Floor
New York, NY 10022
Item 2(c) Citizenship:
Delaware
Item 2(d) Title of Class of Securities:
Common Stock
Item 2(e) CUSIP Number:
533535100
Item 3 If this statement is filed pursuant to ss. 240.13d-1(b) or ss.
240.13d-2(b) or (c), check whether the person filing is in one
of the categories identified:
Not applicable.
Item 4 Ownership:
(a) Amount Beneficially Owned: 20,438,986
SPII is the general partner of SP, and SP is the general
partner of the Stonington Fund. Stonington is the management
company, which, pursuant to a management agreement with the
Stonington Fund, has full discretionary authority with respect
to the Stonington Fund's investments, including the authority
to make and dispose of such investments.
Page 7 of 14 Pages
The Stonington Fund controls, and has a 100% economic interest
in, BSA. BSA (i) owns 18,165,500 shares of Common Stock of the
Issuer, (ii) has the power to direct the voting and, in
certain circumstances the disposition, of 2,179,600 shares of
Common Stock of the Issuer through a voting agreement with
Five Mile River Capital Partners LLC (of which Hart Capital
LLC is the managing member), (iii) has the power to direct the
voting and, in certain circumstances the disposition, of
54,488 shares of Common Stock of the Issuer (which includes
11,500 shares issuable pursuant to currently exercisable
options) through a stockholders agreement with Steven W. Hart
and the Steven W. Hart 2003 Grantor Retained Annuity Trust,
(iv) upon the exercise of currently exercisable options held
by the Steven W. Hart 2005 Grantor Retained Annuity Trust to
purchase 18,795 shares of Common Stock of the Issuer, will
have the power to direct the voting and, in certain
circumstances the disposition, of such shares through a
stockholders agreement with the Steven W. Hart 2005 Grantor
Retained Annuity Trust, and (v) upon the exercise of currently
exercisable options held by the Steven W. Hart 2006 Grantor
Retained Annuity Trust to purchase 20,603 shares of Common
Stock of the Issuer, will have the power to direct the voting
and, in certain circumstances the disposition, of such shares
through a stockholders agreement with the Steven W. Hart 2006
Grantor Retained Annuity Trust.
(b) Percent of Class: 80.2 %
(c) Number of Shares as to which such person has:
(i) Sole power to vote or direct the vote: See the
responses to Item 5 on the attached cover pages.
(ii) Shared power to vote or to direct the vote: See the
responses to Item 6 on the attached cover pages.
(iii) Sole power to dispose of or direct the disposition of:
See the responses to Item 7 on the attached cover
pages.
(iv) Shared power to dispose of or direct the disposition
of: See the responses to Item 8 on the attached cover
pages.
Item 5 Ownership of Five Percent or Less of a Class:
Not applicable.
Item 6 Ownership of More than Five Percent on Behalf of Another Person:
Not applicable.
Item 7 Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company:
Not applicable.
Page 8 of 14 Pages
Item 8 Identification and Classification of Member of the Group:
See Exhibit I attached hereto.
Item 9 Notice of Dissolution of Group:
Not applicable.
Item 10 Certification:
Not applicable.
Page 9 of 14 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: February 14, 2007
STONINGTON CAPITAL
APPRECIATION 1994 FUND, L.P.
By: Stonington Partners, L.P.,
its general partner
By: Stonington Partners, Inc. II,
its general partner
By:/s/Alexis P. Michas
----------------------------
Name: Alexis P. Michas
Title: Managing Partner
STONINGTON PARTNERS, L.P.
By: Stonington Partners, Inc. II,
its general partner
By: /s/Alexis P. Michas
----------------------------
Name: Alexis P. Michas
Title: Managing Partner
STONINGTON PARTNERS, INC. II
By: /s/Alexis P. Michas
----------------------------
Name: Alexis P. Michas
Title: Managing Partner
Page 10 of 14 Pages
STONINGTON PARTNERS, INC.
By: /s/Alexis P. Michas
----------------------------
Name: Alexis P. Michas
Title: Managing Partner
BACK TO SCHOOL ACQUISITION, L.L.C.
By: /s/James J. Burke, Jr.
----------------------------
Name: James J. Burke, Jr.
Title: President
Page 11 of 14 Pages
Exhibit I
- -------------------------------------------------- -----------------------------------------------------
Name Number of Shares of Common Stock Beneficially Owned
- -------------------------------------------------- -----------------------------------------------------
Stonington Capital Appreciation 1994 Fund, L.P. 20,438,986
c/o Stonington Partners, Inc.
540 Madison Avenue, 25th Floor
New York, NY 10022
- -------------------------------------------------- -----------------------------------------------------
Stonington Partners, L.P. 20,438,986
c/o Stonington Partners, Inc.
540 Madison Avenue, 25th Floor
New York, NY 10022
- -------------------------------------------------- -----------------------------------------------------
Stonington Partners, Inc. 20,438,986
540 Madison Avenue, 25th Floor
New York, NY 10022
- -------------------------------------------------- -----------------------------------------------------
Stonington Partners, Inc. II 20,438,986
c/o Stonington Partners, Inc.
540 Madison Avenue, 25th Floor
New York, NY 10022
- -------------------------------------------------- -----------------------------------------------------
Back to School Acquisition, L.L.C. 20,438,986
c/o Stonington Partners, Inc.
540 Madison Avenue, 25th Floor
New York, NY 10022
- -------------------------------------------------- -----------------------------------------------------
Page 12 of 14 Pages
Exhibit II
JOINT FILING AGREEMENT
The undersigned hereby agree that the Statement on Schedule 13G,
dated February 14, 2007 (the "Statement"), with respect to the Common Stock, no
par value per share, of Lincoln Educational Services Corporation is, and any
amendments thereto executed by each of us shall be, filed on behalf of each of
us pursuant to and in accordance with the provisions of Rule 13d-1(k)(1) under
the Securities and Exchange Act of 1934, as amended, and that this Agreement
shall be included as an Exhibit to the Schedule 13G and each such amendment.
Each of the undersigned agrees to be responsible for the timely filing of the
Schedule 13G and any amendments thereto, and for the completeness and accuracy
of the information concerning itself contained therein. This Agreement may be
executed in any number of counterparts, all of which taken together shall
constitute one and the same instrument.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as
of the 14th day of February 2007.
STONINGTON CAPITAL
APPRECIATION 1994 FUND, L.P.
By: Stonington Partners, L.P.,
its general partner
By: Stonington Partners, Inc. II,
its general partner
By: /s/Alexis P. Michas
----------------------------
Name: Alexis P. Michas
Title: Managing Partner
STONINGTON PARTNERS, L.P.
By: Stonington Partners, Inc. II,
its general partner
By: /s/Alexis P. Michas
----------------------------
Name: Alexis P. Michas
Title: Managing Partner
Page 13 of 14 Pages
STONINGTON PARTNERS, INC. II
By: /s/Alexis P. Michas
----------------------------
Name: Alexis P. Michas
Title: Managing Partner
STONINGTON PARTNERS, INC.
By: /s/Alexis P. Michas
----------------------------
Name: Alexis P. Michas
Title: Managing Partner
BACK TO SCHOOL ACQUISITION, L.L.C.
By: /s/James J. Burke, Jr.
----------------------------
Name: James J. Burke, Jr.
Title: President
Page 14 of 14 Pages