UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 8)
Under the Securities Exchange Act of 1934
ITT EDUCATIONAL SERVICES, INC.
------------------------------------------
(Name of Issuer)
COMMON STOCK, $.01 par value
-------------------------------------
(Title of Class of Securities)
4506B109
---------
(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)
January 25, 2007
-----------------
(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 that is the subject of this Schedule 13D,
and is filing this schedule because of Section 240.13d-1(e), 240.13d-1(f)
or 240.13d-1(g), check the following box [ ].
Note: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See
Section 240.13d-7 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 15
CUSIP NO. 4506B109 SCHEDULE 13D Page 2 of 15
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM CAPITAL PARTNERS, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 94-3205364
-----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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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 2,887,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,887,000**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,887,000**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.0%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN, IA
-----------------------------------------------------------------------------
** See Item 5 below
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 4506B109 SCHEDULE 13D Page 3 of 15
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON RICHARD C. BLUM & ASSOCIATES, INC.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 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 2,887,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,887,000**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,887,000**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.0%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
-----------------------------------------------------------------------------
** See Item 5 below
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 4506B109 SCHEDULE 13D Page 4 of 15
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC GP II, L.L.C.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 94-3395150
-----------------------------------------------------------------------------
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 2,887,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,887,000**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,887,000**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.0%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5 below
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 4506B109 SCHEDULE 13D Page 5 of 15
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 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 2,887,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,887,000**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,887,000**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.0%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
-----------------------------------------------------------------------------
** See Item 5 below
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 4506B109 SCHEDULE 13D Page 6 of 15
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.L.C.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 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 2,887,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,887,000**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,887,000**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.0%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5 below
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 4506B109 SCHEDULE 13D Page 7 of 15
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON SADDLEPOINT PARTNERS GP, L.L.C.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 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 2,887,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,887,000**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,887,000**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.0%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5 below
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 4506B109 SCHEDULE 13D Page 8 of 15
Item 1. Security and Issuer
----------------------------
This Amendment No. 8 amends the Statement on Schedule 13D (the "Schedule 13D")
filed with the Securities and Exchange Commission (the "Commission") on
November 8, 2006 by Blum Capital Partners, L.P., a California limited
partnership, ("Blum LP"); Richard C. Blum & Associates, Inc., a California
corporation ("RCBA Inc."); Blum Strategic GP II, L.L.C., a Delaware limited
liability company ("Blum GP II"); 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"). This amendment relates to shares of Common Stock,
$.01 par value per share (the "Common Stock") of ITT Educational Services,
Inc., a Delaware corporation (the "Issuer"). The principal executive office
and mailing address of the Issuer is 13000 North Meridian Street, Carmel,
Indiana 46032-1404. The following amendments to the Schedule 13D are hereby
made. Unless otherwise defined herein, all capitalized terms shall have the
meanings ascribed to them in the Schedule 13D.
Item 2. Identity and Background
---------------------------------
Item 2 of the Schedule 13D is hereby amended to add the following:
Since the filing of Amendment No. 7 to Schedule 13D, there have been changes
to the executive officers of Blum LP and RCBA Inc.
The principal business office address of Blum LP and RCBA Inc. is 909
Montgomery Street, Suite 400, San Francisco, California 94133. The names
of the executive officers and directors of Blum LP and 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 LP
Chairman & Director San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. USA and Managing Partner,
Managing Partner Suite 400 Norway Blum LP
& Director San Francisco, CA 94133
John H. Park 909 Montgomery St. USA Partner,
Partner Suite 400 Blum LP
San Francisco, CA 94133
Gregory L. Jackson 909 Montgomery St. USA Partner,
Partner Suite 400 Blum LP
San Francisco, CA 94133
CUSIP NO. 4506B109 SCHEDULE 13D Page 9 of 15
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ----------------------- --------- -------------------
Jane J. Su 909 Montgomery St. USA Partner,
Partner Suite 400 Blum LP
San Francisco, CA 94133
David H.S. Chung 909 Montgomery St. USA Partner,
Partner Suite 400 Blum LP
San Francisco, CA 94133
Nadine F. Terman 909 Montgomery St. USA Partner,
Partner Suite 400 Blum LP
San Francisco, CA 94133
Gregory D. Hitchan 909 Montgomery St. USA Partner, Chief
Partner, Chief Suite 400 Operating Officer,
Operating Officer, San Francisco, CA 94133 General Counsel and
General Counsel and Secretary, Blum LP
Secretary
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Partner, Chief Suite 400 Financial Officer,
Financial Officer, San Francisco, CA 94133 Blum LP
Assistant Secretary
& Director
William Scott Hartman 909 Montgomery St. USA Partner,
Partner Suite 400 Blum LP
San Francisco, CA 94133
Since the filing of Amendment No. 7 to Schedule 13D, there have been
changes to the managing members and members of Blum GP II.
The principal business office address of Blum GP II is 909 Montgomery
Street, Suite 400, San Francisco, CA 94133. The names of the managing
members and members of Blum GP II, 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 LP
San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. USA and Managing Partner,
Managing Member Suite 400 Norway Blum LP
San Francisco, CA 94133
CUSIP NO. 4506B109 SCHEDULE 13D Page 10 of 15
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ----------------------- --------- -------------------
John H. Park 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum LP
San Francisco, CA 94133
Gregory L. Jackson 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum LP
San Francisco, CA 94133
Jane J. Su 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
David H.S. Chung 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
Nadine F. Terman 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
Gregory D. Hitchan 909 Montgomery St. USA Partner, Chief
Managing Member Suite 400 Operating Officer,
San Francisco, CA 94133 General Counsel &
Secretary, Blum LP
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Managing Member Suite 400 Financial Officer,
San Francisco, CA 94133 Blum LP
William Scott Hartman 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
Since the filing of Amendment No. 7 to Schedule 13D, there have been
changes to the managing members and members of Blum GP III.
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 LP
San Francisco, CA 94133
CUSIP NO. 4506B109 SCHEDULE 13D Page 11 of 15
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ----------------------- --------- -------------------
Nils Colin Lind 909 Montgomery St. USA and Managing Partner,
Managing Member Suite 400 Norway Blum LP
San Francisco, CA 94133
John H. Park 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum LP
San Francisco, CA 94133
Gregory L. Jackson 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum LP
San Francisco, CA 94133
Jane J. Su 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
David H.S. Chung 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
Nadine F. Terman 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
Gregory D. Hitchan 909 Montgomery St. USA Partner, Chief
Managing Member Suite 400 Operating Officer,
San Francisco, CA 94133 General Counsel and
Secretary, Blum LP
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Member Suite 400 Financial Officer,
San Francisco, CA 94133 Blum LP
William Scott Hartman 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
Since the filing of Amendment No. 7 to Schedule 13D, there have been
changes to the executive officers of the managing member of Saddlepoint GP.
Blum LP is the managing member of Saddlepoint GP and its executive
officers are listed 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,
CUSIP NO. 4506B109 SCHEDULE 13D Page 12 of 15
federal or state securities laws or finding any violation with respect to
such laws.
Item 5. Interest in Securities of the Issuer
---------------------------------------------
(a), (b) According to the Issuer's most recent Form 10-Q, there were
41,366,774 shares of Common Stock issued and outstanding as of
September 30, 2006. 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) 819,330 shares of Common Stock held by Blum LP and RCBA Inc.
on behalf of the limited partnerships for which Blum LP serves as the
general partner, which represents 2.0% of the outstanding shares of the
Common Stock; (ii) 1,471,670 shares of the Common Stock held by Blum GP II
on behalf of the limited partnership for which it serves as the general
partner and on behalf of the limited partnership for which it serves as
the managing limited partner, which represents 3.6% of the outstanding
shares of the Common Stock; (iii) 504,600 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
Partners III, L.P. ("Blum Strategic III"), a Delaware limited
partnership, which represents 1.2% of the outstanding shares of
the Common Stock; (iv) 25,200 shares of the Common Stock held by
Saddlepoint GP on behalf of a partnership for which it serves as
the general partner, which represents 0.1% of the outstanding
shares of the Common Stock; and (v) 33,100 shares of the Common Stock
that are legally owned by The Nuclear Decommissioning Trust of Dominion
Nuclear Connecticut, Inc. ("Dominion Connecticut"), which represents 0.1%
of the outstanding shares of the Common Stock and 33,100 shares of the
Common Stock that are legally owned by Virginia Electric and Power
Company Qualified Nuclear Decommissioning Trust ("Virginia Electric")
(collectively, the "Investment Advisory Clients"), which represents
0.1% of the outstanding shares of the Common Stock, with respect to
which Blum LP has voting and investment power. Each Investment Advisory
Client has entered into an investment management agreement with Blum LP,
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 Reporting
Persons other than for their own account.
Voting and investment power concerning the above shares are held solely by
Blum LP, Blum GP II, 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 2,887,000
shares of the Common Stock, which is 7.0% of the outstanding Common Stock.
As the sole general partner of Blum LP, RCBA Inc. is deemed the beneficial
owner of the securities over which Blum LP 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 II, Blum GP III LP, Blum GP III and
Saddlepoint GP, is, for any purpose, the beneficial owner of any of the
CUSIP NO. 4506B109 SCHEDULE 13D Page 13 of 15
securities that are beneficially owned by RCBA Inc., Blum GP II,
Blum GP III LP, Blum GP III or Saddlepoint GP.
c) The Reporting Persons effected the following transactions in the
Common Stock during the last 60 days:
The Reporting Persons sold the following shares of Common Stock in the
open market:
Entity Trade Date Shares Price/Share
------ ---------- --------- -----------
Investment partnerships for 12-07-06 60,000 70.8807
which Blum LP serves as the 12-20-06 43,900 67.6291
general partner and on behalf 12-21-06 10,100 67.5763
of an entity for which Blum LP 12-22-06 34,000 67.4854
serves as investment advisor. 12-26-06 67,800 67.4381
12-27-06 26,200 67.8164
12-28-06 138,000 67.0002
01-25-07 21,600 76.0463
01-25-07 70,600 75.5000
01-29-07 31,200 76.5275
01-29-07 4,600 76.6509
01-29-07 10,300 76.6875
01-29-07 28,300 76.8164
The limited partnerships for 01-25-07 38,800 76.0463
which Blum GP II serves as the 01-25-07 127,700 75.5000
general partner and the managing 01-29-07 56,000 76.5275
limited partner. 01-29-07 8,100 76.6509
01-29-07 18,430 76.6875
01-29-07 51,100 76.8164
For Blum Strategic III for 01-25-07 13,300 76.0463
which Blum GP III LP 01-25-07 43,800 75.5000
serves as the general partner 01-29-07 19,200 76.5275
and for Blum GP III which 01-29-07 2,800 76.6509
serves as the general 01-29-07 6,300 76.6875
partner for Blum GP III LP. 01-29-07 17,500 76.8164
The partnerships for which 01-25-07 700 76.0463
Saddlepoint GP serves as 01-25-07 2,100 75.5000
general partner. 01-29-07 1,000 76.5275
01-29-07 100 76.6509
01-29-07 300 76.6875
01-29-07 900 76.8164
CUSIP NO. 4506B109 SCHEDULE 13D Page 14 of 15
Entity Trade Date Shares Price/Share
------ ---------- --------- -----------
The Investment Advisory 01-25-07 1,600 76.0463
Clients for which Blum LP 01-25-07 5,800 75.5000
serves as investment advisor. 01-29-07 2,600 76.5275
01-29-07 200 76.6509
01-29-07 1,000 76.6875
01-29-07 2,200 76.8164
(d) and (e) Not applicable.
Item 7. Material to be Filed as Exhibits
-----------------------------------------
Exhibit A Joint Filing Undertaking.
CUSIP NO. 4506B109 SCHEDULE 13D Page 15 of 15
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 30, 2007
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, Chief Operating Officer, Partner, Chief Operating Officer,
General Counsel and Secretary General Counsel and Secretary
BLUM STRATEGIC GP II, L.L.C. BLUM STRATEGIC GP III, L.L.C.
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Managing Member and General Counsel Managing Member and General Counsel
BLUM STRATEGIC GP III, L.P. SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Strategic GP III, L.L.C. By: Blum Capital Partners, L.P.
Its General Partner Its Managing Member
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
Managing Member and General Counsel Partner, Chief Operating Officer,
General Counsel and Secretary
CUSIP NO. 4506B109 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 30, 2007
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, Chief Operating Officer, Partner, Chief Operating Officer,
General Counsel and Secretary General Counsel and Secretary
BLUM STRATEGIC GP II, L.L.C. BLUM STRATEGIC GP III, L.L.C.
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Managing Member and General Counsel Managing Member and General Counsel
BLUM STRATEGIC GP III, L.P. SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Strategic GP III, L.L.C. By: Blum Capital Partners, L.P.
Its General Partner Its Managing Member
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
Managing Member and General Counsel Partner, Chief Operating Officer,
General Counsel and Secretary