UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 7)
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)
November 6, 2006
-----------------
(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 14
CUSIP NO. 4506B109 SCHEDULE 13D Page 2 of 14
-----------------------------------------------------------------------------
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 3,855,130**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 3,855,130**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,855,130**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.3%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN, IA
-----------------------------------------------------------------------------
** See Item 5 below
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 4506B109 SCHEDULE 13D Page 3 of 14
-----------------------------------------------------------------------------
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 3,855,130**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 3,855,130**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,855,130**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.3%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
-----------------------------------------------------------------------------
** See Item 5 below
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 4506B109 SCHEDULE 13D Page 4 of 14
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC GP II, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 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 3,855,130**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 3,855,130**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,855,130**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.3%**
-----------------------------------------------------------------------------
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 14
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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 3,855,130**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 3,855,130**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,855,130**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.3%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
-----------------------------------------------------------------------------
** See Item 5 below
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 4506B109 SCHEDULE 13D Page 6 of 14
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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 3,855,130**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 3,855,130**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,855,130**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.3%**
-----------------------------------------------------------------------------
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 14
-----------------------------------------------------------------------------
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 3,855,130**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 3,855,130**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,855,130**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.3%**
-----------------------------------------------------------------------------
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 14
Item 1. Security and Issuer
----------------------------
This Amendment No. 7 amends the Statement on Schedule 13D (the "Schedule
13D") filed with the Securities and Exchange Commission (the "Commission")
on October 31, 2005 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"); Saddlepoint Partners GP,
L.L.C., a Delaware limited liability company ("Saddlepoint GP")
(collectively, the "Reporting Persons") and Blum Strategic Partners II,
L.P., a Delaware limited partnership ("Blum Strategic II"). 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. 6 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 14
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
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. 6 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
John H. Park 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum LP
San Francisco, CA 94133
CUSIP NO. 4506B109 SCHEDULE 13D Page 10 of 14
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ----------------------- --------- -------------------
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
Gregory D. Hitchan 909 Montgomery St. USA Partner, Chief
Managing Member & Suite 400 Operating Officer,
General Counsel 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. 6 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
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
CUSIP NO. 4506B109 SCHEDULE 13D Page 11 of 13
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ----------------------- --------- -------------------
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
Gregory D. Hitchan 909 Montgomery St. USA Partner, Chief
Managing Member & Suite 400 Operating Officer,
General Counsel 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. 6 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,
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) 1,365,930 shares of
CUSIP NO. 4506B109 SCHEDULE 13D Page 12 of 14
Common Stock held by Blum LP and RCBA Inc. on behalf of the limited
partnerships for which Blum LP serves as the general partner, or on behalf
of an entity for which Blum LP serves as investment advisor, which represents
3.3% of the outstanding shares of the Common Stock; (ii) 1,771,800 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 4.3% of the outstanding shares of the Common Stock; (iii) 607,500
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 1.5% of the outstanding shares
of the Common Stock; (iv) 30,300 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) 39,800 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 39,800 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 3,855,130
shares of the Common Stock, which is 9.3% 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
securities that are beneficially owned by RCBA Inc., Blum GP II, Blum GP III
LP, Blum GP III or Saddlepoint GP.
c) During the last 60 days, the Reporting Persons sold the following shares
of Common Stock to a broker in a block sale:
CUSIP NO. 4506B109 SCHEDULE 13D Page 13 of 14
Entity Trade Date Shares Price/Share
------ ---------- --------- -----------
Investment partnerships for 11-06-06 1,062,500 68.8500
which Blum LP serves as the
general partner and on behalf
of an entity for which Blum LP
serves as investment advisor.
Entity Trade Date Shares Price/Share
------ ---------- --------- ----------
The limited partnerships for 11-06-06 1,379,300 68.8500
which Blum GP II serves as the
general partner and the managing
limited partner.
Entity Trade Date Shares Price/Share
------ --------- -------- ----------
For Blum Strategic III for 11-06-06 472,800 68.8500
which Blum GP III LP
serves as the general partner
and for Blum GP III which
serves as the general
partner for Blum GP III LP.
Entity Trade Date Shares Price/Share
------ ---------- --------- ----------
The partnerships for which 11-06-06 23,600 68.8500
Saddlepoint GP serves as
general partner.
Entity Trade Date Shares Price/Share
------ ---------- -------- -----------
The Investment Advisory 11-06-06 61,800 68.8500
Clients for which Blum LP
serves as investment advisor.
(d) and (e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
----------------------------------------------------------------------
In connection with the sale of the Common Stock by the Reporting Persons,
the Reporting Persons entered into a verbal lock-up agreement on November
6, 2006 with the broker, not to sell additional shares of the Issuer's
Common Stock for thirty days after the trade date.
Item 7. Material to be Filed as Exhibits
-----------------------------------------
Exhibit A Joint Filing Undertaking.
CUSIP NO. 4506B109 SCHEDULE 13D Page 14 of 14
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: November 8, 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, 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 PARTNERS II, L.P. BLUM STRATEGIC PARTNERS III, L.P.
By: Blum Strategic GP II, L.L.C., By: Blum Strategic GP III, L.P.,
Its General Partner Its General Partner
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,
Managing Member & General Counsel Managing Member & 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: November 8, 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, 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 PARTNERS II, L.P. BLUM STRATEGIC PARTNERS III, L.P.
By: Blum Strategic GP II, L.L.C., By: Blum Strategic GP III, L.P.,
Its General Partner Its General Partner
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,
Managing Member & General Counsel Managing Member & 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