SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G*
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
(Amendment No. 1)*
ITLA Capital Corp.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
450565106
(CUSIP Number)
DECEMBER 31, 2004
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule 13G is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
(Page 1 of 15 Pages)
----------------
*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 purposes 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).
CUSIP No. 450565106 13G Page 2 of 15 Pages
----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Granite Capital, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
266,754
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
266,754
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
266,754
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
4.6%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 450565106 13G Page 3 of 15 Pages
----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
\ OF ABOVE PERSONS (ENTITIES ONLY)
Granite Capital II, L.P.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
16,446
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
16,446
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
16,446
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.3%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 450565106 13G Page 4 of 15 Pages
----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
GRANUM VALUE FUND
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
29,400
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
29,400
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY
OWNED BY EACH REPORTING PERSON
29,400
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.5%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IV
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 450565106 13G Page 5 of 15 Pages
----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
GRANITE CAPITAL L.L.C.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
288,700
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
288,700
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
288,700
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
4.9%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IA,OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 450565106 13G Page 6 of 15 Pages
----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
GRANUM CAPITAL MANAGEMENT, L.L.C.
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
29,400
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
29,400
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
29,400
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.5%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IA,OO
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 450565106 13G Page 7 of 15 Pages
----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Lewis M. Eisenberg
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
318,100
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
318,100
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
318,100
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.4%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 450565106 13G Page 8 of 15 Pages
----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
Walter F. Harrison, III
-----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
318,100
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
318,100
-----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
318,100
-----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
-----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.4%
-----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 450565106 13G Page 9 of 15 Pages
The Schedule 13G of (i) Granite Capital, L.P., (ii) Granite Capital II, L.P.,
(iii) Granite Capital, L.L.C., (iv) Granum Value Fund, (v) Granum Capital
Management, L.L.C., (vi) Lewis M. Eisenberg and (vii) Walter F. Harrison, III,
relating to the Common Stock (par value $0.01) issued by ITLA Capital Corp. (the
"Company"), initially filed as of September 5, 2001 is hereby further amended to
read as follows:
Item 1(a). Name of Issuer:
The name of the issuer is ITLA Capital Corp.
Item 1(b). Address of Issuer's Principal Executive Offices:
The Company's principal executive offices are located at 888 Prospect
Street, Suite 110, La Jolla, CA 92037
Item 2(a). Name of Person Filing:
This statement is filed by:
(i) Granite Capital, L.P., a Delaware limited partnership ("Granite"),
with respect to the shares of Common Stock (defined in Item 2(d)
below) directly owned by it;
(ii) Granite Capital II, L.P., a Delaware limited partnership ("Granite
II"), with respect to the shares of Common Stock directly owned by
it;
(iii) Granum Value Fund, a publicly registered mutual fund organized as
a trust under the laws of the state of Delaware ("Granum Value"),
with respect to the shares of Common Stock directly owned by it;
(iv) Granite Capital, L.L.C., a Delaware limited liability company
("Granite L.L.C."), which serves as the general partner of Granite
and Granite II, and as investment manager to Granite Capital
Overseas Hedged Equity Fund Limited, a Cayman Islands exempted
company ("Granite Hedged Equity"), with respect to the shares of
Common Stock directly owned by each of Granite, Granite II and
Granite Hedged Equity;
(v) Granum Capital Management, L.L.C., a Delaware limited liability
company ("Granum Management"), which serves as investment adviser
to Granum Value, with respect to the shares of Common Stock
directly owned by Granum Value;
CUSIP No. 450565106 13G Page 10 of 15 Pages
(vi) Lewis M. Eisenberg, a United States citizen ("Mr. Eisenberg"),
who serves as a managing member of Granite L.L.C. and as a
managing member of Granum Management with respect to the shares
of Common Stock directly owned by each of Granite, Granite II,
Granite Hedged Equity and Granum Value; and
(vii) Walter F. Harrison, III, a United States citizen ("Mr.
Harrison"), who serves as a managing member of Granite L.L.C. and
as a managing member of Granum Management with respect to the
shares of Common Stock directly owned by each of Granite, Granite
II, Granite Hedged Equity and Granum Value.
The foregoing persons are hereinafter collectively referred to as the
"Reporting Persons." Any disclosures herein with respect to persons other than
the Reporting Persons are made on information and belief after making inquiry to
the appropriate party.
Item 2(b). Address of Principal Business Office or, if None, Residence:
The address of the business office of each of the Reporting Persons is 126
East 56th Street, 25th Floor, New York, New York 10022.
Item 2(c). Citizenship:
Mr. Eisenberg and Mr. Harrison are citizens of the United States. Each of
Granite, Granite II and Granum Value is organized under the laws of the state of
Delaware. Granite Hedged Equity is organized under the laws of the Cayman
Islands.
Item 2(d). Title of Class of Securities:
Common Stock, $0.01 par value (the "Common Stock").
Item 2(e). CUSIP Number: 450565106
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the
Act,
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940,
CUSIP No. 450565106 13G Page 11 of 15 Pages
(e) [ ] Investment Adviser in accordance with
Rule 13d-1(b)(1)(ii)(E),
(f) [ ] Employee Benefit Plan or Endowment Fund in accordance
with 13d-1(b)(1)(ii)(F),
(g) [ ] Parent Holding Company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G),
(h) [ ] Savings Association as defined in Section 3(b) of the
Federal Deposit Insurance Act,
(i) [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act of 1940,
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Not applicable.
Item 4. Ownership.
The percentages used in this Item 4 are calculated based upon 5,838,300
shares of Common Stock issued and outstanding as of November 3, 2004 as reported
in the Company's Form 10-Q for the period ending September 30, 2004.
A. Granite Capital, L.P.
(a) Amount beneficially owned: 266,754
(b) Percent of class: 4.6%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 266,754
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 266,754
B. Granite Capital II, L.P.
(a) Amount beneficially owned: 16,446
(b) Percent of class: 0.3%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 16,446
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 16,446
CUSIP No. 450565106 13G Page 12 of 15 Pages
C. Granum Value Fund
(a) Amount beneficially owned: 29,400
(b) Percent of class: 0.5%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 29,400
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 29,400
D. Granite Capital, L.L.C.
(a) Amount beneficially owned: 288,700
(b) Percent of class: 4.9%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 288,700
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 288,700
E. Granum Capital Management, L.L.C.
(a) Amount beneficially owned: 29,400
(b) Percent of class: 0.5%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 29,400
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 29,400
F. Lewis M. Eisenberg
(a) Amount beneficially owned: 318,100
(b) Percent of class: 5.4%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 318,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 318,000
G. Walter F. Harrison, III
(a) Amount beneficially owned: 318,100
(b) Percent of class: 5.4%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 318,100
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 318,100
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
CUSIP No. 450565106 13G Page 13 of 15 Pages
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Granite L.L.C., the general partner of Granite, Granite II, and the
investment manager to Granite Hedged Equity, has the power to direct the
investment activities of Granite, Granite II, and Granite Hedged Equity,
including decisions with respect to the receipt of dividends and the disposition
of the proceeds from the sale of shares of Common Stock. Messrs. Eisenberg and
Harrison are the managing members of Granite L.L.C., and in that capacity direct
its operations.
Granum Management, the investment adviser to Granum Value, has the power to
direct the investment activities of Granum Value, including decisions with
respect to the receipt of dividends and the disposition of the proceeds from the
sale of shares of Common Stock. Messrs. Eisenberg and Harrison are the managing
members of Granum Management, and in that capacity direct its operations.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Please see Item 2.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
Each of the Reporting Persons hereby makes the following certification:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
CUSIP No. 450565106 13G Page 14 of 15 Pages
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: February 14,2005
GRANITE CAPITAL, L.P.
By: Granite Capital, L.L.C.,
General Partner
By: /s/ Lewis M. Eisenberg
Lewis M. Eisenberg
Member
GRANITE CAPITAL II, L.P.
By: Granite Capital, L.L.C.,
General Partner
By: /s/ Lewis M. Eisenberg
Lewis M. Eisenberg
Member
GRANUM VALUE FUND
By: Granum Capital Management, L.L.C.,
Investment Adviser
By: /s/ Lewis M. Eisenberg
Lewis M. Eisenberg
Member
GRANITE CAPITAL, L.L.C.
By: /s/ Lewis M. Eisenberg
Lewis M. Eisenberg
Member
GRANUM CAPITAL Management, L.L.C.
By: /s/ Lewis M. Eisenberg
Lewis M. Eisenberg
Member
CUSIP No. 450565106 13G Page 15 of 15 Pages
LEWIS M. EISENBERG
/s/ Lewis M. Eisenberg
WALTER F. HARRISON, III
/s/ Walter F. Harrison, III