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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)*
Iomega Corporation
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $0.03 1/3
--------------------------------------------------------------------------------
(Title of Class of Securities)
462030305
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(CUSIP Number)
Bryant R. Riley
11100 Santa Monica Blvd., Suite 800
Los Angeles, CA 90025
(310) 966-1444
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
March 2, 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 Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box. [X]
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).
SEC 1746 (2-98) Potential persons who are to respond to the collection of
information contained in this form are not required to respond
unless the form displays a currently valid OMB control number.
CUSIP No. 462030305 Page 2 of 10 Pages
-------------- -----------------------------------------------------------------------------------------
1. Names of Reporting Persons. I.R.S. Identification Nos. of above
persons (entities only).
SACC Partners LP
-------------- -----------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions) ]
(a) [X]
(b) |_|
-------------- -----------------------------------------------------------------------------------------
3. SEC Use Only
-------------- -----------------------------------------------------------------------------------------
4. Source of Funds (See Instructions)
WC
-------------- -----------------------------------------------------------------------------------------
5. Check 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
3,439,150
------------ ----------------------------------------------------------------------------
Number of 8. Shared Voting Power
Shares
Beneficially 0
Owned by ------------ ----------------------------------------------------------------------------
Each 9. Sole Dispositive Power
Reporting
Person With 3,439,150
------------ ----------------------------------------------------------------------------
10. Shared Dispositive Power
0
-------------- -----------------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
3,439,150
-------------- -----------------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) |_|
-------------- -----------------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
CUSIP No. 462030305 Page 3 of 10 Pages
6.66(1)%
-------------- -----------------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) PN
-------------- -----------------------------------------------------------------------------------------
--------
(1) Based on 51,640,948 shares of Common Stock, par value $0.03 1/3 per share,
of Iomega Corporation outstanding at November 4, 2005, as reported in Iomega
Corporation's Quarterly Report on Form 10-Q for the quarter ended October 2,
2005 filed with the Securities and Exchange Commission on November 10, 2005.
CUSIP No. 462030305 Page 3 of 10 Pages
------------- -----------------------------------------------------------------------------------------
1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).
Riley Investment Management LLC
-------------- -----------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions) ]
(a) [X]
(b) |_|
-------------- -----------------------------------------------------------------------------------------
3. SEC Use Only
-------------- -----------------------------------------------------------------------------------------
4. Source of Funds (See Instructions)
AF
-------------- -----------------------------------------------------------------------------------------
5. Check 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
3,439,150
------------ ----------------------------------------------------------------------------
Number of 8. Shared Voting Power
Shares
Beneficially 0
Owned by ------------ ----------------------------------------------------------------------------
Each 9. Sole Dispositive Power
Reporting
Person With 3,439,150
------------ ----------------------------------------------------------------------------
10. Shared Dispositive Power
0
-------------- -----------------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
3,439,150(2)
-------------- -----------------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) |_|
--------
(2) Because Riley Investment Management LLC has sole investment and dispositive
power over the 3,439,150 shares of Iomega Corporation's Common Stock owned of
record by SACC Partners LP, Riley Investment Management LLC may be deemed to
have beneficial ownership of these shares.
-------------- -----------------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
6.66(3)%
-------------- -----------------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
IA
-------------- -----------------------------------------------------------------------------------------
--------
(3) Based on 51,640,948 shares of Common Stock, par value $0.03 1/3 per share,
of Iomega Corporation outstanding at November 4, 2005, as reported in Iomega
Corporation's Quarterly Report on Form 10-Q for the quarter ended October 2,
2005 filed with the Securities and Exchange Commission on November 10, 2005.
-------------- -----------------------------------------------------------------------------------------
1. Names of Reporting Persons. I.R.S. Identification Nos. of above
persons (entities only). Bryant R. Riley
-------------- -----------------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions) ]
(a) [X]
(b) |_|
-------------- -----------------------------------------------------------------------------------------
3. SEC Use Only
-------------- -----------------------------------------------------------------------------------------
4. Source of Funds (See Instructions)
AF
-------------- -----------------------------------------------------------------------------------------
5. Check 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
4,127,998(4)
------------ ----------------------------------------------------------------------------
Number of 8. Shared Voting Power
Shares
Beneficially 0
Owned by ------------ ----------------------------------------------------------------------------
Each 9. Sole Dispositive Power
Reporting
Person With
-------------
(4) Because Riley Investment Management LLC has sole voting and dispositive
power over SACC Partners LP's security holdings and Mr. Riley, in his role as
the sole manager of Riley Investment Management LLC, controls its voting and
investment decisions, each of SACC Partners LP, Riley Investment Management LLC
and Mr. Riley may be deemed to have beneficial ownership of the 3,439,150 shares
of Iomega's Common Stock owned of record by SACC Partners LP, representing
approximately 6.66% shares of Iomega's outstanding Common Stock. Because Mr.
Riley has sole voting and dispostive power over B. Riley & Co., Inc.'s security
holdings, both B. Riley & Co., Inc. and Mr. Riley may be deemed to have
beneficial ownership of the 648,848 shares of Iomega's Common Stock owned of
record by B. Riley & Co., Inc., representing approximately 1.26% of Iomega's
outstanding Common Stock. Because Mr. Riley has sole voting and dispositive
power over B. Riley & Co. Retirement Trust's security holdings, Mr. Riley may be
deemed to have beneficial ownership of the 30,000 shares of Iomega's Common
Stock owned of record by B. Riley & Co. Retirement Trust, representing
approximately 0.06% of Iomega's Common Stock. Mr. Riley disclaims beneficial
ownership of 10,000 shares of Iomega's Common Stock owned of record by his
children for whose accounts he serves as custodian. Mr. Riley may therefore be
deemed to beneficially own a total of 4,117,998 shares of Iomega's Common Stock,
representing approximately 7.97% of Iomega's outstanding Common Stock, through
his relationships with SACC Partners LP, Riley Investment Management LLC, B.
Riley & Co., Inc. and B. Riley & Co. Retirement Trust.
4,127,998(4)
------------ ----------------------------------------------------------------------------
10. Shared Dispositive Power
0
-------------- -----------------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
4,117,998(4)
-------------- -----------------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [X]
-------------- -----------------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
7.97(5)%
-------------- -----------------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
IN
-------------- -----------------------------------------------------------------------------------------
----------
(5) Based on 51,640,948 shares of Common Stock, par value $0.03 1/3 per share,
of Iomega Corporation outstanding at November 4, 2005, as reported in Iomega
Corporation's Quarterly Report on Form 10-Q for the quarter ended October 2,
2005 filed with the Securities and Exchange Commission on November 10, 2005.
Item 1. Security and Issuer
This Schedule 13D relates to the Common Stock, $0.03 1/3 par value (the "Common
Stock"), of Iomega Corporation ("Iomega" or the "Issuer"). Iomega's principal
executive offices are located at 10955 Vista Sorrento Parkway, San Diego, CA
92130.
Item 2. Identity and Background
(a) SACC Partners LP (a Delaware limited partnership) Riley Investment
Management LLC (a Delaware limited liability corporation) Bryant R. Riley
(an individual residing in California)
(b) 11100 Santa Monica Blvd., Suite 800 Los Angeles, CA 90025
(c) Mr. Riley owns and manages all of the outstanding shares of B. Riley &
Co., Inc., a NASD member broker-dealer. Mr. Riley owns and manages all of
the outstanding membership interests of Riley Investment Management LLC, a
California registered investment advisor. Riley Investment Management LLC
is the investment advisor to, and general partner of, SACC Partners LP.
Each entity is listed at the address specified in (b) above. Mr. Riley is
also the custodian for his children's investment accounts.
(d) None.
(e) None.
(f) SACC Partners LP is a Delaware limited partnership. Riley Investment
Management LLC is a Delaware limited liability company. Bryant R. Riley is
a citizen of the United States who resides in California.
Item 3. Source and Amount of Funds or Other Consideration
SACC Partners LP purchased the 3,439,150 shares of Iomega Common Stock reported
on this Schedule 13D for an aggregate purchase price of $9,815,721.85 using SACC
Partners LP partnership funds.
B. Riley & Co., Inc. purchased the 648,848 shares of Iomega Common Stock
reported on this Schedule 13D for an aggregate purchase price of $1,881,250.02
using B. Riley & Co., Inc. corporate funds.
B. Riley & Co. Retirement Trust purchased the 30,000 shares of Iomega Common
Stock reported on this Schedule 13D for an aggregate purchase price of
$95,156.50 using B. Riley & Co. Retirement Trust funds.
Mr. Bryant's children purchased the 10,000 shares of Iomega Common Stock
reported on this Schedule 13D for an aggregate purchase price of $29,500 using
funds from their own accounts.
Item 4. Purpose of Transaction
The Reporting Persons initially acquired all shares for investment purposes.
Because of Iomega's failure to meet the performance expectations of the
Reporting Persons, they have more closely scrutinized Iomega's actions in recent
months. The Reporting Persons are concerned about recent management changes and
what appear, to the Reporting Persons, to have been generous compensation awards
to executives and believe compensation awards should be more closely linked to
Iomega's success in increasing earnings, and return to stockholders. As a result
of this concern, the Reporting Persons decided to become involved in discussions
with Iomega's management and directors about the company's direction and
policies. On March 2, 2006, the Reporting Persons notified Iomega they intend to
nominate three individuals to Iomega's board of directors, and have sought to
engage the directors in productive discussions, including discussions about the
composition of the Iomega board of directors. Initial discussions have been
productive and the Reporting Persons are hopeful they will be able to come to an
amicable resolution and or compromise. Depending on the outcome of these
discussions, the Reporting Persons may modify their intent. Based on their
evaluation of economic and market conditions, including the availability or
alternative investments at attractive prices, the Reporting Persons may purchase
additional securities of Iomega or may sell securities now held. Except as
stated in this Schedule 13D, the Reporting Persons do not
have any plans or proposals which would result in any of the matters described
in Parts (a) through (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer
(a) SACC Partners LP owns 3,439,150 shares of Iomega's Common Stock.
Because Riley Investment Management LLC has sole voting and dispositive
power over SACC Partners LP's security holdings and Mr. Riley, in his
role as the sole manager of Riley Investment Management LLC, controls
its voting and investment decisions, Riley Investment Management LLC
and Mr. Riley may be deemed to have beneficial ownership of the
3,439,150 shares owned of record by SACC Partners LP.
B. Riley & Co., Inc. owns 648,848 shares of Iomega's Common Stock.
Because Mr. Riley has sole voting and dispositive power over B. Riley &
Co., Inc.'s security holdings, Mr. Riley may be deemed to have
beneficial ownership of the 648,848 owned of record by B. Riley &. Co.,
Inc.
B. Riley & Co. Retirement Trust owns 30,000 shares of Iomega's Common
Stock. Because Mr. Riley has sole voting and dispositive power over B.
Riley & Co. Retirement Trust's security holdings, Mr. Riley may be
deemed to have beneficial ownership of the 30,000 shares owned of
record by B. Riley & Co., Retirement Trust.
Mr. Riley's children collectively own 10,000 shares of Iomega's Common
Stock. Although, as custodian, Mr. Riley has sole voting and investment
power over his children's security holdings, Mr. Riley disclaims
beneficial ownership of the 10,000 shares of Iomega's Common Stock
owned of record by his children.
Mr. Riley may therefore be deemed to beneficially own a total of
4,117,998 shares of Iomega's Common Stock (7.97(6)%) through his
relationships with SACC Partners LP, B. Riley & Co., Inc. and B. Riley
Co. Retirement Trust, while disclaiming beneficial ownership of another
10,000 shares (0.02(7)%) over which he has voting and dispositive
power.
(b) Mr. Riley has sole power to vote and dispose of or direct the
disposition of all shares owned of record by SACC Partners LP, B. Riley
& Co., Inc., B. Riley Co. Retirement Trust and his children.
(c) See Exhibit A for a list of transactions occurring in the last sixty
days.
(d) None.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer
The relationships between Mr. Riley, SACC Partners LP, Riley Investment
Management LLC, B. Riley & Co., Inc., B. Riley & Co. Retirement Trust and the
custodial accounts of Mr. Riley's children are described above under Item 2(c).
There is no written agreement among the Reporting Persons regarding the Iomega
Common Stock.
Item 7. Material to Be Filed as Exhibits
None.
---------
(6) Based on 51,640,948 shares of Common Stock, par value $0.03 1/3 per share,
of Iomega Corporation outstanding at November 4, 2005, as reported in Iomega
Corporation's Quarterly Report on Form 10-Q for the quarter ended October 2,
2005 filed with the Securities and Exchange Commission on November 10, 2005.
(7) Based on 51,640,948 shares of Common Stock, par value $0.03 1/3 per share,
of Iomega Corporation outstanding at November 4, 2005, as reported in Iomega
Corporation's Quarterly Report on Form 10-Q for the quarter ended October 2,
2005 filed with the Securities and Exchange Commission on November 10, 2005.
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.
Date: March 13, 2006
SACC PARTNERS LP
By: Riley Investment Management LLC,
its General Partner
/s/ Bryant R. Riley
-------------------
Bryant R. Riley, President
RILEY INVESTMENT MANAGEMENT LLC
/s/ Bryant R. Riley
-------------------
Bryant R. Riley, President
/s/ Bryant R. Riley
-------------------
Bryant R. Riley
Attention: Intentional misstatements or omissions of fact constitute Federal
criminal violations (See 18 U.S.C. 1001)
EXHIBIT A
Entity Buy or Sell Quantity Trade Date Price
------ ----------- --------- ---------- ------
SACC Partners LP Buy 14,500.00 1/23/2006 $2.5100
SACC Partners LP Buy 10,900.00 1/24/2006 $2.5036
SACC Partners LP Buy 5,550.00 1/27/2006 $2.6000
SACC Partners LP Sell (400.00) 2/1/2006 $2.6000
SACC Partners LP Sell (200,000.00) 2/2/2006 $2.6001
SACC Partners LP Buy 111,850.00 2/2/2006 $2.7000
SACC Partners LP Buy 36,000.00 2/3/2006 $2.6900
SACC Partners LP Sell (36,000.00) 2/3/2006 $2.6974
SACC Partners LP Buy 5,200.00 2/6/2006 $2.7900
SACC Partners LP Sell (5,200.00) 2/6/2006 $2.7500
SACC Partners LP Buy 1,000.00 3/2/2006 $2.8400
SACC Partners LP Sell (1,000.00) 3/2/2006 $2.8400
B. Riley & Co., Inc. Buy 10,000.00 1/26/2006 $2.8200
B. Riley & Co., Inc. Sell (52,200.00) 2/2/2006 $2.6221
B. Riley & Co., Inc. Sell (300.00) 2/14/2006 $2.7800