UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
IEC ELECTONICS CORP.
--------------------
(Name of Issuer)
Common Stock, $.01 Par Value Per Share
--------------------------------------
(Title of Class of Securities)
44949L105
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(CUSIP Number)
Patrick J. Dooley, Esq.
Akin Gump Strauss Hauer & Feld LLP
590 Madison Avenue
New York, New York 10022
(212) 872-1000
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 2, 2004
---------------
(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 ss.ss.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 Rule ss.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).
Continued on following page(s)
Page 1 of 13 Pages
Exhibit Index: Page 12
SCHEDULE 13D
CUSIP No. 44949L105 Page 2 of 13 Pages
1 Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAGAMORE HILL CAPITAL MANAGEMENT, L.P.
2 Check the Appropriate Box If a Member of a Group (See Instructions)
a. [ ]
b. [X]
3 SEC Use Only
4 Source of Funds (See Instructions)
WC
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
Number of 7 Sole Voting Power
Shares 424,700
Beneficially
Owned By 8 Shared Voting Power
Each 0
Reporting
Person 9 Sole Dispositive Power
With 424,700
10 Shared Dispositive Power
0
11 Aggregate Amount Beneficially Owned by Each Reporting Person
424,700
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
[ ]
13 Percent of Class Represented By Amount in Row (11)
5.27%
14 Type of Reporting Person (See Instructions)
PN
SCHEDULE 13D
CUSIP No. 44949L105 Page 3 of 13 Pages
1 Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAGAMORE HILL CAPITAL ADVISORS, LLC
2 Check the Appropriate Box If a Member of a Group (See Instructions)
a. [ ]
b. [X]
3 SEC Use Only
4 Source of Funds (See Instructions)
AF
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
Number of 7 Sole Voting Power
Shares 424,700
Beneficially
Owned By 8 Shared Voting Power
Each 0
Reporting
Person 9 Sole Dispositive Power
With 424,700
10 Shared Dispositive Power
0
11 Aggregate Amount Beneficially Owned by Each Reporting Person
424,700
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
[ ]
13 Percent of Class Represented By Amount in Row (11)
5.27%
14 Type of Reporting Person (See Instructions)
OO
SCHEDULE 13D
CUSIP No. 44949L105 Page 4 of 13 Pages
1 Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
STEVEN H. BLOOM
2 Check the Appropriate Box If a Member of a Group (See Instructions)
a. [ ]
b. [X]
3 SEC Use Only
4 Source of Funds (See Instructions)
AF
5 Check Box If Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e)
[ ]
6 Citizenship or Place of Organization
UNITED STATES
Number of 7 Sole Voting Power
Shares 424,700
Beneficially
Owned By 8 Shared Voting Power
Each 0
Reporting
Person 9 Sole Dispositive Power
With 424,700
10 Shared Dispositive Power
0
11 Aggregate Amount Beneficially Owned by Each Reporting Person
424,700
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
[ ]
13 Percent of Class Represented By Amount in Row (11)
5.27%
14 Type of Reporting Person (See Instructions)
IN; IA; HC
Page 5 of 13 Pages
This Statement on Schedule 13D relates to shares of common
stock, $.01 par value per share (the "Shares"), of IEC Electronics Corp. (the
"Issuer"). This statement on Schedule 13D is being filed by the Reporting
Persons (as defined below) to report the recent acquisition of Shares, as a
result of which the Reporting Persons may be deemed to be the beneficial owners
of more than 5% of the outstanding Shares.
Item 1. Security and Issuer.
This Statement relates to the Shares. The address of the
principal executive office of the Issuer is 105 Norton Street, Newark, New York
14513.
Item 2. Identity and Background.
This Statement is being filed on behalf of each of the
following persons (collectively, the "Reporting Persons"):
i) Sagamore Hill Capital Management, L.P. ("Sagamore Hill
Capital Management");
ii) Sagamore Hill Capital Advisors, LLC ("Capital Advisors");
and
iii) Mr. Steven H. Bloom ("Mr. Steven Bloom").
This Statement relates to the Shares held for the account of
the Sagamore Hill Hub Fund Ltd., a Cayman Islands corporation ("Hub Fund").
The Reporting Persons
Sagamore Hill Capital Management is a Delaware limited
partnership and has its principal office at 2 Greenwich Office Park, Greenwich,
CT 06831. The principal business of Sagamore Hill Capital Management is
investment in securities. Pursuant to a portfolio management agreement, Sagamore
Hill Capital Management serves as investment manager of the Hub Fund and may be
deemed to beneficially own the Shares held for the account of the Hub Fund.
Current information concerning the identity and background of the directors and
officers of Sagamore Hill Capital Management is set forth in Annex A hereto,
which is incorporated by reference in response to this Item 2.
Capital Advisors is a Delaware limited liability company and
has its principal office at 2 Greenwich Office Park, Greenwich, CT 06831. The
principal business of Sagamore Hill Capital Management is management of the
activities of Sagamore Hill Capital Management. Current information concerning
the identity and background of the directors and officers of Capital Advisors is
set forth in Annex A hereto, which is incorporated by reference in response to
this Item 2.
The principal occupation of Mr. Steven Bloom, a United States
citizen, is the direction of the activities of Sagamore Hill Capital Management
and Capital Advisors. The principal business address of Mr. Steven Bloom is
located at 2 Greenwich Office Park, Greenwich, CT 06831.
During the past five years, none of the Reporting Persons and,
to the best of the Reporting Persons' knowledge, no other person identified in
response to this Item 2 has been (a) convicted in a criminal proceeding or (b) a
party to any civil proceeding as a result of which it or he has been 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.
Page 6 of 13 Pages
Item 3. Source and Amount of Funds or Other Consideration.
Sagamore Hill Capital Management expended $894,531.81 of its
working capital to purchase the securities reported herein as having been
acquired November 10, 2004 (60 days prior to the date hereof).
The securities held for the accounts of the Hub Fund may be
held through margin accounts maintained with brokers, which extend margin credit
as and when required to open or carry positions in their margin accounts,
subject to applicable federal margin regulations, stock exchange rules and such
firms' credit policies. The positions which may be held in the margin accounts,
including the Shares, are pledged as collateral security for the repayment of
debit balances in the respective accounts.
Item 4. Purpose of Transaction.
All of the Shares reported herein as having been acquired or
disposed of from the account of the Hub Fund were acquired or disposed of for
investment purposes. Except as set forth below and in Item 6, neither the
Reporting Persons nor, to the best of their knowledge, any of the other persons
identified in response to Item 2, has any plans or proposals that relate to or
would result in any of the transactions described in subparagraphs (a) through
(j) of Item 4 of Schedule 13D.
The Reporting Persons reserve the right to acquire, or cause
to be acquired, additional securities of the Issuer, to dispose of, or cause to
be disposed, such securities at any time or to formulate other purposes, plans
or proposals regarding the Issuer or any of its securities, to the extent deemed
advisable in light of general investment and trading policies of the Reporting
Persons, market conditions or other factors.
Item 5. Interest in Securities of the Issuer.
According to information filed by the Issuer with the
Securities and Exchange Commission in its most recent Schedule 14A, the number
of Shares outstanding was 8,056,960 as of December 24, 2003.
(a) Each of Sagamore Hill Capital Management, Capital Advisors
and Mr. Steven Bloom may be deemed the beneficial owner of the 424,700 Shares
(approximately 5.27% of the total number of Shares outstanding) held for the
account of the Hub Fund.
(b) Each of Sagamore Hill Capital Management, Capital Advisors
and Mr. Steven Bloom may be deemed to have sole power to direct the voting and
disposition of the 424,700 Shares held for the account of the Hub Fund.
(c) Except as set forth in Annex B hereto, there have been no
transactions effected with respect to the Shares since November 10, 2003 (60
days prior to the date hereof) by any of the Reporting Persons.
(d) The shareholders of the Hub Fund have the right to
participate in the receipt of dividends from, or proceeds from the sale of, the
Shares held by the Hub Fund in accordance with their ownership interests in the
Hub Fund.
(e) Not applicable.
Page 7 of 13 Pages
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
From time to time, each of the Reporting Persons may lend
portfolio securities to brokers, banks or other financial institutions. These
loans typically obligate the borrower to return the securities, or an equal
amount of securities of the same class, to the lender and typically provide that
the borrower is entitled to exercise voting rights and to retain dividends
during the term of the loan. From time to time, to the extent permitted by
applicable laws, each of the Reporting Persons may borrow securities, including
the Shares, for the purpose of effecting, and may effect, short sale
transactions, and may purchase securities for the purpose of closing out short
positions in such securities.
Except as set forth above, the Reporting Persons do not have
any contracts, arrangements, understandings or relationships with respect to any
securities of the Issuer.
Item 7. Material to be Filed as Exhibits.
The Exhibit Index is incorporated herein by reference.
Page 8 of 13 Pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge and
belief, each of the undersigned certifies that the information set forth in this
Statement is true, complete and correct.
Date: January 12, 2004 SAGAMORE HILL CAPITAL MANAGEMENT, L.P.
By: /s/ Steven H. Bloom
---------------------------------
Steven H. Bloom
President
Date: January 12, 2004 SAGAMORE HILL CAPITAL ADVISORS, LLC
By: /s/ Steven H. Bloom
---------------------------------
Steven H. Bloom
Sole Member
Date: January 12, 2004 STEVEN H. BLOOM
/s/ Steven H. Bloom
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Page 9 of 13 Pages
ANNEX A
Partners and Officers of Sagamore Hill Capital Management, L.P.
Name/Title/Citizenship Principal Occupation Business Address
Steven H. Bloom Sole Member of Sagamore Hill 2 Greenwich Office Park
Managing Partner Capital Advisors, LLC Greenwich, CT 06831
(United States)
Edward Kelly Chief Financial Officer of 2 Greenwich Office Park
Chief Financial Officer Sagamore Hill Capital Greenwich, CT 06831
United States) Management, L.P.
Members of Sagamore Hill Capital Advisors, LLC
Name/Title/Citizenship Principal Occupation Business Address
Steven H. Bloom Sole Member of Sagamore Hill 2 Greenwich Office Park
Managing Partner Capital Advisors, LLC Greenwich, CT 06831
(United States)
Except as set forth herein, to the best of the Reporting
Persons' knowledge:
(a) None of the above persons hold any Shares. /1/
(b) None of the above persons has any contracts, arrangements,
understandings or relationships with respect to the Shares. /1/
-----------------------------------------------------------
/1/ Mr. Steven Bloom may be deemed to be the beneficial owner of the securities
held for the account of the Sagamore Hill Hub Fund Ltd., as set forth herein.
Page 10 of 13 Pages
ANNEX B
RECENT TRANSACTIONS IN THE SECURITIES OF
IEC ELECTRONICS CORP.
Date of Nature of Number of
For the Account of Transaction Transaction Securities Price
------------------ ----------- ----------- ---------- -----
Sagamore Hill Hub Fund Ltd. 11/10/2003 Purchase 200 Shares $1.565
Sagamore Hill Hub Fund Ltd. 11/11/2003 Purchase 13,500 Shares $1.55
Sagamore Hill Hub Fund Ltd. 11/11/2003 Purchase 1,000 Shares $1.55
Sagamore Hill Hub Fund Ltd. 11/12/2003 Purchase 500 Shares $1.59
Sagamore Hill Hub Fund Ltd. 11/12/2003 Purchase 2,500 Shares $1.562
Sagamore Hill Hub Fund Ltd. 11/12/2003 Purchase 200 Shares $1.60
Sagamore Hill Hub Fund Ltd. 11/13/2003 Purchase 16,000 Shares $1.5968
Sagamore Hill Hub Fund Ltd. 11/17/2003 Purchase 3,900 Shares $1.60
Sagamore Hill Hub Fund Ltd. 11/17/2003 Purchase 500 Shares $1.53
Sagamore Hill Hub Fund Ltd. 11/18/2003 Purchase 1,000 Shares $1.60
Sagamore Hill Hub Fund Ltd. 11/18/2003 Purchase 600 Shares $1.64
Sagamore Hill Hub Fund Ltd. 11/19/2003 Purchase 13,100 Shares $1.7095
Sagamore Hill Hub Fund Ltd. 11/19/2003 Purchase 1,000 Shares $1.78
Sagamore Hill Hub Fund Ltd. 11/20/2003 Purchase 53,600 Shares $2.0047
Sagamore Hill Hub Fund Ltd. 11/21/2003 Purchase 56,000 Shares $2.0191
Sagamore Hill Hub Fund Ltd. 11/24/2003 Purchase 1,000 Shares $2.00
Sagamore Hill Hub Fund Ltd. 11/25/2003 Purchase 50,000 Shares $1.9008
Sagamore Hill Hub Fund Ltd. 12/5/2003 Purchase 21,700 Shares $2.038
Sagamore Hill Hub Fund Ltd. 12/8/2003 Purchase 36,000 Shares $2.031
Sagamore Hill Hub Fund Ltd. 12/9/2003 Purchase 1,500 Shares $2.03
Page 11 of 13 Pages
Date of Nature of Number of
For the Account of Transaction Transaction Securities Price
------------------ ----------- ----------- ---------- -----
Sagamore Hill Hub Fund Ltd. 12/10/2003 Purchase 25,000 Shares $2.0416
Sagamore Hill Hub Fund Ltd. 12/11/2003 Purchase 5,000 Shares $2.05
Sagamore Hill Hub Fund Ltd. 12/15/2003 Purchase 12,000 Shares $2.0804
Sagamore Hill Hub Fund Ltd. 12/17/2003 Purchase 21,500 Shares $2.1907
Sagamore Hill Hub Fund Ltd. 12/18/2003 Purchase 18,300 Shares $2.2363
Sagamore Hill Hub Fund Ltd. 12/19/2003 Purchase 1,000 Shares $2.30
Sagamore Hill Hub Fund Ltd. 12/22/2003 Purchase 10,500 Shares $2.30
Sagamore Hill Hub Fund Ltd. 12/23/2003 Purchase 2,100 Shares $2.30
Sagamore Hill Hub Fund Ltd. 12/29/2003 Purchase 5,000 Shares $2.30
Sagamore Hill Hub Fund Ltd. 12/30/2003 Purchase 10,000 Shares $2.30
Sagamore Hill Hub Fund Ltd. 12/31/2003 Purchase 9,000 Shares $2.30
Sagamore Hill Hub Fund Ltd. 1/2/2004 Purchase 31,500 Shares $2.2454
Page 12 of 13 Pages
EXHIBIT INDEX
Page No.
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A. Joint Filing Agreement, dated as of January 12, 2004,
by and among Sagamore Hill Capital Management, L.P.,
Sagamore Hill Capital Advisors LLC and Mr. Steven Bloom....... 13
Page 13 of 13 Pages
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that the Statement on Schedule
13D with respect to the Common Stock of IEC Electronics Corp., dated as of
January 12, 2004, is, and any amendments thereto (including amendments on
Schedule 13G) signed by each of the undersigned shall be, filed on behalf of
each of us pursuant to and in accordance with the provisions of Rule 13d-1(k)
under the Securities Exchange Act of 1934.
Date: January 12, 2004 SAGAMORE HILL CAPITAL MANAGEMENT, L.P.
By: /s/ Steven H. Bloom
---------------------------------
Steven H. Bloom
President
Date: January 12, 2004 SAGAMORE HILL CAPITAL ADVISORS, LLC
By: /s/ Steven H. Bloom
---------------------------------
Steven H. Bloom
Sole Member
Date: January 12, 2004 STEVEN H. BLOOM
/s/ Steven H. Bloom
-------------------------------------