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14 TYPE OF REPORTING PERSON
LP
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The following constitutes the Schedule 13D filed by the undersigned
(the "Schedule 13D").
ITEM 1 SECURITY AND ISSUER
Title of Class of Securities
Common Shares, par value $.01 per share
(the "Shares")
Name and Address of Issuer
IEH CORPORATION
(the "Company"or the "Issuer")
140 58th Street, Suite 8E, Brooklyn, New York 11220
ITEM 2 IDENTITY AND BACKGROUND
(a)This statement is filed by:
(i)Hummingbird Value Fund, L.P., a Delaware limited partnership
("Hummingbird Value"), with respect to the Shares directly and
beneficially owned by it;
(ii)Tarsier Nanocap Value Fund, L.P., a Delaware limited partnership
("Tarsier"), with respect to the Shares directly and beneficially owned by it;
(iii)Hummingbird Management, LLC, a Delaware limited liability company
("Hummingbird Management"), who serves as the investment manager of each of
Hummingbird Value and Tarsier;
(iv)Hummingbird Capital, LLC, a Delaware limited liability company
("Hummingbird Capital"), who serves a
s the general partner of each of
Hummingbird Value and Tarsier; and
(v)Paul D. Sonkin ("Mr. Sonkin"), who serves as the managing
member of each of Hummingbird Management and Hummingbird Capital and
as the investment manager to certain managed accounts (the "Managed Accounts");
Each of the foregoing is referred to as a "Reporting Person" and
collectively as the "Reporting Persons." Each of the Reporting
Persons is party to that certain Joint Filing Agreement, as further
described in Item 6. Accordingly, the Reporting Persons are hereby filing
a joint Schedule 13D.
(b)The address of the principal office of each of the Reporting
Persons is 145 East 57th Street, 8th Floor, New York, New York 10022.
(c)The principal business of each of Hummingbird Value and
Tarsier is serving as a private investment fund. The principal
business of Hummingbird Management is serving as the investment
manager of each of Hummingbird Value and Tarsier. The principal
business of Hummingbird Capital is serving as the general partner of each
of Hummingbird Value and Tarsier. The principal occupation of Mr. Sonkin is
serving as the managing member of each of Hummingbird
Management and Hummingbird
Capital and as the investment manager to the Managed Accounts.
(d)No Reporting Person has, during the last five years,
been convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors).
(e)No Reporting Person has, during the last five years,
been 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.
(f)Mr. Sonkin is a citizen of the United States of America.
ITEM 3 SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The Shares purchased by Hummingbird Value and Tarsier were purchased with
working capital (which may, at any given time, include margin loans made
by brokerage firms in the ordinary course of business) in open market
purchases, except as otherwise noted, as set forth in Schedule A,
which is incorporated by reference herein. The aggregate purchase
cost of the 231,589 Shares beneficially owned in the aggregate by
Hummingbird Value and Tarsier is approximately $77,582,
excluding brokerage commissions.
As of April 21, 2010, Mr. Sonkin has caused the Managed Accounts to
invest approximately $52,197 in the Shares of the Issuer using
working capital.
ITEM 4 PURPOSE OF TRANSACTION
The Reporting Persons purchased the Shares based on their belief
that the Shares, when purchased, were undervalued and represented an
attractive investment opportunity. Depending upon overall market
conditions, other investment opportunities available to the Reporting
Persons, and the availability of Shares at prices that would make
the purchase of additional Shares desirable, the Reporting Persons
may endeavor to increase their respective positions in the Issuer
through, among other things, the purchase of Shares on the open
market or in private transactions or otherwise, on such terms and
at such times as the Reporting Persons may deem advisable.
No Reporting Person has any present plan or proposal which
would relate to or result in any of the matters set forth in
subparagraphs (a) - (j) of Item 4 of Schedule 13D except as
set forth herein or such as would occur upon completion of any
of the actions discussed above. The Reporting Persons intend to
review their respective investments in the Issuer on a continuing
basis and engage in discussions with management, the Board of
Directors, shareholders and franchisees of the Issuer concerning
the business, operations and future plans of the Issuer. Depending
on various factors including, without limitation, the Issuer's
financial position and investment strategy, the price levels of the
Shares, conditions in the securities markets and general economic
and industry conditions, the Reporting Persons may in the future
take such actions with respect to their respective investments in
the Issuer as they deem appropriate including, without limitation,
communications with management and the Board of the Issuer,
engaging in discussions with third parties about the Issuer
and the Reporting Persons' investment, seeking Board
representation, making proposals to the Issuer concerning
changes to the capitalization, ownership structure or
operations of the Issuer, purchasing additional Shares,
selling some or all of their Shares, engaging in short
selling of or any hedging or similar transaction with
respect to the Shares or changing their intention with
respect to any and all matters referred to in Item 4.
ITEM 5 INTEREST IN SECURITIES OF THE ISSUER
(a)The aggregate percentage of Shares reported
owned by each person named herein is based upon 2,613,861
Shares outstanding as of December 25, 2009 which is the total number
of Shares outstanding as reported in the Issuer's quarterly report
on Form 10Q, filed with the Securities and Exchange
Commission on February 16, 2010.
As of the close of business on April 21, 2010, Hummingbird Value
directly owned 194,444 Shares, constituting approximately
8.44% of the Shares outstanding. As the investment
manager of Hummingbird Value, Hummingbird Management may
be deemed to beneficially own the 194,444 Shares owned
by Hummingbird Value, constituting approximately 8.44%
of the Shares outstanding. As the general partner of
Hummingbird Value, Hummingbird Capital may be deemed to
beneficially own the 194,444S hares owned by Hummingbird
Value, constituting approximately 8.44% of the Shares outstanding.
As of the close of business on April 21, 2010, Tarsier directly
owned 97,162 Shares, constituting approximately 4.22%
of the Shares outstanding. As the investment manager of
Tarsier, Hummingbird Management may be deemed to
beneficially own the 97,162 Shares owned by Tarsier,
constituting approximately 4.22% of the Shares outstanding.
As the general partner of Tarsier, Hummingbird Capital may
be deemed to beneficially own the 194,444 Shares owned by
Hummingbird Value, constituting approximately 8.44% of the
Shares outstanding.
Mr. Sonkin, as the managing member of each of Hummingbird
Management and Hummingbird Capital, who serve as the
investment manager and general partner, respectively,
of each of Hummingbird Value and Tarsier, may be deemed
to beneficially own the 304,422 Shares owned in the
aggregate by Hummingbird Value and Tarsier, constituting
approximately 13.22% of the Shares outstanding. Mr. Sonkin,
as the investment manager to the Managed Accounts, may be
deemed to beneficially own the 12,816 Shares owned by the
Managed Accounts, constituting approximately .56% of the
Shares outstanding.
(b)By virtue of his position with Hummingbird
Management and Hummingbird Capital, Mr. Sonkin has the
sole power to vote and dispose of the Shares beneficially
owned by Hummingbird Value and Tarsier. Mr. Sonkin has
sole power to vote and dispose of the Shares beneficially
owned by the Managed Accounts.
(c)Schedule A annexed hereto lists all transactions
in securities of the Issuer during the past sixty days by
the Reporting Persons. All of such transactions were
effected in the open market, unless indicated otherwise.
(d)No person other than the Reporting Persons is
known to have the right to receive, or the power to
direct the receipt of dividends from, or proceeds
from the sale of, the Shares, except for the clients
of Mr. Sonkin with respect to the Shares held in the Managed Accounts.
(e)Not applicable.
The filing of this Schedule 13D shall not be construed
as an admission that the Reporting Persons are, for purposes
of Section 13(d) of the Securities Exchange Act of 1934, as
amended, the beneficial owners of any of the Shares reported
herein. Each of the Reporting Persons specifically disclaims
beneficial ownership of the Shares reported herein that are
not directly owned by such Reporting Person, except to the
extent of its or his pecuniary interest therein.
ITEM 6 Inapplicable
ITEM 7 MATERIAL TO BE FILED AS EXHIBITS
Exhibit Exhibit
No. Description
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1 Joint Filing Agreement dated April 22, 2010 by and among
Hummingbird Management, LLC, Hummingbird Value Fund, L.P.,
The Tarsier Nanocap Value Fund LP, Hummingbird Capital, LLC,
and Paul Sonkin.
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
Dated: April 22, 2010 HUMMINGBIRD MANAGEMENT, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
/s/ Paul D. Sonkin
-------------------------------------
PAUL D. SONKIN
HUMMINGBIRD VALUE FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
The Tarsier Nanocap Value Fund, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
HUMMINGBIRD CAPITAL, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange
Act of 1934, as amended, the persons named below agree to the joint filing on
behalf of each of them of a Statement
on Schedule 13D dated April 22, 2010,
(including amendments thereto) with respect to the Common Stock of
Meade Instrument Corp. This Joint Filing Agreement shall be filed as an Exhibit
to such Statement.
Dated: April 22, 2010 HUMMINGBIRD MANAGEMENT, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
/s/ Paul D. Sonkin
-------------------------------------
PAUL D. SONKIN
HUMMINGBIRD VALUE FUND, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
The Tarsier Nanocap Value Fund, L.P.
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
By: Hummingbird Capital, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
HUMMINGBIRD CAPITAL, LLC
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
Title: Managing Member
By: /s/ Paul D. Sonkin
---------------------------------
Name: Paul D. Sonkin
