SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------
SCHEDULE 13D
(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(a)*
INTEGRATED ELECTRICAL SERVICES, INC.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
45811E 30 1
(CUSIP Number)
Jeffrey L. Gendell
55 Railroad Avenue, 3rd Floor
Greenwich, Connecticut 06830
(Name, address and telephone number of person authorized to
receive notices and communications)
May 12, 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 ss.ss. 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 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 purposes of Section 18 of the Securities Exchange Act of
1934 (the "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 pages)
(Page 1 of 12 Pages)
CUSIP No. 45811E 30 1 13D Page 2 of 12
- ---------------------- -------------------------------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS. Tontine Capital Partners, L.P.
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSON (ENTITIES ONLY)
- ---------------------- -------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
- ---------------------- -------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------- -------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- ---------------------- -------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [ ]
- ---------------------- -------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ---------------------- -------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- -------------------------------------------------------------------------------
8 SHARED VOTING POWER: 3,023,282
------------------- -------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 0
------------------- -------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 3,023,282
- ---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 3,023,282
- ---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[ ]
- ---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 19.7%
- ---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ---------------------- -------------------------------------------------------------------------------------------------------
2
CUSIP No. 45811E 30 1 13D Page 3 of 12
- ---------------------- -------------------------------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS. Tontine Capital Management, L.L.C.
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSON (ENTITIES ONLY)
- ---------------------- -------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
- ---------------------- ------------------------------------------------------------------------------------ ------------------
3 SEC USE ONLY
- ---------------------- -------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- ---------------------- -------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [ ]
- ---------------------- -------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ---------------------- -------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- -------------------------------------------------------------------------------
8 SHARED VOTING POWER: 3,023,282
------------------- -------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 0
------------------- -------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 3,023,282
- ---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 3,023,282
- ---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[ ]
- ---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 19.7%
- ---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- ---------------------- -------------------------------------------------------------------------------------------------------
3
CUSIP No. 45811E 30 1 13D Page 4 of 12
- ---------------------- -------------------------------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS. Tontine Partners, L.P.
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSON (ENTITIES ONLY)
- ---------------------- -------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
- ---------------------- -------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------- -------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- ---------------------- -------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [ ]
- ---------------------- -------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ---------------------- -------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- -------------------------------------------------------------------------------
8 SHARED VOTING POWER: 1,945,787
------------------- -------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 0
------------------- -------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 1,945,787
- ---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 1,945,787
- ---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[ ]
- ---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 12.7%
- ---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: PN
- ---------------------- -------------------------------------------------------------------------------------------------------
4
CUSIP No. 45811E 30 1 13D Page 5 of 12
- ---------------------- -------------------------------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS. Tontine Management, L.L.C.
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSON (ENTITIES ONLY)
- ---------------------- -------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
- ---------------------- -------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------- -------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- ---------------------- -------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [ ]
- ---------------------- -------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ---------------------- -------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- -------------------------------------------------------------------------------
8 SHARED VOTING POWER: 1,945,787
------------------- -------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 0
------------------- -------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 1,945,787
- ---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 1,945,787
- ---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[ ]
- ---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 12.7%
- ---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
- ---------------------- -------------------------------------------------------------------------------------------------------
5
CUSIP No. 45811E 30 1 13D Page 6 of 12
- ---------------------- -------------------------------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS. Tontine Overseas Associates, L.L.C.
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSON (ENTITIES ONLY)
- ---------------------- -------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
- ---------------------- -------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------- -------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- ---------------------- -------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [ ]
- ---------------------- -------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
- ---------------------- -------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 0
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- -------------------------------------------------------------------------------
8 SHARED VOTING POWER: 52,350
------------------- -------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 0
------------------- -------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 52,350
- ---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 52,350
- ---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[ ]
- ---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.3%
- ---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IA, OO
- ---------------------- -------------------------------------------------------------------------------------------------------
6
CUSIP No. 45811E 30 1 13D Page 7 of 12
- ---------------------- -------------------------------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS. Jeffrey L. Gendell
I.R.S. IDENTIFICATION NOS.
OF ABOVE PERSON (ENTITIES ONLY)
- ---------------------- -------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [X]
(b) [ ]
- ---------------------- -------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------- -------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS: OO
- ---------------------- -------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): [ ]
- ---------------------- -------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States
- ---------------------- -------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER: 7,906
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
------------------- -------------------------------------------------------------------------------
8 SHARED VOTING POWER: 5,021,419
------------------- -------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER: 7,906
------------------- -------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER: 5,021,419
- ---------------------- -------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 5,029,325
- ---------------------- -------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES:
[ ]
- ---------------------- -------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 32.8%
- ---------------------- -------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
- ---------------------- -------------------------------------------------------------------------------------------------------
7
CUSIP No. 45811E 30 1 13D Page 8 of 12
ITEM 1. SECURITY AND ISSUER.
This statement relates to the common stock, par value of $.01 per share
(the "Common Stock"), of Integrated Electrical Services, Inc. (the "Company").
The principal executive office of the Company is 1800 West Loop South, Suite
500, Houston, Texas 77027.
ITEM 2. IDENTITY AND BACKGROUND.
(a) This statement is filed by:
(i) Tontine Capital Partners, L.P., a Delaware limited partnership
("TCP"), with respect to the shares of Common Stock directly
owned by it;
(ii) Tontine Capital Management, L.L.C., a limited liability
company organized under the laws of the State of Delaware
("TCM"), with respect to the shares of Common Stock directly
owned by TCP;
(iii) Tontine Partners, L.P., a Delaware limited partnership ("TP"),
with respect to the shares of Common Stock directly owned by
it;
(iv) Tontine Management, L.L.C., a limited liability company
organized under the laws of the State of Delaware ("TM"), with
respect to the shares of Common Stock directly owned by TP;
(v) Tontine Overseas Associates, L.L.C., a limited liability
company organized under the laws of the State of Delaware
("TOA"), which serves as investment manager to Tontine
Overseas Fund, Ltd., a company organized under the laws of the
Cayman Islands ("TOF"), with respect to the shares of Common
Stock owned by TOF; and
(vi) Jeffrey L. Gendell ("Mr. Gendell"), with respect to the shares
of Common Stock owned directly by Mr. Gendell, TCP, TP and
TOF.
The foregoing persons are hereinafter sometimes 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.
(b) The address of the principal business and principal office of each
of Reporting Person is 55 Railroad Avenue, 3rd Floor, Greenwich, Connecticut
06830.
(c) The principal business of each of TCP and TP is serving as a
private investment limited partnership. The principal business of TCM is serving
as the general partner of TCP. The principal business of TM is serving as the
general partner of TP. The principal business of TOA is that of an investment
advisor engaging in the purchase and sale of securities on behalf of its
clients. Mr. Gendell serves as the managing member of TCM, TM and TOA.
(d) None of the Reporting Persons, has during the last five years been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
8
CUSIP No. 45811E 30 1 13D Page 9 of 12
(e) None of the Reporting Persons has, during the last five years, 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.
(f) TCP is a limited partnership organized under the laws of the State
of Delaware. TCM is a limited liability company organized under the laws of the
State of Delaware. TP is a limited partnership organized under the laws of the
State of Delaware. TM is a limited liability company organized under the laws of
the State of Delaware. TOA is a limited liability company organized under the
laws of the State of Delaware. Mr. Gendell is a United States citizen.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Pursuant to the Company's Second Amended Joint Plan of Reorganization,
dated March 17, 2006 (the "Plan of Reorganization"), as confirmed on April 26,
2006 by the United States Bankruptcy Court for the Northern District of Texas,
Dallas Division, shares of Common Stock were issued to the Reporting Persons in
exchange for their old common stock of the Company and their 9 3/8% Senior
Subordinated Notes of the Company due 2009.
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons acquired the shares of Common Stock for
investment purposes. The Reporting Persons may acquire additional securities of
the Company or dispose of securities of the Company at any time and from time to
time in the open market or otherwise. An affiliate of the Reporting Persons
serves on the board of directors of the Company.
Although the foregoing represents the range of activities presently
contemplated by the Reporting Persons with respect to the Company, it should be
noted that the possible activities of the Reporting Persons are subject to
change at any time. Except as set forth above, none of the Reporting Persons has
any present plans or proposals which relate to or would result in any of the
actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The responses of the Reporting Persons to Rows (11) through (13) of
the cover pages of this Schedule 13D are incorporated herein by reference. The
Reporting Persons beneficially own the number of shares of the Common Stock
listed below, representing approximately the percentage of the outstanding
shares of Common Stock set forth opposite such number. The percentages used
herein are calculated based upon 15,327,151 shares of Common Stock issued upon
the effective date of the Plan of Reorganization, as disclosed in the Company's
related Second Amended Disclosure Statement dated March 17, 2006.
9
CUSIP No. 45811E 30 1 13D Page 10 of 12
- ---------------------------------------- ----------------------- ----------------------
Name Number of Shares Percent of Class
- ---------------------------------------- ----------------------- ----------------------
Tontine Capital Partners, L.P. 3,023,282 19.7%
- ---------------------------------------- ----------------------- ----------------------
Tontine Capital Management L.L.C. 3,023,282 19.7%
- ---------------------------------------- ----------------------- ----------------------
Tontine Partners, L.P. 1,945,787 12.7%
- ---------------------------------------- ----------------------- ----------------------
Tontine Management, L.L.C. 1,945,787 12.7%
- ---------------------------------------- ----------------------- ----------------------
Tontine Overseas Associates, L.L.C. 52,350 0.3%
- ---------------------------------------- ----------------------- ----------------------
Jeffrey L. Gendell 5,029,325 32.8%
- ---------------------------------------- ----------------------- ----------------------
(b) The responses of the Reporting Persons to (i) Rows (7) through (10)
of the cover pages of this statement on Schedule 13D and (ii) Item 5(a) hereof
are incorporated herein by reference.
(c) Except for the transaction described in Item 4 hereof, none of the
Reporting Persons has effected any transactions in the Common Stock of the
Company during the past 60 days.
(d) TCM, the general partner of TCP, has the power to direct the
affairs of TCP, including decisions respecting the receipt of dividends from,
and the disposition of the proceeds from the sale of, the shares. TM, the
general partner of TP, has the power to direct the affairs of TP, including
decisions respecting the receipt of dividends from, and the disposition of the
proceeds from the sale of, the shares. Mr. Gendell is the Managing Member of TCM
and TM and in that capacity directs each of their operations. Each of the
clients of TOA has the power to direct the receipt of dividends from or the
proceeds of the sale of such shares.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Contemporaneously with TCP's, TP's, TOA's and Mr. Glendell's receipt of
Common Stock pursuant to the Plan of Reorganization, TCP, TP, TOA, Mr. Glendell
and Southpoint Master Fund, LP (collectively, "Holders") entered into a
Registration Rights Agreement with the Company and dated as of May 12, 2006 (the
"Registration Rights Agreement"). Pursuant to the Registration Rights Agreement,
the Company granted the Holders certain demand and "piggy-back" registration
rights in connection with their Common Stock. The registration rights granted
under the Registration Rights Agreement terminate with respect to any Holder
when such Holder ceases to own any Registrable Securities (as defined in the
Registration Rights Agreement). The foregoing summary of the Registration Rights
Agreement does not purport to be complete and is qualified in its entirety by
reference to Exhibit 1, which is incorporated by reference herein.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
1. Registration Rights Agreement, dated May 12, 2006, by and among Tontine
Capital Partners, L.P., Tontine Partners, L.P., Tontine Overseas Associates,
L.L.C., Jeffrey L. Gendell, Southpoint Master Fund, LP and the Company
(Incorporated by reference to Exhibit 10.5 to the Company's Current Report on
Form 8-K filed May 17, 2006).
2. Joint Filing Agreement, dated as of May 18, 2006, by and among Tontine
Capital Partners, L.P., Tontine Capital Management L.L.C., Tontine Partners,
L.P., Tontine Management, L.L.C., Tontine Overseas Associates, L.L.C. and
Jeffrey L. Gendell.
10
CUSIP No. 45811E 30 1 13D Page 11 of 12
SIGNATURES
After due 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: May 18, 2006
/s/ Jeffrey L. Gendell
---------------------------------------------------------
Jeffrey L. Gendell, individually, and as
managing member of
Tontine Capital Management, L.L.C.,
general partner of Tontine Capital Partners, L.P., and as
managing member of Tontine Management, L.L.C.,
general partner of Tontine Partners, L.P., and as
managing member of Tontine Overseas Associates, L.L.C.
11
CUSIP No. 45811E 30 1 13D Page 12 of 12
EXHIBIT INDEX
-------------
Exhibit Number Description
- -------------- -----------
Exhibit 1 Registration Rights Agreement, dated May 12, 2006, by and
among Tontine Capital Partners, L.P., Tontine Partners,
L.P., Tontine Overseas Associates, L.L.C., Jeffrey L.
Gendell, Southpoint Master Fund, LP and the Company
(Incorporated by reference to Exhibit 10.5 to the
Company's Current Report on Form 8-K filed May 17, 2006).
Exhibit 2 Joint Filing Agreement, dated as of May 18, 2006, by and
among Tontine Capital Partners, L.P., Tontine Capital
Management L.L.C., Tontine Partners, L.P., Tontine
Management, L.L.C., Tontine Overseas Associates, L.L.C.
and Jeffrey L. Gendell.
12
Exhibit 2
Joint Filing Agreement
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13D is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement shall be filed on behalf of each of the
undersigned without the necessity of filing additional joint filing agreements.
The undersigned acknowledge that each shall be responsible for the timely filing
of such amendments, and for the completeness and accuracy of the information
concerning it contained therein, but shall not be responsible for the
completeness and accuracy of the information concerning the others, except to
the extent that it knows or has reason to believe that such information is
inaccurate.
This Agreement may be executed in counterparts and each of such
counterparts taken together shall constitute one and the same instrument.
Dated as of: May 18, 2006 TONTINE CAPITAL PARTNERS, L.P.
TONTINE CAPITAL MANAGEMENT L.L.C.
TONTINE PARTNERS, L.P.
TONTINE MANAGEMENT, L.L.C.
TONTINE OVERSEAS ASSOCIATES, L.L.C.
JEFFREY L. GENDELL
By: /s/ Jeffrey L. Gendell
---------------------------------------
Jeffrey L. Gendell, individually, and
as managing member of Tontine Capital
Management, L.L.C., general partner of
Tontine Capital Partners, L.P., and as
managing member of Tontine Management,
L.L.C., general partner of Tontine
Partners, L.P., and as managing member
of Tontine Overseas Associates, L.L.C.