UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No._____ )*
WILLIS LEASE FINANCE CORPORATION
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(Name of Issuer)
COMMON STOCK, PAR VALUE $.01 PER SHARE
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(Title of Class of Securities)
970646105
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(CUSIP Number)
MAY 22, 2002
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[_] Rule 13d-1(b)
[X] Rule 13d-1(c)
[_] Rule 13d-1(d)
*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 reminder 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).
CUSIP NO. 970646105 Schedule 13G Page 2 of 15
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1. Name of Reporting Person Endicott Partners, L.P.
S.S. or I.R.S. Identifica-
tion No. of Above Person
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2. Check the Appropriate Box (a) [X]
if a Member of a Group (b) [_]
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3. S.E.C. Use Only
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4. Citizenship or Place of Organization Delaware
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Number of Shares (5) Sole Voting Power 156,700
Beneficially (6) Shared Voting Power 0
Owned by Each (7) Sole Dispositive Power 156,700
Reporting Person (8) Shared Dispositive Power 0
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
156,700
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10. Check if the Aggregate Amount in Row (9) Excludes Certain
Shares
-----
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11. Percent of Class Represented by Amount in Row 9 1.8%
----
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12. Type of Reporting Person PN
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CUSIP NO. 970646105 Schedule 13G Page 3 of 15
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1. Name of Reporting Person Endicott Partners II, L.P.
S.S. or I.R.S. Identifica-
tion No. of Above Person
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2. Check the Appropriate Box (a) [X]
if a Member of a Group (b) [_]
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3. S.E.C. Use Only
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4. Citizenship or Place of Organization Delaware
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Number of Shares (5) Sole Voting Power 153,100
Beneficially (6) Shared Voting Power 0
Owned by Each (7) Sole Dispositive Power 153,100
Reporting Person (8) Shared Dispositive Power 0
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
153,100
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10. Check if the Aggregate Amount in Row (9) Excludes Certain
Shares
-----
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11. Percent of Class Represented by Amount in Row 9 1.7%
----
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12. Type of Reporting Person PN
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CUSIP NO. 970646105 Schedule 13G Page 4 of 15
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1. Name of Reporting Person Endicott Offshore Investors, Ltd.
S.S. or I.R.S. Identifica-
tion No. of Above Person
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2. Check the Appropriate Box (a) [X]
if a Member of a Group (b) [_]
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3. S.E.C. Use Only
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4. Citizenship or Place of Organization British Virgin Islands
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Number of Shares (5) Sole Voting Power 144,725
Beneficially (6) Shared Voting Power 0
Owned by Each (7) Sole Dispositive Power 144,725
Reporting Person (8) Shared Dispositive Power 0
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
144,725
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10. Check if the Aggregate Amount in Row (9) Excludes Certain
Shares
-----
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11. Percent of Class Represented by Amount in Row 9 1.6%
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12. Type of Reporting Person CO
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CUSIP NO. 970646105 Schedule 13G Page 5 of 15
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1. Name of Reporting Person W.R. Endicott, L.L.C.
S.S. or I.R.S. Identifica-
tion No. of Above Person
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2. Check the Appropriate Box (a) [X]
if a Member of a Group (b) [_]
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3. S.E.C. Use Only
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4. Citizenship or Place of Organization Delaware
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Number of Shares (5) Sole Voting Power 309,800
Beneficially (6) Shared Voting Power 0
Owned by Each (7) Sole Dispositive Power 309,800
Reporting Person (8) Shared Dispositive Power 0
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
309,800
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10. Check if the Aggregate Amount in Row (9) Excludes Certain
Shares
-----
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11. Percent of Class Represented by Amount in Row 9 3.5%
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12. Type of Reporting Person OO
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CUSIP NO. 970646105 Schedule 13G Page 6 of 15
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1. Name of Reporting Person Endicott Management Co.
S.S. or I.R.S. Identifica-
tion No. of Above Person
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2. Check the Appropriate Box (a) [X]
if a Member of a Group (b) [_]
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3. S.E.C. Use Only
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4. Citizenship or Place of Organization Delaware
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Number of Shares (5) Sole Voting Power 191,750
Beneficially (6) Shared Voting Power 0
Owned by Each (7) Sole Dispositive Power 191,750
Reporting Person (8) Shared Dispositive Power 0
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
191,750
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10. Check if the Aggregate Amount in Row (9) Excludes Certain
Shares
-----
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11. Percent of Class Represented by Amount in Row 9 2.2%
----
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12. Type of Reporting Person CO
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CUSIP NO. 970646105 Schedule 13G Page 7 of 15
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1. Name of Reporting Person Wayne K. Goldstein
S.S. or I.R.S. Identifica- (in the capacity described herein)
tion No. of Above Person
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2. Check the Appropriate Box (a) [X]
if a Member of a Group (b) [_]
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3. S.E.C. Use Only
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4. Citizenship or Place of Organization United States
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Number of Shares (5) Sole Voting Power 7,000
Beneficially (6) Shared Voting Power 501,550
Owned by Each (7) Sole Dispositive Power 7,000
Reporting Person (8) Shared Dispositive Power 501,550
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
508,550
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10. Check if the Aggregate Amount in Row (9) Excludes Certain
Shares
-----
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11. Percent of Class Represented by Amount in Row 9 5.8%
----
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12. Type of Reporting Person IN
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CUSIP NO. 970646105 Schedule 13G Page 8 of 15
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1. Name of Reporting Person Robert I. Usdan
S.S. or I.R.S. Identifica- (in the capacity described herein)
tion No. of Above Person
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2. Check the Appropriate Box (a) [X]
if a Member of a Group (b) [_]
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3. S.E.C. Use Only
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4. Citizenship or Place of Organization United States
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Number of Shares (5) Sole Voting Power 4,600
Beneficially (6) Shared Voting Power 501,550
Owned by Each (7) Sole Dispositive Power 4,600
Reporting Person (8) Shared Dispositive Power 501,550
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
506,150
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10. Check if the Aggregate Amount in Row (9) Excludes Certain
Shares
-----
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11. Percent of Class Represented by Amount in Row 9 5.7%
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12. Type of Reporting Person IN
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CUSIP NO. 970646105 Schedule 13G Page 9 of 15
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ITEM 1. (a) NAME OF ISSUER
Willis Lease Finance Corporation (the "Company").
(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
2320 Marinship Way
Sausalito, California 94965
ITEM 2. (a) NAMES OF PERSONS FILING
(i) Endicott Partners, LP, a Delaware limited partnership
("EPLP");
(ii) Endicott Partners II, L.P., a Delaware limited
partnership ("EPII");
(iii) Endicott Offshore Investors, Ltd., a British Virgin
Islands international business company ("EOI");
(iv) W.R. Endicott, L.L.C., a Delaware limited liability
company ("WRE LLC") and general partner of EPLP and
EPII;
(v) Endicott Management Co., a Delaware corporation
("Endicott Management") and advisor to EPLP, EPII,
EOI and two managed accounts.;
(vi) Wayne K. Goldstein ("Mr. Goldstein"), a Managing
Member of WRE LLC and Co-President of Endicott
Management; and
(vii) Robert I. Usdan ("Mr. Usdan"), a Managing Member of
WRE LLC and Co-President of Endicott Management.
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE
The address of the principal business offices of each of (i)
EPLP, (ii) EPII, (iii) WRE LLC, (iv) Endicott Management, (v) Mr.
Goldstein and (vi) Mr. Usdan is 237 Park Avenue, Suite 801, New York,
New York 10017.
The address of the principal business offices of EOI is c/o
Trident Fund Services (B.V.I.) Ltd, Wickhams Cay, P.O. Box 146, Road
Town, Tortola, British Virgin Islands.
(c) CITIZENSHIP
EPLP-- a Delaware limited partnership
EPII-- a Delaware limited partnership
EOI-- a British Virgin Islands international business company
WRE LLC-- a Delaware limited liability company
Endicott Management-- a Delaware corporation
Mr. Goldstein-- United States
Mr. Usdan-- United States
CUSIP NO. 970646105 Schedule 13G Page 10 of 15
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(d) TITLE OF CLASS OF SECURITIES
Common Stock, par value $.01 per share (the "Common Stock" or
"Shares")
(e) CUSIP NUMBER
970646105
ITEM 3. This statement is not filed pursuant to either Rule 13d-1(b) or
13d-2(b) or (c).
ITEM 4. OWNERSHIP.
(a) AMOUNT BENEFICIALLY OWNED:
EPLP may be deemed to beneficially own 156,700
Shares. EPII may be deemed to beneficially own 153,100 Shares.
EOI may be deemed to beneficially own 144,725 Shares.
WRE LLC may be deemed to beneficially own 309,800
Shares as a result of its voting and dispositive power over:
(i) the 156,700 Shares held by EPLP and (ii) the 153,100
Shares held by EPII.
Endicott Management may be deemed to beneficially own
191,750 Shares as a result of its voting and dispositive power
over (i) the 144,725 Shares held by EOI; and (ii) the 47,025
Shares held by two managed accounts.
Messrs. Goldstein and Usdan may each be deemed to
beneficially own 501,550 Shares by virtue of his ultimate
voting and dispositive power over: (i) the 156,700 Shares held
by EPLP; (ii) the 153,100 Shares held by EPII; (iii) the
144,725 Shares held by EOI; and (iv) the 47,025 Shares held by
the two managed accounts. In addition, Mr. Goldstein and Mr.
Usdan, respectively, may be deemed to beneficially own an
additional 7,000 Shares and 4,600 Shares, respectively, held
directly by each of them.
(b) PERCENTAGE BENEFICIALLY OWNED:
Based on calculations made in accordance with Rule
13d-3(d), and there being 8,830,181 Shares outstanding (as of
April 15, 2002, as disclosed by the Company in its Quarterly
Report on Form 10-Q for the period ended March 31, 2002 as
filed with the Securities and Exchange Commission on May 15,
2002), (i) EPLP may be deemed to beneficially own
approximately 1.8% of the outstanding Shares, (ii) EPII may be
deemed to beneficially own approximately 1.7% of the
outstanding Shares, (iii) EOI may be deemed to beneficially
own approximately 1.6% of the outstanding Shares, (iv) WRE LLC
may be deemed to beneficially own
CUSIP NO. 970646105 Schedule 13G Page 11 of 15
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approximately 3.5% of the outstanding Shares, (v) Endicott
Management may be deemed to beneficially own approximately
2.2% of the outstanding Shares, (vi) Mr. Goldstein may be
deemed to beneficially own approximately 5.8% of the
outstanding Shares and (ix) Mr. Usdan may be deemed to
beneficially own 5.7% of the outstanding Shares.
(c) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
(i) EPLP may be deemed to have sole power to direct
the voting and disposition of the 156,700 Shares it
beneficially owns. EPII may be deemed to have sole power to
direct the voting and disposition of the 153,100 Shares it
beneficially owns. EOI may be deemed to have sole power to
direct the voting and disposition of the 144,725 Shares it
beneficially owns. WRE LLC may be deemed to have sole power to
direct the voting and disposition of the 309,800 Shares it
beneficially owns by virtue of the relationships described in
Item 2. Endicott Management may be deemed to have sole power
to direct the voting and disposition of the 191,750 Shares it
may be deemed to beneficially own by virtue of the
relationships described in Item 2. Mr. Goldstein may be deemed
to have sole power to direct the voting and disposition of
7,000 Shares that he beneficially owns directly. Mr. Usdan may
be deemed to have sole power to direct the voting and
disposition of 4,600 Shares he beneficially owns directly.
(ii) By virtue of the relationships between and among
the Reporting Persons as described in Item 2, each of Messrs.
Goldstein and Usdan, may be deemed to share the power to
direct the voting and disposition of 501,550 Shares.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
The limited partners and the general partner of EPLP and EPII
and the shareholders and advisor of EOI and the shareholders of two
managed accounts have the right to participate in the receipt of
dividends from, or proceeds from the sale of, the securities held for
the account of EPLP, EPII, EOI and the two managed accounts in
accordance with their ownership interests in such entities.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
Not applicable.
CUSIP NO. 970646105 Schedule 13G Page 12 of 15
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ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
See Item 2.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable.
ITEM 10. CERTIFICATION
By signing below we certify that, to the best of our 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.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
CUSIP NO. 970646105 Schedule 13G Page 13 of 15
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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 as of June 3, 2002
ENDICOTT PARTNERS, L.P.
By: W.R. Endicott, L.L.C.,
its general partner
By: /s/ Wayne K. Goldstein
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Name: Wayne K. Goldstein
Title: Managing Member
ENDICOTT PARTNERS II, L.P.
By: W.R. Endicott, L.L.C.,
its general partner
By: /s/ Wayne K. Goldstein
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Name: Wayne K. Goldstein
Title: Managing Member
W.R. ENDICOTT, L.L.C.
By: /s/ Wayne K. Goldstein
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Name: Wayne K. Goldstein
Title: Managing Member
ENDICOTT OFFSHORE INVESTORS, LTD.
By: /s/ Robert I. Usdan
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Name: Robert I. Usdan
Title: Director
CUSIP NO. 970646105 Schedule 13G Page 14 of 15
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ENDICOTT MANAGEMENT CO.
By: /s/ Wayne K. Goldstein
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Name: Wayne K. Goldstein
Title: Co-President
/s/ Wayne K. Goldstein
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Wayne K. Goldstein
/s/ Robert I. Usdan
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Robert I. Usdan
CUSIP NO. 970646105 Schedule 13G Page 15 of 15
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EXHIBIT INDEX
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Exhibit 1. Joint Filing Agreement as required by Rule 13d-1(k)(1) under
the Securities Exchange Act of 1934, as amended.