UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
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(AMENDMENT NO. 2*)
KING PHARMACEUTICALS, INC.
(Name of Issuer)
COMMON STOCK, NO PAR VALUE
(Title of Class of Securities)
49558210-8
(CUSIP Number)
DECEMBER 31, 2002
(Date of Event Which Requires Filing of this Statement)
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Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[x] Rule 13d-1(b)
[ ] 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 the
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).
*SEE INSTRUCTIONS BEFORE FILLING OUT
CUSIP NO. 49558210-8 Schedule 13G
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1. NAME OF REPORTING PERSON: S.S OR IRS IDENTIFICATION NOS.
THE SUMMIT FUND, LLC
EIN: 54-1897775
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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Number of Shares 5. SOLE VOTING POWER 12,184,413**
Beneficially Owned
by Each Reporting --------------------------------------------------------
Person with 6. SHARED VOTING POWER 0**
--------------------------------------------------------
7. SOLE DISPOSITIVE POWER 12,184,413**
--------------------------------------------------------
8. SHARED DISPOSITIVE POWER 0**
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,184,413**
--------------------------------------------------------------------------------
10. CHECK BOX IF AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
NOT APPLICABLE
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.9%
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12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
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**See Item 4 of this filing.
Page 2 of 12
CUSIP NO. 49558210-8 Schedule 13G
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1. NAME OF REPORTING PERSON: S.S OR IRS IDENTIFICATION NOS.
THE UNITED COMPANY
EIN: 54-1120913
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
VIRGINIA
--------------------------------------------------------------------------------
Number of Shares 5. SOLE VOTING POWER 28,333**
Beneficially Owned
by Each Reporting -----------------------------------------------------------
Person with 6. SHARED VOTING POWER 0**
-----------------------------------------------------------
7. SOLE DISPOSITIVE POWER 28,333**
-----------------------------------------------------------
8. SHARED DISPOSITIVE POWER 0**
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,212,746**
--------------------------------------------------------------------------------
10. CHECK BOX IF AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
NOT APPLICABLE
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.9%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
--------------------------------------------------------------------------------
**See Item 4 of this filing.
Page 3 of 12
CUSIP NO. 49558210-8 Schedule 13G
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1. NAME OF REPORTING PERSON: S.S OR IRS IDENTIFICATION NOS.
UNITED MANAGEMENT COMPANY, LLC
EIN: 54-1884068
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
VIRGINIA
--------------------------------------------------------------------------------
Number of Shares 5. SOLE VOTING POWER 0**
Beneficially Owned
by Each Reporting -----------------------------------------------------------
Person with 6. SHARED VOTING POWER 0**
-----------------------------------------------------------
7. SOLE DISPOSITIVE POWER 0**
-----------------------------------------------------------
8. SHARED DISPOSITIVE POWER 0**
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,184,413**
--------------------------------------------------------------------------------
10. CHECK BOX IF AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
NOT APPLICABLE
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.9%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
00
--------------------------------------------------------------------------------
**See Item 4 of this filing.
Page 4 of 12
CUSIP NO. 49558210-8 Schedule 13G
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1. NAME OF REPORTING PERSON: S.S OR IRS IDENTIFICATION NOS.
NICHOLAS D. STREET
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
--------------------------------------------------------------------------------
Number of Shares 5. SOLE VOTING POWER 1,564,799**
Beneficially Owned
by Each Reporting ----------------------------------------------------------
Person with 6. SHARED VOTING POWER 0**
----------------------------------------------------------
7. SOLE DISPOSITIVE POWER 1,564,799**
----------------------------------------------------------
8. SHARED DISPOSITIVE POWER 0**
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,777,545**
--------------------------------------------------------------------------------
10. CHECK BOX IF AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
NOT APPLICABLE
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.6%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
--------------------------------------------------------------------------------
**See Item 4 of this filing.
Page 5 of 12
CUSIP NO. 49558210-8 Schedule 13G
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON: S.S OR IRS IDENTIFICATION NOS.
JAMES W. MCGLOTHLIN
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
--------------------------------------------------------------------------------
Number of Shares 5. SOLE VOTING POWER 1,107,332**
Beneficially Owned
by Each Reporting ---------------------------------------------------------
Person with 6. SHARED VOTING POWER 0**
---------------------------------------------------------
7. SOLE DISPOSITIVE POWER 1,107,332**
---------------------------------------------------------
8. SHARED DISPOSITIVE POWER 0**
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,320,078**
--------------------------------------------------------------------------------
10. CHECK BOX IF AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
NOT APPLICABLE
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.4%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
--------------------------------------------------------------------------------
**See Item 4 of this filing.
Page 6 of 12
CUSIP NO. 49558210-8 Schedule 13G
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON: S.S OR IRS IDENTIFICATION NOS.
LOIS A. CLARKE
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
--------------------------------------------------------------------------------
Number of Shares 5. SOLE VOTING POWER 183,507**
Beneficially Owned
by Each Reporting ---------------------------------------------------------
Person with
6. SHARED VOTING POWER 0**
---------------------------------------------------------
7. SOLE DISPOSITIVE POWER 183,507**
---------------------------------------------------------
8. SHARED DISPOSITIVE POWER 0**
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,396,253**
--------------------------------------------------------------------------------
10. CHECK BOX IF AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
NOT APPLICABLE
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.0%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
--------------------------------------------------------------------------------
**See Item 4 of this filing.
Page 7 of 12
CUSIP NO. 49558210-8 Schedule 13G
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1. NAME OF REPORTING PERSON: S.S OR IRS IDENTIFICATION NOS.
TED G. WOOD
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [x]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES OF AMERICA
--------------------------------------------------------------------------------
Number of Shares 5. SOLE VOTING POWER 42,666**
Beneficially Owned
by Each Reporting ---------------------------------------------------------
Person with 6. SHARED VOTING POWER 0**
---------------------------------------------------------
7. SOLE DISPOSITIVE POWER 42,666**
---------------------------------------------------------
8. SHARED DISPOSITIVE POWER 0**
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,255,413**
--------------------------------------------------------------------------------
10. CHECK BOX IF AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
NOT APPLICABLE
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.0%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
--------------------------------------------------------------------------------
**See Item 4 of this filing.
Page 8 of 12
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ITEM 1.(a) NAME OF ISSUER
KING PHARMACEUTICALS, INC.
----------------------------------------------------------------
ITEM 1.(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
501 FIFTH STREET, BRISTOL, TENNESSEE 37620
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ITEM 2.(a) NAME OF PERSON FILING
(I) THE SUMMIT FUND, LLC
(II) THE UNITED COMPANY
(III) UNITED MANAGEMENT COMPANY, LLC
(IV) NICHOLAS D. STREET
(V) JAMES W. MCGLOTHLIN
(VI) LOIS A. CLARKE
(VII) TED G. WOOD
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ITEM 2.(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
(I) - (VII) 1005 GLENWAY AVENUE
P.O. BOX 1280
BRISTOL, VIRGINIA 24203-1280
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ITEM 2.(c) CITIZENSHIP
(I) DELAWARE
(II) - (III) VIRGINIA
(IV) - (VII) UNITED STATES OF AMERICA
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ITEM 2.(d) TITLE OF CLASS OF SECURITIES
COMMON STOCK, NO PAR VALUE
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ITEM 2.(e) CUSIP NUMBER
49558210-8
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ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-l(b) OR
13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:
NOT APPLICABLE
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ITEM 4. OWNERSHIP
James W. McGlothlin and Nicholas D. Street each own 50% of The United
Company, a Virginia corporation, of which The Summit Fund, LLC, a Delaware
limited liability company ("The Summit Fund"), is a subsidiary. Ted G. Wood is
the Vice-Chairman of General Services of The United Company. United Management
Company, LLC, a Virginia limited liability company, owns 1% of The Summit Fund.
The Summit Fund has all investment and/or voting power over the shares of Common
Stock of King Pharmaceuticals, Inc. which it holds. In addition to being
shareholders in The United Company, Mr. McGlothlin and Mr. Street, along with
Lois A. Clarke constitute the board of directors of The Summit Fund. Neither Mr.
McGlothlin, Mr. Street, Ms. Clarke nor Mr. Wood directly beneficially own more
than 5% of the outstanding Common Stock of King Pharmaceuticals, Inc. However,
as a result of their respective positions, they may be deemed to have the power
to exercise or direct the exercise of such voting and/or dispositive power that
The Summit Fund may have with respect to shares of Common Stock of King
Pharmaceuticals, Inc. held by The Summit Fund.
Page 9 of 12
The Summit Fund, The United Company, United Management Company, LLC, Mr.
McGlothlin, Mr. Street, Ms. Clarke, Mr. Bell and Mr. Wood are of the view that
they are not acting as a "group" for purposes of Section 13(d) under the
Securities Exchange Act of 1934. Indirect beneficial ownership is attributed to
The United Company, United Management Company, LLC, Mr. McGlothlin, Mr. Street
and Mr. Wood because of their control relationship with The Summit Fund.
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(a) AMOUNT BENEFICIALLY OWNED
DIRECT INDIRECT
------ --------
(I) THE SUMMIT FUND, LLC 12,184,413 0
(II) THE UNITED COMPANY 28,333 12,212,746
(III) UNITED MANAGEMENT
COMPANY, LLC 0 12,212,746
(IV) NICHOLAS D. STREET 1,564,799 12,212,746
(V) JAMES W. MCGLOTHLIN 1,107,332 12,212,746
(VI) LOIS A. CLARKE 183,507 12,212,746
(VII) TED G. WOOD 42,666 12,212,746
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ITEM 4.(b) PERCENT OF CLASS
DIRECT INDIRECT
------ --------
(I) THE SUMMIT FUND, LLC 4.9% 0.0%
(II) THE UNITED COMPANY *** 4.9
(III) UNITED MANAGEMENT
COMPANY, LLC 0.0 4.9
(IV) NICHOLAS D. STREET 0.6 4.9
(V) JAMES W. MCGLOTHLIN 0.4 4.9
(VI) LOIS A. CLARKE *** 4.9
(VII) TED G. WOOD *** 4.9
*** Less than 0.1%
----------------------------------------------------------------
ITEM 4.(c) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS
(i) SOLE POWER TO VOTE OR TO DIRECT THE VOTE
(I) THE SUMMIT FUND, LLC 12,184,413
(II) THE UNITED COMPANY 28,333
(III) UNITED MANAGEMENT COMPANY, LLC 0
(IV) NICHOLAS D. STREET 1,564,799
(V) JAMES W. MCGLOTHLIN 1,107,332
(VI) LOIS A. CLARKE 183,507
(VII) TED G. WOOD 42,666
----------------------------------------------------------------
(ii) SHARED POWER TO VOTE OR DIRECT THE VOTE
(I) - (VII) 0
----------------------------------------------------------------
(iii) SOLE POWER TO DISPOSE OR TO DIRECT THE
DISPOSITION OF
(I) THE SUMMIT FUND, LLC 12,184,413
(II) THE UNITED COMPANY 28,333
(III) UNITED MANAGEMENT COMPANY, LLC 0
(IV) NICHOLAS D. STREET 1,564,799
(V) JAMES W. MCGLOTHLIN 1,107,332
(VI) LOIS A. CLARKE 183,507
(VII) TED G. WOOD 42,666
----------------------------------------------------------------
(iv) SHARED POWER TO DISPOSE OR TO DIRECT THE
DISPOSITION OF
(I) - (VII) 0
----------------------------------------------------------------
Page 10 of 12
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
NOT APPLICABLE
----------------------------------------------------------------------
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
NOT APPLICABLE
----------------------------------------------------------------------
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
NOT APPLICABLE
----------------------------------------------------------------------
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
NOT APPLICABLE
----------------------------------------------------------------------
ITEM 10. CERTIFICATION
BY SIGNING BELOW I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND
BELIEF, THE SECURITIES REFERRED TO ABOVE WERE ACQUIRED AND ARE HELD IN
THE ORDINARY COURSE OF BUSINESS AND 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.
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Page 11 of 12
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.
Dated: February 12, 2003 THE SUMMIT FUND, LLC
By: UNITED MANAGEMENT COMPANY, LLC
By: /s/ Lois A. Clarke
----------------------------------------
Lois A. Clarke
Its: President and Managing Director
---------------------------------------
THE UNITED COMPANY
By: /s/ Lois A. Clarke
----------------------------------------
Lois A. Clarke
Its: Executive Vice President and Chief
Financial Officer
---------------------------------------
UNITED MANAGEMENT COMPANY, LLC
By: /s/ Lois A. Clarke
----------------------------------------
Lois A. Clarke
Its: President and Managing Director
---------------------------------------
/s/ Nicholas D. Street
--------------------------------------------
Nicholas D. Street
/s/ James W. McGlothlin
--------------------------------------------
James W. McGlothlin
/s/ Lois A. Clarke
--------------------------------------------
Lois A. Clarke
/s/ Ted G. Wood
--------------------------------------------
Ted G. Wood
Attention: Intentional misstatements or omissions of fact constitute Federal
criminal violations (See 18 U.S.C. 1001).
EXHIBIT INDEX
Exhibit
No. Description
--- -----------
1 Joint Filing Agreement
Page 12 of 12
EXHIBIT 1
JOINT FILING AGREEMENT
The Summit Fund, LLC, The United Company, United Management Company, LLC,
Nicholas D. Street, James W. McGlothlin, Lois A. Clarke and Ted G. Wood (the
"Filing Persons"), hereby agree to file jointly a Schedule 13G and any
amendments thereto relating to the aggregate ownership by each of the Filing
Persons of any voting equity security of a class which is registered pursuant to
Section 12 of the Securities Exchange Act of 1934, as amended, as required by
Rule 13d-1 and Rule 13d-2 promulgated under the Securities Exchange Act of 1934.
Each of the Filing Persons agrees that the information set forth in such
Schedule 13G and any amendments thereto with respect to such Filing Person will
be true, complete and correct as of the date of such Schedule 13G or such
amendment, to the best of such Filing Person's knowledge and belief, after
reasonable inquiry. Each of the Filing Persons makes no representation as to the
accuracy or adequacy of the information set forth in the Schedule 13G or any
amendments thereto with respect to any other Filing Person. Each of the Filing
Persons shall promptly notify the other Filing Persons if any of the information
set forth in the Schedule 13G or any amendments thereto shall become inaccurate
in any material respect or if said person learns of information that would
require an amendment to the Schedule 13G.
IN WITNESS WHEREOF, the undersigned have set their hands this 12th day of
February, 2003.
THE SUMMIT FUND, LLC
By: UNITED MANAGEMENT COMPANY, LLC
By: /s/ Lois A. Clarke
----------------------------------------
Lois A. Clarke
Its: President and Managing Director
---------------------------------------
THE UNITED COMPANY
By: /s/ Lois A. Clarke
----------------------------------------
Lois A. Clarke
Its: Executive Vice President and Chief
Financial Officer
---------------------------------------
UNITED MANAGEMENT COMPANY, LLC
By: /s/ Lois A. Clarke
----------------------------------------
Lois A. Clarke
Its: President and Managing Director
---------------------------------------
/s/ Nicholas D. Street
--------------------------------------------
Nicholas D. Street
/s/ James W. McGlothlin
--------------------------------------------
James W. McGlothlin
/s/ Lois A. Clarke
--------------------------------------------
Lois A. Clarke
/s/ Ted G. Wood
--------------------------------------------
Ted G. Wood