UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1) *
Learning Tree International, Inc.
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(Name of Issuer)
Common Stock, par value $.0001
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(Title of Class of Securities)
522015-10-6
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(CUSIP Number)
December 31, 2007
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(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 the disclosures provided in a prior cover page.
The information required in 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).
SEC 1745 (3-98) Page 1 of 9 pages
CUSIP No. 522015-10-6
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1. Names of Reporting Persons. Lane Five Partners LP
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
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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 5. Sole Voting Power 850,000
Shares Bene- --------------------------------------------------------------
ficially owned
by Each 6. Shared Voting Power 0
Reporting --------------------------------------------------------------
Person With:
7. Sole Dispositive Power 850,000
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8. Shared Dispositive Power 0
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9. Aggregate Amount Beneficially Owned by Each Reporting Person 850,000
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10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) [ ]
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11. Percent of Class Represented by Amount in Row (9) 5.13%
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12. Type of Reporting Person (See Instructions) PN
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Page 2 of 9 pages
CUSIP No. 522015-10-6
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1. Names of Reporting Persons. Lane Five Capital Management LP
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
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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 5. Sole Voting Power 850,000
Shares Bene- --------------------------------------------------------------
ficially owned
by Each 6. Shared Voting Power 0
Reporting --------------------------------------------------------------
Person With:
7. Sole Dispositive Power 850,000
--------------------------------------------------------------
8. Shared Dispositive Power 0
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9. Aggregate Amount Beneficially Owned by Each Reporting Person 850,000
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) [ ]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 5.13%
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12. Type of Reporting Person (See Instructions) PN
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Page 3 of 9 pages
CUSIP No. 522015-10-6
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1. Names of Reporting Persons. Lane Five Capital Management, LLC
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
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3. SEC Use Only
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4. Citizenship or Place of Organization Maryland
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Number of 5. Sole Voting Power 850,000
Shares Bene- --------------------------------------------------------------
ficially owned
by Each 6. Shared Voting Power 0
Reporting --------------------------------------------------------------
Person With:
7. Sole Dispositive Power 850,000
--------------------------------------------------------------
8. Shared Dispositive Power 0
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9. Aggregate Amount Beneficially Owned by Each Reporting Person 850,000
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) [ ]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 5.13%
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12. Type of Reporting Person (See Instructions) OO
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Page 4 of 9 pages
CUSIP No. 522015-10-6
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1. Names of Reporting Persons. Lane Five Partners GP LLC
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization Delaware
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Number of 5. Sole Voting Power 850,000
Shares Bene- --------------------------------------------------------------
ficially owned
by Each 6. Shared Voting Power 0
Reporting --------------------------------------------------------------
Person With:
7. Sole Dispositive Power 850,000
--------------------------------------------------------------
8. Shared Dispositive Power 0
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9. Aggregate Amount Beneficially Owned by Each Reporting Person 850,000
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) [ ]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 5.13%
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12. Type of Reporting Person (See Instructions) OO
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Page 5 of 9 pages
CUSIP No. 522015-10-6
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1. Names of Reporting Persons. Lisa O'Dell Rapuano
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
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3. SEC Use Only
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4. Citizenship or Place of Organization United States
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Number of 5. Sole Voting Power 850,000
Shares Bene- --------------------------------------------------------------
ficially owned
by Each 6. Shared Voting Power 0
Reporting --------------------------------------------------------------
Person With:
7. Sole Dispositive Power 850,000
--------------------------------------------------------------
8. Shared Dispositive Power 0
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9. Aggregate Amount Beneficially Owned by Each Reporting Person 850,000
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions) [ ]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 5.13%
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12. Type of Reporting Person (See Instructions) IN
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Page 6 of 9 pages
Item 1.
(a) The name of the issuer is Learning Tree International, Inc. (the
"Issuer").
(b) The principal executive office of the Issuer is located at 1805 Library
Street, Reston, VA 20190.
Item 2.
(a) This statement (this "Statement") is being filed by (i) Lane Five Partners
LP, a Delaware limited partnership (the "Fund"), (ii) Lane Five Partners
GP LLC, a Delaware limited liability company (the "General Partner"),
(iii) Lane Five Capital Management LP, a Delaware limited partnership (the
"Investment Manager"), (iv) Lane Five Capital Management, LLC, a Maryland
limited liability company (the "Investment Manager GP"), and (v) Lisa
O'Dell Rapuano. The Fund is a private investment vehicle formed for the
purpose of investing and trading in a wide variety of securities and
financial instruments. The General Partner serves as the general partner
of the Fund and the Investment Manager serves as the investment manager of
the Fund. The Investment Manager GP serves as the general partner of the
Investment Manager. Ms. Rapuano is the controlling member of the General
Partner and the Investment Manager GP. The Fund, the General Partner, the
Investment Manager, the Investment Manager GP and Ms. Rapuano are
collectively referred to herein as the "Filers". The Fund directly owns
the shares reported in this Statement. Each Filer disclaims beneficial
ownership with respect to any shares other than the shares owned directly
by such Filer.
(b) The principal business office of the Filers is 1122 Kenilworth Drive,
Suite 313, Towson, MD 21204.
(c) For citizenship information see Item 4 of the cover sheet of each Filer.
(d) This Statement relates to the common stock of the Issuer, par value $.0001
per share ("Common Stock").
(e) The CUSIP Number of the Common Stock is 522015-10-6.
Item 3. If this statement is filed pursuant to 240.13d-1(b), or 240.13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C.
78o).
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15
U.S.C. 78c).
(d) [ ] Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) [ ] An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with
240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with
240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with 240.13d-1(b)(1)(ii)(J).
Not applicable.
Item 4. Ownership.
See Items 5-9 and 11 on the cover page for each Filer, which information is
given as of December 31, 2007. The percentage ownership of each Filer is based
on 16,556,513 shares of Common Stock issued and outstanding on December 4, 2007,
as reported by the Issuer in its Quarterly Report on Form 10-Q for the period
ended September 28, 2007.
Page 7 of 9 pages
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of
more than five percent of the class of securities, check the following
[ ].
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
(a) Not applicable.
(b) By signing below I certify that, to the best of my 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.
Page 8 of 9 pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: February 13, 2008
/s/ Lisa O'Dell Rapuano
---------------------------------
Lisa O'Dell Rapuano
Lane Five Partners GP LLC
By: /s/ Lisa O'Dell Rapuano
------------------------------------
Lisa O'Dell Rapuano, Managing Member
Lane Five Capital Management LP
By: Lane Five Partners Capital Management, LLC,
General Partner
By: /s/ Lisa O'Dell Rapuano
------------------------------------
Lisa O'Dell Rapuano, Managing Member
Lane Five Partners LP
By: Lane Five Partners GP LLC,
General Partner
By: /s/ Lisa O'Dell Rapuano
------------------------------------
Lisa O'Dell Rapuano, Managing Member
Lane Five Capital Management, LLC
By: /s/ Lisa O'Dell Rapuano
------------------------------------
Lisa O'Dell Rapuano, Managing Member
Page 9 of 9 pages
EXHIBIT INDEX
Exhibit No. Document
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1 Joint Filing Agreement, dated February 13, 2008, among Lisa
O'Dell Rapuano, Lane Five Partners GP LLC, Lane Five Capital
Management LP, Lane Five Partners LP and Lane Five Capital
Management, LLC to file this joint statement on Schedule 13G
Exhibit 1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) 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 13G (including amendments thereto) with
respect to the Common Stock, par value $0.0001 per share, of Learning Tree
International, Inc. and further agree that this Joint Filing Agreement be
included as an Exhibit to such joint filing.
Dated: February 13, 2008
/s/ Lisa O'Dell Rapuano
----------------------------------------------------
Lisa O'Dell Rapuano
Lane Five Partners GP LLC
By: /s/ Lisa O'Dell Rapuano
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Lisa O'Dell Rapuano, Managing Member
Lane Five Capital Management LP
By: Lane Five Partners Capital Management, LLC,
General Partner
By: /s/ Lisa O'Dell Rapuano
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Lisa O'Dell Rapuano, Managing Member
Lane Five Partners LP
By: Lane Five Partners GP LLC,
General Partner
By: /s/ Lisa O'Dell Rapuano
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Lisa O'Dell Rapuano, Managing Member
Lane Five Capital Management, LLC
By: /s/ Lisa O'Dell Rapuano
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Lisa O'Dell Rapuano, Managing Member