UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
International Shipping Enterprises Inc.
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(Name of Issuer)
Common Stock, par value $.0001 per share
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(Title of Class of Securities)
46032U207
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(CUSIP Number)
December 13, 2004
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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).
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CUSIP No. 46032U207 SCHEDULE 13G Page 2 of 5 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
North Sound Capital LLC (1)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBER OF 0
SHARES -------------------------------------------------------
BENEFICIALLY
OWNED BY 6 SHARED VOTING POWER
EACH 2,700,000
REPORTING -------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
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8 SHARED DISPOSITIVE POWER
2,700,000
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,700,000
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.58%
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12 TYPE OF REPORTING PERSON*
OO
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(1) The ultimate managing member of North Sound Capital LLC is Thomas McAuley.
The Reporting Person may be deemed the beneficial owner of the shares in
its capacity as the managing member of North Sound Legacy Fund LLC and
North Sound Legacy Institutional Fund LLC and the investment advisor of
North Sound Legacy International Ltd. (the "Funds"), who are the holders of
such shares. As the managing member or investment advisor, respectively, of
the Funds, the Reporting Person has voting and investment control with
respect to the shares of common stock held by the Funds.
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CUSIP No. 46032U207 SCHEDULE 13G Page 3 of 5 Pages
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Item 1(a). Name of Issuer:
International Shipping Enterprises Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
1225 Franklin Avenue, Suite 325
Garden City, NY 11530
Item 2(a). Name of Person Filing.
Item 2(b). Address of Principal Business Office or, if None, Residence.
Item 2(c). Citizenship.
North Sound Capital LLC
53 Forest Avenue, Suite 202
Old Greenwich, CT 06870
Delaware limited liability company
Item 2(d). Title of Class of Securities:
Common Stock, par value $.0001 per share
Item 2(e). CUSIP Number:
46032U207
Item 3. If this statement is filed pursuant to ss.ss.240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
Not Applicable
Item 4. Ownership.
The following is information regarding the aggregate number
and percentage of the class of securities of the issuer identified in
Item 1:
(a) Amount beneficially owned: 2,700,000 shares of Common
Stock
(b) Percent of Class:7.58%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 0
(ii) shared power to vote or direct the vote:
2,700,000
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CUSIP No. 46032U207 SCHEDULE 13G Page 4 of 5 Pages
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(iii) sole power to dispose or direct the disposition
of: 0
(iv) shared power to dispose or direct the
disposition of: 2,700,000
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.
Certification pursuant to ss.240.13d-1(c):
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.
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CUSIP No. 46032U207 SCHEDULE 13G Page 5 of 5 Pages
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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: December 15, 2004
NORTH SOUND CAPITAL LLC
By: /s/ Thomas McAuley
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Name: Thomas McAuley
Title: Chief Investment Officer