SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
TierOne Corporation
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(Name of Issuer)
Common Stock, par value $0.01 per share
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(Title of Class of Securities)
88650R108
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(CUSIP Number)
March 31, 2010
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(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 Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box. [ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 6 Pages)
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* 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 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. 88650R108 SCHEDULE 13D PAGE 2 OF 6 PAGES
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1 NAME OF REPORTING PERSON
The Philip Stephenson Revocable Living Trust
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
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7 SOLE VOTING POWER
-0-
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 150,000
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
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10 SHARED DISPOSITIVE POWER
150,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
150,000
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.8%
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14 TYPE OF REPORTING PERSON*
00
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* SEE INSTRUCTIONS
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CUSIP NO. 88650R108 SCHEDULE 13D PAGE 3 OF 6 PAGES
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1 NAME OF REPORTING PERSON
George Philip Stephenson
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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7 SOLE VOTING POWER
-0-
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 150,000
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
150,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
150,000
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.8%
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14 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS
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CUSIP NO. 88650R108 SCHEDULE 13D PAGE 4 OF 6 PAGES
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The following constitutes Amendment No. 2 ("Amendment No. 2") to the
Schedule 13D filed by the undersigned on December 5, 2008 (the "Schedule 13D"),
as amended by Amendment No. 1 dated October 19, 2009. This Amendment No. 2
amends the Schedule 13D as specifically set forth. This Amendment constitutes an
"exit" filing with respect to the Schedule 13D by the Reporting Persons.
ITEM 5. INTEREST IN SECURITIES OF THE COMPANY.
Paragraphs (a), (b), (c) and (e) of Item 5 of the Schedule 13D are
hereby amended and restated as follows:
(a) As of the close of business on April 2, 2010, the Reporting
Persons beneficially owned an aggregate of 150,000 Shares, constituting
approximately 0.8% of the Shares outstanding.
The aggregate percentage of Shares beneficially owned by the Reporting
Persons is based upon 18,034,474 Shares outstanding, which is the total number
of Shares outstanding as of August 5, 2009 as reported by the Issuer in its
Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2009.
(b) By virtue of the Trust Agreement, dated June 6, 2005, George P.
Stephenson has the power to vote or direct the voting, and to dispose or direct
the disposition, of the 150,000 Shares held by the Trust. Accordingly, the Trust
and George P. Stephenson are deemed to have shared voting and shared dispositive
power with respect to the 150,000 Shares reported herein.
(c) Information concerning transactions in the Shares effected by the
Reporting Persons in the past sixty days is set forth in Schedule A hereto and
is incorporated herein by reference. Unless otherwise indicated, all of such
transactions were effected in the open market.
(e) March 31, 2010.
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CUSIP NO. 88650R108 SCHEDULE 13D PAGE 5 OF 6 PAGES
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SIGNATURES
After reasonable inquiry and to the best of his or its knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: April 5, 2010
The Philip Stephenson Revocable Living Trust
By: /s/ George Philip Stephenson
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Name: George Philip Stephenson
Title: Trustee
/s/ George Philip Stephenson
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George Philip Stephenson
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CUSIP NO. 88650R108 SCHEDULE 13D PAGE 6 OF 6 PAGES
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SCHEDULE A
The Trust
Date of Trade Shares Purchased (Sold) Price per Share
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March 31, 2010 (1,170,067) $0.3112