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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934* IHOP Corp. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $0.01 per share - -------------------------------------------------------------------------------- (Title of Class of Securities) 449623-10-7 - -------------------------------------------------------------------------------- (CUSIP Number) January 27, 2003 - -------------------------------------------------------------------------------- (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). Person Authorized to Receive Notices and Communications: Janice V. Sharry, Esq. Haynes and Boone, LLP 901 Main Street, Suite 3100 Dallas, Texas 75202 (214) 651-5562

SCHEDULE 13G CUSIP No. - 449623-10-7 Page 2 of 7 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) MSD Capital, L.P., a Delaware limited partnership 74-2880190 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) |X| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OR ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED BY ------------------------------------------ EACH 6 SHARED VOTING POWER REPORTING PERSON 1,923,800 WITH ------------------------------------------ 7 SOLE DISPOSITIVE POWER 0 ------------------------------------------ 8 SHARED DISPOSITIVE POWER - 1,923,800 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,923,800 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.2% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON PN - --------------------------------------------------------------------------------

SCHEDULE 13G CUSIP No. - 449623-10-7 Page 3 of 7 Pages - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) MSD SBI, L.P., a Delaware limited partnership 61-1420251 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OR ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED BY ------------------------------------------ EACH 6 SHARED VOTING POWER REPORTING PERSON 1,923,800 WITH ------------------------------------------ 7 SOLE DISPOSITIVE POWER 0 ------------------------------------------ 8 SHARED DISPOSITIVE POWER 1,923,800 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,923,800 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.2% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON PN - --------------------------------------------------------------------------------

Page 4 of 7 Pages Item 1(a) Name of Issuer: IHOP Corp. Item 1(b) Address of Issuer's Principal Executive Offices: 450 North Brand Boulevard Glendale, California 91203-1903 Item 2(a) Names of Persons Filing: MSD Capital, L.P. MSD SBI, L.P. Item 2(b) Addresses of Principal Business Offices: MSD Capital, L.P. 645 Fifth Avenue, 21st Floor New York, New York 10022 MSD SBI, L.P. 645 Fifth Avenue, 21st Floor New York, New York 10022 Item 2(c) Citizenship: MSD Capital, L.P. - Delaware MSD SBI, L.P. - Delaware Item 2(d) Title of Class of Securities: Common Stock Item 2(e) CUSIP Number: 449623-10-7

Page 5 of 7 Pages Item 3 Status of Persons Filing: (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 Section 240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with Section 240.13d-1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with Section 240.13d-1(b)(1)(ii)(G); (h) [ ] A savings association 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 Section 240.13d-1(b)(1)(ii)(J). Item 4 Ownership: (a) As of January 27, 2003, MSD SBI, L.P., a Delaware limited partnership ("SBI"), was the record and beneficial owner of 1,923,800 shares (the "Shares") of Common Stock of IHOP Corp. MSD Capital, L.P., a Delaware limited partnership ("MSD"), is the general partner of SBI, and therefore may be deemed to be the indirect beneficial owner of the Shares. MSD Capital Management LLC is the general partner of MSD. (b) Percent of Class: 9.2%. (c) Number of shares as to which the person has: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote: MSD Capital, L.P. - 1,923,800 MSD SBI, L.P. - 1,923,800 (iii) sole power to dispose or to direct the disposition of: 0 (iv) shared power to dispose or to direct the disposition of: MSD Capital, L.P. - 1,923,800 MSD SBI, L.P. - 1,923,800

Page 6 of 7 Pages Item 5 Ownership of 5% or Less of a Class: Not applicable. Item 6 Ownership of More than 5% 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 or Control Person: 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 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 7 of 7 Pages SIGNATURES 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. Date: February 3, 2003 MSD CAPITAL, L.P. By: MSD Capital Management LLC, its general partner By: /s/ MARC R. LISKER -------------------------------------------- Marc R. Lisker General Counsel MSD SBI, L.P. By: MSD Capital, L.P., its general partner By: /s/ MARC R. LISKER -------------------------------------------- Marc R. Lisker General Counsel

INDEX TO EXHIBITS

EXHIBIT NUMBER DESCRIPTION ------- ----------- Exhibit A. Joint Filing Agreement, dated February 3, 2003, entered into by and between MSD Capital, L.P. and MSD SBI, L.P.

EXHIBIT (A) JOINT FILING AGREEMENT In accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them a Statement on Schedule 13G (including amendments thereto) with regard to the common stock of IHOP Corp., and further agree that this Joint Filing Agreement be included as an Exhibit to such joint filings. In evidence thereof, the undersigned, being duly authorized, hereby execute this Joint Filing Agreement as of February 3, 2003. MSD CAPITAL, L.P. By: MSD Capital Management LLC, its general partner By: /s/ MARC R. LISKER ------------------------------------------- Marc R. Lisker General Counsel MSD SBI, L.P. By: MSD Capital, L.P., its general partner By: /s/ MARC R. LISKER ------------------------------------------- Marc R. Lisker General Counsel